schlumberger. the stock not being affected. kind of holding steady. 2%. justice department to make the announcement officially at some point in the afternoon today. that, again, is according to our partners at the wall street journal. breaking news on schlumberger. well, we want everything to be faster. but is faster always better? speedy economic growth might sound appealing. but it may not be the key to long-term success. so what is? well, as the economy approaches full employment sustained success comes from slower, moderate economic growth. acasop may have had it right all along. slow and steady wins the race. chief global strategist tells us whether the economy is thor advertisisis the tortoispor the. you want the economy to be slow, why? >> i want to see reforms in which the way the us economy is run. if we don't do immigration reform or corporate tax reform, we are doomed, in fact, in the long-term to grow at no more than one and a half and 2%. if he grow faster right now, it would eat into our sort of surplus capacity here. within 18 months, we'll

>> i like hall burr tin and schlumberger here. it's with the refiners.hat's where the performance is as well. >> valero? >> you could go marathon, you could really pick a basket of all of them? none of the majors made a new low atz the crude made a new low. i don't have a strong view on the price of crude, but i really like the action in the bigger names in the space. >>> coming up, an exclusive look at iris scanning technology for your car. >>> plus, how to invest in the connected car trend. and we await that speech from the federal reserve's vice chairman stanley fisher. when should we really expect a rate hike? maybe some clues today. and it is contrary january week. coming up, the manager of janice's fund with unpopular picks. get your pens and paper ready. we'll be right back. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelit

timeline that the energy ceos are setting out for a price rebound should actually be pushed, because schlumberger came out talking about production declines not really occurring in a significant way in the united states until 2016 indicating we could see flat production to the en meantime we know that energy companies are cutting their cap spending. they're also taking rigs offline. as one investor said to me, it appears they're taking the buicks offline and holding on to their mercedes who are still produc >>> the uncertainty in the oil market is rippling into other sectors. today railroad operator kansas city southern cut its full year revenue outlook and issued weak guidance for the current quarter, citing slow growth in the energy industry. and that sent shares lower by 8%. and pressured other stocks in the sector as well. morgan brennan has more. >> reporter: shares of kansas city southern went off the tracks after the company cut earnings guidance for 2015. the culprit? energy. as lower oil and natural gas prices weigh on results in a analysts say the announcement confirms what investors ha

one outlier is schlumberger.ervices company is expected to plead guilty for violating iran and sudan cause sanctions and will reportedly pay $233 million will stop the justice department is supposed to announce a plea agreement sometime today. we will bring that to you when it happens. alix: i'm here with our bloomberg bonds reporter, lisa abramowicz and my two guests. scarlet highlighted some of the big movers but look at tech shares -- really tumbling throughout the day. intel and microsoft falling the most in the dow and the philadelphia stock exchange semiconductor index dropping the most since october. consumer discretionary than health care companies losing 1% but the standout is consumer staples. you were mentioning earlier in the day -- earlier in the day that consumer staples are less hit by today's selloff sort of the buicks of the market. what do you mean by that? >> their slow movers with less appeal for a quick return. they are the types of stocks that will perform better if the fed is hinting they a

schlumberger units will plead guilty and face sanctions and fines.land's premier football league posted its first profit since 1999. the league sold tv rights for a record 5.1 billion pounds for three years starting in 2016. that is a 17% increase in price. greece is meeting with european officials. the country may run out of money in april if no agreement is reached. >> greece is running out of money again. while the new prime minister is trying to convince europe that the country will pay its debt greek citizens are not as confident. bank deposits have tanked. it would seem that individuals and corporations are not sure their money is safe in the bank and are depositing it abroad or stuffing mattresses. private banks are not the only institutions struggling to stay -- to stay solvent. greek's debt as a percentage of gdp is huge, nearly 180%. making it worse, greece's gdp is falling after a brief uptick. unemployment has stopped improving. the economy had a period of improvement in 2014, but the election of a new government has given the financial m

justice department says oil equipment company schlumberger has pleaded guilty for violating sanctionsand sudan. it's agreed to pay a fine of around $237 million. they voluntarily ceased oil-filled operation in iran and as ceased operations in sudan as part of the plea of the agreement. >>> russia's biggest lender bank has expected to report a slump in quarterly profits of around 60%. it's one of several large russian banks under western sanctions over the ukraine crisis, which limits access to the international capital market. these funding costs have risen sharply, after the russian central bank raised a key interest rate to 18% to 17%, in a bid to support the rubel and control inflation. >>> and the london firm that builds the iconic taxis is to create a new factory in the uk. the chinese giant geely is preparing. you can bit me at bbc aaron. a bit of sports is coming up right now. just stay calm and move as quietly as possible. no sudden movements. google search: bodega beach house. >>> hello. i'm chris mitchell this is "sport today" live from the bbc sport center. coming up for yo

