Construction employment barely rose. Average howerly earning up 0. 3 . It does raise the debate what about the fed will focus on here. Not the right number. You need you always want that number just a little bit better than what people are okay look for, but not so hot that the ped that people come on steve put a microphone and said, yep. This is not the number that a bull would want. Theres just not enough strength. And its unfortunate that its coming at a time when were getting numbers out of china not as strong as the previous month. Were seed the commodities coming down. Maybe some of them were juked up by chinese excessive buying. Scenario that justified a very big run in the industrials is not is in act as it was pch and the most recent pull market in the Consumer Product stocks is looking like the right one for now. A very narrow one. As you said, time to go back to the clorox market. I cant believe it is. But it is. They do well in this environment. A lot of companies, were looking at them and saying, how the heck did that get up there now . How did weatherford get up to 8 . How did free port get to 14 . I mean, theres just lots of companies. People are saying, wait a second. Oil is going down. Baltic freights are going down. Cop sir going down. Gold is doing the wrong thing, going higher. We could have used job growth. How much more would have been fine . I mean, we have reviced down a little bit from the previous month as well. Its narrative. Its a narrative. Secretary perez will join us and say the same thing. Well look at it over time. Its one month. But hes a nice man. Hes he has to say nice look, hes not secretary perez, do you think this is good for United Technologies and honeywell . Hes not that kind of guys. Hes not taking these numbers off its not his job. All the yields are falling. June seems to be off the table now. Yes. Right. Ten to five percent. Theres some job growth. Not enough to fit the thesis of whats gone on since the february bottom. We overshot to the high. I talked to the secretary this weekend. And, you know, the secretary doesnt hes not an active hes not a hedge fund. Hes not a Hedge Fund Man amger. No, hes not. Zplun like even else. He wasnt at the conference presenting five boring ideas that do nothing. Hes actually doing his job. Hes doing okay. It doesnt fit the thesis. Doesnt fit the thesis for strong retail. Retail has been very, very weak. A day of reports of costcutting at j. C. Penney. The job cuts at caterpillar. Its all piling up . The bull market that was in the industrials and the commodities, which seemed to have such legs, not that long ago, is not in tact right now. That because of the way that the curve is going, the banks chrks had been such good participants since oil bottomed, are just going back to where they were when we first found out they had oil debt that we were worried about. 40 of the s p. Right hering might be poorly positioned. Thats a lot. And you mentioned retail. Which i think is worth coming back to. Lmt brands. The steam weve been talking about. Amazons take so to speak and everyone elses loss. Do you have the mall . I have the mall. You have the mall . This is the stores i want to go into. The piercing pagoda. I go by it all the time. I dont walk through nordstrom to get to foot locker. Its all happening. The traffic. L. Brands was never amazon. Cow cant try on that stuff for victorias secret. Und undergarments dont sell as well. Dont smirk at me. Amazonable. But, we always thought there would be traffic at the mall. Heavily endebted players at the mall. Thats behavioral. Not something connected to the 160,000 jobs. Its not trumped. A lot of jobs, look, if everybody got a job in the country, there would be leftover people to go to the mall. You look at jim stewart. I dont know if hes going to be here today. He is. Maybe people that would have gone to piercing pagoda are on facebook piercing their brains are nothing. Call of duty. Candy crush, grand theft auto. Facebook. Instagram. How about homework. Im on this last night. This is come and watch these dog videos. Dog videos. Dog videos . He goes to get makeup, i give him a quiz. Did you sew endo . Thats because im not watching Julia Roberts and George Clooney sing in the backseat with gwen stefani. James gordon. That guy is good. Did you watch him at all . He called him out the other day. I want to be in the backseat of his car singing with that guy. Ky carry a tune. We can do browneyed girl. Its been a moneymaker. A money monster. If i told you a year ago, up that number, you would have been i would have been. Its an okay number to. Every bank stock in the country was betting on at least two rate hikes if not four coming in. Now maybe none . So how do we value a bank . Bank of america has just literally gone from 15. 25 down to dlsh did you see this . How much its shed in the last few days. I have. What do you think of that . Makes me wonder how much value might be there. Or are people going to ever start to push to have it broken up again . I had a conversation with somebody about it the other day. Theyve spent a lot of time on it. Talked about the value of all the businesses. Including merrill lynch. At what part will that start again . Ways to carry the cash. Im just concerned when i see the banks go down, fairly i dont want to say every day. But pretty consistently, we forget that this whole rally started, this february rally started with the oils. Went to commodities. To banks. To industrials. Its being repealed. Im concerned, where she stops, nobody nose. We can all go back to clorox. The post cereals. Look at these post holdings. Post. Its king midas in reverse. Earnings to get to. Mobile Payments Companies squares on track for the worst day since going public. Gopro did the same. Revenues were the same. Yelp, a bright spot. As for square, jack dorsey told our kayla on closing bell hes optimistic. Take a listen. The core business is really strong. I mean, the Small Business economy and moving up market toward mediumsized businesses has been our sweet spot. Were seeing a lot more growth. Opportunity. And, we have this pan its aic new reader as well. That allows any one of our sellers to accept apple pay, samsung pay, android pay. And emv. As everyone knows, the world in this market is moving towards chip cards. We have the fastest implementation out there. Square does raise their guide markets not giving any credit for that. No, im pessimistic about his optimism. Theres a big theres a big lockup expiration coming in that. There was also some a little more risk to the actual lending part that they have that i didnt like. They mention, listen, we have low default rates of 4 . The National Average is 2. 