for "nightly business report" i'm kayla tausche in new york. >>> coming up a new breast cancer drug from pfizer shows early promise. could it be a breakthrough for the disease? and the company. >>> general motors dealerships are expected to start fixing those faulty ignition switches sometime this week on chevy, cobalt and other models that have been linked to at least 13 crash-related deaths. more than 2.3 million car owners are expected to bring their vehicles in to have the switch replaced over the next six month s. the repair should take about half an hour per car. >>> a pair of recalls from ford motor in the bigger of the two, almost 400,000 ford escape suvs from the years 2001 through 2004 are being called back to fix frame parts that could rust and impact the steering. now in a second unrelated recall, nearly 50,000 cars from the year 2013 and 2014 are being brought back to fix seats that weren't properly welded. >>> hate to fly? you're not alone but passengers actually complained less last year that's according to the national airline quality ratings that came out today. phil leb

let's turn to kayla tausche. good morning. >> scott, good thursday morning. futures higher after stocks rose for a fourth day on wednesday, it's the longest rally for the markets in nearly two months. investors reacting to a report showing 191,000 private sector jobs were added last month, that of course ahead of friday's employment data from the labor department. we get numbers on new filing for unemployment t trade deficit and the nation's services sector. the dow rising to 16573, just shy of a record high. the nasdaq added 8 to close at 4276. you might think twis before complaining to your airline again. the u.s. surpreme court is giving airlines more legal protection over how they operate their frequent flyer benefits. the court ruled against a case. he says he was kicked out for complaining too much about travel problems and seeking compensation for overbooked flights. move over siri. make room. microsoft unveiled a digital assistant for windows phoned named after a character in the x box game halo. it will be in updates this summer. it will have access

kayla tausche, thank you very much. before we get to mike mayo, we'll switch out the positions, in tv terms, this is called stalling, but this is called citigroup. the average price target 58 bucks, it's at 48. stephen, do you agree? >> it's in my playbook, and stephanie's, as well. that's all you need to know. no, look. it's still a very cheap stock. i think corebat is the right guy. very smart, very focused. however, i do agree with mayo that cfo's had missteps and maybe they have to move on. >> but the quarter was decent, right? they did better on trading and fixed income relative to the peers. i thought the expense -- efficiency ratio at 50%, they were able to manage costs down, which is good. there's still a long way to go. there's a lot they can do to cut costs and really rationalize going forward. then, you have the emerging markets business, which most people don't like right now. i like that very much. that contrarian call. and i think they will be able to deliver on international results. >> buzzer, please, se

for "nightly business report", i'm kayla tausche. >> do we need another financial crisis to solve the problems? >> i hope not. >> that's "nightly business report" for tonight. i'm susie gharib thanks for watching. >> i'm tyler mathisen. have a good evening everybody. hope to see you back here tomorrow night. >>> "nightly business report" has been brought to you in part by -- >> thestreet.com, founded by jim cramer, thestreet.com is an independent source for stock market analysis. crimer's action alert plus is home to his multi million dollar portfolio. you can learn more thestreet.com/nbr. (♪ theme music ) (♪) matt elmore: welcome to imagemakers a weekly showcase featuring the best short films from around the world. stay tuned and enjoy the filmmakers of tomorrow today on imagemakers. imagemakers is made possible in part by a grant from: celebrating the vitality and power of the moving image. and by the: (shaking a paint can) (children playing)

for "nightly business report", i'm kayla tausche. >> do we need another financial crisis to solve the problems? >> i hope not. >> that's "nightly business report" for tonight. i'm susie gharib thanks for watching. >> i'm tyler mathisen. have a good evening everybody. hope to see you back here tomorrow night. >>> "nightly business report" has been brought to you in part by -- >> thestreet.com, founded by jim cramer, thestreet.com is an independent source for stock market analysis. crimer's action alert plus is home to his multi million dollar portfolio. you can learn more thestreet.com/nbr. [mysterious music] ♪

