♪ ♪ >> and welcome to "squawk alley" for thursday. joining us henry blojette, founder and editor and ceo at business insider. >> jon fortt is out today making his way back from the world congress in barcelonbarcelona. kayla tausche in post nine. a day where the market is trying to find its legs again, on-line marketplace etsy filing for an ipo. the company says it intends to list on the nasdaq under etsy. it says it plans to raise up to $100 million in the ipo but could seek more. we talk to the ceo chad

dickerson about the responsibility of going public last year. here's what he said then. >> we're not really focused on that right now going public. we want to continue building a strong business. you know, the b corp idea is to generate social good and economic opportunity while running a business and that's what we're really -- we're really good at at etsy. >> been around ten years. the path to the ipo has not been completely smooth. >> it has not been and had we been ten years ago they would have gone public six years ago and everything would have gone great and crashed and we would be back on the right track. >> is this an example of a company going public at the right time in its life span? >> in the current ethos for when you should go public which is when the early opportunity is long gone, you're supposed to be stable, not so risky, yes, they're at the right time. a lot of people thought what happened is 1990 get in on the companies when tiny take a speculative bet and ride it up was a good way to go public, but that has changed.

>> obviously a lot of numbers to talk about in the filing itself. pretty strong revenues. 196 million or so in sales. the bigger question from etsy vendors and people from a 30,000 foot perspective, what it says about the culture of a start-up. of course etsy was founded on the ethos it would only sell handmade goods in 2013 it sort of reversed that policy and said, actually, we're going to roll that back to a certain extent and that's when the revenue jumped so much. do you have to basically abandon some of your principles culturally as a start-up to be able to create the numbers that wall street wants? >> depends on how big the opportunity is. that's the question here. they're doing about 2 billion in gross merchandise sales. what's the opportunity? $200 billion, $20 billion. i don't have a good sense of that. that's one of the things that the company is going to have to lay out. if it is a huge opportunity, then they're in great shape and can continue -- >> what's amazon's gross merchandise, do we know? >> close to $100 billion in

sales. >> 50 times. >> for them, so a lot of that is they're just getting a small affiliate fee on that. could be huge. ebay massive, they haven't limited the opportunity the way etsy does. etsy has been able to carve out this opportunity because they've developed a market that others have not been able to do and the question is, how big is it? >> although some are suspicious of that market? not everyone believes every item they sell is artisanal in nature, doesn't come from a factor. issues with counterfeits as retailers have. >> and maybe to kayla's point, maybe they can expand beyond it. the marketplace for cool stuff. that is what ebay started as. wasn't all handmade stuff but random things and grew a business out of it. ways they can continue to do that. >> parsing the details about the timing of the filing because it listed an exchange, the nasdaq, this is one of the most high-profile ipos. the nasdaq has won over the nyse since gopro and disclosed a ticker an expectation they filed confidentially and ironed out the details and we could see the ipo a little sooner than maybe

the 120 day window normally when you get a first filing from a company? >> that would be nice. such a has toll go public. nice to speed it up. >> it is. next up according to the journal this morning, apple is going to delay production of a larger i pad until september because of a delay in the supply of display packages. production was slated to start this quarter. the journal says apple is considering adding a wanted feature the usb port to the next generation of the ipad. separately hbo reportedly in talks with apple to bring its streaming service to apple tv, called hbo now. that service is expected to launch in april and cost $15 a month. first on the ipad. we know the category is challenged. are they trying to do what microsoft has done with the surface? >> yes. this is sort of a hybrid pc, pad. we haven't figured out yet ultimately what tablets are useful for. everyone came out of the box, it's going to be so huge, sold a bunch, now people find that they

last forever, you don't need to keep buying new ones an they're kind of a tweener device. our fablets now which are big enough and the pcs themselves or the computers. it's a tweener device and talking about being able to plug in a keyboard and mouse. my reaction is i love my mac book. why would i need to do all that? >> but then they created the air they eliminated the need for a cd rom drive because they had created itunes. you wonder, has their design plus their software not really advanced to the point where they've been able to eliminate the need for a usb driver. >> that's right. or a keyboard. it's hard to type on a tablet on the software side. people want to hook up keyboards. what hasn't happened is we haven't had the application development where folks have come in and revolutionized all these productivity apps that we use, word, excel, google docs and come up with an easier way to input that information. as a result, these are still not the big creation devices.

