good wednesday morning, it is 8:00 a.m. at google headquarters in mountainview, california. it's 11:00 a.m. on wall street and "squawk alley" is live. ♪ ♪ ♪ ♪ ♪ ♪ welcome to this "squawk alley" for our wednesday, johnsteinbridge, is with us and john ford is here. the dow is up 100 points, s&p 2108 and oil back to the highest

levels of the year. the european union is filing an antitrust lawsuit against goo e google. ace cuesing the company of using it's online dominance in europe. here's the eu commissioner speaking this morning. >> our preliminary review in the statement of objection is that in its general internet search result, google artificially favors its own comparison shopping service and that this constitutes an abuse. >> now google did respond to the lawsuit in a blog post. they say we respectfully but strongly disagree with the need to issue a statement of objections and look forward to making our case over the weeks ahead. a lot of discussion what it means for tech, for google, for their use of cash. >> they're going to microsoft this company just like the u.s. government did it's just at the twilight hour that they're doing it the government went after microsoft when microsoft was late to the web. now they're going after google

when google has been late to mobile. business insider had a chart showing how cpcs are declining, youtube is also under threat. twitter going hard into video. vessel being launched. netflix, all of these competitor. it seems incredibly unfair to now regulate a company because they're doing well and maybe they prioritize a few of their results a little more, it's called competition. >> i don't know if it's unfair. from the perspective from a lot of companies that google is up against, they say that google has strong-armed them, basically stolen their content. google's side will come continue to come to light. but i think this is possibly the most important thing, head wind facing google. the ecommerce and the search concerns. the android tying issues, the fact that the eu is looking into the issue of when google hands over the latest version of android and says, well, we'd like you to use our mail

program, maybe install google music. oh, by the way google maps, also, et cetera, are they also saying you cannot install microsoft's versions of some of these same apps? unless you happen to be a samsung with enough have to say. no we are going to go ahead and install office thank you very much and you're going to like it, google. >> john chambers on "squawk box" talking about the intricacies of dealing with the europeans, you can't just go in and disrupt competitors the way you can in the u.s. it's not a free or for all. you got to sugar coat it with promise of jobs. did they handle the entry of europe wrong? >> i think they've handled it well up to this point. haven't been hit with the sort of microsoft-type penalties. they haven't been disrespectful in their objections to the concerns the eu has raised. think google's statement was very respectful on those grounds. we'll see how they go forward. are they able to mollify the regulators in europe the way they have been in the u.s. and

continue to do what they've done? >> in a worst-case possible scenario, all they'll do is change some shopping list results and have to stop scraping yelp. >> and pay six out of $60 billion in cash? >> i'm sure it won't be to the entire fine and it's already baked into the stock. the stock is not reacting a lot on this. >> that's not the worst case. >> what's the worst case? >> the worst case is that they lose more control over android. that cynagen gets more powerful. if you're an htc going out with a google stack or lenovo. you'll say maybe we'll do more cynagen. you'll have more apps that aren't google's and google's share starts to decline. >> these are the points they shouldn't be regulated. all the competition they have coming down the market. i'm by no means a google defender. i have my issues with double click as a customer. i've had plenty of issues with

google as a customer. but what i will say is the government should not attack these companies when their growth is slowing. google is going to grow by less than 20% top line this year. they have no space in social. you know what are they trying to do, put the nail in the coffin at this point? >> there's a coffin now? >> not the twilight. it's the coffin. like how this is escalating. we'll have more on google later and talk to the company's head of economic policy in europe. adam cohen is going to join us live with reaction in a moment as their defense continues. tomorrow on "squawk on the street." antitrust commissioner for the eu will join us live. it begins at 9:00 a.m. eastern. let's move on, intel shares seeing a rise. ceo seemed optimist thak chip demand would improve over the summer with release of microsoft's new operating system. it's leading the dow by far up almost 3%. is that the margins talking?

