Teslas model 3 orders topped 10 billion in the first 36 hours. And that data leak of more than 11 million documents making its way around the globe. Why the Panama Papers have more than a few World Leaders under the microscope. Futures inching higher. Oil prices hitting some onemonth lows. Investors are waiting comments from fed president kashkari, and robert cap lylin. Talking about q1 earnings, whether the bar has been lowered enough where they have a nice p e going. Theres so many downgrades today, its daunting. These stocks have moved too much ahead of earnings. I think its true if the dollar starts getting strong again. Right now we see a lot of xraens where the numbers are too low. Im not buying into its over. I will buy into the idea that the fed governors will send the market down and buy. We heard from janet yellen. They said nothing will happen yet. That was the most sal yent thing that could probably occur. She said if the company is doing good, buy them. So companies that you think are undervalued example. Okay. Lets pick j j. Its been stuck here. You could say its stuck at the high of the range, but this company has been clobbered by the euro. Clobbered. Numbers go up. Alphabet, 60 of their biz as soon as from overseas. These are companies where you can raise numbers by saying we have easy comparisons. Nobody thought that could happen. Its the story of the quarter. The dollar turned out to be weak versus everybody. That makes it easy for the cfos to raise numbers. Thats the theme. Okay. Although nobody knows what the dollar will do for the remainder of the year. For the extent were going to look to the second half and wonder whether we will get another increase and have that divergence and see about 1. 10 again on the euro. Lets say youre ibm, which had a terrible currency hit. You no longer have to give okay, if we had done this. If the currency had done this. Those things have made it so its hard to value. You get one quarter, whether its procter, ibh, they dont talk about the dollar. They focus on the numbers. Apple. When youre on these conference calls, its all about the dollar. That narrative will disappear. Carl made the point, and well talk about ge in a moment. 20 multiple. Multiples have moved up to a certain extent on some of these stocks and names. Ge had been down much of the first part of this year. Now up 2. 5 . Youre right. I dont like to buy into a multiple. Hey, you want to pay this, i pay 1. 2 was you want to pay. If the dollar really and truly has peaked, and its been a long run, then i might be paying a shade less if janet yellen doesnt raise, the opportunities are so meager. Take a look at you know whats been screaming is utilities what does that say . Not that strong of an economy, good yields, better than treasuries. Consumer products goods. Most of these companies, good yields, Real Estate Investment trust. I can go on and on. And then a couple of high growth stocks. Thats enough do the job. Yes, some industrials seem overstretched unless the currency has peaked. I see s p earnings estimates through the course of the quarter are down 9 . That would be classic about why you shouldnt buy. I would tell you the groups people dont like, the drug stocks, not healthcare. Drug stocks and banks, you have had yes, bobby, lets call it 30 of the s p. Nobody wants this. Nobody. Theyre so hated you see all these faux bank stocks, like morningstar, faux drug companies, device companies, boston scientific, edward science, people are graph tating aw gravitating to the core names. I went over caterpillar this weekend. If you get any pickup, if you think theres any pickup in asia, you have to buy caterpillar even though it doesnt look like you should, or cummins. You have to buy those. Nobody wants to buy them but the end markets are doing better. Oil, 38 bucks. 26 was the bottom. Remember we used to fret every minute about oil . Now its fret some oil, not worry about others. Tesla once again rising in the premarket. Elon musk over the weekend treating that weekend preorders for the mod 38 have hit 276,000 as of the end of saturday. Thats about 11 billion worth of sales. The car goes for 35,000, though it options at 42,000. Some people tweeting their confirmation order as they made that 1,000 deposit. I have to echo phil lebeau. He was on vacation, everybody was bothering him about it. This is a phenomenon. I find that the phenomena crosses all bounds. So you go lets say youre going on interstate 95. You stop at a gas station. There they are. Your tesla chargers. This is becoming integrated into society. I know so many people, so many younger people who either want to have uber or tesla. One or the other. One you still have to drive though. At least for now. Autonomous cars are something tesla is focused on. You cant charge as easily in the city. Uber in the city. Tesla i think its not realistic that everyone will get a tesla in terms of timing. How about those deposits. Do we have sense as to their able to meet this potential demand . Whats that Company Going to have to do . I i mean, i dont know. I think its a high quality problem. Its a high quality problem. Its a high class problem. Yeah. Can you imagine if youre ford or gm, youre gm and you got your electric car. Wow. Eh. Audi has one coming out. They didnt think audi did not think there would be such rapid acceptance. Yeah. You have been saying to me over and over again, hes been telling us the Auto Industry is going bonkers. No. I think the longterm ramifications of autonomous driving are going to have a negative effect on demand eventually. The wall street journal does a story on china and their autonomous driving. You know thats the Growth Engine for sales. Theyre pushing hard with support from the government in a significant way. You have to discount some of this stuff. I know its ten years out maybe. Weve had one of the greatest rallies of all time. Ford was at 18 in 2011. Right. Look at that. Gm gives money to anybody that has some sort of new technology. They spent a lot of money on some of that. Nobody cares. They just