Their hoepspes on a turn around strategy. Propping up the smi after Quarterly Sales beating forecast. Theres no stopping the rally in asia. The nikkei set to close at 20,000 for the first time in 15 years. Of course a top story today that we have. Good morning, everybody. British authorities arrested a 36yearold man for contributing to the 2010 wall street flash crash. He earned 40 million from market manipulation between 2010 and 2014. Theyre seeking his extra extradiction. Hes expected to appear in court in the next hour. Wilfred is joining us outside of court. Lets just update you on what we know. He is from near heathrow from the west of london. He was arrested yesterday. He was arrested based on charges filed by the department of justice in the u. S. Calling an investigation from the cftc. Commodities and futures trading commission. Those were filed in february and they have been published because he was taken into custody. One count of wire fraud, ten counts of commodities fraud and one count of spoofing. Its that count of layering thats in the headlines. It relates to the 2010 flash crash you mentioned. Its putting on with an algorithm loads of sell orders before the market price so the volume of those orders helps push the price down but they never come into action. Hes alleged to have made 1 million when it fell 1 trillion in terms of market value. Overall hes alleged to have made 40 million from these charges and u. S. Authorities have frozen 7 million of his assets. Now the 2010 dodd frank bill made spoofing or layering illegal. That came into effect in july 2010 although the flash crash was in may 2010. Its unclear what laws he has broken at what time. That might be why its taken so long for charges to be filed. Hes likely to come forward between 2010 and today here in 2015. Whats going to happen behind me . Well the Magistrates Court just opened about three minutes ago and he zu tois due to appear at a hearing at 10 00 a. M. Its likely to be a hearing ahead of a possible extradition trial here in the u. K. Which is going to need to be processed for him to go out and face the charges brought by the department of justice. That hearing expected to take place in under one hours time here. Thank you. Do keep us up to date on any developments. Two retail stories catching the attention of investors. First tesco which reported a pretax loss is the worst annual loss in its 96 year history. This after writing down the value of its stores as well as suffering an accounting scandal. Shares are higher about 1. 3 . Investors betting on the turn around with dave lewis at the top. Switching focus, richemont shares in the red after a profit warning. They expect full year net profit to drop by a third due to losses on financial instruments. Taking a look at shares down by about 1. 3 . Lets get a Market Update with lou at the wall. Hi everybody. Good morning again. We have a lot going on today. A lot to talk about. Remember yesterday when we closed out the markets Late Afternoon we were look at our European Equity markets closing in positive territory. For most of them the italian market and greek market lower on the close. We have opened slightly to the down side. Taking a breather from what we said yesterday. We have a host of earnings out this afternoon and some big ones as well so do make sure to continue to watch programming for an update on that front. Boeing cocacola, Facebook Mcdonalds and speaking of reports we have a lot of reports here in europe as youre just hearing. Tess tesco being a big one to dominate in trade this morning. European markets by and large trading a little bit lower. Ftse 100 down. Xetra dax off by. 3 . You have them shy by. 5 . Hanging on to the flat line for dear life. When looking at the fx rates and what were seeing. Well talk about where this trader is heading. Well see wlnlt were going to see a rate hike this year and whether potentially the discussion is overhyped. A lot of it seemingly already is priced in. Thats what some analysts are saying. The dollar yen off by a couple of points. The pound against the u. S. Dollar just shy of 150. Commodity rates, whats been going on there . Softness in wti crude and around 55 or 56 barrel. You have brent lower by. 9 . You have these reports that saudi arabia now has ended its military campaign in yemen. Iran is welcoming that news too. However i have to say you go on twitter youre still seeing some people indicating that theres still silence is in yemen on the back of what we have seen of late. Spot gold and spot silver also off by a tad. In asia the nikkei closing above the 20,000 mark for the first time in 15 years. It was driven by International Demand for financials and other large caps so were seeing a big level hit there on the nikkei. Lets talk more about asia. Hes in singapore and joins us as if by magic. How are you . There i am. Well indeed. Thank you very much. Multiyear highs not just for Japanese Equities but surprise surprise, 7 year high for the shanghai composite. So the melt up in the china markets continue. A little bit of statistics for you. The valuations are still quite reasonable all Things Considered despite the monster rally we have been seeing in mainland equities. Theyre nowhere near still the 2007 peeks. Whats going on is were still basking in the after glow of the supporting measures. The greater than expected cut. That frees up around 1. 2 trillion of liquidity. A lot of that is finding its way into the stock market and the macro picture will come into effect tomorrow. We get manufacturing numbers for the month of april. These would be important statistics in my opinion because they will be relatively free from the distorted effects of the Lunar New Year chinese holidays which we saw in the First Quarter. So elsewhere the hang sang not really matching. That rotation seems to be favoring the northbound leg of that program heading into shanghai as opposed to hang seng but ill tell you this the momentum in the medium term seems to be favoring 8 shares. Thats what were hearing and a lot of people are talk about this level of 30,000 potentially before the year is done. Back to you in london. Thank you so much. Coming up on Worldwide Exchange liquidize your assets. We bring you tips on how to invest in fine wine. The first is dont drink it. Thats coming up. Is facebook the social media site for the poor . We ask why the rich kids are flocking to instagram and what it all means for r online marketing. Plus how much would you pay to have lunch with apple ceo tim cook . Right now it will set you back by around 80,000. Stay tuned for that story. Hello, everyone. Welcome back. Lets talk about the stocks were watching today. Volvo shares have been trading higher hitting a four year high after better than expected four year results. The truck maker announced the appointment of a new ceo was taking place. Currently at the top boss position position. Another top stock is asml. This is after they agreed to deliver at least 15 extreme uv systems. The ever theyre betting the new technology will be boosting its chip making capabilities. The French Luxury Goods Group is trading lore after sales at gucci missed expectations. Several banks decided to lower the price target on the back of the disappointing First QuarterTrading Update from this group and roche slightly outperforming after better than expected First Quarter sales and shares are seen here trading higher by 1. 