welcome to squawk alley. john forte is out today but kayla and myself at post 9. and joining us this morning, the founder and ceo along with john, the co-founder of alo ventures. and good to see both of you. and book's developer conference in and what it means.

>> facebook shows thousands of developers. sand target investors and in focus. first messenger which just last week announced accelerating growth to 900 million monthly users. facebook is expected to make it easier to chat with users and invite them to easily make transactions all about leaving messenger. ahead of the event drop box announced its sbi grating into messenger. part of facebook's plan to allow people to do many things on their phones without ever leaving the app. days after announcing features for live video and new prominens on the app we expect new technology and premium content. analyst calling video a core focus area and opportunity going

forward and third oculus to hear about ways to develop content for the platform and more ways facebook is sbi grating oculus into the rest of the social network. all three of these areas represent opportunities to tap into new revenue streams and we'll be listening for news about new add formats and new measurement tools. mark zuckerberg takes the age at 10:00 p.m. pacific and 1:00 p.m. pacific. >> we cannot wait for that. people are having to figure out what it is in a hurry. what should they know? >> it's going to be big. it's bot mania and what i like is they have been around for awhile. wi chat in asia had them for a long time. you can set up doctor's appointments and shop and play games and bylot ri tickets. line, telegram, kick, obviously they also have bot stores now so i'm excited for facebook to

announce this and while we're seeing them on the top end there's the infrastructure as well. an $80 million fund to invest in new start ups. so this is going to be very meaningful. >> we keep hearing how about it will be better for business s integration. is this that? >> where people tend to live is certain parts of the internet. it used to be on portals and now communication devices. so the ability to get people both at scale and with per sis answer the is the perfect place to message to them. >> is it a way to ice out the third party on facebook's part? >> yeah and to identify a new revenue stream. they're killing it in media to now introduce commerce in a seamless way that's really beneficial to the consumer is very important. >> more time spent.

this is the name of the game in this case. >> you have billions of people sending hundreds of trillions of messages a month. it's the killer platform to allow bots on top of that as a platform is very cool. >> think about the opportunities. the marketplace opportunities here. crm, customer acquisition, all of the interfaces that you can now leverage ai for to get a lot of wider distribution. >> but if you weren't a business that was operating on facebook they tried to launch a linked in competitor a couple of years agatha didn't really work. it's a very powerful small business tool but i'm just curious is this a way to get corporate america on facebook? >> there's a lot of opportunities. this is a company that's defying all odds, right? all of it at 30% last year. a billion more app users and it's incredible and strategic acquisitions and product innovation. there's no question that these

guys are trying and experimenting lots of things. they'll nail an application. >> when you look at the agenda overall, the two biggest topics are instagram and oculus. the most sessions for each of those. >> they made a $2 billion acquisition a couple of years ago. the hardware is out so now looking forward to what announcements they have on the content side. it's going to drive everything here. >> we'll talk more about video another time but meanwhile facebook this afternoon as julia said. the vp of messaging david marcus is going to join closing bell in a first on cnbc interview. you do not want to miss that. we have a news alert on berkshire this morning. >> so this is interesting here. what we have is a dow jones report citing a company spokesperson saying that the ceo of general reinsurance that's a

very large part of berkshire hathaway is going to retire by the end of this year. now the reason why this is important is bause according to the spokesperson, the successor at this general reinsurance division of berkshire, he reports directly to warren buffet. whoever is going to be the new ceo to replace that man is now going to report to the head of the overall reinsurance business at berkshire so the current ceo currently reports to warren buffet but this new person is going to take over and is going to report instead. now some people will view this as a tea laef in trying to figure out who will succeed warren buffet again. so an interesting nugget to mull over carl. back to you guys. >> warren says he knows. just a matter of whether or not the rest of us can figure it out. thank you very much.

next after the worst year ever pc sales off to a rough start. shipments falling by significant numbers in the first quarter and that comes on the heels of the biggest year on year decline in the industry with annual shipments falling to levels not seen since 2008. what do you say at this point? when do you actually write an obit on this product? >> nothing surprising here. this will be the 5th consecutive drop in sales year on year. we have the worst q-1 since 2007. it's a crowded market. we have iphones and smartphones. one in three people on planet earth have them. we have tablets that are also causing disruption here. i think we're going to continue to see declines. >> but it's not like the companies are going to go away. if you're in the industry what's your measure of success? market share? do you still care about value? >> a lot of them haven't been able to do what apple has done and have this device diver

diversification. if you compare it now to ten years ago despite pc dropping double their revenues, the market cap doubles over 150 billion so not bad news for everybody. >> max of five as i recall right? they're somewhere bucking the trend. >> apple is doing a nice job of diver that but i don't see it overall for pc. >> finally a new goldman note. pretty bullish on apple saying the company is entering an upward division cycle. rising for the first time in six months. meanwhile a piece in the business journal says apple is quitely buying a bunch of buildings and naming them after greek deities. this could relate to apple's long rumored car project although rumors have flown about a bunch of categories.

