. >> take a look at shares of caterpillar, sliding right now. that is as federal officials search three of the companies' facilities including their headquarters in peoria in illinois. in response, caterpillar is confirming that lawsuits officials are at its hq in peoria and saying they are cooperating, although not expanding as to what this is in regards to. so, again, federal officials searching offices and facilities of caterpillar, as we speak, and shares of the company are down about 3%. back over to you. >> yeah, morgan, we'll continue to follow that story. let us know if you have anything else. now to the markets. 21,000 and counting. stocks mark new milestones this week. is it too late to get in? there are the major averages. dow down almost 50 points, follows yesterday's blowout. 300 points for the dow. even more questions about how long this trump rally can last. josh. >> yes. >> these thoughts about sort of euphoria knocking on the door of euphoria, one person told me yesterday you're starting to hear that more and more. >> yeah. you

we're caterpillar. we've been in business almost 100 years. we live by a code of conduct and a set of core values. if something appears to violate that code, we take appropriate action. >> and it begs the question, what will happen next. will caterpillar pay a penalty? what will happen next? >> rebuilding the nation's infrastructure. one of the topics of conversations today in the nation's the capital. the president met with a number of business leaders to discuss the need increase spending on roads, bridges and airports. >> reporter: the president held a lunch with business leaders today to discuss infrastructure investment. he has a trillion-dollar plan to include america's roads and bridges. and among attendees was elon musk, also real estate developers, and a representative from the environment of advocacy groups, nature conservancy. sean spicer did give some details about how it went during white house press release. >> the government has wasted too much of the taxpayer money. >> he talks about the importance of rolling back regulations.

caterpillar is cooperating. she wouldn't go on much further. caterpillar, a dow component.t you to note. that is the point we got wind of the search. of course the stock started tanking. down, what is it down about 4 1/2%. it had been down close to 5%. it hasn't really move moved. the point this is unexpected development. when this kind of stuff happens we feel we should step back to help you get a sense what it means when these guys are in concert with each other and obviously they were executing a warrant together. what do you make of it? >> i would say this i've seen cases where a bunch of agencies knocked down doors of companies, stock tanked and nothing is there. neil: i remember tyco they were doing that, right? >> right. listen i might even argue, kozlowski didn't need to get roiled, former ceo, what went down which was kind of minuscule stuff compared to enron and major corporate implosions. neil: right. >> i would say this, the markets always react to these sort of headlines. again i know a hedge fund that was put out of business based on a headline of fbi going in

a rather unpleasant surprise for shareholders of caterpillar today. global industrial suffered their biggest decline in eight months after law enforcement officials raided three of the companies facilities including its headquarters in illinois. certainly something that no shareholder wants to hear about. in response the stock fell more than 4% today making it the worst performing member. morgan brennan tells us what we know at this point. >> reporter: it's a knock on the door no company wants. law enforcement officials searched three caterpillar facilities today including headquarters in illinois. the u.s. attorney's office for the central district of illinois confirmed the searches and said agents from the irs, the federal deposit insurance corporation and the commerce department were all involved. caterpillar is cooperating with authorities and said, quote, while the warrant is broadly drafted we believe the execution of the search warrant is regarding, among other things, export filings that relate to swiss subsidiary. the matter first disclosed i

they're sending a strong message to caterpillar.s is a surprise raid. >> neil: by the way, they were cooperating. >> they were. >> neil: with the authorities. the authorities coordinated and raided their offices so they might have felt -- >> this is a sign. a clear signal, they're trying to -- they're a formidable opponent. the united states attorney's office is not backing down and this is a clear signal that this is not going away. my instinct is this is the tip of the iceberg. the swiss subsidiaries. they're going through every document. they have the resources and the time and they're going to go through and check and see whether or not they've been complying with the laws. could get ugly. >> neil: quickly, i know the ceo is saying he's going to cooperate, he is new. he was among those meeting with donald trump at the white house, the ceos trying to find a way to ignite global growth. how much of a role would the president have in this or is this being done by the agencies involved at that level only? >> a good question. as you

caterpillar did not comply with u.s. tax law or u.s. financial reporting rules.he continues, i believe the company's non compliance with these rules was deliberate and primarily with the intention of maintaining a higher share price. these actions were fraudulent rather than negligent, end quote. ouch. nevertheless the times article does concede no charges have been filed and it is still unclear whether the government's investigators actually agree with the report's findings. we don't know how big the impact will be yet and i can't endorse going to buy the stock without knowing more but i don't want to close my eyes to the chance. what we do know is caterpillar's business is in comeback mode after four years of declining sales. the company's end markets have started to turn around. commodities are coming back. which means you need more of their equipment to get stuff out of ground. and most importantly in the most recent quarter, asia started to show its first sales increase in several years. we also know that caterpillar presented this week at the thing called c

