Draghis News Conference. The European Union filing anti trust charges against google. Earnings, bank of america missing. First up a Stunning Development at the ecb News Conference after president mario started speaking he was interrupted by a female protester. Take a listen. This is immediate coverage giving the protester everything she wants. They left rates unchanged, guys after the first month of qe running at 60 billion euros a month. I have to tell you. Yes, those are pyro techniques no doubt about it. I believe central bankers say in germany who arent upset its over. Its been that aggressive and i think the big issue will be are they going to let him continue a program that has already started growth because growths inflation. Was she protesting negative rates . Do we know . Was she upset about the fact that i dont know. Youre almost at 10 years now on the german bun where theyre paying, where youre paying them. 13 basis points this morning. Thats what you get. I dont know what she was protesting. If you go to throw confetti at least make it a wedding. Thats quiet startling for a man in his 60s. I thought he had game. Understandably, the difficult thing here is theres anarchy. Were not use to that in our country. I dont think anyone would do this to fisher. Thats anarchy. She threw confetti on him. He was startled. He was not expecting that. You dont know whats coming. Thankfully. We may chuckle at it. I dont think he was chuckling. Steve is here at headquarterers and can bring us up to date on what we should have been listening for in that speech. Good morning, steve. We learned a little bit about the character of draghi who came back moments after there. You might be to do a search on the term glitter bomb. Thats what happened to him today. Theres two basic messages here. Really echoing what cramer said a few moments ago. Hes sitting there with the program already loosening up the credit and hes seen a demand for household credit out there. Financial conditions have eased. Thats on one hand. On the other hand hes leaning on something in the market if its working already and working so quickly, maybe the ecb should end it early. No possibility. Were going with full implementation implementation. It would be like starting a 13 k run and ending it after 1 k was done. What hes saying is theres a long way to go here on european quantitative reasoning. Its been a busy morning. Were go to get to housing data later in the morning. We got retail Sales Numbers and abunch of other stuff. The program goes on. What you should be thinking is all these companies that have a problem with strong dollar in which delta this morning, entail, your problems may not be over because you keep that program going. Youre going to take that euro to a much lower level. You may not have seen. I know a lot of people feel the dollar frenzy is over. That frenzy i dont know. You dont think this is peak strong dollar right now. Delta would suggest otherwise cutting capacity not for this winter because of some of those internationals. How do they know . They have no idea. You think delta has some sort of sere on the dollar. No they know where theyre losing money and the planes arent full. The planes arent full. No its true. Who knows, maybe they do. Maybe they got the guy. We should get him on. They got the guy on the oil. Theyre saving a lot of money. If you want to know where the blow out number is. 2 billion. 2 billion on fuel savings. They passed the revenue plus three of currency. The currency is such a bare. 105 million in revenue. More importantly they got bad roots now. I thought 105 million on 9 billion revenue is modest. Thats why i think the stocks are going to go up. As much as they hand rung about it, the numbers are still good. We were joking earlier last week. What do you pay for deltas earnings . The answer is more than its selling for. Europe has filed an anti trust complaint against google. Heres what the eu composition commissioner had to say earlier this morning. Our preliminary view is that in its general internet search results google artificially favors its own Comparison Shopping service and that this constitutes an abuse. Google did respond to the eu in a blog post. They say quote we respectfully and strongly agree with making our case in the weeks ahead. Theyre calling this a defining case for the internet and if it goes to court its going to take probably years. This closure is bad. Its like microsoft not getting it. A few months ago John Chambers went to france. He said were going to invest 100 million in french start ups and work with 200,000 people to educate them about Cyber Security and how to create new companies. What did google do . Theyre a taker of jobs not a maker of jobs. When youre in europe you got to give everybody a hundred mill. Cisco knows how to handle europe. Create jobs. Google just gives them the heisman. The way to work google is make jobs. If youre not created profitable jobs that seems rather cynical. Is it possible google is actually directing its search traffic 90 of which they control the market in europe more so than the states to their own sites than others . Thats the charge. Europe is different. You create jobs in europe they go easier on you. If you do not create companies in france and direct traffic to france then youre going to fall pray to this. Its the way the world works, daiftd david. Im not a frenchman. Jim mentions the interview. I think he called it a win win when dealing with chambers. Every country, every city every accompany, every home every car, everything you wear will become digital. It will get connected together. So from a country perspective it will determine your gdp growth job situation, health care systems, every accompany will become a technology accompany. The speed will be brutal. Probably 40 of Global Enterprises wont exist 10 years from now and within the hightech sector something we talked about before probably half the Major Players in hightech wont exist in a meaningful way in ten years. He reiterates his call for a massive shake out intech because of the space of digitalization all around the world. He says europe is ahead of the United States in the digitalization. He didnt point blank say this is what google should have done. He said the way to work in europe is to help europe because they want ciscos help and then all that does is make it so cisco is a better accompany. Google needs to get with the program. Google is a repatience capital capitalist accompany. And that doesnt work in europe. It may be a little late then for them to get with the program. The action has taken place. Typically, you want to head things off and had years to do so. They headed off the etc. They seem to get the way washington works which is inclusive stuff. In europe theyre like microsoft. Europe doesnt mike monopolies. They dont like them. As for the actual toll this could take on the companies. 