>> i think it is. and i think it's the cost cuts both on the capital spending side. and on the operational side that come with it. but not everybody in the pc ecosystem in the enterprise ecosystem has the advantages that intel does. i wonder as people continue to read through the trends that intel was seeing. the fact that intel was able to mitigate, doesn't mean everybody else will be able to. >> were people expecting a drop in the top line? >> intel did warn and the results that they presented were in line with the warning. the guidance was actually a little light. but then they cut their costs and they talked about still being confident that the traditional pc bump in the back half of the year would happen. and they also talked about some things they're going to do with their fabs to maintain efficiency. the ceo has that as his background. so that's an advantage you get having a ceo that comes from the manufacturing side. >> pc shipments according to idc

down 7% in q 1. >> doesn't gardner have numbers that are almost as bad? >> the reality is if the new microsoft operating system with the new stripped-down browser and all the other things, if this doesn't work, how much worse can it get next quarter? it's still trying for them at the top line. >> wouldn't you like some clarity on their appetite for large-cap acquisitions? they gave you nothing. >> i guess it depends if they gave you too much, then it arguably drives up the cost of the stuff they might be trying to buy. you don't like that if they have to pay too much. but at the same time, intel is one of those companies that has some time. you wonder about the follow-on effects on other companies that are smaller. but intel basically won the pc market. amd is not competitive there. they basically won the data center market in a way that the server competitors who are getting commoditized can't compete with i think the effects on your hps and others could be a concern down the line. we'll have have to see how they report. >> john you buy the internet of

things argument that they'll be able to get into lightweight smaller processor? that they have 200 million in it or something? >> i wouldn't want to count them out. the market is still developing. but every strength that you see the apple watch have, if indeed they did do million preorders in the u.s. alone, all of those are devices that intel is not inside. so you have to watch the way the market develops and figure are they getting left behind the way they did in mobile? or do they have a partner up their sleeve, a trick that allows them to surge ahead. >> our david faber is reporting that yahoo is not in talks to acquire foursquare, tech crunch reported that yahoo was in talks to buy the company with a price tag near $900 million. the stock flat on the news at least at this moment. cramer said this would have been a sign that they're in motion. that they're being proactive. would you have liked to have seen this happen? if it is? >> i think that dennis, who is a friend made a good argument lately talking about the tremendous data they have. he did a blog post a few weeks

ago talking about how they had 50 million users across the two apps. how they have 65 million places that exist inside the system. seven billion check-ins. i think it's a rich data set. now we've seen a lot of consumer web companies with a lot smaller user bases with a lot less revenue. i assume the foursquare is going to do mid to high double digits, maybe over 100 million in revenue this year. i think there's more than people give it credit for. i think it would have been a good acquisition for yahoo. >> you look at a broad swath of comments on twitter and the idea, i mean the notion is that it's past its prime if it ever had a prime, foursquare. >> i don't want to diss foursquare. i like the pivot, the idea behind it. but this is not an acquisition that would be future-leaning. it's not like a foursquare has this monster growth in its app like it's the future. like it's a what's app type acquisition from a year ago. marissa mayer was talking about

doing more things on messaging. that seemed backward-looking to me. if she was to buy foursquare, that was hot at south by six years ago. i tink think if she's going to surprise us with something big, maybe something in the pinterest and beyond realm, going a little retro. >> they announced they're powering all twitter locations about a week ago, dennis announced that as well. so i think there is, i think it could possibly be partnership conversations that got misunderstood. somebody saw somebody walk out of an office. i've had it happen to me enough that i know this is how these things happen. people speculate, they see someone moving around the yahoo campus. >> ted crunch, i would argue their track record is pretty good. always a tough story to tell when it comes to m&a. good seeing you, jon. jon steinberg joining us who has had an amazing, an amazing post. it went live and how many views in 24 hours? >> 1.4 million views.

we did a video post of asking women to draw a certain male body point. 1.4 million. hillary getting two million in few hours, elite daily almost beat her. >> it's like comparing apples and oranges. >> it is. >> dow is up 78 points. it's been a solid morning from the get-go. as we've seen obviously earnings come in on the good side. delta in the green after earnings beat estimates. the company saying it was the best march quarter in history. shares of go pro rallying after getting upgraded. a widespread adoption of the brand by outdoor adventurists and average users continues. when we come back, eu antitrust case against google. plus do you think ceos are getting paid too much? today we'll talk to one who is slashing his million-dollar salary to raise workers' minimum wage to $70,000 a year. and ahead of netflix tonight