9 on credit cards. Theyre not low. They said they were low. The squenl growth wasnt great. 4 . The Square Capital business. I think that the insiders are up nicely. Given that the stock was priced at nine. I think the inside lers take advantage of the lockup expiration and go to town on it. I dont think you should be near the stock. I dont. Theres a web bush piece. Saturation is good. Downgrading. I thought this was a very strong, strong, wellreasoned, well rigorous argument about why you have to sell the stock right here right now. You remain optimistic on visa, mastercard. One of the things jack says, look, were switzerland. Everyone is switzerland until they turn the guns on. Paypal. I dont think dan shul man is out to git square in any way. Analysts are saying paypal will come after them pip dont like the Capital Division that they have that does lepding. Lending is hard when the economy starts going down a little bit. I dont like this caviar business that they have. I know is just okay. But really is is discouraging that you have a big lockup. Unless they declare, were not out of here, then row have a fitbit situation cooking. At what point does the pressure build as a result of the lack of progress at both companies he runs that you have to make a choice . Sor is that not the point there. Others have done it. Elon musk has run a number of companies. I dont want to beat a dead horse. I just think these are challenged situations. You need a guy there 24 7. You cant be in two places 24 7. Both companies are challenged. If they both were first lace teams, you could do it. Captain of the football team, baseball team. That could happen. Hes not bo. Hes no bo jackson. And i just look at this square situation, think they need fulltime help. I dont like this situation. Starbucks didnt like it either. True. A lot of proms made. That partnership. Didnt happen. When we come back, tim cook said to be heading to china for meetings in a critical period for apple. Also ahead, reaction from the white house to the jobs number today. Labor secretary thomas perez will join us live. Take another look at the premarket. Stocks down for a second week. More squawk on the street after a break. Mary buys a little lamb. One of millions of orders on this companys servers. Accessible by thousands of suppliers and employees globally. But with Cyber Threats on the rise, marys data could be under attack. With the help of the at t network, a network that senses and mitigates Cyber Threats, their Critical Data is safer than ever. Giving them the agility to be open secure. Because no one knows like at t. Apple ceo tim cook will head back to beijing later this month. Thats according to reuters. Hes said to be planning meetings with high level officials. Just last week, apple reported its First Quarterly revenue decline in 14 years. We no longer have a position at apple. You worry a little bit. Maybe more than a little about chinas attitude. It in what youve been seeing. Jim, does a visit take care of some of that . Well, i mean, you want to be sure that that imovie, bok business gets back online. They have the committee in charge of all media. This is a communist country. They are in charge of everything you read and see. They have to get on the same page. Tim cook said that would happen. He was talking about hong kong numbers. The big dropoff. I looked at the South China Morning Post this morning. The numbers have gotten better in the last month. Est erk estee lauder said this. And tim cook said it. Hong kong is the source of tremendous decline in all merchandise. Everything is slowing down. Some people are saying april is better. They do need to get back online for the movie and the book. They need to see that the partys got no real problems. You cant have big numbers if the party doesnt like you. And they have a lot of jobs, china. A lot of jobs, apple. A lot of people to put to work. Row have to get right with the party. I know the latest data had in the week of april 11th, 770,000 iphones were activated Mainland China each week. That was down from the first week in april. As well. People track these things week to week to week. Im getting numbers on the s. E. , the new device, smaller but more powerful, that indicate parts for that are up. Thats from a Conference Call yesterday. You have these dueling stories. People want to take the negative story in this environment. It would help if this weekend, you saw china was back online for movies and books. 27 of iphones are sold in Mainland China. 27 of their sales. And 20plus decline of hong kong is significant. If hong kong comes back lets mention win. Revenue meets the smallest macau rev new decline. Maybe this has hit bottom. I think it has. Get a copy of every time at the end of a Conference Call, steve wynn, one of my heroes, he says, very little respect for the integrity for the trading of exchange of most stocks. And the s. E. C. Has failed to deal with traders. He uses the flash boys, why . Because he says the hedge funds run ahead of him. Theyre allowed to do wit the highfrequency trading. He has an indictment of the short serls. He bought 100 million of stock. He says he goes in every time the short sellers knock it town. The casinos are regulated much better. The stock markets get more volatile and stupid as a gambling game than ever before. Hes saying casino gambling is much more regulated than stock gambling. He says, i take advantage of it. Its fine. When they drive the stocks down for reason that are irrelevant, he goes in and buys. But he has an indictment of the s. E. C. And short sellers. I was cackling. I was cackling. It was so brilliant. Steve wynn. Not afraid of taking on anybody. He does not play for dinner. Every day, he gets up and says, today is the day i tell the truth. He says that casino gamblingambf they had the same regulators in the s. E. C. As in gambling, our markets would come back. They would stop hitting on 19. Hit me. Is that your number . Theres very few cards that work when you hit on 19. Got it. It was a black jack reference. Well count down to the opening bell. Take another look at the premarket. Were back in a minute. Anything worth pursuing hard work and a plan. 