Oil is nearly unchanged. We begin with janet general on the hymn, day one of congressional testimony. The market awaits any change in Interest Rate policy. Disney and time warner both report earnings but fail to catch a bid. Yes, earnings were beat. Most stocks sharply lower. Well fill you in. Trumpsanders taking the state t. Race moves on to South Carolina and nevada. But first up, were less than an hour away from generals spy annual testimony on the economy and Monetary Policy. This morning, shell appear before the House Financial Services committee. Tomorrow, of course, the Senate Banking committee. In her prepared remarks, she says financial conditions have recently become less supportive of growth and a lower path of fed funds rate would be appropriate if the economy were to disappoint. But she adds, she still sees moderate growth ahead 245 would allow the fed to pursue gradual rate increases. We will bring you live coverage at 10 00 a. M. Eastern. She talks about slack in the labor market. Weaker exports, the fact that the Economic Outlook is uncertain. And she doesnt take marks off the table. I think as long as you dont taix take marks off the table, you are sitting here, i dont know what shes going to do. We dont need to hear, i dont know what shes going to do we need to in a moment shes fought going to give us a green light to change our narrative of what we think she will do. Every time someone speaks. You have a bear rate. And thats totally realistic. We know the world was turned upsidedown. I know a quarter point wasnt supposed to mean anything. It ended up meaning the world. We all know it. We all said everybody said it was fought going to be a big deal. Theyve all disappeared. You dont see them anymore. We have been waiting for it. For i dont know. Two years. So we did believe. We were prepared. The company that issues less debt, japan, board of trade, theres a lot of plays falling apart. You couldnt predict the zika virus. In terms of flows. Money is tight. The money supply is tight. They should have sold off their bonds first. They were very uncreative. I think people are now realiz g realizing. Wait a second, were thinking who is going under. We are talking labor slack him has she heard of uber and lyft . These are people that have minimum wage. Thats not what they look at. They look at 4. 9. I took a course at harvard 1976. That was like an log economy and he too would type if they were alive. Are they anar istic. Theyre not looking at the right definitions, theyre smart people they got more data coming at them than anybody. No, theyre older people, before we got into an era our kid would say there are no jobs. They are from my era. They said 4. 9 means overheat. Buy more republic means the more you know what, you recognize, this is not the war were in. We got the jolts yesterday. Private quid rates at a nineyear high. I think the labor market is not. These numbers dont capture what we know in the labor market. They dont. When you are over 50. You are fired. When you are under 30, you cant get a job. Theyre in that noise little window. Donald trumps victory speech last night had an Unemployment Rate of 52 . When does these people win . This guy from brooklyn, a senator from vermont, i think the Federal Reserves will think about whats going to happen when theyre thrown out by either party. Its nice to meet. Hey, listen, guys, were on borrowed time. Were all fired the moment this election is over. Were all fired. They are like nfl approaches. Theying will all fired. Because theres 14 more games to play. Is the bounce this morning about what you said yesterday that people would be trying to hedge in front of yellen . You want to cover your salesforce. Com. These stocks have fall an lot. Analysts are coming out saying its not the end of the world. But im listening to these guys. Did they look at the election last night . Its great. Theyre all fine. But theyre all gone. Whos all gone . Either President Trump or president sanders. Correct. This Federal Reserve will not look the same. Im saying using it as a metaphoric am. They are reacting to a different world. A world where we studied economics and it was all about a curve that caused inflation and thats where theyre from and theyre rooted in that. Janet yellen 69. I took the stance. Your pointed is well taken t. Economy is in fundamental ways. Therefore. We cant expect inflation to be what we think it would be previously. Gary comb gave an interview on bloomberg. Everything i said is main stream among people who are active in the business world. He said, listen r, its not an log, its digital. If you have young kids in the work force, you dont urns, Forget Health care. Theyre just trying to get that minimum wage. They can okay. Have you people trying to cobble together the existence to live in a 60 mile radius by having three shifts. I dont know when they sleep. Ill be there tonight. Good. New shrimp fra diablo. Lets speak of digital. Its a fire pan on fire. Time warner posted Fourth Quarter earnings, though, a four year guidance, Fourth Quarter revenue, though, was below consensus. Disney shares are looking down in the pre market. This is betterthanexpected quarterly results. A profit declined at espn overshadowing star wars the force awakens last night ceo bob eiger said the prescription picture at espn is improving. Were going to stay on our calls in a few minutes. We recently seen an uptick. We reference in candor in the august call that we had seen some sub erosion that, in fact, was the case. But the last few months, in particular, have been encouraging. The last few months were encourage. Although, the numbers they reported for the quarter that ended jan 2 i think it was were down a bit. But thats where the focus is, as