>> memphis scored 84 points last night and lost by 13. >> ouch. >> sorry, marty. well, that does it for us this week. we have a lot going on. andrew, you have a safe trip back here we'll see you on monday. >> i'll see you in las vegas next week. >> oh, my gosh. vegas-bound. time for "squawk on the street." good-bye. >> on a bender. 175,000. better than expected on this jobs friday. good morning, welcome to "squawk on the street" i'm carl quintanilla and david faber and jim cramer. futures extending gains after the jobs number. the dow begins 1% away from an all-time intraday high. in the meantime, the jobs number better than expected despite some worries about the weather the unemployment rate edges up to 6.7 and average hourly earnings up 2.2% and that slightly outpaces the last inflation read, jim, most of those internals look pretty good. >> yes, they do.

my take is don't get too excited. why? because we just found out why we've been going up. we've been going up, s&p, people trying to figure out why. you have good employment. you have workforce growth and the hours not that great because of the weather, but i think you say to yourself, well, why is the s&p going up every day? oh, employment has gotten better and that's a major switch would it shock me if the market takes some profits in this? no, because it's been going up on anticipation of something good and then we got the big enchilada good. i kind of like it. >> the s&p has rallied the past ten jobs fridays in a row. some say that's a ridiculous metric, but maybe it's time for a reversion to the mean. >> no metrics are ridiculous if they just -- look, i forgot to wish the bull market happy birthday. of course, it never happened, you know that? you know the bull market has never happened. >> jim has been on a tear lately of the haters of this market, right? >> yes. the haters will have to asterisk

and find something bad. you are back from the real world, the business world, you know there's something lurkingly bad about this number to undo the gains we've had in the last five years. what is it? >> it's many things. all you need to use is the word hallow. >> hollow. >> hollow, whatever you talk about. it's hollow. the gains are holley. >> victory. >> every line was good! of course, it's all asterisks, it's the fed, it's bernanke, yellen. no. sometimes things are good. and the market has been good because one of the things that makes a good market is employment growth. it just works. because you want to get away from a recession but you don't want the fed hammering you. i do not see the fed hammering you on this number. >> even though the revisions to december and january not dramatic but they were up instead of down. >> right. >> you talk about the five-year anniversary of the bull market which is this sunday. here's the cover of "the usa today," not only a chart with the aging bull using the horn as a chart for the s&p but then the household wealth figures

underneath that were all $9.8 trillion richer which some people say will spur spending, jim, some say won't. >> it did say it was not eke qually distributed. i, of course, added an "r" in front of aging to be less ironic, raging will. but you don't want to get, like i said, this is why we went up and there is more wealth, but you have to caveat the wealth because it just simply didn't go -- it was not trickle -- ooh, i was going to use a reagan term. >> asymmetric distribution. >> maybe it's the 2% and we got to double it. it's not the 1%. >> it would take us down aways in terms of the actual income. whoever represents the 2% or the net worth. >> if you went from 1% rich to 2% risk, it's remarkable. >> per capita household wealth is almost back to the precrisis high, not there yet, but it's getting there. >> they haven't wanted to look at it.

it's been a terrible thing to look at because it never got back to where it was and now it's finally getting back. when you have an article like that, it's not alone, there's dozens, that basically say, listen, you are back to even and so, therefore, it's bad. i'm not buying that. back to even is a step towards going above even! there's nothing the matter with saying things may be getting better. there's nothing the matter with it. >> all right. i've been out a few days, not out, but out on the west coast. so, here we are. we finally got this jobs report we've been waiting for and talking about most of the week and it's not talking about the weather, what does it mean for economic growth? are we looking over 2 1/2 percent gdp or 3% and bring it back to this market? what are we trading at? >> 15.7 times earnings. i think march will be even better. i think it explains why when you have the retail sales that were so dismal like a target, the stock didn't go down. it explains why you'll see a foot locker today that was up

gigantically. that's real discretionary spending. even big lots one of the worst numbers, skull candy, only down 28%. the stock was up. people looked at negative news and said, do you know what, it's okay and now maybe this is why. >> we're going to talk about all those names a little bit later on. as we mentioned earlier this sunday does mark the fifth anniversary of what we like to call here at cnbc the haynes bottom, that's when mark haines correctly called the stock market bottom in 2009, it was a great moment for "squawk on the street" and if you remember it or if you don't, take a look. >> however, i'm going to step out on a limb here. >> this is the big -- hold on, everyone. >> i think we're at a bottom. i really do. >> at that point the dow was down 57%. >> that was a great call. >> i switched my whole direction when i heard that. i followed mark for years. >> i know. you can look back in retrospect certainly even a year later or even a few months after let's call it march 9th which was the

official bottom. if i remember that, right, we come out of the crisis, we come out of what we thought was the end of the world but then we seem to be heading right back to it when it came to the s&p and i remember people saying, oh, you know, forget it, we're going to 400 on the s&p. now we're done. now, this is going to happen and you'll have this unwind and this. so, somebody just commonsense-wise saying this is ridiculous. a great deal of value there when ge was 6 and citi was under a buck and bankamerica was -- was it under a buck also? >> yes. >> up believable. >> mark -- people who don't follow, didn't remember the great haines didn't understand in 1999 and 2000, he would go out on a limb and say, in 2000, this is ridiculous. and he went out on a limb then and said it's ridiculous. he never went out on a limb unless he felt commonsense it was over done. >> with decades of watching

markets and the economy and people. >> yes, people. >> which is something he understood really better than most and i tweeted out that quote this morning and the immediate response was we miss him. as do we here. >> absolutely without a doubt. let's move on to some deal news. not unexpected, cerberus has agreed to buy safeway. the deal is worth more than $9 billion. and safeway will merge from albertson's which cerberus bought what it didn't already own from supervalu last year. they had some of albertson's and then they bought the rest, the deal will give safeway shareholders what they are saying is 42 bucks a share, $32.50 a share in cash and the continued spinoff that's coming. of one of their units and then they will have a cvr based on other asset sales. you add it all up and you get to $40. i've been tracking this deal as we know. on monday i spoke about it. the likelihood it would be cerberus and also at $38 plus

the stock seemed to be discounting a $40 deal and it's got a little bit of hair on it if the sense if you are a risk arbiter and hedge the various parts, you can't do it. you can't borrow the thing they are spinning off. you can't hedge a cvr and the dividend income they'll be receiving if you are a foreign holder, you don't want it, you can't hold it, so there may be selling pressure. what's perhaps most interesting is private equity borrowing over $7 billion to get a deal done. the money's there if they want it. cerberus has not always been the best of buyers but they did follow through here and got a definitive agreement. there is a break-up fee and when it ends it's a $250 million break-up fee. why is that important? well, again, we've been talking about whether kroger might have some interest here. i'm not picking up that kroger's in there. really looking hard. they are not expected to show up at least based on what i'm hearing. maybe some of those things that will be sold kroger will show up for. >> interesting. kroger conference call they just

reported. they kept trying to get them to take the bait. please, tell us. and they kept going back to the harris teeter acquisition which was very successful and how they don't like to lever up their balance sheet. one of the great operators doesn't want to lever up their balance sheet, but they did succeed in albertson's, they are not losers in this segment. >> no. we're talking about as you might expect synergies that will accrue. >> right. >> to albertson's, cerberus which owns albertson's with the acquisition of safeway but it's a big deal not that safeway hasn't been private before. it has. >> 1986 and went public in 1990. >> a kkr deal from many years ago. under some pressure from one of its largest shareholder that owns 6% of the stock some time back, they sold a bit. it ended up where a lot of people expected it might. but there were plenty that were short on the stock. thanks for the nice e-mails. >> ubs goes from sell to hold this morning on safeway. gutsy. >> nice. nice.

nice piece in the "washington post" this morning, too, about what's happened to supermarkets in general over the past ten years. they've lost how many points a share to other retailers? 15. >> really? >> 15. as a group. big grocery stores losing to amazon. losing to whole foods. losing to cvs, right? that's where you can buy food these days. >> without a doubt. >> kroger celebrated a 0.5 share gain in their conference call and cited that they were taking some -- well, didn't say directly from walmart. i thought that was interesting because the losses are so staggering they are willing to pat themselves on the back for anything. >> yeah. spending a lot of time on amazon as i have of late, they are early days here with fresh. very, very early days in terms of amazon competing with grocers so to speak. >> came up on the costco call and you could tell kind of, like, dripping sarcasm, yeah, sure, you know, come get me. but amazon is going to come get everyone. >> underestimate amazon, that would be smart. >> they're not. i think they always have that

same thing in the back of their mind which means we have to play by earnings per share and amazon can do whatever it wants. do you feel that way when you're out there? >> yeah. that is a frustration for many people. >> i don't blame costco which is a great operator. coming up this morning we'll get the white house's first reaction to that jobs number, of course. the labor secretary, thomas perez, will join us live. we will be right back. tall the building is, or how ornate the halls are. it doesn't matter if there are granite statues, or big mahogany desks. when working with an investment firm, what's really important is whether the people behind the desks actually stand behind what they say. introducing the schwab accountability guarantee. if you're not happy with one of our participating investment advisory services, we'll refund your program fee from the previous quarter.

it's no guarantee against loss and other fees and expenses may still apply. chuck vo: standing by your word, that's what matters the most.

okay. lot of retail news to walk you through this morning. gap down sharply after the retailer reported an unexpected decline in february sales partly because of the weather. big lots, though, up big in the premarket after beating estimates for 4-q and foot locker shares are up after 4-q numbers beat forecasts. big lots beat by a nickel. getting it out of canadian business. not a lot of color in the release. >> no. >> but the call did begin at 8:00 a.m. >> you have the good, bad and the ugly and the ugly is going higher. big lots has been horrendous and they weren't as horrendous as we thought. the gap just reported a good number, so when you saw this reversion, look at these numbers, gab global down 10%, banana republic down seven. old navy down six.

we thought good things were going to happen because the last quarter was so good. that's -- >> the weather, right? i mean, come on. >> okay. right. and then ultimately foot locker was up 5.5. what would they have done with better weather? seven? eight? i'm just saying -- >> i don't know. >> today we're looking and saying we'll care about the weather on one side of the street and not the other. i think gap, i'm not crazy about gap stores but i don't think it should be down that much. i'm not crazy about big lots and i don't think it should be down that much. >> abercrombie repositioning hollister all this time trying to be more like h & m more fast fashion. it will be more interesting to see if the particultactical ter help the overstored environment. >> maybe they are no longer going to go commando over hollister. >> all right. well, i guess that brings that

block to a close. >> they are talking about the idea of a management secession and we kind of want that. jeffries is in the wall of shame. just kind of feel like -- >> still. >> also like mason fashion -- fashion backward comments about -- >> yes. >> -- people and just left me cold. i don't know about how you felt. >> i didn't really focus on them as much. >> just put it this way, they were not politically correct, how about that? >> yes, i do recall that part of those comments. >> one thing h&r block, the average tax refund so far this year $3,034 up 3% from last year and 48 million of americans already have it in direct deposit and i wonder how much of that is going to go to a cash register in the next, i don't know, four to six weeks. >> spending power. i had pinnacle foods on, birdseye and duncan hines. and no one is talking about the

obamacare pushback, in other words, that obama pushed back the regulations for small business, maybe they started hiring. >> the anniversary of the payroll tax increase, does that start to help in a way? >> i think so. these are all positives and you might say that they are -- >> whatever the sequester caused in terms of damage, anniversary of that soon, too. >> the government played a negative role and this is the first month when the government gets off the backs of its people. it's a reagan line. the trickle down. >> was it a reagan or trotsky line? >> no, trotsky believed the workers should own the means of production or it's russian prune juice. >> anyway, we'll keep an eye on all of that. as we said the anniversary of the market and the retail news. the euro is above 139 for the first time in 2 1/2 years. >> we've not even mentioned that. if you are an exporter in europe or you are doing the ppg and eating a lot of -- the big companies have big european

business, they will beat numbers off this. i should have mentioned that right off the top. >> yeah. we'll get more to it closer to the bell. when we come back, it's jobs friday as you know. nice number 175, what should you be watching today? we'll get cramer's "mad dash" one more look at futures which did extend their gains nicely, although we are off the highs. a lot more "squawk on the street" from the nyse straight ahead. ♪ for tapping into a wealth of experience. ♪ for access to one of the top wealth management firms in the country. ♪ for a team of financial professionals who provide customized solutions. for all of your wealth management and retirement goals, discover how pnc wealth management can help you achieve. visit pnc.com/wealthsolutions to find out more.

