liz ann: i think the market in general. first of all, valuation is in the eye of the holder and a funk and of what metric you use. i could go out on the streets of manhattan and find a rating bowl and a rating bear and most of them would site valuation for the reason further viewed. view.the for their when we see a big shift in earnings as we have over the past couple of quarters, going from an earnings recession back ,nto a strong earnings period that is not the time to value companies based on trailing earnings. inclusive earnings is of that drop in the market moves forward on earnings. if consensus is correct that we are going to get healthy double-digit growth in earnings, that puts valuation at no worse than about a fairly valued. i think the market is not cheap -- which if earnings do think need to do more the heavy lifting. we are not in a market where we can do you expansion without e also growing. if we get some of the fiscal stimulus, that is not baked into 2017 ascension yet -- assumptions yet. if we can bring th

. >> counting on that, liz ann. >> you know, hipsters are hippies in drag, right?e end of the day, same age, front end of the baby boom was very much anti-establishment, very much into sharing, communal and then they grew up and ran the white house. >> i'll show you the chart i posted to my facebook page. liz ann you haven't seen that. >> it's a chart of the stock market. >> ten-year chart of the dow and how we're going up, up, up since the financial crisis. for 15 to 18 months during the campaign, stocks stalled. so we could call this the trump rally or, ron, could we call this -- i'm not taking anything away from tax reform or whatever. the continuation of the rally that already existed that got nervous, waiting an outcome? and i wonder, i'll ask you this. everybody says we've got to do stuff. all this positive stuff going on right now. is maybe the smartest move for the administration to just not mess with stuff right now? >> first of all, i don't think you're going to get that. second, i've been in the camp that -- >> i would agree with that. i'm just wondering

. >> is it sustainable, liz anne? >> for now.nk when you look at low levels of volatility like this, some suggest that it embeds some complacency in there. i think that is something to be mindful of. the good news is that you don't see, even within the broad swath of attitudinal measures of sentiment, the kind of successive optimism you may expect given where averages are. looking at the behavioral side of sentiment, what investors are doing with their money, you're not seeing the same level of enthusiasm. so i think you need to be cognizant of complacency building but i don't think it's at the extreme that would suggest that as a reason alone could mean the market is ready for a pause. >> a few other interesting things happening. jack dorsey buying twitter shares. fortress bought by soft bank. to cbs results now. julia boorstin. >> cbs beating expectations. up $1.12 versus expectations of $1.10. for cbs's revenue, they're excluding their radio division because of the decision to spin that off. revenue at $3.52 billion. it looks

. >> thank you, brian gardener and liz ann sanders. >> what a day, our next guest says watch espn, andinterest name signing on to fighting the immigration ban. more "squawk alley" is coming up. did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. ♪ >> a big week for media earnings. 20th century fox soaring. revenues did miss. both stocks under way. good morning to both of our guests. your take on comcast. now we have fox out, television looked good, cable nets up about 7%, but some folks were expecting more. what does it say overall about this environment we're in? >> i think you're seeing a bit of over enthusiasm in the short term. there has been a lot of negativity toward the media industry with their ability to show growth. starting in the

liz, thank you. >>> for the second time this week the russian river has risen past flood stage. anne makovec has details on how all had flooding is taking its toll on local businesses. >> reporter: the russian river continued to rise for the better part of day before cresting almost 2.5 feet above flood stage this afternoon. the national guard is on standby to help anyone who is trapped in their home. their armored vehicle to navigate through water more than 4 feet deep. floodwaters have overflowed along the banks of the russian river and the nearby creek with roads blocked, boats are back as means of street transportation. but some of the locals fear scenes like that are scaring tourists away. >> mainly it affects the people working in the community trouble getting into and out of town but other than that there much issue. >> reporter: the water has been higher. here's january 11 when the river crested at almost 38 feet. and this is the second time the russian river crested above flood stage this week. on tuesday, it crested about a half foot lower than its high point today but thes