Empire comes in ahead of expectations and well get Industrial Production in just a few minutes. Our roadmap begins with a close eye on dow 18k and what to expect from doha. Citigroup sharers are trading in the green, this after the Company Reported a better than expected quarter despite a decline in profits. And senator sanders going after it again with jeff immelt in a very heated debate in brooklyn last night. First up stocks looking to extend their winning streak. The dow ending within 74 points of 18,000. Meantime Oil Prices Falling this morning ahead of the meeting of the Top Producers in doha. And the chinese economy grew 6. 7 in q1. Thats exactly in line. Theyre starting to deliver on the governments numbers. The fact that they couldnt deliver the governments numbers is showing that theyve really got their act together. By the way, the state owned Companies Getting a little more leeway. They generate stuff they dont need. Oil, i think it was amazing to me that it kept ramping right into the meeting. Its very hard for the market to rally. Its very hard. Proven to be a statebid market. Oils got to start churning up. I still think chinas coming back, but this oil numbers got to be its got to be up to 43, 44 in this meeting, and its not going to. Of course, the gdp number is the slowest since 09. Right. Fixed asset number, it got a lot of peoples attention. The estimate was 10. 4. 25 of the exports, they go right to europe. So if europe gets better, china, theyre much more connected than our economy. I still believe that the dumping is going on everywhere because they dont have the need. The values of houses, theyre getting inflation. The rate hikes are working, but i do think that obviously so much in china and oil i think chinas fine. Oil is not. Theyre let manager think that this meeting is going to be a fiasco. In china, youre talking total bank loans up 25 jeer over year. Those are leak well, i mean it doesnt appear that theyre dwiting as much growth for flooding the market with as much money as they are. Thats true. Not yet. I think this is the lead indicator you want to look at. This shanghai deposit didnt go down. We talked about it all the way down and then it went up and we didnt care. And the Service Sector is not coming around for the way they anticipated. I just think youve become sanguine on china. I am becoming san jean. Yesterday you were talking the regime. I was talking on the regime. I were hoping they were cracking down. Zombie companies. They have a lot of zombie companies. They do. If things are starting to look better, will they keep cracking down or let it ride . I think they might let it ride and it might be up to every country on earth. Right now it comes to the i. T. You know, the trade commission is looking at dumping aluminum. Look at what happens is they put the tariffs on. Things more than double. People have to protect themselves from china. This has become more universal with politicians, almost universal. Obama, very strong protection. Much stronger than people acknowledge. Speaking of emerging markets lets get to citi. First quarter earnings of 1. 10 dollars. That beats estimates. Revenues above consensus. Citi grew loans into deposits but added marketsensitive products. Trading down 13, they had guided down 15. Ib revenue down 27. They guided down 25. March was good. Aprils in line with march. Thats a very good sign. This is 72 of tangible book value. If they get the highs, they can buy a ton. Like the fact that Citi Holdings is going away. Remember, that Citi Holdings has been real. It will go away by the end of the year. A magnificent work by corbett corbat. I think corbat is going to be the worst of first in terms of what hes done with citi. This is very encouraging. Really. No. I just made everything i just said. No. I listen to what you have to say very seriously. I do a serious amount of work so i think its good you do that. Im aware. I worked on this and the phillies. Dont even start with the phillies. Ill start with corbat. What about book value . Lets work from there . The Biggest Discount theyve ever had and youre going to be buying a particular for 72 cents when you get that buyback. And you think these banks will trade back to book . If the government decides that thiel return, corbat will buy dividends. If you want to put rangings in, its going to be jpmorgan, then citi, then bank of america, and then wells. Thats interesting. Jpmorgan down 11, then citi and b of a with 16. B of a is its kind of interesting. They buried the lead. Their mobile app is struggling. Its by far the Fastest Growing app. As your app grows, youre allowed to cut people. Lets say i check my banses three times a day. That costs them money. If i can do it on the app, it doesnt cost them money. Their growth was extraordinary. It wasnt like they went to the q a. You know how i like to write conference calls, how my next life i would advise conference calls. I mean dont bury the lead, mr. Moynihan. That is the story. They have the best tech. The best tech. Speaking of that, how about this bloomberg piece. Theyre cutting out airfare, hotels, entertainment. What are they doing there . Theyve done a lot on transitioning to younger bankers. Thats right. In his letter in the annual report, blankfein and he focused in part on how theyve been able to reduce expenses and reducing head count. Theyve done that, but apparently theres a lot more. When i worked at Goldman Sachs and the professor at bucknell, i had dinner the other night, hes a great professor. When you submit expenses, you travel. Hotels. I mean you try to find the cheapest hotel. I was a motel 6 guy when i was on the road for them. I was going to syracuse and i was like, do you have any roadways . Here, roadways . Mcdonalds. You werent sharing rooms like they do at walmart. No, but you did not do i mean if Lloyd Blankfein looked at my expenses, he would say, cramers good. He takes the subway, the rocket up town number black car for cramer. Nifr took a black car once for goldman. Are you