Its over now as ive been reporting. Dupont has one, the proxy fight with trion and four potential directors being nominated. We talk to ellen coalman on the interview later this morning s. April retail sales coming in flat. Macy Quarter Results miss. Danahers deal valued at almost 14 million and theyre also splitting into two. Big deals this morning. Well start with dupont. Something weve followed closely since it began. Trion has owned the stock for quiet some time. Dupont prevails. I was listening to others on squawk box who dont believe. How much efforts theyve put into this and were very articulate arguments that they would win at least one seat going in perhaps as many as two. I would argue its a win for dunopt here. Whether its a turning point for activism, we cannot say. Very interesting to note that the index funds voted were dupont and again trion. Have typically had a great deal of influence. They recommended where the index funds didnt listen to them. They decided to look at the long term performance and she had good long term performance. I think they will say the income wants deserve a shot. I would say this is a total stone wall but it wasnt. They listened. Go back to the possibility of the high tide for activist. Len didnt come on in campaign. Stayed in back and stood by sandy, the lead director under attack. Sort of led the charge against triumph. The numbers would not have come in where they were suppose to. One thing they were saying at the meeting and the statement they put out is well be watching closely to see whether or not you can meet your commitments. You have earning misses and juggling of businesses. They got into a business thats a much more proprietary and secular growth. Theres only five stocks in the dow that did better than she did. That matters a lot. It was in some ways an uphill battle. Everything else being said that couple of slides that showed dupont performance spoke volumes. At the same time we cannot ignore facts dupont stocks can be down. Also, i think theres a sense that maybe hell sale. He says theres a long time holder. This is a remarkable win, david because i really felt that index funds were going to say ive got a vote and so its over. If they had gone the other way, it probably would have been two potential directors including for trion. Thats an important switch here. Well get detail on who went with whom and it can be important. Trion is only engaged in two proxy fights. Mr. Johnson, the ceo became quiet friendly in fact he continues to help them serve with trion now. They lost this one. I think theres two kinds of activism we talk about. Theres a kind you cant lose and that may be the High Water Mark for that kind of activism and then theres the activism for someone whose done poorly. Along the lines of a dark. Jeff smith where they took the entire board. Your points are good ones. In many ways when they appointed ed green with the board, these were both serious guys and that woke up a lot of the Shareholder Base to say okay we feel were being listened to. I think there was a strategic mistake. Trion had a huge amount of stock. Thats what they would tell you with dow chemical. Enough, ive got to do my job. There was a lot of time spent fighting this battle. I think coalman in the end said aye done a good job. What do i have to do to satisfy you . And he says i have more stock. You sold a lot of stock. I own stock. It got very ugly david. It did. Apparently they shook hands inside the meeting. It is a victory for if it had gone differently, of course, we would question why they bothered at all. We could put ed on the board last summer. They offered miles as an alternative. He made it about himself. That may have been an error. Strategically, meyers is a great businessman. Someone who come along a lot. Theyre all high end guys david. This is not, it may have taken a low road approach in the end but you would have won either way. Why does he have to stay in . Thats why the stock. Lets end on that. What do you think . Dupont is going to trade, i think its 70 bucks. Its going to be an earning story. Why take it . Shes missed quarters. Thats true. She has mised quarters. Many have where the dollar is strong and shes not done a bad job. Thats why it was so hard to fathom this job in the end. Of course they do have a lot more coming up including the spend which is not far away at this point. It was too hard to understand exactly why he feltd it had to do what it did. I would like to speak to them. These again are companies doing well. I like pepsico. I think theyre so smart verses the problem which is trying to come up with a nonbeverage strategy. I think theres going to be a sense among some activist. Its like wow, you know what, ive spent a lot of money. Maybe its not worth it. When we were in San Francisco and marty put the memo out saying sell early, maybe that was the High Water Mark. Maybe point out hes been the defense. The minister of defense. Lets get on to retail sales this morning. Government data showing the retail sales came in flat for april. Also on the retail front macys first Quarter Results were below. Yeah, what else . Severe winter weather. Macys boosted both its dividend and share buy back. These retail Sales Numbers are not impressing anyone and i dont