intel and microsoft among the gainers there and take a look at the nasdaq. it's up about a third of a percentage point, 2131. trish, what's the reaction like down on the floor? >> rather muted. you do have conflicted signs within the stocks report. on the one hand, 8.4 million jobs were lost and more than previously anticipated. perhaps this means that the jobless rate has peaked, the worst is behind us. let's set the stage for the future. i do want to point out a bit of good news in all of this and that is that the american worker is working more in terms of the hours worked. american employers are paying more because hourly earnings are going up, all of this is boding rather well and still conflicting here. i want to bring in bob pis 1ani what is the reaction in terms of the jobs report. >> everyone was expecting a horrible number and they were

primed to have a bad number, i think you had a key point. the average workweek increased a tenth of an hour and that will help the gdp number and that's a critical number. >> we were talking about the product you havity report that still showed while it decreased slightly, strong productivity and american workers. >> it is amazing how productive the american worker is and how productive the american corporation is, last year there were dozens of companies going out of business. corporations have survived by cutting their inventories and cutting their employees and they've gotten lean and mean. it will be great, from my point of view as the stocks died, earnings have been terrific this year and the retail same-store sales and a lot of people keep going back to this one issue and they're not growing so much through the top line and it's been through that, getting lean and mean. at what point does this economy start to turn enough that we can start seeing real jobs come back to the workplace. >> it's starting to show little pieces already. the problem is we dropped so

much that if you dropped 20% or you're up 1% that's not a big move. let's talk about the truckers because this is a good way to look at it. we were talking about conway and ryder and this is the company that shipped freight all around the country and less than truckload ships and lots of different kind of businesses and their freight volume increased 21% last quarter and that's just a terrific number and they took on all sorts of new business and here's the bad news. they had terrible pricing. there it's a lot of capacity because the demand dropped so much in the last two years, there's a lot of trucks out there and competition, so they had to cut the pricing and that hurt them a lot. so their margins got killed. conway's been under pressure for a long time, so you have to deal with the excess capacity issue and retailers slashed inventory levels and what do you do? throw out the truck? real quick, they're wrapping us up. this week the jobs report was the central theme. we did have the issues with sovereign debt. what are we looking for next

week? a little light on the earnings and a the light on the economic numbers. the big story is the market will move high per we can deal with the sovereign debt issues or they come away. when things are not around and when they don't plop out of nowhere, the markets tend to move higher or be very stable. that will be the key. unfortunately, we're still prisoner. >> enjoy the super bowl. we want to head over to steve liesman to get more on this critical jobs report. >> thanks, trish. what we will do now is go simply to the two different reports and talk about the confusing pictures of the job situation in the nation that both give. that's how we get to this jobs number. there are two surveys and that's the household survey of 50,000 people and it shows the unemployment rate came down to 9.7% by three ticks and it shows that survey and employment went up by 540,000 and unemployment declined by 430,000. what's the problem? it's great, right? take a look at other one. take a look at the payroll survey and what you'll see there is employment was down 20,000.

how do we get here? this is one where we get reports from say, 300,000 businesses over time. this one they call the businesses and they revised down total jobs in december by 1.4 million and a couple of nice signs in here. average hourly earnings and hours worked up 0.2% and net net the people working are doing better. and this is from 300,000 businesses. what you find is a dwejence here. goods producing still on the negative side down 60,000 and services were up and that's a good sign for things to come, inside the goods producing number and construction workers still lost their jobs and i don't mean to make fun. there were still construction workers to lose jobs given what they've been through. let's look at the job gainers in the month and what you see here manufacturing up 11,000 and we haven't seen that in many years. services up 40, as we side are said. inside that retail and temporary

help that tells us where things are going, we think, up 52,000 and just one more here, we'll look at the real unemployment rate. people working part-time for economic reasons and the unemployed a big leg down there. 16.5% from 17 and change. gentlemen, ladies? >> careful. we'll ignore that. >> temp's up very nicely. 250,000 since september. temps, a good leading indicator, right? workweek longer, we like that. business and professional services which is a large job creator up very nicely. >> can we look at rdq economics. >> john ryding and absolutely essential. there was one thing from bear that was worth saving. >> nice commercial. >> let's bring in our other guest as well, steve. let's talk about the jobs report and what it means for the economy going forward. joining us now is jim o'sullivan, chief economist in fm global and beth from standard