3 . Lets cross out to carolyn that brings us more on this story. Carolyn, good morning. Good morning to you. Theyre really pleased by the First Quarter report this morning. We got the sales number 11. 8 billion swiss francs and that is a 5 sales growth. Whats driving those sales in the First Quarter . Once again, roche can rely on its strong oncology franchise. Particularly Breast Cancer drugs where sales rose 28 and one drug saw a massive growth of 82 for that quarter but there are still some concerns about roche and to what extent it has been hit by currencies. A lot of the cost base here is in a strong swiss franc. Export markets in the u. S. With the strong dollar. How is all of that feeding into the numbers . Well the ceo was pretty relax relaxed. Its rather limited. So we grew sales by 5 in solid growth. In swiss franks its 3 . Thats only 2 . What it tells you is the sharp decline in the euro is actually compensated by the Strong Development of the u. S. Dollar so overall the impact for us is rather limited. So you wouldnt have to take any measures to reduce our cost base here in switzerland as a result of that. We have to work on productivity. But 80 outside of switzerland and such were less exposed to currency fluctuates. One of the big trends that roche is betting on many other players in the market are very active in that field. Their pipeline in this field which city estimates could be a 35 billion market is looking strong. At the same time the pipeline could be maturing some what. Thats why city believes that roche could be embarking on more m and a in that field so stay tuned for that. Were looking at shares up about 1. 3 but from one swiss firm to another, richemont issued a profit warning. They expect profit to drop by a third due to losses on financial instruments. Youre looking at shares of how do you pronounce it . Richemont down about 1. 6 . The firm does report its full earnings on may 22nd. When you look at some of these Luxury Retail players the on going threat is weak sales from china. Ill be particularly interested to see how their watch division is doing. Now new players including apple watch trying to fiercely compete in the luxury space. I was at that launch where it was evident the way they were show casing their product just steps away from cartier. They just sold netaporte. Its going to make one of the Largest Online groups. But i agree with you. Interestingly i heard that apple has been poaching as you would assume, some of the more advanced watch makers from within the luxury goods groups. The top end designers. A lot of them are joining apple. Becoming the head of retail there. Also executives from wsl joining apple over the last year. But also i think the Exchange Rates. The Exchange Rates are also hitting them. Theyre giving us a profit warning. Theyre saying full year sales but 1 if youre looking at it with the currency equations in there as well. Big theme this season. Another big earnings mover, tesco with a pretax loss of 6. 3 billion pounds its worst annual loss in its history. This after writing down the value of its stores after suffering an impact of an accounting scandal and price war taking place for quite sometime among u. K. Supermarkets. Shares trading up. You might wonder why. Many think a lot is already priced into this stock. A lot of analysts that have come on to the show as of late they say look bad news already priced into tesco especially after the counting error. We saw a big management clean out. Theyre trying to get back on track and trying to figure out what is the strategy because you have a lot of lower end retailers doing very well in the u. K. Especially in the financial crisis and then you have the high, high end and tesco in the middle. So they have gone through this big overhaul but they say still one pound out of 3 it is goes to tesco in terms of retail spending in the u. K. But how is that changing with the Market Players like aldi that have more competitive prices than what theyre offering right now. But you also still have a large part of the population in the u. K. That dont want to shop there. They think its too low market would be the thinking and they might hang on to tesco. One of the worst performing stocks last year. This year investors betting on a turn around. Stock is up but the question is when do we get to see that turn around in place and reflected in earnings. What makes you go back to a Grocery Store and shop there . Brand and Customer Experience and knowing where to go. Brand. I trust the brand and i know the products are high quality and the experience. Fast seamless in and out in 20 minutes. I agree with the fast thing. I dont want to stand in line for 20 minutes to pay for milk or whatever but i do like it when they offer a Little Something to taste. Its a nice thing. A little shortbread. If i had to shop for sure just offering a little bit of something. Entice their customers. Something else enticing. Its bonds. The german bund. Now yielding. 094 . Some analysts calling for it to dip into negative territory in the next couple of months. Speaking of janice capital tweeted 10 year bunds are the short of a lifetime. He later told cnbc that questions still remain about the timing of that trade. A nine or ten year bund has an upside if you buy it but it has a down side perhaps of 10 or 15 points and its just a question of when. Its a trade that doesnt cost you anything in the shortterm because it doesnt yield anything and it has an ultimate potential of 10 or 15 over a 1 or 2 year period. A particularly interesting time when looking at the european bond market. Lets discuss more with the professor of finance at duke university. Thank you for joining us. My pleasure. Do you think going long has become a crowded trade . Perhaps its time to go short . I would think so. It makes a lot of sense to me. Its hard to see a lot of upside and its not so hard if tefrts of the ecb and fed work where they get the economies well stimulated and inflation going back up then they juan Interest Rates to go up and if that happens youll have losses on bunds bought today and other bonds bought today. You think of some of the catalysts driving investors into the bond market. The hunt for yield and also Monetary Policy and what the ecb is doing and you dont want to fight the fed or is ecb but as investors continue to look r for tuns specifically in the yield market i want to point our attention to whats happening in junk bonds. You buy these bonds because youre hoping that will be a Good Opportunity to get good yield but right now the average yield of junk bonds only 4. 