great plot. >> everyone said david faber was the star. >> i think i carried t sure.hat minute carried the whole thing. took years of training to play myse myself. >> i was in "big short" for three seconds. >> your best was "iron man." >> i got a hat from iron man. everyone else got $50,000. i thought it would be a bomb. >> you should still be getting checks about that. >> this is about billions, you were fabulous. if you could stand up to hedge fund managers the way you did then -- >> i do. >> yes. that's exactly what you do. >>> when we come back, an unhappy holiday for tiffany and macy's ceo terry lundgren. look at the premarket. big earnings week stuffed into four trading sessions. some 30 s&p names and seven dow components. more "squawk on the street" in a minute. ♪ light piano today i saw a giant. it had no arms, but it welcomed me. (crow cawing) it had no heart, but it was alive. (train wheels on tracks) it had no mouth, but it spoke to me. it said, "rocky mountaineer: all aboard amazing". >>> tiffany shares down in the premarket. the luxury retailer saying hol

david faber and i were talking this morning on "squawk on the street" when we were doing our mad dash. no company we know of is jubilant about this price decline. no can be is saying, like i just said about my inn and my restaurant, a huge windfall object ton the bottom line. i'm thrilled. most companies won't acknowledge the positives, except for the airlines and the cruise ship companies, i don't care a good word from any executive how they are licking their chops over lower fuel costs. it is almost eery about how much it is down played. retailers and restaurants say they aren't seeing any pick up in spending or not one they are willing to admit to. the whole price of decline is impacting only amazon positively. maybe people are hoarding the additional doll rsars and savin them. i haven't heard a restaurant say one word about how it is booming, because the consumer has more money. i haven't heard any retailer credit gasoline with higher sales. they are more than offsetting anything good that comes from the collapse of oil. they reported after the close that china is good. that resta

but david faber is not your typical reporter. he's a rare breed who's owned the merger and acquisitions beat for several decades now. i'm proud to call him my partner. performers repeat in 2016? let's start with netflix and amazonl the "a" and the "n" in f.a.n.g. which includes facebook. formerly google which ruined my acronym with the coolio name change. first, net flex and amazon don't play the same rules as any other company. netflix didn't rally last year because of the fabulous earnings. amazon didn't advance because it got recognized for the glory. no, they're momentum. meaning they represents shifts in the fast growing revenues and there's a whole cohort of money managers who believe if you buy those with hyper sales growth not earnings you'll end up with winners. most of the series professionals that come on our air haven't and that tries to isolate the value. the analysts search for stocks that are cheap versus the fundamentals. these two stocks are anything but cheap. so why have i championed netflix and amazon for so l

thank you very much, david faber. get to the cme group and go to rick santelli and get the santelli exchange. i can't tell you how many white papers and various essays i get like the one i'm holding in my happened today. s.e.c. proposed new derifftive rules for registered funds. if you really start reading all this, a couple of things jump out at you that you need to understand. a lot of the rules that govern some of the sbc registered investment companies go way back. you have securities acts of 33 and 34. more importantly, as this one references, the 1940 investment company act, investment advisors act. all of these things are obviously pretty -- oh, and times are changing. fast forward. over the last two or three weeks, how many times have you heard the reasons behind some of the crazy market moves that have been margin calls. okay. now, let's put all that together. the s.e.c. and the fed, of course, after the crisis have a very complicated world of derivatives to answer to. one of the very foundations of certain t

time warner, there's a lot of activist chatter, david faber reporting on that.ime warner shares riding a six-day winning streak. maybe short-covering part of the story. perhaps fundamental buying. on the flip side, just to balance things out there are some names that are riding some notable down trends. general motors on the carmaker's side. apache, also alcoa having real sharp moves to the down side. they are riding serious losing streaks. those may continue, carl, if we do see any kind of weakness in the economy and overall with the china situation. >> dom, thank you very much. >>> let's hop over to the cme and get the santelli exchange. good morning, rick. >> good morning, carl. art cashin today mentioned some things we've been doing with currencies. i want to tip my hat to art, he's right. he, like many investors, traders on the floor are gravitating to the notion of catalysts, the fed, connecting the dots, not fed dots but market dots as to when markets turn, when they change, when they start to move quickly, when the end startedyeo move quickly and the yua

