On cnbc. Im sara eisen. Im wilfred frost. Good morning to you from me as well. Good thing you came back for throwback thursday. Main reason im here what is it today . Throwing it back to songs from the best movie soundtrack. A bit of the bee gees. I thought you would be holding out for something different. U. S. Equity futures after a m mini move yesterday are soft this morning. Dow futures down 19. Dow underperformed yesterday thanks to disney shares and earnings there. S p down 3, nasdaq down 8. Tenyear treasury note yield, yields pulled back yet, 2. 40, bangon 2. 40 for the tenyear yield. Maybe a bit of buying. Well see what the mood is like. The yield ticked up over the course of the week. Started around 2. 33. New Zealands Central BankHolding Interest rates steady. That was slightly unexpected to see the kiwi fall a bit. Markets across asia, slight gains. A third of a percent for japan and shanghai. Hong kong up a half percent. We have seen softness in iron ore and coal prices come through which hurt australian trade. It hurt the shanghai comp earlier. But that recovered by the close. European trade mixed to down today. A relatively positive week. Half a percent higher for the week coming into today. The ftse just below flat but slight gains in germany and france. We mentioned oil popped more than 3 yesterday after that crude Inventory Data out of the u. S. Bigger draw down than expected. Also Goldman Sachs cut its dollar forecast by more than half. The firm cites overvaluation and growth outside the u. S. Picking up. Goldman sees the scope for Monetary Policy divergence smaller this year than the past. Euro dollar, 1. 0874. The spound wepound is weaker th morning. Theres a bank of england meeting that well talk about. Gold prices got a bit of a bid yesterday for the first time in a while. Theyre up again about 0. 2 . Lets add bitcoin to the mix. It crossed 1800 for the first time adding 3 billion in market cap in four days. Among the reasons for the rally, legalization in japan, also minneapolis fed president Neel Kashkari talked up the potential of the Technology Behind the crypt to crypto currency. Best performing asset of 2017 so far. Another thing to say on markets, for the week as a whole, the nasdaq up a half percent. Dow down a fraction. Despite the big stories that develop out of washington, this market is focused on earnings, thats highlighted with snap, with disney, also earnings are in focus, not politics, shrugging off other thoughts. Pushing off the prospects of tax reform and deregulation. Theres only 30 legislative days left before the august recess on the calendar, how much band width will there be for congress. It doesnt appear investors are nervous about it. There are two theories. Mike santoli was saying its not priced in yet. Its a bonus sweetener if we get it for the markets. The other thing is the markets still believe. They dont believe this comey thing will derail the legislative agenda. Theyre still banking on President Trump and his pro growth agenda to get through. I agree. I think we had that initial pull back on the hopes that we wouldnt get all the positive policy developments. I think there is upside if that arrives. If you get through to the end of this year and still nothing has happened, you might have a repricing. Then people will think, gosh sh there won there wont be anything at all. As blankfein was saying the other day, were not sure how much of this we will get. Lets move to snap. Shares of snap inc plunging after the Company Released its first report since going public. Snap missing on the top and bottom lines. The company struggling to keep up user growth, validating concerns about taking on instagram and its future stories program. People will copy you if you have great stuff. When google came along, everybody felt they need a search strategy. When facebook came along, everybody felt they needed a social strategy. With snap, we believe everybody will develop a camera strategy. Just because yahoo has a search box, it doesnt mean theyre google. Joining us is paul meeks to discuss snap. Thank you very much for joining us. Huge, huge move in the share price downwards. The miss in terms of whether its daily average users or revenues, it wasnt that big, was it . No, i wasnt surprised, but when you see a company that comes to the market with this much euphoria, the expectations are high. I was on your air actually predicting such a result before the ipo. If you look at the figures, they are nasty. On a gaap basis, which most people dont look at, they lost over 2 billion. Probably the better number to look at is free cash flow. Because thats the continued burn. Burn it was to the tune of 200 million. I was probably most concerned with, and i think people in the trading session will be most concerned with the fact that the daily active users only grew 5 s we sequentially. So you have a copycat feature in facebook that was introduced in august as a copycat to this product. Theyre larger at 200 million daily active users and are growing faster off a bigger base. Another thing that concerned me is the average revenue per user. Its expected seasonally to decrease between december and march, but for snap it decreased 14 , which is a more draconian drop than you would expect seasonally. Right. All in i think what will happen is the Investment Bankers who made 85 million in fees on this ipo, theyll support it. Paul, beyond the metrics there are a few other things that we should point to. We played a clip from the conference call, evan spiegel saying just because yahoo has a search box doesnt mean theyre