Expand its food and private lines. Why dick lowe said i have to focus on my job. That wide owning trade dove sit. As we head into the last trading session of may, stocks on track to finish the month in the green led by the nasdaq up 3. 2 . S p up 0. 6 . The transports still in correction territory. The transports really are terrible tale of things. Bank of america downgraded some of the great truckers. Commerce is not doing as well. When i looked at that gdp report, first reaction was how much does the fed have to cut . Of course the reaction from all these people is i guess the fed has to tighten. It is funny to see the weakness throughout. I had Union Pacific on mad money earlier this week. Every line item is down. Commerce is not happening in the country. Biggest trade gap in 30 years because of that dollar. What is incredible everyone felt once we had oil to the point we wouldnt need to import as much oil, that would change the balance. No. There is a lot of negative. The june swoon. Last 57, dows down in june. Last 47, s p down in june with one and changed. Its worked leaving at the end of may has done well. Yes. That does make sense in part because technology does take off during the summer. We see the european slowdown. I also think there is not a lot of money coming in the month of june. Historically, when you look at that it is daunting. I try to always figure out what could make that go differently. All i hear about is the fed if it isnt june its going to be september. Its not a good back drop. Unless the dollar gets defensively weak, which could be related to greece. Its going to be more of the same. This market does not feel good in separate takeovers. Is most of this dollar based . When you say commerce is not occurring, obviously lots of commerce is but maybe not growth in the rate of commerce. I think our manufacturing side, export side is very challenged because of the strong dollar. I think we are losing some share of autos. That is a consumer business. You are buying autos, but maybe not buying our autos. Right. Overall what i find there is just turns out the oil business, while not as huge job creators, did produce a lot of commerce domestically. Thats slowed down. When you have jpmorgan laying off 5,000 people you say the machines are doing better than people. Im finding a lot of pros and cons. You get these mergers. Whats the benefit . People get fired. For everything good i find something bad. Which leads you to what . More of the same when it comes to the stock market. Except when you get a takeover bid. Speaking of which, for the month of may, the top five s p gainers are all m a related. Whether its a cablevision or avago or broadcom. Thats amazing. The good thing is there are enough takeovers to get things propelled. Bad thing is there are a lot of companies international, domestically based. Look at emerson. Emerson is a Big International company. They are doing terribly. These major American Industrial companies are not doing as well as they should. We find the restaurants doing well but nobody seems to care. The retailers is mixed. David knows i think ulta is the key to this market. They know how to sell. For every one thats good i have a southwest air versus delta. You went to town with gary kelly last night. What changes this dynamic . The dollar getting weaker. Okay. Its not up to us. Its up to the europeans to make the euro stronger or japanese to decide they are not going to completely debasing their currency. We got news greece was not going to have a deal this weekend then there will be a deal. We cant get you might have been swimming at 3 15 already. I cant think of what i was doing. It happened before. You wouldnt find endless cuts for companies, you wouldnt see this constant in Constant Currency we would have done well. Its every company that expanded overseas. Its very hard to buy a company when you look at the numbers and know the estimates are coming down. If you do a lot of business overseas, you are still coming down. Not june, perhaps september. Our Central Banks around the world are not following the same policies. We are bullish. Unless you can find somebody that will get a takeover bid, im saying more of the same. Not saying big decline, not saying big advance. Getting used to the idea other than when faber is breaking a story, you say that was good ulta but not so good jp penney. Do i want to go for stuff that looks cheap or looks like momo will get taken out. Highest growth. Regeneron. Thats not getting taken out. No. You want high high growth. We had a company yesterday, united reynolds. A gigantic domestic construction play said may was weak. Gary kelly said last night, great ceo southwest, may was not up to expectations. Then we debate the fed, how much are they going to if they listen to the companies, they know wow, united reynolds touches a lot of industries. Sure they have business involved in oil. Thats just not good. Its not good. People bought a lot of video games. Lets do banks. Moodys giving up grades to four big u. S. Banks. Raising Morgan Stanley citing strategic changes at the bank it says resulted in improved profitability and safer Business Model. Goldman, b of a and citi. Jpmorgan plans to cut 5,000 jobs. You mentioned dimons comments about shareholders yesterday. I dont overlook the importance of this double upgrade from Morgan Stanley in terms of cost of funds and cost of capital. Its important. It is important. My Charitable Trust owns it. It was something they were hoping for and expected. Its in place. Remember, they got penalized a while back. Remember worried about their exposure to the euro zone, to a lot of different names there. This is important. Not to be overlooked. Sometimes i think we tend to when it comes to these rating agencies. They are always looking backwards, not forwards. This will impact their ability to access their cost to capital basically. They are doing every day in the markets. My Charitable Trust owns Morgan Stanley. They did a great job buying citi group. Morgan told you this would happen. Gorman delivered. Theyve been