tv Squawk Alley CNBC March 1, 2016 11:00am-12:01pm EST
lee. good to see both of you guys. dow is up 170 with a pretty good rally all morning long as you can see as we had good auto sales and dovish come mens from dudly as well. the director of the fbi and apple senior vp will testify on capitol hill. comes as a new york judge side with apple in a similar case involving that locked iphone. it could effect the government arguing about unlocking the iphone used in san bernardino. what a turn of events it was last night as we looked at what this judge said specifically. >> specifically about compelling a company to create something that they don't already have in order to assist the government. seemed like some legal things are turning in apple's direction. i read the prepared statement that we'll get when he gets in front of congress later today. to me it's the clearest articulation of apple's argument here but it still seems to me that they need to get in front of this story. articulate the value of
encryption to the consumer so the politicians have cover to side with them. thus far all the gop candidates and other politicians said we think apple needs to cooperate with the government in this case. they need to turn that around somehow. >> we're now maybe seeing why he was a little more circumspect in his house appearance last week. but how does this change things? >> apple has a really good argument for why the security of the iphone needs to be maintained. i think the government wants apple to build a version of ios that bypasses the restrictions that maintain the security of that pass code. i mean, apple's argument is that the government can ask it to bypass the security of the pass code and the next thing they're going to do is pass by the restrictions on the microphone and location tracking and turn it on all the time. apple needs to make that whole slippery slope argument in a
broadway to the entire public instead of saying this is about privacy and encryption. they need to say we don't make these tools for law enforcement and we don't want to and if you want law enforcement to have these tools go to congress and get a real law passed that explains what our responsibilities are. don't let the fbi use the act to do crazy stuff. >> there's still nuisance to this which is in the san bernardino case there was a weird screw up where like the county that held on to it, they changed the icloud password and apple said i could have helped you out. apple is willing to hand over data when they can access it without compromising their existing security. in their mind somehow the phone -- the phone is more sacred to them in a lot of ways. the data, if you can get to it we will help you get to it. if you have a warrant or probable cause we'll comply but you're asking us to do something that perverts what we create and we don want to do that. create a law that spells out
what is good and not good. >> part of the danger here, congress is the sausage factory. that's what you have seen with obamacare. they can end up with all kinds of stuff in it so part of the challenge for apple will be getting ahead of this legislative process in a way that says we talked about the don'ts. here's some ideas on what you can do and by the way bring in google and microsoft so they also say yes this would be a good way to craft something that would be palatable to us and yet give law enforcement what they need. >> a for profit company versus the government, they're going to move much faster. they're going to create the next iteration and get out ahead of whatever law they might come up with and that becomes the standard. that's what they're banking on. they want to get out ahead of this. they want to work with the government and law enforcement the best way they can. they're going to move ahead with the next version of the phone that might make the whole thing move anyway. >> i think what's important here is apple is already proposing let's have a commission and
propose a law and write a statutory definition for what we can and can't do. eventually that means they're going to compromise and what apple is clearly not going to compromise on is the strength of the encryption and the pass code, whether there's a back door. the place that they're going to compromise, they're going to make it easier and more efficient for law enforcement to access the data they need to continue their investigations which is a very tricky road. >> some argue that the fact that they're leaning on congress for a legislative remedy here means they're not con fireworks den in their legal case. brooklyn argues against that but isn't that something to consider? >> they're probably getting more confident in their legal case. i know that i certainly am but the danger is they win the legal case but congress crafts a law
that says here's what you can't do apple when you're building your technology. here's limits to encryption. here's built in back doors that you have to allow so they win this battle but they lose the war over the types of tools and protections that they're allowed to provide. >> they have not had a big presence in d.c. unlike microsoft and google but they're seeing the limbs of their inability or unwillingness to have engaged so long they're trying to thread the needle here. >> gopro announcing it will buy two editing apps. the stock seeing a nice gain on that news but obviously down 70% in the last year. nick woodman did talk about his future at the company in an exclusive interview in the last hour. take a listen. >> absolutely committed to
