Dime. There is a lot to get to this morning, jim. What do you want to tackle first . I think we have to first just talk about the fact that this is the overwhelming day. People are going to be making judgments and theyre too quick. People already decided to hate verizon and hate travelers. I think the most important this evening im seeing is the continued increase in oil, which is driving stocks, and a return to something we havent seen in a long time, which is if you dont do as badly as we worry about, your stock goes up, american express. Thats the classic example this quarter, right . When i go over what they said last night, they had a jump of 5 to 6 new Revenue Growth and they added new cards. Frankly, they just didnt screw it up. Verizon and travelers have been perfect. I cant speak travelers, i can always speak verizon. Verizon shares were up 12 this year or more. Its been a power house in what was a difficult period for stocks. Its still been benefiting. As for the quarter, it was okay. The revenues came in below at least some analyst estimates for what they would be. Ebidta margins were fine or better at 60. 5 . Subscribers and post paid, everything looked to be pretty decent to jims point. The call i was on but it was just their prepared remarks. Want to get to the q a and hear about go 90, their streaming service and what might be down the road. Yahoo want to hear about the union negotiations. You know, want to hear a number of other things. There are plans on bond issuance to get back to where they were in terms of their Credit Rating prior to the huge vodafone debt issuance they did. It was okay. Lets contrast that with Union Pacific. You look at Union Pacific and frankly there isnt a single line that is good at all. Calls down 40 . The stock is up because they cut so much cost. This is the railroad version of american express. Its so bad its good. Its the last bad quarter. This is whats been driving bank of america. But driving jpmorgan even, goldman sachs. And the consistent, whether it be cocacola yesterday or pepsico, which was fabulous, people dont want those stocks. Utilities. They dont want those stocks. They Want Companies that report really bad numbers and cut costs so amazingly if anything good ever happens, then you will see number go through, which is why united is interesting and as oscar munoz. Because they dont have it yet. They do have passenger revenue, miles down. Munoz has been dealt a bad hand. Hooves dealt a double bad hand. Meet immediately he has a heart transplant, fortunately successful, he has a successful challenge to him from people from the outside out of nowhere. Do people want that . No. They wouldnt want southwest. Revenue growth is strong. I dont know what the stock is doing. I think in the early going it was looking up. This is an Earnings Period where i think people are completed confounded. Arguably the weakest banks bank america in terms of numbers. That stock sits best in terms of percentage. All right, so youre making the point which is people are going for the worst, hoping they go from worst to first yes, freeport every day. A lot of this is because people feel we got some edge, we got oil. Underarmor is saying kevin klein, the First Quarter equals all of china. Steph curry. You think hes big here . You think hes big here . Theyve got 1. 3 billion in steph curry shoes. Theres a shot of riyadh where the president is expected to take at least a couple of questions from the media. As soon as he does, we will take that live at the gulf leader summit talking about a number of issues from yemen to isis to iraq. But, jim, you look at claims today, again, lowest in 73, gm and the margins, theyre guiding in north america. Get those numbers when you get 4 gdp growth. I would tell you that these are numbers plus the unemployment plus where the bonds are saying, i am even saying, listen, things are better than expected. Theyre not much better than expected but they are better than expected than it looked two months ago when it looked like the end of the world. I think we should prepare ourselves for the fed to do something. It wasnt the end of the world but the underlying trends are what they were now except maybe to china that i know you argue is better. Im waiting. The los angeles call they said january february good, march bad. All im saying is we have a thaw going on, whether it be the ipo market, whether it be the fact that youre seeing oil up so much that you have to believe that the great crash of high yield Debt Financing markets are wide open. Look at the french based Cable Company in the process of buying cablevision. They were able to sell high yield debt and they were lining up for it. These guys are running a leverage ratio far above what anybody in the industry does. Amazing. What changed in your eyes to make it something i thousand would not be able to raise money for, people are clamoring for. But this is not anheuser bush. No, its not. I agree with you. And there was a period where we were focused on unleveraged ratios and it can cut both ways but then that ended and were back to where we were, high yields looking strong. Even companies you might question to a certain extent some of their underlying strategy. Bhps ceo made a statement talking about steel saying it was its always like that at a bottom. Its never because theres suddenly not enough and too much demand. The demand in china, 1. 