& poor's. let me start with you because i know larry will hop up on the desk and do a cha-cha about how much he likes this report. i'll poke some holes in that. >> the net net of the positive is all i'm saying. it's not gangbusters. there were revisions in there and maybe not dwraet. steve wants to explain what that was all about and it was below expectations. let's be fair. it was a decline of 20 and we had been hoping this is the one that turns positive. >> the households were very good. >> what's your take? >> god help me! >> stop yelling. first, we were expecting the s&p and we were expecting a job loss of 15,000 so we were about in line, close to, actually what the numbers were. however markets were expecting a gain and markets, some consensus were expecting 5,000 in job gains so that's certainly a disappointment for markets. however if you look a little bit deeper, one thing is

construction was a big factor in the job loss. i believe it was 75,000. >> it was. the loss was 75. >> pretty significantly and that may partly be due to weather. weather was horrible in january and that might be a pullback. in terms of construction we are concerned in 2010 and that is something we're watching on the line. >> let's let jim get his first word in. what's your take? >> steve in his earlier part said they're conflicting data and the payroll number looked weak in any absolute sense and the big drop in the unemployment rate is meaningful, historically at turning points like this, big change in the trend and unemployment rate tend to be significant and more significant than payrolls which as oui seen can get revised so much after the fact. when you got the 2007 report and the unemployment rate jumped 0.2 in a month, that was a signal the recession was on the way. the mistake would be to fade away totally. >> by the way, i want to know

for our viewers that you were the top-rated market watch in 2006 and 2008. i want to tip my hat to you on that point. has the unemployment rate peaked? that's my question. >> well, time will tell, of course, and obviously you look at the payroll numbers and the claims numbers and they say maybe not, but then again there are questions about the reliability of payrolls in particular and it's not just one month that the unemployment rate has fallen here. it was temporary a 1% in october and it was already showing signs of peaking. could it go back up to 99? i think so. >> i want to answer that. >> he didn't answer that though. >> i want to just explain, melissa and the reason is that it may be that people have dropped out of the workforce for good. we've had several months in a row, not this month, but prior to that, one month in december we lost 650,000 people that just left the workforce. but in the household survey it

is interesting to me at this point that the civilian labor force jumped 100,000 plus. beth, back to you. despite melissa's slam down and punch out of me, all i'm really saying it, and i love it right here. it's just the net net of the net is there's modest improvement in the story. what's your take? >> absolutely. i like to fine economists and where the down side is, but another point to make is that the unemployment dropped to 9.7 and was certainly good partly because it was coming from employment, household employment and we saw not from a drop in the labor force. that was a positive the other thing is the last recession we saw the household survey improving while the payroll survey was bad. >> leading indicator. it was a leading indicator. >> right. >> great point. >> one of the things there is the payrolls or the establishment report doesn't capture in the small businesses and the contract workers. this might be a play this time

around. >> jim didn't go on the record other beth. do you want to go on the record and do you think the number has peaked and the unemployment rate has peaked. >> the 10.2 we saw before? now we're at 9.7. >> i tell you, it's getting close. we have, or we had a 10.4% peak in the unemployment rate and now it looks like we'll have to pull that back a little bit. will we see something at 10.2? we could certainly see we matched 10.2 and very likely it won't go higher. >> jim o'sullivan, just on the way out of this, manufacturing improved as steve liesman reported and you have the unvent or rebuilding situation and the ism manufacturing has been very strong. are those useful indicators of the state of the economy? manufacturing obviously has a smaller share, but at the margin it could have a positive punch. what's your take? >> it certainly has. manufacturing is booming. and it makes more sense. that said we do need the