caterpillar believe the search is pa rt caterpillar believe the search is part of a revenue service investigationofits earned by a swiss path subsidiary caterpillar sarl. the chinese super league football season the chinese super league football season kicks off today. in 14 years it has gone from minnow to major power in the world's most popular sport, and you might ask how? quite simply cash, and a lot of it, with players being offered as much as $730,000 per week, which is leading many stars to swap the likes of sevilla and shanghai. messi wasn't available, so here is robin brant to explain what is behind the big spending. first, a history lesson. the chinese super league was formed in 2004 when the game went pro and there are 16 teams, the team in the south guangzhou are the league leaders. let's talk about the money. it is the only thing the csl is really known for. they are big spenders. $200 million in the last transfer window. $41 million a year to get carlos tevez in shanghai, apparently. that makes him the best paid player on the planet. there is no transparency. no one knows whether mo

shares of caterpillar took a hit yesterday after federal authorities rated the company's offices, caterpillar illinois and two nearby facilities was the company says it is cooperating with investigators in what is described as a tax investigation with billions of dollars at stake. caterpillar issued a statement that it believes the search focused at least in part on exports filing on a swiss subsidiary. the 2014 annual report disclosed security and exchange commission has begun an informal investigation of the swiss subsidiary. >> amazon to the huge outage on its cloud computer service was caused by a typo. it affected thousands of websites using the aws cloud computing service. amazon said one of the team member that secured a command meant to take a few servers off-line but the command had a typo and that cause a larger number of servers to be taken off-line that amazon intended. the four hour outage caused disruptions, slowdowns and failure to load errors across the united states. >> they broke the internet with a typo. amazing what amazon is capable of. it cost you more to shop at costco,

no charges filed against caterpillar.pany tells "the new york times" that has not seen the report. it is a dow component. shares are down 1% in premarket trading at 95 even. nicole: ceo of via christ are still interested pursuing a merger. marchionne said a deal with gm remains attractive after he questioned the automaker's move to sell most of its european operations. back in 2015, marchionne sent a letter urging its board to consider a merger with fiat chrysler saying it could lead to billions of dollars in cost savings. gm's ceo rejected a proposal and a spokesman said yesterday a deal still makes no sense for gm's customers come to shareholders or employees. >> google space-bar problems in europe. the antitrust watchdog received a complaint from a group of european companies against alphabet google. google puts language and contracts makers of andrade smartphones and tablet that made it virtually impossible for them to produce and market google free devices. last april the commission accused google of abuse in its mob

you don't have to play caterpillar. >> and you're short uri. a great company. just make sure i say that. it is. >> we have a lot of things to get done. >> are you on board with that? >> and may be she disagrees. if she is short for all the right reasons, almost by definition, you have to have sell off. >> it is entirely u.s. cent ric. >>> going high he can to keep one the consumer landscape. could it back fire? first in business worldwide. in the meantime, here's what else is coming. >> here's what's happening with shares of snap. and we'll tell you why it could get a lot worse. plus, tim is serving up the pitch, telling us the story of the year. the name is when "fast money" returns. ♪ oh! the things you say ♪ ♪ oh♪ ♪ ♪ ♪ you're unbelievab♪e ♪ you're unbelievab♪e just imagine if all were constantly thinking. always on the lookout for patterns and connections to make everything work better. i call it the internet of everything, but it's really the internet of everyday life. ♪ the partnership between dell technologies and sap helps make the promise of the intern

. >> yeah, but first, what we're finding out about that federal raid on caterpillar offices in illinois. is it related to an investigation overseas? you're watching "world news now." >> because australia is down under. >> oh. now i get it. >> announcer: "world news now" weather, brought to you by swiffer. ♪ if you've got a life, you gotta swiffer mthat stuff only lasts a few hours. or, take mucinex. one pill fights congestion for 12 hours. guess i won't be seeing you for a while. why take medicines that only last 4 hours, when just one mucinex lasts 12 hours? let's end this. clearasil rapid action begins working fast for clearly visible results in as little as 12 hours. wow! but what other teen problems can it fix fast? maybe it can quickly give this teen a thicker mustache? doesn't look like it. will clearasil act fast to help this teen concentrate on his math test? darn. can it help... nope. no. so let's be clear: clearasil works fast on teen acne, not so much on other teen things. because my teeth are yellow. these photos? why don't you use a whiten