finally, david faber, rip for david bowie, the 1972 ziggy star dust concert in the tower theater in philadelphiahe greatest rock show i saw in my life. don't even get me started, i'll get choked up about it. david, back to you. >> thanks, bob. i remember seeing him at a robinhood event after 9/11, he gave a rendition of "america." incredible. he will be missed. >>> wanted to move on quickly. typically we talk about public companies here. but in this case, i will talk about uber, which, by many -- well, at least in a lot of different ways is resembling a public company given how broadly it raises money, or from such a broad base of investors. the latest to share with you is an offering taking place through morgan stanley. they're using morgan stanley's brokerage, high net worth network, if you will, high net worth clients, people who could invest 250,000 in a private placement being raised to 48.72 a share for uber. valuing the company, i'm told, by people who have looked at this offering. and have been brought in by their broker, a value of $62.5 billion. that's not really news. i think a number

i'm david faber along with jim cramer. carl quintanilla is off this week. you can see we're looking down right now. european markets, well, they're not helping. if you take a look at this point, we're down across the board there. all less than 1%. as for that ten-year note yield which, of course, crossed below the 2% note yield last week during a tumultuous week, we're a bit above that right now. and there, of course, is the all important commodity known as crude oil. 31 down another 3.7%. let's get to our roadmap this morning. it does start with major inversion. johnson controls and tyco getting together, moving to ireland, or that is johnson controls is moving there. we'll get a progress report on the ceo's turnaround plan that seems to be in full force. twitter's losing four high-level executives. we're going to look at jack dorsey's game plan. we're looking at a lot of game plans. we've got a lot of football on our mind. bill belichick's game plan didn't work that well. the guy miss as point for the first time in ten years. >> that was shocking. >> cong

good tuesday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer and david fabert the new york stock exchange. futures with some bounce this morning as we get alcoa earnings under our belt. a few upgrades including apple, decent guidance on consumer names. europe in the green, germany up 2% or more. oil is the spoiler, some new forecasts predict more gloom ahead. we begin with apple poised to open back above 100 after this upgrade at b of a and elon musk once again saying apple is working on a car. >> starbucks is expanding in china looking to open more than 500 stores despite what is a slowdown in the second largest economy in the world. >>> and lulu getting a boost after strong holiday sales. company raising guidance and they're not the only ones. first up keeping an eye on the explosion in turkey. a bombing in istanbul killing at least 10 people and wounding 15 other. the turkish deputy prime minister says the bomber was a 28-year-old syrian national. we'll stay on top of that developing story. richard engel has been on our air all morning long. >>> futures are

to david faber who broke the story with the latest. >> greg fleming is out of the man who ran wealth management. a very important part of the business, grown with the acquisition a number of years back. fleming has been at the company for the last six years. he was the senior executive. people may remember merrill lynch helping at the very end of the firm's tenure to engineer its sale to bank of america. unclear where fleming is headed. the reason he is headed out, however, is because colm kellerher, president at morgan stanley and the ceo has been promoted. he is now going to be the president of the entire company, reporting in of course to continued chairman and ceo james gorman. and given the respect of ages of the two gentlemen, it does appear that mr. kel her is not a potential hare to the ceo job. given that he is older than mr. gorman, the expectation that i have spoken to since the news was shared internally about an hour ago, is that there gorman will remain in the job for some time to come. perhaps until mandatory retirement which i believe it 65 so he has years to come. th

welcome to "squawk on the street," i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. december jobs goes out with a bang, adding 292,000, positive revisions. futures on the upswing after the worst ever start to the year. europe holding in after that tense session in china shanghai closing up 2% as reports say the government did come in to buy. watch bonds today and oil. our road map begins with the better than expected jobs number, 292 added in december. will stocks reverse the ugliest start of the year ever? >> plus more negative headlines on apple suppliers, reporting disappointing results and lower forecasts for the first quarter. >>> and struggles at gap continue, sales fall in december. aside from the better than expected december numbers, november and october payrolls were revised upward. for all of '15, average job growth was 221, lower than the 260 in 2014, but marks the second best job creation year since 1999. hourly earnings fell slightly, which is -- once again, guys, the conundrum here. why is this not budging? >> too many people looking fo