they are content consumption devices. until they figure out how to make them a great replacement for this, you're going to struggle on sales. >> meantime the hbo news, discussion it could be up in time for the "game of throwns" to begin. anything we know about this or expect from this? >> i think it's great for hbo. the more they can move beyond being tied to cable that's great. the more they can bring a direct subscriber base like netflix has that's great. great for apple tv. another option. no question consumers are getting more and more and more options. you can go around traditional tv and still watch as much stuff as you want. one of the questions is, is this going to hurt netflix. no, it's not going to hurt netflix. it's another option, a lot more expensive. they've got original content people want but a much narrower selection than netflix does. >> it's been much publicized how apple has had road blocks negotiating with the networks and content providers, having hbo on board as a first mover do you think that paves the way for

more to be offered on apple tv. >> the more they get the more helpful it is the more value it is in an apple tv and more time people will spend interacting with apple tv as opposed to the cable box. the more that shifts the more power apple has. >> meantime next week, we look for more clarity on the watch. deutsch out with a note saying it could be great. sales robust but it's again that echo not going to move earnings and they maintain a hold. >> it's small relative to the thing. apple is in a position, no other company has ever been, the most profitable product in the world. how do you top that? and the answer is we probably top it with incremental things. the watch, the car, when it finally comes out. even so, just hard to see how they grow that profit base a lot from here. >> apple settling back to 126 after getting awfully close to 130, of course. finally, this morning, dallas maverickss owner mark cuban out with a good piece in "business insider" today. this headline why this tech

bubble is worse than the tech bubble of 2000. too many private investors putting money into app and small tech companies and most are probably under water. take a listen to what cuban told us about the bubble last week. >> i don't think we're in a bubble per se, but i think we're in a momentum market without question where people don't -- the market is so complicated and so difficult to understand these days, and not so much driven by value, that people go where people are and invest where other people are investing and that's why you see, you know, big run ups in stocks and certain stocks, not all stocks, you see big run ups in certain currencies, big run ups in certain commodities and then they pull back and everybody jumps somewhere else. it's just so difficult to understand, you know, what -- what's the difference between correlation and causation that it's almost impossible for individuals to invest. >> buying for buying sake, is that what he's saying? >> i think what he's saying, a nuanced point, which is look,

tech is in a boom, it is a cyclical industry as we have talked about at some point this year, next year, year after that we will go into a tech recession, all evaluations will collapse and so forth but there is also real value underneath it. what i think mark is saying, not a bubble, which i agree with, cyclical boom, but these are all private investments which are completely liquid. if you go back to the 1990s a lot of companies go public, shouldn't have been public, speculative, stocks collapsed over a period of a year but a lot of folks had a chance to get out of those investments as the stocks dropped if they want. what mark is saying you can't get out of the private investments. people are investing at huge valuation, the valuations will drop, nobody can sell, no market for them, so you're stuck effectively investing at these prices. >> and obviously the day trader at home can't access an investment like uber, something that sought-after. he takes aim specifically at equity crowd funding anyone with $5,000 to spare can put that

into a project that may never take off, be prepared to never see that money again, is that cautionary tale? >> all of the crowd funding services which again are creating a new source of capital, are very valuable as a flow of capital perspective but bull market enthusiasm devices. everyone wants to be in when all prices are going up. but when we go into a recession, something like that, sud lay lot of folks who poured money into them thinking it's only going to be good are going to get hammered and will temper enthusiasm. >> let's game this out. is the pain limited to the sophisticated private investors who would be hurt or does this bleed into shares of p&g because they have to sell something to maintain their liquidity? >> all equities will drop. what he's going after with the equity crowd funding is the crowd funding mechanisms and some of the funds that have sprung up to get you into companies like uber and maybe they're buying money on the secondary markets, less big than a few years ago, but usually when equity valuations start to

break down, everything drops, a lot of the folks who are getting into uber doing the private crossover investing are mutual fund companies, pension funds are doing it, so sure, you get hit. it's not -- they're buying preferred stock so they have downside protection but at some point the boom will turn into a bust as they always do. >> you night get your 30% henry. >> i'm sticking with that. i realize i'm chicken little right here and it's going to be years and in six months you can officially make fun of me for being flat out wrong with the original call. >> always good to see you. >> great to be here. >> speaking of mark cuban he will join closing bell to talk about that op-ed in a cnbc interview at 4:00 p.m. eastern time. all right. let's get a check in on the markets at this hour. all major markets are in the green today. largely on the back of comments from the ecb. we will get a press release later this afternoon. detailing that quantitative easing program set to kick off on monday. we saw nat gas invener tos come back a little bit might be

offsetting an uptick, surprise uptick in jobless claims this morning. the dow at 18,1117. s&p is above that, at 2098 level. nasdaq still about 25 points away from 5,000. though it is on track for nine straight weeks of gains. major deal in biotech today. abbvie buying pharma cyclics for $21 billion in cash and stock. that company is rallying while abbvie is down this morning. not expected deal and a big one to boot. meantime shares of costco in the green after profit topped analyst estimates. same-store sales coming in better than expected and that stock, carl, up 2%. >> all right. when we come back the upcoming apple watch might not be as good for the stock as many think so says deutsch's top apple analyst with us to explain why. plus etsy the latest start-up prepping an ipo. when could we see other big money companies like uber and snapchat go public.

top vc investor will weigh in. one thing facebook's mark zuckerberg looks for in hiring a new employee. his answer when "squawk alley" continues.