running gopro long-term. gopro is very much an extension of everything that i'm interested in in life. technology, adventure, video, photography, family. i'm fortunate that i get to express myself through gopro and work with some of the most talented people in the world whether they're product designers or people in the marketing department and i cone ask for a better job so this is what i'm doing for the long haul. >> john yesterday we talked about whether ibm's hardware problems were fixable. are gopro's hardware problems fixable? >> yes but i'm motte confident that nick woodman is fixing them. we talked about his software challenge. he had the cameras himselves. there's a lot of engineering focus put on those. now he needs to focus on software. the two apps he got are good but they're totally different. it's not clear to me whether he's going to take the teams and get them to stop working on what they're working on and build
something new for gopro or if they see this as a new software business where they're going to brand the apps. let people use them with their phones even if they don't buy the cameras. they seem to be imlying that. i don't see how you get a business with the kind of multiple that he had up to this point. you're going up against apple, adobe and others that do this all day long. >> these are the apps that allow you to edit video on your phone which is a neat idea but any time you ask a consumer to download another app is a huge barrier already. even with photo which is a big part of how people interact with their phones it's a huge hurdle. i don't see it as a big pivot for them. it's a nice add on. it's a marketing element to up sell people into the camera but the camera itself as nice as it is its still kind of that device. for that kind of sort of activity use a lot of people like it that's where they're trying to promote here's what it looks like. if you do it this way it's by
the camera. it's a hard sale. >> i'm shocked they're nott trying to diversify the camera line. it might help you sell the cameras but there's a lot of other kinds of cameras you can sell that can work in better way with the phones. the phone camera is not the be all end all. there's a lot of places where people want great cameras that work with their phones and i'm surprised they're not going in that direction. that's a big change in behavior overtime, isn't it? >> not only is it a big change but this stuff is expensive. i love the htc vibe but the computer alone is around a thousand dollar before you get
the piece that goes on your face. most mainstream people are not going to buy that. if you have a company like gopro that's looking to make vr and drones a part of their business don't expect that to rack up big numbers any time soon. a bunch of the zroen stuff relies on an ios device. you're beginning to see the seed of the business where the phone is the center and the new hub and what comes around it in the eco system. >> they rely on that kind of system but john's point is right. if you want people to buy these things, they need to be cheaper. they simply need to be cheaper. >> it's $99. samsung is giving it away for
free. >> that tells you something too though if they're giving it away for free. >> samsung will give away anything. >> good discussion. thank you guys. appreciate it very much. >> it is super tuesday and it's looking like hillary clinton and donald trump are set to have a pretty good day. john is back at hq watching that and will well into the night. >> what makes this tuesday super is that the race goes national. contests across a dozen states and that helps the two candidates leading national polls. hillary clinton and donald trump. check this map of what's in play. strong southern accent today. that's why they call it the sec primary. but also massachusetts, vermont, minnesota. clinton is likely to dominate the democratic south with helps from the african american voters that powered her south carolina victory but the republican race is more complicated. georgia has 76 delegates. donald trump leads with 36% while cruz and rubio each have 22%. why is it important that each
one take at least 20% of the vote? that's the threshold for grabbing a share of the statewide delegates. then take virginia. 49 delegates. trump leads here with 36% as well. 22% for rubio. 17% for cruise but cruise would still be able to get delegates at that level because there's no threshold in virginia. finally texas, 155 delegates. cruise needs to win and he leads with 37% of the vote to trump's 28% and rubio's 18%. texas also has a 20% threshold for statewide delegates to rubio could get shut out if he doesn't get below that level. donald trump is likely to smooth his path for the republican nomination tonight and if he wins texas, guys, he might be unstoppable. >> i can't wait to see the returns tonight. it is going to be fascinating to watch. when we come back, two opposing views on apple's case against the fbi. we'll talk to assistant attorney general for national security and congressman gordon that will
what are experts saying about this case. we are joined for a first on cnbc interview. >> thank you for joining us today. apple making its case today on capitol hill. let me ask you just the basic issue in this case. should the government, john, have the right to compel apple to write this software and give the fbi access to this locked encrypted iphone? >> look, this is a serious case. 14 people lost their lives. 22 were wounded and i know that we share the goal i hope of making sure that we find out everything that happened so that we know what terrorists were involved and that we can prevent future acts and we have a responsibility and the fbi has a responsibility to find that out.
facts matter and in the fact of this case there's a customer. that customer is the county whose employees lost their lives and they asked for apple's help and apple said we're not going to help you in this case so we're using lawful course process and a court order to obtain the information we need to answer all the questions about this case. >> the governments argument is its one solution, one phone, one time and apple's push back on this and we heard tim cook say if i write this software there's undue risk that that code could be stolen by hackers or cyber criminals or foreign agents and i could be putting millions of iphone users at risk. what is your response to that?