♪ look, even the caterpillars are doing the conga. >> they are also known as professional caterpillarse are. >> like 190 caterpillars in a row. >> dang. look at the line! it's so long. >> that's a very long conga line. the guy who recorded this video says they normally live together in a nest, but when it is time for them to go after eating all the food in the area where they have been living, they start making a conga line and moving on up. >>> and now for something completely dif. this is nala. she's a 6-year-old half-norwegian forest coon cat. as you can see, she likes playing with the snow, especially when it comes down in slow motion over her head. >> is it really playing with it? or is it really annoyed pawing it out of the way? >> girl, you have clearly never had a cat. >> well, me either. this cat looks like i'm not here for it until the specks would come. >> this is how cats play. you toss them something and they are like, get that out of here. >> i'm allergic so i wouldn't know. >> this cat would send you to the hospital with that fur. >> this will prove to you guys that nala

caterpillar headquarters today.racking this story and has the latest. >> so shares of caterpillar have been sliding today and that is after federal agents searched and seized materials at three of their illinois facilities including its head quarters. u.s. attorney's office confirming the searches and that agents from the fdic office of the inspector general, irs criminal investigation, commerce department's office of export and enforcement were all on the scene today. the company confirming the searches as well and saying that it is cooperating, but offering no more detail beyond that. in its recent 10 k filing however, cat did disclose receiving federal subpoenas seeking materials related to its swiss subsidiary, specifically movements of casual tied to the sales ever replacement parts. for background, a 2014 senate investigation had said the company created a strategy in the late '90s to reduce its u.s. tax burden by using the swiss business to shift the sale and thus profits ever replacement parts to switzerland

caterpillars orders are good. orders we're getting from main -- for moneywell, i think, will surprise. greg hayes is not one of these guys -- greg hayes is a guy -- good, jim. it's fine. yeah. it's coming along. it's all right. no! that was not greg hayes. greg hayes, this was like greg hayes has just said i have seen the future and this is a different time. and, remember, he was the first person who was taken to task by the president. >> exactly. >> we have a great relationship. >> maybe he was lucky he was the first taken to task. improved the relationship and there he is now. is he seeing it in actual orders? >> yes. >> at this moment in time? >> yes. >> it's not just -- >> no! >> we're positive about the future. we're seeing it right now. >> seeing it right now. employment report we saw this morning is typical of what he is seeing. he needs more mechanics. can you imagine? needs more mechanics. >> the stock is up. >> it should be up, for heaven's sake. these markets are stupid. >> not to greg hayes but to ever

at the same time, caterpillar is lower by 5%.nt, that's because we know irs agents descended on the company's headquarters. we're waiting to see what that's about, but it's negative on the stock today. >> president trump talked about increasing military spending. does that mean it's time to buy defense stocks? let's ask the trading nation team. great to have you both. i'll start with you, mark. you know, these are stocks with nice runs over 12 months, is now the time? >> i do think now's the time. these stocks have grown into what was previously extended valuations. while being far from cheap, rapid earnings growth in the future has really brought down the forward multiples to an acceptable level so we think there's great potential. you heard president trump talking. he's very committed to increasing defense spending when you look at the department of defense. they've recently increased staffing, which is a great leading indicator in defense spending, and beyond that, this is just -- there's just so much future potential for grow

. >> plus why analyst say caterpillar's stock is dropping. money watch's jill wagner joins us from new york stock exchange, good morning, jill. >> reporter: good morning, jim and rahel. futures are pointing to a higher opened. stocks were mixed despite a blockbuster jobs report for february. dow jones who 69 points, nasdaq gained three. shares of the caterpillar fell 3 percent on news of a possible tax and accounting fraud. new york times has said government commission report found that the equipment maker did not comply with tax or financial reporting rules. no charges have been filed, caterpillar has not committed. >>> samsung is exploring expansion of the u.s. manufacturing, the company says preliminary talks are underway to build a new factory somewhere in the you had, and there are very few details though. >>> and apple says it has fixed weak necessaryes in the i phone that accord took documents was cia break into devices. april em says latest system addressed those issues and they are working to fix others apple has advice, run all upda

still, this is caterpillar's show.es up over a football field yet most of their sales are outside north america. tariff and trade war could be bad for cat. >> if a trade war does take place, 35% of our business depends on foreign trade. that would just be catastrophic for thi vsus cat. steph, you own caterpillar. >> uh-huh. >> josh, you've talked about deere on this program for a long time. >> i've been long. >> why is cat the pick versus deere? >> i'm not going to say cat versus deere because i don't dislike deere but the end markets cat is in is troughing and have been down harder than deere's market. kamatsu and cat have 50% marketshare. this business has been destroyed. we see what's happening to global commodity prices. they're actually rising. that's good, especially given that used equipment has really kind of been spent, if you will. last week they saw their first new bookings orders up for the first time in a quarter. things are starting to level out there. you have construction, oil and gas. all of these are

stock caterpillar down 4%. hurt the dow to the tune of maybe 30 or 40 points of the so, we did have a loss yesterday. how are we going to open up this friday morning, i'll tell you right now because it's 9:30. we're off and running. which way are we going? we're up 5, check on the left-hand side of your screen. a lot of green and red and mixed market in the early going. i call it absolutely dead flat and down and now it's up. i think i'm safe, i think i'm very safe on this. we're absolutely dead flat. a lot of people are tuning in this morning, very worried that the 100 point drop yesterday is the start of a cascade to the down side. let me reassure you this friday morning, we're up 4 points. not a huge gain. >> we'll take it. but we are up. okay. up 7 points now, 21,000 is holding and the dow is almost evenly split between winners and losers. okay? >> what have we got in terms of stock? i want to check snap to start with, please, the gains since-- good with my fingertips there. show me snap, please. as of righ

