happy thursday everyone and welcome to worldwide exchange. i'm seema mody. >> i'm wilfred frost. here are your headlines from around the world. >> the green back continues to be the story. the strength of the u.s. dollar expected to dominate trade as it rises to levels not seen since 2003. but the euro rising against the dollar for the first time in two weeks. >> still stressed out. bank of america trading lower after the fed gives it only conditional approval for its capital plans. some fail the tests all together. >> volkswagen moves full speed

ahead in china. plans to boost production after posting a record year for profits. we heard exclusively from the ceo and chairman. >> two police officers have been shot during proterss outside the police department at ferguson missouri. this is following a report citing widespread racism in the force. >> welcome to the show. let's bring you breaking headlines coming out of volkswagen. they announced that 2014 profit hit a record high of 17.9 billion euros. they also said they plan to increase china annual production to 5 million vehicles per year. we'll continue to identify more of the flashes. they have also identified half

of the 5 billion cost cutting volume program that they have been talking about in recent weeks. coming up in just a few minutes time we do hear exclusively from the volkswagen ceo and chairman so do stay tuned with us for more on that interview. >> absolutely. in the meantime let's take a look at u.s. futures. another ugly day for stocks. the dow and the s&p trading lower as well as the nasdaq but as you can see right now futures indicating a higher open similar to what we saw yesterday. the dow up about 76 points in premarket trade. the nasdaq up about 17. the s&p 500 up just about 8 points. keep in mind today we do get u.s. retail sales as well as a look at the jobs picture in the u.s. so those two data points could change the story when looking at u.s. markets but it has been so far this week a down week for u.s. markets.

it will results from the fed stress results. financials one of the leading sectors in yesterday's trade. we did see a sell off in the tech sector. more on yesterday's sell off throughout the show the ecb wants it to push up. we have been looking at the 12 year lows against the dollar right now interestingly enough despite the weakness we're seeing in the euro we're looking at it trade higher in the u.s. dollar but taking a look at the dollar index because that has been the bigger story, the strength, the resilience of the u.s. dollar against a basket of currency. >> the bigger picture has been the one year performance. dollar index up about 18%. >> although moving the other way today.

>> that divergence and today we have strength in european equity markets once again. staying along with the outlook for fundamentals and monetary policy outlook. the ftse 100 is particularly strong today. it doesn't take part in the bond buying program and oil prices have been weak and that hurt the ftse 100. germany is below flat but the other is managing to stay. >> let's look at bonds because that also highlights the different monetary outlook. the u.s. ten year below 2.1%. germany .2% and italy at 1.07. the u.k. not part of the bond

buying program so that remains closer to where the u.s. ten year is. 1.77%. quick look at commodities because the outlook for interest rate rises has been the main reason we have seen u.s. equities struggle, also pointing out the oil price weakness. it's come off over the last couple of sessions although today bouncing back a little bit. 48.5 for wti. brent at 58.1. brent up the best part of 1%. back to you. >> the discussion continues around dollar fever as some traders are calling it. what does the stronger dollar mean for multinationals and their bottom line. the euro gaining a bit of ground right now against the u.s. dollar. as you can see sterling right now also doing the same against the u.s. dollar. we'll continue to discuss more about what it means for your portfolio and we want to hear from you on this. are you taking advantage of the weaker euro? join the conversation on worldwide exchange. get in touch with us. e-mail at cnbc.com.

tweet us and our personal handles are on the bottom of the screen. >> let's get back to volkswagen which posted record profits in 2014 helped by gains in china. the german auto giant expected to increase production to 5 million vehicles annually by 2019. that's up from 3.7 million currently. >> now those figures could help volkswagen in the race to welcome become the world's number one auto maker. they surpassed general motors to take the number two spot with 10.14 vehicles sold but that number fell just shy of toyota's 10.23 million vehicles. the latest update could set the stage for another fierce battle with toyota this year. let's get out to phil who joins us from berlin where the volkswagen annual meeting is taking place. give us your headlines. what do you think?