we share the belief that strong encryption is important. we need to keep those safe. but at the same time in this particular case i believe that apple has the ability to technically assist. it will take a couple of weeks for them to do that. they say that's a burden. we'll see what the courts decide whether two to four weeks to try to find answers in a case where 14 people lost their lives is an undue burden or not. that will go to the courts but they can do it on site. we don't need the code. at the end they can destroy the code. the fbi is looking just for the information about this murder. what is on his phone and the customer again in this case whose phone it actually is and wants the answers. >> john it's john fort here at the stock exchange. it's interesting i thought i heard you say apple say we're
not going to help you in this case but apple would say they were helping in this case as soon as they had the opportunity in every way accept writing custom software that breaks the security on a product they have already written. do you really mean they were not helping? >> look, our technology companies have some of the best and brightest minds in the world and to solve some of the problems we're facing, we're going to need to work together and i'll tell you that out here talking to companies day in and day out in silicon valley. this isn't my first trip and it won't be the last and these are a bunch of problem solvers by and large they want to start thi thinking we want to find out
what happened where people lost their lives and we weren't able to find out a way to get it outside of this litigation. it's in litigation now. i'm not going to talk too much about litigation that will be up to the courts. the broader issue is we continue to have this conversation about the country about here are the new threats that we're facing. some of them involve threats of information. some of them involve terrorists trying to take advantage of our social media companies that do so much good in order to spread their propaganda to recruit and direct terrorist acts inside the united states and in order to confront that threat we need to work together with the best minds out here in silicon valley helping those of us tasked to protect the american people. and we can work together. >> the other argument is this is bad precedence. so if you can ask or compel apple to write this new software so the argument goes, what's to stop the government from
demanding that apple and others track users and messages. that's why we're seeing so many tech companies coming from apple's side. what's the response to that argument? >> those are important discussions to have in this particular case. this litigation could go away tomorrow if apple decided they wanted to help their customer in this case and voluntarily provided the information that's on the phone. there would be no litigation. there would be no legal precedent. i hope they did that. so bottom line is if we can get the information as quickly as they can, that's what the investigators are looking at. they want to make sure that there's no question left unanswered for the victims of this crime. >> we appreciate your time, sir. >> thank you. >> i'll send it back to you guys in new york. >> thank you for that. toyota releasing it's monthly auto sales number. phil has been working this all morning. >> a little light of expectations from toyota.
sales coming in at increase of 5.2%. the edmonds.com estimate was from an increase of 6%. so just a little bit below what the estimate was in terms of what's driving sales not just at toyota but all auto makers it was up 11% last month. at this point with most of the auto makers reporting it looks like it's going to be around 17.6 of or 17.7 million. that's an early estimate. we'll see what happens when we get the luxury names over the next couple of hours. back to you. >> all right. thank you, phil. up next a real rough day for shares of barclays down more than 8%. highlights from kayla's intervi interview. stocks continue to rally in session highs. the dow is up 1.27%. s&p up 1.5 and nasdaq up 1.7. next thing to watch of course
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police saying the executive is accused of ignoring a judicial order. facebook is disappointed with the extreme and disproportion gnat measure of the authorities. we're waiting for what exactly happened here but we're going to be seeing a lot more of this once governments realize the collection of data is a subject of debate. >> government pressure on tech companies to give them access to cases. this is a drug case but it speaks to the overall theme of apple fbi playing out in numerous jurisdictions. we don't always see it as clearly as the story but it's an important theme for the whole issue. >> especially on a day like today. while more wall street banks are competing head to head for talent across the ponds they're
in cost cutting mode and kayla has been covering this all morning in her interview. >> the cost cutting here in london in the city of london where the banks are located has run deep and it's not stopping. when he came to the helm of barclays he instituted a hiring freeze and said this morning head count has gone down by 5700 people. and as they start to exit more of these noncore businesses they have gotten out of retail in italy and portugal. they're selling their wealth management business in asia and they have already gotten out of that in the u.s. there will be more cuts to come. they refocus their strategy on either side of the atlantic. the most pressing task now that the noncore assets are established is improving the culture at a bank that paid more than $30 billion in fines, taxes and levies in the last three years. most of those have to do with misconduct and he attributes
that to just one thing. >> it's the entire culture starting with compensation. you can't guarentee compensation. people have to run the risk of what happens to barclays overall. we need to pay competitively. compensation needs to have a very long tail. there needs to be the ability to claw back. people are charged for it but ultimately it is talking about values. it's talking about culture and i think barclays has been doing that and i just need to take it through to its end game. >> he said that a bank whose work force is motivated solely by it's own personal wealth is a company gambling with it's institutional cu institutional culture. people should work in barclays because they like banking and not because they like the money. he spoke highly of jamie dimon his former boss. he ran investment management, asset management and investment banking.