i'm carl quintanilla with jim cramer and david faber at the new york stock exchange. first trading day of the new year. this one is not coming in quietly. futures down sharply after a selloff in china. shanghai down 7% on a weak pmi. trading was halted, hong kong and japan each down 3% as well. that's led to some weakness in europe. the worst day for the dax since august. crude oil and gold among the few things working today. the new year for the markets beginning with a worldwide selloff. global growth concerns sparked by data showing chinese manufacturing contracted for the tenth straight month, and contracting at a faster pace. and this ban on insider selling will end in a few days. >> china put in some circuit breakers that remind me of '87 and they didn't know how the circuit breakers would work. they encouraged selling, not discouraged it. the communist party can be late at figuring out what to do. i would not count them out in terms of their ability to manipulate the market back up. one thing is certain of 2015, in the face of bad economic data, the market did

i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. a lot of hand wringing going on today with north korea claiming to have tested a hydrogen bomb. the yuan at a five-year low. news from apple and chipotle not helping. watching for cues from europe today. one silver lining is adp, the best since july of 2014, oil at an 11-year low. and inventories at 10:30 eastern time. we begin with north korea claiming it has successfully tested a hydrogen bomb. global markets are selling off. >>> valeant announces it has a new interim ceo effective immediately. >>> and some new numbers out for chipotle and news on a subpoena. is this a tipping point for the company? first up, global markets back in selloff mode. north korea claiming it tested that first hydrogen bomb, if confirmed it would be the first nuclear test since 2013, violating continuing u.n. sanctions. the peopling bank of china allowing the yuan to weaken as data for december showed the services sector expanded at the sloeft pa slowest pace in 17 months. all of this sending oil down. aft

i'm carl quintanilla with sara eisen and david faber. simon hobbs is off today. the moment, whether it's facebook results, oil higher on rumors about an opec meeting, even caterpillar guidance has the dow up 109 points. you can see 4.40% gain on crude. >> let's get to diana olick. >>> pending home sales up just 0.1% in december, but that's from a downwardly revised november reading. it basically comes out to flat in the wash. that is a miss. the street was expecting a bigger gain than that. sales up 4.2% year over year. pending home sales are the measure of signed contracts in december not closings. it's a forward-looking indicator of closing. why the flat pending home sales? realtors say it is no homes for sale. the ability to find homes in affordable price ranges is difficult for buyers in many job-creating areas. home building is grossly inadequate. again, sounds like a broken record, but lack of supply hurting home sales. we heard it from pulte group ceo this morning in their quarterly earnings release which was better than expected. he said builders are bene

welcome to "squawk on the street," i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. premarkets struggling again. the dow futures have recovered from being down 100 points earlier this morning. shanghai, another more modest loss overnight as the chinese inject liquidity and firm up ute withinhe yuan. our road map begins with the selloff aftermath. what experts expect for 2016. >> shares of eli lilly under a bit of pressure after new guidance announced for the year. >> and amazon saying more than 23 million items were ordered on cybermonday, that's a jump of over 40% from last year. >> futures erasing yesterday's losses. stocks looking to shrug off worries of global growth after monday's 7% slide. the shanghai a slight decline overnight. in addition there were reports that they might go easy on this restriction on insider selling once that ban lifts on the eighth. we'll see. >> at 115 the chinese government came in make it clear again, they rule a country. it's not like there's -- you don't go to the supreme court and say we have to back them. they came

dade faber is back at post nine with that. david. >> thanks very much, carl. that's right. "the boston globe" ge is prepared to announce that it's moving its corporate headquarters from fairfield, connecticut, to the city of boston in massachusetts. this according to a source familiar with the situation, quoted by "the boston globe" saying an announcement could come as soon as tomorrow. it was last september that we sat right here on this set with jeff immelt, the chairman and ceo of ge, and i asked him what the company would be looking for if it were to move to a new headquarters in a new city. >> listen, i think we're a high-tech exporter. we want to be looking forward in a place that's going to be supportive of where the company is going. we want to be someplace where people support job creation, where it's attractive to talent, good cost of living, and then it's very supportive in terms of what a high-tech exporter has to be all about. >> it was last june that ge first raised the possibility of moving its headquarters. that after an increase in business taxes by the sta

i'm carl quintanilla with sara eisen and david faber. simon hobbs is off today.re down largely on guidance out of boeing and apple on a week when guidance from the big large caps has been okay that seems to be changing today. oil is one to watch as we wiwil get inventories in a half hour. apple earnings miss pushing the stocks down sharply. hear what tim cook had to say about the quarter. plus we are counting down until today's fed decision. richard fischer will be joining us to weigh in. >>> and boeing the biggest loser on the dow after a disappointing 2016 outlook. it's 10:00 a.m., so we have breaking nick news. let's get over to chicago and rick santelli. breaking new home sales, rick? >> yes, sarah. 544,000, that's seasonably adjusted. annualized in terms of new home sales. we missed making a new high for the year by that much. 545,000 was our february read. this is february 15th, and that was the highest level since february of '08. so base clip third best going back to february of '08. last months was dinged 1,000 on a revision, that actually was ding dinge