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can get going. >> redeye? >> absolutely. >> you are probably out there and people are talking about this ebay again. >> the land of venture capitalists. >> i miss you talking about ebay because of the missive and marc andreessen -- >> firing back at icahn almost writing a letter a day on this. as we talk so often, it changed from a debate about the merits of whether this company should split up paypal or not which, by the way, is worth coming back to. it's back to andreessen and his actions during the skype transaction. andreessen fires back at icahn and said carl icahn 2014 would take a dim view of the business ethics of carl icahn 2005 given various things that he did on the board of xo and weighs that he went about making decisions. >> yeah. >> he sold it to himself. >> and selling things to himself. >> i thought that was a really interesting point. it was a different era. xo that was all insider. do you know what, this is the kind of thing where andreessen is reacting to what happened on

"squawk box" the other day where icahn called in and said this is the most egregious! it didn't take long for them to find something equally as egregious. >> and silicon valley is ral rallying around ebay, reed hoffman defended why paypal belongs with ebay and defending the company and john donahoe. andreessen now finally firing back on his own sake. remember, he's on the board of facebook, hp, and ebay. this larger question of whether there are conflicts inherent to a venture capitalist being on public boards, many would say our expertise is unique in a lot of ways and our technology understanding and put up with the conflicts because we're worth it. as for skype the only thing i'll say is people that are really interested, go back and look at the debate around the first deal. the intellectual property of skype was not owned by ebay and that injected an element of complexity into the negotiations they were having with skype's founders at the time.

>> i didn't know that. >> when you look at -- i have to say when you look at how andreessen acted it's very unclear to me whether the charges that icahn is bringing have a great deal of merit. >> when it went to 8 billion it had the ip. >> yes, they brought the ip back in. and you had the founders back in and, of course, ebay owned 30%. >> and it changed a lot of the willingness of a microsoft to buy a company that didn't have the ip that might get sued by its very founders who had the right to say you can't transfer the ip, you're only licensing it. >> there's the insight that i missed. thank you for coming back. we'll talk cliffs natural which is a stock you know very well. well, there you see u.s. labor secretary thomas perez, he's going to react to today's job number. he'll join us live on a first on cnbc. got the opening bell just a few minutes away. stay here with us for a "squawk on the street" on a friday. ♪

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♪ ♪ ♪ [ tires screech ] chewley's finds itself in a sticky situation today after recalling its new gum. [ male announcer ] stick it to the market before you get stuck. get the most extensive charting wherever you are with the mobile trader app from td ameritrade. invest in what you believe in. invest in america. this monday cramer hits the road to explore how the country's energy renaissance has reignited manufacturing and put people

back to work. get an inside look at the companies leading the charge towards energy independence. a "mad money" special "from the gulf" invest in america, "born on the bayou" this monday. >> now, that's a promo. jim cramer heading to the bayou on a chopper going to a rig? >> yeah. we're going to be on a rig in the gulf of mexico and this is the next big leg of rediscovering our oil. also going to a nucor factory, the first really to take advantage of the bountiful natural gas. this is where the jobs are being created, no doubt about it. we'll go right on the rig and find out what's happening. i want to fish off the rig but apparently the problem is the net. >> yeah, yeah. you'll need a long line. i can't wait to see. >> thank you. >> when they try to harness your energy and put that in the ground. >> i got to tell you, i am so looking forward to this. our staff is putting together one of the most exciting shows i hope to ever do which is the backdrop of the rig and really find out about manufacturing

might. that's what's going on down there. >> well, you've done a great job on the show, on this show and on "mad money," of course, i think over time of just giving people a real sense as to the enormous change that's taking place. >> thank you. thank you. >> in our production of energy and how important it is. there's so much more to be done, we can do it every single day and still not do justice. at least you are giving it a shot. >> we haven't retapped the gulf of mexico. the new technology may reveal, gulf of mexico is one of the biggest finds in the world ever. >> and then the new poll abc poll on the percentage of americans who want the keystone, positive by a 3-1 margin want to see it done. >> warren buffett wants it done. i had csx, they are moving balkan oil by rail and they have the best safety records, don't freak out, but that's how it's going until you get the pipe. >> in the meantime there's more drama brewing at pimco. accord to reuters founder and cio bill gross accusing departed

ceo mohamed el erian by seeking to undermine by talking to "the wall street journal" by talking about the problem between the two executives. he said that he wrote "the journal" article describing the worsening relationship between the two men and reuters asks for evidence of this and he says, oh, great, he has you around his charming right finger, too. as if this thing could not have become more unseemly. >> whoa. >> ooh, hot potato. >> not good for anybody. >> no, not good marketing. not good for potential inflows i'm guessing. >> i always thought these were two of the great gentlemen and i wanted it to stay that way. just nice, good people. come on air, really been very supportive of trying to explain people everything and this is nasty. >> right. and it makes for great headlines but to carl's point, it's not good for business. >> no. >> in terms of their ability to gather assets. based on performance it won't help that much. >> my guess was gross probably

thought he and reuters were on background and maybe reuters did not agree. >> people should know what that means. holy cow. >> anyway, there's the opening bell on a friday, a jobs friday. and a look at the s&p. down at the big board coupons.com a provider of digital coupons and promotions celebrating its ipo. we'll talk to the ceo in the next hour. over at the nasdaq cybersecurity company fireeye, we'll talk to the ceo in about 45 minutes. >> that's a big get. if it goes higher, remember the stock was up down from 96 that's a good sign, because, boy, 14 million shares, only 5.5 from the company. this is a very important test of the bull. that deal. >> on a broad level, jim, we know that the jobs number was above expectations. >> right. >> market tends to like jobs fridays but you are going into a weekend with a lot of uncertainty out of the ukraine. which one wins? >> i think that we've had a big run. and it's entirely possible that people want to ring the

register. always people, by the way, that freak out that interest rates are going higher. remember, the banks need this. this is a number that will shift money into the financials, so i think the overall market may be more muted. the financials are going to be very strong today. very big upgrade with prudent l prudential. pru. because this group is -- remember, this is the largest group of the s&p and to see merrill lynch go positive, this stock has been creeping up with numbers being cut. watch citi that stock has been creeping up with investigations and numbers being cut. i like it when stocks move up when numbers go down. >> we used to say, only if the financials could keep up and take leadership. what's happened the past couple weeks is interesting. >> this is the baton passed to the group. >> as biotech corrects. >> gilead, rumors that merck has a better hep-c. and they got to celgene. these were market leaders. if they cool off and we had banks come in, they are cheap on

earnings. look how cheem some of the banks are on earnings. book value has been scrubbed. they need to go up and be the next leaders. that's what you need to see right now. >> morgan stanley -- prudential and morgan stanley. the top three components with financials. >> morgan stanley my charitable trust sold too early. had a big run but i think jpmorgan goes to 60. >> morgan stanley approaching a $65 billion market value now. there was a point at which morgan stanley was bite-sized. if there had been the ability for consolidation conceivably it could have been the victim of it. of course, there is no consolidation when it comes to financial services. i'm not sure when, if ever, we'll get back to that idea. the bigger getting even bigger is not a thought that many would embrace. >> they have not shrunk to grow. they have taken over to grow. and david's right. the concentration alexander hamill would be rolling over in his grave but, of course, he went to his grave because of a duel. >> not far from here.

>> grew up in elizabeth, new jersey. >> but he's right up the road in terms of where he's buried. he's right here. >> bair and hamill and i learned this on jury duty, the judge took us aside. a little civics lesson. i thought it was pretty -- >> always good. >> el erian/gross, or burr/hamilton. >> how about icahn/andreessen or icahn/donahoe, or icahn with anybody. >> i know. >> the insurers and now it's metlife joining the pack at the top. >> hot. >> aig and then labor-related names among the top 15 or so this morning. >> we've got people who were betting incredibly low on this number. remember, this was one there's definitely no surprise. if you get the financials to lead, what will happen is a lot of people will drag kicking and screaming. a lot of people were saying, listen, it's all done by salesforce.com and workday, you know? hike -- >> right.

>> work day! >> yes. >> there are a lot of people who felt if we keep going up on companies that are selling on revenues and not on earnings, it's a big mistake. the earnings for the banks are going to be very big if this yield curve gets a little inflection and interest rates go to three on the ten-year. >> but they are not growth stocks and there's a shortage of those, hence the likes of workday which is incredible multiples. >> yes. everyone's always searching. how do you value a 50% grower? how do you value a 60% grower? and i had pinnacle foods and they are a 1% grower. >> you don't. you are paying the price. that's what the market is telling you. >> is that what you think happens? >> is there a dearth of companies for growth. because many stay private and then the sequential growth rates are starting to slow. >> there's a dozen of companies i follow with 50% growth rate and when you talk to the companies they are taking over the world and they are cloud based so -- >> with that dow's up 42. courtney reagan is on the floor for us today. >> good morning to you, carl. we saw the futures jump on the

jobs report. it's funny because if the jobs report hadn't have been so good, traders would have said it's weather and pushed it aside. it was good and the s&p 500 opening at fresh highs here. we've got the ten-year yield moving higher up above 2.81 on the yield, that marks a six-week high and positive momentum here going into the open. i want to take a look at some of the retailers and break it down. by the ones that were good and the ones that weren't so good. foot locker beating by 82 cents per share and ceo ken hicks said that 2013 growth should be repeatable in 2014. the street likes to hear that. and shares of nike higher in sympathy because many of what foot locker sels the shoes and apparel, that's nike stuff. and big lots beating on the top and bottom line but guidance below consensus for the full year and first quarter. skull candy it's a headphone maker and we don't talk about it often but they did report

stronger-than-expected earnings but it wasn't all good. sake a look at gap. gap we know after the bell reporting very disappointing same-store sales down 7%. the street had expected up 1%. quiksilver reporting a profit this time. that's better than the loss it reported the same time last year. revenues, though, fell from some currency inflection points there and staples getting three price cuts today. if we can skip to the ipo, want to make sure we have time for this. i'm standing in front of coupons.com which is ipo'ing 10.5 million shares and the price is expected to open at $16 above the $12 to $14 range and we've got a big crowd gathering and we'll bring it back when things start moving. back to you. >> thank you, courtney. the jobs numbers for february coming in better than expected. 175,000 jobs added. the you ployment rate ticked up to 6.7. want to get the first reaction from the white house this morning. here first on cnbc's labor

secretary thomas perez. mr. secretary, good morning to you. >> good morning. great day here in washington. >> pretty nice number in light of what we know was a pretty significant weather effect. 600,000 people couldn't get to work at some point because of the weather. i know this is a tough one, but do you have a sense as to how the revisions are going to come in later on for february? >> well, i don't know what the revisions are going to say but what we do know about this report it's a very resilient report despite the weather. it shows the economy continues to move in the right direction. 48 consecutive months of private sector job growth. 8.7 million jobs. and as you correctly point out, you know, last month, there were roughly 7 million people who worked -- who missed at least part of the week because of the weather. that's a lot of folks. and so we see this continued resilience. we still have a lot of work to do and, you know, there's way too many people who are out of work and that's why we're continuing to focus on

infrastructure, investments and the president's budget continuing to focus on passing immigration reform, making sure we have the skills for people to compete and that's what we do here at the department of labor. so, you know, we're moving in the right direction. but we have a heck of a lot more work to do. >> average hourly earnings year over year, two two that ties for the highest rate of change for this recovery. what does that mean for the labor market going forward? does that mean we're done with the unemployment rate going down? >> first of all, wages are -- real wages are up slightly, but way too many people are still, you know, working hard and falling behind, you know, we've seen productivity since, you know, the last -- since 1980 or so has gone up over 90%, real wages have gone up something like 3%. you know, folks are working hard and falling behind and that's why the president supports raising the minimum wage. that's why, you know, he supports increasing investments in infrastructure. when we do these things, we can