dont care. Weird to hear rubenstein saying this morning that brazil is an interesting investment opportunity. The real. The real has been on fire. It was a universal hedge fund short. If the government changes hand, could be a growth youll know firsthand. Well see what it looks like in august. Might be a little early for brazil. Looks early for venezuela. Early for speaking of foreign countries, this massive leak of documents has revealed the offshore holdings of dozens of politicians and public figures around the world. Eamon javers has more. Theyre already comparing this one to the Edward Snowden leaks or the wikileak situation this is called the Panama Papers. Heres what we know so far. More than 11 million documents now stolen from a panama based law firm. Those documents detailing how wealthy people around the world hid their assets globally. So youre looking at data coming from the panamabased Firm Mossack Fonseca is the name of the firm. The reports are in the media that 12 current or former World Leaders maintain offshore shell companies, vladimir putin, the russian leader, his name does not appear in the data. But the data does detail the holdings of some of his close friends. We have a statement from Mossack Fonseca responding. We have not once in nearly 40 years of operation been charged with criminal wrongdoing. Were proud of the work we do, not withstanding recent and willful attempts by some to mischaracterize it. The department of justice in washington says theyre aware of media reports but dont have comment on this. All of this will set up a fascinating amount of speculation. Exactly who leaked this information to the german newspaper that was the source for all of this and why did that person leak the information . Well see story after story after story coming now. There are other shoes clearly to drop. This will go on for weeks. Eamon javers, thank you very much. That will shine a light on offshore activity overall. I remember when ubs got remember the swiss 5 kouaccount people were using to avoid taxes . This is i think this will show that there are so many rich people around the world. Put a backlash against the rich. Again, the rich are just under fire everywhere. And one of them is running for president. Im not getting out my violin. No. No. No. Tiny. I think its interesting that we are that cuba, which was always against the rich, right . Theres no statement theres no one against the rich anymore. In the countries that used to be against the rich. Then there marx, lenin, theyre struggling right now. Wherever they are, theyre confused. Remember when they said the world turns upside down. When we get back, the ge downgrade, also some calls on apple. Later this morning, a conversation with steven chazen, as his industry deals with challenges posed in the slump in oil prices. Another look at the premarket. The d music plays throughout the first stock index was created over 100 years ago as a benchmark for average. Yet many people still build portfolios with strategies that just track the benchmarks. But investing isnt about achieving average. Its about achieving goals. And invesco believes doing that today requires the art and expertise of highconviction investing. Translation . Its time to bench the benchmarks. Man 1 man 2 i am. Woman exmilitary . Man 2 four tours. Woman you worked with computers . Man 2 thats classified, maam. Man 1 but youre job was Network Security . Man 2 thats classified, sir. Woman lets cut to the chase, here. Man 1 whats youre assessment of our security . Man 2 [ gasps ] porous. Woman porous . Man 2 the Old Solutions arent working. Man 2 the world has changed. Man 1 meaning . Man 2 its not just security. Its defense. Its not just security. Its defense. Bae systems. Ge is getting a downgrade from bernstein. They say its been a great ride but time to move on. The stock is up 27 in the last year. Well talk to the analyst in the next hour. Basically they argue that alstons success, the exit on capital is embedded in the price. Risks to healthcare, diminishing returns and cost cuts. I think this is the downgrade to watch. Why . Because this stock, this company is changing rather radically. And i believe that even though the multiple is certainly stretched, if the Company Delivers on the worldwide growth, then you will say, woushwow, all i did was buy it. It has done nothing in years. It hasnt done anything, though its been a good year for it. Its almost a year ago exactly that ge announced its intention to essentially divest almost all the assets to ge capital. Thats moved at a fairly rapid pace. Yes. Now expected to applying to dosesifi itself. It wasnt until october when y triant put out the white paper i thought it was a realistic program. Buybacks, dividends. Were so dividend starved, high quality dividends, because theres so many low quality dividends out there. If you look at the kimber lees, the altrias, those have moved up. People want industrial. A lot of this is the way Portfolio Managers work. Give me an industrial yield with good growth. Bernstein says we think a lot of new catalysts that have moved it are done. Theres an eaton downgrade this morning. A lot of people feel this cant be sustainable. I look and see how many times did ge get beaten by Companies Just based in europe . Look at what happened with boeing. I know planes are purchased in dollars. Airbus has been killing it. That could be ending. I think there is a question as to their cost cutting at ge. Theyve been aggressive, but even a sense they could be more so. You think so . Yeah. And there may be more they can do. Trian is going to be focused on that. You know it. They also will. Theyre there. Its all friendly, kumbaya, but theyre still there. Percentage wise as a shareholder, its small. But as a voice its a big one. You have to admit, the endless selling of assets. They got another one down while you were away. Remember when they were like a leading bulgarian Credit Card Company . Remember those days . Never really as true as the market might have believed. But yes. King, i think polish