jp morgan has become a farm team for ceos. ceos of visa, standard chartered. aig, the ceo of comcast have all come from jp morgan chase. he praised the branch of that bank saying he is trying to build similar talent at barclays. he already brought over a few people from jp morgan include a risk manager that will run their stress test. they're hunkering down and trying to get to the bottom of the cultural issues and legal issues and for now they're staying put. guys back to you thanchts . that is kayla in london. important story for us today. stocks trading near session highs. dow up 222 and the s&p at 1961 is the highest since january 6th. >> it's lifted europe as well as you can see quite a broad based rally. that rolls it at the moment.
you're coming down to a level of unemployment but if you hook at the mark managers index it's the final read. you have these prices accelerating to the down side within manufacturing now at the fastest rate in almost three years so market is talking about a sluggish recovery if not actually tipping back in the other direction although we're talking about manufacturing which of course in this country is the same way as the unemployment rate which generally looks okay. the euro however has taken another leg down in the wake of this and if you just look at the week one chart of the euro we're down 1.5%. that's one reason of course why you might see a lot of the companies tick higher on the stock market around europe and also what the ecb will do on march 10th. as far as barclays is concerned it is off it's lows. it was down 11% now.
just down 8. it more than halves the dividend and will sell importantly out of its african banking unit which is about a third of the business. it's about a third of employees. the other notable today will be glencore. stock goes down year to year. glencore goes up year to date. a loss for last year. the headline figures are horrible but the underlying story is it will tell the market or convince the market that it will pay down it's debt and therefore come out of the present commodity crisis if you like. so the stock is now up 43% and has doubled over the last five months. stock exchanges were active and deutsche boerse previously bid for the london stock exchange.
it may bid for london as well. there's talk that the coe may dive in as well. obviously that leaves business higher overall but still questions there. these exchanges do not have the power they used to have but they still have a market cap of $14 billion. back to you. >> thank you. when we come back jim jordan will be asking the questions in today's apple hearing on capitol hill. before that he'll talk to us in a cnbc interview. dow is up 226. t the td ameritrae trader group, they work all the time. sup jj, working hard? working 24/7 on mobile trader, rated #1 trading app on the app store. it lets you trade stocks, options, futures... even advanced orders. and it offers more charts than a lot of other competitors do on desktop. you work so late. i guess you don't see your family very much? i see them all the time. did you finish your derivatives pricing model, honey?