move the unemployment rate down even further. i mean, the formula for moving forward i think is very clear. infrastructure investments. passing the minimum wage. passing immigration reform. we did those three things, you'd have this unemployment rate down another point in a year. i have no doubt about it. >> mr. secretary, jim cramer here. going down to the bayou this weekend, all i hear from the companies down there is please send more workers. they don't have enough workers whether it be truck drivers or people that can build things, welders. how do we get the people who can do that to where the jobs are? >> yeah. great question. and, you know, everywhere i go, i hear from manufacturers, for instance, we're bullish about the future. we need more welders. we need more electricians. i was in san francisco this week at an apprenticeship program and, do you know what, apprenticeships are tickets to the middle-class. there's a bright future for people in this country who want to work with their hands and that's why the president in his budget for 2015 has a very robust investment in apprenticeships. he wants to double the number of

apprenticeships in this country over the next five years. i think we can do it. and, by the way, it's desperately needed. you go to wisconsin, i talked to the manufacturers there, the average age of a person in the skilled trades is 59 years old. folks are getting ready to retire. i was at boeing four days ago, monday of this week, they've got a substantial percentage of their workforce that are within five years or so of retirement. so, we need to make sure that we're investing in these skilled trades that are a ticket to the middle-class. i met a guy monday or the other day in san francisco who's an electrician, he calls it the golden ticket from willy wonka and the chocolate factory, you get a journeyman license and you are punching your ticket to the middle-class and that's what we're doing here, helping people do that. >> you are hitting the road quite a bit, mr. secretary. >> i am. i am. i'm going with al roker, though, because he's helping me with the weather issue. >> service-producing jobs, finally, it was largely temporary help and largely

government employment. the highest number of government employees added since last fall. is that the kind of growth that you're satisfied with? >> well, i tell you, the government employment increase is interesting and important in the sense that these were jobs at a state level in education, at community colleges. and i'll tell you, i love community colleges because that's where we are working to train the workforce of tomorrow. you still look in the aggregate over the last four years in government employment and it's way down. it's down something, like, 500,000 jobs and it's mostly in state and local government and it's mostly schoolteachers. and frankly, the schools i go to, they need more teachers and more para professionals and we need those investments in those areas. so, i hope that we can continue to invest in education. the president's talking about it today. making education more affordable. college education, making it easier to fill out the financial aid forms. the president's been very, very focused on that. secretary duncan's been very

focused on early childhood because we know that when you invest in people from the time they are born, that investment pays off. and that's why the president's so focused on that. >> mr. secretary, appreciate your time as we do every jobs friday. thanks for stopping by. >> always a pleasure. there's no truth to the rumor that we've retained al roker. >> he's gainfully employed, i can tell you. >> that's correct. >> mr. secretary, thanks a lot. >> that's one guy who doesn't have to worry, no, about a job. let's talk quickly about another activist situation. cliffs natural resources, this morning or we've got casablanca nominating six directors to cliffs natural board. cliffs natural also saying, hey, you know, why couldn't we have figured out a way to settle this? we offered you two. what i'm hearing there's cumulative voting here. not that complicated a concept. but essentially means on your

slate you can actually apportion the votes however many are given for all the directors to one or two. therefore, if they were to get even 10%, 5% of the company conceivably they would have had two to begin with. they're going for more than that. they didn't like your ceo choice, jim, if you recall. and for its part cliffs is saying, hey, we've done a lot of things that you wanted us to. we would have given you two board seats. couldn't we have settled this? settlement is not happening quite as often recently in activi activism. and we look at dan loeb and offered one board seat and said, no, i'm fighting you. on cliffs i'm looking for ourve your overall view with a company under siege with a battle in its boardroom. >> what the activists need to do is go buy a lot of iron. one of the things that has -- i know that they will tell you, listen, the iron ore business is terrific. if you look at vale, some of of this is the brazilian real, it's a horrendous per informer, why?

because it's iron. i know iron prices have held up. but you watch copper. copper has led iron down. >> not today. >> there's a lot of iron for sale. and i just don't want to be in the iron business. that's part of the problem. it's just a crummy business. >> yeah. >> no matter what. >> nothing changes its board or senior management team are able to do about that? >> you try to do a restructuring and bring out value but in the end iron is iron. tree is a tree and iron is iron. >> there you have it. what more could i say? >> that is deep. >> you're welcome. >> thank you. >> they should name a rest stop after me on the new jersey turnpike that kind of poetry. >> they are working on it. >> let's get to the bond pits and rick santelli is at the cme group in chicago this morning. hi, rick. >> hi, carl. if you had to pick a number where stocks would do well but not terrific, i guess 175 would be it. as far as treasuries, you know, they're doing about what one would expect, they are keeping one eye on the stock market and i think the other eye on the

dollar/yen. the intraday chart, the high watermark was a whisker shy, we haven't closed in that region in 6 1/2 weeks. let's go back to the relationship between the dollar/yen and ten-year note yields because they really popped yesterday which in my opinion talking to traders was one of the reasons they wanted to go on this much flatter versus a little bit long and you are right. whether you look at a comparison chart on a monthly basis or year to date basis, it's obvious how tightly controlled and correlated these two charts are when you put them on the same axis. now, if we switch gears a bit, there's a lot of talk about how great higher interest rates are for the banks and, of course, we're ignoring, of course, the trading profits at the banks that just aren't going to ever be what they were. but look at twos to tens that is steepening a little bit that usually augers for higher rates but fives to tens from the belly of the curve not as much. what that would tell me, yes, rates may go a bit higher

whether we close above 275 is key but probably not going to do it in a barn burner fashion. the last couple charts, foreign exchange, look at the chart of the euros and they are hovering since the best levels in oct of 2011. think how much you like bacon, drink, coffee, orange juice, soybeans, corn, it's shown up and the highest level since october of 2012. back to you. >> thank you so much, rick. when we come back, goldman's chief economist will join us live at post nine. we'll get his reaction to the jobs number. hurting recently after its secondary priced well below the latest closing price and the ceo will join us live frerk off ringing the opening bell. the dow is almost exactly 100 points below its all-time closing high. "squawk on the street" is coming right back.

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priced at $16 a share, above the range of $12 to $14 based in mountain view, california. digital coupons, but sort of what groupon was trying to do in the old days. >> i know. this has been well adopted. at one point when i was 15 the first job i ever had was to stuff inserts in your sunday paper, you probably hated me for doing that, this is the digital insert. >> the ticker will be coup, and when it opens, we'll bring it to you, of course. when we come back, "stop trading" with jim.

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time now for a friday edition of jim and "stop trading." >> karen short, remember that name. she is the deutsche bank analyst has been dead right by saying that safeway was going to get a bid. she recommended the stock at $32 on fundamentals and been dead, dead right but she's sticking with her idea that kroger will come back, the stock of kroger which is up is saying she's wrong. i don't know.

>> it's funny, i've heard from a couple of investors who have noted this call which is that they need to do this. >> yes. >> that they will suffer if they do not. however, there's anti-trust concerns is, again, my reporting right now is that kroger is not a step back from the idea of doing it, jim, and that the cerberus deal will likely hold. it's only $150 million to break the deal which is pretty low percentage-wise of the overall total and that will go up over time once it expires. we'll say, kroger may hang around and buy some stuff. >> kroger is a well-run company and doesn't want to load the balance sheet up with debt. i felt when i ran through the conference call that kroger was quietly saying we're not going to pay that much for anything with the success of harris teeter. i think karen short is fabulous and i don't want to bet against her. >> there's a lot of other things on top of the $32.50 and that's the cash. >> you want to do gilead? >> yes. everybody has to stay focused on

the big-cap biotechs, they are the companies you buy when you think the economy is not going strong. there was a rumor that merck has a better hep-c. it's at a rumor. they have one. the group is saying the economy is better. you don't need to hide in biotech anymore. that would be remarkable because it's the greatest place to be. all the ipos for the biotech and you keep having them on air and great stories but they can't get out of their own way today. >> before uf hit the road this weekend and go to the buy you, what's on "mad money" tonight? >> we've got quintessential fast grower. cornerstone on demand and we've got veeva. this is one of the most shorted companies in the world. why are they shorted? because people say, do you know what, you can't value companies on revenues. but they have fast growth, cornerstone on demand is one of the most impressive stories ever. these stocks should do poorly if the economy's roaring, though, because people would rather be in banks for yield curve and they'd rather be in industrials.

the industrials aren't doing that well today. >> yeah. >> they rallied ahead of the number. a lot of crosscurrents but i like the revenue growth stories. i won't back away just for right now, biotech, revenue growth not what the market wants. >> have safe travels. >> thank you. >> and we'll see you on the show from down south. >> stop trading on the rig. stop drilling. >> anytime you are in a hardhat i'm watching. >> oh, yeah and steel-toed boots. in let's get to simon hobbs. >> we're waiting for coupons.com to close. and after that he'll be on the show. and we are wanting to talk to the ceo of the huge breakout stocks in the last few months fireeye we'll talk cybersecurity on cnbc. and jan hatzius will be with us live. some big money advice on a big day for the market. hour two of "squawk on the street." ♪

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market? an all-star panel is coming up. the pimco drama is escalating to even new heights. bill gross fires back at el erian in a scathing interview at reuters. a big debut on the big board, coupons.com we'll get the ceo this hour. and cybersecurity is a front-and-center topic for many retailers. target giving a boost to fireeye, we'll speak to one of the most successful ipos on this market. stocks are rising along with the u.s. dollar. treasuries under pressure, all the reaction to a better-than-predicted jobs report. more jobs added in the month of february than economists were looking for giving traders some comfort at that recovery is firmly on track. david kelley with jpmorgan funds and jack ablin joins us chief investment officer with bmo private bank. david, to you, a better report. and people are pointing to the

higher wage growth. we finally want to see that. but does it alter your view of the labor market at all? >> no, really confirms our view of the labor market. all along we felt the labor market was tightening quite quickly here, because we're running out of good workers and that's really what's pushing up wage growth. it's very nice to see 2.5% growth year over year in the wage production of nonsupervisory workers but it also says the fed's timetable is basically wrong here. i don't think they have time to, you know, taper all the way through the end of the year and then they wait until sometime next year for the first fund rate hike and this labor market is actually tightening up quite quickly here. >> interesting, we heard the same comments from the philadelphia fed this week. are you buyer of stocks and seller of fixed income, jack? >> yeah, it's certainly reassuring. this was our view going into 2014. obviously we were somewhat upset by the polar vortex. but i think that this reaffirms that growth pattern, that, in

fact, not only is the economy growing, but it's accelerating. i would say the only negative piece of news i saw in the report was that the average workweek was down a little bit. but we are seeing salaries rise. and, you know, the -- the business leaders i talked to say that they're having a hard time finding qualified workers. so, i do think there is labor tightness and we're starting to see it in the numbers now. >> david, i do just want to zero in on what's happening in the bond market. treasuries falling, yields higher. the ten year is at the highest level since back in january. what are you watching? watching 2.9% here? >> oh, a lot higher than that eventually. and we went into this year thinking we would end up somewhere between 3.5 to% at the e 3.5 to 4% at the end of the year. i think the inflationary has bottomed and it will move up to 2% and a 2% inflation rate justifies a bond yield above 4%

and i don't think we'll get there this year but long-term rates are too low given the health of this economy. >> david, you are essentially saying that people are going to be saying the fed's behind the curve i guess in the latter half of this year, right? what's -- how does she by that, i mean yellen, reverse herself on that front, meaning accelerating that normalization and what does that do to the market? >> i think the main thing you've just got to be pragmatic. i think look at -- i think the key thing is looking at the numbers, watching wage growth because i don't think that janet yellen thinks that it will accelerate like this. but i think they can more or less keep to the taper pattern i think that's okay but they need to warn markets that the first federal funds rate hike may be coming earlier in 2015 than people expect and that they may move rates up a little faster than she had talked about in some of her earlier speeches. >> jack, we're not getting too carried away with ourselves, are we? i appreciate it's a better than

expected report, but it's not true to say we're accelerating through at the economy. we've come through 175, you know, the average we had for the first 11 months of 2013 was 204, so we've not exactly got a major breakout at this level, have we? >> no, we don't. but we do have roughly 600,000 people who weren't able to attend their jobs because of the weather and, again, i hate blaming the weather it's like blaming my dog for my home work, but i will say that i am starting to see evidence, for example, that businesses are starting to ramp up capital expenditures. we're starting to see new deals coming to market. we're starting to see m & a activity heat up. so, i don't think we can rely exclusively on the households to drag this economy forward, but i am seeing evidence that, you know, the business sector is finally picking up the ball here. and i think just like investors who had been sidelined watching this market rise, i think a lot of worried business leaders were holding too much cash.