let's turn to kayla tausche. >> good morning to you, scott. futures are higher after stocks ended march and the first quarter on a high note. the markets rallied on comments from janet yellen. the fed will do all it can to support the u.s. economy. the markets are relatively flat the past three months t dow snapping its winning streak at four quarters. we get data on manufacturing and construction spending t dow jumping 134 monday to 16,457, the nasdaq rising 43 to 4198. yahoo! is reportedly in talks to by a video service for a reported $300 million. "the wall street journal" says the deal could further marissa meyer's effort to add revenue that of course would help yahoo! better com beat with youtube. it works with newspapers and online publishers. and just in time for april fool's day a story about a joker that would be apple co-founder steve wozniak who admits he occasionally makes phone calls to fans. he poses as a customer service rep asking questions about how they like their new iphone, ipad or mac. scott, he is the original genius. >>

kayla tausche joins us more with more on that surprising report from citi. kay larks last week we were talking to you about this one and everyone was bracing for a lousy report. what happened? >> not much to write home about. two points where science citi s. credit is getting better so citi has been able to release more money. >>> let's talk about the international sweep of citi. the u.s. bank with the biggest international footprint. do these results say anything about the overall health of the global economy. >> we saw a lot of growth on the asian consumer side and latin america consumer side. that was the runaway growth on the consumer sector. we didn't see a lot of corporate activity. with rates staying loin the first quarter and stock market going up there would be a lot more m and a activity, a lot more refinancing that continued but we don't see that happening and there also wasn't a whole lot of trading. one surprise, actually may not surprise you, but citi holdings, it is the majority of that is the u.s. housing market. it's subprime mortgages, old

kayla tausche has this report. >> reporter: some 95% of all of the atms in the united states run usingld piece of software, called windows xp. april 8th is the deadline for extended support. meaning the traditional software used in the atms will no longer be updated by microsoft. that has caused banks to rush to transition their systems. it costs about 3,500 bucks for each atm to be updated. they have to be programmed individual individually, meaning this say tedious process that doesn't come cheap, jpmorgan chase, bank of america, wells fargo and pnc have asked microsoft for extensions to get them to this point. microsoft did end that support several years ago and federal regulators in october urged them to make this transition sooner saying it was up to therapy to take on this operational risk so that consumers would stay safe. in the meantime, some banks have not given estimates about how long the transition will take, only ensuring that customer accounts will stay safe. a sticky situation for banks and atm operators alike, once that won't be solved overnight. for now we'll send it

kayla tausche? >>> on some regulation that was originally published last july, but now the fed, fdic and occ are publishing what is thought to be a final rule. this is here's the change after they regulators got roughly 30 comments. they basically are include repost securities into this leverage exposure for the eight biggest banks. that's going to increase the amount of so-called leveraged assets that the banks will have to safeguard the final rule, which would be roughly coordinated with the other global rules for global banks under what's called basel-3 regulation. this is what the banks sector has waiting for. mandy and brian, back to you. >> thank you very much. >> let's get back to the markets, today for the first time in four, tech hasn't been working to well, has it seema, what's driving trades today? >> mandy, the momentum names are staging a comeback, but still down double digits. during the same time, semiconductor stocks have been on the move. intel, taiwan semiconnector and advanced mic

kayla tausche has been on that call with including, of course, mr. dimon. kayla? >> hey, david.fensiveness from jpmorgan executives this morning on what is a really recognizable miss for a company that has been posting record earnings until what was third quarter of last year. one of the main questions is about the credit quality because the divergence of jpmorgan's credit quality and wells fargo is something the market is talking about this morning. we know for the last several quarters jpmorgan has had this huge stash of loan loss reserves and been releasing that in pretty large fashion so to see this quarter only $450 million of reserves when that was normally something that would get their epps above the expectations that was concerning. we saw wells fargo relieve releases tick up recognizebly. that helped wells there. also questions about michael lewis' book "flash boys" getting a lot of headlines. that book has just come out very recently during these banks' quiet period. they're expected to be answering for themselves on whether they do believe the market is rigged. now j

kayla tausche is live at world headquarters with the details. >> good morning.ren't they always looking for a way to chase google. yahoo! reportedly in talks to by web video service network for $300 million. "the wall street journal" says the deal could further marissa meyers' efforts to boost video content and add revenue to better compete with youtube. it's a video syndication service that works with newspapers and publishers. stocks ended march in the first quarter on a high note. the markets rallied on comments from janet yellen, she said the fed will do all it can to support the u.s. economy. the markets have been relatively flat the past three months. the dow snapping its quarterly winning streak at four, today we have data on manufacturing and construction spending. the dow jumping 134 points monday to 16,457, the nasdaq rising 43 to 4198. that's the latest business news. back to you. >> thank you much. >> we are of course watching this weather situation as we've been telling you. we'll look outside and also watching the roadways, woke up this morning ver