any idea what's going on? >> i think the research was interesting. they saw two positive things. one is a shortening of the replacement cycle and the second is a propensity of switchers to move over and if both of those are true then that's incredibly positive news for apple. >> and then there's a call that the capital return plan could be up to $250 billion. how likely do you think that is? especially given the fact that it wasn't necessarily a successful buy back program this last year after they upped it to 200. the stock kept going down. >> over $200 billion in cash with a big chunk of that overseas, the big question mark is what are they going to do with that? it's hard to say. we know that, you know, we have seen a pattern with the stock where it goes up about 25% after every iphone release. that's sort of the day-to-day business. what they happen to do with a big chunk of money remains to be seen and obviously there remains a very secretive company about

that. >> big debate this week about whether or not they deserve a valuation closer to the cable companies because of their relationship now with content creators. is that fair or is hardware the name of the game. >> no hardware is the name of the game for a long time to come. >> there's been rumors about them getting into the media business and they pulled back on some of their advertising related initiatives. they're making too much money elsewhere. >> but evaluation of 11 times earnings when the rest of the s&p is at 17 times. do you think that the company would be valued differently if it had a different name? if it sold widgets instead of iphones? >> sure but they continue to innovate and do market move things so i think that they're getting value for that. >> good to see you guys. thank you so much. apple book and a lot more. >> we're seeing a sharp rally in the equity markets though it's been a pretty volatile morning.

major averages tracking the extension in the rally in both crude and brent which are each hitting the highest point of 2016 today in this session. the dow is up by 131 points. s&p by 13 and the nasdaq by 22. meanwhile starbucks shares are falling after getting downgraded to hold at deutsche bank. pointing to a premium valuation and what it calls lofty expectations as reasons behind the downgrade. stock is down 3% and alcoa shares falling after revenue missed estimates. the company saying it would cut up to 2,000 jobs amid weak aluminum prices. it's tough to listen to that conference call and find anything to like out of it. >> disappointing numbers. when we come back, an exclusive interview with a whistleblower that could spread new light on the case. why he thinks the cia and nsa could be involved plus we mention facebook at the top. should you buy ahead of this afternoon?

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years in an american prison for his role in the conspiracy behind swiss bank accounts and was paid $104 million by the irs in gratitude for the information that he brought to the u.s. government about secret swiss bank accounts so as the greatest financial whistleblowers of all time you might think he's cheering on the panama papers disclosures. well not necessarily. here's what he told me this morning about who he thinks the real source of all the documents actually was. >> the very fact that we see all of these names surface that are the direct, quote unquote, enemies of the united states. russia, china, pakistan, argentina and we don't see one u.s. name? why is that? quite frankly my feeling is that this is certainly an intelligence agency operation. the cia i'm sure is behind this

in my opinion. >> now he of course has no proof of that allegation and i asked him why u.s. intelligence would have any incentive at all to leak information that's been damaging politically to david cameron, the prime minister of the u.k. and a major u.s. ally. he thinks that cameron was simply collateral damage in all of this and he thinks the disclosure so far have been selective. >> if you have nsa and cia spying on foreign governments they can certainly get into a law firm like this but they selectively bring the information to the public domain that doesn't hurt the u.s. in any shape or form. that's wrong and there's something seriously sinister here behind this. >> guys so fascinating now to hear brad who is as we said the greatest financial whistleblower of all time now calling into question the source of this massive new financial document leak guys, back to you. >> there's going to be a lot of theories behind this as we try to figure out exactly where this

came from. up next it may be april but the long winter for the ipo market rolls on. a closer look at why and when things might open up and a quick check on today's market rally. currently sitting at a triple digit gain for the dow the s&p and the nasdaq all near session highs and highs for the year. squawk alley will be back in a moment. "the bank on yourself revolution". over the last 25 years, i've researched more than 450 financial products. i found that one of the best-kept secrets to help you plan for your retirement is the home equity conversion mortgage. it's a line of credit for homeowners age 62 or older. and it's offered by a company you can trust- one reverse mortgage, a quicken loans company! call one reverse mortgage now to get the details. their licensed experts will tell you if you're eligible, show you the line of credit amount you qualify for, and will send you a free information kit.