mortgages. Huge. Large mexican real estate holder. Yeah. I always wanted to know what they used to have an ad about hungary. Hungary. There you go. You wanted them to be in hungary building new towers. Yeah. But not not at middle marquette hungary lender. Some of these im using. But i remember trying to get a handle on everything. It was hard. You couldnt be as smart with that portfolio. Maybe watson could handle that portfolio. You alwa you always bring it back to watson. Watson moved that stock from 120 to 150. You have to keep an eye on the artificial intelligence. We are in trouble. There was a time when a. I. Meant allen iverson, now it means ibm goes higher. The clock is ticking on us. Youre a simulation. I may be. Youre my own simulation. I would be a lot better if i was a simulation. Elon musk once suggested that a tableful of people were a simulation in his world. After those numbers, i think its true. When we come back, cramers mad dash, count down to the opening bell. More from the nyse in a minute. All right. Its the mad dash. We hahave about eight minutes before the opening bell. Here we are in april. Ive missed you. Last nights game is not indicative of the mets season. Lets hope not. You played a tough team. Edwards life science. Sometimes someone comes along with a truly revolutionary device. I remember about six years ago when my father needed a procedure. And they were for a heart. They talked about the idea of having to crack his chest cavity open in order to do it, open heart surgery. How that is the statistics are bad. What we saw this weekend is there were statusics reviewed for their valve, which doesnt require chest cracking. People say its working. A lot of people thought it was working. Doctors knew it was working for a long time. You have go through fda approval. This is not done going higher. This changes everything. The odds are so much greater for living, getting out of the hospital, doing incredible things. Lower death, lower stroke risk. Congratulations to Edwards Life Sciences for creating this device. An advancement in medical devices, advantages this company and will help people who no longer have to have their chest cavity cracked. Right here, the doctors all knew. The street was slow. Unless you had someone actually involved in facing the dynamic of chest cavity break versus some other method, you didnt know how amazing this was. This is a device not fully reflected. There will be profit taking. But someone should have bought these guys. 19 billion, 20 billion market cap. Someone should have bought them. This is it. This will change the world. It will save a lot of lives. I point this out because these have been public enemy number one. Healthcare, along comes something thats so fabulous for anyone who has a loved one who knows they dont want to give open heart surgery, it leads to death. Theyre not doing it for older people, this one. That test is to come. This is a remarkable device. Opening bell in about five and a half minutes. Ce ocean of Occidental Petroleum will join us after ringing that bell. More squawk on the street after this. In new york state, we believe tomorrow starts today. All across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. Like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. And in syracuse, where imagination is in production. Let us help grow your companys tomorrow today at business. Ny. Gov youre watching cnbcs squawk on the street live from the Financial Capital of the world. The opening bell in just about two minutes. What a week in store. Some airline m a this morning. Seven fed speakers through the course of the week, including yellen on thursday. Baseballs back among other things. Though the yankee game getting rained out. Of course we got villanova. Not a school you went to. No, philadelphia, we have little to cheer for. But you have a team located a few miles from your house, you root for them. Especially a team about teamwork. I have to tell you, jay wright, not to do this, but hes built a team thats of players who individually would not be anything nba draftable first round. Together, its a Team Building contest. A very good team. Well see what happens. Thats what is great about march madness in general. Yeah. Even though its april. For someone like me, flyers, sixers, phillies nothing much. No. No. We have not gotten to alaska Virgin America. David cush talking about why branson is selling, and also the problems. Some are shocked that a company is as well run as alaska. Have you seen their Balance Sheet . Thats why they can balance what they need to borrow for the all dash decash deal. That put them in front of jetblue, and it seems like there was heated competition. Have you ever flown them . I think i have. To go to alaska. And seattle. They go seattle new york. I think its a major move by them. The Airline Stocks are six, seven times earnings. Well see what happens. Theres the opening bell. S p at the bottom of the screen. At the big boards, Occidental Petroleum honoring retiring ceo steve chazen. At the nasdaq, regeneron doing the honors. What a what a drug they have for atopic dermatitis. Sent the stock up 50 bucks. That drug is i dont want to call it lifesaving. What it really is is makes it so what is it. When you have that kind of dermatitis, its painful, visible. This is a shot. Again, regeneron has so many products. People just regard it as one company. I cant say enough about how good that company is. Cholesterol drug is good, too. Very smart company. Stock still down 22 . Biotech. Biotech. Valeant. While you were away, valeant went down. Really . It went down. Day one of my vacation it was mike pearson, see you later. Then we had mario coming back for starwood. You missed nothing. I missed nothing. You have to take your vacations. Its like a city bus, there will be another. There will be one more. One question to ask in the fallout from starwood what do you do next time theres an incoming bid from a Chinese Company . How do you approach it as a potential seller . Anbangs decision and lack of transparency