cnbc's kayla tausche joins me to explain.p my card in one of those weird atms. but tell me why i should go ahead and do that. >> reporter: well, chuck, they're hardly state-of-the-art, as you and i know from using them. and they are susceptible to criminal activity. you can put a swiper on the back of it and your cards are still at risk. the interesting thing is that behind all these atm facades, we forget these machines are ultimately run by computers. and starting tomorrow, microsoft is actually phasing out the software that many of the country's 200,000 atms have been using the last 12 years. it's called windows atms have b using for years win e dose xp which is used ont 95% of the atms, and the banks with the deep pockets are buying extensions to keep the security update, and they have to spend thousands of dollars per a tsat keep the upgrades, but chase and wells fargo, and others have said that, they want to protect the customers and make sure that the security is there, but for the regional banks and the smaller banks,

kayla tausche is here to break it down. >> jpmorgan is bearing the brunt of the markets, as profits fellnts showed promise, results overall exposed an economy with less corporate activity than expected. for jpmorgan, two distinct consult pretty, an exactly sharp slowdown in trading. fbr's paul miller said trading and markets are so unpredictable, but ceo jamey dimonside it will be up. >> i don't aye in my soup. and we've had very consistent pressurance, remember it's driven by technology, research, sales, ideas. >> >>> well fargo saw record earnings up 14%, even though loan growth was slight. mortgages expectedly rather slowed, and the big question for ceo on its call, when will he hang it up? >> i'm 60. i know you think i look a lot younger, but i -- i plan to stay here at the board, if the board is okay with that and they said me, you know, through my 65th birthday. and we've got great people here. >> john stumpf saying he will stay until 65, but one of those people who could replace them is current cfo tim sloan, he is one to watch, but overall, guys, really not a good way to start of

kayla tausche is here with what to expect. >> banks unlike many sectors provide a bird's-eye view ofire economy. and wall street's got one word for it this quarter. that is uninspiring. now, jpmorgan goes first on friday morning, and management has lowered expectations like guidance for return on equity, trading activity and consumer spending. and while margins are improving, analysts say all of that won't be much to write home about, really. though the bank has managed to beat estimates in the past by cutting costs, and it could do that again this quarter. banks like jpmorgan, morgan stanley and bank of america with the most capital markets exposure will see the most pain. citi will see compliance spending after mexico and stress test issues. analysts have only raised estimates for one bank, and that is wells fargo. not because its mortgage business has outperformed or its investment bank did a bunch of deals, but it relies the least on trading. it has no emerging market exposure. it already has enough capital, and it will benefit the most from higher rates because it underwrites so

that mobile payments plan so when you go into the store, you're out immediately whether for the kayla tauschee references on twitter, panera needs this. i can't tell you how many restaurants need protection between 11 and tk. >> chipotle. >> chipotle -- >> they're pretty good. >> amazing. >> never been. the lines too long. >> like that yogi berra line, nobody goes there anymore, too crowded. >> i do believe by the way, that when you look at the 9% comp numbers, that's because they're trying to deal and getting there. not because they're going to raise the price of gauc which they're not. they're eating the gauk apocalypse. >> dow up 53, s&p up 5 and the domino in the house. >> good morning. speaking of burritos a lot of la quinta burritos floating around here right now. trading right here, at least starting to trade trying to get an opening trade off. the indication is 16 on the bid, 17 on the offer. remember this offer priced at $17, already below the expected range. they were expecting 18 to 21 before. they sold more shares than they initially indicated. the initial indication, 37.25 millio

kayla tausche is joining us from cnbc's headquarter q. what's going on with his pay packet?rk zuckerberg wasn't taking home as much money. he took a decent pay cut last year. his total compensation fell 67% to about 653,000. he took a bail salary of $11. he didn't walk away completely empty handed last year. he reached more than $3 billion from exercising stock options. zuckerberg is not the only one who saw a smaller paycheck. cheryl sandberg's pay fell 38% due to lower stock awards. she is still the highest pait paid executive at facebook. s.e.c. filings show sandburg has more than half her holdings since facebook's ipo in 2012. she says ipo shares under $4 billion. executives often choose to spread out their investments over time. now, even after those sales, sandburg still owes abo owns ab0 million restricted shares of facebook. that's roughly $1 billion. right now, facebook shares just below $44 in frankfurt trading down just slightly today, ross. overall, facebook up big in 2013. executives just taking a little bit of a smaller piece of the pie. >> yeah. now, kayla, ta

