coming up, john steinberg joins us and maybe sits in the seat that mike kept warm here.r. we'll follow that. four executives departing and new board members. cara joins us next. and markets set to close in europe in the next few minutes. the wrap-up of trading there after this break. >>> i'm morgan brennen. here is your cnbc news update at this hour. . the supreme court has upheld a federal program that pays electric customers to save energy during times of peak demand. the ruling is a win for the obama administration and environmental groups who argue the plan saved billions in energy costs. an american airlines flight made a landing after severe turbulence injured several on board. the turbulence was so severe the injured were taken to a hospital. the flight was bound for milan, italy. and ford says it's pulling out of japan and indonesian because market conditions have made it difficult to make a profit. last year ford sold 6,100 cars and trucks in indonesian and 5,000 in japan. >>> and cbs says the coverage of the championship game yesterday was the highest-rated afc

john steinberg, thanks. mike, you're going to stick around for a bit. >> up next, stocks continue to fall, but the dow down 386 points. down more than 400 at its lows. oil is the root cause of this. tumbling yet again today. now below $27 a barrel. wti down 5.25%. we'll tell you the next thing to watch in today's market. it is the close in europe. bob pasani showed you germany. close to the lows of the day. there is more where that came from. we will bring it to you live in just a few minutes. sdmrooits been a tumultuous start. want least of which the financials. speaking to "squawk on the street" exclusive ill. somewhere p morgan ceo jamie dimon saying, yes, we are in a period of volatility, but the sky is not falling. here's what he said. >> you got to separate fluctuation of the market from the economy. it could be worse that we thought was possible. i'm hopeful this is all a big adjustment, and in a couple of weeks we'll take a deep breath and say thank god that's over. >> that being said, he did quip, i

speaking of which, let's bring in john steinberg, former daily mail north america ceo. already bought your ticket. >> i have. a few hundred million got won. my wife wanted me to buy $20 worth. i said, if you're not going to win it with $3. >> you buy everything we talk with on "squawk alley." >> everything, i buy everything. >> apple music now has 10 million paid subs. half as many as spotify. which crossed the 20 million mark back in june. a new report from the journal says neither apple nor its media partners have any idea how many people are actually reading apple news. the service launched back in september. shares still -- they were aren't 98 earlier this morning. trying to hold that $100 level. your thoughts? >> let's start with the music thing. a service i've been very negative on. i still think is unbelievably confusing. six months in, they've got half of spotify. this goes back to my argument of multimillion-dollar things buried inside apple they don't get credit for. apple has something that's half as good as that right now. another few billion dollars on appl

contributor john steinberg, formerly ceo of the daily mail north america.appy new year. >> happy new year. >> you have some big ideas when it comes to apple. we should mention is holding up today. >> absolutely. if you look at the other line of revenue, you're looking at $3 billion. up 60% for 2015. their year ended earlier because of the holiday. that's a massive amount of revenue. it's a massive amount of growth. the stock trades incredibly cheap. right now people are saying they're over. they're out of ideas. what company is $3 billion in revenue 50% that's out of wrdz? you know, i said on the show someone will call for it to be broken up, and i think it's a stretch. they're not being properly valued right now. we've got a lot of single companies that are multi-billion dollars. that's their whole company. they get traded at better pe multiples than these guys do. >> jim cramer has said if you are trading apple right now you do not believe that they'll be able to have a solid revenue stream going forward. iphone cycles being what they will. do you agree?

. >> it's integrated into maps and -- john steinberg, always great to have you. hate to stop talking with you. >> awww. >> up next, extraordinary economic, political, and geopolitical uncertainty in 2016. that's the outlook this year from the u.s. chamber of commerce. we'll talk to you as president and ceo tom donahue when we return. sfroo coming up on the half too many show more than a trillion dollars of market cap wiped out already this year. we're getting a bit of a bounce today, but can it hold? gopro in freefall. we talked to the analyst who was way ahead of the street on that one, and bonnie baja of jeffrey gundlach joining us as well. we'll see you in about 15 minutes, and lots to discuss today. >> all right. sounds good, scott. thank you very much. consumers are benefitting obviously from falling oil prices, but what about american businesses? the u.s. chamber of commerce is out with its state of american business. joining us first on cnbc is thomas donahue, the president and ceo of the u.s. chamber of commerce. it's great to have you back, tom. thanks f