6 billion im going to have to pay. On a accompany that has i dont know how much cash. 60 i think. 10 of their cash. Dont you think theyll make them change their practices. Is it a significant hit to their business . I think it could be. They have huge european business. They say you have to send traffic to the french imtb. Thats how it works. Thats what your neighbor does. I am your neighbor. Right. I dont like the way google moves. Nice outcast reference. By the way, guys. We are going to talk to the Competition Committee member of the eu tomorrow on this program. You wont be here. Youll be getting ready. For confetti to be thrown in a much more gentle fashion. Banks fees and trading revenue did fall in the quarter. Quartly earnings in line. A 19 rise in data center revenue. The dow component issuing upbeat guidance. B of a trading down. I struggle other than the say its cheap. I struggle to say why you should own bank of america verses jpmorgan. The legal fees are not coming down the way i like. The Net Interest Margin coming down, the business lines unexciting. Its cheap. Now, there will be someone who says if you want the value bank that next year might be able to do something boost with a dividend buying back stock maybe like that. If you are a growth investor youre not turned on by bank of america. If you have a choice you can buy wells fargo or jpmorgan or both of those. Why wouldnt you do that as opposed to bank of america . Wellsfargo, 54 and a half. How much money and wells, theres no line item for litigation. For jpmorgan its coming down. For bank of america i see no improvement. Legal cost 370 million this quarter. A year ago quarter 6 billion. Thats down. It is going to continue. I wanted to see it over. I wanted to see, let me back up. I dont want the government involved that much with bank of america. I still feel the government is too much involved with bank of america. J. P. Morgan know. Wells no. The government is involved in all of these. To a degree. Much more than 10 years ago for obvious rps. Bank of america has to pay a big dividend. They have a lot of cap. They have to apply. This is a next year business. I saw what j. P. Morgan did with the buck 76 and i said to myself wow, j. P. Morgan is really starting to pay out. Wells fargo is taking a bigger risk because they have no bad loans. I have Better Stories to tell. The big story of why you would tell bank of america is because one day if rates go higher and im talking about the short rates you got a big winner here. The first time in a long time. If you get rate heights. This is one weve talked about for years. Six or seven years, actually. That interest margin its coming. Im slating it to talk about next quarter too. Prieth side Mortgage Loans up 55. Lost provision is down. 60 plus day delinquencies down. Balance sheets are looking better. If i were the government you would call them in and say guys youre good. Were going to let you be with everybody else. They havent done that. I got to tell you, i still dont understand why theyre wasting the crown jewel of Merrill Lynch. I dont see Merrill Lynch coming out in the organization as a flower. Somewhere its in there. Merrill is a peopleremier name. Youre talking more when you say bank that implies investment bank. Youre talking brokers. Its such a Good Business now. Its so good you want to be in it. It is the jewel. I just dont see the jewel being polished. On that note lets, were going to get breaking Economic News here. Industrial production is on the way. Good morning to you, rick. Foormgood morning carl. Utilization rate 78. 4. Thats a bit on the light side in terms of expectations and if we look at our last look, a wis whisker under 79. It moved up to 79. 0. We gained a little bit on the revision but it obviously, sequentially is lower. If we look at what Industrial Production was this is a big miss. Down six tenths. Were expecting half of that. We have the minus sign, right. We look for minus three tenths. This really finishes alight data. So were going to continue monitor, of course and Interest Rates continue to hover around 186 and any of you out there that trade tens, you know this is a bus stop sign you have seen a lot lately. Carl back to you. Thank you very much. We have more coming out on the protester who interrupted the press conference. Steve, what more do we know . Maybe this had to do with the feminist organization. There was a creative spelling of the world dictatorship. They may reference to certain male parts i guess i could say. Theres been abunch of other situations where such protesters have showed up with putan in russia. Maybe this is one of those im looking on the website of the organization and im sending an email out to them. It seems to be the initial organization. We were curious as to who would protest the policy. Is it someone who favored prosperity and it be the only protest you get, carl. What theyve done is opened up and you wouldnt think it come from the left. Another guess is if youre a safer in europe and know what youre getting. The number of women in leadership roles. Ford just reported sales in europe up every year. 168,400. If i were a protester, i would be a german protester saying thats inflationary. We got to knock the program off. Would you really jim. Would you be out there protesting . Thats not really my style. Im trying to order that tshirt on amazon. I want that same size she had. Absolutely. I like ivan. A simple descent would suffice. Thats another way of looking at it. Well get cramers mad dash and count down to the opening bell a lot. We still havent got to the upgrades of nike go pro and others. More squawk on the street from post nine in a minute. Do you have something for pain . I have bayer aspirin. Im not having a heart attack, its my back. I mean bayer back body. It works great for pain. Bayer back body provides effective relief for your tough pain. Better . Yeah. Thanks for the tip all right. We got about nine minutes before the opening bell. Lets get to a mad dash here. Want to start off with avon. Do you remember may 10th tree years ago, 2012. What happened . They withtrue their offer for avon for 24 billion. 