>> the first one being we have numbers including profits from china, theoretical profits from volkswagen in china, that 5.2 billion euros. add those in with the already announced $12.7 billion profit from last year and you have a theoretical profit that volkswagen is announcing of 17.9 billion euros. they're making a billion and a half dollars every month. they announced for the first two months of the year the sales globally topped 1.5 million vehicles. that's a new record. within the last half hour we had a chance to sit down with the chairman and ceo of volkswagen and talk to him about the record profitability that volkswagen has just posted. >> that is a new figure.

your calculation is right. this is the aggregate profit of the group. add the $5.2 billion of profits from china that we account and it is an operating profit which is contributed. 40% is our joint venture, 50% on the joint venture in shanghai. >> you heard him talk about the theoretical profit in china of 5.2 billion euros. keep in mind volkswagen is number one in china in terms of auto sales and has no plans to relinquish that title. the company just announced it is increasing it's planned annual production in china going from 3.7 billion vehicles annually currently raising it up with with the addition of a couple more plants up to 5 million

vehicles annually by 2019. >> no we intend to grow by improving efficiency in the plants of course but improvements in china are difficult because they're working more than 300 days a year. we have 18 factories in place in china already. we decided on two more. two more will follow. so that our production capacity in china by 2018 will be 5 million vehicles. >> which is interesting considering when you came in as the chairman taking over the company your global sales were a little over 5 million euros and now in china alone you'll have production at those rates. >> yes, we are very successful in china. we have been active more than 30 years in china. we just signed a joint venture

contract for another 25 years. we are established there and the chinese love this type of continuity that we have been committed for so long and they see we have the most modern car. the most modern technologies. we bring them to china. the chinese hold that in high esteem. the market has quickly anticipated what would happen in the european and u. s. markets. latest technology cutting edge leading edge technology. connectedness. very ambitious values. >> finally let's take a look at a chart of the euro dollar trade as it moves closer to parity with the euro continuing to weaken and the dollar growing in strength almost again at parity between the euro and the dollar. we asked about the impact of the weak euro. especially when you have premium brands like portia and audi and

clearly there's an advantage because of the euro-dollar trade. here's what he had to say. >> we are planning independent from worldwide exchange rates and the rouble contracts and we have the currency dropping and our product and planning decisions are independent of currency exchange rates. >> for some of your brands a couple of good examples, it's more poftable right now. >> of course. it's of course an advantage for the brands that export mainly to the u.s. but there's other countries as well. think of russia the rouble it becomes more difficult to sell audi and portias than volkswagens. >> we sat down with him within the last half hour. he is talking right now going over the last year and some of the projections for the future.

again, the big headline here the annual profit last year theoretical profit of 17.9 billion euros. that is a record for volkswagen. back to you. >> big numbers there. >> absolutely and closing the gap on toyota and global vehicle sales. thank you very much. now coming up here on worldwide exchange, the fed rejects capital plans from the u.s. units. we break down the winners and losers in the second round of stress tests coming up after this break. heroes charge! ♪ (explosion) ♪ (explosion) ♪

(explosion) ♪ lead your heroes in the hit mobile game! download heroes charge now!

sciaticatwo police officers have been shot during a protest in ferguson, missouri. they're being treated at a local hospital where their condition is unknown. this as the city's police chief re-sign foldinglowing a report into his force. protestors that were calling for him to step down gathered at the station after his resignation. >> now the fed approved capital plans for 28 of 31 bairngnks in the annual stress test clearing the way for them to buy back stock. bank of america only got conditional approval which means it must resubmit it's plan in

losses and revenue. they were approved after tweaking their plans last week. citi group got the plan after failing last year. >> the fed rejected plans of the u.s. units for qualitative deficiencies including their ability to measure losses and identify risk. they're up about half a percent. >> checking shares of some of the other banks as well let's have a look bank of america off about .9%. that bank only got conditional approval for its plans. morgan stanley doing well up 1.5%. similarly citi group up well. they're one of the ones last year that failed. overall there's a couple of negative points there as you mentioned. >> so far. >> this is a great thing for the

banks to have behind them. >> 28 banks have passed. the big question is is this a turning point in terms of how they have been able to recover from the financial crisis. interesting price action. one of the big winners up about 1.5%. but you take a look at what citi group unveiled. that leaves citi group's dividend at .4%. so why are investors becoming too bullish on what the banks are unveiling? does this set the tone of what to expect? is that why investors are getting in now? >> it's a change in the momentum and the direction of what they can do and it's another big regulatory hurdle that's behind them. more going forward of course. but each time they get past these big hurdles it's nice because there's a short-term amount where they can decide their own fate once again. let's switch focus to the u.k. we're getting flashes coming out

that sabadell started prelim nation discussions to buy a stake in tsb. it's 5.8% on the news. only spun off from lloyd's banking group some 18 months ago. still owned 50% of it. it's up about 2% on the news sabadell however sinking around 6%. >> switching focus to box, box posted a bigger than expected 4th quarter loss. the first report since the ipo in january. this was due to higher operating expenses that rose 33%. box says analysts mistakenly base their earnings estimates on an inaccurate share count and it reported a smaller loss. the stock still fell about 13% in after hours trade and it's trading down about 8.8% in frankfurt. the founder of box and ceo aaron levie will be on closing bell this afternoon at 3:30 p.m.

