Lets give you a look at the futures in a moment. Were coming off a bad day for the broader markets. As you can see we do look poised for a higher open. Crude oil, wheres that hanging around . Yeah, right around that actually down a bit. 57. 74. Dont have the dollar for you. Thats figuring prominently again. Certainly against the japanese yen. Lets get to the road map. It starts with a Luxury Retail lift. Tiffany shares a higher market. Michael kors man, that is ugly. Posting its slowest sales growth in more than three years. See that stock. Amazon hiring 6,000 full time workers for its distribution centers. Thats a lot of jobs. First lets get to carl. Hes at the code conference in los angeles. Hell take it away. Carl. Yeah there it is david. You might be familiar. What an amazing view we have here as the hashtag goes today. Were at the resort going to be here for the next couple of days. This is the technology. Apple, twitter, go pro, google. Target, cvs, gm sprint and vox announced its buying recode yesterday will be here for the next couple of days. Well be talking to everyone trying to make it feel like youre an attendee and after the break were going to hear what even said last night. Talk about why he needs to epo or whose to blame. Thats coming up after the break. Thanks very much carl. Fascinating. Thats where the action is. Absolutely. Man, you speak to ceos. Its the biggest accompany no ones ever heard of. Wheres the money going to . You see the credit cards and traditional advertising. Social media. Bread and butter companies. They want to be in social media but the stocks do nothing. Stocks have been dead. When you say the stocks, what are you referring to . Im referring to facebook twitter. It depends what period of time youre talking about. Facebook has not been dead for a long period of time. Theyve had a good year. Its not glacial. Its waterful out of traditional media. I want to hear what he has to say. In the end, the budgets dont lie. The budgets switch from traditional media rapidly, doubled the amount of money. Frankly, it still is not keeping up with the amount of time spent. As a percentage of the amount of time spent in front of your television, anything else delivering you content more to the point youre talking about. Theyre still vast divergence on whats spent. I interrupted you again. Im going to be in the journalism jail. Im not going to interrupt you. Youre not . Youve got to get that out. Im interrupting you. You got to get that out of your head. Lets, were going to start interrupting each other talking retail here. Tiffany was ahead of the street with the First Quarter sales. The accompany also backed its outlook. Michael kors a very different situation. It posted kwaurlly earnings below consensus and slowest sales growth for three and a half years. Four year guy dance. It was well shy. That stock is down 10 bucks and were talking about a 50 stock at the beginning of the day. It deserves to be. Talking about low double digit sales, declines Going Forward offered expenses increasing rapidly. Tiffany talking about double digit increases Going Forward. Second half could be strong. You have this amazing dichotomy. Tiffany should be up 10. Kors down 10. Kors was going down relentlessly. This is for people at home to understand understand. It turned out to be a horrendous story. Thats the fashion price point not good. Constant currency revenue up 14. 3 14. 3 percent. Its costing too much. Its not fitting the profile. Verses say designer shoe wear house. The stores are at a rapid pace. 2,100 new net store openings. We dont need more store openings, we need more profit. Thats something they better learn. Take a look at dsw. Ive never been to dsw. I havent. You go in there, man and guys are trying to take on shoes and the guy is taking my shoe because the price is so cheap. Why dont you go grab the timberland. Theres a fight over a pair of shoes. Switch sizes, dsw way better than expected. Hundred base point expansion. That stock doesnt get the expected. Someones going to go for it. Before we get to the broader market, its going to be up sharply. Constant currency sales were 3 . Theyre hurting from the dollar here, of course. They use to come here and use their stronger currency and buy jewelry. That is not happening. They seem to be weathering it. This is the expectation game. The expectations are not nearly as high. I thought the stock would be down. There wasnt anything there that went on for the stock. When you come in with a double digit forecast people think i got to choke one. They know something. Do they know something . I dont know. Net earnings were up second half of the year. Is that based on something . What do they know we dont know . I hope they know their business. Maybe they think a lot of people are going to get married, a lot of people have kids. Major change in the dollar. I dont know what they see. Just basing it on well we think the dollar our inhouse economist think, i would hope its more than that. Honestly, i read it and said geez this is a little pie in the sky. Its a well run accompany. They have some credibility. They have credibility. What a great looking suit. Thank you. Ralph lauren. Theyre stocks have been going down. A dollar again. There are other guys. And the dollar is an issue. Certainly an issue yesterday. The yen continues to weaken. Lets talk broader markets. Is s p had more than a 1 decline. The dollar coming off its biggest gain in two years. European creditors trying to down play athens defaults on a loan payment to the ief. Thats next week. We get stuff next week. The third, i think. June 3rd. The day things start to get moving moving. Yeah, their policy setting meeting is wednesday, june 3rd. The payment is due the 5th but its the dollar. I think all eyes should be on the transit ports. All i saw. Keep one eye on the transit ports. They could turn things. Union pacific said listen things arent as bad as we think. Because the rails have been terrible, the