5 . Youre not getting that much. Whats driving the rally in those bonds . People are searching for yield. They say the yield on governments is solo. We cant invest in those and pay our if youre a pension fund pay our liabilities in 20 or 30 years so theyre looking for higher yields and theyre taking risk which seems like its done at the wrong times in retrospect. Theyre not historically tight. Its more that the treasuries themselves are such a low benchmark. You read my mind. Where theyre choosing to put money at the moment is that changing because of this trend toward negative yields . No doubt about it. Theres many investors that think they cant stand to invest it at zero or negative yields so theyre reaching for yield and whenever we find ourselves saying that that doesnt have a good history and when people do that they regret it later on but that is what people are doing to try to maintain the returns. What do you think happens once the fed starts hiking rates . Do you think well see a big shift or is it priced in . We saw argument that pricing was already priced in because of the feds wording. Theres quite a bit priced in. Certainly they communicated so frequently that no one should be surprised if they really did that. I look at option markets and the pricing of options and its disturbing to me that as you look out five and ten years on whats implied by option pricing and theres a lot of money bet on very low rates. On rates being zero to 1 five years from now. Right now i can understand it but five years from now you would hope we would be moving away from that. The markets are bimodal now. And one part of what they bet is that things will normalize and then other people are betting or maybe theyre fearing that rates will remain very low. So theyre paying a lot for insurance on lower rates. Thats interesting. Thank you for being with us. Professor of finance at duke university. We appreciate it. Thank you. How much would you pay to have lunch with ceo of apple tim cook . Right now its around 80,000. The ceo of the tech giant is running his annual lunch auction with a date last year topping 328,000. All proceeds go to robert f. Kennedy center of justice and human rights. How much would you pay for lunch with tim cook. Definitely not that much. I dont have that much money to spend but i would absolutely love to sit down with him and discuss innovation. Yeah. How much would you pay for a lunch date with tim cook . Is there somebody else you would pay to have lunch with. Let us know. You can get in touch on email and worldwide cnbc. Com or on twitter as well. Thats right. Were here. Tweet us. Why do we do it . Why do we spend every waking moment, thinking about people . Why are we so committed to keeping you connected . Why combine performance with a conscience . Why innovate for a future without accidents . Why do any of it . Why do all of it . Because if it matters to you its everything to us. The xc60 crossover. From volvo. Lease the well equiped volvo xc60 today. Visit your local volvo showroom for details. New york state is reinventing how we do business by leading the way on tax cuts. We cut the rates on personal income taxes. We enacted the lowest Corporate Tax rate since 1968. We eliminated the income tax on manufacturers altogether. With startupny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. All to grow our economy and create jobs. See how new york can give your business the opportunity to grow at ny. Gov business welcome back. U. S. Authorities charge a u. K. Trader for contributing to the 2010 crash that saw the dow plunge. He is due to appear at a hearing in london in the next hour. Tesco reports the worst annual loss in history but shares prize as investors pin their hopes on a high end strategy. A profit warning sending shares lower this morning. Propping up the smi after Quarterly Sales piqued forecast. The nikkei is set to close above 20,000 for the first time in 15 years. Hi everybody. Welcome back. Were just getting the bank of england the Monetary Policy committee voted to keep this unchanged. Two policy makers decision was finally balanced as in marchand theres been a range of views also on the path for a bank rate according to the minutes. They say little material news on u. K. Economy and bank of england staff. They say First QuarterHousehold Consumption of plus 0. 8 quarter on quarter. The economy seems to be picking up and growth would offset any effect on sterling on the ecb quantitative easing. Its a good chance it will prove temporary. A note also on u. K. Inflation. Cpi likely to briefly turn slightly negative in the coming months which many might be anticipating they also talk about how a pick up in wage growth is needed for the bank of england to meet their 2 cpi target. Sterling strength could be lowering cpi faster than expected and a big ir bounce back as well. Basically 90 was the measure seen to vote to keep Interest Rates unchanged at. 5 in april. Good morning john. Good morning. So in regards to the bank of england, no surprise at this point . There hasnt been much changed. Yields came off a bit during the month and sterling weakened a little bit and greece has become more of a worry over that period and also the u. S. Data has been some what surprising in part. Theyre still in a holding pattern. Were seeing more evidence of wage growth here in britain but theyre still voting 90 in term of raising rates in 2016. The u. S. Thats seeing less wage growth than britain is looking at a potential rise in 2015. Help us understand Monetary Policy. In terms of wages there has been a bit of a pick up and if you look in real terms its been quite significant. The point the bank of england are making is they anticipate inflation rising again over the next couple of years which is their forecasting horizon. If wages stay at the level they are now real wages will drop away again and be somewhere close to 0 in that environment where they remain on the domestic demand and consumer theres questions on whether they could continue to drive recovery. Youre right. Its interesting that the rate hike debate in the u. K. Is so different from the u. S. When the data held up better in the u. K. Over the past few months. Exactly. We have just over two weeks 15 days to go before the election what happens . You isolated one of the reasons why the u. K. Picture is more dovish. The political backdrop is highly uncertain of course and we will know in a couple of weeks what the outcome of the election is. Were likely to have a fairly weak government. Possibly a minority government of loose coalition so political decisions will be hard to take and the bank of england has to set Monetary Policy in the context of fiscal policy and the politics so until we get some sort of resolution theyre bound to stay on the back foot particularly when Inflation Expectations are so weak. If we get a weak government which finds it hard to get physical decisions taken its going to see a relative cheapening because supply expectations will rise at the time. I remember when i first moved to london. It was ahead of the scottish referendum. Are you expecting the same level of volumetyatility as we head into the election. Nothing dramatic. As you look at the rates market theres a dovish outlook that suggests the uncertainty is priced in but the big question is whether a sort of political stalemate or situation where politics is unable to operate in a very sort of effective way has a big impact on the u. K. Recovery and at the moment as were saying the data is holding up. Sentiment indicators are positive and all the signs are that for all the political turmoil the recovery remains on track. If that continues after the election then the bank of england can probably start to get a little bit more upbeat and potentially more hawkish but well have to wait and see what happens. A general rally in bonds has been pretty awesome and continues to be so. Do you see any indications that were going to see a tapering off of buying bonds . Thats still the big question. When you get away from the politics domestically and the data. Why are yields still down at these levels . Why are they barely yielding 1. 