schlumberger, conoco, very modest designs., some of the exploration of production stocks are down two or 3%. but some of the big names in that space also are positive. i was saying today, this morning when i got up and saw the oil new lows, i said eog is going to start testing those old new lows we saw in the beginning of january. and that hasn't happened either. eog is really the big kahuna in that space. a lot of contrary moves here happening that you wouldn't necessarily think. finally, something that is not a big surprise. when you have on the front page of "the wall street journal," talking about a glut of steel in china, that they're exporting all the steel they are making that they don't need in the united states, that's not helpful. even today, a day you would think with a little bit of weakness in the dollar, at least you would see a little bit of a rebound. we are just off the highs for the day. >> bob on the floor, thanks as always to you. we want to talk a little bit more about what's going on in the tech industry,

you want to look at schlumberger.t to look at the longer term opportunity that presents itself. in oil, understand what's going on right now is a short-term trade. it's hedge fund oriented. it's dictated by the premise that storage domestically here in the u.s. is burgeoning and they're going to have to sell the oil because there's no more space to store oil. so that right now is the short-term dynamic. it's impacting wti. it's less impacting brent crude oil if you're a short-term trader, you want to play alongside that. hedge funds right now in terms of their long positions in oil, the lowest levels they've been in multiple years. short-term, good, sure. go ahead. you want to focus on longer term, that's what i'd like to do. i think there's some opportunities. >> how about some of the names off this note that i referenced earlier about playing this domestic sales basket. both of you guys. pxd, top of the list in energy. marathon, chesapeake, south western, cabot oil and gas. yes? no? >> i like the refineries. you bri

schlumberger unit violated tensions trading with iran and sudan.eg norman is starting his own lending fund named the great white shark opportunity fund. he was down as the great white shark while winning 91 tournaments. it will start with 75 million in capital. "market makers" will be back in just a second. stay with us. ♪ matt: we are already at the end of the show? alix: come at 3:00 with me? matt: i will watch like i always do. tomorrow it may be due or die for dreamworks animation. the only movie this year is coming out. what will audiences decide? i liked kung fu. they also did shrek. how to train your dragon was one that is underrated. alix: they're looking for a new hit in a competitive environment. matt: a b they are just relaxing? alix: doubtful. have a nice day. scarlet: bloomberg television's on the markets. i'm scarlet fu. u.s. markets are selling off for the fourth straight day leaving the s&p to give up all of its 2015 games. this is not limited to the nine it states. equities in asia and europe declined. treasuries are lower meaning

schlumberger will pay the largest criminal fine in a sanctions case. they agreed to plead guilty to charges that it violated u.s. sanctions against trading with iran and sudan. march madness resumes tonight. we are down to the final sweet 16. tom: yes! brendan: that is the wildcats practicing yesterday in cleveland. that is tom yelling in the background. xavier plays arizona. those are your top headlines. tom: i am whipping my children in my bracket. whipping them. killing them. it looks good tonight. 9:00, kentucky. brendan: you are cleaning up in your bracket. tom: it is an investment attitude. i know nothing about the ncaa. what i do know is any to spend more time on the data check and less on the mac monitor. the euro is decisively through 1.10. crude is up a number of dollars. i don't want to overplay this. on to our second screen. the vix will be much more elevated. yen is a big deal. we blow through 119. stronger yen. that is a big deal. brent is migrating in the vicinity of $60 per barrel. you can see the nine dollar differential to west texas

exxon, chevron, schlumberger and conocophillips. they're getting slapped around. slightly higher rates right now. buying rates are low, sara. that doesn't seem to be an awful lot of worry going into the bond market. >> we've had a few data misses as well. >> a number of data misses and they may factor that in. >> bob pisani thanks very much. tyler? >> sara thanks very much. the oil rally has run out of gas and how. crude prices now hitting their lowest level since 2009. quite a reversal. there you see the prices at west texas, that's the one that hit the multi-year low. bertha coombs on the trading floor. hi bertha. >> it's like that scene in "life of brian" when the undertaker keeps coming by and he keeps saying, no no not yet. when we're getting a little relief of the dollar we're hitting post financial crisis lows particularly when it comes to wti crude. part of the worry is perhaps there's something that will come back in the market but really the issue here in the u.s. is about the oil glut. when you look at where we were back in march of 2009 well wti is dow