caterpillar for its part is declining comment. no surprise. but at the end of the trading session, caterpillar biggest decliner on the dow down 2.%. big story crumbling oil prices bringing down the main line oil producers today. exxon and chevron set the tone across the broader market. back to you. melissa: lori, thank you. david: there was a bombshell after private sector jobs report. the economy crushing expectations by adding 29 -- 298,000 jobs in president trump's first month of office. we have scott martin and gary kaltbaum. great news on the jobs front kind of made the markets nervous because of what the fed would do. these are the post-trump days when sometimes politics has more to do with why the market are the up or down than the fed, right? >> i don't think the fed matters anymore. i think thereby the wayside. david: think you're right. >> if you notice you don't hear them talking as much because i think they were given a directive to shut up because in the past they didn't stop. five times a day, 10 times a day, confusing markets. a

agents seen carrying boxes out of three locations, including caterpillar peoria.terpillar says it's cooperating with law enforcement. >>> a scare at the gate at chicago's o'hare airport. mechanics running an operation check on this sky west american eagle plane. when that engine there exploded, there were no passengers on board. the cause of the incident is under investigation tonight. >>> to wall street, and here's something to snapchat about. snap, inc., the parent company of snapchat, getting more than 50% in its stock market debut. the stock price jumping from are $17 per share, and closing at $24.48. the company ceo, evan dropped out of college, seen with his girlfriend, miranda kerr, and life is good for him these days. >>> and the story behind the friendship. george w. bush explaining his fondness for michelle obama. and the opening of the african-american museum that went viral. the president saying, quote, we took to each other, adding, she appreciates my sense of humor. >>> when we come back, america strong and the ups delivery no one was expecting. it l

they had executed a search warrant on caterpillar. caterpillar says it is quite operating.bates for epipen allergy. mylan received a subpoena that you are a sick. investigators say the drug maker misclassified the drug product as a generic resulting in payments for medicaid. that is your bloomberg business flash update. publict has made it trading debut. trading well above the ipo price. -- tomnt tom verily farley was asked if he expands his view. om if you go back, we had zero ipo's the first quarter. we have a whole bunch more full calendar and let something changes. if not the big tech names, which is the premise of your weston. those big tech names are watching very closely what happened today. they can pull ipo's forward or backward. benefitsperson who from ipo's, i think comfort that this idea was very smooth and they got what many described as a healthy valuation. you feel that this year is going to be the year of more companies going public? >> absolutely. things didn't change. i'm not record not prognosticating. i'm just saying again, the ,umber of ipos we have pla

thank you both. >>> we have a news alert on caterpillar.tails. >> reporter: thank you. the new caterpillar ceo has retained the counsel of basically a former u.s. attorney general to help the company work through its dispute with the u.s. government. they are retaining william p. barr as an outside counsel and they say that they want to have him review the matters related to the search warrants in 2017. they make the point that he has -- mr. barr has no previous interaction with caterpillar so they are retaining him as an outside counsel and they say -- he says he's committed to maintaining caterpillar's highest position in continuing the highest ethical standards in the business. i am can have debt that bill barr's assistance will help our leadership team achieve these goals. they're retaining his outside counsel to take a look at the government's action against caterpillar on march 2nd in which we had a number of agents go to various caterpillar facilities and execute search warrants. i'll keep you up to date. back to you. >> sue, thank y

you'll be run over by a cat -- caterpillar truck like some of the people at caterpillar run -- >> yeahthat continues. potential conflict with the federal government over taxes in switzerland for caterpillar continues, but back to tepper. speaking of foreign nations, he was positive on europe as well. >> wasn't he? wow. >> very much so. which is a theme we've heard and you certainly have been talking about that for some time. also it being a key in terms of global growth. >> it is so hard doing business in europe right now, my wife and i are doing business in europe -- there's really no banking. they got to get the bank going again. the biggest risk is the french election, but even then he said you have hollande as a socialist and didn't matter. i think he made the case for buying every european bank. really solid case. even deutsche bank. holy cow, yeah, deutsche bank. i wish he'd said to buy it. i wish he was on yesterday and said to buy adidas. >> we didn't get there. it was wide ranging but did not touch on adidas. we'll get to his views on apple, teva, snap and a lot more later on

caterpillar was the biggest negative after federal agents searched their offices, something i reportedn throughout the day yesterday. even so, we are on track for all three of these indexes to close the week in the green. turning to the treasury market. a lot of fed speak this week, which the markets have perceived to be much more hawkish. we have seen expectations of a fed rate hike this month really jump this week. you have seen that in the treasury note throughout the week. treasury market, excuse me, throughout the week. ten-year treasury note, the yield is slightly lower. down to 2.48%. but again, solid moves this week. the biggest story, perhaps, has been the two-year treasury and the fact we have seen yields there highest since 2009. >> exactly. about a seven-year peak. a flattening of the curve, but expectations of a hike have moved significantly. it's the best case expectation for march. we will hear from both stanley fischer and janet yellen today in and around lunchtime. will they stick with the rhetoric of the last two weeks to suggest march is possible or change the tone?