looking for this and hoping for it. Everyone talking about dick folds comments yesterday. He said lehman was the result of a perfect storm he says began with the government. A weird speech. Said enjoy the ride no regrets. Here is a listen to what dick fold said yesterday. Regardless of what you heard about Lehman Brothers risk management, i had 27,000 risk managers because they all owned a piece of the firm. Cover of ft quotes a former lehman employee saying he should have had a plexiglass shield in front of him. He did, like nixon, praise his mother. Why not . She is 96 apparently. Good for her. That was my take away. Why relive it again . Look at what the leverage ratio was and where the assets were and what they really were. Why with relive it . I dont know. Talk more about your mother. You can never go wrong. Nixon had game on the go out. Finally this morning, amazon reportedly planning to expand its private brand of product lineup. The journal said it will include milk cereal baby food household cleaners. Amazon approached private label manufacturers seeking a partner. What a week its been for amazon and e commerce in general. Whether its google adding a buy button android pay, same day delivery for prime. You were out there. You did a fabulous job. What did we talk about in the east . Firing people, jpmorgan. What did we talk about in the west . Innovation, trying to do different things. Real excitement. People actually get hired. I think this thing, the world is divided between the companies that really get it whether it be ecommerce digital, the digital wallet. There are companies that dont. Dont you find the universities out west produce different kind of kids than universities in the east . Yeah. Certainly the ones you and i are probably thinking of. People who are not number pushers but comp sci, comp engineer guys who want to create because i listen to every word you guys had there. I said boy, these guys are creative and thinking and theyre making a lot of money. They are ambitious. Your Business Model is made infinityely easier to grow because of this. Guys taking on huge conglomerates because of the cloud. Broadcom avago needed to do that because they needed more real estate in that phone. They did. Listen we are going to have a university on roosevelt dial and cornell will try to graduate a lot of computer engineers. Would be good. One of my buddies got a contract to develop a rocket in his dorm shot it right through the ceiling. Doesnt matter. Bezos likes that. They have game. I just find look i was telling my train they are morning when we were working out at 3 30 after we got the greek situation, if i had to do it all over again, you think i would have gone to an Eastern School . No way. Its not too late. Youve done a decent job. Last i look you also started a company. Yeah. Barts and miguel. Its going great. Thank you. Whats your app . Google versus apple in the mobile payment wars. Well talk to mastercard chief emerging payments officer. Take another look at the premarket on this final trading day of may. Here at the Td Ameritrade trader group, they work all the time. Sup jj . Working hard . Working 24 7 on mobile trader, rated 1 trading app in the app store. It lets you trade stocks options, futures. Even advanced orders. And it offers more charts than a lot of the other competitors do in desktop. You work so late. I guess you dont see your family very much . I see them all the time. Did you finish your derivative pricing model, honey . For all the confidence you need. Td ameritrade. You got this. Will you be there at the end of the year . Look i have to focus on my job and what ive got ahead of me. I dont worry about am i going to be working on this date or working on that date. I focus on my job. You feel youre in sync with the board . I dont feel like im in sync with my board. I know im in sync with my board. The board and i communicate regularly. One of the things i do is probably overcommunicate with them. We are thoroughly in sync. Dick costolo, quite an exchange yesterday at the code conference. Is he going to set a record for the number of times he answers this question . This man is in a permanent existential crisis. It plays out every single day. I dont know another public ceo who gets asked, are you going to keep your job more than this guy. It doesnt seem fair. It is curious. He needs to be the chief i think ill keep my job executive officer. This whole thing it dont help your company when every minute its to be or not to be that is the question. You may have asked him that question as well when we had him in san francisco. The last Earnings Call it was a big topic. I dont know. This has happened before. Jack dorsey has tweeted up a storm about how committed the board is. That didnt happen this time. They were very committed to mcdonalds ceo. How committed were they . You are committed until youre not. A board dynamic can change. All you need is one board member to push things and see where they go. I dont know that board is in a position to want to do that. I believe him when he says he is fully in sync. I do know he communicates a lot with that board. He should communicate via twitter. Ive got good news for costolo. On the ulta Conference Call which was a seminole Conference Call because they had 11 Conference Calls. Mary dillon talked about the hashtag my beautiful mom campaign that worked. A Twitter Campaign that worked. Now there is something dick should be celebrating. I would have answered karen with, did you see how well my beautiful mom Hashtag Campaign did . That would have changed the dialogue. Weve got this kind of crisis of mind. Hes like the mindful ceo. Im in the present. Im living in the present. Im mindful. Ill give you the four pillars ceo. I dont hear you saying it deserves to go back to the low 50s. No. People on twitter say i found some new thing twitter does. Shouldnt amazon buy it . No company buys another Company Unless that company is doing well. Look at broadcom. Broadcom was doing so well. No activist targets a company that is doing badly. Dupont was doing