Bullard tells ft the end is overdue. The 300 point drop for the dow, euro tumbling to 12year low. Will the trend continue . How much cash will banks be allowed to return to shareholders . Results coming from the fed as investors wait to see which banks capital plans will be improved. Changes in google. A new Branded Store in london a potential acquisition. Futures higher a day after the selloff on wall street sent the dow and s p back into negative territory for 2015. The euro falling below 1. 06 after the ecb kicked off qe earlier in the week. Talk about parity and the last time it happened how long it lasted. Even you writing about the time you went to paris. 90 cents is where it came when it was 2002. I went to paris in july of 2008 it was 1. 59. It was the exact top. I remember thinking this Hotel Room Cost an absolute fortune. People forget weve been there before. We have been there before, it was okay. We decided to debase the dollar. So, even though this is historic, its historically okay, its the velocity. The velocity would slow dourng any down, any good news out of europe, we would break the velocity. Its too quick, carl. People cant position in time. Right. But also a sense that theres a simple race to devalue, whether the euro the yen, other currencies and of course the question being, china, whether they get more aggressive. After their data missed last night. China, look the rest of the world is not Strong Enough for dick fisher to say we think hes not voting to say we need prompt tightening. Prompt tightening will send all of the currencies to the floor and its going to put a stop to a lot of our exports. We had a company last night that reported unbelievably good number, verifone. They cut numbers gigantically because of currency. A great quarter. They look through it . Thats my key to todays session. Will people start looking through this . This was the worst guide down ive seen in terms of currency and the best quarter, organic growth 17 . Thats the question, will investors look through it . In the past theyve chosen to often timings. We dealt with a higher dollar for a longer period of time but not in over a decade. No. It is taking a hit, no doubt about. Impacts Competitive Position of Certain Companies in different markets where there are domestic competitors who are able to undercut on price. I had ford motor on hes not a complaining but the fact is i asked several times about latin america. Latin americas very, very hard for us. Not only are currencies bad, make cars with the translations bad, economys bad. If youre vw these companies, peso, 15. 59. A state that i i have a house in, say it many states. Yes yes. Its when i first started going there, it was like there was no one on the plane. Now its all german and japanese. Why . They thats where they put all of the plants. Making luxury cars in pueblo amazing places thats where the moneys being made. Send them up union pacific, no different than making them in detroit exist costs are nothing. 5 a day cheaper than china. Cheaper to build in mexico than china, 5 a day new york pollution controls. And closer. No boats. Banks are in focus today. Final result of the feds annual stress test due after the closing bell. Jpmorgan, citi group among the big u. S. Banks expected to win fed backing to buy back additional shares. Odds on who does best who does worst . The markets placed a bet that bank of america, made a mistake last time is going to be good. I thought peter, i worked with him for a long time in new york times, an interesting piece about the city and mike corbat. Citis a winner too. I think corbat is to be celebrated because he took the worst and made it into pretty good. An interesting story how they bulked up derivatives while others have chosen not to. But booked to capital. They are. But its an interesting strategic choice that citi has made conceivably. All of the other institutions youre seeing Investment Banking lagging, to a certain extent not as much there. We have gary cone on today. 11 00. Thats going to be important. Goldman, the way its being for trade, goldmans the one thats maybe the loser. I think thats not going to happen. In terms of the capital return . Right. Capital return. I think that this is going to be less onerous than people realize. Gary is a good guy. Vocal on Market Structure and other issues the fed, the dollar. You got to get him going. You got to get him so hes like out of his comfort zone, outside the lines. The best thing for the banks, of course, would what what we started to see after the jobs report is higher rates and continued talk of that given that interest margin does figure prominently in their profitability. 17 of the s p means rates higher. Remember when the interview, jamie dimon, jamie wants isnt there a ceiling of sorts given the fact that international flows are going to rush in the minute we get to 250 or above there . Yeah, i think so. I mean youre sitting here thinking, are we going to go to 3 , you know on a tenyear when italys a big country. Remember you used to tell me the size of the bond market italy, how big it is. A trillion dollars the Third Largest bond market after japan. Germanys tenyear yields. 