airlines have been horrendous. Remember since doug parker came on mad money and said price work. What was he talking about . Again, what was he saying im not . Certainly, when you go to Book Airline Tickets i think youre usually amazed at how much money youre spending. Whose putting it on . Delta. Delta. Delta has wide big eyes. They think they can add a lot of capacity. Theyre still making a huge amount of money. It is interesting that someone broke ranks and decided you know what were going to start adding a lot of queens and roots and that has been the source of the strength. Still earning more. I am not. Those fears justified or are people still sort of remembering basically the entire history of the public airlines . Estimates were too high. U. S. Air, american airline, the combination selling at five times the fernearnings. If fuel comes down and delta says hey, wait a second, we dont need to do this or whatever then the dollar has hurt them. Thats why talking about tiffany, the strong dollar hurts tourism, i was surprised the strong dollars hurt tourism. These American Companies in the Airline Business have a lot of european although spirits does and theyve been killed. The added capacity is the debt to earnings to share. Right. However, it is a good thing for those of us who actually fly. What is this . Cheap fly network. No, its not. Im just trying to put a positive interpretation on certain things. Remember, its not always just about the stock price although it often is. Not necessarily. This is a moment. Have you having a moment . Are you okay . Im trying to figure what else. Well get back to talking about stocks. What is it about, nice suits . Its about love. Luv. Really . Yes. Its been for sell. Luv has not been for sell. Luv has been for sale. What do you mean . Youre not saying the accompany, the stock. The stock. When you said luv i thought you meant southwest. Luv is for sell. 36 a share. Even. Luv. Southwest airlines. Coming up what snap chats ceo and senator Elizabeth Lauren had to say at the code conference. Taking another look at futures, by the way, hes too late for you elizabeth. Did you see the piercing blue eyes in the cover story . Be very afraid. I find her dynamite. Got a lot more squawk on the street coming right at you after this. Its part adrenaline and part adventure. Its part geek and part chic. Its part relaxation and part exhilaration. Its part sports car and part suv. And the best part . The 2015 gla. Its 100 mercedesbenz. Welcome back to squawk on the street. Were live in california where the first speaker was evan speeg l of snap chat which has become a force in media and technology. Speeg l has proven himself. He turned down 20 million from facebook in 2013. Last night he said quote he needs to ipo eventually. He talks about. When you have Interest Rates of negative rates and governments printed a lot of money, you know i think that people are making riskier investments. And i think there will be correction. Its a question of when i think everyone sort of has thoughts about that. We dont know when but its definitely something we factor into our plans as we think about the growth for our business. Speaker last night, senator Elizabeth Warren in massachusetts. Last night she talked about what happens, what we do as a nation if technology, selfdriving cars, you name it reduces the number of jobs to be had down the road. Our only chance for survival is to innovate our way out of this. Were not going to stop tech so lots of people can work. Thats like saying lets get rid of heavy equipment and let everyone dig with a spoon. That way lots of people will be employed. No, thats not going to work. Danielle of spotify, flip board, did they really have the talks with twitter . Then jim and david 11 00 a. M. Your time mary of perkins rolling out her internet trends report. Probably the most significant presentation. Guys. Southside research analyst. You must listen to what she has to say. Shes no bias. I cant wait to hear that. Carls got everybody. Its interesting about the correction because the correction is needed in the private markets. I know. The private markets are certainly much less. How old is speigel . Is he even 25 years old . I would love to get his fact pattern for kwoo he feels thats the case. Did he give any reasons . He did say he would make an awful lot of money. No guidance on timing. Clearly, his reference to Central Banks was blatant by far. I dont know. When i spoke to chase he said the same thing. I mean its kind of universal. In other words, i think Everybody Knows it. Chase has been batting 400 as a couple of home runs. Carl the fact is if you dont call for correction youre going to look silly. I think thats part of the problem with the markets. Its almost as if its universal. We got to call for correction because theres too much easy money. The problem with that is that you miss time westerner cable. You could make enough money and you could have retired and decided to cash out and live on those cds. It sounds like youre saying while the movies playing you got to dance. Historically as a private dancer. Are you a fan of prince . No, teen that. Chuck prince . No hes clown prince. Im talking about tina turner. Stanley fisher is prepping us. I am saying that some of these private market stocks and time westerner to me was the beginning of too much overpay. When i see rumors that express scripts is going to bye rite aid, there are inexpensive stocks and expensive stocks. Well be hearing, of course from carl throughout the morning. A guy named chase has got to know about it. Chase manhattan, you got to know whats going on. The mets are killing us. Maybe in the end he doesnt know. Sorry. Actually im not sorry at all. Up next its cramers mad dash. Were counting down to the opening bell. Heres another look at futures this morning coming off a down 1 from the broader markets. Were going to rebound at the open a bit. Were back after this. By the time Police Arrive on a crime scene they could have little to go on. A vague description. A single piece of evidence. A partial plate number. With an app from ibm officers can now access over a billion police documents to find hidden connections and identify potential suspects. Ibm analytics helps one hundred thousand officers work smarter every day. 