5 . A lot of it is to do with the ecb, the bank of japan, the on going monetary accommodation and its an on going question. You see bund yields still setting almost every day record lows and heading toward zero seemingly. We do think that thats nearly run its course and well see yield stocks edge higher over the coming months in the euro zone and that will probably see the anchor on pressures start to slip as well but what we dont know is how long theyre going to keep the pressure downwards on these yields. Do you think the supply could be an issue if People Holding negative it seems happy to assume that the ecbs timing of purchases. They still have almost 18 months to go with very large scale purchases is enough to keep them in long positions. Most investors still seem to be happy to hold bonds at the record low yields. The question is when they start to edge away from that because they think the ecbs impact has run its course. It may only be a matter of time. Do you agree with bill gross that its time perhaps to short the german bund . I dont think were quite as imfattic but we would be short at these levels yes. Thank you for being with us. Fixed income strategist at ubs. As said, 15 days to go before the u. K. Election. The latest poll giving David Camerons party a one point lead over labour. The liberal democrats are trailing on 7 . Goldman sachs weighed in on the election warning that uncertainty over the outcome could be a source of significant market volatility in the shortterm. Goldman also sees potential for sterling volatility in april and may. The risk to equities would be restricted to specific segments rather than the whole ftse index and if the conservatives form a government a referendum would be a worry for Equity Investors which we already know of course. The 11 month political steal mate in lebanon continues. They are scheduled to elect a successor having failed 21 times already to do so. The countrys two main political camps failed to agree on a consensus president since may of last year with neither side having enough members to secure majority vote. I think they voted like 21 times. Lets talk earnings. Yahoo says it hired advisors to look into selling its Yahoo Japan Holdings adding it would provide more details on future earnings calls. They also reported results missing wall street expectations. Our own josh lipton filed this report. Yahoo ceo Marissa Meyer says her country is in the middle of a transformation. As the latest Earnings Results prove it can be a bumpy ride. Yahoo reported First Quarter eps of 15 cents on revenue of 1. 04 billion. Wall street wanted to see 18 cents on 1. 06 billion. So that was a disappointing miss on both the bottom and the top. Drilling into the earnings release, yahoo said search revenue was 432 million. A drop of 3 . Analysts predicted revenue of 443 million. Some financial analysts think the renewed search deal with microsoft could help search growth in the second half of the year. Switching gears, display revenue was 381 million. A drop of 7 . That was in line with what analysts had forecast. Trying to offset declines in desktop display by pushing harder into new areas such as mobile. Yahoo said q1 mobile revenue was 234 million up from 145 million in the period. There has been a lot of progress in yahoo s culture, products and User Engagement but analysts are quick to note the stock can only start to work again if theres also a real pick up in monetization and revenue growth. Im josh lipton in san francisco. Its interesting. You have Marissa Meyer having been brought in to revamp the company. She was talking about a hinting that they could be looking to unlock the value of their yahoo japan stake. They have a 36 stake and could be looking at selling that and the market value there is Something Like 9 billion or so. Soft bank spoken about as being one of the potential groups that might be interested and that would lead to a 9 billion gain and theyll be able to exit that division and put the money elsewhere to work. Its just so interesting because for years alibaba has been driving earnings but over the past two years marissa myer has been trying to do whatever she can to revamp the advertising revenue which is struggling as of late given the competition in the space against Google Microsoft and others. She made a string of acquisitions. Its like over ten in the last year but still those have yet to be equated to earnings. So still a lot of questions remain as to the strategy Going Forward when it comes to strengthening advertising. Definitely. More tech earnings today. Social media so a lot to look out for in this particular space. Well talk more about that a little bit later on. Moving on. The Brazilian Oil giant is due to report 2014 results after the market closed today. Thats almost six months after auditors failed to approve the results pending a corruption probe. They expect a write down of up to 30 billion tied to the scandal. Shes the head of infrastructure. What are you anticipating to hear today . Well the main figure that everyone is expecting to see is the increment chart. Very wide range between a billion and 30 billion. Anywhere in that range. Consensus seems to be about 5 to 15. Basically what you know the stock price will react to whatever comes out. If we have to write down more of what were expecting. Theres still speculation of whether they would have to face potential default. The immediate risk was a technical default based on terms and conditions on their bond which if they can release their earnings by the end of this thats technical default. They have very big assets. Theyre a very big company and have a big debt load but they seem to be willing and able to meet their commitments. How has it impacted sentiment . Theyre already trying to cope with the dramatic fall in oil prices . The main impact is a break of trust if youd like. Weve seen that up until sort of march. We havent seen it spread around other countries in south america as such so those with the biggest problems are the Construction Companies and engineering suppliers and supply chains in the oil industries. Thats the ones that have really taken the hit. The other impact is politically. What thats done to the potential association that some say she did have with this scandal. Absolutely. She already started her second term with a very weak mandate and this has already made that a lot worse. So its an all time low. She needs to make a lot of very difficult Economic Reforms with the new finance minister. They account for 80 of the oil output. Its a really important company. Is it having an impact on competitors now . Are competitors able to benefit from their issues . They avery careful to say their prized asset which is where the big oil prereserves are will not be up for sale. So theyre still trying to fend that off. It could be a case where, you know bc or shell could take more equity in a lot of the fields. This might be an opportunity, as it were. But so far the government has been very clear to say were not going to open the industry