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etsy is getting ready to price, it could be worth $1.7 billion. how do they make money?

julia boorstin joins us with more. >> etsy is a marketplace for hand-made and vintage products, giving 1.4 million sellers a platform and tools to connect with nearly 20 million buyers and to sell products as eclectic as a tuxedo cat scarf, a hand-made felt fox and a cinderella dress. how does etsy make money? the company charges 20 cents to list a single item for four months, if it sells, it takes a 3.5% cut. etsy charges for prominent placement in search results, for payment processing and shipping labels. in 2014 etsy grew revenue 56% to $196 million. but its net loss widesened to more than $15 million. from a loss of $800,000 the prior year. as the company invested more in marketing. now etsy says its mission is to reimagine commerce. it's the biggest-ever ipo of a b corp. etsy earning that certification for meeting social and

environmental standards, kind of like lead green buildings by composting and setting aside 5% of preipo shares for its vendors. the ceo writing in the s 1 quote i believe that etsy can be a public company that intel grates concerns of people and the planet, the present and the future, profitability and accountability. other preipo start-ups including warby parker and honest company are jumping on corps, consumer demand to capitalism with a conscience. a key example of the growing freelance economy, which uber, lift and dog va kay are tapping into. >> we'll see if they're able to carry it forward. biotech company aduro going public. the shares soaring. the ceo joins news a moment. the shares of google slipping

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let's bring in simon hobbs as we count you down to the close in the uk and across continental europe. >> a strong day for europe as you can see. european equities have edged higher during the course of the session. as we got the european central bank meeting, press conference, in frankfurt today, the stock index up 21% year to date. the euro trades below $1.06 u.s. at the ecb news conference, a

terrifying moment for ecb president mario draghi. a woman broke from the journalists, apparently enter front of him. jumped up onto the desk and threw confetti over him. terrifying from his perspective, if you don't know what's likely to happen. a clearly a major security breach at the heart of the european central bank. which is not a national authority. it doesn't have its own security forces. it there will be hopefully as far as many people concerned, heads will roll. she's protesting the bank's, the dictation of the ecb. tension running high in europe over austerity. draghi continue the the news conference after an adjournment. despite the you see the low rates on the german bund. the maturities on the bund in negative territory. he said there was not a bubble on the european sovereign debt market because the european banks are not increasing their leverage. he said it was premature to talk about tapering qe so soon.

take a listen. >> i'm quite surprised frankly by the attention that a possible early exit of the program receives. when we have been in this program only a month. and like a colleague of ours said today, during the discussion, he said, you know, he's run several marathons, it's like asking yourself after 1 k, are we going to finish this marathon? >> top loser today on european equities, alcatel loosened as the $16 billion deal with nokia is formally announced. top gain anywhere an environment where a lot of the gas and oil stocks have done well. particularly within the service sectors. tuillow oil, and now goldman has gone in with a buy on what could be a big acquisition target. >> i see the ecb issuing a statement at the press conference, we'll get more in a

little bit. thank you. biotech ipos continuing their strong performance with cancer drug developer, aduro biotech making its debut on the nasdaq. 109% gain. joining thus morning from the nasdaq, is steven isaacs, aduro biotech's ceo. good morning and congratulations. >> thank you very much. we're very pleased to be here. >> what can you say about your timing other than congratulations. i'm reading it's the only other silicon valley ipo valued that goes public at a billion plus has been box this year. you must be pretty proud at wait these events converged. >> yeah, absolutely. you mentioned timing. i mean we've been doing this for a long time. we started the offer back in 2002. developed some very fundamental therapeutic platforms, that can make a difference you know in terms of how cancer is treated. we took them through development, took them into clinical trials and now we're approaching the point where they can make a difference in patients' lives. it does take a time, a lot of

time to get to where we are, but we are very pleased. >> talk valuations in a second. but can you explain to the layman what has happened in immunooncologist, research, the domino ha had to fall so all the other advances can be made. why are we living in the so-called golden age of cancer research? >> if you look back 40 to 50 years, there's not a lot of progress made in treating tumors. what's happened is people have begun to understand how the immune system works and so there are fundamental advances in the molecular biology and understanding of how to intervene in the immune system and turn off the ways that cancer keeps itself growing and turn on the ways that the immune system comes along and takes it out. and those fundamental changes have really made advances in solid tumors possible and you're seeing it as a result of the new therapies in immunooncology.