you guys well know. Well get to time warner in a minute. I know you not only read the call, jim. You linss to the call. Yeah. Watching the stock trade below 90 this morning. Weve talked endlessly about cord cutting and shaveing. Remember bundles that dont include espn. The minimums disney was willing to accept to get a lower minimum threshold of percentage of prescribes i prescribers in the beginning cable system. Where do you think things stand, judge dprg mr. Eigers comments, which were upbeat when it comes to the numbers of espn in terms of, hey, were not losing subs. The word uptick whether it be with julia bores sten on page 13 of the Conference Call uptick. That itself word. We den know what uptick means. You finish the sentence, bob eiger, what we believe we have seen is subscriber trends apated somewhat. I think that uptick is hurting the stock. Its much better than you thinks, we didnt get that. There was an open rebellion, the company deserves better. There has been a sentiment change, listen, yesterday the call at via com turned the stock in a way the numbers shouldnt have necessarily done so. I think it is reflective of frustration on the part of many of these investors. I dont think they believe management or time warner. Because when you look at the numbers from time warner this morning, they did miss on operating income. No doubt about it. Revenues were in line. They missed across the board film, higher investment costs. They missed on the consensus there. Expense were higher at turner and hbo. A miss on revenues. But the fines number, nim jim, above where they have been. I dont think investors believe these guys anymore. They are looking in the case of turner thank you so much, my research guy. Literally you are looking at the 2714, 215 year over year. This is per quarter. 2. 9. 2. These are in decline, if you want the metaphor of why these stocks are down today. A totally legit guy, he says, he asked bob eiger, would disney split the two businesses . Asking about the synergy, the whole reason why you own disney is bus of the synergy. They put out a moy. You go into the theme park. Its extra. Put the company up. Thats why you like disney. That is a rebellion call. Thats a rebellion. Is that dessert . Absolutely not. I think that was a totally inappropriate question and i caner says, im not going to talk about separating those assets. I listened to that. You are on the call. There is like a stunned moment where like bob eiger, have you no decency, sir . He didnt say that. Do you also believe that i caners notion that the idea, the bundle is in its demise, is just ridiculous . I thought ridiculous. I wouldnt have said it like that. I would have said, look, we have so many things that are going on that you know to look at it as a snapshot. I would have gone with it as a diplomatic less political. He does seal to be operate income this reality as opposed to the ceo and chairman of via com. Its unclear. Hes in kirbys fourth world. That, by the way is according to many shareholders who i spoke to yesterday. Thats what theyre saying to me. Which is why they abandoned that stock. Via com was down 21 today. Wow. I mean, these stocks, look, i tell you, these guys ought to say, listen, there is a reset. You got to bear with us. Right now what theyre doing is making it look really good t. Time warner, that stock was up three at one point. Should they separate and break out hbo . Categorically, that would be trading assets. Its an inside joke. Im saying these greiss all comfortable with what theyre doing. Theyre all comfortable. The stocks are telling you. This is not u. S. Steel and bethlehem steel is dukeing it out. Its better than that. They ought to say, listen, were trying, were figuring out whats going on. You have to bear with us. We had disney with abc. We came through it. Okay. Now, look, frozen is, we could be in a whole another world just talking about froenz and talking about the tv schedule, the star wars that are coming out with time warner, saying, listen, we make money on these things, no matter what. Its already paid for and amortized. Analysts are in control of the narrative. By the analysts just have turned in a way that its to the finland station, you know what i mean . Kind of. Lenni le nonist. These guys are like czars, they live in another country. Lennon gets to a finland state. Its an extremist. I saw who won last night in New Hampshire t. Democratic party is a socialist. So we fought against lennon theoretically. Where does turner chevski come in on this . Seminole test were not done talking about disney by a long shot. Speaking of media names. We have breaking news on twitter. Good morning, charm. Twitter announcing long ans the pated changes, a move away from the chronological time line to make it easier and faster for people to catch up on whats happening right now. Beginning today, twitter users will have the option turning on a tool designed to show the best tweets first. These will appeart the top, in reverse chronological order. Although there was an outcry earlier this week twitter was abandoned its feed, it stresses its not a dramatic overhaul, more like an extension of its while you were away feature. The company is saying people have used the feature and tend to retweet and tweet more. Carl. That makes a lot of things more clear, thank you very much, when we come back, a big win for donald trump and Bernie Sanders, as jim said in New Hampshire last night, how does the leaderboard look no you . A downed day today for the dow. The first fourday losing streak since august, believe it or not. More squawk on the street from postnine in a minute. At baird, we approach your Wealth Management strategy the same way to create a Financial Plan built to last from