google. So snap not really giving a direction. He didnt do cnbc, didnt show up on the first day of the ipo. Is there a feeling theyre struggling to be a Public Company . I think so. I used to run a company during the internet bubble, i have not seen a company trying to go public like that sense those in days. Companies with severely negative ebita. Yeah, he comes across arrogant. Its a company because theyre head quartered in Southern California instead of the more familiar silicon valley, a lot of people dont know. I think theres a Corporate Governance issue here, too. Nobody has voting shares except for them. It will make a run today, as we can see in premarket trading to the ipo price. It will be interesting to see if it sticks there. The Investment Bankers will defend the ipo price. Lets see if it sticks. Obviously i think this is problematic. If you really want to invest in digital advertising, hold your nose and buy more facebook and google. Paul, thank you very much for joining us. All right. When is the last time you posted on snap . A very long time. I switched to instagram story. I check it sometimes. My friends send me snap all day long. I dont post. Thats the problem. Facebook competition, and what paul said, hold your nose and buy more facebook and google. Thats been the story with the bigger ones, dominant players that consume advertising dollars also consuming investor dollars. They did add 3 million users since the end of december. Much slower growth. But its where the valuation is in terms tof s of it is sti growing. Verizon reportedly winning a bidding war to acquire Straight Path for more than 3 billion. The company beating out at t. The wall street journal says the deal could be announced as early as today. Straight path uses High Frequency radio waves which could give verizon the edge on developing a 5g network. U. S. Steel ceo mario longi is stepping down effective immediately. The companys president and chief operating officer will take over. This is a challenging time for the company. Last month the firm reported disappointing results that sent the stock lower. Up a bit on the news today. I wonder if he will stay on President Trumps manufacturing council. Some other stocks to watch. 21st century fox reporting quarterly revenue below wall street expectations. The tv and film company weighed down by weaker box office results. Whole foods getting a bump after posting earnings that were in line with forecasts and announcing a dramatic board shake up. The highend grocer adding a new cfo and five independent directors as it changes more than half of its board. On this one i noted that ron shake, the ceo of panera was added to its board. Not clear this was a nod to jana, the activist pursuing and pushing whole foods. The story was they offered a few board seats, jana wanted more. Results were mixed. Symantec shares getting hit. Results for the most havent quarter were in line with ek pe expectations. Shares of elf beauty. The cosmetic company posting a 15 jump in revenue topping analysts estimates. Aig planning to name brian duffero as the nceo. The company is still working out the final details of his contract and are close to a final agreement. An announcement could come today. Abercrombie fitch says it is in deal talks, express and American Eagle are among those talking. The bank of england announcement at 7 00 a. M. Eastern along with the monthly inflation report. Weekly jobless claims and the april Producer Price index out at 8 30 a. M. Eastern. Bill dudley is at a conference in mumbai, india, to speak about the benefits and challenges of globalization. More retailers reporting today. Kohls, macys, nordstrom, tomorrow, jcpenney. Well have a lot to get through there. Thats been a weak area in Consumer Spending. The market has been reacting to earnings, so well keep an eye on that. Counting down to a Rate Decision from the bank of england. Well go live to london coming up. As we head out, another check on u. S. Futures pointing a bit lower by about 18 points. Were back in a couple minutes. Since i added futures, i have access to the oil markets and gold markets. Okay. Im plugged into equities trade confirmed and i have Global Access 24 7. Meaning i can do what i need to do, then i can focus on what i want to do. Visit learnfuturestoday. Com to see what adding futures can do for you. Thats why a cutting edgeworld. University counts on centurylink to keep their global campus connected. And why a Pro Football Team chose us to deliver fiberenabled broadband to more than 65,000 fans. And why a leading car brand counts on us to keep their Dealer Network streamlined and nimble. Businesses count on communication, and communication counts on centurylink. The shlike a bald penguin. How do i look . [ laughing ] show me the Billboard Music awards. Show me top artist. Show me the top hot 100 artist. They give awards for being hot and 100 years old . Well take 2 [ laughing ] xfinity x1 gives you exclusive access to the best of the Billboard Music awards just by using your voice. The Billboard Music awards. Sunday, may 21st eight seven central only on abc. Welcome back to Worldwide Exchange. G7 finance ministers head to bari, italy today. Trade is not on the agenda but a senior white house official says the topic may come up. Also out of europe, the markets are weighing in on the bank of interest Rate Decision scheduled for release in a few hours time. Lets bring in brooke masters. Thank you for joining us. Lets touch on the bank of england decision. Were not expecting any action today . Absolutely not. Everyone expects them to hold rates steady at 0. 