>> i know it's not your job to comment on valuations. but you've got a lot of rich valuations in tech and biotech. specifically a trove of speculation regarding m&a. who is going to buy who. what do you make of all of that? where do you think that's all headed? >> i think the value to us is the value we bring to patients. it's a lot of hard work, it takes a lot of time. we pride ourselves on the science that we do and the way we move these technologies forward through the clinics and deliver the option to help patients. i think the valuation just follows. >> you've sold i think some interest in some leading candidates. to the likes of a novartis and a j & j. do you feel like did you it too early? too late? >> think we're in the sweet spot with the deals we've made. you mentioned the two licensing agreements. our main programs that we wholly own are in pancreatic cancer and lung cancer is a very major indication and prostate cancer so we did license those

opportunities and we work with jantzen to get those into the clinic and novartis is not a licensed agreement. it's a partnership where we're going to share profits downtreem, we're going to share development expenses and combine our expertise in cancer biology to drive these programs forward and get them to patients as soon as we can. >> i'm sure the nasdaq is happy to have you. given all the torrid pace of m&a in biotech, what was the advantage of being public versus selling to somebody else? >> i think there's a certain magic that happens when you get a group of people like aduro has together that have worked productively for a number of years. and all the outside experts that you know we sort of have in our, under our umbrella to help develop these products and move them forward. sometimes you know when you sell that off to a major pharmaceutical company you lose some of that magic. so i think both jantzen and novartis recognize that the best way to do this is to act as partners, not necessarily for one to buy the other.

>> well certainly nice day to do it and a nice first-day gain. thank you so much for your time. >> thank you very much. >> steven isaacs is the ceo of aduro biotech, having a nice doubling on day one of being public. when we come back, one ceo slashing his $1 million salary to pay his employee as minimum wage of $70,000 a year. he's going to join us live in a moment. plus, after the eu slapped google with the antitrust charges, the company's head of economic policy in europe is going to join us with their response. dow is up 60 points, back in a moment.

good morning, everyone, i'm sue herera, here's your cnbc news update. the stiff boston remember as tragedy on the second anniversary of the boston marathon bombing. a moment of silence was followed by tolling church bells at site of the 2013 blast. afterwards, the governor of massachusetts and the mayor of boston unveiled banners with a white heart and the word "boston" on them. eight people were killed, 21 others injured after a car bomb exploded in the early morning in baghdad. officials say it was part of a wave of attacks in and around the capital city yesterday. a reward for up to $115,000

is being offered for information leading to the arrest and conviction in an unsolved 2008 bombing at the times square military recruitment station in new york city. no one was injured in that predawn blast. beechnut recalling some 1900 pounds of baby food that may be contaminated with small pieces of glass. glass was found in a four-ounce jar of stage 2 classics sweet potato and chicken. so check the labels. that's our cnbc news update at this hour. let's get back to "squawk alley." thank you, sue, we have an update on the incident that occurred earlier at the ecb during president draghi's news conference. the bank says it appears the woman who dumped confetti on draghi registered as a journalist for a news organization that she did not represent. ecb said she went through an identity check and passed screening at a metal detector when she entered the building according to a statement the ecb just made.