expansion abroad to the no non-manufacturing sector and we need to see payrolls up prove some more, but there's no question that manufacturing has been very strong and inventors on are still declining and there's still room for them to add to growth. >> we will leave it there. thanks to all three of you for joining us. >> you really slammed me. it was a tough one. on the margin things could be peft better. >> you tempered your response from that on out. on the woel it was relatively positive. >> net net is a net. >> are you going to get the nobel prize today? i don't know. i'm withholding that. we have a euro discussion. that could be the tipping point. >> it will get competitive. stocks hovering near three-month lows, that's not good. volatility making a comeback. are we headed for a full blown correction? it's a legitimate question and our market insiders are going to weigh in. >> plus toyota's chief finally coming out of the shadows and facing the media to apologize over this whole recall mess.

our phil lebeau has been all over this story is live at a toyota dealership with the very latest. you're watching cnbc first in business worldwide. we'll be right back. 

>> hi, folks. welcome back to "the call." i'm matt nesto. they said the facts were going

to put him out of business and they said e-mail would be the death of it, but pitney bowes, the masters of the mail machine, fighting back and pushingst way right to the top five of the s&p 500 with a nice fat 7% jump on good old-fashioned better-than-expected earnings. they came in with a 61 estimate. 170% of the average tep-day volume pouring into this stock. it is up four of the past five days from a six-month low. couldn't hate it more, trish, but pitney bowes has the last laugh. >> all right. thank you, nesto. so what's next for stocks here? is the selling perhaps over? joining me right now, bill stone, chief investment strategist at pnc weight management and research financial strategies, good to see you guys. >> good morning. >> okay, jack, are we headed for a correction? >> think we're already about 80%, 90% into a 10% correction. we're only 25 points away from a 10% pullback off the s&p high of

1150. yes they been good news recently and we've seen a good employment decline recently with the youth 3 and the youth 6, but what really has me concern side we still have roughly a 14% foreclosure and late pay rate on housing. that, to me, is absolutely outrageous and according to the mba, we have another 4 to 4.5 million houses headed for foreclosure. unemployed people aren't spending money on vacations and people who are behind on their mortgages aren't buying granite at home depot. >> so it comes down to housing and employment. >> let me ask you this, jack. in other words, if we start to see some kind of improvement in the jobless situation and certainly we did see that jobless rate come down. so if you believe in that story and you say things are getting better and we will start to see people going back to work in the next six months, they will be able to pay their mortgages.

doesn't that help housing? >> that absolutely helps housing, but the real problem is a lack of credit. in calendar year '09, $600 billion of credit was removed from the consumer and the small businessmen. small businessmen can't get credit. consumers can't get credit and small businessmen are afraid to hire people because they don't know what's going to happen with the credit lines they have that are either being frozen or pulled back and the real problem here is credit. the -- what you're seeing as a symptom is housing, foreclosures, late payments and unemployment, but the real problem is a major credit squeeze on the consumer and the small businessman. that is the major problem. >> bill stone, let me just ask you, on this whole issue of the euro collapsing, i mean, the euro's gone from, what? $1.50 to $1.36 and no bottom in sight. whatever the reasons whether

it's greece, spain, portugal, whatever. it is causing a major ripple of deflation. it's want that the dollar's strong. it's just that the euro's weak, but gold is getting totally, utterly slammed along with metals and other commodities and that is deflationary and that worries me. what's your thought on this? >> i think regarding the euro, it i think it does underscore the structural issues with having a monetary authority with really no political tie, so to speak, so you run into these problems where some of these -- it's not right to call them periphery countries, but smaller countries within the union are having issues and that kind of causes a problem. >> i want you to focus on the american stock market because the impact of the collapsing euro is a very high dollar and that, in turn, has led to an absolutely crushing sell-off in gold, commodities and metals. previously those were strong