the irs has previously accused caterpillar of owing $2 billion in back taxes that it believes caterpillarillar denies that allegation, says it is vigorously contesting the irs on this issue. the stock had popped recently on the president's call for big spending on infrastructure. and finally on this friday, reminder as you head to work, typos have consequence. amazon says the incident that made some popular web sites inaccessible this week was a result of human error. yes, a person broke the internet. an employee on the web services team was working on the billing system. the person meant to take a small number of servers off land and entered a command and removed a much larger set of servers. that caused file sharing issues for companies like slack and many others. it also hit development platform get hub, scheduling site trello and venmo plus news organizations couldn't publish stories. amazon owns 40% of the cloud services market so when it goes down, it takes a whole lot of companies with it. >> that is some power in the hands of -- >> what is so interesting, people like oh, my god, w

as we told you, authorities raided the caterpillar's headquarters a week ago in question, the offshore tax practices. the "new york times" published a report and that report accused caterpillar of carrying out tax and accounting fraud. >>> volkswagen plead guilty to three felony charges if question, the diesel emissions scandal. it was part of the agreement. wreechd the department of justice in january. tunneled deal, they have agreed to new audits and oversight by an independent monitor. vw admitted installing software on more than a half million u.s. spreks allowed them to beat or chee che cheat emissions tests. >> automakers recalled more than 53 million cars or trucks. >>> still ahead, creating jobs by rebuilding the military. >> tonight we'll tell why you defense manufacturers may be set. >>> the equivalent of more than a billion barrels of oil have been discovered in alaska. that's the biggest onshore discovery in the u.s. in 30 years. the find could help shore up alaska's budget which has been hurting because of decline in production. the discovery was made in alaska's north slo

i mentioned caterpillar, that is a big mover to the down side today. new government report accusing them of accounting fraud to boost its stock price, according to "the new york times," and that stock now is down a little more than 1%. it's actually not doing as bad as some might have thought, carl, because you have more talk of infrastructure coming from the white house, and caterpillar's considered a key beneficiary. >> we're awaiting arrivals for that very meeting. >>> when we come back, snapping back. why david tepper is a fan of snapchat. the stock is bouncing back a little today. peter thiel's warning for silicon valley. we'll break down what he said in houston. and the ceo of adidas on the record. we'll get his take on europe and how you can get the latest fair of yeezy sneakers, when "squawk alley" comes back. i love to see businesses that just started from ground up grow into further success. it just feels good to know that i'm helping someone else. my first goal is to learn about their business, what they're currently doing in their advertisi

caterpillar shares fell over 4% on that news. japan has returned to inflation for the first time in -- for the first time since 2015. consumer prices just over .1% in january, but energy prices were up over 9%. japan has struggled with deflation for nearly two decades. -- givingtral-bank the central bank of japan a hope that it may hit its overall 2% inflation budget. today, ain business rather expensive typography lesson. you may remember earlier this week when the outage of amazon's cloud services unit knocked out traffic to a significant portion of the internet. amazon has tracked down the cause and they say it is human error, specifically a typo. apparently an employee at the company's northern virginia data center miss typed a command to take a few terminals off-line. and ariggered a wave, cost that costs $150 million. amazon is implementing its new safeguards to prevent a repeat. ,e are not here to judge personally as an american who types on a french keyboard now. i could have been much more serverthan that in that room. m

caterpillar says it is cooperating with investigators. that is your bloomberg h, and we want to bring you a check of the markets -- iglobal macro movers said a to g 10, but for fun, let's set it to g 20. in japan, the nikkei is off. most of the indices, including the ftse 100 in the u.k., up .4%. closing in on 107. the south african rand stronger. when it comes to yields, germany's five-year was up almost eight basis points. the 10-year yield in the u.s. touched 260. still ahead, the first 100 days of the trump administration with david gura. this is bloomberg. ♪ from bloomberg world headquarters in new york i am david gura. welcome to bloomberg markets with a focus on politics and policy during president trump's first 100 days. president trump met with lawmakers as he continues to on the american health care act. from the ambassador who oversaw the treat -- trade portfolio. and president trump plans for $1 trillion of infrastructure spending. what has to happen for a public pregnant -- public partnership for that to work? we learned toda

caterpillar, right now the stock is near session lows.re is the question, how far will a company go to put a shine on its share price? a report obtained by the "new york times," dow component caterpillar may have gone way too far. the government report says the multinational equipment company may have used complex financial manuevers to bring in billions of dollars of offshore money back to the u.s. without paying taxes. the report says the tactics were meant to paint a rosy financial picture of the company and prop up its share price. authorities raided three caterpillar offices near the peoria, illinois, headquarters. the shares are down 2 and 2/3%. we do stress so far no charges have been filed by the government in in this case. >>> the real estate builder in chief he is chomping at it about to start building and rebuilding. he met with business leaders to discuss proposed one trillion dollars in spending on bridges and high was. transportation secretary elaine chao was there, along with energy secretary rick perry and elon minsk, spac