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>> a day after hundreds of migrants and refugees tried to force their way into the bala e country. more than 7,000 people are camped out waiting for macedonia to allow them to seek asylum in wealthier european countries. >> french authorities continue to clear out the calais migrant camp. police in full riot gear looked on. a judge upheld a government order to evict the migrants. u.s. and israelis hold a joint military exercise. it was designed to test the
emergency medical response. >> the rolling stones say they will play a free concert in havana on march 25th. becoming the biggest act to play in cuba since the 1959 revolution. the concert comes three days after president obama is scheduled to visit havana. let's get back to squawk alley. >> thank you very much. s&p back to 1962. we have not seen these levels since the early part of january when the year really started to go south. by the way, marchand april, the best two months of the year average a gain of 2.6%. whe meanwhile, the high stakes standoff is heading to the halls of congress this afternoon. they are set to testify before the house judiciary committee in
just about 90 minutes. joining us now from capitol hill committee member and ohio republican congressman jim jordan. thank you for being with us. a facebook executive has been arrested in brazil. the government there wants access to private messages to do criminal investigations. there's a big issue of will congress be the ones to set the rules going forward and what happens with encrypted communications. what sort of legislation are you likely to support keeping in mind that there's a global precedent that you could be setting here. >> you have to craft legislation that's consistent with the constitution and the 4th amendment and consistent with the context that we find ourselves in. remember, this government, this administration targeted conservative groups a few years ago. for a sustained period of time
targeted conservative groups through the irs. so you have to view it all in that context and that frame work and air on the side of privacy and that's why i think you see many members that tend to think that apple is right on this one. we'll have the hearing today. we'll get information and we'll proceed from there but that's sort of the mind set i see from a lot of colleagues. >> how do you make that argument without appearing to be weak on national security in front of your constituents? >> look, you want to be strong on national security but you want to be strong on the constitution. american people understand that. frankly i think they respect that and when owe remind american of this context, we had this justice department go after certain reporters. we had this irs systematically target people and understand what the target was. your most cherished right. your right to speak under the first amendment. your free speech rights. that's what they went after so i remind people of that context, that environment and what the internal revenue service did and this healthy skepticism that we
have to have when it comes to the federal government having too much power and being able to get to our private papers and our private information and privacy in general. >> this could be a nonpartisan issue in the weirdest possible way. i believe all the main gop candidates have come out saying apple needs to comply with the order. what needs to happen in order to get a unified message either from the gop or congress people like yourself. >> this is one where although he is no longer in congress, where they would be on the same page. it's one of those kind of issues and again i think it comes back to just the basic read on the fourth amendment. the 1st amendment. the united states constitution and the fact that congress
should be riding these. not just the executive branch saying we want to assert this right and have this right. that's what we're doing starting today with the hearing. >> would this be more difficult to argue if there were a terrorist event tonight or tomorrow? how much are we on the point where if a major event happened the whole discussion would change? >> we need to do all we can to prevent the terrorist acts. that includes security on the border and national defense and looking at the policy and we have been taking the right position. the position the american people want on all of the issues. but i think we have to as i've said before focus on fourth amendment protection and part of the bill of rights and part of the constitution and we have to get a lot of weight to that and again particularly what we have seen the last couple of years in the administration. >> what is the proper role for
technology companies in the situation we find ourselves in. not only with threats and global terrorism but data and data intelligence proving an increasingly important asset in this global struggle that the united states finds itself in. what role do companies have? >> well, i think congress has to frame that role and way in on that and that's why we have a hearing tomorrow in the oversight committee on location. decided that certain agency versus the capability where it mimics the cell phone and makes cell phones bump into that device and law enforcement can get your cell number and know your location because of the device. that's an important privacy concern too. we're having a hearing on that tomorrow. this whole area is so broad and potentially pass legislation.
>> showing the many layers of nuisance in this issue. thank you for joining us. >> thank you guys. >> still hooking at strong gains here on wall street. right now the dow is up nearly 1.5%. more than 230 points. the s&p up even stronger. about 1.6%. the nasdaq doing best of all knocking on the door of a 2% gain. first rick, what are you watching today? >> you know, john, a lot like the jordan conversation you had. crisis times bring decisions. they also bring thoughts of trust. it's about whether you trust your government and prices we tend to lose. federal policies and fed policies and central bank policies. they all change after crisis. why are rates up today? it's all part of the same story. we'll talk about it after the break.
>> we're going to look at the candidates in your portfolios in a big whistleblower award for one of the biggest critics of high frequency trading. we'll speak live. we'll see you in a few over at post 9. >> sounds good. thank you very much. meanwhile pretty much all of the components have been in the green for the day.
rick has the santelli exchange. >> congressman jim jordan. such an interesting discussion. it makes us really think about things. what congressman jordan brought up is something that not only is politics or markets. whether it's the irs or e-mails it's how the government treats various groups with sensitive information. this is huge. it's a trust factor. it's a trust factor. and central banks have gotten very powerful with policy. it's a market trust factor. isn't it? i look at ten year rates now. well up over 180. what changed? now i know we had data at 10:00. do you really think january construction and it was up 1.5%. we had a couple of months last
spring where we were up 2.1. we were up three month over month. still a good number. not dismissing it. is that why we turned it? or is it the fact that we moved higher into the 40s. is the bar that low? take a year to date charge with bund deals. they were trading under 5 basis points well, here's what they look like this year and notice that we closed at 10 basis points now we're at 15. looked like we're going to challenge it. think like a market participant. when you get close and you're looking to be a buyer. now let's look at two days of a chart. you see the way it started to moderate toward 160. look at that chart starting in
june of 2015. so when i look at that spread relationship i see a band between 150 and 160 and when you get above it look for mean reversion. all of a sudden we're extended. my question is the new trend this is huge this is effecting interest rates because of policy contagion out of europe than a lot of the dynamics that we look at fundamentally. if this dynamic changes our rates could go higher but maybe the guiding factor is think like a trader. if we weren't making a b line for 07 and now we're at 15 as we start to get closer to 20 look
man 1: he just got fired. man 2: why? man 1: network breach. man 2: since when do they fire ceos for computer problems? man 1: they got in through a vendor. man 1: do you know how many vendors have access to our systems? man 2: no. man 1: hundreds, if you don't count the freelancers. man 2: should i be worried? man 1: you are the ceo. it's not just security. it's defense. bae systems. stocks continue to rally.