eu regulators meantime filing formal antitrust charges against google, accusing the company of cheating competitors by distorting internet search results to favor its own services. joining thus morning first on cnbc live from brussels to respond to charges is adam cohen, the head of google's economic policy in europe, middle east and africa. adam, good morning to you. you say you're going to make your case over the coming weeks. what is google's case? >> the case soefr the past five years when the european commission has been investigating our business, we've seen a blossoming of competition online. new sources of competition exerting pressure on our business coming from social media, for example facebook and twitter, providing more clicks to newspapers than we are we're seeing an explosion of competition from the mobile ecosystem, where competition comes from apps where people aren't going through search to get to information. all of these forces are leading to enormous choice for consumers and enormous pace of innovation and change. >> adam, you seem to argue that

though google is accused of illegally favoring its own services, through search results, perhaps, the low market share that you've achieved in some of those areas is proof that you're not harming competition. in the past, though, google has acknowledged that come score's count of your search share is actually petty low. so how can we trust the numbers now that show you're not affecting the competition? >> well i think the main think is that comscore data, if you say google has a 90% market share, you're assuming our only competitors are being innia. in each segment of our business, particularly whr there's money to be made we face strong competitors. in the travel space, expedia and kayak. in the shopping space, amazon, ebay. lots of europing players as well in each segment, there's vibrant competition at the moment. >> does google accept europe's

look at what competition means? and the idea of protecting a competitive environment for rivals? are you fundamentally in line with that? and going to show you believe within that framework that you're not doing what's illegal? i guess a lot of people are wondering, are you going to get caught in the same kind of trap that microsoft did in the late '90s that ended up hobbling them for a long time? >> look, we operate by the rules wherever we do business. and we respect the rule that regulators have to play here. we're a big company, extremely successful. with that comes scrutiny. now there's a lot of spem spec lags about eu versus u.s. approaches to antitrust. frankly we're going to have a discussion that's based on the facts. based on all the features of competition that we see in our business. we've had the similar conversation in the united states and with other regulators and we'll dot same in europe. frankly we're a european business as well. we have 9,000-plus employees here we have over four billion

euros of investment in europe over the past four years. i don't see this as an eu versus a u.s. issue this is an issue where we deal with the substance of our case. >> you said you're talking to a lot of americans looking asquans at european policy as it relates to american companies. the competition chief said this is is nothing to do with the company being american japanese or whatever. do you believe that? do you think google is not being penalized for being american? >>. >> we've seen a set of preliminary concerns from the european commission and an opportunity to address them. we're not being penalized, we're being scrutinized, we're fine with that process. >> adam i i'm wondering of the implications of the commission saying they're looking into how google handles android. haven't decided whether they're going to have any kind of a complaint specific about that. they did something similar with apple and itunes and didn't go further with it what do you see the issues being there?

is google doing, being fairly by encouraging people when they take the latest flavor of android, take certain google annapolis along with it, are there things that google could do differently -- apps. as far as encouraging people to think that they could use competitors' apps as well? >> they absolutely can use competitors' apps. the main thing is android has injected an enormous amount of competition in the mobile space, it's been a source of innovation, led to a better variety of handsets, powerful devices that people can have that their pockets at a raping of prices. we've going to show the commission we've stimulated competition. recent releases of handsets like the samsung s-6 that recently came out, it shows that competitors microsoft and facebook are installing these devices. it's a healthy ecosystem. lots of dynamism, lots of choice for people. >> a lot of discussion among

cell side analyst who is cover the stock about what $6 million means to a company with $60 billion in cash. i know a lot needs to happen before you get to that stage of the discussion. is there a set of circumstances under which google would agree to pay that kind of money in penalties? >> we have a long process to go. we're going to present our evidence to the european commission. this is a preliminary set of concerns. we're going to address them and that will proceed from there. >> adam, as far as google's culture is concerned. how confident do you feel that the engineer who is are striving to be innovative every day aren't going to be ham stl strung by this. there is with a a sense that microsoft was constantly looking over their shoulders to do something new, whenever they wanted to create connections between products. is google going to run into some of the same issues?

