Gain since july and europe mixed for the time being. Our road map with more bad data from american retailers. Walmart sales and profits below estimates, kohls disappoints blaming on the weather or a weaker consumer. David tepper says theres a time to make money and a time to not lose money. Can you guess what time it is now . Cisco beats as sales fall. John chambers sends the stock higher. First up walmart did report numbers of 1. 10 a share, a nickel below, sales fell for a fifth consecutive quarter. The quarter forecast shy of consensus, weather shaved 3 cents a share off the q1 earnings, and kohls missed with quarterly results. Comps down 3. 4 , but walmart is the real story, jim. U. S. Comps down 1. 4, we were looking for a slightly positive number in this country. Comp traffic down 1. 4, really just not a great quarter. I like to scan these in preparation in coming up in the show and go over the release. Im looking for something positive, something that says double digit. So this pops out in front of me. Double digit. We realize unanticipated double digit percent growth in our maintenance and Utility Expenses associated with snow removal. There you go. The double digit days of walmart. We got it. Double digit snow removal. You could find one which is double digit on ecommerce. Yeah. Ecommerce. To be fair. 27 sales worldwide. Obviously off a small base. Were not talking about a huge challenge to amazon at this point. Walmart may be getting it together a little more in ecommer ecommerce. Still send people to the stores to a certain extent, buy it and pick it up there. Sams club terrible. International bright spot. Sams club down, comp down over u. S. , Sams Club Walmart u. S. 0. 2 decline. 0. 2. Whats maybe the consumer is not spending but the Small Business people used to go to walmart, sams club, great value, has walmart lost its way . I think a lot of people feel walmart is food stomachs, unemployment food stamps, unemployment, play on the u. S. Government stimulus and i think its also a recognition that people shop elsewhere. Also this idea that okay, you say that the Second Quarter got off to a good start. People now wondering well maybe thats just an easter giveback because of the holiday transition. The macys Conference Call, a little more upbeat than this, did say again, things did get better. You have this its clearly may is not as not going as badly as some of the other months, but look, this is one of the things where when i read this, this is doug, i do not know the man i do. But he says our underlying business is and puts is bold, like how your kids fool with fonts on your pcs, is solid and im confident in the companys longterm strategies. I read this and say why . Why are you confident . Is confidence misplaced . Yeah. I dont know. Im not sure the Investor Base knows. When we talk walmart a company that sold 80 billion worth of stuff here in the u. S. Another 34 billion or so around the world. How much can they really sell . My point, its retail in the United States. Thats 80 billion in the quarter, u. S. So you compare that to any other retailer, look at the numbers, it is a reflection to a certain extent of whats going on in the 0. 2 gdp growth in the economy. What youre saying this is just a Gross Domestic Product play and maybe a household formation play and nothing more than that and go get another Company Return 2. 2 billion in proceeds to shareholdersp. 1. 55 billion in dividend. The dividends walmart pays, a lot going to the Walton Family. Invest in the Walton Family or the stock . Significant share shareholders. I can only imagine what their Quarterly Dividend checks look like. And they bought back a lot of stock. Also, ibm, walmart today, the tax rate continues to be a big part of the conversation. In this case the effective tax rate was higher than they expected. Invert. Invert. Yeah. Walmart should buy buy a country. They could buy ireland and then invert into it. Ireland pays a good yield. There you go. And then right, maybe even irelands borrowing rates would come down if walmart inverted buying ireland. It would be good. Stimulus. Almost as many employees as ireland has people. Look, its all right. Lets take it another way. Is it too big . Is it another too big to invest like the banks . Its just too big. You have to decide im going to finds the next walmart. Thats what weve been doing the last few years. For a long time you didnt need to find it was walmart because the Company Returned so much cash like a bond, this is a low yielding bond. But i mean they still generated 3. 8 billion in free cash flow, still had an roi compared to 16. 7 . I Want Companies that make the playoffs. Theiryre not in the playoffs. You dont feel theres a reason to own it . I Like Companies to be in the playoffs. Youre happy with a 500 team, Second Division team. I want first division. I have to be. Im a mets fan. I have to be. So its better than we used to be. Thats all you need. I like good. How about going in the right direction. Think belichick would buy going in the right direction, is better. Going in the right direction. I like that. Thats kind of a you think kevin durant is happy with this . Watch his mvp. You think its an mvp company. He had nothing thanked everybody in the audience. Would not thank walmart. How are you supposed to generate Significant Growth above gdp above anything if youre walmart and you 2 million plus employees and 114 billion in sales a quarter, most of it domestic . Okay. How are you supposed to do that . And a demographic in our country