24. 75. Now its at nine. Maybe eweyou need to be up there. Yes, they turned down a bid. The ceo had just been that turned down the bid. Avon is try to go stay above water. Totally legitimate and didnt get a chance to evaluate the business. Cody was a private accompany at that point and buffet was in there with some backing. Im sure he was going to get some sort of preferred that would pay him well. Where did you get where the accompany may not be for sell . The timing does not seem good. What now if youre avon . Youre up against ulta salon, loreal codc and ulta. Forget about it. No one wants that north american business. You buy the business your euro would kill. So the value is outside. Its deteriorated dramatically. Avon, david, if they call. I got that one. I did i want understand the other one. Youre killing me with the outcast. I like the way you move. I dont know what that is. Is it a song . Thank you. Can we go to another one, david . I mention this because entail has the problem. Internet things and digital cloud. Ibm has a Legacy Consulting business and trying to get in the hot things and trying to do all the new twitter. Socializing watson yesterday. Artificial intelligence. Exactly with the good another of apple. With the medical industry overall and the enormous amounts. Its kind of like entail. Profits. They want that to grow over the next few years. I think credits are saying they cant pull it off. Why . Do we have a reason why . You have to do the Good Business at the seam time you wind down the bad and theyre saying the order is week. If you look at entail today expectations came up. If people keep doing what they did, youll be able to buy ibm ahead of the quarter. Its expectations game david and being lowered for ibm and entail. Another reiteration, another guy negative and it will. Theyll tell a story and it will be told through you. I dont know about that. Youll be tough and maybe it goes down. Wow, hes got it all written down. Its amazing. You said take the avon bid. We got the opening bell five minutes from now. Were back on squawk on the street. Seven out of ten Power Outages in the us are caused by weather. But utilities can now predict where the power will go out, within a few city blocks. Working with ibm theyre combining micro weather forecasts with detailed data from local sensors. To predict where outages are likely to occur. And send crews exactly where theyre needed, when theyre needed. Ibm analytics from the internet of things is making energy smarter every day. Youre watching cnbc squawk on the street. The opening bell set to ring in just about a minute and a half. Man is there a lot going on. Earnings from a lot of the financials still working on entail from last night. Upgrades of nike and go pro. Now tech crunch reporting yahoo in talks to buy four square. They revamped the leadership over tumbler and a lot more. They have a lot of power at yahoo. They can do a lot of things. I was talking to spencer. They need to own a vertical away from what they do. Googles a giant right now. They may not be able to buy anybody. This is yahoos chance. People who own yahoo say you get the core business for free at this point. Theres a strategy that includes four shares of alibaba. You can also shorten yahoo japan and then youre left with a negative value for the core business. I dont know what its worth. But i got to tell you its worth more than that especially if you make an acquisition. The acquisitions they made so far, its not clear they moved. Theyve been created in their cash management. Theyre saying in between protesters on track no evidence so far of bubbles. The european economy is broadening and strengthening. Theres the opening bell down at the big board. Its the 14th year that starts today. Oncology companies celebrating its ipo. Were going to talk to the kpaebs ceo this morning. I see something positive happening. We go back to southern yesterday. It was such a huge disappointment. Right now the cfs conference whats going on. They delivered. Look at union pacific. We are beginning the makings of what a good rally would be. You get the airlines going, the rails going, j. P. Hunt better than expected numbers yesterday from the truckers. Suddenly, you had the transit ports killing the market. Yeah they could be leaders. They havent set a new high since december. Thats a lot of very smart people who tell me over and over again until the transit ports do that, this market is not trustworthy. I said once they do it the market is going to be too high. It is the best gainer followed by southwest and the rails are not far behind. Because of the 2 billion buy back. Its bad as norfolk southern. A lot of these guys are like entail. We lowered expectations so much that when csx does what we thought its a god sent. I think thats going to be part of the whole earning season. Wow, the expectations were so low johnson and johnson were really worried about look at the johnson and johnson. They did not go down on what you could argue was a hideous number. It was a quote buried within. People are being forgiven. Thats important. Theres a forgiveness theory here. We mentioned it yesterday. The deal is official. It was announced. Nokia combining. Theres a headline from the press release. It had been errorrecorded previously they were in talks. Its a disappointment if you look at shares. Its not as high as many speculated. Some expe