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. Its another hot day. Wednesday already. Time for a mad dash. All right. When youre dancing and the music stops, it stops for work day. Work day last night, it was a very depressing call frankly. Abunch of guys downgraded. Oracle may be a reason its not really a price war. A didnt get the Revenue Growth i wanted. However, this guy is a great guy. The stock is overvalued. This is what i meant when one group of stocks are expensive. They cant afford to miss. Theyre being so aggressive. Theres a lot of people in oracle that dont want to see work day become what happened. Again, its so hard to talk about overvalue. Its all in the eye of the holder. Its like art, david. Its like art. Like art. I know. Picasso. Heres the problem. This is an example of the stock thats extremely overvalued. Fantastic ceo, served in the armed forces. Perfect. Whether it able to buy back stock. This is the hottest group. They said negative things about checkpoint. You liked this all along. Someone says jim, its expensive. Kidding. This is me trying to i guess dance. I say listen. Paloalto is the best in show. Its been the theme. If you stuck with the theme. Were in a tough position you and i. We know 2,000 and what went on in 99. At the same time its our job to report. Speaking of reporting, were going to have the opening bell and indy 500 winner Juan Pablo Juan pablo montoya. 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. When you do business everywhere, the challenges of keeping everyone working together can quickly become the only thing you think about. Thats where at t can help. With the tools and the network you need to make working as one easier than ever. Virtually anywhere. Leaving you free to focus on what matters most. There it is, the opening bell bringing on this wednesday as we start trading a poor day on the market. Theres a look at the real Time Exchange at hq. By the way, that was juan juan pablo montoya. Were going to speak to him in about a half hour or so. The Innovative Device Technology did the honors. You got a good line up as usual. Its a good guess because the team has been unbelievable. My team. Just like your team. Katy spencer which i think shes fabulous. There are people behind the scenes. You do both for your show. Yes. Sometimes we even find. You know what this is inside baseball. Tiffany up 9 where i have kors down 17. 5 . Its been unravelled for literally, there was a nice spurt initially but fashion is so hard david. It really is. Expensive fashion, you got to be very careful because expensive fashion has not been a great place. Well the course was akors was a great stock to be in. Excuse me for interrupting you. How do you as an investor identify when the trends turn . They seem to turn. Her greenburg event, he did a lot of inventory work. There were inventory problems and thats what you have to discover. Its about inventory and he spotted that one about 50 points ago. You recognize where the inventory was. Thats what people have to recognize. If you can find inventory and whether tesla has inventory, theres always a way to discover inventory. Inventory is the vein of every accompany. Right. Once you have too much of it you got to then market down. Thats run and retail. Speaking of drugs which you did mention, the wall street journal discusses potential between the accompany. So they used an example, i think it was they used an example of a doctoring for pancreatic cancer and lung cancer. Lung cancer it does a lot better than pancreatic. Ive been watching the hepatitis c drug offering from one accompany verses the other and they get to determine. At a certain point theres push back. Its a big battle. We talked about this last week with the omni care deal we saw cbs do which is the power of the large buyers of drugs whether it be cvs or whether it is an express scripts, an enormous pharmacy benefits. I continue to think walgreens needs a pb. You have a meeting for humana. Have you seen cigna and etna . These were major tears. Everyone has ability to beat up on the drug accompany. In the meantime, the public has an insagsal and correct imperative to be as healthy as possible. I think to a certain extent when youre talking about humana or etna or cigna, theres been a lot of consolidation talk. You will find out in the same way you found out time warner. You think anthem also. People think they make sense together. And trust becomes an issue. Ive done some work on this. I think the antitrust would bless true players. We got two or one deals . I think two deals. This is much more fractured universe and i think they would allow three to be pitted against each other in the same way, its certainly better than a utility. Speaking of antitrust, we should mention reynolds america. They wont be able to close it for what seems like a few more weeks. The judge needs to sign the Tobacco Settlement years ago. Rental shares are up. A lot of questions on that deal. We know anti trust and enforcement has come to the floor in so many of the high profile mergers out there now are thinking we have issues. Its usual. We talk about large spreads. There are large spreads in those deals. People are looking at yesterdays transit actions and saying is it possible they will try to what will they try if anything in terms of their deal along with bright house making it the second largest and a power in terms of providing video and broad band to american consumers. Charter shares down a bit today. They were up yesterday despite pain well over nine times. I pointed out during the day yesterday a very high multiple for Time Warner Cable which was the needing interest.