stock market sectors, is this an ongoing issue? >> well, i would say probably not a bad thing to take a little air out of those areas. i think you had to get -- it was great while it was working with the risk assets moving together, but at the end of day you get to be a little bit worried if the materials comes in. >> but you're a bull. correct me if i'm wrong. i'm looking through what i said before and you're a bull. what is going to be the number one driver of this market when we're looking at, as larry said, some of these deflationary issues and also an employment situation that's still very, very weak. >> i think it's when we come through these, you know, i'm going to call them short-term worries. i think a lot of these things are what i call the aftershocks of the financial crisis and whether you want to talk about worries and default rates and greece, you name it it and the employment situation which is certainly, i'll call it unfinished and still worrisome and at the end of day you'll have added payroll jobs by the end of the first quarter.

so i think we're moving in the right direction and that's really when you get to focus on the direction you're going and what is lost in all this is corporate profits have been extremely good. >> perhaps we've seen the worst of it, bill, thanks so much. >> major developments in the toyota story. the automaker's president is finally saying he's sorry. our phil lebeau at a toyota dealership with the very latest. the euro getting slammed because of national debt fears in the region. we'll look at what it means for the dollar and your investments. you're watching cnbc, first in business worldwide.

all right. after keeping out of the limelight, toyota's chief finally steps out and apologizes for the recall mess. this as dealers began getting delivery of parts to fix millions of accelerator pedals. cnbc's phil lebeau joans us from parkridge illinois with the latest. phil? >> this is what people are waiting for.

they've been waiting two weeks to hear from akio toyed oda. the grand son of toyota upon. and it was a big media day as you might imagine. he came to apologize for the worldwide recalls of toyota vehicle sps he also says he regrets that toyota is causing its customers to worry. >> toyota is safety, but we're try to increase our product better. so our -- this kind of procedure is good for the customers. so please believe me, we always customer first is first priority. >> as toyota still wrestles with these recalls and the issues surrounding the prius, there is a bit of good fuse. shares of toyota not getting pummeled again today. they're coming back just a little bit and want enough to

say they're bouncing back and clearly, they're not falling anymore. meanwhile, toyota dealers are beginning the big fix, repairing sticky gas pedals around the country. toyota is helping out those dealers by getting some up to $75,000. it depends on how big the dealership is. that's mrept when it comes to recalling and fixing all of these cars. they'll be opening their base for a longer period of time with 1200 dealers in the united states, it's going to take several weeks to make these cars get fixed around the country upon. melissa and larry. that is the latest. don't forget to check out the blog behind the wheel. that's cnbc.com. >> it doesn't look like there are a lot of customers there? are there customers there and how busy is the service department? >> these guys have only been open for an hour, but it has been quieter at this dealership and frankly, i've talked with other toyota dealers and they've noticed that it's quieter and that's not surprising, melissa. aft most popular models cannot be sold. so when you take out 60% of the

vehicles of the lot that can be sold you'll get fewer people that come in. phil, thanks so much. i'm going to send it over to larry. >> i'm cut out of the action. major companies reporting their earnings this morning and i'm joined by tyler mad mathson at earnings central. >> we are rounding the turn into the homestretch on earnings central. let's look at three and that would be etna. the stock higher despite the fact that etna caught the flu withst earnings numbers down 40 cents a share, taking out items versus an estimate of 42 cents and they lowered their outlook of eps to 2010 to 26 5shgs versus a 283 estimate and there you look at the earnings history of this company and it's a bit of a -- it doesn't look great and a bit of a sla lomb downhill as you look back a year ago to where we are today. >> moving on to simon properties. a bit of a different story here. we'll look at their numbers and

there is the stock up big today as they raised their estimates for eps for 2010 to 582 to 587 a share and here, look at the stock in a tough year for real estate. want too many people loving real estate and look at that number, up 153% for that big strip mall operator and outlet operator, i should say. beazer homes was in there and it swung to a profit in the last year. you want to look at a big home run today, larry? it is tyson foods? keep plucking that chicken. here we come. 14.83 a share there, up 6% on the day as that company beat big-time 42 cents a share, versus 18 cents a share. why? ladies and gentlemen, look no further than chicken. year ago, loss of 287 million in their -- in the henhouse, but a $78 million profit, break even and fork higher and prepared foods up as well.