eastern but of course first earnings report as a public company for box and some analysts did not use the smaller share pool to calculate earnings per share. he took to swittwitter to discuss his discontent for the analyst community. >> their first big set of earnings. shake shack reported bigger than expected fourth quarter loss partly due to high cost for beef and other incredibles. >> revenue rose and there was benefit from consumers eating out more. the company is projecting sales will slow later this year. it did fall 5% in after hours because of that bottom line thanks to rising cost. you can see off of 3%.

now alibaba are investing in snap chat which would value it at $15 billion. it was rekindled recently after it talked with snap chat last summer. the chinese internet giant invested in several start ups including tango. >> getting a lot of attention this week. now you have alibaba from china. a lot of international interest. >> absolutely. the valuation of these unlisted tech companies continues to amaze me. >> that's why a lot of people say there's a bubble in the private market and not in the public market. something we continue to debate here on worldwide exchange. still to come the dollar is on a tear so we're taking a closer look at what's at stake for u.s. based exporters. the ceo joins us after this break to talk more.

a hand full of retailers may be bracing for an earnings impact. there's fears that the dollar continues to strengthen and may be deterred from going to shop in the u.s. it's also making it more expensive for americans to shop overhe seas. no it is not. it will be making it cheaper to shop overseas. >> exactly. one company or retailers in

general, how are they impacted by a stronger dollar weaker euro? it's a global company that helps major retailers sell internationally in more than 60 currencies. shares are down about 60%. the ceo joins us here in stew owe. michael i have to kick it off with the story of the weak or the year which is the stronger dollar weaker euro. how is that helping your business. >> sure all of our customers are based in the u.s. with dollar based prices so it's presented some head winds to u.s. retailers looking to sell internationally and the euro is specifically the currency that's weakened dramatically. but our customers sell globally china and asia. they tend to balance themselves

out. >> what do you think are the big winners? in china and india there's a growing appetite for luxury goods. has the weaker euro helped encourage sales from these markets? >> i don't have any personal experience but we have seen a huge increase of sales coming out of china especially cross-border. the idea of buying from the west has become more appealing, especially in the past 18 months. also great sales into hong kong singapore, different parts of asia. good growth there. >> you're helping of course people sell outside their own national boarders. what's the key driver for that? changes in currencies or really strong brand and then you help them get that brand image across to new countries? >> the first thing it starts with is the fact that so much of retail is moving online. that's a massive trend that isn't going anywhere soon. it only tends to go up. you combine that with globalization and it comes down

to consumers want to buy from the brands they love and buy the products they want to buy and if they can see it online they buy it. >> let's talk about the players in your space. there are now retailers perhaps looking at ways to provide the same technology your company provides and develop it in house. how does that change the landscape? >> we've seen retailers that had in house solutions come to us live on our platform. customers that decided to do certain aspect of the business themselves. we see our role to play a role in facilitating that transaction. the idea of in house is what part are we talking about? just the shipping or is the localization or technology. all of it is actually not that common. typically what we see if the retailer is doing it themselves is there's some part that can add value to the process and improve the consumer experience. so that's how we look at that trend. >> are you looking for

competition from ali pay which could offer some services to your clients? >> anybody that you could partner with could probably be a competitor. i'm always worried about competition. but so far working with them has been fantastic. our partnership really worked well. we did a pilot in q-4 with five major customers and what we saw there was the power of the brand and their ability to connect with consumers and drive business and tapping into that trend we're seeing people going online to buy products specifically from the west so they can have something unique and potentially safer for their kids. >> do you think you can add value for u.k. retailers? particularly in the food retail space because a lot have been criticized for being slow to evolve with the changing dynamics in the consumer space? >> we are absolutely coming into the u.k. market. we started sales efforts here. we signed a couple of retailers and planned to launch outbound in q-2 of this year.