right now pretty much near session highs. the dow about 1.5% higher. the nasdaq has topped the 2% gain and has something to do with the fact that it is super tuesday. he is back to explain why. >> how are you doing? we know a lot of people will use super tuesday as a way to say hey this will be a bottom and the stock will start to rally but you have to look at the data to see when it matters. you see going back to 1984 when there was a clear winner on super tuesday. that's when we got a rally. the average was over a percent in the week following tomorrow. that will be tuesday all the way through next tuesday. if you look here if we don't get a clear winner let's just say something happens and it doesn't workout then stocks go down. some of the examples are really telling so if you go back to 1996 you can see bob dole took care of business on super tuesday. s&p 500 was up over 2% in the following week. same thing with mitt romney. he took care of it in 2012.
stocks were up almost 4% in the following week but barrack obama and hillary clinton split in 2008 and the stocks continued to go down almost 4% and i could give you something technology based but you see a lot of differences in strategy. hillary clinton is asking for as little as $3 on our website and almost as much as $2.50. that's not even close to the max. donald trump starts off at a $10 request and goes up to $2,700 but he has a fun button here. you can click that and you can pay every single month. all the candidates are trying different web strategies because they don't know what the most efficient way to bring in the most money is. back to you. >> they're learning quickly. that's for sure. when we return a highlight reel play from la clippers owner steve ballmer. we'll show that to you in just a
dunking with the help of a trampoline and his new mascot. if this is not your new favorite owner in sports i don't know what to tell you. those of us that covered steve balmer this is no surprise at all he would have done this at a microsoft developers conference. >> very nice. steeling a lot of oxygen out of the room of the nba a big debate this afternoon would have been whether or not this is a dovish comment out of dudly saying down side is increasing and less than 2% target for the end of the year and for the most part surprising to the upside meaning maybe the consumer still has gas in the tank literally. >> there has to be something else behind this too. i keep on mentioning work day. it's up better than 8.5% on
earnings last night that were in a complete blowout. they did better in the quarter than expected. guidance was a little on it. remember all that pessimism around growth stock. maybe some of it is going away it dipped down below the initial ipo level from years back. so very interesting to see it coming back so strong. >> apple is going to be a topic of discussion over the next hour. that hearing begins at 1:00 but take a look at am before the hearing along with the broader market. still nice 3% gain or whether this is going to be easier than some people think. >> hard to say. >> i don't know how much of a link there has been between apple's overall business prospects and what happens in this apple fbi case.
>> you don't think sales in china depends on what happens here? >> sales in china are likely to be good no matter what happens here. it's bad enough that am has to back out of the china market. that seems like quite a stretch. in a way apple has already got a stong ba strong base there and figured out how to have a lot of employees there. maybe just this overall pessimism around growth prospects is easing off a little bit. >> i wonder about that as i look at not only workday but also trip advisor, etsy, western digital. remember the big fall tnchts whole reason this discussion began in the first place. >> all of those up 4% or better so far today. >> that largely turned on sales forces numbers or some others. we got a good turn around in adobe figuring that the enterprise is not completely done spending and of course
we're not done by a long shot by the week. jobs number on friday. next week of course the ecb has its turn on a day when cpi's disappoint and what more is draghi going to say about those things? we'll see. the fast money halftime begins right now. >> thank you. welcome to the halftime report. our top trade this hour. which is more telling about where the markets go in march? the transports turn around or the continued bank break down? joining us today, joe, stephanie, pete and josh brown.