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>> session highs for the dow up on the back of oil which now joined brent with a fresh 2016 high. >> meanwhile it has been one of the slowest quarters in the ipo market and there haven't been any tech companies going public so far this year but many employers and early investors are still looking for places to trade their shares. with us now is the ceo of a company that started to create an online market for shareholders.

welcome. >> thank you. >> they had thousands of employees that all had this facebook stock but that seemed like a one trick pony. what do you do that's different? >> we like to call that area and what it's doing is establishing equity which is a lot more liquid marketplace and if you take a look at the number of private companies in '07, '08, 09 compared to today it's almost double. >> how does it work? the early investors come to you and say i want to upload it? what is the interaction like? >> we walk right through the front door and we say look we have your best employees and some of your earliest supporters the investors. they lack some liquidity because they supported you and they want to finance a home and get married and go on vacation so we connect them with investors on the other side and get the company's approval and get the

deal done. >> how much flexibility do they demonstrate? especially for shares that might not be open for trade? >> the private company shares are locked in. they're difficult to trade. you don't want anyone and everyone to invest in the companies so it only allows squall identified investors to invest in the trade. they are happy because we do everything online and give them an audit report so they know what happened and what transpir transpired. >> how do you determine what the shares are valued at if you as a company don't have any exclusive information about company financials and the like? >> so as you can imagine a lot of companies and their shareholders are asking for liquidity. we apply several filters. who the backers are, how recently they raise a round of capital and where they are in their growth cycle. a year or two away from ipo. we let supply and demand determine the price.

>> do you believe investors are still looking to private for yield and price appreciation in light of some of the down rounds and mark downs we have seen? >> absolutely. the last quarter was one of the busiest quarters on our platform. if number of public companies have gone, it's at a 40 year low right now. investors are tired of sitting on the sidelines and letting the private market folks make all the money and they're taking a look saying i want to get in on the action too. by the way, i want to rely on sequoia and other branded investors to be able to rely on their diligence and let them pick the stocks and i would like to participate as a participant. >> where does conscious play into this? i imagine a lot of employees see headlines about their own company and giant regulatory issues. companies like dan dual, good technology that say i want to get out now, where's your conscious and then selling those shares to main street investors.

>> absolutely. so first and foremost, we only put certain companies on the platform. no more than 5% of the companies that try to list themselves on equities and supply form make it through. >> is that because of your filter or they say we don't want any new shareholders. >> that's our filter. we work with almost 40 issuers in the u.s. and they have given us approval to trade on, you know, in their shares and those companies have preferential listing on our platform. a lot of other companies out there that are first timers don't necessarily make it through our filters to protect our investors. >> is there a minimum trade size? do you have to be a bulk buyer in order to play? >> that's the problem we're solving. you used to need $10 million to buy the shares. >> what's the down side of protection? >> so the down side protection just like in the public markets is that you have to be sophisticated investor. you should only invest a small piece of your portfolio.

it's a liquid, risky alternative investment but it also means you have a higher reward. >> who are your investors? it exists when times are good and when times are bad the bottom falls out. >> we have family offices. private equity professionals as well as wealth managers and at the end of the day we have created a platform valuable for investors in the u.s. as well as abroad. if an investor in kansas can get it there's no shot and we have providing it to the entire world. >> there's no question a lot of employees have found a good service in what you're doing so we appreciate you coming and talking about it. >> thanks for having me. >> when we come back, mark zuckerberg set to speak in about 90 minutes in san francisco with shares in the green, should you be buying or selling fb? we'll talk about it after the

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italian prime minister arriving in iran for a two day visit. he was greeted by iranian president. the two are expected to discuss trade contracts which were signed following the iran nuclear deal. a fire broke out at a factory in

india about 100 workers are feared trapped inside. some workers took refuge on the roof and rescuers were throwing water bottles to those trapped inside. a 400-year-old painting that might have been painted by the italian master caravaggio was found in southern france. the estimated value $135 million. it's beautiful. the painting had been left for more than 150 years in a property found by the owners when they went to investigate a leaky roof. and did led zepplin steal it's biggest hit? they will face a jury trial over whether they stole stairway to heaven from the band spirit. the trial is scheduled for may 10th. we'll have to get steve to weigh in on that. that's the update this hour.