so, simon properties doing better than expected and great performance year on year, commercial real estate, is there a turnaround here? can we use simon as an aggregate for the stock market? in their space it seems like they're doing pretty well and my anecdotal sense is that the problems in commercial real estate are working themeses out little by little. >> all right. let's get out of here and go back to melissa francis. >> after the break the euro is getting smacked around because of the death threat in greece, spain and portugal. is it ready for implosion? we'll take a look. >> with the going price of super bowl tickets as we gear up for the big game. you're watching cnbc, first in business worldwide. 

>> welcome back to "the call," everyone. i'm trish regan. i want to get you caught up on the markets. we're watching the s&p trading down just three points there. a loss of about a quarter of a percentage point. the jobless rate came in 9.7% for the month of january. that's the lowest rate since last summer and we did see, when we look at the payrolls data that 20,000 jobs were lost in the latest month and payrolls declined by 20,000. the nasdaq doing rather well. we've seen a rally in chip

stocks. we want to head to rick santelli for a check on the dollar action because, of course, all of the sovereign debt weighing on the market, but helping out the dollar right now, rick? >> well, you know, the there are's having another stellar week. we've had back-to-back to back weeks and we've had a penny in the dollar index and it's over 80 and looking at an intraday chart, it's explosive again, but more importantly it's a dollar story and it's a ed krity story in a group of countries that don't have a federal government and look at the euro versus the dollar. this is a move and this is an adjustment. look at the breadth of this move and these are the lowest levels since may and the same may prompt works for the british pound which is not far behind, back to you, michelle. melissa, i'm sorry. >> stick around, you'll stick with us. is the euro on the verge of an implosion and what will this mean for your investments? let's bring in andy bush with bmo capital markets and cnbc

contributor. we also have david gillmore and rick is with us still as well. andy, let me start with you because people have been saying frightening things in the past 24 hours that this is the subprime problem some people tried to explain it away and say that it was contained and it could be the start of the big new problem where do you fall? >> i don't know if it's the start of a big new problem. it's a pretty big problem right now. when the advent of the euro occurred in 1998 we all looked at the southern part of europe to be the people that were going to see the biggest benefits from joining, but they were also the weakest links and this really is the first major test for the european union and the euro zone and we're not quite sure exactly how this is going to play out. one of the biggest questions is how does the e.u. or the ecb, can they legally bail out any of these nations and that's a major question that just has rpt been addressed. >> david gillmore, what's the answer to that? that's a very key question that andy asked and it may impinge on the future viability of the

euro? >> well, you know, there's much bigger countries involved in portugal, greece, spain, that really control the destiny of the euro zone and the euro and they were pretty committed to it, so i don't think these incidents of fiscal sort of crises are going to threaten the viability of the currency. >> when you say they're committed to it, i can just ask what does that mean because as rick santelli said, the e.u. has no real federal authority to step in. maybe they could create an authority, but these southern tier countries, may, i say may need a lot of help in terms of bailouts. can they do it? >> i believe they will need a bailout, but i don't think that's unreachable. i think the imf will be involved probably within a month or two. we may even hear a wor of it from this weekend's g-7 meeting. i think the europeans have some issues to address just in

balances. >> to say the least. >> there are solutions, larry. as much as there is a real problem right now related to the recession. tax receipts are not there. there's no growth. >> let me pass it on to rick santelli. you made a point earlier that we were talking about, the rule of countries with no central government. we also have to talk about the e.u., what is the future for the e.u. overall? >> you know, i think ever since they were unable to ratify a constitution, i think there is a possibility and maybe it's a small one, 5% to 15% that the euro future could be in trouble. i mean, if push comes to shove and countries are forced out of that unit, i just think it changed the whole dynamics of yet currency was originally created. what's more -- >> what would be the push that would come to the shove, rick? is this the beginning when we see this economic meltdown in some members of the european union? >> oh, sure, whether it's

