Yellen on the u. S. Economy, set to testify today. Well bring you both prepared remarks and q a live. Home detail shares are higher premarket following solid Quarterly Earnings but macys volatile this morning on what are mixed results. Jpmorgan shares higher. The bank outlining new measures to streamline businesses and cut some costs. The nasdaqness aiming for a tenth straight day of gains after closing at a fresh 15year high. On capitol hill in an hour fed chair yellen begins two days of testimony on the economy. The watch is on for hints as to when the fed might raise Interest Rates. Shell face the Republicanled SenateBanking Committee, whose chairman is a fed critic. Live coverage of yellens testimony and the q a session with lawmakers. A lot of tea leaf reading this morning about whether or not the fed is simply trying to tap dance here play for some time let wages come back let greece play out and so forth. I think thats right. Its funny, the most visible thing that they could look at are retail sales which have been weak onning aga ing aagragregateaggregate. The home numbers yesterday, so week. Toll brothers so strong today. You choose if you were as granular and they never are miss yellen i know you hated the biotech stocks it wasnt her. It was the staff. Somebody on the staff didnt like the biotech stocks. When you look at individual companies, weve got to tighten them. Toll brothers is too strong. The aggregate, we have to keep it unchanged here housing not that good. Greece, you read through the fine print, theyre not ready but maybe they are ready. Brazil not good. Russia, not good. Other than germany, make a case that europes not that good. And all of the time you come back to is residential strong in the country . Maybe not. Is nonresidential strong . Maybe not. Theres cases to be made against this economy that she can make if she wants to keep it easy. She can make it. Toll was a good quarter, 44 cents, beating 30 cents. Most metric pretty good. Doing analysis of the previous quarter, the heat came from they didnt feel that new york was the Analyst Community didnt like the new york stuff. If you look at whats happening in brook len and hoboken, the explosion in pricing theres allowed the growth margins to increase dramatically. Caseshiller positive 4. 6 from a mid20 city ahead of expectations as inventorys come in. People are saying homes are no longer a buy but the other day, wells fargo, positive note how youre starting to get credit easing. This is such a mixed picture that you can understand why if you can tell you can tap dance, i like that term tap dance, thats what i think she can do. She can tell both sides of the story or go with either one. You can go with a Strong Economy story, yeah we have to raise, right . And or the no inflation, no Wage Inflation story, we dont really, we still have time. And the rest of the world is not as good as it might, although its not that bad. The twoyears telling you things are better. Yeah. But i its funny, i was doing analysis, where the tenyear was 2000 with the incredible p e ratios 6. 6 . Yes. That was good competition and still did well. Theres a setup where i see that if you let the big macro janet yellen testimony against the senators, you end up missing the big picture, which is that when i read home depot, i think i remember when home depot was crossing the country with new stores and you never saw numbers like this. And, by the way, i think the next quarters going to be better because cold weather is wrecking peoples homes. Good point. Lets get to depot. Beat the street with comps up 7. 9. 8. 9 in the u. S. Approving 18 billion share buyback, hiking the dividend 26 . Macys as well holiday earnings did exceed forecast revenues shy. Company expects growth for 2 . Macys did print 2. 5 for the quarter. The best beat for depot in 15 years and theyre closing in on coke as the biggest market cap out of atlanta. Great one. I know frank blake left the company in tremendous shape. A great ceo. Following along the Conference Call brilliant, they break it down aisle by aisle. You hear whats better what did better what did even what did poorly a sign that maybe youve got to go by tanly works, whirlpool, maybe sherwinwilliams, stay close to the Conference Call. Lets not for get that nordstrom traded from 79 to 74 based on the head lean and finished at 81. Those trading on macys once again, youre trading on nothing. You are filled with sound and fury, signifying nothing until you hear the Conference Call. How could you not how could you find a better time to be a retailer in recent days . Think about even the weather comparisons, we know its the the weathers terrible in the northeast. A year ago the polar vortex didnt help anything. The comparisons not that hard. No. Cracker barrel admitted that this morning. And inventories well controlled. Youve got an economy with a 2 tenyear at this point, borrowing rates are quite good. Inflation negligible. Im reading a list here any number of things from one noted analyst that says hey, this should keep going. Whats absolutely incredible you dont see the word promotional in press releases lately. Remember promotional means Gross Margins coming down giving stuff away. Theres nothing promotional about this about right now in retail. Its an extraordinary time. Its full price time. True. And by the way, whatevers left of the winter inventory, theyre not having to mark it down. Especially domestic and not dealing with effects. Home depot looking at 6 cents on a canada. Any currency. It doesnt matter. Any currencys awful. The pesos gone from 12 to 14 like it went to 14. 5 one point its come back down. You dont want to do business with mexico. The pesos out of whack but i think trading off of oil. Theyve shrunk the float by 2 22 . Does that matter at all . I think it does if only because theyre a consistent returner of capital with higher earnings. I mean higher revenues though not putting in new stores. Ibm, bought back half of the Company Since 19195. The stocks up since 1995 but not what people want now. When you have 8. 