let's get back downtown. carl back to you. >> steve could write in if he wanted to. >> he could. >> europe and the u.k. will close in 10 seconds. >> a lot of people are focused on this announcement that up to 600 jobs would go. it would appear. the big stand out from the market action today is just this horrible reaction later on in the session to the new firewall that the italians announced last night on the italian banks. falling after rallying for two days. some of them rallying early this morning but falling back. the size of this new firewall, the private vehicle is not government owned is $5.7 billion against 360 billion euros. so it's according to reports a lot of the bigger banks so put money in and then the italian government will fund it in part in order to buy bad loans or

help them with the bank recapitalizations and you can see the reaction. it clearly isn't enough as far as people are concerned. what is interesting is as the big banks fell through the session they dragged down the italian blue chips with them as well. this is the investment vehicle down some 4%. i wanted to show you some of the stocks that are working at the moment. standard chartered is interesting and it's a beaten down bank stock but 21% from the lows in february. it's reiterating the buy suggesting that the ceo is winning through and the profit levels will rise and one of the biggest gainers up 5% and in the wake of the chinese going in this country you now have the largest shareholder in am which is the french hotel chain that has a 12% stake and according to reports may boost that to around 20%. it's more the direct investment

from an existing japanese hotelia but underscores how they're looking to expand through tourism because one of the biggest growing markets in the world almost exponentially is the number of chinese that will travel abroad in years to come. what should we keep our eye on? . guys good to see both of you again. >> some of these products, victor, along with what some are calling a growth reset to come on q-1 earnings. what are you thinking? >> i'm thinking that facebook is building the biggest communications entertainment platform and you see that on all

the different products. i'm expecting a lot of exciting product announcements out of mess enjered and that's how you plan to monetize and utilize it over the next several years. i'm still a bull on the stock. i think the seasonality is a lot more pronounced now but i think numbers will come in fine and still believe in a flat form. >> what do you think the company needs to make its core business stickier? is there any vertical that developers would come up with after this week that would actually make people want to spend even more time on it? >> well, look, facebook, the core platform is already one of the most popular. not only just in terms of users but time spent. people spend over 40 minutes on it. that's really impressive and what they're doing is building

the next platform with mess enjered. messaging person to person is not great business before. yahoo! failed at doing it so i think that the next platform that i think that it's going to be at scale will be taking mess enjered a messenger and allowing them to communicate with businesses and probably as importantly allow them to do a whole host of things which you have to use particular applications for. >> that's what this is about. >> suckerberg is on the cover of the economist. everyone is talking about their global ambitions. so who suffers from their success? is it -- is it when it comes to live video is it twitter? when it comes to video as well,

is it youtube and google? how big can this get? >> it's a tremendously competitive space so you'll have other platforms that want to suffer on significant share. there's still a lot of time spent that needs to shift over to the internet. there's still a lot of advertising spending that needs to shift to the internet. so it's becoming bigger and bigger as time moves on so there's room for multiple different plays. facebook, google, twitter to actually gain significant share within the space. >> yahoo! will probably fair the worse from facebook becoming bigger and bigger as time goes on. >> you said facebook is a company that has gotten investors conditioned to its strategy of spending to grow. of course last year was a big

spending year. are we going to see another big spending cycle or do you think that they have done what they needed to do and now it's about executing? >> i think the day they say they have done what they needed to do and now it's about margins is probably the time to either sell or short the stock. this is still very much a growth story. in fact, we expect them to grow expenditures at a much faster rate than they're going to grow revenues. some of that is going to go into video and some of that into messenger and as long as growth is the name of the game and you don't have too many companies showing accelerated top line growth which is what they did over the last several quarters investors will give them a pass on all of these investments. we think overtime they should be able to improve leverage but in the next several years and not the next several quarters. >> we're going to find out a little bit more later on this

afternoon. it's good to see you. thank you very much guys. >> thank you. >> as we said, plenty more on facebook this afternoon. the vp of messeniaging will jois on a first on cnbc interview. >> averages still near session highs. let's send it over to bob on the floor. >> nice rally and nice move up in the middle of the morning but a lot of the point gains are really confined to the energy sector. we have been rallying through the mid morning and largely because oil is moving to the upside over $41 now for west texas. take a look at the sectors when i say it's a nice broad rally but you can see the energy sector is more advanced than most of the other sectors here so you have sectors like materials, health care and financials and energy is up more than 1% right now. take a look at production