caterpillar rated by authorities, the ceo working with authorities after search warrants are carried out in several of the company's facilities. more on this investigation coming a. lamborghini hitting the gas, the car hitting a new speed record. dagan mcdowell, brian ben berg with us and pollster lee carter. what a week. >> we started the week in washington. the news doesn't stop. the whole conversation around jeff sessions, everybody's take on that. he acted well by recusing himself. liz: the question is how does the trump administration handle itself going forward with you are a language expert, communications expert, they need to have no mistakes about russia from this day forward. >> they hear russia, they here fear, the donald trump has been wrong, this will plague him like hillary's emails except people are more afraid for themselves mentoring hillary's time. we got to get this message clear and right. maria: what exactly is the charge? having a conversation? meetings between senators, ambassadors -- dagen: didn't say that when our frank and questioned him under oath during a

we've caterpillar. we've been in business for almost 100 years.e're an honorable company, we live by a code of conduct, core values if something appears to violate that code, we take appropriate actions. >> the times says no charges have been filed and it's unclear if the government will act against the company. >>> travis kalanick saying he is searching for a coo to help him run the car company. this amid mounting criticism of the company following revelations about its culture and business tactics. uber has hired a search firm and that the company's board would prefer a woman executive for the job. his dream candidates include tom staggs, not a woman, and cbs executive helen faulk. >> they have a lot of problems to deal with. this can't come soon enough. >>> still to come, philip hammond is set to deliver the uk's first full budget since britain voted to leave the eu. >> later this morning -- we were there, remember? >> i do. >> don't miss jes staley, that's on "squawk box" at 8:40 a.m. stay tuned, "worldwide exchange" will be right back. >>> we

. >>> an explosive story on caterpillar.is down about 4% after last week's raid at headquarters by federal authorities. >>> jon najarian using options activity more "halftime report" is coming up. is happening before our eyes. shift in human history sixty to seventy million people are moving to cities every year. at pgim we help investors see the implications of long term megatrends like the prime time of urban expansion, pinpointing opportunities to capture alpha in real estate, infrastructure and emerging markets. partner with pgim the global investment management businesses of prudential. hey nicole. hey! i just wanted to thank your support team for walking me through my first options trade. we only do it for everyone gary. well, i feel pretty smart. well, we're all about educating people on options strategies. well, don't worry, i won't let this accomplishment go to my head. i'm still the same old gary. wait, you forgot your french dictionary. oh, mucho gracias. get help on options trading with thinkorswim, only at td am

. >> reporter: the wild flowers are already being consumed by hungry caterpillars, also having theiro thrive in this harsh landscape, and temperatures climbing over 100 will quickly wilt what the caterpillars leave behind, but for a few weeks, blossoms are everywhere. this is certainly an example of the desert in bloom. >> it is indeed. >> reporter: for now in this desert, even a cactus is much more than its spikes. >> it takes your breath away, it really does. >> reporter: john blackstone, cbs news, ana borrego state park. >> mason: try to remember those pictures in tomorrow's blizzard. >>> we start off tonight with the winter storm warning, the first major snow storm of the year will hit in about three hours now. crews are working to get roadways ready and some schools said they won't be open tomorrow. closures are scrolling on the bottom of the screen. lets start with chief meteorologist topper shutt. >> flakeerize flying. -- flakes are flying. if you are home by 9:00 or 10:00, you are okay, not much past 10:00 because it will be heavy quickly and overcome the fact that surface te

. >>> the feds have rated three illinois offices belongs to construction equipment giant caterpillar. federal agents were at three at caterpillar's facilities in illinois accused of tax and accounting fraud. the irs has told the company it owes back taxes on profits from its swiss unit. it's not clear if that's the reason the offices were searched. caterpillar says they'll fight the tax bill. >>> people were ill and hospitalized with e colie linked to a soy products and it's "i am healthy soy butternut." all of the soy nut butter and granola products are recalled. these products are sold nationwide online at its stores. if you have any of it, don't eat it. throw it away or take it back to the store. >>> well, one of the most successful college drop outs will be giving harvard's commencement speech. facebook ceo mark zuckerberg will address students graduating this may. zuckerberg founded facebook while a harvard student while -- the social network was exclusive for college students, but now is used by more than 1 billion people everyday. >>> how would you like to eat like a super bowl