waiting for things to happen. and now they already are. >> well, david, my question is more on the global scale. obviously it's the u.s. jobs report. it's the mother of economic data, but in general why does it feel that investors here in the united states are shrugging off some of the global worries? ukraine, not exactly resolved overnight. we saw china's first onshore corporate bond dee faufault? why is none of this spooking investors? >> this is the market that cried wolf. ever since the big black swans of 9/11 and lehman brothers and we've been waiting for the next big shoe to drop and every time they buy into one of the disasters and it's going to derail the u.s. economy, it doesn't happen. this week is emblematic of that and everybody got scared monday but by tuesday they figured out, well, you know, ukraine probably won't really hurt the u.s. economy. and people realize we're not that vulnerable to small shocks overseas. we shouldn't get complacee plap

this is a strong economy. we can statistically show the impact of weather on these numbers. we know that we have the biggest number of people saying they are working part time rather than full time because of weather since 1996 and if you adjust for that we really do have strengthening in the labor market. it's a solid economy and i think people are getting a little bit more confident about it. >> just to wrap it up here for some perspective. here we are approaching the five-year anniversary since the market bottomed on stocks. if you missed it. if you missed the rally and you've been spooked by the prices and the flash crashes and everything else, is it too late to get on board? >> no. i think there's a little toothpaste left in the tube. i think the market is somewhat expensive relative to earnings and revenues but, you know, what i'm hoping for is that revenues and earnings actually accelerate to catch up with current expectations. so, you know, we can trade above median levels for a while. and i do think there is room left to the upside. >> all right. a tremendous rally and more toothpaste in the tube.

thank you both here for joining us on jobs day. david and jack, good to see you. >> thank you. this sunday marks the fifth anniversary of the market bottom, we call it the haines bottom around here for our late mark haines, s&p's rallied 177% since then marking the second strongest five-year bull market since world war ii. who made the most money since then? we'll talk about that. the finger-pointing at pimco continues. what did bill gross just accuse his former ceo mohamed el erian of? we'll go behind the pimco family feud next. we're still awaiting the coupons.com. there's the post for the ipo and we'll bring you the ceo first here on "squawk on the street." at any minute you could be a victim of fraud.

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a lot of discussion this morning about pimco after reuters released a week-old interview with the bond giant's co-founder in which bill gross accuses his departing ceo

mohamed el erian of deliberately trying to undermine him, gross said he's sick of it and claims he has evidence that al arian as he put it wrote the pretty negative article about gross that appeared in "the wall street journal" on february the 24th. guys, he even in this interview with the reuters journalist at one point accuses her of being on el erian's side suggesting she, too, has been wrapped around his charming right hand finger. >> it's more negative news for bill gross for pimco on top of the period where they've been experiencing outflows partly tied to fed policy and the smoothing bond markets. >> david? >> partly tied to underperformance. >> underperformance which is unusual for pimco in the last several years. >> gross has always been outspoken. it's not that you lack from getting good quotes from mr. gross, but this kind of thick is certainly a distraction if not more than that one would expect for what is one of the largest asset managers in the world. >> i can only imagine how it is playing in munich because it's owned by allianz.

and i think one of the problems bill gross has they have already, of course, on el erian's departure put in six new deputy chief investment officers so it's not only his decision on the investments that should be made. and they are talking about being down from $400 billion to $1 billion on the asset management division partly as a result of what you talk about. >> that was a point that bill was really trying to hammer. he called up cnbc on on "street signs" after "the wall street journal" article hit to defend himself and say there is a management structure in place. i'm not calling all the shots. he said i'm not a morning person either. >> this is doing neither of them any good whatsoever. >> no. no. >> at some point bill should probably get himself a decent strong pr and ditch his twitter handle because didn't he come out against icahn the other day as well? >> he's had some -- he's had some tweets that have also elicited curious reaction. >> all right. well, we'll continue to follow

that saga. meanwhile on the markets in case you missed it, the s&p 500 is up a whopping 170% since the market bottom. that means if you put $100 in the s&p index you would have more than doubled your money by now. who actually made the most money since the market bottomed? the numbers staggering. of course, this is a story for robert frank back at hq. i assume we're talking a lot more than $100. >> we're talking billions here, sara. we've not seen wealth creation on this scale at this speed since at least 1999. and the guys who made the most from it made it from publicly traded stock mostly in tech and finance. let's take a look. we now have a record number of billionaries in the u.s. nearly 500 by "forbes" count and well over 500 according to other studies. most of those are what i call bounceback billionaires these are people who fell off the list in 2009 but made it back as their stock recovered. people like real estate mogul herb simon of simon property group. lots of the private equity guys who fell off and came back on.

but now it's the tech and finance people who are really on top. bill gates is up by more than $36 billion since 2009. just ingest that number. $36 billion since 2009. most of that is actually not -- >> let me interrupt you. we do have a trade on coupons.com. where are we, guys? $27.50 is where we are. on that ipo and we will, of course, have the ceo with us imminently. that's a decent bounce there, david. >> i would say. >> huge. >> it's more than a decent bounce. that's quite a move up there. as we talked a good deal about, investors want to pay for growth. this is a company that has 50% annual revenue growth. let's get over to courtney reagan who i think is by the post there. courtney? >> we saw the open for coupons.com at $27.50, the offering price was $16. that was already above the $12 to $14 range about 1.5 billion shares goldman sachs, bank of

america and merrill lynch and barclays is making the mark at the post. we're up 78%. the ticker is coup and the ceo is moving over to post nine very soon, but so far very strong open for the new ipo. >> all right, courtney, thank you very much for that, courtney reagan. it's a big day here, of course, jobs friday. markets close to a record high. it's the five anniversary of the market bottom this sunday, and it's art cashin's birthday. mr. 805 as we call him here at the exchange at post nine. happy birthday, man. it's good to see you. >> thank you very much. i didn't know i was coming up here. >> that's more, trust me. but markets first. this jobs number, the reaction today, santelli said it was the kind of number, the 175, where the market would probably do nothing dramatic either way. >> well, i think it looks somewhat like a goldilocks number. and they're happy. we've seen a reaction in ten year going above 2.8, if it gets

above 2.85 that may begin to drain on stocks a little bit. so far it's not too hot, not too cold, just right. we'll see how it holds. >> you wrote rumors of the naval activity close to the ukraine. you go along into the weekend with the rumors unsubstantiated though they may be even if the jobs number was good? >> some of the rumors are true, the russians sank a hulk to block in 25% of the ukrainian navy such as it is and the weekend always brings events. but historically people tend to cover shorts on weekends because they don't like to be open-ended for two days. >> art, it's in those cheerleading the market to say this is such a great number that maybe we're overheating here. maybe wages are too strong. maybe the taper has to happen more rapidly. are you on that side of the church? do you think we're actually at an accelerated economic pace now that would warrant more rapid taper of qe? >> well, you know, it's tough to

say with all the weather excuses being put around, but rather than looking at this number, i'm intrigued to see that bank lending seems to be accelerating a little bit. and should that happen, then the topic that you and i have discussed time and time again, monetary velocity may come into the factor. way too early to tell -- >> but importantly way too early to tell. you don't see an inflation pick-up at this stage with wages 2.2%. >> no, give me a couple of weeks and we'll have a better view. >> the ipo, busiest year for ipos since back in 2000. clearly everyone is taking this window, the opportunity, the record high markets to go public. what's the demand been like? obviously this one was a pretty strong one, coupons.com. >> well, almost all of them have seen pretty good demand. people are looking for new ideas. we're seeing the amount of available stock outside of ipos diminishing. companies buying back their shares. the russell 5000 doesn't have 5000 stocks in it anymore.

so, people are looking for new opportunities. and it's been a very, very good demand here. >> people, though, tom mcclellan, have been charting the nasdaq 100. keeps climbing. but the number of participants above the 100-day is diminishing, decelerating, and at some point he said that's going to matter. >> there was an event yesterday, we see no reflection of it today, but late in the day, the health care and particularly the biometric stocks reversed sharply to the downside. they continue to be weaker today. they're weighing on the nasdaq. we'll watch that, see if that continues over a couple of days. and your coupon looks like it almost traded at $30. it's under. >> in the meantime, art, back live here, we did get you this. i'm going to -- actually, let's not guess what's inside. i'll help you open it if you don't mind. >> i think you can probably guess, art. >> this is art's birthday. look at that, it's dewar's.

>> it won't make 13 years, that's for sure. >> will it make it to the closing bell? >> depending on how many ice cubes i can find. >> that's the european closing bell, by the way. art, happy birthday. we love you. have a great weekend. glad for your passion. >> thanks, art. the cybersecurity firm fireeye has been on an absolute tear following its ipo on speculation even that the retailer target might buy the company following its own massive data beareach. we'll talk to the ceo of fireeye in a moment. and jan hatzius, the u.s. economy adding 175,000 jobs, yes, 175,000 jobs, blowing everybody's expectations out of the water. the big guns will be here on cnbc. ♪ i don't know what it is ee, ie could affect sex drive, but not energy or even my mood. that's when i talked with my doctor. he gave me some blood tests... showed it was low t.

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coupons.com, nearly a double, but here's another big surge, big lots is up 21% in the early trade here. the discount retailer reported a profit of $1.45 a share, beating by a nickel and they say its loss from winding down its canadian operations was lower than expected and a very nice move to the upside. 29% for big lots. back to you. the pressure is on target this weekend. by monday executives must hand over all the retail giant's internal documents related to the massive data breach, in fact, to the house oversight committee. but amid those growing fears of cyberattacks, investors have already won very big on an ipo of a business leading the charge against those hackers. here in a first on cnbc interview fresh from ringing the opening bell at the nasdaq market site is david dewalt, the ceo of fireeye. welcome to the show, sir. >> thank you for having me, simon. >> it's been an amazing ride

since you ipo'd you priced at less than $20 and on thursday you almost hit $96 a share. how does it feel? >> oh, it feels great. but it's also just a journey, you know, we see a tremendous amount of opportunity for the company here at fireeye. cybersecurity has never been more important. we have some tremendous products and, you know, the market's rewarding us for our success but we think there's a lot more to go and we're excited about the future. >> i mean, obviously viewers will notice that you're down 7% today. you have the announcement coming in to yesterday of a $1.1 billion additional stock placing. who is actually selling out at this stage and why? >> well, there's a couple reasons for it. number one we are raising some more capital, so 40% of this is all primary for our balance sheet. gives us $400 million or $500 million more for the balance sheet to expand it allows us to sell some secondary shares to basically increase the float in

the market and get some continuity into our stock from a buying and selling point of view. and essentially create a floor and a base for us to move forward and grow the stock from here as well. >> i mean, do you feel the pressure now? obviously you spent, what was it, a billion dollars in stock and cash to buy mandiant, do uf feel the pressure to move rapidly ahead of what the hackers are doing but also to broaden the product base? you must be a guy under a huge amount of pressure. >> i wouldn't say i'm under pressure. as ceos we feel like we've got a lot of opportunity and, of course, a lot of opportunity to shareholders as well. but mandiant was a tremendous transaction for the company. we come together very well both products and services and it really creates a next generation platform for our customers and now we're taking -- we're taking mandiant international and the company's growing. so, yeah, there's stress but a lot of optimism as well. >> no doubt you have significant revenue growth, but people are wondering how long will it be

until we see positive operationing margin? how long will it be, david? >> we put an outlook in a four- to six-year period we'll see profitability. but we are focused on growth, on market share and really taking advantage of the opportunities out there but we also built a harness to leverage for profitability whenever the market really drives value for us in that direction. but for now we're focused on high-end growth and market share. >> you know, david, we'll wait and see what happens to target on monday and whether they produce those documents or not. i appreciate that it's confidential, but can you give us an idea of what the landscape is behind the scenes, within the confidential areas? are there other retailers at the moment that have difficulty? what is the magnitude of the problem that the industry is dealing with behind the public face? >> it's a very large problem, simon. i think we continue to see this, you know, hundreds of companies, thousands of companies are getting breached at amazing

paces and we see this every day. target is just one example of that but, you know, most of these never come to the light of the media. and now board of directors, audit committees, ceos, cfo ms a cfos are beginning to realize they have to update their security architecture. and we're at an inflection point where cybersecurity is getting more and more important and boards and ceos are realizing they have to do something about it or they're going to face a lot more liability and risk. >> for sure. you seem to be the head of it. david thank you for joining us, david dewalt there the ceo of fireeye at the nasdaq. >> thanks for having me. the chief economist at goldman jan hatzius will join us after the break and talk about the jobs number and what it means for the fed and everyone else when we return. e out there. you can't always see them. but it's our job to find them. the answers. the solutions. the innovations. all waiting to help us build something better. something more amazing. a safer, cleaner, brighter future.