we have kayla tausche down there in st. louis.some complaints that shareholders have to schlep to st. louis to hear the answers? >> well, sara, no webcast, no photos or videos allowed inside. we would love to give you a live look but unfortunately we can't do that either. i will tell you there are about 100 people inside, some shareholders, but a lot of employees from citi's mortgage unit which is based here in st. louis and why they are here today. just moments ago, we wrapped up prepared remarks from ceo michael corbett and turning it over to the vote on the key issues for citigroup. some of the headlines out of his remarks he did say it has been tough times for the mortgage business here. activity slowed dramatically as rates have increased and mortgage activity has dried up. he talked about the fraud in the mexico unit saying that, of course, it only takes one person to jeopardize everything you've worked for in your firm's credibility but that citigroup is working on every possible avenue to recover the funds they lost there

kayla tausche will look at the future of banks in just two minutes here on "closing bell.". they're why we innovate. they're who we protect. they're why we make life less complicated. it's about people. we are volvo of sweden. >>> apple surprising everyone by announcing a pretty unusual 7 for 1 stock split. check out the stock today. it certainly jumped on that news. will the move appease investors for the long term in or will the company need to start innovating with new products to keep those gains and go even higher? director of research and co-portfolio manager at jacob internet fund back with us. is this 5% of your portfolio, apple? >> it's actually 6%. it is our top position. >> you've got to be happy at least with the cash return to shareholders, $130 million. the results on iphone sales and the 7 for 1 stock split. >> yeah. actually, it's all well and good. i love capital returns. shareholders friendly initiatives are great. but the more important things, it seems like apple is back on its game in terms of innovating. one of the things that was most important about

. >> john steinberg, kayla tausche and also with us with more on today's markets is "fast money" traderur. steinberg, let me start with you. facebook and apple, will they bring it? >> facebook can move in either direction. mobile users over daily active users and apple, looking for anything above flat. >> dominic, considering the near bloodbath we saw in a lot of momentum names a few weeks back, how crucial is the performance of these companies' earnings? >> facebook in particular because it has become one of the poster children of that momentum trade. now with facebook we're looking for a little bit of just the 24 cents and 2.36 billion in terms of sales. got to see what happens in terms of growth and daily active users. see growth in terms of advertising specifically. one thyme type only and that's mobile. more than half of it comes from mobile ad revenues right now, and with these stocks, apple doesn't trade well and hasn't for the past two years. with facebook it could be a more volatile trade. and it could be a plus or 9% move in facebook. >> tim seymour, how are you trading it con

let's bring in our panel, phil orlando, sharon epperson, jeff cox is here, kayla tausche and with uso your first time here. why don't you start us off with a sense of what in the world is going on in these markets. >> markets are scared to death. you've got a number of fundamental concerns in terms of weather, whether or not the weather issue in terms of first-quarter earnings and gdp growth, i think investors are willing to look through the first quarter, but i think there's concern about what will happen in the second quarter. do we bounce back. geopolitical concerns, and all of that is catching up with these high-growth stocks in technology and internet technology. >> kayla, is this all jpmorgan's fault? >> i don't think we can blame jpmorgan because actually jpmorgan was the biggest laggard on the dow yesterday even before it issued its earnings, but what you do see in the banks with wells being up today, you see the backdrop of a relatively weak economy, everyone expected loans to be bert and corporates doing more this quarter and they weren't. also, wells fargo got a benefit of

kayla tausche is there. it's all drug sector today, kayla. all the other companies. >> well, i don't necessarily regret it, joe. there are interesting things in the financials even though they have become more of a utility space. we talk about it all the time. this is one of the core beats within the u.s. economy. citigroup of course one of the core companies. in an hour and a half they will be meeting shareholders since the first scandals erupted in the first quarter. four shareholders today in st. louis. of course they are going to have to approve citigroup's board of directors. a lot of those up for reelection. they are going to have to make a nonbinding vote on michael car bet's compensation last year. that could be the sticking point today. it's of course been a troubling first quarter and troubling second quarter so far. in march they had a high profile stress test. it is also down much more than its piers. financials have not been performing as well as the growth sectors if we look at year to date so far. it's been a tough year for mic