much more. Thank you very much for coming in to talk to us. Head of engineer and infrastructure at pmi research. Still to come on the show. A lot. Investing in fine wine. One expert says it could outperform equities as long as you dont drink it of course. Thats coming up after this break. Were back in two guys. At the three weeks of attacks means that they were not able to pose a threat to saudi arabia and its neighbors. Iran welcomed the end of the air strikes as a step forward. Oil prices marginally extended declines on wednesday. Today on the back of the saudi arabia yemen news amid hopes for eased tensions in the middle east. Brent crude Still Holding on to 60 barrel. Wti crude at 5605 down 1 in todays trade. Speaking of oil, bp ceo said the Industry Needs to prepare for oil prices for lowe longer. At an exclusive interview in houston he said crude could stay at current levels for, quote, several years. He also asked if bp had received any buyout approaches in light of the deal. Absolutely not. I dont want to encourage anything like that at all. I think its always at these times when prices change theres lots of speculations about changing. Theres been one big deal. I dont feel that right now unless oil were down lower for a lot longer. Now we have been talking a lot about yield curves these days with negative yields seen or trend toward negative yields seen in a lot of european debt at the moment. A greek yield curve very different story there. Inverted. You the greek three year yelding 3. 25 . And 30 year at 10 at the moment. Theyre saying that a grexit is out of the question. He added that the central bank would continue to fund greek banks as long as they were solvent and had add kwet capital. Meanwhile the greek finance minister says theres clear convergence. He said there will be a reform deal but not necessarily at this fridays euro group. Elsewhere, the greek Prime Minister and german chancellor are set to meet informally in brussels at the eu summit on the crisis. So the story continues. Now lets talk fine wine. Theyre holding a fine wine auction in london. Investors could pay up to 20,000 pounds for a case of petrus 1982. It can outperform stocks if you buy carefully. Lets bring in tom. Tom, paying such a large amount for one bottle of wine for me thats the sign of a potential bubble in the wine market. What would you say to that . Its a luxury product and if you look at top end you can pick up extremely good quality wine for 50 or 60 pounds a bottle. When you look at that having fallen off 25 to 30 over the last three years now is a great time for buyers to be looking at undervalued stocks. So looking at the very high end of the market that youre going to narrow the amount of people out there looking for those wines but if you look at the broader spectrum theres still bargains to be had and with prices having fallen its to get back out there. Help us understand where there is Strong Demand right now. Whats grabbing the attention in the high end market. If you look in the last couple of years burgundy has been strong. Wines have performed very well. As i mentioned prices have fallen off the last three or four years. Prices have come down 25 to 30 but in the last 6 to 8 months we have seen a notable pick up in the indices. The liveex 100 has posted a 9 gain since august of 2014. What it show cases is a part of the market has actually been felt and demand is picking up looking at the 1982s and the 190s and 2000s. They have matured nicely. I just dont know which year i should be going for. Which years are the pop years worth remembering . Its interesting point to bring up. I feel if you look at a wine list people serve wine far too young in my opinion. Youre looking at a lot of the vintage 2009 2010 11 or 12. Theyre far too young to be drunk. Bordeaux 2011 and a 2001. At this moment its drinking beautifully. If you wanted to go out and spend more money i was lucky enough a few weeks ago to go to a number of dinners and tasted a few wines from the 1990 vintage. So if you want to splash for cash 1990 or maybe 01s or 07 for bordeaux. To look at auction results in november 2014 we had the world record for an auction of fine wine. It was 114 bottles. Maybe 118. Im not specifically sure but around 100 bottles of the top and it sold for over 1 million. There are some very expensive burgundy wines that can sell for 15 to 20,000 pounds. Sorry. Super fast how long can that keep . 25 to 50 years id say. Okay. We have to go. Thank you so much. Have you ever wanted to return an item you bought online but just found the whole process of sending it back a huge hassle . Well one company is trying to change that in a bid to disrupt the 300 billion shipping industry. Josh lipton spoke to ships ceo. Ship builds itself as the easiest way to ship anything anywhere. Heres how it works. Lets say you need to return a bunch of items purchased on amazon. Download the app. Snap a photo of the items and request a pick up at your home or office and ship would take care of the rest for a flat fee of 5 in addition to the cost of shipping. Today were aimed at just consumers but were growing the market. So i think the existing opportunity is very large but thinking about expanding it is very exciting. Ship works to find the cheapest way to mail the item whether thats through the post office ups or fed ex. Its available in san francisco, new york, miami, and will launch in los angeles next month. Since the last funding round in the summer of 2014 the number of shipments has jumped 500 and Customer Growth remains steady surpassing 20 month over month. This growth is due in part to partnerships with Banana Republic and other retailers to beef up its popular ship returns program. We dont know the margin of this business but we do know they need to run ware houses and pay a lot of workers to pick up and mail packages so its hard to see how this could be a very profitable business. At least right now. But the companys ceo insists that will change as ship scales. I dont necessarily say its a business that when or if you would be profitable but for us its all about growth and as much as we can continue to invest in growth well be better longterm as a business. At least one legendary investor is a true ship believer. John door announced hes joining the start ups board. For cnbc im josh lipton in san francisco. U. S. Regulators make a move to extradite a u. K. Trader. Its a top story today. More on that coming up after this break. Welcome to Worldwide Exchange. Good morning, everybody. These are your headlines from around the world. U. S. Authorities move to extradite a u. K. Trader for allegedly contributing to the 2010 crash that saw the dow plunge by 1,000 points intraday. He is due to appear in a london court any minute now. No deal irish drug maker rejecting mylans take over bid putting pressure on the u. S. Giant to accept a 40 billion dollar from tevo. A move that could raise 9 billion as the business continues to decline. The fall out spreads from the bird flu outbreak. Mexico is halting imports of poultry and eggs from iowa. Welcome, everyone. Lets take a look at premarket trade. What can we expect on this wednesday morning . A mixed couple of sessions over the past couple of days giving a mixed set of earnings. Mixed income data weighing on investors