i think they have fantastic brands. fantastic online capabilities and a very strong sense of what is available in terms of global markets. >> what do you say to the investors out there. what would you say to them? >> well it's true we have had a rough ride since we went public. we're seeing in some ways a proxy for a rising dollar. i would say that e-commerce isn't going anywhere and the trend of globalization isn't going anywhere and they transitioned to make that happen. >> all right. ceo of border free thank you for joining us in studio. >> we'll recap for you the stories breaking on tsb. this spun off 18 months ago. the other% is listed and there's been a bid from sabadell.

shares falling 6%. lloyds up 3% and tsb up 26%. we're joined on set with more. >> well the tsb shares were suspended this morning because as you go up beyond 10% and it was on a tear this morning as rumors started to emerge about the spanish lender coming in for a take over. very interesting because the chief executive had been talking about he himself and tsb being on the acquisition trail but we see the board is looking at recommending this offer. the offer is for 340 pence. shares were suspended at 291.5 so good offer for the bank. it had results that show that profits were up 2.3%. this was the 632 branches of

lloyds bank that lloyds was forced to sell and it had that deal with the co-op that didn't go through. it completely fell apart and resulted in lloyds having to ipo the bank because under the rules it has to dievest this stake. >> thank you. >> we'll leave you with a look at how futures are trading ahead of the open on wall street. it was an ugly day for stocks. the dow and s&p 500 ending at the lowest level since february 2nd. the nasdaq trading lower but premarket trade telling us a different story. could be a positive open. the two main catalysts weekly jobless claims retail sales out this morning. more on market action coming up after this break.

>> welcome everyone to worldwide exchange. >> here are your headlines from around the world. >> the strength of the u.s. dollar expected to dominate trade as the index rises to levels not seen since 2003 but the euro riseing against the dollar for the first time in two weeks. >> still stressed out. bank of america trading lower after only conditional approval for capital plans. >> volkswagen moves full speed

ahead in china after posting a record career for profits. the ceo tells cnbc why he's confident on china sales going forward. >> we are very successful in china. we have been active for more than 30 years in china. the chinese love this type of continuity that we have been committed for so long. >> two police officers have been shot during protests outside of the police department in ferguson missouri. this comes amid another high level report citing widespread racism in the force. >> if you're joous tuning in thanks for joining us on worldwide exchange. u.s. futures pointing to a higher open but it's a rough ride for stocks. the s&p 5004% away from the all time high.

holding on to gains so far for the year. technology has been moving to the down side. it has gone negative for the year. that's the s&p tech sector. some of the big drags on the nasdaq has been micron hp and seagate down 18% to date. technology is weighing on the nasdaq although it was just last week when the nasdaq broke 5,000. so we'll continue to keep an eye on it. the focus has been on the out performance of european equities. some encouraging data coming out of the euro zone today. investors taking a breather. zetra dax down 48 points. italian markets trading flat at the moment. >> of course a focus has been on

the currency space. the euro dollar trade catching the attention of traders right now at 106. gaining a bit of ground against the u.s. dollar. we should point out the year to date chart. you can see the euro continues to weaken against the dollar. you can see it down about 12% against the dollar. so far this year aggressive ecb action and that's pushing the euro down. that's supposed to help bring inflation up at some point. that's what the ecb is hoping. we'll see if that pans out. for now wilfred over to you. >> thank you very much. do you think the euro will hit parity with the dollar. if we do see it when? head to cnbc.com where you can cast your own vote on the particular issue. >> the fed approved capital plans of 28 of 31 banks in it's annual stress test.

bank of america though got only conditional approval but it must resubmit it's plans to address weakness in measuring losses and revenue. they were approved after plans last week while city group got the green light to increase the dividend after failing last year. >> david, thank you for joining us. good morning to you. we've seen a positive reaction in general for most of the stocks. city group up a couple of percent but when we think about the size of the dividend it's still minuscule. is it right the share prices are reacting positively to the results of the test yesterday? >> it is absolutely right in terms of citi group. the fact that they didn't have any problems means that the stock didn't come out of the penalty box. it's inexpensive. we think they'll trade higher. it's a big plus for the u.s.