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. All right. Lets do it. We have a mad dash. Its friday. Youre looking just fine there with your red tie. Really . I dont know. Ferragamo. Yes, oil derricks. They have to get back to 45. You didnt get a recommendation on the tie from yelp. Yelp delivered. I know earlier this week, at the eihorn was talking about. Looks like he made a welltimed buy. What hs really important is that the mobile athe option, once you get mobile right instead of desk top, you can really start doing well. Theyve got mobile right. One of the things thats happened. There have been notes of a tug of war. Theyve triumphed over that. The app is being downloaded. The ecosystem of yelp. And the local Revenue Growth is up 42 . Youre on your handheld, going down the street, saying where can i get the best corona and a couple of good fish tacos and maybe some short rib tacos. Im not paying right now, so im not going to get it. You want to be in the cue. All right. Lets stop there for a second. Youre not paying. Youre not in the cue. Why can i believe this the results if its all about who is paying and who is smot . Look, the cue comes up. If youre lazy, you take the top. If you want to scroll down, the yelp is fine. Tons of reviews for those who dont pay. The local merchants are liking it more and more. Thats why you get the 42 revenue jump. Theres nothing wrong with paying for being at the top of the cue. No. Googles made a lot of money that way. Theyve had it. Congratulations to stoppleman. I have been critical. 42 Revenue Growth for local, thats a huge win. This stock, damn it, theres another company that starts with the y that should buy this. Ive beaten that dog so much that the Health Company is worried about it. Stop beating that dog. Okay, good. Glad we got that settled. Were going talk about a lot of other things. Including endo, down about 27 . Potentially an impact on value yapt. Well get into that when the opening bell comes a few minutes from now. Youre watching cnbc squawk on the street. The opening bell in about 90 seconds. Free markets weak. Nasdaq down 10 of 11. Some of the results last night probably wont help. Gopro delaying the drone. It was announced by the way at the koch conference almost a year ago. Bad karma. The karma drone. Some apologists saying, why would you want the drone mid year . Implying that its actually okay that its delayed. These are pens that have to have new stuff to constantly feed the ecosystem. This is one i still cant its getting in that pantheon of companies that you just cant really zrks ynga. Too early . Too early to buy dopro. Zynga was okay yesterday. Zynga, linkedin, yelp, and etsy. Names that, six months ago, good luck. They revamped. If you can make your mobile offering palatablpalatable. Thats what zuckerberg taught us, right . [ bell ringing ] theres the opening bell. Ands p. The Alzheimers Association and miss usa 2015, on liver livia j. I wanted to ask you, do dproi what you were doing six years ago today . Six years ago today . I think we have video of it. Flash crash. Telling you to buy proctor there. You remember that crazy midday session. Jim coming on talking about proctor. I said, go buy proctor. You made like 0 points in about seven minutes. You could a lot of people were saying, something is wrong. Greek earlier riots that day. I said listen, proctor went from 80 to 30. Go buy some. When i was finished talking, the stock was back. The market never really recovered in the terms of the number of people coming back. Thats when you realized this asset class is what steve said about it. It was impugned for quite some time. Lets not forget the miniflash crash we add that day not that long ago. Verizon down and ge . That was the day after the fed governor on friday. August 24th . That was a big one. Not a flash crash in endo today. Gnat is just a reflection of what people perceive to be the fundamental value of this pharmaceutical company. Not because of the earnings. Because of the guidance. Its a name i have mention many times in the last few years. In part, talking about inversion some time back. They got together with paladin in canada and ended up in ireland. Nay embraced the strategy of acquisition. Hoping to use an everrising stock price. They brought par pharmaceuticals back in september. It was completed september 28th. It was 18 million shares of equity and 6. 5 million in cash for par share holders. They took on an enormous amount of debt at endo. The market cap now is well, well below what they paid for par. In fact, its not even half of what they paid for par only seven months ago. It was the guidance, jim, that has disturbed wall street at this point. Ill quote from the securities. We think managements credibility has been ir rep r repairbly damaged. Theyre talking about voltarin jell competitors. Legacy business delays and the fda action related to that. And, i would remind people the company is five timed levered, as a result of the par deal in part. This is ugly. It would spill over a little bit, one would expect, in the rx. Down. 5 . Less than two months ago. Less than two months ago, they were reafiremening 5. 85 to 6. 20. Now theyre at 4. 50 to 4. 80 . It goes to 3. 8 billion. 4. 5 to 3. 8 billion on the low. People will say, this really raises eyebrows. They mention the voltarin jelge. This is a nothing little drug. Is that like the drug your