9 comp for home depot, i mean throws art blank wasnt doing those. Mash marcus wasnt doing those. Id love to hear ken landgone. Wow, this Management Team is unbelievable. After done counting their cash right . The turns must be incredible. Just they just make money on they replace the stuff, intramonth so many times on the float. You dont have to pay your people. You dont have to pay suppliers until the end of the month. Your fakemaking a fortune turning, turning. Commodity prices are low, too. A lot of the stuff theyre selling. Everyone has more gasoline in the meantime. Look at this more important than home depot is greece not really but this was a telegraph in headlines this morning but the eurozone is giving theyre blessing to the reforms that greece is proposing as part of the deal to extend the bailout by four months. Earlier this morning satisfilyyily comp hence ibl. When you look at home depot, what youre seeing is this incredible money going back to the bottom line of the consumer because of gasoline. Cracker barrel which i regard as being instate highway restaurant, says its directly important. It is all about gasoline and better weather. A thousand bucks a year a lot of money. Huge amount. Visa said it wasnt all going people werent spending it. Im not who am i to argue with Charlie Scharf but well talk about it. I bet theyll be getting questions as in terms of credit sperd spending. I think 50 april a fellow on squawk saying short the retailers. You dont have a problem. What will you going to short . Ive never seen growth like this. This is extraordinary growth. Its not promotional. The consumers obviously back. I were janet yellen and being grilled, listen is the Consumer Spending like mad . The consumer got a 1,000 tax cut from gasoline. Ive not seen numbers like this prerecession. Retail, on apparel, things are mixed and we are talking about we see bankruptcies. We see a great deal of spendings a result of what our friend david berman talked about, the apple amazon part of. Consumer is strong but retail can be mixed particularly that area. You can put the screws to the apparel makers. Go over the vf Conference Call it was a thing of beauty. Just a coalition they call them coalitions eric wiseman delivered a quarter magnificent, better than any of the oscar winners. You saw the number of tweets. Yeah. Birdman. Award ceremony for Conference Calls. Tesla would get the worst. Can you believe Merrill Lynch numbers cut numbers. Interesting you can do that not have a disclosure issue. You cut up ins and cut numbers again. Best guidance most improved call. Most improved call. Most drama on the call. Youre giving me whole shows. Expletives on a call. True. We had that too. I absolutely am going to do that. Im going to do the nominations, please, and im going to have eight, and theyre all going to be Conference Call. Jimmys . Whats the name i like that. You have an oscar theme going on. The jimmys. I also a haillo. Little jim statues. Conference calls that clearly that are mass Conference Calls, okay and going to get awards and niche Conference Calls that the academy would give huhuh. Im not doing that. Im going mass. Im going american sniper of Conference Calls. You want to tell tickets. Thats what im interested. You get david and i will emcee and do an opening number. Tuxedo. Like brad cooper . He looked good. Did he not look good. Its okay to say a guy looks good. Better ratings than that guy in his underwear. True. Neil Patrick Harris i like him, too. Hes good. When we come back the latest on apples march toward 1 trillion market cap. Ubs interesting call on them. Fed chair yellens testimony on the economy. Well bring you live coverage from capitol hill in about 45 minutes. And taking one more look at futures, as the nasdaq goes for nine straight longest streak since 2010. Back in a minute. No. You . No. Aflac what are you guys looking for . Claims legend has it these hills are full of em. It can take months for an Insurance Claim to surface. Claimin takes patience. Aflac paid my claim in one day. They got some newfangled kinda one day payin machine . Hehehehe yea, i got aflac at work. Aflac. In just one day, we approve and pay. One day pay, only from aflac. Aflac. Can data help cure a disease . The right treatment for you is out there. The problem is some of its in this lab. Some of it is in her head. Some of its in this new journal. And the rest of it is in your personal medical history. Ibm watson can not only read this data, but understand it. Its trained by doctors. And its always learning. It can help find hidden correlations and help your doctor recommend Treatment Options for you. Theres a new way to work and its made with ibm. Now with the xfinity tv go app, you can watch live tv anytime. Its never been easier with so Many Networks all in one place. Get live tv whenever you want. The xfinity tv go app. Now with live tv on the go. Enjoy over wifi or on Verizon Wireless 4g lte. Plus enjoy special savings when you purchase any new Verizon Wireless smartphone or tablet from comcast. Visit comcast. Com wireless to learn more. If you are what you say you are a superstar Jpmorgan Chase holding its investor day today and is aiming to save about 1. 