sentiment. Also pointing out that while the broader markets direction is getting harder for many to ascertain, one thing is crystal clear. Health care continues to out perform. Well be speaking about the bio tech trade given the set of earnings out last night. Right now dow is down about 87 points. Some of that might have to do with whats taking place here in europe. The focus seems to be on the Economic Data plus the greek negotiations taking place with International Creditors but it doesnt seem like well get that reform list on friday as some Market Participants were expecting. As you can see on the wall were trading in negative territory. The xetra dax is right now trading down by around 100 points or. 8 . Well focus on the ftse 100. Were keeping an eye on the u. K. Index trading right at 7,000. Down about 58 points in todays trade but the bigger moves are being seen in the bond market. I know. They are. Another day, another market right . What goes up must come down. We saw yesterday a bit of buying. Today were seeing a bit of selling in the morning. Maybe no surprise given everything going on. The bond markets though a lot of focus there. Still we have record low yields across the board. Theyre not going anywhere in the near term future. Well stay with low yields for the time being. The italian ten year yielding shy of 1. 6 . A little bit lower this morning. In the u. K. Were now 15 days ahead of the general election as we were hearing from our guest earlier. A lot of focus now on the u. K. And on whats going to be happening with that. It all comes down to the election and even if the election is done and over with well see slightly messy aftermath. Most people think that will be the issue with coalition formings and potential referendum as well depending on whether or not the conservatives come to power. Germany yielding 0. 09 now. We have seen the yield moving a little bit higher. Hit a print of 0. 05 just a couple of days back. You have the pound against the u. S. Dollar higher. All members of the Monetary Policy committee voted to keep rates on hold at this late meeting for the bank of england. The aussie dollar higher by 1 . Dollaryen 119. 4 and the euro dollar still around 107. The markets in asia a pretty eventful trade taking place there. Weve seen new levels having been hit. Lets check in on markets in asia. Sri rejoins us. Hello sri. Hello, youre quite right. Action in the asian markets. Multiyear highs for the japan and Mainland China equities. Fresh 15 year highs and we did see some considerable buying by the Foreign Investors in rotation back into the financials so it was a good day for the likes of smfg. Both of them going up by more than 4 . So its a relative value trade associated with those financial names when you contrast them with the defensives like the Food Companies and like the pharmaceuticals. Another melt up in the shanghai market. Up by 2. 5 . So what we are seeing here is still the aftermath and the feel good factor from that larger than expected lockup. A couple of basis points but consider this that move releases or injects 1. 2 trillion into the system. Most of that money is gravitating into the stock market. So the melt up continues and also consider this valuations are still well below the 2007 peaks. So the Party Continues for Mainland China equities. The next big risk is the data side. The hsbc flash manufacturing pmi for the month of april. That would be the next big test for the market. Thank you. Back to our top story at this hour. British authorities arrested a 36yearold man for contributing to the 2010 wall street flash crash. U. S. Officials say he earned 40 million from market manipulation between 2010 and 2014 and are seeking his extradition. The accused man is due to appear in a london court in the next hour. Wilfred frost joins us outside court for more on that story. Wilfred. Seema thank you very much. Were going to come ill update you on todays hearing in just a couple of minutes. Lets set the scene quickly first. He was arrested yesterday in the u. K. Hes from just west of london near heathrow airport. He was arrested based on charges brought by the department of justice in the u. S. Based on an investigation from the commodities and futures trading commission. In those charges is included one charge of wire fraud. Ten counts of commodities fraud. Ten counts of commodities manipulation and one count of spoofing. Its that count of spoofing or layering that relates particularly to the 2010 flash crash in the u. S. Its using algoriths to load on lots of high volume sale trades just below the market price so they log the volume of sell trades but never get action. You can profit on how the market moves. On that particular day 1 trillion of market capitalization was knocked off the value of u. S. Equities. Thought to have gained around 1 million that day an overall relating to these charges around 40 million. The u. S. Authorities are thought to have frozen around 7 million of his assets. Of course these charges are bought by the u. S. They were bought in february. They have only been published because he has been arrested now. Arrested yesterday and now we are due to have a hearing here behind me. This is just a prebail hearing. We would then expect to hear when the extradition trial would be brought and that would let us know if it was enough to get him extradited over. If he pleads guilty he could be extradited immediately. Due to start over the next 20 minutes or so. Back to you for now. Wilfred, thank you very much. Well be checking here later on through the day. Now eric is the ceo of converge x group. First of all being a new york based brokerage. Whats your reaction to this latest news . This has been expected for some time. So the individual is news and i havent had a chance to read the indictment or anything around that so i dont know all the details around it but in 2010 the cftc did identify that they were investigating the possibility of a single actor or single futures trader who had some responsibilities for the flash crash. You used to be nasdaqs trading chief. If he did use spoofing tactics to manipulate the tactics doesnt that tell us theres a lot of room or progress to address regulation in this market . Clearly theres concerns about the way the markets work and how theyre established and most recently the sec established a Market Structure committee to look at some of these things. One of the interesting facts is this was driven from the futures market and not the equity markets. It had an impact on the equity market that was much larger than the impacts on the futures market but these were trades that came out of the futures side of the industry. However, since the flash crash theres been all kinds of changes put in the marketplace. New market wide circuit breakers. Down protections. New investigatory techniques around spoofing and layering the things to limit the impacts of bad actors in the marketplace. Youre also a member of the security and Exchange Commissions equity Market Structure advisory committee. So links nicely with regulation right . Yeah. We had just last week i want to say last monday but my memory fails me but we had some were saying a miniflash crash on the market. We had terminals. You saw quite a big reaction of all of our European Equity markets. With everything thats been put in place you still cant prevent big moves from happening. Thats true. Theyre identified only for the United States. Its not a global reform now. Regulators have become much more cooperative about managing across boarders to help contagion from spreading widely. The changes made in the marketplace is not to prevent market move but really to manage it so that it is acceptable for investors to participate in it. What they want to avoid is the market prices to change. Stocks should go up and down. Assets should be revalued. We want that to be orderly. Not disorderly. Eric of course i just want to clarify. It wasnt a crash. It wasnt a crash but it was a similar move seen in a move downwards of all markets at the same time. But stories like are this are not a vote of confidence for investors at home watching this unfold. 