banking group. the banks had a poor start to the year. the stock should start to do better this year. >> i can see the short-term being removed but not a long-term one. because this process will have to be repeated year on year. >> absolutely but you have the green light for one year and the banks seem to be getting better in handling the fed stress test. when the fed starts raising interest rates in the united states and we think that's going to happen whether it's june or september it's going to happen that will be good for the yield curve for the banks. banks will be a lot more profitable and without this overhang you can start to get multiple expansion on increasing earns earn earnings. >> when will the s&p financial sector from your point of view return to being the biggest payer of dividends? i was just looking at the

numbers, banks have a trailing dividend of 0.08%. that's well below the s&p 500 average of 2%. >> it will be a number of years. probably talking about 5 years of dividend growth before that happens but the market is at about 17.5 times earnings so you're getting the stocks a lot cheaper and the dividend growth will be better than a lot of areas. a lot of the banks increase by 7 to 12% yesterday. so the dividends are increasing and you're getting them at a reasonable value and they're going to be a beneficiary of the u.s. economy and the fed changes this year. >> based on the results is there one bank in particular our audience would say they should look at perhaps? >> state street we think is very well positioned for a rising interest rate environment. the results last week were a little bit negative and surprising so we were fearful about last night's results.

they were allowed to raise the dividend nicely so we think that stock is due for a pop over the next six to eight weeks. >> trading at 26 down. just about .2%. we'll leave it there. chief investment officer. thank you for your time. >> now what started as a peaceful demonstration overnight in ferguson missouri ended in gunfire. two police officers were shot as they stood outside the ferguson police department where a crowd gathered to celebrate the resignation of ferguson's police chief. katie filed this report earlier. >> just after midnight early thursday morning the police chief of st. louis county says at least three shots were fired he believes directly at his officers. two officers were hit. a 41-year-old county police officer was hit in the shoulder and a 32-year-old police officer from a nearby municipality was shot and hit in the face.

we were not given any condition except to say they're conscious and their families are with them at the hospital. as to where the shots came from the police chief believe they came from a hill behind an area across from the police department where demonstrators have gathered. he doesn't know who fired the shots or where the shots came from except to say they were up the hill across from the police department. there's no suspect descriptions no suspects identified at least publicly at this time as police are still on the seen in ferguson gathering evidence and interviewing witnesses or anyone nearby at the time this happened. two police officers shot. their conditions unknown. no suspects at this time. in ferguson for nbc news. >> let's look at the other top stories at this hour. volkswagen posted record profits for 2014 held by significant gains in the u.s. and china. the german auto giant expects to

increase production annually by 2019. that's up from 3.7 million currently. phil caught up with the chairman and ceo earlier this morning and asked about growth plans. >> we intend to growth by improving efficiency in the plants of course but improvements in china are difficult because they're working more than 3 hyundais a year. so planning to build more plants we have 18 factories in place already. we decided on two more. two more will follow so production capacity will be 5 million vehicles. >> which is interesting considering when you came in as the chairman taking over the company your global sales were a little over 5 million vehicles and now in china alone you'll be having production at rates.

>> yes, we are very successful indeed. we have been active over 30 years in china. just signed our joint venture contract for another 25 years. so we are established there and the chinese just love this type of continuity that we have been committed for so long and they see that we have the most modern car, the most modern technologies. we bring them to china. the chinese hold that in high esteem. the market anticipated what would happen in the european and u.s. markets. latest technology cutting edge leading edge technology connectedness, very ambitious co2 values like in the u.s. and europe and china. >> coming up next on worldwide exchange alibaba snaps up a piece of snap chat just days after the saudi prince was eyeing up the app. what's driving demand for the

hot start up? we'll discuss in a couple of minutes. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances.

snap chat has reportedly received a big investment from chinese e-commerce giant alibaba that could send it's market value soaring to new heights. let's get more from landon.

>> well alibaba is reportedly investing $200 million in snap chat which would value it at about $15 billion. reports say the deal was struck recently and has already closed. snap chat raised funds from at least two investors last year. yahoo! and the venture capital firm that valued the company at $10 billion. last july they reported alibaba talked with snap chat about a possible investment but discussions fell apart as the e-commerce apology e-commerce giant was preparing in september. he said he recently met with snap chat's management including the ceo about a possible business cooperation but didn't elaborate further. snap chat which launched in 2011 is said to have more than 100 million users. he's trying to turn the service into a money maker. it started generating revenue by selling adds to marketers including samsung and universal

picture which is is owned by comcast. for alibaba this marks the latest investment into silicon valley and social media as it looks to expand it's investments in the u.s. it includes lift and messaging app tango. it is against his fiercest rival which runs the most popular social media giant. it's taking part in the $60 million round of fund-raising. >> thank you very much. >> a story to get you up to speed on. that's according to a local news agency in iran but they're preferring to the letter that the republicans sent to iran on those nuclear talks. we'll get you up to speed on anything else out of the local news agency. let's talk about box. the box founder and ceo will be

on closing bell this afternoon after the company reported earnings after going public earlier this year. more on box and their growth strategy coming up.