. >> reporter: the wild flowers are already being consumed by hungry caterpillars, also having theirf moment to thrive in this harsh landscape, and temperatures climbing over 100 will quickly wilt what the caterpillars leave behind, but for a few weeks, blossoms are everywhere. this is certainly an example of the desert in bloom. >> it is indeed. >> reporter: for now in this desert, even a cactus is much more than its spikes. >> it takes your breath away, it really does. >> reporter: john blackstone, cbs news, ana borrego state park. >> mason: try to remember those pictures in tomorrow's blizzard. for ♪ >>> tonight, j. lo and a-rod, already vacationing together. ♪ love don't cost a thing >> oh, but this trip did. inside the pricey ultra exclusive getaway. and details on how hollywood's newest power couple met. >>> then, "america's got talent" finds its new host. >> the deal has been made. >> how tyra banks landed nick cannon's old digs. >> watch me. >>> plus, our "bachelor" finale preview. is nick in it just for fame? >> love the spotlight. >> what a former "bachelor" told us. and wi

. >> reporter: the wild flowers are already being consumed by hungry caterpillars, also having theirf moment to thrive in this harsh landscape, and temperatures climbing over 100 will quickly wilt what the caterpillars leave behind, but for a few weeks, blossoms are everywhere. this is certainly an example of the desert in bloom. >> it is indeed. >> reporter: for now in this desert, even a cactus is much more than its spikes. >> it takes your breath away, it really does. >> reporter: john blackstone, cbs news, ana borrego state park. >> mason: try to remember those pictures in tomorrow's blizzard. that's the cbs evening news. for scott pelley, i'm anthony mason for cbs news. good night. captioning sponsored by cbs captioned by media access group at wgbh access.wgbh.org chemical closes off an east bay neighborhood for the third time in months. good evening, >>> we begin with a mystery mercury spill. >> i'm in for veronica tonight. hazmat crews in antioch are scrambling to deal with that mercury spill. juliette, what's been happening since you've arrived? >> reporter: it's quite a scen

also, keep an eye on caterpillar's share price. raided raided its offices in illinois, believed to be related to a tax investigation. joining us is richard dunbar, investment director at aberdeen asset management. thank you for coming in. i want talk you about digital crypto currency. 0therwise you about digital crypto currency. otherwise known as bitcoin. this is performed very well relative to other currencies. but nobody is quite sure who controls it, and the supply, quite sure who controls it, and the supply, but they are certain that central banks don't control it. supply, but they are certain that central banks don't control itm is very shadowing, it came from nowhere. it tends to fund the darker corners of the internet but it has many advantages in that the general policy of central banks as to be to devalue their currencies but bitcoin does not have those fassett and that has been a real attraction in the past ten years. —— with those assets. and it is now exceeded the price of an ounce of gold so it is a real milestone for

so how worried should shareholders be with caterpillar? and looking for something to buy.evin o'leary is here. he'll give us the names when "fast money" returns. about your brokerage fees.carl,n fees? what did you have in mind? i don't know. $6.95 per trade? uhhh. and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back if we're not happy. so can you offer me what schwab is offering? what's with all the questions? ask your broker if they're offering $6.95 online equity trades and a satisfaction guarantee. if you don't like their answer, ask again at schwab. lower than td ameritrade, schwab, and e-trade... you realize the smartest investing idea, isn't just what you invest in, but who you invest with. ♪ but who you invest with. this car is traveling over 200 miles per hour. to win, every millisecond matters. both on the track and thousands of miles away. with the help of at&t, red bull racing can share critical information about every inch of the car from virtually anywhere. brakes are getting warm. confi

caterpillar is a big multinational manufacturer of equipment and all sorts of stuff. why they were going to the offices, what they were taking from those offices, we don't know. we know that caterpillar is a dow component and contributed about a third of the dow's sell off today. maybe a little more. we'll have more after this. nviss are made with smarttrack® material to precisely move your teeth to your best smile. see how invisalign® treatment can shape your smile up to 50% faster today at invisalign.com pay your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claims centers are available to assist you 24/7. call for a free quote today. liberty stands with you™ liberty mutual insurance >> mr. president, did sessions recuse himself? >> i don't think so. >> when did you learn that he spoke to the russian ambassador? when

caterpillar has not been shown the u.s.dence but the allegation of the tax dodge allows the company to cut its tax bill by $2.4 billion over the last 13 years. last week we saw the illinois office raided by caterpillar. the new york times is claiming caterpillar structured almost $8 million in overseas holdings and loans to avoid the tax situation. a few weeks ago you had donald trump promoting caterpillar as a great company. a fascinating story coming out. we don't yet have the evidence for it. up, ceo on brexit. the politics of the french election and of course global the regulation. then it is a conversation about trade and border taxes with the u.s. secretary of commerce, a conversation with wilbur ross coming up. in the markets, the cross asset situation is looking like this. future is marginally softer yesterday on the s&p 500. we had a second straight day of losses. you have to go all the way back to the end of january for the last time we had two days of losses. the winning streak has been much better. the moves to