3 Million Barrels more than we thought. When you look at the suv numbers that phil lebeau pointed out in china, china is doing better. Kfc, i know the holy cow. That yum corps, i wish the ceo would do the call after the numbers. Theres enough good in china. So i dont buy that. I buy the fact that thanksgiving are better. And it almost look the only place that its not better would be the places that were so pos probably not going o get the okay on this muscular dis fee. What people want are deep silicone they beat on revenues. Remember weve got honey well and ge tomorrow. Maybe thats the pepsico of industrials. Mabb that happens. Maybe. I do want to continue to focus in part on nongap records reconciliation. There are so many adjusted numbers that i think it is becoming more of a story and at some point you may season the Regulatory Agency seg the united, for example, they includes included maintenance business and they be cloo that was an important component of expenses. Morgan stanley had a list of companies where the gap is widest. Near the top is like a celgene, expaidia. Thats become being more of aing point. A lot of what i regards ak the lets go on but were going to keep a closer eye on that. Its an issue and it does get to the relevance of the actual numbers we are getting or at least working off of. Level playing field. You have some companies that are reporting thanks theyre doing. Were going to get caterpillar. It has always been like here, open kim own owe. They could use some kind of kind of a bit of an overload here. I will point out that network, communications and Cloud Service now, these things are still on fire. Hark back to yesterday, intel, where i still believe that theyre the two companies and one company is involved with the internet of things and involved with networking. They are so strong, its hard to believe that google could be disappointing. Another team, currency theyre still acting as if the dollar is very strong. That sets up for a good second half for a lot of these companies. Networking, if you gont have it, i mention that because microsoft is cloud, ent net, no longer pcs. Those are of house said who said lets deliver to the 399 compared to last year. They told us earnings were going to be flat compared to last year. You can see the stock is down 2. 5 . They are not giving revenue guidance, theyre giving ebidta guidance and sticking to it. They have employed thousands of employees to take on the work and they still see good momentum on sales coming in. So no Financial Impact in the Second Quarter unless it drags on. Wire line is not that good. Margins were good here. I think this is again part and parcel with this new world where it like, all right, tell me something i dont know. You got to just blow it away if youre one of these stant companies. And they did not. They did good. They did fine. A lot of guys and a lot of people have had a great run with verizon. There are some people getting short the stock heading into these earnings and pair it off with at t and long vz. Ive been talking to some people behind the scenes with this, dish versus directv. Talk about something thats not gap. Get affiliated with the nfl. Yes. Meanwhile, central action today, ecb, mario draghi says he sees rates at current levels or lower for an extended period and that risks to euro area growth remain to the down side. He said its essential to preserve appropriate accommodation as long as needed, try to keep alive the actions than he did first and the last month, this is a quarter, by the way, that has been completely dominated by how the linearity of the quarter has been. January okay, february, march good. March good. Europe. Ive never seen this. Mabb this is just the new world but every day seems how was yesterday . It was good, lets by the stock. How was the weekend . It was okay. Sell the stock. Honestly, it is day to day now. People are judging people on a day to day. And its also the earning. Id love to hear what the president has to say about this. Lets go to riyadh. Heres the president of the United States. All those guys working the mikes all that time and no audio. Well, we got a ton to say. Well way to see if they fix it. Obviously we want to hear what he has to say this morning, whether its about geo politics or oil. The i. A. Saying supply balance by nks yeext year. The United States, when you lose money on almost everything you drill, bakken no good. Wti is back up to 42, 43. Back to the president. About Gulf Partners being free riders and iran and saudi arabia should share the neighborhood. Im wondering if and your meeting you feel like youve eased any of those tensions if that was your goal and if you could point operation do you feel that the fact of matter is that friendship and cooperation thats existed between the United States and gulf countries has been consistent for decades. During the course of our administration and these are countries that have extensively cooperated with us on counterterrorism, on curbing the financing of terrorist activities. They are part of the isil counterisil coalition, that has made and as we come to this meeting in part because of the collective efforts of the members of the gcc, we have a new government in lebia that is very nascent but has the opportunity finally to organize itself in a way that woo havent seen in a couple of years. That would not have happened had it not been for the effective diplomatic pressure that was applied by all the gcc countries, as well as the United States and united nations. In yemen we now have a sensation of hostilities that allows us to build a Peace Process that can relieve the suffering of the people inside of yemen. That would not have had it not be the go so what is true between the United States and the gcc, sass true with all of our allies and friends, is that at any point in time there are going to be differences in tactics. And part of the goal here, as well as the meeting, is to make sure that in the on do we share a broad common vision of how prosperity and stability and peace are achieved in this region and how we counter extremist activity, but that we have knowledge of what each party is doing on an ongoing basis. I think it is no doubt true that when we entered into the negotiations with iran around the nuclear deal, it and we dont look away in their destabilizing activities and weve seen iran do what they were supposed to do under the deal and the threat of an Iranian Nuclear weapon is greatly reduced but