welcome back. let's give you headlines. u.s. futures point higher the day after the dollar strength weighed on sentiment. the fed gives only conditional approval for capital plans and volkswagen with a major extension in china after record full year profits. let's have a look at european markets. they were strong in contrast to u.s. markets. today they're giving up gain across continental europe.

the ftse 100 has underperformed the rest of continental europe in the last couple of days because it's not involved in the bond buying and partly because oil prices have been weak. >> let's look at u.s. futures a lot of this has to do with global cross currents. discussions about where the fed is going next. dow up about 45 points in premarket trade. the euro gaining a bit of ground against the u.s. dollar. still hovering around 12 year lows but trading at 105. parity could be in the near future. we want to hear from you on this viewers. are you taking advantage of the weaker euro? join in on the conversation here at worldwide exchange. you can tweet us. i have to say i have definitely been taking advantage of the weaker euro or just being in london. you're two hours away from paris. hour and a half from italy. i have been doing my own euro

trip i have to say. >> got back from france yourself. >> got back from the french alps. >> i did some glacier hiking. >> very nice. let's get a market's perspective. chief global strategist. thank you for joining us this morning. has the move in the dollar gone too far in the short-term? >> i don't know how far is too far necessarily but i'll tell you he's probably pretty happy to have seema mody climbing the glashs glacers. >> believe me, if i was in the u.k. with you i would have been right next to you my friend. >> how much do you think the weaker euro will help european equities further? already the european stock index

is up 15%. a wide divergence when looking at the s&p 500 in negative territory. will the trend continue? >> there's two ways to look at this. one is the fundamental way and the other is the cut way, if you will. with respect to the latter here in the u.s. it's been widespread sort of the acceptance that european equities are going to out perform. the simplistic way of looking at it is investors have become trained to go where the qe is and obviously we have at a wound down here in the united states. it's ramping up in jurorseurope. so a amount of clients are are looking at it with the counter parts. >> the euro is at the right level versus the dollar. but let's move on from that discussion. >> if one person knows what the right level is its him.

>> let's talk more generally about the weakness in u.s. equities: i don't think rate rise expectations changed at all since friday. it's between june and september. why have we had that sharp sudden sell off in u.s. equities. >> listen if when you look at the strict probabilities of it you have some movement but not a ton. people most with whom you would speak in the united states would agree june or september is the most likely scenario. what i will say though from having conversations with a number of clients over the last few weeks there's still a large and vocal contingent of the u.s. investor base that thinks the fed will not raise rates at all and with each success and data point that comes in what supports the idea that the fed is going to raise rates, there's an immediate sell off as that small but vocal minority gets even smaller still. i agree with you on the strict

probability since of things but our conversations with clients are clear. in fact yesterday i had a big fight on the trading desk with two people that implied as the year progresses whether it be equity volatility or economic weakness overseas or the dollar they'll figure out some reason not to raise rates. that's still a train of thought in the markets. >> a story related here in london but it will take too long to explain it. dan, chief global strategist at vtig. an absolute pleasure as always. that's all we have time for today seema here on worldwide exchange. >> i'm seema mody. squawk box is next. thanks so much for joining us.

good morning. stressed out. the nation's biggest banks pass the fed's latest test but not with flying colors. we'll outline the findings and talk implications for the industry and investors. plus a possible sale of the maker of the black hawk helicopter. united technologies may spin off the aircraft. the company's ceo will join us in a first on cnbc interview on investors day. and indigestion for shake shack. investors this morning, the burger chain with a near cut following misses the mark in the first report. will sorkin be right about the valuation here? it's thursday march 12th 2015

and squawk box begins right now. >> live from new york where business never sleeps, this is squawk box. >> good morning, everybody, welcome to squawk box here on cnbc. i'm becky quick along with joe and andrew. welcome back. >> thank you. >> good to have you. >> missed you guys. >> we did too. >> i don't believe that part. >> we did. i'm glad to see you, thank you. >> joe didn't want to jump in on that. >> kind of. >> you kind of did. good to know. >> this is a lot. >> welcome back. nice to see you. >> very nice. apple fans can wake up happy today after an unusually long 12 hour service outage of the app stores. the company is reporting everything is back online. an internal technical error is being blamed for the problems. as you get ready for the day ahead let's get right to the markets this morning. yesterday the