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plus enjoy special savings when you purchase any new verizon wireless smartphone or tablet from comcast. visit comcast.com/wireless to learn more. the apple watch set to hit stores in apple but will sales move the needle op the stock. our next guest isn't so sure. here with us is sherry, senior

technology analyst at deutsch. >> thanks for having me. >> your report is moving the needle on the street for apple. why do you think that it can't stack up to other products. >> it's not that i don't think it can't stack up to our products. ta is an it interesting product. it's just that apple has so much revenue at this point it will be hard for a new product to move the needle. iphone is about 60% of revenue,s it's more profitability, and the watch is going to be a slow ramping product, by 2018 about 25% of iphone sales, $26 billion in revenue, which is great for most companies, but for apple it's still less than 10%. >> we were discussing during the break just the range of expectations on units and i would argue probably pricing too. we've seen notes earlier in the week that said 600 bucks maybe with additional bands. you think 350. and at 17 that's a good number. is that calendar year, $17 million. >> calendar year. >> the range goes up to what? >> range from what i've heard is between 10 to $50 million

iwatches in 2015 calendar 15. the range is pretty wide because nobody knows how successful this product will be. it could be not very successful. i think it will be successful or it could be blockbuster. >> $26 billion in revenue by 2018. obviously it's a fraction of the iphone as you alluded to but the iphone wasn't an overnight success, it wasn't 74, 75 million shipments in a quarter the first year it was out either. what are you looking for in tangibles to see whether the apple watch will have that staying power? >> that's a good question. i think when the iphone came out it was new and revolutionary the ramp of the product and adoption of the product took time. what you've seen with apple's past products the iphone ramped quickly and you will see a similar ramp with the watch that you saw with the ipad. now we have that install base. so i don't think investor expectations are that high for

at this point. better than that would be considered pretty good too. >> safe to argue apple pay is a bigger leverage to earnings? more powerful? >> well, apple pay is an amazing feature for the phone, but i don't see it driving a lot of revenue longer term. the economics in the transaction market is that the banks make the most money off of it. it's great for revenue because it's probably close to -- great for profitability because probably 100% of profitable but in terms of revenue i think it's small. >> iphones the mother's milk but now seeing apple expand into other products. the watch, reports going into cars. what is the responsibility of a company that big to diversify in other products and not just live off that one revenue stream? >> it's hard for apple. they have such a success with the iphone, generate so much revenue, biggest company in the u.s. markets, 4% on the s&p 500. it's hard for them. they need to keep creating new products. i think apple does a great job.

they're an innovative company. it's harder for them to move the needle. >> you maintained your hold. catalyst over the coming year, apple capital distribution, if there is one, is that it for the year, do you think? >> well, many investors are waiting to see what they say in apple because last year we had a big deal with the stock splitting and the additional $30 billion in stock buyback. so, you know, potentially do see something in apple with another buyback. i don't think you'll see a split at $100 stock levels. so we'll see. >> $179 billion of cash, though, is bigger than some countries' gdp. what do you foresee they will do with that? more acquisitions perhaps? >> well, apple has been very careful with acquisitions. they tend to buy small technology focused businesses. they don't buy big businesses. the biggest one they did recently was beats, right, a private company. so i think they'll continue to be disciplined. i think they'll continue to bring it back to shareholders. they are somewhat limited in how

much cash they have in the u.s. most of their cash is offshore. >> we appreciate you joining us today. sherri from deutsch bank. when we come back according to mark zuckerberg there is a secret to getting hired at facebook. we'll tell you what he had to say in a moment. "squawk alley" will be back in a minute. sound good? great. because you're not you, you're a whole airline... and it's not a ticket you're upgrading, it's your entire operations, from domestic to international... which means you need help from a whole team of advisors. from workforce strategies to tech solutions and a thousand other things. so you call pwc. the right people to get the extraordinary done. ♪ you're driving along, having a perfectly nice day,