>> the name most comfortable is schlumberger. blue chip name in the space. hit less hard than the u.s. where we're seeing rapid rig count declines rapid pricing declines. that's a place to get better exposure. in terms of other names, i'm neutral now, but would look to get more aggressive in the future, halliburton followering the baker hughes transaction. that's going to be a name you're going to want to own but you have to get the deal closed. you are v. to go through a lot of pain in interim to get the integration done. for those that want to get involved, i would tell them to wait but if you want to go now, i'd prefer baker hughes given the halliburton transaction. you more protection from the downside as well as leverage to. upside if the stock starts working. >> what happens if you get a positive shock from the politicians? talking about the export ban on oil being lifted. if that were possible if lawmakers would get behind it ihs has a report out suggesting 400,000 to twice it that number of jobs could potentially be created, particularly in the trans

as it sells anything it's more and more an oil company and oil service companies, when you see schlumberger, and haliburton that's not where you want to be. >> let's get bid on the record. tad smith leaving. >> he's so great. that guy is a very, very smart guy. everybody loves tad. he's just a remarkable guy. he is going to help sotheby's. >> robert frank arguing that the art world needs to get to know him. >> they'll know him and love him. he's just a smart man. >> on oil, the u.s. may soon run out of storage, and when that happens, do you still see 42 holding? >> look, that is the big issue. the refineries are running full out. could use all the gasoline that they make. it has to do with the backup of cushing. there's no real place to put it. really putting a lot of this crude from canada that we thought was going to come through keystone it's going right through ambridge. there's so much from actual mexico coming in. it is a case of storage. watch the day rates for the shipping companies because they're trying to put it on big ships, too. it's anywhere we can place it. we can't export be

specifically, we heard from the schlumberger ceo.r 15% down from where it was last year. he also was saying even though rig counts are down 45%, we probably are not going to see production declines until 2016. so you'll see a little bit of a drop in the second half of the year and flattening oil production here in the united states but no drop until next year. also, he admitted it's difficult to operate in this environment when his customers are making drastic and unpredictable cuts. we're going to have more headlines out of the conference. back to you. >> valuable to get those comments from some of the energy giants. thank you for now. over to john forthwith a look at what's coming up next. >> we have one of the authors of the new book "becoming steve jobs." we're going to talk about why they're more appreciative of this book. also meerkat. we're going to look at what it does next. and john hamm talks about the impact of netflix and amazon. all that and more coming up on "squawk alley." opportunities aren't always obvious. sometimes

. >>> schlumberger the world's largest oil field services company, has agreed to pay $233 million forions in iran and sudan. it is part of the government's extended crackdown on companies doing business with countries that the u.s. has declared off limits. >>> hundreds gathered in montgomery, alabama, to mark the 50th anniversary of the voting rights march. the commemorative march retraced the steps of the final leg of the selma to montgomery voting rights march that took place originally in 1965. >>> and that is your cnbc news update this hour. back to you, kelly. >> sue herera thank you so much. warren buffett has an appetite for dealmaking. he just orchestrated the merger of kraft and heinz creating one of the world's largest food companies. but will wall street lose its appetite for mega deals because of fears about the economy? that's next. >>> usually mega mergers gives the market the sentiment it needs for a broad rally, not today. the huge merger when kraft and heinz did not help the market. much of the selling had to do that investors decided bad news was really bad news. a w

schlumberger talked about that in its presentation this morning.expecting to see something take effect from some of these precautions put into place by the end of this year. now, the fact that companies aren't saying anything that they're doing anything to cut current production is worrying some investors who have put a lot of money on the sidelines. they have a lot of capital they want to allocate to energy. all of this is very relevant because, of course you had opec saying that it's not going to bear the sole responsibility of propping up oil prices so something has to happen here in the united states to be able to stem those declines. now, today the opec daily basket price did fall under $50 a barrel and traders do look at that as an indicator where wti will go. it indicates we could see that three handle and we may see that depressed price hang around a little bit longer than a lot of people are expecting, and that's really where the rub is here and some of the mystery. the timing of all of this and that's what institutional investors are tryi