4 billion in annual expenses by cutting costs and streamlining assets the bank says its looking to eliminate 100 billion of nonoperating deposits and do that in part by charging negative rates. Some deposits too onerous to hold. Im going to get charged, not happy. Youre not going to get charged. Consumers are not. Dont frighten people. Maybe youre considered an institution. I could be institution. There is a theme to this whole day and its al green. Its lets stay together. This is a lets stay together. Does jamie have that on the music hold . He should. Right . This is if staying told how bountiful it is. Its so funny because this comes at a day when you pick up the paper, hey, gold rigging, we havent gotten to oil rigging yet but alleging gold rigging but it doesnt seem to matter because this is the perfect day to put that story out and no one cares. What i think is interesting they did choose to take up a good amount of time so far, at least, doesing this idea why a breakup would be a bad idea. Right. They are responding to something we first saw in a goldman report but a question weve asked, is this institution too big to manage . Would it be better off . And they gowin, marianne lake cfo saying our Business Model has 18 billion in synergies. Apparently theyve done work to come up with the number they say they have. And the value of the companys in its Business Model, a breakup would see slight capital benefit but duplicated businesses. It would diminish over time. They preserve optionality, you about to your point people like this. Staying together. That does not mean when you talk to manage ant at jpmorgan there are not particular areas where they do business as a result of changes in the rules over capital and federal regulations, that they are going to have to move out of those businesses. Absolutely. They dont know all of them and they cant they dont with certainty know what the returns are or will be. Frankly those rules have been promulgated. Just now starting its hard to figure out unless youre john stumpf at wells fargo. Hes a banker. These other guys i dont know. Hes a banker. Lake making comments now, raising dividend is a priority. Fantastic. The memo na the journal has, targeting 57 payout ratio by the end of the year adding theyve done the work on a breakup. When you hear that thing about the dividend what you think theyre out from under. The government is not maybe the governments not running the Dividend Program anymore. The regulations, good for bank of america. To get the government less involved with dividend decisions and buyback decisions is hugely valuable for a cup that sells at low multiple. The governments involved in a lost Different Things this is a small part of the overall piece but something im focused on the fed wont allow banks to len at six times leverage. A highly leveraged transaction financing are moving away from the bank if above six times leverage ratio. Period. End of sentence. Thats. Doesnt matter what the business or characteristics are, one can be different from the other, you cannot do it. Bdcs doing it private equity shops, hedge funds doing it. Its moving to other areas. So it wont be profitable for some of the big banks. These were very big lines for the in the old days right. Where you used to tell me jim, the return on equitys not going to come back because these were fabulous performers. So was trading which, clearly, we know is also changing in terms of at leaf the way it appears profitability wise. Elizabeth warren throwing a couple of bombs against the banks today. Good chance. Yellen . Why not. I guess . Shes a firebomber. Doesnt appear shes going to run for president. Feeling amorous thoughts for you . Cool minted blue eyes. Shes a senator now, you cant say that stuff. Youre getting married anyway. Well see now. Well see if that still happens. Shes a senator. Shes married. Stop it shes married . Yeah. I didnt know that. Cramers mad dash as we count down to the opening bell. Take another look at the premark as the nasdaq goes for ten straight today not nine. Jim references al green. Lets go out on lets stay together. Back in a minute. Cramers mad dash as we all right. Weve got about seven minutes to the opening bell. Mad dash with american airlines. Cowan this morning, buy to hold. Now this group has been choppy of late. You can see that people have kind of abandoned it. One is that gas, oil, jet fuel has not come down oil to 40. Jet fuel to lower. So thats been one of the reasons why its stalled. They say listen theres pricing headwinds. Something, ill say his name you know i like it ben baldo. Za talked about it. I caution selling this stock because it is so unbelievably cheap but resting. Its resting. As you talked about, almost oligopoly, price wars . Come on. What is that about . They pretend to have a price war. Its a pretend price war. Try to book a flight somewhere warm now, forget it. Incredible. Spirit my favorite in the group. Symbol save. Remember, if you mention their name youve got to pay them a dollar. Thats the way. Every single aspect. Ben, i owe you like 9 now. Weve got weve got some really positive news. A love the mix to negative. First solar, finally doing what ive been hoping they do hoping a yield co nrg, david crane did this combination with sun power. A great reeldyielding company. First solar involve with apple in terms of doing sealerolar. No ones liked it because they had the wrong technology. Theyve managed to bring down the costs of their technology. This has been my favorite april lot of guys dont like. I think youll get a lot of upgrades because of the spinoff. Explain whats going on here. Why first sole somewhere sunpower . Together they can do a joint venture which allows them to take completed plants and have them be like bonds. Utility bondsen and this is a very, very good company. A lot of analysts turned on incorrectly and all going to scramble. Theyre all going to scramble. Because does it increase ability to access more capital more cheaply. You on your game. Sometimes i pick things up. Allows them to access more capital. 28 years of doing this. Opening bell a few minutes away. Stay with us on squawk on the street. Can it make a dentist appointment when my teeth are ready . Can it tell the doctor how long you have to wear this thing . Can it tell the Flight Attendant to please not wake me this time . The answer is yes, it can. So, the question your customers are really asking is can your business deliver . Youre watching cnbc squawk on the street, live from the Financial Capital of the world. The ope