portugal, spain, greece, less countries are on the euro because there becomes a crossroads where bailouts aren't coming and fiscal responsibility isn't altered, i think that's the path that the market's worried about and if you look at percent of budget deficits to gdp, listen, i understand america can generate lots more future economic course power, but their percentages are actually worse than the countries were debating. >> i think one of the questions for our viewers is the dollar. >> well, okay. are you going to talk about what it means for the dollar and investments here because that's how we billed the segment. >> letting countries go like greece may seem like a small issue, but it does put a pressure additionally on the euro zone and it trips into eastern europe, central europe, china latin america. >> what about us, david? what about us? how does it affect the u.s. dollar. >> wait a second. wait a second.

let me say something. this is what's still wrong with the banking system. problems in greece, greece is a counterparty for a lot of european banks. they don't post collateral when they do business with the greek government. what do you think all of the cds buying is? banks are rushing out to get somewheres against their counterparty. >> great point, david. >> you pull on that thread and you let greece go, you pull on the world thread and we're back to where we were in the fall of 2010. >> that is where we started saying it seemed like the subprime problem and it would possibly be a cascade, feblth. >> it's not all over again tp never went away. >> listen to what david is saying, there is debt deflation threat. debt deflation, all right? debt collapse, default and deflation. is this plunge in the euro exporting that deflation to the u.s.? as rick santelli said, it's not that the dollar's strong, it's that the euro is hemorrhaging, but look at the impact on gold

and the metals markets and what is it going to mean for the economy? is this massive deflation coming out of europe? >> well, let's start with president obama's plan to increased exports. it's certainly going to be hurt dramatically by the increase in the value of the dollar in the last six weeks so that's going to be a problem. i also think that david brought up a very interesting point as far as the rest of eastern europe and so on. it will halt any expansion of the e.u. and the euro zone so those countries will be negatively impacted. as far as the united states goes, it's not helpful to have the dollar strengthen that the point. it will certainly crimp our exports and as far as deflation goes, yeah, that's a concern along with what's happening in japan. >> so, yeah, those are good points. >> rick santelli. i was lookinging at the greek debt to gdp ratios and deficit to gdps. here's my question. >> i knew you would get to this point. it kind of looks a bit like the united states' fiscal policy. we slapped on a $.9 trillion

increase on our debt and the debt is moving toward 100%. >> we're not greece. >> we're not greece. >> larry, you get the prize today because discussing or each asking that question, no, we're not greece, but this is a warning shot that over the next several years we could be viewed more like them from a downgrade of credit and that would be a dire story. >> exactly. unlike what paul drugman wrote in "the new york times" today that is unfathomable that we should expand deficits and the deficits we have are okay. >> that didn't each make it to the bottom of the bird cage, that article. >> all right. >> thanks all three of you for joining us. we'll have a quick break and then a major storm bearing down on the northeast. plus, how big is jamie dimon's bonus this year? j.p. morgan? we'll find out coming up next. >> can't wait. plus $2600 for a super bowl ticket calling this cheap.

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>> okay. we want to show you a chart of crude oil right now because it is in the middle of a fierce sell-off. look at that. it's down three bucks, 4.5% on the day. one of the reasons is the dollar index which we surged to a nine-month high overnight. this is part of the collapse of the euro which is boosting the dollar and exporting detlagz. that's really a part of the story. gold, too. i don't know if we have a gold chart. this is what bothers me. this is what bothers me. new details at j.p. morgan. mary thompson has the breakdown. >> hi there, larry. 16.1 million dollars in restricted stock and options awarded to dimon for his 2009 bonus. dimon won't be receiving a cash bonus ask in a nod to high interest and peck tiff pay, j.p. morgan will give shareholders an advisory vote or say on pay on the firm's compensation plan at this year's annual meeting. the ceo of the only major wall street firm that remained profitable throughout the financial crisis, dimon, like