22. And nestles negative yield. Now the country of nestles. Delicious. Nestle is fabulous. They have chocolate mountains. They do . Yes. Chocolate milk lakes. Does chocolate make you break out . Not necessarily. Makeup on all day yesterday. To your point, if we were to raise, and the fed has to be thinking about this patience being pulled out of the statement potentially, figures into this doesnt the dollar get stronger . Just about what we talked about, become even more of a headwind. Stanley fischer, from zimbabwe knows currencies better than anyone i know, understood contagion, hes chairman. I think Stanley Fischer is the right man at the right time and recognizes if we tighten all of these countries that he is so much more familiar with than a typical central bank would collapse. We mentioned bullard, talking to the f. T. I called him the Justice Kennedy of the fed. Hes a swing vote. Yes. In his words, i think we have to move now or soon to be in the right position as the economy continues to evolve. Shut up. Probably, yeah not the first time youve given him advice. In the locker room you dont do. Dont tweet, dont give interviews. This is a tough time. You have a chairman shes terrific. Let her do the talking. This is not the time for people popping off and giving interviews. Come on, guys rein it in. Guys giving interviews like poole saying Different Things confusing the market. Speak as one. You have a head coach, keep in the locker room. I dont want to read. Youve got a problem, take it like strahan, win the super bowl. Dont tell the press. Yes. And or take the gartyied money. Or chip kelly. Did you see the tweet from the tweet of god im on mission but even i dont understand what the Philadelphia Eagles are doing . I love that. If you havent had all people have had acls, you had acl surgery, you have a candidate. Yeah. Finally, google disclosing its long time cfo is retiring from the search giant. In post on google post he wants to spend more time with his family and go backpacking. Boog ex google expects to find a replace hadnt in six months. Pictures of the new store in london. No plans for more. People are saying leak hes a steady hand. They did spend like mad. He had a case of floy. A fraternity any it oklahoma not the right one, this may be right one, why hes leaving the fraternity of worldwide insecure overachievers. I saw that. And this happened while looking at mount kilimanjaro, his kids grew up no more cheercheerios encrusted minivan. Im not leaving. He asked the question when is it going to be time . Our time . My time . My father worked until he was 92. The answer is never. He never had a minivan with encrusted cheerios, for heavens sake. One approach. This gentleman is taking a different approach. Interesting that he chose to write a detailed post about his plans and his wife and theyre going to explore not just africa. Sounds nice. A lot of guys who want to spend more time with their family and its clear they didnt want to spend time with their family and they did. This guy wants to spend more time with his family. His wife. Kids are grown up. Interesting, for a moment i had an existential talked about it and i started reading about the eagles and moved on. Moved on. Adam. What a night he had. One aspect to this spending theyve done on fiber, this guy had a background in telecom, perhaps they will pull back. Thats pure speculation. Because we know google has been spending some money, booking up certain places in the country to you know make a broadband, so to speak. You told me until they are buy a sprint or tmobile dont believe. You put that in my head or maybe Charlie Ergen who said over and over, until you see, show me the money, its all its a big choice. If google were to go down to that road by the way building a network its not just buying the spectrum then building a network is 40 billion, 50 billion question even for google. They have it. They do. They do. Switzerland, they could replace 60 of it overseas. Do that especially in the face of net neutrality. Raise it neutral country for net neutrality. How about nestle country. A good country. Isnt it . Kinder Morgan Country and weve seen a lot of other deals that are over there i dont know if you followed sole of the companies raising money. Cocacola. Theyll pay you. Ill go anywhere if they pay me to raise the money. There should be calsalary caps on what you can raise in europe. Apple is reportedly getting ready to use the force. Also ahead with the volatility were seeing in markets, exclusive interview with gary cohn ahead of the stress test results tonight. The markets withstand their worst day since early january. More squawk on the street from post 9 in a minute. Etta james at last sometimes, at last doesnt happen at first. Your dad just kissed my mom. Turning two worlds into one takes love. Helping protect that world takes state farm. [ male announcer ] your love for trading never stops. So if you get a trade idea about, say organic food stocks schwab can help. With a trading specialist just a tap away. Whats on your mind lisa . Id like to talk about a trade idea. Lets hear it. [ male announcer ] see how schwab can help light a way forward. So you can make your move wherever you are. And start working on your next big idea. Apple said to be adding new feature to its next iphones. The Company Plans to add sense to detect how hard a user is pressing on an iphone screen. The force Touch Technology used in its mack book and the apple watch. Stories about apple all over the place today. The fact that they get a cut on mall ren, is that amazing. There hasnt been a favored mall player. This was i thought this was incredible. You cover these Real Estate Investment trusts. A little bit. Given on whats going on with simon, yes. Apple brings them in and santa brings them in. Use that as leverage to get the rent. How about sears . Does that bring them . Huge. Id say youve got to put an apple store next to sears store to counteract each other. Talk about the battery life that perhaps if youre listening to music its only a sixhour watch. If youre on a call its a threehour watch. Cant use it for health. Not getting one, see . You were all about that watch. But now i dont know that youre going to get one. First, it done deal with your sleeping pat earns. No. I can use this for health if its going to run out in the middle of a rant. Middle of your day. After 18 hours. Im concerned. Youre setting your stride. The Washington Post does a review, its a nice thing to have, at least right now this iteration is a nice thing to have not