>> you know, it's always a concern for a company that's under investigation that you in some way self-regulate. look at all of the tremendous innovation and evolution we've seen in the search industry over the past few years. we can't stand still. we face enormous competitive pressure and we're going to respond to that in the marketplace. separately we're going to have a discussion with regulators about how we do that. >> adam, we appreciate your time and we'll be on the lookout for any comment that google might have about this in the weeks to come. thanks for coming on. adam cohen is the head of economic policy in europe, middle east and africa over at google. we'll have more on google of course, the antitrust commissioner for the european union will give her reaction tomorrow in a first on cnbc interview beginning at 9:00 a.m. as protests over minimum wage spread across the country, one ceo is taking things into his own hands, gravity payment ceo david price announcing he's cutting his own salary in part to pay all employees a minimum of at least $70,000 by 2017 and

joining us now is dan price, ceo of gravity payments. dan, this is attracting a lot of attention. it's a big move by you. my question is, first of all how many employees do you have? and what about the concern that somebody who maybe is already earning $70,000 maybe should be earning $90,000. now won't be able to get as big a raise because somebody at the lower end is getting more? how do you respond to that? >> well that certainly is a concern. we have about 120 folks total on the team and i would say to that person, yes, let's figure out how to allow you to add more value. you know to me there's a few different ways to determine pay. one is a minimum cost of living. then you think about things like market rates and how to add value and all that kind of stuff. for me we need to redouble our efforts with those people to help them do more and more so they cannot just make 90,000,

$110,000 in a way they're adding more value to our clients hopefully ten times over than what they're being paid. >> have any fine print here? how much equity are employees getting? are they going to get less in exchange for cash up front? does it say anything about the rate at which you plan to hire over the next two, three years as the changes go into effect? >> i don't think so. i don't think any of those things are in play. but i think it adds some accountability for to us really develop our people. you know, businesses all over the united states trust us to charge them the least amount possible on their credit card processing. and give them the best service and the best products and technology possible. and trust is really at the center of everything we do. part of trust is lourp and part of leadership is doing what's right. in the end when you run your business that way for the future, you're going to create more value in the long-term for everybody. not just those folks that got the bump. >> how did you come up with 70,

dan? why 70? >> so there's a 2010 princeton study i read several years ago that i read that was fascinating. that said under dollar folks are making under $7,000 is actually having an emotional health impact on them and any dollars they make over that amount aren't leading to much happiness. i saw that and said, what-day want to do? i want my folks to be so driven to help our clients succeed, help these independent businesses succeed, i want to completely take money off the table as a distraction. and how much would we have to pay as a starting pay as a minimum, where they could just solely focus on their work and making a difference, rather than always trying to scrape by. >> dan, it's a big move. i wonder what are you doing on things like health care and family leave, along with the pay increase? >> so about a year nag after, we made another bold move. we announced unlimited paid time off. and what that said was trust. now you are responsible to get your work done. you are responsible to add value. but you're going to figure out how to do that on your terms.

and each individual team member at gravity, we consider to be a ceo of a project, a client, making sure that things happen. and so with that we had to have trust and i learned from that experience, when i gave my team trust, and said, i believe in you, they took it and they created success for our clients and i said, want to double down on that strategy. >> you told the "times" there's nothing in the market that's making you raise wages. why is this not a reaction or the result of fear that you're going to have turnover, employee churn. that people are going to quit, try to find a better-paying job elsewhere. >> we've had a little bit of turnover. but not much. we're way below turnover standards, both fof our industry and our area and demographic and everything. it's not really by that and we're getting phenomenal people. i just feel bad when there's this phenomenal person that's adding in some cases just as much value as me, and taking care of a client, making sure that their payment systems are running and yet, i'm making $1 million and they're making --

35, 40, 40 45,000 a year. that seemed wrong. and i felt like i should fix it but i felt that fixing that would create more sustainability and more growth in our business over the long-term. >> dan, do you fire people when they're not making the cut as well as being so generous with the leave and with the raises? >> you know the worst part of my job is firing people. and it's something that i have to do, but the way that i think about it is, if somebody can't be a 10 out of 10, a player in our role, i want to help them find a job where they can be a 10 out of 10 a player and rarely, i actually have to take that extreme step of firing them to inspire them or help get them to do it it doesn't mean that i care about them any less. it just means that i want them to shoot higher and take the type of risks and put the type of skin in the game that i have over my career so that they can get to a similar place where they feel passionate and are ready to perform. >> all right. dan price, ceo of gravity payments making a big bet on his own employees. thanks for joining us. we do have a sentencing in