at least that is being squeezed. And you have bad weather you have neighboring markets delivering a 5 comp. Theres a division doing something right. Okay. So youre and they are growing. Its growing. Im just saying maybe you invent new concepts, maybe look, if you work at walmart, do you just say you know what, were just not that bad. Were just not that bad. You think like the big company like not so bad. Have a Board Meeting come to order, were not so bad. The other big story coloring the markets today, get this quote, im not saying go short, im just saying dont be too freakin long right now, thats what Hedge Fund Manager david tepper said at a conference in vegas. Believes now is the time for investors to approach the market with more caution, concerned that chinese and European Bank policies are too tight and u. S. Growth too slow. Tepper also said, quote, weve moved our position around different times. Now i have my position such that im low enough in exposure i cant bring it up or take it down. I am nervous and this is money quote, i think its nervous time. Jim. Of the things ive heard in the last 72 hours that are most worrisome its that. I respect david tepper. Ive known him, fabulous manager. I would like to know where hes more nervous. Remember in Tim Geithners book theres a moment where he says, the only guy that really believed in me basically is dave tepper. When i did the stress tests for the banks he bought all the banks and had that gigantic hit in the banks. Has he turned on the banks . Does he is he short europe versus long u. S. . More cryptic than we like in terms of being able to take this notion of doing what a hedge fund is saying, and then trying to turn it into action. Thats difficult for me because if the market comes down does he get more bullish . You want to hear tepper say its all system goss. Tepper does matter. I tend to not care about what managers say. Is tepper looking for volatility not getting it so hes trying to create some . Wow. I wasnt born cynical. Geez. That is just reporting for a long time. Youre saying maybe he tries to drive the market down through the media and goes positive. Not down, im saying he needs some look, dave tepper is dave tepper looks at his screen, doesnt like what he sees and says it. Thats why tepper is great. Has no errs about him. When i wanted to sell a piece of junk i had this great client that wanted to buy junk bonds. You sell that to your customer youre going to kill your customer. Im not letting you sell that. He did say things about how goldman was not for me. I think that tepper is a unique video. By the way one of the most charitable people in the United States. He doesnt talk about it. That is true. Really quickly before we run out of time, cisco excluding items the dow component did beat the street, 51 cents a share, revenues down a year ago, still managed to exceed consensus as recovering demand in this country and Northern Europe helped offset sluggish sales in emerging markets. You said listen for what chambers said on the call. And, in fact, he said we are pleased with the progress of return to growth. Lets go wellmart versus cisco. A lot of people felt going in, nothing cisco can do, too big. I want to give chambers. Ive been tough on chambers. Hes talking about the u. S. Being incredibly strong, talking about enterprise being incredibly strong, communications being strong. He says the word momentum in the u. S. Enterprise and commercial remains very strong. 7 increase in u. S. This is a really good quarter. Emerging markets are down 7. Hes got a lot of problems. Brazil, russia, india, china, the emerging markets have kind of disappeared. The u. S. , you read this call, listen to this call, this is chambers in his old style. This is the old John Chambers. Really . 1990s vintage . This is prelaying off 5 of your work force chambers . Which chambers . The most which chambers . What is this like the good chambers. I dont know. This is the most enthusiastic ive heard him. Theres no apologies in this quarter. Things are really going well. They bought back a huge amount of stock, bought back like half the company. And he now is average basis 20. 56. And i like i think that the theme of cisco is what i want to hear from walmart. Returning to growth. Returning to growth is what managers want, which is why that stock is going up nicely. You want to hear walmart say on their call, weve returned to growth. Right. Thats the magic elixer. With the Companies Buying back so much stock that is the choice they make in terms of their capital allocation, as opposed to putting more money in to conceivably future growth. If there were things to buy. Not that they arent doing r d, capex or making acquisitions. Its interesting because that would seem to be the default for companies that know theyre no longer going to grow at the rate they were. Shrink the cap by buying back stocks, pay a dividend. He returns money to shareholders. Got a good yield. John talked to 100 different customers this quarter. Goes through that over and over again. If the customers want product hes got it. If they dont want product maybe you dont put more money into the product. Im fast chambers, praising chambers, not here to bury chambers. Caesar. Caesar . Yes. Brew tis. When we come back were going to hear what cramer asked tim geithner about the most controversial part of the former treasure secretarys new book and how geithner sponned to his question. The premarket. Some weakness for the reasons we outlined. More squawk on the street live from post nine of the nyse when we come back. Breaking news. April Industrial Production, a bit on the weak side. Down 0. 