oust your mind . When i went to go see balmer, microsoft, when i brought that in, paid for it myself, the airfare. I love it. I worked for bill kruver. Geez. Hes the best. Hes the best ever. They never let that stuff go. The most intense president ial debasement Hillary Clinton and Bernie Sanders squared off ahead of new yorks tuesdays primary. Sparred over a number of issues including wall street banks, minimum wage. Bernie sanders took aim at jeff immelt once again. Take a listen. What we need do is to tell this guy immelt whos the head of General Electric, he doesnt like me, thats fine. He has outsourced hundreds of thousands of decent paying jobs throughout the world, cut his work force and by the way, it turns out that both verizon and General Electric in a given year paid nothing in federal income tax despite making billions. Of course, the two sides have been going at it. Immelts oped. And sanders earlier in the week saying i welcome their contempt. Yeah. This is a new philosophy. I think that those of us who follow technology companies, i think its interesting that hes not thinking tech. The Tech Companies make nothing here. I mean there is no reason for jeff immelt to have a factory in vermont. He could have that factory in mexico and pay those people 3 an hour with no controls, no health care, no unions, but he keeps it in vermont. Mr. Sanders tax plan includes what he believes will be 100 additional billion from corporations that dont pay their fair share, a trillion over ten years. Of course, thats not the key part of his tax plan which evolves around a Financial Transactions tax. If you look behind the research it starts with the Caveat Emptor from the guys who wrote it in 2012 but it would call for 50 bases points. 50 basis points on bond transactions. They think it would perhaps cut trading by 50 . But raise 300 billion a year according to the research. To make sure nobody trades and we make a lot of money. I dont want to make fun of the guy. Hes a senator and theres only 100 of them. How does he feel about the workers . Ted cruzs tax plan is worth a read too. When we come back, a courtroom showdown today between a government and a firm which shows shares of fannie and fredd freddie. And Terry Lundgren. Were going for four Straight Days on the dow and the s p. More squawk on the street from post 9 in a minute. Seizing opportunity. And id like to. Cut. So im gonna take this opportunity to direct. Thank you, well call you. Evening, film noir, smoke, atmosphere. Bob. Youre a young farmhand and e trade is your cow. Milk it. E trade is all about seizing opportunity. We believe in the power of active management. Management, by debating our research to find the best investments. By looking at global and local insights to benefit from different points of view. And by consistently breaking apart risk to focus on longterm value. We actively manage with expertise and conviction. So you can invest with more certainty. Mfs. Thats the power of active management. Breaking news. Lets get to rick santelli. Down 0. 6 on our production. Of course, thats a month over month number. A last look also, lost a tenth from down a half of 1 . Now stands down at 1. 6. Lets look at the ratusage rate. Theyve been sliding. Thats well below the expectations were looking for. Also a downgrade, the last look, february originally received 76. 7 now stands at 75. 3. No matter how you slice it, its a tough one to quantify and various aspects of mining and economy all figure in. It seems to have turned. All in all, lots of questions going on here. David fab eric back to you. All right. Thank you very much, mr. Santelli. Stand by because i know youll be interested in this story. In about a half an hour oral arguments are going get in the way between Perry Capital, Large Hedge Fund here. Now, the case states back to the governments decision in 2012 to change the terms of its bailout of fannie and freddie. What had been a payment of a 10 dividend became a sweep of all the profits to the treasury, and those profits have amounted to 250 billion in total versus 185 billion that was contributed for the bailout. Perry along with other shareholders sued contending the government was taking money from shareholders. After a loss in 2014, perry appeal and new documents unsealed this week which seem to poke a hole in the golfs defense in its change to the approach to the gncs and their profit may bolster an appeal. The government contends funneling it would help to protect tax players from future expected losses but Perry Capital will argue the government knew just the opposite. Profits were about to explode and theyll rely on a deposition of a former ceo of fabny may in july to make their point. Heres Perry Capitals attorney matt mcgill. The ceo testified that fannie mae and freddie mac were going to be profitable for the foreseeable future and that would result in a writeup of some 50 billion of deferred tax assets and it was at precisely that moment, literally days later that the government made a decision to take all the profits of fannie mae and freddie mac for themselves. Mcfarland testified that she told the treasurer on august 9, 2012, that fannie mae was, now, quote, in a sustainable profitability, that we would be able to deliver sustainable profits over time. Now mcgill says the reasons the treasury and faa cited for sweeping profits have been shown as false given the testimony received since perry first lost in court. In the lower court the government told a story and the story was in 2012 fannie mae and freddie mac were on deaths door and that the only way to keep them alive would be to do this trade where they would trade this dividend for a nemt worth sweep. What it showed is that was false from the beginning and this, of course, is always happening right at the moment, at the very moment that the government is experiencing a crisis over the debt ceiling. It just so happens that the billions of dollars that poured into treasury over the course of 2013 staved off the debt ceiling crisis