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we saw 175,000 jobs added in february this morning. that was better than expect. jan hatzius is the chief economist for goldman sachs and took his number to 125 this week along with a lot of people, jan, who were thinking the weather would be worse. it's great to see you. good morning. >> it's nice to be here. >> what do you think of 175? >> i think there was much less weather in the report than i have expected. i thought weather was going to subtract something, like, 60,000 but with construction up 15,000, that is -- that doesn't seem to have happened. other than that, i think it was sort of picked. some things were good. other things were less good. i think the things that were good, stability in the labor

force participation rate, i think the household survey in general over the last couple of months looked a little better. what was less good i think was, you know, the hours numbers haven't been so strong. but overall i don't think it really means a major change in the outcome. >> really? does it mean that march and april we're in for a bigger bounce? >> i think if anything -- just from a bounce perspective, probably less so because there's less weather distortion to make up than, you know, you might have thought prior to this report. so, i think, you know, march and april should be okay and maybe even better than okay. but there's a little less room for a weather bounce. >> this federal reserve as you know is data driven. that's how it's conducting monetary policy. nobody is talking about altering the plan for the $10 billion taper in march, but people are talking about the risk of a tighter labor market. better jobs news and whether the fed is going to be behind the curve. hearing a lot more of that.

>> i think it's natural to talk about that as the economy generally gets better and, you know, markets do well and you have seen a little bit of an acceleration in wage growth. i think it's still very low and there's still a big gap between what you need to see for, you know, one thing tighter monetary policy and what you're seeing now, but the idea that things are moving in that direction makes perfect sense. my expectation for the fed would be they taper and they probably do adjust the forward guidance for the funds rate, you know, the 6.5% unemployment threshold no longer is very meaningful and i would expect some changes to that. >> when do you think they might raise rates, then? >> we're in early 2016 for the first hike. >> okay. >> and i'd say, you know, it could be as early as the middle of 2015. i think before that is quite unlikely. but it could also be as late as sometime later in --

>> i have a real problem with those interest rates being so far off the raising rates and this talk that's erupted today the inflationary pressures in the economy and the need to taper more rapidly. those two things seem at odds to me. are people overstating what's happening on the acceleration here? >> yes, i think so. if i look at the inflationary pressures in the economy i see a little more wage growth than what we had a few months ago. but it's unclear how much weight to put on that. these monthly numbers are pretty noisy. and especially with the drop in the workweek, it's possible that there were some distortions there. we'll have to see whether that's sustained. and if i look at the price inflation numbers, those have been extremely low. >> how do you feel about having to nail the colors to the mast and actually come out with a figure each month when it is so volatile? >> well, it's -- can be a humbling experience. >> sorry? >> it can be humbling experience. >> but it's -- it's, like, shooting fish. i mean, it's so difficult, isn't it? >> shooting fish actually would

make it very easy. but, yes, it is quite difficult and this month clearly was not what we expected. >> people are talking about velocity growth in line with what sara and simon were just asking, couple that with the 22 on earnings. is it going to surprise us? can it accelerate unexpectedly and take us off guard? >> that's always possible. my expectation would be a gradual increase in wage growth, a gradual increase in price of inflation but from levels that are quite far below where the fed wants to see them. i think a normal rate of inflation for price inflation 2% that's their target. for wage growth it's probably somewhere in the 3.5% range and we're still far away from that. >> but in a week where fisher spoke out and it's fodder for the hawks, do they have something to work with. >> the price inflation numbers have generally surprised on the downside over the last few

months so, you know, there's a lot of indicators out there and i think they are pointing in somewhat different directions. >> why haven't we seen more of a bump in the labor force participation rate? 3.6%, staying pretty steady. i mean, is that the structural argument for the labor force? how much of that is at play? >> i think over the last few years as a whole absolutely it's been surprising how much the labor force participation rate has fallen. over the last couple of months, if anything, i think the news there has actually been a little better because you did have an increase in participation last month. and stability increased this time despite the fact that the emergency unemployment benefits expired which you would have expected -- >> did you see that show up anywhere? >> no. and i think that is a news item because you -- i would have thought that with the emergency benefits expiring you'd see a drop in participation in the first couple of months and that hasn't happened. >> finally, tax season. do you think refunds are going to be significant to move

consumer spending one way or the other? >> i don't really think it's going to be a major, major factor. i do think that consumption probably has some room to bounce. the retail sales report for january was weak and very lightly weather affected. i think the same was true for the auto sales numbers, so i would expect, you know, february probably still to be weak, but march, april i think we should see a bounce. >> yeah, that will be fun to watch. have a good weekend, jan. thanks for coming by. >> thank you. >> jan hatzius, goldman sachs. of course, the question is did you nail the number. if you tweeted us your guess by nonfarm by 8:30 and you used the #nailthenumber you could be the lucky winner of this hat. >> signed by everywhere. >> read them and weep. we'll unveil the winner a little bit later on in the show. stay tuned. all right, also coming up on the show, this alternative energy company has clients that include walmart, bmw, could tesla be next? the stock has been up on speculation that it could.

year to date it's up more than 300%. the ceo of the company plug power will join us a little bit later. but right after the break we're going live to kiev to get the latest situation in ukraine where steve sedgwick has spoken to the ukrainian prime minister. in a world that's changing faster than ever, we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different -

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with diplomatic progress between the united states and russia appearing to stall how much of a risk does the ukraine pose this weekend for investors? cnbc's steve sedgwick has been speaking with the new ukrainian prime minister and he joins us now live from kiev. steve, over to you. >> reporter: simon, thanks very much indeed. this is the second time i've had the pleasure of speaking to mr. yatsenyuk really, the man is

incredibly robust in defending his territorial integrity as he sees it. the problem is the russians aren't recognizing this government in kiev and the kiev government isn't recognizing the government of the reejal assembly down in crimea and, of course, crimea is dominated by russia or russian-backed forces depending on who you believe. we understand there could be as many as 30,000 russian troops in the peninsula. the assembly down there is in favor of secession from ukraine and joining the russian federation, but i put it to mr. yatsenyuk, the prime minister, i said, look, given the realities, given the ethnic mix and the fact that 60% of the people in the peninsula see themselves as ethnic russians, would it be better in terms of the bigger pressure to secede some authority to this referendum, to this government down there? let's listen in to his very robust response. >> there will be no referendum. as it is absolutely and entirely

illegitimate. no one will recognize this referendum probably except north korea, probably syria or venezuela. and i want to be very clear crimea was, is, and will be an integral part of ukraine. noconcessions, full stop. >> reporter: the problem is, of course, the russians aren't talking to the government here. they won't recognize the government here. they see the ousting of yanukovych in late february as unconstitutional despite the fact that the parliament here voted very heavily including members of yanukovych's party to bring in this new government and bring in presidential elections countrywide in may. i asked him about the legitimacy of his government, again, very robust response -- >> this is the government that was approved by supported by an

overwhelmingly constitutional majority of the ukrainian powers. 371 votes. i can kindly -- i can kindly remind these kind of support in the ukrainian history. this government is represented by minorities, by different communities, by people with the different record and different -- >> reporter: so, we can see there, carl, really, really tough situation where nobody -- nobody -- is talking to each other. herein lies the problem, diplomacy has broken down and we'll raise it in the next hour if we can, because he said things are not as good as they want them to be but perhaps not as bad as they could be. perhaps a tiny glimmer of hope. >> getting him in front of a microphone and camera, no one

had done it before today. let's get to rick santelli in chicago and check in on the santelli exchange. hey, rick. >> hi, carl. i found it interesting we were talking to mr. hatzius from goldman, smart guy, and i've seen other economists, of course, addressing today's number and some will call it much better than expected and some will call it a surprise. i call it where i would have expected it even though my call was down at 120,000 and i'll tell you why and i think mr. hatzius kind of said it 15,000 improvement in construction. but the point of this is whether economists are playing the weather microphone or they're looking at analysts playing the stock microphone, if it doesn't all turn out well, folks, i'm sorry, we made a mistake. a little different than looking at your p and l sheets so make sure you do your own thinking along the way. and for the final jobs tally, all i will say regarding that and not that it hasn't been said before, there was a loss of

momentum on the back half of last year and i've seen very little even with weather to dispute that as an ongoing issue to pay attention to. another issue is whether you look at break-even rates comparing, for example, a five, ten, 30-year coupon to the tips counterparts you see the break-even rates are going up, so price pressures are mounting. if you look at a crb chart, some of the highest levels you'll see since the fall of 2012. if anybody out there is considered middle-class, i'd like to talk to you quite directly. what are you paying for eggs? what are you paying for milk? what are you paying for bacon? what are you paying for beef? what are you paying for nat gas? i guess the point of this is, there used to be a term we used to have called stagflation, i think you need to add a c-o-m-m, stagcomflation. and you can call it the buzzwords these are the venue of economists that when things don't work out, they say, gee, sorry, but in reality if you are

making 50 grand a year it's an important aspect of your life and it's making you dig deeper in your pockets and your flavor for pricing pressures versus what comes from d.c. is definitely a very widespread indeed. the last is you find free markets and capitalism in the funniest locales. china, okay, here's a name of a company, shanghai solar energy scientific and technology company. what's unique about them, they missed an interest payment on a bond today. a bond that is publicly traded. first time. why am i so surprised at this? because they're not looking at moral hazard, the same way we did. and any companies coming in their wake are probably going to think twice. i think this was a spectacular move and even though it's coming from a place where freedom isn't the same definition as you and i would look at in the dictionary of the united states of america. hobbs, simon hobbs! back to you. >> an important development. thank you very much, rick. rick santelli in chicago. some people have almost doubled their money overnight. coupons.com has surged 90% from

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there's a freshly public coupons.com. check them out. soaring. up more than 90% at this hour. share of the digital discount website opening at 2715. that was well above the $16 offering price. talking here first on "squawk on the street" is coupons.com president and ceo steven. congratulations. boy, you must have been surprised to see that shoot up like that. >> thank you. yes, we were. we spent 16 years building a great company. this is just a great way to step into the next part of our life. >> it's sbreing you say that. people might not know the company has been around since 1998. what took so long to go public? >> we're servicing an unbelievably great client base. consumer package good companies

and retailers. and just takes a long time to build a business that literally has been around in the off line world, you know, in this format, for 40 years and transferring all of this -- >> the coupons we all know. >> and transferring all of this over to a digital medium takes time. >> there's coupons.com, retail me not, groupon, a little different. what distinguishes you? >> sure. very, very different companies. coupons.com is focused exclusively on moving coupons that show up in your sunday newspaper for the brands that you know and love, for cereals and shampoos and things like that into a digital medium and on to mobile phones, as a matter of fact. whereas the other companies are focused on e-commerce and discounts that you sell to consumers. we give everything away. >> you have more than a billion dollar valuation now. what are you going to do with the cash that you raised to continue to expand and grow the business? >> we're going to continue to grow our business. we've been growing it year over year now for 16 years.