. >> although, as david faber pointed out, it's still a far cry from what fox is willing to pay just a couple years ago, about a year and a half ago when it approached that company about a potential deal. could there be an activist in the stock? that is still the concern. or the hope of many investors because there are some names in there that are big asset managers. investors are wondering if they're holding slots, holding stock on behalf of the big investor. we'll see what happens. >> crude had gone positive on the day. now just slightly negative by some metrics here at the exchange. we got an upgrade, for instance, of southwest airlines over at morgan stanley today, taking its equal weight, saying pricing is getting better. we saw a fair hike this week with low oil. >> pricing for the company is getting better. >> not for the consumer. interesting session tonight in china. let's get over there. >> guys, thanks so much. welcome to "the halftime show." joe teranova is here along with stephen weiss, josh brown. also from new york today, kathy lien, managing director. our game plan lo

i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. pre-market under pressure as oil prices refuse to relent. heading lower. we look to open below august's flash crash low of 18.67. europe looking at losses of 2%, 3%. the nikkei down 4%, now in a bear market. and the ten years with a one handle have not closed like that since november. netflix and what reid hastings has to say about the company's growth. >> ibm shares taking a hit this morning thanks to a weaker forecast. >>> apple under pressure as ubs raises concerns about iphone sales, how worried should you be? first, another selloff putting global equities on track for the worst month since '09. u.s. crude oil prices slumping below 28 to fresh '03 lows. earlier on "squawk box," ray daleo offered his take on the markets. ♪ >> i think that risks asymmetric on the down side. that's why i think the next fed policy will be towards quantitytive easing, not tightening. >> goes on to say with all asset classes down last year, that can't go on for long without producing a depression. >> i

david faber joins us with more. >> it has been a good week as you said for sprint, certainly it's sharestill plenty of questions involving the company's debt load it's turn around plan and how it's going to compete long-term with significant competition. joining me now to break it all down is the sprint ceo. nice to have you as always. thank you for joining us. >> hi, david. thanks for having me. >> few would argue with the fact that you made significant progress since you took over as ceo but many still look at the $35 billion debt load that you're lugging around at that company and wonder how you can effectively invest in the network and also compete in a very difficult market in which price certainly is still a very important parameter. how can you layout for people the plan that keeps sprint in the game if you will. >> i think first and foremost you have to make progress in the right direction but put it in perspective. the company is going to generate close to $8 billion this year and we expect to generate close to $10 billion. so there's 33 million in debt but there's also a compan

david faber joins us.use i think it was a year ago, maybe more than a year ago, that starboard was also calling for a change in management and then they sort of went away and now they're back. >> yeah. i mean, they have kind of never gone away in some ways, melissa, and as you pointed out this is one in a series of letters. they originally were calling for the spinoff of the alibaba stake into a separate company before they reversed themselves and said, no, we'd actually prefer that you spun off the core business. of course, a few weeks back yahoo! decided to do exactly that, reversing course itself because of the tax ramifications perhaps of an alibaba spin. but this letter, as you said, centered more on what they feel is a failure of management and the board of directors to turn around that so-called core business of yahoo! pointing out that the value of the stake in alibaba is worth roughly what the market cap of the company currently is, and certainly threatening it would seem the possibility of a prox

even down here the stock is too colleague david faber on "squawk on the street," maybe it's still too early to own etsy. "mad money" is back after the break. the more you move the more you sweat degree's motionsense technology keeps you fresh with every move. it has unique microcapsules that contain fragrances. friction breaks the capsules... ...releasing bursts of freshness all day. whether you're meeting a deadline... ...grabbing a bite... ...or heading out for the night. motionsense, protection to keep you moving. degree, it won't let you down. janet? cough if you can hear me. don't even think about it. i took mucinex dm for my phlegmy cough. yeah...but what about mike? it works on his cough too. cough! it works on his cough too. mucinex dm relieves wet and dry coughs for 12 hours. take one of those pillows and take a big smell. they smell really fresh what if we told you we washed these sheets 7 days ago. really? no way downy? downy fabric conditioner give us a week, and we'll change your bed forever. want more freshness? >> announcer: lightning round is sponsored by td ameritrade