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welcome back to "squawk alley." take a look at shares of dunkin' brands right now up at least 3% right now after goldman sachs upgraded the company to a buy from a neutral rating. goldman citing an increase in sales and better results from its loyalty program and expected earnings increase from its k-cup distribution deal. dunkin' stock up more than 3%. some interesting topics about whether or not they're going to get rid of the titanium dioxide the white pigment in the powdered doughnuts. back to you. >> thanks so much for that, dominic chu, back at headquarters. >> the secret to getting hired at facebook, ceo mark zuckerberg spoke at mobile world congress in barcelona and revealed he will only hire someone if he can

see himself working for that person as well. he also mentioned the importance of keeping the company small and nimble, saying, quote, facebook serves more than a billion people around the world, but our team has fewer than 10,000 people. it's only possible because of modern technology. big companies get bloated. of course carl, they may have fewer than 10,000 employees, but have doubled that employee base in the last two years so they're growing at pretty fast clip. >> the stock has been a winner lately. it was a struggle for a while to get above 80 but managed to do it a few days ago. 8140 is not quite an all-time high but awfully close. meantime what a day in europe. simon hobbs here to wrap up what happened across the continent. >> it's a decent rally as you might expect now that ecb has formally announced it will start qe on monday. that's 1.1 trillion euros, 60 billion euros a month as we expected. there's more kind of detail coming out in the wake of the news conference that we had.

actually in cypress today from mario draghi. there was a suggestion perhaps he was more upbeat than many expected. now a 2017 projection on inflati inflation he thinks it will come up to 1.8%, shy of the 2% target for 2007. way too early to be starting to walk back, though, on the dovish nature that they cast. he took credit for the long-term interest rates having come down recently and for corporate lending rates that had a lot to do with the ecb has been doing and he also said that they will buy bonds at negative rates or at least down to the current deposit rate which is minus 0.2. the greek banks are higher today during the news conference he said they increased the amount of emergency lending that is available. you'll remember that they capped out on this short leash at the moment but there was a kind of a -- a warning to the rest of the government there that actually their language or their communication can destroy equity in the banks and they should be very careful.

he had this message about returning these banks to a normalized lending and collateral situation. take a listen. >> the ecb is the first to wish to restart the financing to the greek economy. provided the conditions are in place. and the conditions to be in place is that a process which suggests a successful completion of the review be put in place fastly. >> and, of course, don't forget that euro group is meeting on monday at which greece will come through six proposals we believe on how to advance that. earnings season continues in europe. some of those today. the retailers leading qe not all reported the turnaround seems to be working. dell haiz revamping stores in

the united states. belgium retailer. metro is higher and aviva and air bus, 32 new orders for the jetliner doing well and the fact that euro is at an 11-year low doesn't hurt. back to you. >> when we come back our next guest has a good eye for investments getting in on companies like living social, snapchat, jeremy lu will help us break down etsy's ipo in a moment and a multibillion dollar deal going down in the biotech space today. if recent history is a guide more are still to come. what's next later on "squawk alley." tdd# 1-800-345-2550 [ male announcer ] your love for trading never stops, tdd# 1-800-345-2550 even on the go. tdd# 1-800-345-2550 open a schwab account, and you could earn tdd# 1-800-345-2550 300 commission-free online trades. tdd# 1-800-345-2550 so if you get a trade idea, schwab can help you take it on.

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i'm sue herera with breaking news out of laguardia airport in new york city. a delta airlines flight 1086 out of atlanta on landing skidded off the runway and as you see from this live picture, the weather in new york city and surrounding areas has been bad. we've had snow since after midnight. apparently what happened was, as far as we know anyway, according to the faa, delta flight 1086, an md 88 landed on runway 13, and then slid off the runway. the faa tells nbc's tom costello no injuries they know of at this time. it is a fluid situation. the weather continues to be very difficult for the airport personnel and takeoff and

landings. major delays in the tri-state area. once again, delta flight 1086 out of atlanta on landing at laguardia skid off of runway 13, slid off of it. it may have impacted a fence, we don't know that at this point. that's speculation by some that are on the ground there. nbc's tom costello is efforting more details on that. we will bring them to you live when we get them. carl, back to you. sue, thanks. on-line marketplace etsy files to go public listing under ticker etsy. big ipo for new york's tech scene and first for a b corporation. julia boorstin joins us from san francisco this morning with more. >> hi, carl. brooklyn-based etsy has it all. from edible beef jerky lingerie to earrings made out of vintage doll arms, the on-line marketplace, which gives entrepreneurs the tools and