stocks. all up 3, 4, 5% and also up nicely 4 or 5%. those are really nice gains here and the drillers too. all with four, five or six% gains and once oil starts busting out of ranges here these stocks start moving. otherwise it's often hard to get them moving in the 38 to $40 range for oil. we're waiting for financials to begin reporting their earnings season. j.p. morgan tomorrow. wells fargo on thursday and citigroup on friday but as you can see some of the other ones, most of them are up fractionally but some of the regional banks are doing a little bit better than the big money center banks but the expectations are very low for all the money center banks on earnings. my position has been that even a modest amount of news will probably move the stocks up. as a group, the big banks are

down almost 14% year to date. back to you. >> the green for the banks just a glimmer before a volatile end to the week. thank you so much. when we come back, alibaba making the biggest overseas purchase in history. a billion dollars for an e-commerce start up. we'll take a closer look at that deal. but first, rick santelli, what are you watching today? >> atlantic gdp finished up it's assessment of what the first quarter gdp will be. we're going to discuss why that's such a number and why it may only get worse in the macro as the years go by. all after the break.

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that will be here for you now - and down the road. i have a lifetime of experience. so i know how important that is. >> it's biggest overseas buy in company history. susan lee is back at headquater with that. >> alibaba with $500 million in newly issued shares. another 500 million in shares from existing shareholders so for alibaba this isn't about

money. there's more strategic value than monetary value. they get the number one online e-commerce company and thailand, indonesia, malaysia and the philippines and they do this without having to invest more time and more money building up their own network. meantime there was talk on the markets that growth was slowing down for them. they had some logistics issue with slow deliveries and fake goods being sold on their website and from sources appare apparently they were sitting at a billion dollars recently which isn't huge. alibaba, if you bring in alibaba they can help with the network and also part of a bigger network to sell your goods in the future. this isn't the first time they used money to buy into other e-commerce companies.

and alibaba itself want to go outside of chinese boarders with sales making up 85% of the revenue. they want it to be 50% in the future and 50% from outside of china's boarders. >> very interesting. >> let's check in with rick and get the santelli exchange. >> there's been a lot of cost about what's wrong with gdp and why is productive so low and all the problematic tax codes and the affordable area care act. obamacare and in the end it comes to something more simple. one person's stimulus is another's debt. it is one of the macro stories. you look crazy talking about it every five minutes but it's not

going away. nonfinancial debt rose 3.5 times faster last year than gdp did. this is very fascinating considering that nonfinancial debt. that's household debt and auto loans. mortgages. government debt from federal state and local nonprofits, business debt it all figures in and as it keeps growing of course, the title paints a picture. well, it's the same thing. we have kind of global shrugging going on. there's been many studies and we don't talk about those enough either. that the more debt you pile on the more the global economy shrugs the harder it is to grow and you add in all the other head winds it's a tough deal. now when you consider the letter first line says about 3.5 times

faster there's a lot of other things to consider. just consider the complexion of the debt. it gives you a glimpse at quality issues or the scariest issue at all is the debt is going to be going up. i have to chart somewhere. we had a big one printed. over the next ten years between now and 2017 look for another 10 trillion or so to be added on. so it's going to be very difficult. i didn't think growth was going to be less than the .1. but i think what is going to continue and get worse is how much downward pressure debt is going to continue to exert on growth and i think knowing that these entitlements take up such a big chunk, this void we have of acknowledging it and instead

taking the time to talk about the seasonalities. it will be between 1.4 and 1.8%. doesn't matter how we get it. what matters is that's half of what we need. kayla, back to you. >> easy to forget how much 25 basis points increases the country's own interest too. thank you. news out of the lending market. 9 months after the first bond sale citigroup is determine a partnership with prosper. the report by reuters highlighted comments at an industry conference saying the market wasn't ready yet and the deal which was originated into securities the market was just too early. they could not be reached for comment on the story but the

story had an effect on the entire marketplace lending group. take a look at on deck which is down by 1%. it's now down 2.5%. both of those companies have partnership with jp morgan and although those deals are still in place it will be interesting to see how they workout and whether the market is, in fact, ready to buy repackaged securities from these type of loans at highs for the year close to $42 it exceeds march 22nd and west texas officially has the highest level of 2016. when we come back, it's the largest space gathering of the year. companies are busy pitching to the pentagon and the commercial world. jeff bezos in attendance. details on that in a minute. ews. you're down with crestor.