maybe well. They could mix the next quarter and its all over. I think the secret to costolo is getting hold of mary dillon right now. If i were costolo, instead of getting up saying geez, i dont know. I think im the ceo today. I hope so. Its a tough day. Ill answer that question. Does he get up and say, look in the mirror when he is shaving does he shave . I think im ceo today. He ought to call mary dillon and say how come the hashtag my beautiful mom campaign worked . Come out here and tell us how to do it. No . Sure. Thank you. Yeah. Easier said than done. Look at ulta. Its up two. Its at 158. If he wants to get his stock to 58, call mary dillon. Well get to ulta deckers, gamestop cramers mad dash. Countdown to the opening bell. Last look at the premarket in may. The Technology Changes the design evolves the engineering advances. But the passion to drive a mercedesbenz is something that is common. To every generation of enthusiast. The 2015 dream machines, from mercedesbenz. Todays icons. Tomorrows legends. Visit the dream machine event today for up to 3,500 towards purchase. Hey, can i help you . Yeah, were interested in the iphone. We promised one to beth for her birthday. You know mobile share value ans now include rollover data, so the data you dont use this month rolls over to the next month. Wow, even better. So what are you gonna do with your old phone . Im giving it to my sister emily. She gets all my old handmedowns. Oh im into bedazzling too. And you admit that . Yeah. I. I used to be into bedazzling. Ill go get your phone. Get the iphone 6 with rollover data to share. Only from at t. Time for mad dash on a friday. Seven minutes to the opening bell. Where do you want to start . You say gopro, i say ambarella. This is a remarkable stock. Gopro is erratic. This company is genius. They are talking about drones. I dont know if you know this drones have become integral to the oil patch. Rbm my oil goto guy talked about how Oil Companies are prospecting drones. Drones are becoming to become commercial. When you open up a drone, if you did a teardown, you may see an ambarella piece of Technology Driving all these. How is a drone can you explain how a drone helps them . Drone is able to find out where oil is underneath quickly. Really . It doesnt have xray vision. Just the topography . Yes. I dont know if it can find the puffer the bird they are saving in wyoming. I dont know if you saw the bird they are trying to protect. No. Drone is the way to find oil. There is a lot of commercial uses and personal uses. People might use them at weddings. Exactly. Now david yes. Remember i said only thing people do in this country is get their hair done and played video games. I covered the hair done issue with ulta. Gamestop. This was a remarkable quarter. I said negative things like this. Ken langone said you are going to be blown away by what gamestop does. I was. Its the goto place to get at t apple. They are expanding stores. They have an apple store division. Its fantastic. I hope they didnt lose business. I hope tim cook didnt say you are not allowed to talk about apple because this is good for apple. People are buying playstation 4. This is a pattern people are still going to a store to buy video games . They are adding 200 stores david. They are taking over the radioshack stores. You know who buys this stuff there . Moms and dads for kids and real gamers. They buy what is known as loot there. Star wars is coming out and they have a video game for star wars. They are back, bigger than ever and it goes higher. Gamestop. Gamestop. Game over. Stay with us. Opening bell after this. You are watching cnbc squawk on the street live from the Financial Capital of the world. Well get the final opening bell of the month in 90 seconds. S p coming off the smallest five day hightolow range in eight months which is followed by the axiom, dont short a dull market. You dont want to fight the tape or fight the fed. The push me pull you market one step forward, one step back. Im watching battleground stocks. Mcdonalds. It might go up because they are going to make the burger taste better. Might go down because the burger doesnt taste good. Its a mcdonalds market. Up one, down one, up one, down one. Youre right. Going to toast the buns longer, try to get the sandwiches hotter. My nephew said just from dominos, he is my head writer said just like dominos had to admit their pizza takes like cardboard, its time for mcdonalds to admit their hamburgers taste like synthetic rubber. Once they get that out there, they can move. Theyve got to own that. Theres the opening bell and a look at the s p. At the big board today, the allianz investors celebrating its meeting at the nasdaq. Did you get to deckers over there . No. Deckers is very confusing. They really had very bad Comparable Store sales. Down 6 . They have some exciting things like the hoku that new sneaker. I tried it. I have a broken ankle, so its not that effective for me. Its taken forever. 50 million in yearly sales there. In the end, they are slowing the number of stores ive been to one of those stores. They are quite nice. Thats got people nervous. If you really have a great product, why arent you opening more stores . And a strong dollar. A lot of those stores are destination stores. There are not as many tourists. Tourism has been hurt by the strong dollar. Strength in tiffany is a surprise. How many japanese buy from the new york store flagship . Guidance was great. The chief economist must be excited about the dollar peaking. What do they know we dont know . Their guidance did seem to be stronger than might have been implied, given the numbers were not that good. Its all about expectations as we know. In that case they differed markedly with kors that day which has not recovered from not that we would expect but it was down over 22 . That kors Conference Call you felt like sticking your head in your handbag and closing it. Its what happened to coach. Tailspins are hard in the accessory business. I was grasping for straws when i said their watch business was bad. Hoping it would be