57 say markets are unfair. What would you say to that. That was our survey. Right. And we are trying to address that in many ways. We help our clients manage how they are unfair and the people sitting is they missed a huge upside move over the last couple of years. If these things scare people out of the marketplace. They actually hurt themselves financially so equities at least certainly in the United States have had a very nice Strong Performance over the last year. Is High Frequency trading a good thing or bad thing. Its hard to say in such broad sweeping terms whether its good or bad. Theres good actors and there are bad actors. Thats probably nothing new in the marketplace. Its always been that way. So there are electronic Market Makers if i could call them that that provide really liquidity on a regular basis and then the bad actors that always use Technology Like the gentleman that was just indicted. So its up to our regulators to continue to push on and capture and limit the effect the bad activities tors have while continuing to encourage the good actors. We need liquidity. Thank you for joining us here today. Ceo of convergex. Searching for results, yahoo hires advisors to assess its Japanese Business as they report disappointing earnings. Stay tuned for a full break down of the numbers. New york state is reinventing how we do business by leading the way on tax cuts. We cut the rates on personal income taxes. We enacted the lowest Corporate Tax rate since 1968. We eliminated the income tax on manufacturers altogether. With startupny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. All to grow our economy and create jobs. See how new york can give your business the opportunity to grow at ny. Gov business investors digesting earnings from yum brands as mcdonalds gets set to report before the bell and the irish drug maker perrigo rejecting a bid from mylan putting pressure on them to take tevas take over offer. Lets get you a run down of what to watch this trading day. March existing home sales are out at 10 00 a. M. Eastern expecting to have risen 3 last month following sluggish sales which was due to bad weather. The flood of earnings continue. We get results from boeing. Cocacola. Bank of new york melon and d. R. Horton. Lets take a look at todays other top stories. Yum brand First Quarter profits beating estimates. Revenues missing as same store sales fell by 12 in china. The fast food giant, the parent of kfc, pizza hut, taco bell says its confident it can produce produce strong earnings growth. Rising by 4. 3 in trade. Youre going to get hungrier. Chipotle rose 48 beating estimates. Revenues were up 28 but that missed what analysts were expected as they rose 10 less than expected. The removal of pork from a third of its restaurants will likely hurt sales. That was due to its finding a supplier that did not meet Animal Welfare standards. Pork is a key ingredient in their popular carnitas dishes. Shares fell about 5 in after hours trade. This year up about 7. 5 . In other news mexico is halting imports of poultry and eggs from iowa due to a bird flu outbreak there. Theyre the largest buyer of chicken. They discovered a deadly strain of the disease on monday. Shares of several u. S. Meat producers falling in tuesdays trade. U. K. Retail giant tesco reported a loss of 6. 3 billion pounds. The worst annual loss in its 96 year history. This after writing down the value of the stores after suffering an impact of an accounting scandal and price war against british supermarkets. Shares down slightly in todays trade. Over the past week its down about 4 . It seemed to me when just reading the press release that dave lewis is trying to blame the market landscape for tescos disappointing results. Not taking ownership of the fact that this is also a Company Specific story that is dealing with misdated profits as well as an accounting scandal which has tarnished its brand. The accounting scandal and then the restructuring of management. Theyre still going through that restructuring at the moment. A lot of it being priced into the shares according to analysts out there and i have to say a lot of the calls that i have been hearing are a bit cautious on tesco as well. But theyre giant here in the u. K. I think Something Like one pound in three is spent at tesco in regards to Grocery Store sales. Its a real household brand in the u. K. Too. Some of these german lower end chains are still newer and also not as present in a lot of areas like if you take a walk in london for example you see a lot of tescos. Brand recognition is important. Exactly. But what happens to the brand Going Forward if the company isnt able to stage a turn around . That of course will be the focus of dave lewis over the coming months. I wanted pineapple from my Grocery Store and they didnt have any. Tesco didnt have pineapple. I wasnt at tesco. Yahoo s First Quarter profit in revenue missed forecasts. The first time they have both fallen in several years. Display has declined by 7 while search was down by 4 . The company also announcing its hired advisors to explore its stake in yahoo japan. Rising by just shy of its not even rising now in the german trade slightly lower. Still to come on the show adding fuel to the fire. State owned Energy Company petrobas is expected to report later today. Will it leave investors looking for more . Hi everybody, welcome back. Petrobras is set to release delayed earnings today. The focus will be a multibillion one. Just laying out the land. This is six months after auditors refused to sign off on their results. Kick backs to various contractors and there have been a lot of optimism that once we get the rules the worst could be over. Weve seen the stock up 30 year to date. You sense that people think the worse could be over. However we need to take perspective because the dimetiming couldnt be worse. They have gotten over 100 billion in u. S. Debt and a lot of that is denominated dollars. So thats really not looking good for petrobras in a lot of instances but the focus is on how large that will be. Estimates up to 30 million. On the lower end 1. 