platform to sell their products and ship them around the world, has 1.4 million active sellers and nearly 20 million active buyers. etsy charges 20 cents per listed item and 3.5% fee on sales on the site. in 2014 etsy generated revenue of $185.6 million. up 56% from the prior year, and a net loss of $15 million that's bigger than the loss of $800,000 in 2013. now etsy's the biggest ipo of a company that's certified as a b corporation. now b corporations meet certain standards of social and environmental performance as well as accountability and transparency. it's kind of like lead certification for a building, but for companies and social responsibility. now some other b corporations include warby parker, ben and jerry's and pad gown ya. etsy says it sees its environmental and social goals as inseparable from its business

goals. so this will be a test of how investors react to a company that prioritizes social good along with returns. ceo chad dickerson writing in the s1, quote, i intend to keep our unconventional operating philosophy as we become a public company. i believe etsy can be a public company that integrates the concerns of people on the planet, the present and the future. profitability and accountability. if we kuk seed then other companies might replicate our model. now the company says it will set aside 5% of shares sold in the ipo to its, quote, u.s.-based etsy community and other individual investors. we'll have to see what kind of valuation etsy seeks and whether investors think that prioritizing its community is a plus or a minus. carl? >> i'll take it from there, julia. thanks for that update. we will keep our eye on etsy filing values at about $1.7 billion. unicorn's, dragons, whatever the

label the tech industry is running to keep up with the rapid rise of these billion dollar valuations. what should we keep our eye on for the next leg? jeremy lu is a general partner with lightspeed venture partners. thanks for joining us. >> happy to be here. >> so there are now 73 companies that we know of that have this valuation of more than a billion dollars. how do you as an investor separate the wheat from the chaff? >> i'm lucky in that i spend my time on the early stage investing and as these companies grow they grow into these billion dollar type valuations. but for me, when i'm meeting these companies, we're tending to invest a at a 5, 10, $20 million valuation on the hope and expectation they'll grow into valuations in the future. for us a lot of this stuff is in the future and we're excited to see it happen to our companies and portfolio when they do. >> a lot of companies in your portfolio even though you got in an early stage have been formidable brands, snapchat,

just to name a couple, what do you see in those companies that leads you to put your money there and know or at least hope that you'll be able to get a decent return on it? >> you know, when we invest a lot of what we invest in is the entrepreneur and the team behind them. because they have this huge vision and the exciting thing about investing in the early stage, you can buy into that vision, the view of the future, and if you believe that the people that you're working with have the capacity to realize that, then you're on a -- off to a very good start. >> there's fear that not everybody has the background, modeling skills you and your company and partners do that everyday investors are trying to jump into the private market, whether on angel list or through equity crowd funding. do you see red flags in that market? >> i think it's a game you want to be very careful about. if you're not an experienced investor, don't have a lot of time spent and familiarity with

private technology companies, i think you should be careful to not invest more than you can afford to lose because even for an experienced investor at the early stage, you know, a good 30% of our companies will go to zero and you would expect that probably might be higher for one who isn't a professional investor. people should proceed with caution. >> jeremy, i'm looking at some of the, obviously, long list of successes you've had in the past, investments, exits generally i mean maybe i've got this wrong, generally end in an acquisition by a disney, by a warner, by a game stop. is that by design as opposed to going public? >> i think historically the trend has been 09%, 80 to 90% of technology start-ups get acquired and 10 to 20% go public. a lot of that gets dictated by the timing of the markets. obviously as we saw from the etsy story and activity in 2014 and so far this year, we're in an environment where the public

markets are much more receptive to ipos. in the period from 2008 to 2010 that was not the case and you saw a lot more acquisitions in that time frame. >> maybe the valuations have come down a little bit, jeremy, but thinking about zulily, wayfair, there are comparable companies to etsy that are trading still below their ipo price. how receptive do you think the market really is or how conservative do you think these companies really need to place these deals? >> you know, i think it's funny. my perspective, i look at these companies at a much earlier stage and i look at a mull it ty billion dollar market cap as a huge win hopefully to the point we tend to invest when the valuation tends to be, you know, sub- $100 million. i think that often times, once you go public, there's a lot of other factors aside from core performance that can come into valuation including sentiment and broader market factors.

and those things go up and down. the core value has been created in a tremendous way in both of those companies as it has at etsy as well. i'm sure that will be rewarded. >> jeremy, we'll continue this conversation, but we appreciate your time this morning. >> thank you. happy to be here. >> jeremy liew of lightspeed ventures. >> analysts are calling it one for the record books. we've got plenty more about abbvie's deal this morning. we'll keep an eye on the plane that has skidded at laguardia. >> holy cow. only one place to watch the eurozone. as we get more information, there are some real interesting areas that the ecb may be focusing on with regard to purchases and some on the list may truly surprise you. the title? dislocations. all after the break. say you're a finance guy.