even down here the stock is too risky or as i say to my colleague david faber on "squawk on the street," maybe it's still too early to own etsy. "mad money" is back after the break. >> announcer: lightning round is sponsored by td ameritrade. >>> it is time. it is time for the lightning round. you say the name of the stock. i don't know the calls or the name of the stock ahead of time. i tell you whether to buy or sell. when you hear this sound -- [ buzzer ] -- then the lightning round is over. are you ready, skee-daddy? time for the lightning round on cramer's "mad money." i will start with ed in massachusetts. ed . >> headed into the earnings report at the end of the week. where do you think the stock is going, cypress semi conductor. >> the yield is amazing at 5.45%. at $8 i can't count on anything other than to buy the stock. we are in a world of hurt bear market including that one. galan in minnesota. >> caller: hello, jim. >> hi. >> caller: i'm asking you about bsx. >> it's inexpensive. i prefer e.w., they have the better mouse trap. that's where i'm going in the group. dave in o

first up, amex is having its worst day since 2009. 38% drop in profits, and then news that david fabers a short time ago that value act valueact no longer has a position, and the stock took a leg after that. >> they're not cool banning, and it's just another credit card company. stay away from it. >> i still maintain since the costco announcement happened, the stock has not been the same. >> yeah. >> has not been the same. >> they did give weak guidance for the current quarter. you know, schultz was on squawk on the street earlier, and turned the stock. >> yeah, i think the expectations were just really very high. particularly because a couple of weeks ago he was on tv saying how strong china was. when they jumped -- >> he was on the ground when he called in to cnbc. >> right. people thought that the 6% comp in china would actually maybe be beaten, and it came in at five. traffic was up four in china. >> at these levels we'll back up the truck. >> impressive. >> you guys back up the truck? >> yes. they had a great balance sheet to do it. >> slumberge e. better than expected earnings. t

. >> when you talk about fundraising, our david faber reported yesterday that part of where they areking to raise this money is through the retail investor. namely this time through morgan stanley's brokerage arm. how far down the totem pole do they have to go to get some of this money? >> we did stories earlier this month about the road shows, these private road shows that they've been doing. they're making the pitch. they're giving people the data, and they're saying tell us what price you would invest at, and then they're making a decision. it's all capital to them. >> jessica, really good story about a company that's hard to get solid information on. good to see you. >> good to see you too, carl. >> the dow up 192. at one point currently sitting in negative territory. by close to 20 points. part of that is oil falling. crude down about 3%. we were hovering just above $30 a barrel, and we still are. $30.12 is the price action right now. we'll take a closer look inside these markets when we come back. >>> close to breaking below $30 a barrel for oil. jackie deangeles is live at the

david faber's been doing some good reporting but that's going to be a story that bleeds well into the next few weeks. >> investors hope where there's smoke there's fire. >> dow back in the green but just about by 18 points. have a good weekend. pay attention sunday night. let's get back to headquarters. scott wapner and the half. bl . >>> all right, guys, thanks so much. welcome to the halftime show. let's meet our starting line-up. steve weiss is here along with jim levinthal, josh brown, and a special guest for the hour, achb capital's mark lassry, who specializes in distressed investing. our game plan looks like this. opportunity of a lifetime. that's what mark lasry calls a big investment idea. we'll have those stories straight ahead. portfolios with purpose. how you can trade alongside some of the biggest names on wall street. and it's all for charity. we begin, though, with this rough week for the markets. in fact, the worst start ever to a year. stocks have given back their early gains from that strong jobs report. the real question, josh, is where in the world do we go from sn

i'm david faber with jim jaker. we lived. carl quintanilla has the day off.t's how about asia overnight, you ask in you probably already know it was not a particularly good story. look at shanghai, given up all of those gains, yeah, from 2015, i think. >> yeah. >> they're gone now. right around that 2% level, and there is a look, of course, at crude oil, which i have a feeling we'll be talking a lot about. also, by the way, a lot on the s&p case-shiller home price report. it's just been released. national index up 5.3%. unchan unchanged in if november from october. >>> 3m, dupont, procter & gamble and johnson & johnson. aig announces a major restructuring. asple report after the bell will sales seem to be so bad as so many are anticipating. >>> stocks looking to rebound a bit from the oil prices also moving higher, above 30 bucks a barrel, that would help markets at least seem so shrug off the drop you saw in shanghai overnight, jim. china, oil, china, oil, fed, china, oil, fed -- that's the conference. >> if we're going to take a hike, we'll have. >> like ta