the murder trial of former new england patriots star aaron hernandez, dominick chu has that at hq. >> expected carl, aaron hernandez has been sentenced to a sentence of life without the possibility of parole after being convicted of first-degree murder charges. again amongst others listed for the murder of odin lloyd. aaron hernandez sentenced to life in prison without the possibility of parole. an appeal will be upcoming in the state of massachusetts. again perhaps no surprise for a lot of people, since in massachusetts, first-degree murder does come with a life sentence, carl. back over to you. >> dominick chu back at hq, thanks. it's been a good year for netflix down today, but shares up almost 40% in 2015. we're going to talk to rosario dawson, star of the new netflix hit, "daredevil," later on. but first, rick santelli, what are you watching? >> we saw the press conference today. we did see confetti. but we didn't see mario draghi

talk about bubbles much. we're going to talk about why that impacts the euro versus dollar trade after the break.

the top of the hour, all over this big move in crude today, plus, bold predictions about the future of yahoo from the company's former interim ceo, ross levinson, you don't want to miss what he has to say about marissa mayer. plus shake shack enjoying

big ipo success. is it time to double up on the burger joint? we go around the world with a five-star fund manager to find the best place to invest right here right now. carl, see you in about ten. thanks a lot. let's get to the cme group and check in with rick santelli, the santelli exchange. good morning, rick. >> good morning, carl. today was an interesting day, being on trading floor, you get to hear some of the buzz as to what traders are looking at, what trade captures their attention and truly, you know not that treasuries don't have good volume at times. and decent ranges intraday, but if you look at the closing yield ranges, they've been tight. so the battlefield of traders is foreign exchange and the trade they seem to like the best is the euro versus dollar. there's historic shorts on that trade in terms of euro. if you look at an intraday chart this morning. right around the time the soft data was coming out. the euro was moving dramatically higher pretty darn quick it didn't last long, it came right back down. but that's very important.

now, let's go to the board. here is the euro versus dollar basically starting in march. and what you need to understand is on a closing basis, it has been what traders love. 1.10, 1.05, bouncing around entitle middle. what we learned today is that it used to be of course, that when bad data would come out, we'd say, well, good news is bad news for stocks. and i'm sure as i was discussing with jim beanko this morning, that's in part true. but the dollar has gone hot. which means it's not the passive part of that trade, which it was for many months. really when you look towards november, december, january. the really big downward moves. but now it's the dollar. why? because data and data-dependant all lead to central banks and in this case, our federal reserve. so if the data is soft, if you push that tightening out, there goes the dollar to the downside. euro the upside, that feeds the rally in equities. but many traders in this trade

most likely over time are going to create somewhat of a wedge pattern so you want to pay attention to that. and of course any kind of break-out above 1.10 or below 1.05 on a closing basis and all the money seems to be bet here. a little bit of post mortem on mario draghi, besides the confetti, he talked about what he can see. and the two areas he referenced were scarcity, we all talked about it on cnbc. he says, we don't see scarcity. when it came to how negative yields are and they're negative out to the eight-year, mario draghi said don't see any bubbles. the problem i have is, i don't remember any central banker seeing anything that turned out to be really bad news unless they were looking through the rear-view mirror and that is going to be big with this trade. back to you, john. >> speaking of not being able to see. coming up, netflix's "daredevil" getting rave reviews, we'll chat with one of the show's stars, rosario dawson, next.

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we had a chance to catch up with the lovely and talented actress rosario dawson and with steve ellis yesterday at the annual adage conference yesterday. helps celebrities curate their

content and helps brands connect to it. >> we set out at the beginning to create a people magazine, the principal, our clients are been driving billions of dollars of media value across print, television and social mat forms for many years now they're increasingly providing the content themsselves. many cases our clients providing more content than the paparazzi, which is terrific. our objective was to make sure we could create a media business for the first time which empowered them to be part of that value for the first time ever. >> chris rock among those on that platform. we also asked rosario what her social media platform of choice is. >> i love twitter. i should do more haiku, like my uncle does. but i like twitter because it's like a new york minute. i love tumblr, i love instagram. i'm starting to really love them more and more.