what weve also seen and what the gcc has seen, is our tned cooperation, for example, interdicting iranian when the region is so fraught with so many different challenges is the need for more consistent constitutional liesed because the possibilities of misunderstanding increase when theres so much activity taking place. Ill give you one last example. Inside of iraq there are understandable concerns about iranian influence in the Iraqi Government at a time when the Iraqi Government is also critical for us fighting isil. It was or or important how do you fight against isil and and while acknowledging that are there problems as far as governor instability within baghdad, thats a reason for us not to withdraw but to get more involved in helping to stabilize areas like an bar where weve cleared out ice yil but the towns lef governing have been well, you can tell they have fixed a microphone but its clearly not the president s microphone. Theyre trying to get his sound from him from far away. Not really working. Well come back to this if they man and it that a little more clear and the white house points out they are launching new highlevel dialogues to adjust to low are oil prices as the saudis start to look to edebt markets. It would be an enormous coup for hover the underwriters are. I thought they laid like the 40 price i think because it drives out u. S. Pr they have a bloated expense structure and the fact is they could be great ow owes, i mean, they could make the Second Quarter for some company. Do you agree . Yeah. Even at selling 5 they said they could raise i mean, the numbers are astronomical. Wow. Geez, out of nowhere look, these are Strategic Issues the president is discussing. By the way, id love to see that prospectus. Think theyd really like to disclose stuff . I dont know. There are going to be some gap issues youd never believe there. Do you think drilling is one of those onetimeonly extense. When we come back, well gel get United Airlines exclusive interview with oscar munoz and new highs for 2016. Back in a minute. All right. Were going to take this straight to the opening bell, which weve been doing a little bit lately. But you know what, we got a mad dash. In fact, you might have time for two. Let me give you negative stuff about mattel. They were down 7 international. This is a tale of who has disney and who doesnt. Hasboro has disney and mattel doesnt. Mattel has reverted to its old ways, they use salesforce. Com. I dont know. Barbie down 7 overseas . Hasboro was larger than mattel. Mattel came back. Now theyre almost equal. There was a time for many, many years where mattel was far larger. This disney relationship, theres just more and more in the pipelines. More big movies. For hasboro. Yes. I try to talk about the notion that its so bad, its good. You look at Union Pacific. Coal was down 43 . Volume down 34 , revenue per car down 13 . Auto, largely mexico, good in terms of car load, but bad for revenue per car load. Industrial down 18. And look at this stock. What this says is if we can make this kind of money with this environment, what happens when china comes back . What happens when coal finally bottoms out . Thats how can you get this very counterintuitive move because otherwise you would think Union Pacific would be down 10 on these numbers. Sachs said they still think coal will remain ahead when they go to 16. They had powder river, which is actually the better coal. Lets contrast this with united. I mean, united did not do a great job. If you didnt do a great job in this environment in costs and you didnt blow away the revenues, then your stock is being left by the wayside. So i contrast Union Pacific with just miracle work are aers and , the dissidents, they have a point. I feel oscar was targeted before he got a chance to fix it. Thats true. He wasnt even on the job he was on the operating table. He was in rehab and they decided to go after him. When you look at the numbers you say, listen, maybe up need some help. In the interview he talks about these guys can add a new executive chairman but this is a tale of youve got to cut costs. When you cut costs and revenues are okay k transports are out of correction finally. But trucking has been a little gloomy. There is a claymation death match. Cummings comes out and says buy. Bear says sell, saying north america is going to be not good but piper went to china and piper is saying that there is continued improvement in china, this improvement in china story other than Las Vegas Sands continues to be another underlying current of the First Quarter. It was up for almost every single day. Yesterday it was down. American reasonable associates, operator of dialysis clinics. A biotechnical company celebrating its recent ipo. You mentioned a thaw in ipos. That that there was interest in it. Still 75 cold when the ipo market has been weak, when they when they got to thaw out the ipo market, they give away some these deal. Its almost like that the issue itself is giving a little away here. Right. And its just an extraordinary thing because, wow, i didnt think youd get a pop on that deal. But theyre giving you good prices. Retail, by the way, is continuing to be a challenge. But we got a number and this is a setup i saw you tweeting about the mall, the death of the mall. Death of the mall. But you know who is not in the small, who is stand alone . Tractor supply. How did you know . I pay attention. Tractor supply higher traffic, better Gross Margins and one of the great lines on a Conference Call i have heard Tractor Supply i told you it was going to be great again. This is my favorite line from greg sanford and a little help from mother nature. What does fan Stanley Works say about home depot . Mall, if youre in the mall, youre going to get mauled. With a u. And my accent makes mall sound just like maul. I want to get to viacom. Always good to do a little branding. Viacom and dish, viacom shares down sharply in pa