know where the benefit for lower gasoline prices have been showing itself in retail. I havent seen it. Its ideal with a lot of restaurants. Yes. The companies did have a 6 ticket. Companies have 8 and thats who seen the six flags. Macys had problems. This is surprising. Some temporary disruption executives on the omni channel. Thats disturbing to me. Chicago, vegas and San Francisco. The buy back is for real. The accompany is well run. I am disappointed. Although, i mean the stock is still up over the last year or two years. Macys does have the flagship issues. Terry is a great manager. He dont want to sell stock. Hes doing a lot of things right. Hes not doing more things right. Okay. Lets get an update. From the side of that. Hes alive in philadelphia, chris. Reporter yeah good morning, david. As the sun has come up here in philadelphia, weve seen a lot more activity from the investigators. As i imagine it was difficult last night after the Train Derailment occurred. They were going using flashlights going around the wreckage trying to see if there were anymore victims. The latest we know so far, there are six people who died and five others in Critical Condition in local hospitals. More than 65 people admitted and treated for various injuries that would be consistent with the train crash. Things like broken bones, concussions, things like that. This morning as the sun come up we seen investigators coming out to the wreckage. A team of 20 people here in philadelphia. The lead agency trying to determine the big question why did this occur last night . It happened about t9 30 last night going from washington to new york. It just passed through downtown philadelphia when it hit a curve here and went off the tracks about 9 30 last night. This morning they brought out large cranes being used to move cars. She are go in and download the data, the black box, if you will, of the train to try to figure out if it was going too fast. They said this morning they dont believe its any bit related to terrorism. Frightening picture to watch. Coming up were also going to have some major deals to tell you about. It is a big morning for dupont. Were going to have a live and first on the scene intershrewview. This accompany out with its first Earnings Report since going public. Lets get a look at futures. More squawk on the street after this. Here at Td Ameritrade, theyre always working. Yup, were constantly making thinkorswim better. Like a custom screener on your desktop, that updates to all your devices. And you can share it with one click. Wow. How do you find the time to do all this . Easy. We combined every birthday and holiday into one celebration. different holidays being shouted back to work, guys i love this times of year. For all the confidence you need. Td ameritrade. You got this. Yesterday was an auction. Today its a deal. Danaher made a deal yesterday to buy pall. Danaher announcingeing plans to separate. A science and then growth and industrial. The growth accompany will have revenues of 6 billion. The science and technology 16. 5 billion in revenues. This is a big deal for a accompany we just talked about yesterday in ages. By the way, the price is a big one too. Talking 120 around there, 127. 20 may be a bidding. Right thousandnow, i think this is indicative. I think were all caught up in what greece and europe does. Verses what the fed does here. In the end, two really very good companies. Obviously, willing to pay a lot and danaher goes up. I want both companies. I want the test in measurement. I think its a descent accompany. Oh my, the life science and business they have. It is so on fire. Also you introduced me to henry. Fabulous business. Wow. These guys are just have always been Great Stories of capitol. Its our problem. Thats right. The rails brothers there. We talk about activism and dupont in some ways theyre theyre own activist. Theyre splitting the accompany. They need to do it. They will make the point in the great environment. You can pay 20 years. If youre paying 7 percent or 8 for your money, thats not the same as what youre paying right now and therefore, thats why you can do multiples as high as 20. The smartest guys are doing this stuff and people have to look at what happens when you buy a accompany. Even if you think you overpay, danaher is up. Theyre going to work on it. This combo, the split, you want both pieces. Interesting. And apparently both have to fire power on their Balance Sheet to not do deals of this size. I would buy a stock thats been a bit. All right. Were going to talk about the williams deal. Maybe in the mad dash. What do you think . Thats fantastic. Okay. Were going to mad dash williams. We have that coming up with jim as we count down to the opening bell. Why not. Take another look at futures. Sure. Were right back after this. Opinions. Theres no shortage in this world. Who do you trust . Whose analysis is accurate . How do you make sense of it all . A simple unbiased stock score consolidated from the opinions of independent analysts. Is that too much to ask . Nope. Equity summary score powered by starmine, will help you execute your ideas with speed and conviction. And its only on fidelity. Com. Open an account and find more of the expertise you need to be a better investor. About