completely necessary. See this . Works the whole day. Its not going to be thrown at you. You and mr. Apple watch. Suddenly returning . Worked all day. Youve been ready to throw it out for weeks. You can run over this with a tang and it will work. Ive got 11 30, i dont want to get dial me. No. No. No. From yes to no. Put it in a time to stop. At the annual meeting investors tried to get tim cook to buy tesla. Thats not going to happen anytime soon. China theyre still how about the fact that six months ago, eight months ago, elon musk was praising. This has as many cars as sears has customers. Theres a data about new high powered insane tesla. Were not getting what i regard as being strong sales. In china. Overall . Overall. Theres been guide down. Wheres the 55,000 then 50 38 36, 34 going in the wrong direction. Gas prices having an impact though many said it has nothing to do with it its a different kind of purchase . I think the gas prices have frozen the market. Ill point out, this is one of those where there is going to nothing in 2015 that is going to be like a tesla. But it does seem that when they change that warranty you know, certain range you have to start payment, things go on where theyre trying to make money. Striving for profitability. Striving. Cramers mad dash. Count down to the opening bell. We rebound from the big loss yesterday. More jacques onsquawk on the street straight ahead. Help join a continent with nearly 3 million rugged square miles with a single broadband connection. When emerson takes up the challenge its never been done before simply becomes consider it solved. Emerson. Let me talk to you about retirement. A 401 k is the most sound way to go. Lets talk asset allocation. Sure. You seem knowledgeable professional. Im actually a dj. [ dance music plays ] woman [laughs] no way that really is you . If theyre not a cfp pro you just dont know. Cfp work with the highest standard. Less than eight minutes before the opening bell on this wednesday. Sending me forget me notes, saw them live. Panera, david, i go there, perhaps you go to panera Credit Suisse said buy the stock. The biggest disappointment of the restaurant chains and its a contrary call. Theyre saying sell buffalo wild wings, thats the best. I mentioned you like those calls. Well analyst willing to take a stand. Arent always right but worst reading and thinking about. I felt that same way. If panera could get it together it could be very good. What does it mean. 2. 0, rolling out if thats good and get the through put better so they dont have the big mosh pit that was ron shake called it that on mad money, ceo. We had a mosh pit. I sent my son in it was like a mosh pit. Wow the ceo didnt like the through put than could change things. A great reason to buy. This is a bold report. Its early, i think. You think its early. I like the idea worth noting. What else. Regeneron, pcsk 9, the antibed cholesterol inhibiter, well see data this weekend that i think is going to bes be positive. This is the 17 billion market according to deutsche bank. Its big. Those of us who cant take the statins or those of who its not the statins arent working well enough theyre the stand around this is what the karmchairman is there a gigantic worldwide. The ceo of merck when they did love va statin and the chairman of regeneron, people are saying theyve got the magic bullet for anticholesterol. Something more widely prescribed . Is it like oneday vitamin . Conceivable. Enhas to get the i takely. Lipitor. I dont know if it works. You have to pop it if you go to barkley prime. Always pop it. Richard daly told me that. Used to be commerce. Doesnt really help to pop it with the steak. Red wine, though, very good. Opening bell five minutes away on this very busy wednesday. Stay with us. Were back right after this. yawn bulldog i just had a dream i was at mattress discounters with tempurpedic and the Largest Selection of memory Foam Mattresses under one roof icomfort by serta. Posturepedic hybrid. yawn comforpedic by beautyrest. Oooh 48 months interestfree financing, free delivery, and queen size memory Foam Mattress sets as low as 697 thats more mattresses than you can shake a bone at mattress discounters say youre a finance guy. A farmer. A researcher. You used to depend on experience. The internet. Your gut. Today you can use ibm watson analytics. 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A lot of people thinking about the fed, gold for instance threemonth low, lowest since december. Last night jim, on mad money, you talked about why this market is punishing good stocks, in your view thats why youre not hot on the overall end. Qualcomm david broke the story, one of the largest buy backs in history and the stock finished down. Did it. Finished down badly. Hewlettpackard, the best big push, meg whitman has a good handle on the splatitup and that went down. Sky works added, went down. These are signs are there sellers everywhere lurking. Be careful. Europe can go up because theyre separate us. Watch sandisk. Goldman the stock of the millennium kind of call for sandisk, that will be the tale of the tape. That cant hold it look out. It not like 08 telling people to outright sell. Its just earnings whiskrisk and thats important you can have guidedowns but it doesnt mean shutdowns with the commercial paper market. Thats not going to happen. Watch that one. Watch mastercard a secondary in the hole thats a conversion of b to a stock. Its not new stock. Its not a consequence but done in the hole. Watch if mastercard can come back. Symbol ma. Ma. We did get a surprise decline in inventories from api last night, as we await the governments gate ta indata, some people think it might be more bullish than usual. Gulf of mexicos been on, canada mexico. More than in 80 years. Lets wait for the opening bell here. Take a look at s p at the top of the screen. Here at big