we're going to continue to do a lot of the same things we've been doing. >> revenues, of course you haven't earned any money. that doesn't seem to bother investors today. that will be focused on that top line. >> actually we were profitable both at an ebitda basis and net profit basis for q4. sequentially quarter both has been improving over the past five quarters. i think looking forward we feel pretty good about what we built. >> what about top line? are you profitable one quarter, but can you continue to post 50% kind of revenue growth numbers? >> i think if you look at history, over a longer period of time than just a year to think about how we grow in the future, we're much more interested in growing in a measured conservative way year over year, to build a much bigger presence with our clients so they can work more with us. >> steven, when groupon ipo'd it seemed like such a great idea but it was an idea that everybody copied it basically eroded their market position and

valuation. are you the same as groupon? are you an idea that everybody will copy? >> no, i really don't think that we are. over the past 16 years we've built a publisher platform of over 30,000 publisher. we have over 700 packaged good clients. >> why do they stick with you? why is it sticking? >> over 2,000 brands and retail locations that represent over 58,000 store locations in the u.s. so why is it sticking? you know, we've got a very, very big consumer population. we've got a terrific set of clients that continue to drive more and more promotional content through our platform. we support retailers that represent 68,000 store locations in the u.s. at this point it becomes much easier to work with us and reach everybody rather than try and work with a lot of smaller companies across the spectrum. >> you're going public at a time where every new issue, pictures of socket puppet comes up and memories of the dotcom mania comes up.

is there pressure to maintain that over time to say technically we are making money? >> you know, i think that pressure is always there to continue to build a good business. we have 500 employees and offices in europe and the u.s. and people all over the u.s. the focus really is just to continue to build a good healthy business over the long term. that's the pressure. >> and now it's going to be a public business. thanks for joining us on the big day. steven bole, he's here with his parn parents at the new york stock exchange for the big day. must be happy. i know you have 9% shares outstanding. those are steven's parents. coupons.com. good news for johnny manziel. just t got with nike. we'll talk about that after the break. if you're living with moderate to severe crohn's disease, and it feels like your life revolves around your symptoms, ask your gastroenterologist about humira adalimumab. humira has been proven to work for adults

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♪ for a team of financial professionals who provide customized solutions. for all of your wealth management and retirement goals, discover how pnc wealth management can help you achieve. visit pnc.com/wealthsolutions to find out more. we've been talking to johnny. he's an amazing athlete. we think he's going to bring a lot to the professional game. it's exciting to see what he's done in college football and we'll see. time will tell. >> that is a little bit of a hint. >> not so much time as it turned out. >> president and ceo mark parker of nike joining us yesterday on this show obviously talking

about johnny manziel. late last night espn reported that he signed with nike. 2012 heisman trophy winner and first pick in the draft, in the in fact draft. i had to read up on him. i'm not a huge sports fan but he's obviously a superstar and mark parker seemed pretty excited. we don't know how much money exactly the deal is worth. it was a competition, under armour reportedly wanted him. >> a bidding war. >> yes. >> in the meantime, up 38 points on the dow. just losing a little bit of ground there. it is, of course, jobs friday. did you nail the number? if you tweeted us your guess for the nonfarm payrolls number by 8:30 this morning with the #nailthenumber you could be the lucky winter of this beautiful winter hat just as it warms up as we reach spring, signed by the whole team here at "squawk on the street." we will reveal the winner a little bit later on in the show so be sure to stay tuned and to that end let's welcome kelly

evans to the show. kelly, over to you. take it away. welcome to "squawk on the street." here's what's happened so far. >> february nonfarm payrolls increased by 175,000 jobs, 6.7% is the unemployment rate. >> would it shock me if the market took profits in this? no. it's been going up. anticipation of something good and then we got the big enchilada good? i kind of like it. >> there's the opening bell. >> the formula for moving forward i think is very clear. infrastructure investments passing the minimum wage, passing immigration reform. we did those three things. we have this unemployment right now another point in the year. >> will you make it 175? >> i think there's much more weather in the report than i have expected. i thought weather was going to subtract something like 60,000.

>> good friday morning. it's 11:00 a.m. on the east coast, 8:00 a.m. out west. the top story we're following this morning, the u.s. economy added 175,000 jobs in friday but one new job got more pub bliss they the rest. facebook's beat. we'll talk to her in a moment. the saga of the founder of bitcoin. it's getting stranger and the latest update is coming on that story? a few minutes. >> this app has only been out one day. already one of the best new apps in the app store. ten different countries. we're going to talk to the founder and chairman of etsy and flickr. $175,000 jobs in the month of february. steve liesman other than that headline number what else grabbed your attention here? >> what han said, kelly, if he said he didn't see a lot of weather in it, what if there was a lot of weather in it and

175,000 jobs is underline straight. in other words, it would have been much higher if not nor everyone acknowledged a harsh winter weather month. 175 up on nonfarm payrolls. december to january just up 25,000. unemployment rate ticking up. a good sign coming into the workforce two months in a row. almost 700,000 people counting themselves for looking for work and a strong gain for average hourly wages. was there weather? look at this chart which came out which shows that part-time because of the weather spiked to 600,000. that's ten times what -- sorry. three times what it normally is in february over the last ten years. where the jobs were education and health up 33,000, leisure and hospitality, 25,000. temporary help, another good sign, 24,000. construction adding workers and retail down 4,000. for the fed, this support doesn't change the game. it represents gradual, not stunning improvement. it doesn't answer much of the

question about how much weakness was there for weather but suggests maybe there's underlying. it keeps them on their path of reducing bond purchases because there just isn't evidence of broader weakness in the economy right now that would necessitate any change. carl? >> steve, thank you for that. steve liesman lack at hq wrapping up the jobs number. big story today. on this jobs friday next guest probably has the most talked about new job in the couldn't trirks earlier this week the city of menlo park, california, unanimously approved an agreement with facebook to fund a police officer position for a three-year term starting on april 1st. it makes facebook the first private company in the country to pay for a full-time beat cop. we're joined this morning by the police officer selected for the position. mary ferguson dickson along with the mayor of menlo park, cal. good morning. >> good morning. >> good morning, carl and kelly. >> mr. mayor, it's a great story. we've been -- this is being called a possible blueprint for partnerships like this all around the country. how did this come about?

did you go to facebook? did they come to you? how did this all marriage happen? >> you know, actually in menlo park lately we've been having conversation about how to fund our public safety efforts. really how we can do more to focus on youth. there was a conversation taking place at one of our local schools on how we could go ahead and address that issue and there just happened to be a facebook representative there who heard that conversation and facebook came forward with this idea. >> officer ferguson dickson, can you tell us a little bit about your background and how you see your role in this new role? >> approximately four years ago i was tasked to come up with a truancy abatement program in our city and i did and it functioned very well and was very successful. and hopefully i'm going to be getting up and running very similar to the way it was four years ago. >> and so from your point of view there's really no difference in whether facebook is funding your position or whether the public is. this is all just about you doing

the job that you've been doing, correct? >> correct. >> i think -- i'm told at least, officer, that you're going to handle neighborhood issues that relate to youth, as we said, truancy, things like that. i've been to menlo park. it doesn't seem like a high crime area but how challenging do you think the job is going to be? >> i think the job is going to be pretty challenging. we have several schools in our city. that it's not true truancy abatement, but stranger danger, educating parents and students regarding social media safety, bicycle safety, coming up with disaster plans for the various schools and businesses in our city as well, like i said, the truancy abatement. i'm going have my hands full. we'll be very busy for the next three years. >> mr. mayor -- >> carl, if i could -- >> go ahead. yes. >> if i could interject. in menlo park, you've probably been to west menlo park. if you go to the east side of

101 we do have quite a bit of public safety issues. very frankly, this really was facebook's second to help us solve a long-standing problem in our city. and we actually hope that this will be an etffort that will no only engage our city but palo alto as well. >> a lot of people have described this as win-win-win effectively. i wonder, you know, it's great that facebook has the financial capability to do this. but to the extent people are talking about this as a model going forward, what happens during leaner times? what happens if more of, for example, municipalities police force is funded by a private sector that goes through business cycles? >> what this allows us to do is actually act fiscally prudent in menlo park and restore our reserves. right now frankly we could, if we wanted to, probably try to fund this project but we've chosen right now to actually act prudently because we have $33 million in unfunded public pension liabilities as well as

capital improvement projections throughout our city to deal with issues like rising sea tide and infrastructure projects like dark carbon internet fiber that we need to go ahead and put throughout the city. so very frankly, facebook stepping forward in high times like this allows us to keep our have ever strong so in leaner times we can continue to fund these efforts. >> do you think this is the future, mr. mayor? are we talking down the road about entire police units, a new headquarters? can the public/private partnership go that far? >> you know, it really depends. we are taking it one step at a time. i think that it's a great first step, but you know, we took this step prudently. what we did was we put in place a contract with facebook, an agreement, to really try to set forth some parameters and how we would be operating together. facebook can't tell our officer what to do. they're not telling our police department somewhat to do. and as we move forward and really see how this works out,

we will be able to really see how ground breaking this will be. yeah, i do believe this is the first steps of what you will see as public/private partnerships. i think this is acknowledgement in the silicon valley that really what -- an acknowled acknowledgement between the gap between the haves and have-nots and make sure that in our area where's people are most underserved we can go ahead and bring that tub blik safety effort to them that we otherwise might not be able to do. >> we talk all the time about the challenges that municipalities face all around the country. this is one interesting solution that we'll watch. mr. mayor, officer, it's great to have you with us. thanks again. >> thank you. >> thank you for having us. want to check in on one of the morning's ipos. coupons.com off to a good start. new public digital discount website trading at $30 after pricing $12 to $14 and of course -- that was the initial range. priced above that.

we talked to the ceo on "squawk on the street" this morning. here's what he had to say. >> coupons.com is focused exclusively on moving coupons that show up in your sunday newspaper for the brands that you know and love, for cereals and shampoos and things like that, into a digital medium and then on to mobile phones, as a matter of fact. whereas, you know, the other companies are focused on e-commerce and discounts that you sell to consumers. we give everything away. >> and the company living up to its ticker today, carl. a bit of a coup in a tougher tape since that jobs report hit. >> s&p is down four as people keep their eye on the ten-year 28. highest since january 23rd. we're going to start to have that conversation again. >> oh, yes, we are. already happening in the inbox. up next, this company can probably be described as the amazon of 3d printing. we'll show you exactly how it works in just a moment. but first, rick santelli also keeping a close eye on that jobs number and the ten-year, rick. >> this close and i'm talking to my man jim bianco who is going

to be coming up bottom of the hour. we're hearing a lot about this part-time influence within this jobs report. but looking at it is a bit of a negative. in other words, somehow we push these people down to part-time checks. what if they wouldn't have had any checks at all if it wasn't for the weather? there's always two ways to skin a cat. we're going to try an alternative route, bottom of the hour. with all the opinions about stocks out there, how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today.

