kleinfeld understood every bit of what i just said.is goal from the start was to win guys like me over. i represent the typical portfolio manager of the age, someone who doesn't want shares of a commodity producer but is instead looking for a high value added business that is not levered to worldwide growth. i don't want to worry about the worldwide company but in companies that are reinventing themselves becoming less commodity, more proprietary. that is precisely what drew me to p.p.g. back when it traded in the 50s. it is in the 200s now. ceo, chuck bunch decided he needed to make it so his company was no longer hostage to commodities and could be produced far more sheeply overseas. a into the so hot plate gas and paint company. the old pittsburgh plate and glass. no particular advantage. it is now a specialty plastics paint and coating company with tremendous advantage and real control over its own destiny. you can't really duplicate on the cheap what this company is doing now. it has more pricing power and fewer rivals who can cut

we just spoke with klaus kleinfeld about his first quarter results.zz on the street. the overall numbers will be the worst in years. how bad will the quarter be? joining us is lindsey bell. welcome. >> thanks for having me. >> i know people will say we shouldn't say that as goes alcoa so goes the rest of the season but they did just have a revenue miss and shares are a little weaker. does it tell you anything? >> revenues are supposed to be down 1.1% total earnings are supposed to be down 3.1% for the total quarter, overall for the s&p 500 five sectors will have negative growth. we haven't seen any of since the third quarter of 2009 so it's a pretty bleak picture out there. now, typically corporations beat by 300 basis points. even if we get that earnings growth, it's only going to be about flat for the quarter which isn't that remarkable. >> what would it be less energy? >> less energy? we would be up 5.9%. >> see, i think that's not a small point and secondly i would just say look at domestic nonfinancial earnings which i call core profits. they did

people have to understand klaus kleinfeld fundamentally changed his company.t doesn't mean six months from now when the titanium deal closes you're looking at aerospace and lightweight play that has other stuff you don't like. >> we'll get cramer's "mad dash" as we count down to the opening bell. one more look at premarket on what's a busy morning. more "squawk on the street" from the nyse straight ahead. let me talk to you about retirement. a 401(k) is the most sound way to go. let's talk asset allocation. sure. you seem knowledgeable professional. would you trust me as your financial advisor? i would. i would indeed. well, let's be clear here. i'm actually a dj. [ dance music plays ] [laughs] no way! i have no financial experience at all. that really is you? if they're not a cfp pro you just don't know. find a certified financial planner professional who's thoroughly vetted at letsmakeaplan.org. cfp -- work with the highest standard. hey, girl. is it crazy that your soccer trophy is talking to you right now? it kinda is. it's as crazy as you not rolling over

since reporting 4th quarter earnings in mid january versus a 1.5% rise for the s&p 500 and claus kleinfeld will be on closing bell at 4:00 p.m. eastern. don't want to miss it. >> that's right. results come amid what's expected to be the weakest overall earnings season for the s&p 500 in at least 2.5 years. that's right. the range of o estimates from s&p expects earnings to drop anywhere from 3 to 4.5%. that would be the first year over year decline since 2012 and the biggest total drop since q-3 of 2009. now bank of america is cutting it's full year forecast for s&p earnings expecting the first year of negative growth since 2009 due to the impact no surprise here by the stronger dollar. >> but u.s. financials are expected to be among the bright spots for q-1 earnings. this could set the stage for results in europe as well. where bank valuations continue to trail their u.s. rivals. i spoke to the cio or international equity at harris associates. and asked whether european banking stocks would out perform the u.s. this year. >> european banks are well positioned to perform better. i'm talkin

and alcoa's ceo, klaus kleinfeld will have his reaction to the numbers and his outlook. that's today on the closing bell at 4:00 eastern. sarah. >> all right. breaking news in the bond market right now, tyler. ten-year notes this time up for auction. rick santelli tracking the action at the cme group. what's the demand look like rick? >> well, sarah, the demand in great form. it's straight up 1:00 eastern on this dutch auction. c for charlie. about as average of an auction with regard to demand as you'll find. it's actually nine-year ten-month. this is the last reopening, the second for ten-year notes. auctioned a couple of months ago. yield at auction 1.925. 1.925. it was tight. 2.62 on bid to cover. $2.62 of investor money. every dollar is worth the securities for sale. very average. 58.5 on indirects. a little stronger but 9.3 on directs was a little weaker. it's a hook. keep in mind to o this ten-year they need the collateral. i'm surprised i'm finding bigger demand. tomorrow will be the last of them with 30-year bonds. $13 billion to be exact. sarah, it's all yours.

. >> klaus kleinfeld talked to us. we're going to look to that bill not because alcoa necessarily should be a barometer, but because it so often is. >> down 6%. the worst performer in the s&p 500. we're not exactly off to a great start in the earnings season that didn't have very high expectations anyway. >> deal-making activity for the year. talk about the fastest pace we've seen pretty much in history. $100 billion announced in just the last 24 hours coming into today's session. so we've certainly got our eyes on that one, too. >> we do. >>> coming up here constellation brands is one of the winners, and that's after the wine beer and liquor company reported better than expected earnings and announced, get this its first dividend since going public 42 years ago. >> so what's driving constellation's growth right now, and more importantly, what took so long to pay that dividend, rob sands? that will be one of our first questions for the ceo coming up in a little bit here. >>> and jamie dimon defending the bank's size an

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