seven and a half minutes. Another big deal we didnt get to yet and now we will. Thats williams buying williams partners. Huge deal. 13 billion. Tell me why its important. First of all, these are big winners. This accompany, youre talking about eliminated partnership. This is a c corp. Why does that matter . The cost of capital is much cheaper. David, theres a consolidation going on in the pipeline business. Its so gigantic and the business will be used. Thats in large part because of shell where natural gas is about a dollar. People dont look at the theyve have i up price. Rbm has done the best work so far. You see this williams, its all game change. Theres so much natural gas and its pennsylvania and ohio that you got to move it and williams is one of the pipelines going to the northeast. They have chris cross and 30 of the natural gas in the country. People who want yield, david williams, wpc. This sock is up now. 1015 annual Dividend Growth rate. You just know. Were they just, theyre not all going to be built. This is about the natural gas revolution which is not the oil revolution. Well talk about natural gas. Natural gas is very, very cheap. From the south to the north, people reversing is going from the north to the south. One of nations country is not talked about enough. This is about reindustrializing america. More consolidation. Its coming. Thats the point. Its going to be williams kinder and the other guys are going to get bought. Thats my thing. Thats why williams has to be sequel. Get the cost in capital down and thats how they raise their distributions. Not because theyre able to put price increases. This is about consolidation and a great industry for people who need yield. Right. Always amazes me your depth of knowledge. Named pipelines. Can you do that at home . We have the opening bell a few minutes away. Duponts ceo victory day as all 12 get reelected for the board of dupont. 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Air liern airlines actually generating above their cost in capital. Generating returns. It seems impossible. They have consolidation and cant do anything. Ive got to tell you, microsoft goes back up. I need the rails to do better and airlines to do better and delta is doing its darn best to make it happen. Ive been watching the transit ports as we hear the applause. Opening bell set to ring here. Also take a look at the real Time Exchange back at the headquarterers. Here at the big board, avg technology. Online accompany. Over at the nasdaq lollipop theater network. It brings movies. Getting some feedback from the macys call. It is to talk about the dollar in tourism. I dont like that david. I know their story in new york has a lot of tourism. Frankly, they should have done that. Shares in dupont are down 6 . The accompany managing to feed trion. Joining us we have the privilege of being joined by ethe ceo of dupon. What was your reaction when you found out dupont did indeed win . In these kinds of situations you never know. Were pleased with the outcome and i think. How close was the fight . In all indications it seems to vote was close. We dont have final numbers yet. For a few days until it gets filed. Its hard to tell. Can you give us a range of where it was . No i cant. I dont want to present what the numbers are, but i think that will have to be filed and we will be able to tell that. At the end of the meeting you said theres more work to be done at dupont. What is it youre planning to do . Its a very exciting time for us. Were six weeks away. Thats our chemical segment and were spending it for our shareholders shareholders. Its a small accompany but a chemical accompany. At the same time were launching a dupont at higher value. Focussed on our science matters and customers around the world. Its a big separation for us a big change. Our work is never done. The world changes Competitive Dynamics change and we always have to be open to understanding that and seeing whats going to create the best value for our shareholders Going Forward and its a very dynamic toimime and were excited about the future. In the meeting were told they will continue to monitor dupont. That means youre likely to engage with him on a continuing basis, im assuming. Describe to us what is your engagement and what do you anticipate hell be pushing for in the months ahead . We engage with trion as we engage with all the shareholders. Well continue to engage with them in a very constructive way and continue to focus on delivering value for our shareholders. Its hard to predict the future. I think that the focus of all of us is on the creation of shareholder value and the stronger accompany Going Forward. He was very critical in the meeting again of management saying you know that theres more work to be done. You said you dont think its the major forecast. Those have been consistent comments hes made over time. They were no surprise. Were focussed in delivering our science out to the marketplace. We have really focussed on their white papers in which theyve engaged in. A four way split up and three way split up. Outside advisers helping them and management. As we look at it today, that will be value destructive of the accompany. The higher shareholder value is focussing on driving top line growth and