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man 1: what isn't? man 2: we've been attacked. man 1: the network? man 2: shhhh. man 1: when did this happen? man 2: over the last six months. man 1: how did we miss it? man 2: we caught it, just not in time. man 1: who? how? man 2: not sure, probably off-shore, foreign, pros. man 1: what did they get? man 2: what didn't they get. man 1: i need to call mike... man 2: don't use your phone. it's not just security, it's defense. bae systems. >> hoping to get a piece of the action and the generals in attendance may be overshadowed by billionaires and controversy according to jane wells who is there. jane. >> hey, kayla, these things tend to be stayed affairs but not this year. there's a lot of attention over

who is going to build america's next rocket engines for military launches. will it be a self-funded billionaire like jeff besos? >> lift off. >> besos is going to be the key here today in addition to his reusable rocket his blue is building an engine. it's awarded contracts to companies like blue origin and spaceex to engine development worth $242 million and worth over a billion but nearly half the money is going to a traditional player. and it helps space x is going t start doing some but they're toward it and it's blue origin

being the super rich girl and being the four girl. >> it's a very dynamic time in the industry and it's positive but we also have to remember the national security and we have to have that. >> all right now the area jet engine will be less costly and less risky and less sexy. they'll make a decision by the end of the year and there's a lot of jobs and political pressure on both sides. back to you. >> jane wells joining us talking that space gathering. uber is taking aim at the company. the ride sharing partnership between lyft and the u.s. is officially online. customers can now order lyft cars in the u.s. and vice versa so now customers won't need to

worry about paying in a foreign currency or knowing how to tell the driver where to go. >> well, the fact that it had been the number one player in the market it's interesting that uber already had this figured out because they had one company, one seamless transition. when i was in china last year i used uber because i could download the app in english. but i don't know if you know this, i don't speak mandarin. >> not that well but you're working on it. >> digital content is expensive. just ask louie c.k. that says his new show put him billions of dollars in debt. more in just a moment. n people download the new app? we're good. five million? good. we scale on demand. hybrid infrastructure, boom. ok. what if 30 million people download the app? we're not good. we're total heroes. scale on demand

with the number one company in cloud infrastructure.

comedian louie c.k. says his new web series put him millions of dollars in debt. he personally spent 2 million with no backers on the project. admitting she millions of dollars in debt right now. the show is available on his official website costing between 2 and $5 an episode. he didn't want to get investors for the project preferring creative freedom instead but that's the risk of going direct. >> or maybe this is that new marketing strategy called the guilt trip. go to the website.

>> it would actually work with me. >> session highs not too far away from them and of course we have been talking about oil all morning long with that fresh 2016 high on both wti and brent and that essentially plays across the top 20 on the s&p. >> and there's the report about potentially russia and saudi arabia agreeing to production. not until april 17th. and we'll probably get the headlines between now and then. >> juniper is 42 to 46. tier 1 u.s. service providers and in europe and africa. they believe sis coe is taking share. more of an execution story share issue than it is a broad comment about switches and reuters right

now. and guidance like that could sink the stock by 8% when it comes down to it and we should mention starbucks again. we mention it at top of the show and that call has been moving that stock again and calling the evaluation freedom. and stock down 3%. we haven't seen from starbucks in quite awhile. >> discussion of decelerating comps. and not to mention the investments that they're making in technology. high profile big cap players ahead of earnings whether it's on facebook or again on starbucks today. >> and then of course alcoa didn't give us much to like for the unofficial kick off to earnings. we'll get jp morgan earnings tomorrow. the expectations for the banks are overall low.

they don't have much capital markets and no ipos and it's of course debt issue answer that slowed some what. there might have to be some surprise to get anyone to like that. >> we have to get through ipi numbers tonight and about 4:00 eastern time. does it for squawk alley. let's get over to headquaters. and the half. >> our top trade this hour, energy rush. crude hitting it's highest price of the year today but is the worst really over in the energy patch? with us for the hour, joe, stephanie, josh brown and pete. we do begin with the big move in oil. it is up more than 8% in just the last two days. 15% in a week leading some to say the next stop could be $50 barrel. a place it hasn't been since the fall. is there new momentum in oil now? >> it is. it continues to be a short squeeze. i said all ang