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coming up the question every investor is ask is the market poised for a pullback or is this just a pause in the rally? we're going to ask one of the country's top ranked financial

yadi yadia advisors. wait until you hear what john vicktorn is betting against. one name up 34% since itsp ipo and mark cuban says this time is different and it's worse than the dotcom boom and bust. all that and a whole lot more top of the hour. see you in about 20 or so. >> all right. sounds good, thanks. in the meantime back to sue herera as wenter taking its toll on laguardia. the plane has skidded off the runway. >> that's exactly what happened. we have some more details. just to recap, delta airlines and the flight number is 1086. it's a mcdonald douglas 88. it on landing landed on runway 13, but as you can see from that picture and if you live in the tri-state area, the weather has been terrible today. it skid off the runway and now we have a port authority spokesperson telling the associated press that it went off the runway at about 11:10 a.m. the plane appears to be, according to the port authority, with its nose resting against the fence.

the port authority says the plane is apparently leaking fuel, but the faa and the port authority say at this point, they do not know of any injuries. they have unloaded some of the passengers. they've been walking down the plank way and walking through the snow to get clear from that jet. right now, as i said, the faa does not know of any injuries. and we'll keep you posted on that. but, of course, it's a developing story and we will see when they get all the passengers off. i'm certain they are pretty shaken up. that's a terrible experience to have to go through. the weather has been bad, the runways have been slippery. a number of flight cancellations and delays in the tri-state area. once again a delta airlines flight 1086 that went off the runway, runway 13 at laguardia. we will keep you posted carl and kayla on any further developments. back to you guys. >> all right. thank you so much, sue, for that update. also getting reports that laguardia is closed. so we will keep an update on that story. let's get an update from eamon

javers in washington with more on the hillary clinton e-mail scandal. >> yeah, hi, kayla. our first comments from secretary of state john kerry traveling in saudi arabia is now on his way to london while in saudi arabia, he took the opportunity to answer some questions about former secretary of state hillary clinton's e-mails. in those comments, which we just got in a few minutes ago, he said the state department has had access to, quote, a wide array of hillary clinton's e-mails, including what he calls the e-mails between her and the department officials with state.gov accounts and cables. secretary kerry also says that they are now in the process of reviewing all of those for public release. as we do he said for any document that comes in, he says, we will undertake this task as rapidly as possible to make sure they're dealing with the sheer volume of e-mails here and what he calls a responsible way. obviously guys, this goes to the heart of the question of exactly how many e-mails has hillary clinton's team turned over to the state department. secretary kerry saying they've

turned over about 300 responses, e-mails to the select benghazi committee on capitol hill. the question is whether the benghazi committee will be satisfied with that and who it was on hillary clinton's team who vetted all these e-mails and decided which ones got turned over to the state department and one which ones went to the benghazi committee. >> thank you for that. >> over to the cme group. rick santelli with the santelli exchange. hey, rick. >> hi, carl. first let's start with the markets briefly. look at a chart of the euro, you can see that we had a lot of volatility and where it ended up. well if you just look, for example, at a three or four-hour chart and posted that price, you did it for the last couple weeks, it really is ultraorderly. yes, there was volatility. look at bund yields they did briefly get up to 43 which would have been the highest yield close, anything 40 or higher since the last ecb meeting on the 22nd. here we are back in the mid to upper mid 30s. once again, if you plotted a more macro looking chart, you

wouldn't have noticed much. so what happened? we're all getting excited that this was it. well, i'll tell you, here what's my impression is trying to scramble around and talk to as many people as i can, that many in the marketplace treated the ecb in its announcements and ultimate qe purchases scheduled to begin on march 9th in the same way they handled what was going on with the united states and the bank of japan. you have large money players, hedges trying to get in front, trying to anticipate where the money is going to go. think they're smart, looking like they have a handle on it but then the curveball comes. okay. based on the ecb's own paperwork i would like to put up a list. here's some of the international super national institutions that couldn't find favor with regard to their securities being purchased. council of european development bank, european atomic energy community, european financial stability facility stability mechanism, european union, nordic investment bank. okay. maybe i'm being cynical but i'm