for several weeks. This morning perrys lawyers, mr. Mcgill, mr. Olson from gibson dunn, theyre together, and, of course, the government will be in front of the d. C. Court of appeals making a case looking for an order that will come from the court, they hope, that vacates that third amendment. They should get a ruling lets call it anywhere from six weeks to nine week, Something Like that. A fascinating story that continues to be followed closely. A lot of twitter traffic earlier in the week when the documents became unsealed and therefore were allowed to be in the public realm as will the arguments today. Preferred or thats what perry holds. Its also what berkowitz and fairhome where trials were being used are going to be useful, they believe, and then youve got ackman in a lot of the common and some prefer. But, jim, if the d. C. Court were to rule in perrys favor, all of the all the equity related to these gscs would go up as they did this week when we at least saw these documents for the first time. I want to caution people. Thats a very what we heard was a very compelling argument but the other side has been winning. They didnt even get to make real oral arguments. Right. Well see. D. C. Court of appeals has heavy hitters as you know. Douglas ginsburg. They either have been considered for the Supreme Court or are always talked about. Professors of mining. Well find out about that. Well get crime eers mad dash, count down to tauping bell and take a look at another premarket. The dow is coming off its best close since july and the s p, its best since early november. Dont go away. boy ma, pa why do we settle for cable . mom because were settlers and thats what we do. girl but with directv and at t, you can get your tv and Wireless Service from one provider. dad are not we your providers . Do we not provide you with this succulent jackrabbit pie . This delicious graywater soup . And a single lick of the family lolli every harvest moon . vo dont be a settler, get a 100 reward card when you switch to directv. All right. We almost got another week in the books. Of course, villanova is going to ring the opening bell. Mr. Cramer may have had something do with that. The wildcats. Theres the coach up there. All right. Time for the mad dash as you hear the cheers on a friday. Where are we going . This may be a deal too far. This is 57 million shares being priced at 9. 25. This stock did go out much, much higher. Ten and change. Heres the problem. When oils down as it is today, they may not hold. This is the one right ahead of doha, but it is a terrific discount to the blast sale. Remind everyone of what ensco does. Theyre an oil driller. If we were to look at it a couple of years aerks it used to have a very big dividend. If you believe and i dont. Deep water drilling is so out of favor. I mean we saw energy 21 the other day. Deep water drilling. It is best. If you can bierks get them in. They upsized the deal. Its going be 50, youre going to be able to flip and make a little money. I want to warn people all these deals have worked. Initially they not when oil dips. Pioneer did. All these primary offerings from these oil related companies right pioneer, devin, newfield. Their coffer is getting more money in. When you listen to the Bank Conference calls, you know the bank are pulling the strings here. When they say raise equity. Bingo, they do equity. But they made you a fortune. By the way, we want to be the underwriter. No. See, the banks, of course, they say that. I mean keep this in mind that this is the fight. What better than transocean. All right. All right. Weve got a few minutes to the opening bell. This is the ncaa champion, villanova wildcats will ring the bell. Jims going to talk with head coach jay wright. The call just came in. Shes about to arrive. And with her, a flood of potential patients. A deluge of digital records. Xrays, mris. All on account. Of penelope. But with the help of at t, and a network that scales up and down ondemand, this hospital can be ready. Giving them the agility to be flexible reliable. Because no one knows like at t. Youre watching cnbc, squawk on the street, live from the Financial Capital of the world. Opening bell in minutes. We got citis earnings. That comes in advance of next week. 103 s p names next week. Goldman, netflix, ibu, qualcomm, you name it. You cant really do homework all on this. Theres too many. Thats the way it is. Meanwhile Industrial Production was no good. You heard santelli tell you down 0. 6. Mining down 12. 9 year on year says a lot. Troy global got an upgrading. Caterpillar is upgraded. Be careful. Those stocks have run. Theres the opening bell. The nasdaq today, its cnbcs make it, a storytelling platform fueled by americas on tre pentrepreneurial spirit. Over at the big board you can probably see by now its the villanova wildcats celebrating their ncaa victory and jim is going to talk to jay wright and the teams captains in a few minutes. You must be thrilled. I am. This is philadelphia. We havent had much to cheer for. I did my show there in 2013. Just love the school, love the people. Love the model. Were going to talk about how their model is different. Yes. And maybe coach wrights future. Coach wright says hes never going to leave nova. Very nice. What have we gotten to. A couple of other things going on. Actually today mcdonalds. I was looking at a chart of fast food versus casual dining. Theyve been showing off at their operators conference. Now, remember, estabrook has done a remarkable job. Hes going introduce whatevers been best working around the world and the kiosk moving in and out. Hes going to do loyalty too. Hes going to get to everything. You know, the idea that you dont have to wait in line youll not have to wait in line. It would be really fabulous. Estabrook is very forward thinking. I mean because youre early here and right in terms of the movement of the stock. You liked it below 100 as i remember on the turn. Yes, i did. And you believe in estabrook. Here you are up significantl