25 . The question is whether the minutes show there is now a second vote to raise. One of the hardliners has been voting to raise for a while, now theres a sense there may be a second vote. Whats been the read on the uk economy. Everyone has been surprised by the strength out of brexit and into brexit. Has that maintained itself . The hard data is looking depressing. The trade deficit spiked to a sixmonth high. Also Industrial Production is disappointing at 0. 3 growth. That is following a pattern where the hard data on Consumer Spending has been depressing. However the surveys, when they talk to purchasing managers and consumer sentiment, those are quite high. Theres a big disconnect between hard and soft data. The biggest factor driving the pound, is that the election and the hopes of a significantly larger majority for the incumbent government . Its hard to tell. The pound is hovering just under 1. 30, which is the highest since november. And i think there is a hope if mrs. May gets a proper majority and is less dependent on hardliners, she could have flexibility and do a soft brexit that allows for transition. Brooke masters, thanks for joining us. Still ahead, uber suffering another setback. A ruling out of europe could deal a major blow to the apps business across the pond. Details coming up. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Welcome back to Worldwide Exchange. Lets look at the market action. We are pointing lower, but only by 0. 1 , or to points on the dow. The big story has been political. It hasnt derailed markets too much. The markets still higher by a half percent. The s p fractionally higher. The dow bodown 0. 3 . Snap down 22 after disappointing earnings. Oil prices which have been soft the last couple of weeks rebounded by 3 , on news that the saudi government is willing to stick to the opec agreement, comments that they will keep production lower. That positivity yesterday carrying through today. Wti up 1. 3 . 48 bucks for wti. Coal and iron ore soft this morning. New this morning, a European Court ruling that uber is a transport service and must be licensed. This is a blow to the ridesharing company. While the opinion is not binding, uber faced extreme regulation in the eu. To washington where theres more fallout from President Trumps abrupt firing of james comey. Nbcs tracie potts is in washington with the very latest. Good morning. Good morning. Were finding out that perhaps it wasnt quite as abrupt as it appeared when comey got the word. He is back in washington. We have not seen him. But we are hearing from him. We are also hearing from a senate Panel Investigating russian ties, possible ties to the trump campaign. They now want more evidence. Reporter the Senate Intelligence committee is using its subpoena power for the First Time Since 9 11 to demand documents on russia from fired National Security adviser mike flynn. I dont have any evidence of collusion or crime. But the fbi needs to keep looking and do their job. Reporter today the Committee Hears from the new man in charge of the fbi, Deputy Director andrew mccade, a late substitute for former director james comey who was fired while investigating trump ties to russia. I think that the timing and reasoning insights people to believe that theres something is being covered up. Reporter the Trump Administration defends comeys sudden firing which the white house now says the president had been contemplating for a while. It was time for a fresh start at the fbi. Reporter in a letter to staff, comey says i have long believed that a president can fire an fbi director for any reason or for no reason at all. Lawmakers still question the timing. Comey asked for more resources for the russia investigation. Were those investigations getting too close to home for the president . This firing has very much the look and feel of an effort to stop or stymy an investigation. Reporter but it continues on capitol hill and at the fbi under new leadership. Of course the fbi is part of the justice department, they are vehemently denying that comey ever asked for more money or resources for this russia investigation. Weve not seen comey. Weve seen that letter but we have not seen him since he got back to d. C. But we could soon. A senate panel is asking him to testify next week. We dont know if he will do that, do we . We dont. Two Top Republican senators announced yesterday they will not be voting they will vote against President Trumps nominee for u. S. Trade representative. John mccain and ben sass releasing a letter saying they will oppose Robert Lighthizers confirmation. They say he failed to reassure them that he understands the positive economic benefits of nafta and worry he wont negotiate trade deals to benefit u. S. Consumers. Still the nominee has bipartisan support and is expected to be confirmed. Its important because this is why we were watching the republican rifts postcomey. Mcccain, graham, others voting against, will they now start voting against trump nominees and policies . They dont have a lot of votes to spare. They need all the republicans they can get. At the moment, the party line seems to be holding on the back of the comey issue. Aetna announcing it will pull out of the obamacare exchanges. The insurance giant will not offer insurance plans in delaware or nebraska. Health and Human Services secretary tom price says the move is a sign of continued instability in the healthcare sector under the current plan. Adidas is getting out of the golf club business. The Company Announced yesterday it will sell the golf brands taylor m