representing what i'm hearing from traders. okay. first of all, they might be on the wrong train going to the wrong location. because the big question was, is there going to be enough depth in these markets to accomplish whether it's bunds, bobls. whatever it is they're going to ultimately buy. many thought the answer is no. we see the one line, of course, that they'll buy until they get to their negative deposit rate, minus 20 basis points, when i was talking to jim, he said if it gets there and they can't buy enough they'll lower it. i get that. but then there was another line in there basically said or we can go in another direction. so they're making it difficult to get in front of it. back to that list. let's harken back to another time and what the ecb is doing, bank of japan, united states, we call it qe but many call it a stimulus. remember our stimulus package, three quarters of a trillion dollars ultimately, supposed to be a lot of it for infrastructure, shovel ready and if i recall maybe $60 billion proven to go into that. a bust in that regard. many on these lists to me look

as though this could benefit brussels but not necessarily the member countries, the eu. the issue is, is this just kind of a big fund? is this what they're going to purchase? so there's more questions than answers at this point but one thing i can tell you for sure everybody wants to see the first few if it turns out to be reverse auctions to see exactly what they'd buy. back to you. >> rick santelli in chicago, thanks so much. huge biotech deal news today. abbvie buying pharmacyclics for $21 billion. beating out rumored bidder johnson & johnson. meg turrel has the details on what this means for abbvie and the rest of the biotech space. >> hey, guys. essentially what abbvie is getting here, is a big leukemia drug. that was approved by the fda in november 2013. it brought in about $550 million in sales in its first year on the market. analysts say it could potentially at peak bring in $5.5 billion to $7.5 billion.

it's a really significant drug because it essentially changed the pace of this kind of leukemia or these kinds of leukemias it's treating. the potential to eliminate more toxic chemotherapies from treatment regiments and turn it really into a chronic disease. something people live with for a long time and continually get treatment. now abbvie is brg out its leukemia drug portfolio. adding this drug which is partnered with johnson & johnson as you mentioned rumored to be another bidder, alsos a another one that partner eed roche. analysts are saying the deal makes sense. what has them scratching their heads and why abbvie shares have come under pressure today is because they think they're paying a lot of money, $21 billion for a drug that hasn't brought in even a billion dollars in annual revenue and just for half the drug. remember they're partnered with johnson & johnson here. of course on the flip side analysts are saying this is great news for the biotech industries and valuations overall.

a big year for deals on top of a year last year, shire and nts, valent and say lix, bit wig premiums on top of a huge deal merck for i dentics triple its value. analysts are saying this is going to boost the biotech industry. coming out saying this could boost takeout premiums of the emerging biotech class. back to you. >> what day for biotech, meg, and we're not done. thank you very much. meg tirrell. the plane that has landed and skidded off the runway delta 1086 from atlanta to lga, md 88, lands on runway 13, and slides off the runway. no injuries that the faa knows of. no reports of serious injuries although the fire department in new york city has tweeted that a fuel leak is in progress. this shot is if you can zoom in, maybe not, but a bit of a hill,

slight hill, you might be familiar with if you've landed or taken off from lga that's essentially intended to keep planes from just sliding into flushing bay which in this case looks like it did what it was supposed to do, kayla. >> to look at this picture, to say that there's inclement weather in new york is an understatement. it is extremely ominous, much snow on the ground, much ice as well. so certainly we are glad that there are reports that there are no injuries from this incident. we should mention in the markets we are still in positive territory. the airlines, though, have taken a turn lower especially those airlines that do a lot of business out of laguardia because laguardia is closed until i believe this evening. >> laguardia is closed according to the airport they will reopen at 7:00 p.m. tonight. that's obviously going to cause a lot of has sells for people trying to leave or get into new york city. kayla mentions airline stocks, delta was trending lower much of the day. really didn't move around the time this accident happened

around just after 11:00 a.m. eastern time. and kayla mentions the storm making its way across the mid-atlantic states. 60 million affected by the winter warning. the "today" show put up a map called the misery map, essentially all that winter weather making one last gaps to spring. joining us is captain les abend contributing editor to "flying magazine." >> good morning. >> i can't imagine how many times you've run this route. can you talk about what might have happened here? >> it's tough to make out from some of the pictures. this is brand new material. the -- it looks to me according to what the winds are on the weather i'm looking at on my own computer they were having an operational on runway 4 landing to the northeast. laguardia is a short runway operation. you know, it's snow and ice makes a big difference. freezing fog according to what

i'm reading on the weather. it looks like what they might have done, landed on runway 4, the end of that runway ends up in part of the bay, they may have attempted -- they were in a potential skid situation and veered the airplane off to the right. looks like a berm parallel to another runway at laguardia, so they may have tried to prevent themselves from going actually off towards rikers island if that was the direction. i'm just guessing on this. but that's what it appears to be at this point. it looks like it was a slow speed turn judging by the damage of the airplane, just from what i can see at this point. >> obviously it's difficult weather to fly in. we've been watching some of the tracking sites looking at planes having to make multiple approaches to jfk. this morning which has its own operational difficulties in the past several days. from what you can see in this