david faber has the details. >> thanks very much, kelly.bout 20 minutes ago or so, i'm told morgan stanley employees received notice that greg fleming, who has been running the wealth management business of the company the last six years will be leaving morgan stanley on the ascension of colm kelleher to president of the entire firm. one would expect momentarily to be shared with the rest of us through a press release or an a.k. filing if one has not already come. a significant move certainly in the upper ranks of management at morgan stanley. where mr. gorman remains. and likely remains for quite some time to come. one key takeaway would seem to be cementing mr. gorman's position as ceo many years to come. why? he had been thought of as perhaps somebody who could take over. being that he's 52. mr. gorman is 57 or 58. but mr. kelleher is older than mr. gorman, hence the sense that while the board may have asked him to get a number two in place and perhaps also said we want you to stay on for many years to come. it was not that he chose to t

i'm quintanilla with jim cramer and david faber. the market was soft. mario draghi arrived. he said they may reconsider policy. europe did post sudden iof almot 2%. shanghai down 3%. ten-year, remains below 2 and oil, keep an eye, it switches to the march contract. we begin with european central bank president, mario draghi speaking. >> two dow components on the move. what you need to know from verizon and travelers earnings. >> the earnings is underway. what has southwest shares seeing a pre-market boost. >>> u.s. futures are higher erasing some of the earlier losses and a news conference still going on in frankfort. the central bank will weigh more stimulus measures at the next meeting in march. draghi believing that downside risks have increased again. after the ecb left interest rates unchanged. whether they believe further policy has any meaning at all. what does this tell us. >> i think it has tremendous meaning if you sell your product in euros. he managed to crush the euro once again. this i the quarter where our international companies are taking it on the chin. we

i'm carl quintanilla with jim cramer and david faber. it gets interesting.he dow, s&p and nasdaq join one another in correction territory. europe's actions no good after japan sells off overnight. we are watching the ten-year once again which got a few basis points away from a one handle. oil is steady above 31, closed above brent yesterday. our road map begins with, we'll take a look at the aftermath of yesterday's selloff. where do we go from here? >> more bad news for gopro. shares sliding after lower guidance and plans to cut its workforce. >> shake shack out with a new menu item. is it enough to boost that suffering stock? we are going to talk to the ceo in the first on cnbc interview. >> keeping the eye on the situation in jakarta as well. several explosions overnight as terrorists launched attacks in the indonesian capital. they believe the perpetrators have links to isis. at least seven dead, including five of the attackers. we are going to continue to follow developments on that following an explosion at the pakistani consulate in kabul yesterday. a

i'm carl quintanilla with jim cramer and david faber. china down 7% overnight. trading halted as you know fort second time in four days. europe has followed suit and then oil below 33 as a fresh 12-year low. as joe just said. china at the center of the global selloff. further devaluation of the yuan. a halt in chinese trading for the second time this week. that session lasted guys, only 30 minutes. they tried to do this 15-minute circuit break are and then said let's scrap the whole thing. you talked about them holding the line, jim. are they capable of that? >> they obviously don't really know how to handle their own markets. they are playing it by ear. it is very much a work in progress. if we are down 7% tonight, you would, indeed, take out the 2927 lull and be at 2900. it would break the line in the sand. unless they do something, it will be down again. no market can bounce. markets that are down big attract more sellers. you can't get buyers to come in. this is going to sound crazy. i was doing some price changes. you are talking about five, six times earni

>> welcome to "squawk on the street," i'm david faber along with jim cramer. carl quintanilla has the day off. futures are down sharply. markets are selling off around the globe. more on that in a moment. we have a double dose of breaking news. we will start with steve liesman on new york fed president bill dudley. steve? >> david, thanks. bill dudley giving a speech now in new jersey saying future rate hikes depend on the data. he notes that in december further rate hikes were expected in 2016. he doesn't tell us how much he thinks rates will go up. he notes that overseas economies, weakness there, does pose risk to the u.s. but he says there's been little change in the economic outlook since that december fomc meeting, acknowledges that recent indicators have been on the softer side, but points out that labor markets look strong. 2016, he sees growth to be slightly above 2% and the unemployment rate declining further. core inflation is quite stable despite lower energy prices. here are the strengths dudley sees in the economy, consumer spending, lower oil pr