. >> reporter: the wild flowers are already being consumed by hungry caterpillars, also having theirrief moment to thrive in this harsh landscape, and temperatures climbing over 100 will quickly wilt what the caterpillars leave behind, but for a few weeks, blossoms are everywhere. this is certainly an example of the desert in bloom. >> it is indeed. >> reporter: for now in this desert, even a cactus is much more than its spikes. >> it takes your breath away, it really does. >> reporter: john blackstone, cbs news, ana borrego state park. >> and that's the "overnight news" for this tuesday. for some of you the news continues, for others check back later for the morning news and of course, "cbs this morning." from the broadcast center in new york city, i'm anthony mason. -- captions by vitac -- www.vitac.com >>> this is the "cbs overnight news." >>> twok the "overnight news." i'm tony dokoupil. >>> it looks like the end of the line for islamic state fighters in the iraqi city of mosul. forces are closing the noose around the final neighborhoods held by the jihadis and the last escape ro

they are related to infrastructure in terms of the other half of our business with caterpillar and john deere it is depending on the policies moving forward. >> nice to meet you. my name is doug mcgarry and the ceo out of detroit michigan. we are very much a leading edge research and develop meant company. we had built the most advanced virtual reality. it's can affect not only everybody at the table but really every facet of our lives. and ulcers of medical applications. it's such an important technology that we meet and commitment to manufacture here. and we've a lot going on. those plants would never even think about it. were you thinking about getting out? >> i would not abandon the united states under any circumstances we deftly had have a rough ago. they're really bringing michigan back. >> it's nice to see you again. i'm the president and ceo of the manufactures. we are out about ohio. i'm especially thankful for having that. we are very busy. you have to be. it's a big difference. the industry has changed over the last couple months. over the last couple of weeks the industry ha

caterpillar says it is cooperating with investigators.kull island, racked up close to $250 million in production costs and marketing expenses. based on estimates for similar movies, the monster production requires at least $500 million in global sales to break even. the new conley hits theaters this weekend, and a strong international showing is crucial . domestically and faces stiff competition from fox's logan, and disney's, beauty and the beast, which opens on march 17. that is your business flash update. i will not be contributed to that this weekend. joe: coming up, what you need to know to gear up for next week. this is bloomberg. ♪ julie: "what'd you miss?" they rally for u.s. stocks. it is the first down week for stocks in seven. the russell 2000 was down 2% on the week. do not miss this. the federal reserve announces its rate decision on wednesday. you can turn in to bloomberg tv 5:00pmpm eastern time, london time. suspense about the dutch elections on wednesday. will look life reports from amsterdam. we will see how kurt builder

caterpillar says it is cooperating. is said to be closing in on a deal to acquire general unit, according to people who are familiar with the matter who say an agreement could be on the table next week. and snap's evan spiegel and bobby murphy added $1.5 billion to their fortunes this morning after shares of the mobile app opened at $24 apiece, 41% above the listing price. the ipo tested investors' appetite for an investment popular with people under 30. shares difficulty a market valuation of about $29 billion. and that is your bloomberg "business flash." scarlet: what'd you miss? 90%-plus, the probability that the federal raise rates march 15. you have day care janet yellen giving an economic outlook speech in chicago tomorrow, and investors will be looking for any kind of update on progress towards the fed's dual mandate. joining us is the head of economics at renaissance macro research. i could hardly believe it that it is about 90% for a rate hike on march 15. as joe pointed out, if you look over here, 18% odds of

caterpillar is worth about 58-billion dollars.fter the search warrants were executed. some incredible video of a close call for a police officer. what he got doused with during a traffic stop. and a disturbing case out of the peninsula. what a man is accused of doing in public. plus fallout from revelations attorney general jeff sessions met with a russian official during the campaign season. the action he has taken... president trump's response... and the demands being made by democrats. it's okay to cry, right? no more! we don't want anymore! [crying] ahhhhhhhhhh! everyday price and no extra monthly fees, unlike cable. speeds up to 45 megs, for $30 a month. here at police headquarters in oakland police have announced the arrest of two suspects in connection with the shooting of an opd officer wednesday night. that officer was off duty and traveling in his own vehicle when someone opened fire on southbound 880 at 16th avenue. the vehicle was hit but not the officer. police are not commenting on a motive, they are turning the case

carol: interesting to see how caterpillar cut back on their cause.his cover story is an individual liked by the president, like by steve bannon, a true insider. steve miller. megan: he was one of the most experience government hands in the administration. it delves into is he the thinking man. it is a fascinating look at him and a portrait of him, this star figure in the administration. oliver: he is an interesting character. we talked reporter josh green. >> he is a longtime congressional staffer working for jeff sessions. he spent his entire career and washington on the far fringes of national politics, but because he's signed on early with trump and help to shape drums anti-immigration worldview, he has ended up in a remarkably senior position. carol: i love your story. is it because of his association with sessions that he got to trump so quickly? >> his association with sessions and his association with steve bannon, trump's chief strategist. sessions was the first mainstream politician to come out and endorse donald trump. he appeared at his ra