other ceos didn't take a bonus for 2008. j.p. morgan did take $25 billion in t.a.r.p. money though it didn't need it and it paid it back plus interest the next may. dimo dimon's receiving 195,000 shares in restricted stock and over $563,000 stock options worth $8.5 million. the stock be held for five, and also the board can extend the vesting period if they're not happy with dimon or the firm's performance. he needs to hold 75% of the stock he holds in j.p. morgan until he leaves that company. jim rita noting that dimon's bonus isn't a mind blower and wall street firms are moving in the right direction when it comes to pay. in the wake of the financial crisis multimillion dollar paydays have raised tackles in washington and main street and wall street has responded by trying to tone down those payouts. ceos past and present foregoing past bonuses and the former chiefs of bank of america and

now the question is what will lloyd blankfein, ceo of the most profitable firm be paid for 2009. benefits will be paid in stock only and the firm is also giving shareholders a say on pay this year and no extra money was added to the employee bonus pool in the fourth quarter. it is unlikely blankfein's bonus will top his record $68 million he received in 2007. the firm is certainly mindful. >> we did have a bet that year. i won that bet, i believe. >> with charlie. we got dinner. >> jamie dimon's a good man and the fact is they were t.a.r.p.'d through the first half of 2009. in my judgment while you're t.a.r.p.ed you should not have bonuses. >> they were ready to pay it before it was time to be paid. i don't think you can say the same thing about the banks and in their case in particular, you'll point the finger at them.

you're part of the class and they took the money. whatever the motivation was. maybe that's why he got 16 or whatever it was instead of 30 or whatever. >> that's a good question. >> you have to look at it it. >> 16 million, of course, to main street, i'm sure they're saying 16 million is a lot. >> who wouldn't like 16 million and that would be detracting from goldman's results. what about that? >> maybe they're listening. >> we don't know blankfein's bonus. they were t.a.r.p.'d a lot bigger time than people -- >> mary thompson, thanks so much. >> washington, d.c. is bracing for what could be one of the biggest snowstorms to hit the city. expectations range from one to two feet before it moves out to sea tomorrow, weather channel meteorologist has the latest. >> i have breaking financial news for you as well, north capital and e street wachovia has just closed. they're sending the employees home early because of this snowstorm.

within the last hour or so kind of light to moderate flurries right now, and we'll be picking up throughout the day and out towards dulles and 25 miles west of us, we're seeing moderate snow right now and visibly down a half mile. we have a winter storm warning in effect that started at 10:00 a.m. today and goes to 10:00 p.m. tomorrow and perhaps we could see two feet of snow. in fact, the last time we've seen 20 inches fall here in the district was 8 yea8 years ago. this could be a historic snowstorm for the washington, d.c. area. trish, back to you. >> "power lunch" coming up at the top of the hour. sue herera has a peek for what's in store. >> bundle up the little ones because it's the perfect week ep for the snow picture. we'll talk about want only the weather and its impact on business, but this employment data friday. president obama set to speak on jobs and the economy. we will bring you the live coverage when it comes and we'll

talk about the global fear factor gripping the markets worldwide. are there recent sell-offs or overreaction or do they signal a rougher road ahead for the u.s. we'll talk about that and how you can invest in it it and how do the high net worth individuals feel about the investment climate? where are they putting their money right now? the results of a very interesting new survey at noon. trish, over to you. >> thanks so much, sue herera. we'll take a quick break and ticket prices for this sunday's super bowl running into the thousands. do you have a preference into who wins this year? >> i'm not saying. >> you'll keep that all to yourself. believe it or not, it may be the cheapest final in years. we'll talk about these tickets and darren rovell is in sun life stadium in florida. he gets the good assignments. >> this afternoon's trading session and you are watching cnbc, first in business worldwide.