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in recent months 3d printing has been scene in industries ranging from fashion to health care. our next guest shapeways, you might have seen their work anywhere from the red carpet to the victoria's secret runway. that's going to be my first question. peter, the ceo of shapeways, our own jon fortt joins us onset as well. great to have you. good morning. >> good mornling. >> what would you have done for the victoria's secret runway? >> we worked with victoria's secret and one of our community members and we designed a complete outfit worn by one of the angels in the show in december. we brought actually some of the bracelets that were part of that design set. >> wow. >> i think you brought some here. >> they're over here. yeah. and the cool thing is that, you know, one of our community members working with a big brand like victoria's secret you can bring your creativity to life very easily using 3d printing. >> is that comfortable? >> you know, if it's

comfortable. >> well, you know, about the outfit you should ask the person who wore it. in the sense of the julie it's like any other jewelry you can wear. >> the e-commerce element here is i can be someone at home, a designer from home, right? i send your by design, you print it out and mail it back to me? >> yes. >> what has demand been like so far? >> how many customers, how many orders? >> the cool thing about what we're ordering is we are both service for everyone who has creative idea, they can make it in 3d software and upload it to the site and tell you what it costs. all the materials we offer but then if someone else might want to buy it you can open the shop. this is for free. all of a sudden you have a worldwide audience. we ship to over 100 countries and you can sell your products to them. and we have like over 400,000 people using the service. we have over 13,000 shop owners. we're enabling small entrepreneurs to build their business.

>> the first thing i thought of was etsy or ebay, the commerce sites who let people do this. the real difference here is this is 3dr printing. why not entintegrate it into a h bigger exchange or platform? >> we try too enable people to collaborate on what they see. you see a nice piece of jewelry. i want to work with the designer and have him change it slightly so it fits my needs. and to enable all of that we building our own platform was the right way forward. >> here's what i'm trying tofy figure out. designing something really amazing like one of those pieces there takes an amazing amount of software skill, also. is this going to be more of a niche market for kind of customizing inry gate question signs that are going to cost a lot of money and have a smaller market or is there a way to make this a bigger mass market? are we waiting for the point and shoot digital call a to enable that? >> the cool thing is, the

marketplace leveraging the skills of fewer people who know how to use 3d software and we give them a platform to showcase what they can make and then anyone, you and everybody, can go to our site, see what is available, even work with the we c designers and get what they want. you don't have to have 3d software skills to get exactly what you want. we have built our own applications that you can use like a ring customizer or sock get set, too. we also work with an api, enable people to make applications and for iphone or ipad or anything that you would like to have. and specialized applications, it becomes easier and easier to design and make what you want. >> a lot of critics look at the valuations of the publicly traded 3d printing companies and say it's excessive, it's too excessive for how broad the market can get. what's your best pushback on that? >> i think 3d printing has huge appeal because i think that for

the products we really care about 3d printing gives us a way to make exactly what we want. i was thinking about it. it's a little bit saying that happened to software. in the beginning software was made by big companies, a few of them and they were publicing the software. selling it to retail, right? then came the internet. that's when the internet all of a sudden anyone with a great software idea, whether it's software service or piece of software you want to distribute, the internet made it possible for anyone to become a software entrepreneur. i think the same is going to happen to products. and if you think about that and people can get compelling products, real products they want not just what mass manufacturing is making available, i wouldn't be surprised if in the near future -- >> the nail decorations right there that you brought with us. >> you want to? >> i think carl does. yes. i don't know if you can see them. they're lovely. >> yeah, i'll take those. >> i would give it a try. >> obviously nowhere near done talking about this long-term. it's great to have you in.

thank you for your time. >> thank you. coming up, the u.s. is waiting for sanctions in response to the crisis in ukraine. we'll talk to ukraine's new prime minister. that's next. plus, tesla isn't the only company redefining the way we power our country. plug power is also exploring new energy technology. look at this. the stock is popping almost 11% today. almost 4,000% over the past year. we'll tell you why in just a moment. those little things still get you. cialis tadalafil for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet

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the ukraine has the government is calling russian troops to leave crimea. he's live in kiev with more. hi once again, steve. >> yeah, thanks, carl. i spoke to mr. yatsenyuk and said, look, on the ground you have a parliament who wants to see from your country and join the russian federation. you have a majority population down on that peninsula is pro russia, 60% of them call themselves ethnic russians. plus you've got up to 30,000 on the ground. do you have to give a bit of ground on this one, mr. yatsenyuk? let's listen in to what he said. >> there will be no referendum. it is absolutely and entirely -- no one will recognize this referendum, probably except north korea, probably syria or venezue venezuela. and i want to be very clear,

crimea was, is, and will be an integral part of ukraine. no concessions. full stop. >> there you have it. the referendum which is due on march 16th is a crimea session vote and actually mr. yatsenyuk quoted article 73 of the ukrainian constitution who says it has to be a countrywide vote not a creama wide vote. diplomacy was faming. the obama/putin talks failed. the fact that russia won't even recognize his government, as well. he wasn't giving off with the diplomacy just yet. let's listen. >> we started this process. don't be in a hurry. >> so there is some progress, sir? >> there is no negative implications, i will say. not as bad as we expected. not as good as we need to do this.

>> i'm just reading a piece of copy, kelly, that says the most likely outcome is increased level of self governance for crimea and autonomous state. at the moment that seems an incredibly long way away, when russia isn't recognizing ukraine government. ukraine government isn't recognizing the crimea government. >> the prime minister in such a tough spot. thanks. not long ago plug power stock was lange quishing 16 cents and it came dangerously close to being delisted from the nasdaq. now it's trading at $7. that's more than 4,000% increase from the 52-week low and captured the interest of companies like walmart, bmw, and cisco. what's super charging plug's business and stock price? have a look. >> plug power makes hydrogen powered fuel cells for forklifts. to understand why their business is booming, you have to understand a little bit about

forklifts. first off. in a company's busy supply chain keeping a fleet of forklifts moving means money. and every time you pull one off the line to switch out a dead battery, it's costly. plus, charging that dead battery requires tons of electricity, even more money. but fuel cells literally take seconds to charge and don't use electricity. so if a big company were to swap out its fleet of forklift batteries with fuel cells, it could save millions. >> and here for a cnbc exclusive interview now is plug power president and ceo andy marsh. welcome. >> thank you, kelly. >> what a ride you've been on. >> it has been quite a ride. but honestly, we always knew we were going to be successful. we've been doing this -- >> you're still losing millions of dollars every year. >> but we will make money this year. >> this year in 2014. >> in 2014 we will make money.

and it's because we've been building this company for five or six years. we to can youed focused on a ma fuel cells could make a difference today. we put it into electronic forklift trucks. we convince customers like bmw, walmart that our units can dramatically improve the productivity of their organization. it's a large market. there's over 6 million forklift trucks in the world. we've only touched the small sliver. >> has there been a break or make account? >> walmart has been the break or make it account, carl. >> how many? >> we booked over 1700 units from walmart over one month ago. and that booking really was accumulation of work that started about four years ago. we did about two or three warehouses with walmart. they saw that it was making a difference and they were willing to make a large commitment to plug power. >> you do the services, too? you maintain? >> we do the services and we also provide -- and i think this is important. we developed a recurring revenue

model so we're providing not only the services but the hydrogen infrastructure and the hydrogen fuel. a little known fact. there are 14 hydrogen stations in the country. plug power has been involved in building 45 hydrogen stations. when you think about cars and long-term, you know, this is the first industrial vehicle we're going to be successful in but we have a vision of continuing to grow. >> when you look at the auto market and the success both of tesla lately and helping people adopt electric vehicles and also the natural gas conversions that are getting more and more popular. why do you think there is going to be a place for your technology? >> well, it's not only andy marsh who thinks there's going to be a place. people like toyota, hyundai, honda, all have large fuel cell programs. i've made announcements they're going to introduce fuel cells. and the big difference between fuel cells and batteries and there's certainly a place for both technologies, is fuel cells

extend the run time. so batteries have limited charge. fuel cells are like a car with a tank. we're doing a program with fedex, federal express, in california where we're adding fuel cells to electric -- to lithium battery delivery vans. it will extend the range of those vans from 80 miles to 160 miles. there's a gramt accommodation of fuel cells and lithium batteries for most industrial vehicles. >> perhaps is a combination of those technologies in the end. >> we actually use both in our product. >> andy marsh, thank you for shedding light into an incredible stock story. >> unbelievable. year to date action. one crazy chart. thanks, andy. >> thank you for the time. when we come back, in a deal that seems it happened forever ago. flickr sold to yahoo! for $35 million back in '05. what does the co-founder of flickr make of the $16 billion deal for whatsapp? we'll ask her in just a few pret difficult thing to do. but, manufacturing in the united states

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as u.s. markets lose altitude here could the action in europe be to blame? simon hobbs joins us. >> you can see that it's far lower. it's a much more negative day in europe today. still a big hangover from yesterday's inaction from the ecb. simply lack of sympathy for low inflation and low growth. a lot of people are talking about that. of course you still have the event risk of whatever might happen in the ukraine which will much more impact europe than the united states.

another reason why they're lower. the other thing, of course, is that was the ecb is doing nothing to boost the european economy, a least the fed was printing. but now the fed on the strong employment report today looks like it's going to pull back on the taper or continue the taper. and that in itself withdraws liquidity and another reason why we're down in europe so far today. let's look at the weekly charts. remember the excitement we had the heavy losses on monday on the ukraine and the bounceback on tuesday. europe has headed down net for the week overall. this is the united states still tracking higher as you can see. big focus for the week has been telecoms. that continue today with telecom italian announcing it's going to scrap the dividend for the first time ever to preserve cash under such difficulty. you will see the french telecom plays bouncing back on the deflation in that pricing is at an end. the top gainer in europe is air france kln. the ceo talked about how they came back from the brink of bankruptcy. gain of almost 5% on today's

traffic figures. this is a chart that takes you back to the beginning of 2013. 49d% gain. look at this next chart within the airline industry. international consolidated airlines which is the owner of british airways. that chart for the period is up 140%. the reason is the ceo willie walsh and the way he's been restructuring and taking on the trade unions, both iberia and british airways and british midland and doing deals left, right, and center. willie walsh will be on cnbc this afternoon on "street signs." well worth a listen. my god, that guy has taken some flack over the years for the stock prices. phenomenal. >> yeah. quite a businessman, willie. thanks, simon. simon hobbs. a survey offous holds shows the number of part time worker has reached an all-time high. highest read since '78. rick? >> hi, carl. when i was a little kid my dad used to go out and buy that

chevrolet impala. first thing he would do, i never really understood why, but he liked to kick the tires a little bit. jim, nobody kicks tires anymore. okay? let's go to part time. so immediately after this number comes out, immediately, the part-time aspects, three times kind of the normal average in terms of a run up of part timers is immediately viewed as a big weather negative. is that the only way to look at it? >> no, the assumption is the full-time people were pushed down to part-time because of the weather. the other way to look at it is the part-time people got jobs because of the weather, shoveling snow or chopping strees because the weather was so bad they needed to employ them temporarily. >> if we were having a debate at a major university could either side -- they could, you know, you think part timers are a good thing although temporary, or bad thing, although temporary. both sides could possibly argue their cases as factual without

necessarily negating the other possibility, correct? >> yes, especially if you only got one data point after one bad week of weather. push down, bad from full to part time or going from nothing to part time is good. >> another thing i hear, okay? five e-mails where the aspects of handicapping this number were done in comparison to potential jobs and how they're aft affecty weather. i find that a huge flaw because i personally think we slow down in the second half. you haven't even more info regarding why maybe that isn't a smart idea. >> i agree with you. the data shows we're slowing down. last year, chicago, the middle of the country. last year, january through march, nine inches of snow. this year, six feet. it was extreme in the other direction last year as it is this year. so last year was an outlier. this year was an outlier. don't look at last year's numbers and say that was norm. that was an extreme in the other direction as well. >> did you see any other aspects of this report that really stuck out in your mind?