6 and also a miss on capacity utilization, dropping to 78. 6 from 79. 3. So misses there as we continue, of course, to monitor the rather historic and surprising drop in rates, we are now only one basis points away from 2. 5 . Back to you. Thank you very much, Rick Santelli. In less than an hour from now there will be a dedication ceremony for the National September 11th Memorial Museum in Lower Manhattan. Bob pisani is there with more. Good morning, bob. Good morning, carl. And gray skies down here, perhaps appropriately, ceremony will begin in 45 minutes. Former mayor Mike Bloomberg, chairman of the museum will be opening that following president obama and then followed by survivors who will be speaking as well as Family Members. This museum has been many, many years in the making, carl. The tour begins seven stories down on the ground level. Youll hear recordings of frantic phone calls that were made at that time, youll see the rusted steel remains of the tower. Youll see the famous pmetal cross, a battered fire truck, survivor stairs are there, became quite famous, the pathway for thousands of Office Workers who escaped when the buildings collapsed. Youll see thousands of photographs. P perhaps more controversially, theres a placement of unidentified human remains recovered from ground zero. A lot of things to see. Takes about 2. 5 hours to go through the museum. This is the museum that is opening today. The memorial part which contains the two reflecting pools honoring the 2983 victims has been open for some time now. And for those of us, myself included, who were here on that terrible day, its very comforting to be able to walk up to one of the kiosks, type in a name of a friend or Family Member who died, and see a photograph of them come up. Remember them. Then walk over to one of the two reflecting pools and be able to see their names etched into the side. I was here yesterday, there were thousands of people out by the reflecting pools, taking pictures and standing quietly. Very beautiful and moving sight. Meantime the building continues. Freedom tower is scheduled to open in less than one year and there is enormous construction still going on over here. Pan to my left here and you will see this the Transportation Center which is slowly taking shape. This is going to be the main Transportation Center for Downtown Manhattan connecting brooklyn and manhattan. Its an enormous effort thats going to be a beautiful development when done. Again that also opening in less than a year from now. So the bottom line is, we remember the past, but we keep moving forward. Carl, back to you. Bob pisani in Lower Manhattan, we will bring you the dedication at 10 00 eastern time and the president when he speaks shortly after that. Straight ahead the opening bell and jims mad dash. With ink plus from chase like 60,000 bonus points when i spent 5,000 in the first 3 months after i opened my account. And i earn 5 times the rewards on internet, phone services and at Office Supply stores. With ink plus i can choose how to redeem my points. Travel, gift cards even cash back. And my rewards points wont expire. So you can make owning business even more rewarding. 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Tdd 18003452550 call 18886486021 to learn more. Tdd 18003452550 so you can take charge tdd 18003452550 of your trading. Its a busy thursday. Time for the mad dash ahead of the opening bell. Were going to start with one of your names, you just have always liked. Say it aint so. Bemo. Bristolmyers. I think this is frankly a downgrade that is going to send quivers through people. Bristol myers has been rerated. People felt Bristol Myers not the same old, its a high growth, anticancer pipeline play. They question in this report after looking at the data how really effie kay shus some of their anticancer drugs are versus kidney, lung cancer. This is a downgrade you must read if you own the stock. You have to understand people are going to be bristol has been highly valued in the group. Right. So this is one of those you know how much i like this company. I have read the downgrade once this morning. Im going back over it. I dont want to lose sight of the fact that this is a great franchise name. So youre not oftentimes when we put things up and talk about an analyst move you will be somewhat dismissive. You arent being dismissive. The data, i was hoping for good data. Asco data, the oncologist. And the meeting is coming up. One of the reasons why i have warmed to Bristol Myers over the years because of asco data has been good. Incredible pipeline in terms of dealing with cancer. So now what this does is throw a little chink in things. Im not going to be so dog mattic to say that guy doesnt know what hes talking about. This is this weekends activity. I will go through these abstracts as best i can. This is him. This is all him, this guy . Yeah. All right. But thats this stock has a lot of momentum people in it. Be careful. This downgrade has gravitas. Thats what im saying. Time for one more. One that i dont think has that much gravitas. Plug power. This was the peak of speculation, this was march 3rd. I was on a oil rig when this happened. Not that you werent getting hate tweet soos. People told me how could you not buy plug power. Does a gigantic secondary. Morgan stanley. Im sorry 5, much more than that. What happened is its come down and cou wan visited them and saw a l