but husay introduced moo he to ten cent, now i have a huge following in china which i think is crazy. i and very important. i would not have had that access point otherwise, so i'm very curious to explore that one more. >> not exactly tweeting in chinese, mostly photos for that audience. lastly we couldn't leave without talking about netflix and of course, "daredevil." >> to have someone like frank miller, the person to explore that. to have worked with hill on "sin city" which was the property he created. after working with other ones that you thought was exploiting it. then comes robert rodriguez, we make it authentically. it's rough, gritty, not for little children and that's what we're getting again with "daredevil." for people who grew up loving "daredevil," all of these years, this is a punisher type character, it's not soft, it's

not a pg story. i'm doing a story that takes place in new york, hell's kitchen, i grew up with that story, i love it, i get it. i'm passionate about it. >> nobody has got more street cred in comics than rosario with all she's done and in streaming. she did "gemini division" in 2008 streaming online before the audience and money was there. and now she's doing "daredevil." >> it will come down to subgrowth. that's a story that's going to fill in around 4:00 today. i mean they have impressed. there have been some quarters that were big misses, the more recent quarters have been impressive. >> they have investors have come back and paid attention. it doesn't hurt to have something like that that's garnering well over 95% positive reviews. >> there have been a number of upgrades in the past couple of weeks. largely on the notion that the content is good enough and the reviews of the content are good enough that it's going to drive the growth. and then the other bullish argument that the sell side would argue is that

international is really coming for free in the stock price. not appreciating to 300 million households out of this country that have the potential to join. >> and netflix is talking about that, prospects in europe. they're talking about building down the line. what they have to say this time around. >> it will be an important quarter. meantime, cisco in the news as well. german and john chambers joined "squawk box," had some interesting comments on the future of the tech sector. >> every country, every city, every company, every home, every car, everything you wear will become digital. it will get connected together. so fra country perspective, it will determine your gdp growth, your job creation, your health care systems. every company will become a technology company. the speed of the disruption will be brutal. probably 40% of global enterprises won't exist ten years from now. even within the high-tech

sector, something we've talked about before, probably half the major players in high tech won't exist in a meaningful way in ten years. >> he has said this kind of thing before, there is going to be a massive shakeout, not just among the little firms, but the large-cap firms as everything gets digitized, here and around the world. >> and he expects cisco to be one of the survivors of course, he's only got a year or two left on his tenure as ceo. it will be interesting to see how cisco and other who is won an era ago getting the margin in their era, are able to expand that up out into other areas. they're focused on the internet of things, now so is everybody else. they have the iphone trademark. they were supposed to get some benefit from when they allowed apple to use it. they sort of missed that on mobile. we're focused on video in the wrong way too early. we'll see if they're able to nail this piece of it. we see intel struggling with the same thing. they just reported last night. >> we make this point every time. not that many companies that

survive the dot-com boom and bust are still around today, with the same ceo. besos and chambers are the only two you might argue. even though they've had some weird innings with the flip phone and other things, still relative strength in relation to their competitors. >> i would throw larry ellison in there, even though he's not technically ceo, he hasn't given away any responsibilities. we don't want to close out without commenting on crude oil. which as you know has been a bearish story all year long. as of this moment, crude oil for the year is up 5%, 4 and change as we look at it, 55.52. inventories came in, another build today, that's 14 weeks in a row. not nearly as heavy as the build we've seen in previous weeks. look at the s&p gainers today they're almost all in the oil services or drilling front. there's a growing sense that maybe we haven't had a new low, a lower low on crude since much earlier in the year. >> maybe we found that bottom.

markets, the indices don't seem to be moving in reaction to oil the way they were a few weeks ago. >> we mentioned netflix tonight, sandisk, the other earnings we're going to watch, worst performer in the s&p in the first quarter. that does it for scott ail li. let's get over to scott wopner, halftime at hq. hi carl, thanks so much. welcome to the halftime show, our starting lineup for today, jim levanthal the president of asset management. josh brown is the soer of ridholtz wealth management and john and pete najarian are the co-founders of option monster. under fire, why former yahoo interim ceo ross levinson says marissa mayer may not be long for the job and what the company needs to do to survive. >> oh my god. >> sizzling stock, as shake shack shares surge on apparently