a special report from kayla tausche. >>> time for a report on the future of wall street. who knows? s there now, kayla and a great back drop. >> some suggested it will be only a relic in 25 years. all trading will be done by machines and commerce will follow growth. since the late 18th century, wall street has been the world's premier trading hub. by 2039 it will be more of an idea than a place. banks will lean on their core businesses on liaison underwriting bonds and stocks and writing loans to consumers and businesses. that's how it should be. >> i would like to see banks going back to being community banks, irrespective of where they are locating. empowering the local economy through lending and through securing deposits. they're pulling more people into the formal economy instead of necessarily gambling on a collateralized debt obligation. >> investor agree. companies will seek independent advice on mergers. head count will shrink dramatically, especially in the financial centers. groundwork for a working population of $650,000 giving new york, london, and hong kong a run for th

over to kayla tausche. >> the first was trading business.it was down 21%. you saw a lot of other units down as well. she said there was no discernible reason. it happened across all products, all geographics and was a function of activity. she said you're going to see some of that softness until april or through april. unfortunately it doesn't seem like the worst is over quite yet. the other business is mortgage. 83%. that is a huge drop. here's what it does on return on equity. 3%. compare that to asset management, 20%. that's what is bringing it down. jamie dimon was asked about flash boys and whether the market is rigged. he refused to comment on that. mary ann lake said passwords were not couple miced. and they asked if jamie dimon was still having fun. he said there are challenges always. there are secular shifts but we are innovating and i still enjoy coming to work every day. that's the latest we have. i'll send it back to you. >> thank you, kayla. >> cramer's take auto yesterday's selloff. "squawk box" will be right back. >> it's ano

kayla tausche has the details. you've been doing a lot of reporting on the delay.st week it would happen as soon as potentially monday of this week. now it appears from the people that i've been speaking with, the filing is more likely to come early next week. these are massive documents, in this case an f-1, hundreds of pages in length and you can imagine a lot of normal procedural stuff behind the scenes going on. dotting is, crossing ts, making sure you have an auditor sign off on almost every single number. i'm told the delay in the ipo filing is not expected to hold up the timing of the ipo with executives and underwriters hoping for potentially the largest ipo in the u.s. ever to come to this market by labor day. now that could, of course, change by a couple weeks depending on what the sec has to say, but at this point that's still the case. of course market conditions could change that valuation, but right now, upwards of $20 billion is what some advisors are talking about. of course executives are doing meticulous review of what is a very, very massive docu

kayla tausche looks bulldog: [yawning] it's finally morning! can't wait to get to mattress discounters because the tempur-pedic bonus event ends sunday. i'll have first pick from the huge selection of tempur-pedic mattresses. then, i'll get to choose $300 in pillows, sheets, and other free gifts. on top of that, up to 48 months interest-free financing. hurry! mattress discounters' tempur-pedic bonus event ends sunday. mmm, some alarm clock you turned out to be. ♪ mattress discounters ♪ ♪ ♪ [ tires screech ] chewley's finds itself in a sticky situation today after recalling its new gum. [ male announcer ] stick it to the market before you get stuck. get the most extensive charting wherever you are with the mobile trader app from td ameritrade. >>> you're watching cnbc "squawk on the street" live from the financial capital of the world on this wednesday. busy day for earnings. apple and facebook and qualcomm tonight. we'll try to preview those later in the morning. for the time being the dow is going to be dragged a little lower by at&t. but boei

that all of that is in an hour's time, but it is true, and it will all start in just minutes, kayla tauscheu. we'll be there with you at the top of the 12:00. >>> we want to get to the cme group where rick is standing by. rick, over to you. >> thanks, kayla. there's a lot of talk, especially on a friday, about what's moving the markets, and the number-one answer, especially on a friday, is what's going on in ukraine. but i have to tell you, you know, it's a lot like the life insurance issue. you know, we all have life insurance. we fully don't expect -- or hopeful hopefully, don't want to die anytime soon, and we don't ask the insurance company back for the money, and i think many traders look at weekends as periods of uncertainty where they can't tweak their positions so the things get exaggerated a bit. i call to the objective observer to look at the following three charts. first chart's year-to-date of 10s. remember, this is year-to-date. so about two-thirds of the way through this chart on the right is march 16th, which is when we had the crimea referendum, okay? i'm sorry, but looking