video, does it look like they managed to do the best with what the situation gave them? >> yeah. i mean, you never know until in a situation that they had at this point, weather is a constant variable so one airplane landing before them is going to encounter different conditions than this particular aircraft encountered. as we know it's an md-83, a long-standing, very reputable and reliable airplane. but yes, it looks to me like they attempted to keep the airplane from going off into the water and had some sort of skid situation and may have actually aimed it at the berm to prevent a water entry. >> you know, there is frustration every time a flight gets canceled or delayed because of inclement weather and while

there are reports of a fuel leak here, i'm wondering if this would raise some caution of flying in this weather and exactly how difficult it is for pilots to see and for pilots to land when there is so much snow on the ground. many times it can't be cleared right away. what would you say to that? >> well, i mean, you know, this is an operation that you mitigate your risk. we're all trained in this situation. we've come a long way with deicing, this obviously wasn't a deicing experience because the aircraft was airborne, but you do have to calculate landing distances. you go with the reports that you have. we call it breaking action reports on the field. i mean, it can be and should be a safe operation. you just have to understand that you're going to have to be on board equipment is heating the wings to keep that from being

iced. the engine is being deiced and bleed air also, all these things are part of our training. and it's a matter of mitigating the risk and understanding what you have ahead of you. i'm sure the guys flying the airplane put all these numbers together and said, this is a safe operation to land on runway 4. unfortunately, they apparently encountered conditions that were slippery, more slippery than they anticipated. >> you mentioned laguardia being a short runway. we're all aware of that. we're also aware of how quickly it seems to the layman they are to cancel flights in weather. of course that always creates headaches for travelers. would you argue the in general air traffic control being conservative is a smart thing for those in the new york area? >> can you -- i'm sorry, can you restate the question with regard to air traffic control? >> you mentioned the

difficulties in landing at laguardia and we know how often flights are canceled with a hair trig are. is that generally wise? >> well, it's -- of course it's -- when the situation dictates it, they have a situation with actually freezing fog which makes it a little bit more challenging. which indicates that the runway may be more icy, yes, absolutely, it's part of air traffic control's job to say listen, we don't have a safe condition for landing the aircraft. you know, the pilots, the pilot in command is the ultimate decisionmaker if the runway stays open. but absolutely. the airlines mitigate this by at least to try to cut down on the pain for passengers. they're preemptive in canceling flights. one of the airlines i'm familiar with, is canceling every other flight between laguardia and chicago. just because the conditions that might be encountered.

>> we saw people on social media posting pictures of cotts being set up in o'hare last night in expectation of further weather. the fact that it's march 5th and we are still dealing with as much snow and as much ice, does this strike you as a longer than normal winter season from the perspective of air travel? >> well, let me put it to you this way. i'm tired of picking up the snow shovel. i'm in connecticut. yes, it is. this is not expected. you know, we're dealing with february weather that's in march, so -- but that being said, none of the airports in the northeast are ready to put away all their deicing and snow related equipment. so i mean, it's out there and available all this safe aspects to maintaining an operation in this kind of condition. >> well, so little that we know about what happened here, but as

we look at the video and as you point out, it does appear that perhaps there was an attempt to keep the plane from sliding into the water and you can imagine what a horrible scenario that would have been with the water at these temperatures, les. >> i mean, it brings back some memories of days gone past that we learned a lot from. yeah, that would have been a really nasty situation. we've got to give credit to these guys at this point in time, you know, we're at a speculation point, of course, but we have to give credit these guys may have done all they could with an airplane that wasn't stopping. so -- but, you know, there's going to be an investigation because this is considered an accident. let's hope that there are no serious injuries and that seems to be the reports we're getting. but i would like to give credit

to this crew at this point in time. >> les, thank you for that. contributing editor of "flying" magazine and a triple 7 captain. laguardia will remain closed unkill 7:00 tonight. let's get over to headquarters, and scott wapner and the half. all right. carl, thank you so much. it is, of course, time for the halftime show. want to alert all of you, we will continue to monitor the situation out at laguardia airport. bring you the latest headlines and update, of course, as we do have them. want to introduce you to our starting lineup for today's show, stephen weiss managing partners of short hills capital, jon and pete najarian co-founders of optionmonster and our guest trader for the day is rob of ubs. he is one of the top 100 financial advisors in the united states according to barron's. our game plan today looks like this, get