and welcome back to "the call" on cnbc. pharmaceuticals reporter mike huckman with breaking news on biogen idec. this is ticker symbol biib and

the fda is putting a new warning on the label for the company's drug for multiple sclerosis saying that the more infusions of this drug that occur over time the greater the risk of developing a rare and potentially fatal brain disorder known as pml for short. however, the fda says that the benefits of this drug continue to outweigh the risks. trish, over to you. >> mike huckman, thank you for that. football fans continue to count down to the game and low ticket prices could make this the cheapest super bowl in years. darren rovell breaks it all down for us live from sun life stadium in miami, garden florida and daeren, can you get me a deal on the ticket? >> deal is all relative. cheap, trish, is all relative, but as of this morning, stub hub is telling us that the average ticket price is 2,520. that's actually lower than a lot of other games and it might stay

low because obviously the winter storm might be corporate america can't get down here and others say saints fans can still drive to miami. as of now, fans of the saints who have never been to the super bowl are outnumbering buyers from the colt's native region. >> we've seen about a four to one difference. right now 27% of the buyers are from louisiana compared to about six, serve from indiana and mixed in there is 11% in florida and new york, new jersey, california trickle in. >> yeah, this game is clearly about corporate america and indianapolis in new orleans not fortune 500 companies and that will dull this impact a little bit and plus a the bit of the economy, they say. by the way, if you want the get in price and the price it takes to get into the stadium, the worse nose bleed seat, that price is $1400. melissa, larry, back to you. >> all right, darren rovell,

thanks so much. we're looking at oil right now which is down more than three bucks and it's now down less than that as the dollar reaches its high of the day and let's go to sharon epperson on the floor of the new york mercantile exchange with more. >> i'm having traders e-mail me saying it's all about the s&ps and all about the dollar and all about technical trading and all about stocks put in here and a level that we've been telling you about, 7245. that was the key technical level that a lot of folks were watching and we broke through that level and in minutes we're down below $70 a barrel and the next level 69.50 is the current intraday low and that is the next level that the technicians are watching and now all of the traders are watching because that's how they're trading these days. yes, we do have the drop-off in the euro contributing as well. when crowe look at the stocks, it's affecting the markets and what does it peel out there. i know you said 69.50 is the

next stop. do you think we'll break through that? >> it's very intense trading right now and a lot of the traders here on their machines looking at these levels. again, that is what they're expecting to hold. so far we've done it, but no one thought necessarily that we would break all of the way this fast and it's happened very quickly. >> what about the rest of the complex, sorry? sharon, what's happening right now? >> we have seen weakness in heating oil as well, but the strength in natural gas as we have the blizzard bounce. >> we'll leave it there. >> sharon, thank you so much impeach i'm melissa francis. >> i'm trish regan. >> i'm larry kudlow. see you on "the kudlow report," "power lunch" is right after the break.

welcome everybody to "power lunch." i'm tyler math son. stocks tumbling and the dow faltering a bit after the unemployment report. crude tumbling below $70 a barrel and the vix up another 2%. volatility, the fear index back and the index climbing nearly 8% on the week. >> i'm sue herera. the president is set to speak

about job, the economy and small business initiatives about 30 minutes from now in a snowy washington. live coverage and instant analysis. >> i'm michelle caruso-cabrera. an impasse on capitol hill. senator dodd says he and senator shelby are not seeing eye to eye on financial reform. the ramifications and reasons straight ahead. >> i'm dennis kneale. toyota shares are rising as the company's ceo came out and issued an a policy. is that mea culpa enough. would he resign in a problem? the roundtable coming up. >> all right let's get you up-to-date on the market action and there is a lot of it in the market sector and sharon epperson, we'll start with you because we had a big drop with you a short while ago. how much of this is technical and how much of it is fundamental? >> it is largely technical. oil prices are holding above $70 a barrel and we're down $3 and we broke below the $70 mark a few moments ago. a lot of stocks being triggered here. a massive sell-off here that