generation to generation. Well listen. Well talk. Well plan. Baird. Im in charge of it all. Business expenses, so ive been snapping photos of my receipts and keeping track of them in quickbooks. Now im on top of my expenses, and my bees. Best 68,000 employees ever. Thats how we own it. Advisor and team who understand where you come from. We didnt really have anything, you know. But, we made do. Vo know you can craft an Investment Plan as strong as your values. Al, how you doing. Hey, mr. Hamilton. Vo know that together you can establish a meaningful legacy. With the guidance and support of your dedicated pnc Wealth Management team. All this time the polls were right, donald trump and Bernie Sanders scoring major victories in last nights New Hampshire primary. Lets talk to john harwood, whos already made his way back to d. C. Good morning. There is a pop lift message that one victory for donald trump and Bernie Sanders. They came from different angles. Bernie sanders addressing his supporters with a Winning Coalition of liberals and students boxed down by debt. Pointed toward the top 1 in wall street. Tonight we serve notice to the political and Economic Establishment of this country that the American People will not continue to accept a corrupt Campaign Finance system that is undermining american democracy and we will not accept a rigged economy in which ordinary americans work longer hours for lower wages while almost all new incoming wealth guess to the top 1 . Some overlap, major differences in the message of donald trump targeted yards alienated blue collar workers, he pointed toward external threats. We are going to do it the Old Fashioned way, we will beat china, mexico at trade. We will beat all of these countries that are taking so much of our money away from us on a daily basis. Its not going to happen anymore. Neither of the winners have an easy path forward. The race guess to nevada, South Carolina on super tuesday. Hillary clinton hopes to come back against Bernie Sanders if South Carolina and the republican establishment has to find an alternative. They have not clarified that situation yet, guys. 14 primaries and caucuses. When we come back, we will get cramers mad dash, take another look at the pre market. Which is off the highs as yellen with her comments titling some risks for the economy. We are back in a minute. At ally bank, no branches equals great rates. Its a fact. Kind of like bill splitting equals nitpicking. But i only had a salad. It was a buffalo chicken salad. Salad. We dont have much time for a mad dash. So lets dash to it. We will talk solar city. It was a disappointing quarter. The company the ceo, saying, theres a lot of moving parts a. Change in net metering in nevada that was really bad. What mainly happened is that people are tired of getting blindsided. Im tired of putting everything into the prison. No, i know the president doesnt appoint the Federal Reserve. Im saying, this is crony capitalism. Because the only way these guys make money is in tax credits. You can imagine under either candidate right now in the lead, you are not going to have tax credits. Its important. So there is going to be a clash and, yes, again, do i think sanders will win . He won last night. Do i think the Federal Reserve will be fired en masse . I am seeing the political regime with the trump presidency. You dont want to be that, mr. Us the fact that they missed again. People are tired of these companies that are really set up. The numbers are horrible. The guidance . They were so far. They were so off. And they basically admitted. The call was a call that was like lets put it on the plane. Mickey rooney. Put it on a plane. This was like a bad plane. Summer stock. This is a summer stock Conference Call. Okay. Im not talking shakespeare and the better ones. Im talking genuine home spun summer stock. All right. We will be putting on the big show in a little bit when the opening bell rings. We will be keeping an eye on everything. Yes, everything. Here on squawk in the street. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Are you watching cnbc squawk on the street. Live from the Financial Capital of the world. The opening bell if about a minuteandahalf. A lot going on on this wednesday. Yellen begins two days on the hill in front of the House Financial Services committee. We are keeping our eye on media, inventories at 10 30. Jim you were talking about taxes. Coal stocks will have a good morning after scotus yesterday got in the way of that clean air act. I saw that. A lot of my travel trusts owned American Electric power. These companies, remember, 38. You got to be careful. It keeps going down. About 35 of the country is heated by coal and this was a big slap. Because of the president. Remember, you are dealing with natural gas being so cheap that its really happening with or without the president. The issue is that you have all these plans that were built when jimmy carter said we were in saudi arabia, those were coming up. Those would not be renewed. Those will come in after that. Consol will open up. This translates to rails as well or not . I know i saw that. Guys, will you please do homework . They dont do anything. The rails Union Pacific has been going on, dont get too excited. Natural gas is keep. Thats a look at the big board, the american heart association, highlighting the go red for Women CampaignNational Heart month. Asset manager based in we will keep our eyes on others. The aka mark. They reported the last quarter and the quarter was just horrendous and they won so many different lines. Akamai. They have been obscured. Obviously, over the top. Akamai is over the top. Dont get too carried away t. Stock was down a deal ahead of time. That was a return to akama