>> the participation rate, i think going up. the big question that everybody has is what happened to all of those people that lost their emergency unemployment benefits? history shows they usually drop out of the workforce. we haven't seen that yet. i still think we're going to see that through the ball loance of year. >> north carolina had an issue with that and it took three or four or five months. one of the first hurdles, the current national program, is that there's always this notion that they may come back and russer is reruss s russer is. something new today. everybody e-mails me. we're going to keep him longer. when this interview ends in ten seconds we're going to be screaming on dotcom. streaming right now. you want to know what's behind this question mark? you're going to have to follow me to dotcom with jim bianco. back to you. >> that's a tease, rick. thank you very much, rick santelli in chicago. up next, new app findery has been out for one day but one of the best new apps in ten

different countries. we'll talk to the founder who is also the chairman of etsy and cofounder of flicker. just a moment. with all the opinions about stocks out there, how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today.

coming up at high noon. five years after the market bottom, is this an aging bull or raging bull? panel of experts weigh in in

just a few. could spotify be getting closer to an ipo? we'll show you what the clues are and where do you stay in sin city? the venetian or the wynn? we're having a heated debate over which stock to bet on. all straight hey head on the "half," carl. see you in 20. >> coming from a man who knows vegas well. thanks. when it comes to building online communities the founder of today's squawk breakthrough has a few big successes under her fate. she cofounded flickr and hutch and sold to yahoo! and ebay. chairman of etsy and new start-up is on based story telling. launched yesterday and chosen by apple as a best new app in over ten countries. katerina joins us this morning from san francisco. congratulations on the longest win streak in history, katerina. good to have you with us. >> thank you. >> so 16 months in beta. you get the blessing from apple. for those who don't yet know what findery is, describe it.

>> so findery in a nutshell is the ability to find and leave notes around the world. those notes are all kinds of things from historical information or personal stories, gossip, history, and it really tells you all about the world around you, things that you wouldn't necessarily be able to uncover or know. >> i just downloaded it myself to look at what it said about this area with the new york stock exchange and all the history. and was interested to note that some of the real estate brokers have tags or listings to look at. is this what this app is looking at? a different way to get their listings in front of a user? >> typically we have a varied user base. we have people who are telling personal story, really wonderful histories, and i think the one that you're seeing is probably the corcoran group. businesses have adopted findery, you know, with great firfer. one of the things we've seen is that, you know, real estate for example is one of the great use

cases for findery. in general, though, the things we're seeing on findery is more historical, more personal. we welcome all businesses on our platform as well. >> right. and while i can understand that it's kind of those stories and that experience that would draw people in, you need people on the platform, i guess what i'm wondering, the business model you will have listing or partnership with the local enterprises? >> yeah. that's the likely scenario for revenue plan. however, right now since we just launched less than 4 hours ago we are in the process of building up our member base and building up participation on the platform. >> we have said -- you've been critical, katerina, of social as a category. i think you've called it social peacocking. you argue that you don't want to be cool. what do you have against that? >> oh, not social peacocking as a way of, you know, all the people that are kind of out there taking selfies and making

them look good. we're trying to bring out the meaning of the place, the, you know, the soul of a place, if you will. and the stories behind the place rather than pictures of yourself or about, you know, great places that you've gone to dinner. we feel that audience is very well served at this point and we're looking for something -- a product that's a bit wider and deeper. >> coming off a week of that ellen selfy, maybe we did hit the top of the selfy market. time will tell. you sold to yahoo!. you sold to ebay. obviously the question here is when will you sell findery or will you? >> i don't ever start a company with the intention of selling it. i think it's sometimes a great outcome for start-up. i've been very fortunate and lucky in that these really great companies have an interested in acquiring the start-ups i have started. but i really would love findery to take it all the way. >> what do you make of the valuations we see right now?

>> it's crazy. it's crazy in the valley. >> specifically about whatsapp in this case. >> that was just -- that was just completely out of bounds bound. it surprised -- you know, we've seen a lot of really, you know, exceptional valuations, shall we say, out here in the valley but that one really raised eyebrows. >> why, ckaterina? since you've been so involved in this, familiar with valuations, familiar with strategies, why did that one raise your eyebrows? >> the number was just really high. it was a very, very high number. the other thing is that you often see that social media and social media properties, people can be very fickle. and move from social network to social network like that on sometimes businesses that cannot sustain over time is a remarkable thing to see. >> in terms of fund-raising we keep trying to take the temperature of vcs, of angels. do you still get the sense there

is the appetite for new growth stories like your own? >> they're always is. i think that the valley is a great place for some inthenthuss and believers in possibility. you see the investment community here continuing to invest widely and heavily in start-ups. and including things such as social media, which, you know, many people sounded the deaf of social media. you know, years ago. and yet we're still saying, you know, acquisitions such as whatsapp happening in the valley. >> yeah. we have a habit if country has a habit of prolonging these deaf nails right in the face of success after success. catarina, come back. >> likewise. take care. >> the founder of findery which kelly evans just downloaded and we should probably do the same

thing. >> i'm typically a late adapter here. i'm trying to get ahead of it in this case now that it's featured today. let's get to dom chu and a quick market flash. >> financials are the best performing financials and seeing a group of banks showing strength. check out the regionals like keycorp., suntrust, better jobs number means better for the economy. more traditional lenders do well as longer term rates rise and shorter term rates are held nu near zero. back over to you. >> yes, it is. people love the acquisition play talk there as well. thank you. coming up, the strange saga of the supposed founder of the bitcoin. plus, we've come a long whey since the bottom of the market five years ago. we'll tell you the biggest winner since then, when "squawk on the street" comes right back. (announcer) scottrade knows our clients trade and invest their own way.

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welcome back. today the mystery surrounding the creator of bitcoin continues. after "newsweek" identified a man likely to be the currency founder, satoshi nakamoto, it ended with a car chase where the man denied having any involvement in the currency. >> i have nothing to do with bitcoin. nothing to do with developing. i was just an engineer doing something else. i just believe that somebody put that fictitious name in there.

issatoshi nakamoto and bitcoin. >> who could have seen this twist coming. >> i mean, okay. so he's probably not the guy, i guess. but we know that the real satoshi nakamoto does not want to be found. if he is the real guy this is what you would expect him to do. it's a brain teaser there. also on the p to p foundation where the real satoshi nakamoto posted before this post again saying i'm not this dorian guy. so that seems to lend, also, to the idea that maybe this isn't the guy but then again, if he were the guy and didn't want to be found, this is what he would do. >> i'm not sure you jump in the car with an ap reporter, though, right? there are so many fs, thens, or buts about this case. >> you're not sure if you do it if you are the guy? >> i don't know. would you? would you want to get out of there but in the hands of a fellow media member.

>> usual suspects. you're too young. you're too young. >> i haven't seen enough movies. still though, he didn't entirely distance himself, did he? in that statement, he didn't entirely distance himself? >> as much as he possibly could. it's hard for me to prove that i didn't create bitcoin. it's something for someone to prove that they did. at this point we're back to the detective game. >> unbelievable. the chase, the whole bit. in tech, you don't get many stories like that. jon, thanks. the s&p is up 170% since the market bottomed. that means if you put $100 in the index you would have more than doubled your money by now. so who made the most money since market bottomed? the numbers, pretty staggering. let's send it back to mark frank. >> the bull market has been a bull market in millionaires. we look at the number of millionaires in america there are now more than 500. that's up more than 40% since

2009. '70s, rebound billionaires who fell off in 2009 but made it back on as their stock recovered but most of these are people in finance and tech who have gained with their stock. let's see who gained the most. bill gates is up by more than $36 billion since 2009. he's now worth around $78 billion. most of the gains are not from microsoft stock but actually from cascade, his investment company. that company holds stock in berkshire, coke, canadian national railway and other publicly traded companies. sheldon adelseven son went to $38 billion, a gain of more than $35 billion. carl icahn, we talk about him, he's up by more than $9 billion, now worth around $23 billion. and the hedge funders, they are scoring big. ray dallo was worth $4 billion in 2009, now he's at 14. now, combined, this is the amazing number. america's billionaires have seen their combined fortune double to

$2 trillion. the 400 with just americans have captured 7% of household gains in stock since 2009. guys, back to you. >> unbelievable numbers. the rich, they do get richer, robert. that's how the mathematics work. we've been talking about this this morning, the economy adding 175,000 jobs in february. question is, did you nail the number? >> the jobs report is out. >> february nonfarm payrolls increased by 175,000 jobs. >> were you able to nail the number? if so, you will win this cnbc flapper cap signed by the entire "squawk on the street" gang. find out if you're the lucky winner next on "squawk on the street." impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy.

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uh-oh. geico. fifteen minutes could save you fifteen percent or more on car insurance. welcome back. we're here with jon fortt at post 9 talking about the diplomacy between the ukraine, russia, and the u.s. and then icahn and ebay. >> very similar in a number of ways.

mark andressen without with another letter this time taking a look at carl icahn's action in 2005 when he was a chairman of xo. and he did a little self dealing it looks like. sold some of that company to himself and pay it off some debt that xo owed him. so he got both ends of the deal. in essence saying what happened with skype is child's play, completely above board, i'm not quoting him, this is implied. compared to what icahn himself did nine years ago. this seems to be counter attacks happening on multiple levels between silicon valley and then carl icahn here on the new york. >> it's one thing when you're talking about the businesses but to get into this flame throwing, i don't know. >> silicon valley guys don't play. he is well staffed, not just with vcs but now with word smiths, people who know how to craft letters. so they've got plenty of ammunition to go up against

icahn. >> yeah. we'll see if they have the endurance to go. carl can go for 15 rounds and more as we all know, jon. we have a winner in the nail the number contest, hit it right on the head, david morris of florida. he joins us this morning on the cnbc news line. david, good morning. great to talk to you. >> hey, carl. i'm a big fan. >> you knew you won and you tweeted immediately, where's my hat. >> i didn't. that wasn't me. >> okay. somebody did. but you must have gotten in earlier than they did. what brought you to 175? >> oh, gosh, i've been thinking the economy is going to pick up for a long time. in fact, i think interest rates are a a bubble. but i don't know when it's going to blow. but they're in an uptrend and we'll see what happens. >> are you expecting -- you obviously had to factor in the weather like all -- like the entire "street" did, wrongly in their case. what made you think it's not going to be as big a factor on ism for instance? >> i just got lucky, carl.

i saw the adp report come out and later in the week i started lowering my numbers. but i think i was just lucky. i've been optimistic so i was optimistic early in the week and i'm just lucky i got my guess in early. >> we got a picture of you looks like on a ski trip. if you're in florida, what you're going to do with this hat? >> it gets cold here. it's going to be 45 tomorrow here. so i'll wear it proudly. i'm going to love it. >> david, you don't like to play individual names, really. you tend to ride the s&p. you've already said you think rates are going up. you've been shorting interest rates. give us just your gut about -- is that a phenomenon for the first half of this year, back half, nek year? >> i think it's going to -- i think interest rates are taking off noud now and i think it's going to be a trend that continues until, you know, it busts the market. i mean, interest rates are the meat of the market. the stock market is a function of interest rates. >> david is the chief exist at

goldman has cautionary words. he nailed the number several months back and hasn't exactly hit it since. we hope this isn't a top for you as well. >> you got to be lucky with this number, that's what i say. >> kelly is going to sign the hat now, david, as we're saying good-bye. >> i'll add my initials here. >> i have no idea what you're going to do with this in florida. >> it's on the left ear flap. >> i go snow-skiing once a year. i'll take it with me and wear it proudly. that's a picture of me in aspen. i'll love it. >> congratulations to you. keep playing because we have had repeat winters in the past. >> okay. i'm going to keep trying. >> david morris joining us from florida, winner of nail the number. and he did nail it with 175. >> is jon fortt going to put the hat on? >> i don't think, no. >> i don't know that david would still want it after it's been worn. he should be the first. >> i think that's a great point. >> meantime, dow managing to get back some positive territory. we went negative for a while

again as our winner pointed out. people are beginning to look at the ten-year. >> yes. and europe closed. that is giving us more of an upward bias. you will have to stay tuned to the trading day later to see what happens. >> i think it's a three. let's get to steve liesman with breaking news. >> thanks, carl. new york fed president speak in brooklyn at this hour saying a highly stance in monetary policy is appropriate for a considerable time to come. this is the first fed speaker in the wake of the jobs report this morning. he believes growth will be strong enough to lead to improvement t in the labor market and the unemployment rate declined over states the labor market improvement because of discouraged workers. he sees diggs discouraged workers eventually returning to the workforce. on growth, he expects sustained growth better than the 2 1/4%. but perhaps not as fast as the 3% we had in the second half of 13. now to begin properly fast money we go to none other than scott wapner. >> welcome, folks.