5 million. Morgan stanley forecasted. I know you had a guest on previously that said consensus was 15 billion but the question is how do they cover it . Thats everything from additional cuts to capex is on the table and also other assets that they own but as we talked about earlier they dont want to give away the assets at this time. The question will be how they cover it. Whether its recapitalizations or selling shares or converting the debt into shares. It sounds like were avoiding default. Were not looking at default. For the moment but a lot of people say thats because of the backing of the government. Of course the brazilian government is the controlling shareholder. That would be catastrophic for the entire country and administration of course. Thank you very much. Thank you. Lets get to our viewer exchange. We have been asking you how much would you pay for a lunch date with tim cook or is there someone else you would pay that much money to have lunch with . We have been get yourgting your tweets. He said he would may for lunch with jim cramer or myself. Thats brilliant. How much would you pay . I was going to say youre for sale. Wow. Ill take the money and give it to charity. Sure. Come on over richard. Wanted to treat me to steak and fries. Im good to go. Who would you pay to have lunch with . Mohammed ali, oprah, so many. How about yourself . I think ill have to think about ill let you know. Ill think about it. Its going to be good. James bonds next car may carry the made in america label. The Financial Times reports that aston martin is talking to several u. S. States about building its first overseas factory. Its part of the plans to bring an electric vehicle to market. Theyre looking at sites in the u. S. Including the former jaguar plant in coventry. Theyre looking for land and tax breaks. Still to come we speak to a foreman analyst amid a rush of news and results. Well leave you a look at how futures are trading ahead of todays opening on wall street. The dow down 65. Tech heavy nasdaq down about 19. Were back in two. Welcome to Worldwide Exchange. Im seema modi. These are your headlines from around the world. Top story, u. S. Authorities look to extradite a u. K. Trader for contributing to the 2010 crash that saw the dow plunge by 1,000 points intraday. He is due to appear in a london court any minute now. No deal. The irish drug maker putting pressure on the u. S. Giant to accept a 40 billion offer from israels teva. Yahoo is set to spin off its Japanese Movement in a move that could raise 9 billion as the core Internet Business continues to decline. And the fall out spreads from the bird blue outbreak. Now mexico halts imports of poultry and eggs from iowa. We have now heard from 90 companies on the s p 500 in terms of earnings and the worries about the dollar have been reconfirmed given the guidance from management citing the impact of fx head winds. Not just in the past quarter but Going Forward as well. Im still wondering about europe and im wondering what type of a year its going to be for europe. We saw outperformers like the dax for example. We saw outperformers from the Northern European companies but not the southern. Im wondering if well see spain, italy. Were already seeing a move in the bond markets as well. Greek concerns. Default concerns sending yields higher in the greek bond market but thats spreading. We have been seeing the italian ten year moving higher on concerns of a contagion. Do you think it would have a big impact if greece were to go. Youre more of an expert than i am. From what i can see they look back at 2010 and what it did to the bond market and fears and pushes investors out of that bond market. What will really happen it seems they just kicked the can down the road and find a minicompromise but its not enough to get greece out of this financial turmoil. I am not sure. I am not sure. We dont have time actually right now. But briefly im not sure how much of an impact it would have on the european project yes definitely. But on the Market Impact im not sure there would be a huge impact. A lot of people saying the contagion would be limited because you dont have the same ties in the banks and financial sectors as in the past. Its an on going story. Get in touch and let us know what you think. Find us on worldwide cnbc. Com. And were also asking how much money would you pay to take tim cook out for lunch. This annual Charity Auction thats happening or who would you want to take out for lunch instead . How much would you pay for that . Let us know. Take a look at u. S. Futures. Were expecting a lower open. Dow down about 47 points. Nasdaq down about 15 points although it did close above 5,000 in yesterdays trade. European equities gaining grown but its hard not to realize how greece is becoming a bigger part of the trading discussion. It doesnt seem like were going to get that reforms list on friday. That according to a euro group official. Were in the red. Dax down about 92 points. French market with a loss of 27 points. A quick look at the ftse 100. We have been seeing a little bit of volatility in the equity market. In todays trade ftse 100 down about 40 points. A number of upgrades have taken place for the company after it reported a 50 jump in First Quarter earnings after price increases for best selling drugs. Rising by more than 2 in after hours trade. They reported better than expected First Quarter sales. Carolyn asked the ceo about current valuations in the sector. Theyre very high and youre right, at the end of the day, we have to consider whether we can generate value for our shareholders and its not only about science and strategic fit it is also about the price for such assets and, indeed many of the assets we look at they are not acquiring exactly for this reason. Irish drug maker perrigo rejected mylans 29 million take over bid saying it undervalues the company. That could complicate their attempt to fen off tevas offer. They are urging the board to consider the proposal. Taking a look at price action. You can see theyre down about. 7 . Joining us to discuss the trade in bio tech is the head of sales and trade. Thank you for joining us so early. We have already seen the massive run. A lot of that having to do with the mma were seeing in this space. If you want to get in today do you buy the large caps that reported results last night or do you focus on the small to mid cap names that could be the next buyout target . I think that its very difficult to focus in some of the smaller names if youre really unsure about this space. My lead is stick with the amgens, the names that really had significant out performance and continue to do well. We saw the rules. They were solid across the board. It paints a good outlook for what is yet to come for some of the larger bio tech names. The space has been on fire over the past five years. You know we really you know think that the growing here is just superior. You cant find another sector around that has the Growth Outlook that bio tech has so here were really sticking with this space and, you know being selective on the names that we like but we think theres a lot more room to go on the upside. Of course its been a big part of the bull run in bio tech. They made that Key Acquisition for 11 billion and at that time investors were saying theyre paying way too much. Now we look at how thats such a big part of their growth portfolio. What are people saying about the out outperformance . Can the bull run continue . Theyre due to report on the 30th and expectations are theyre going to be fine. I think its going to be a solid quarter. You know think about this. These guys vn evenhavent even jumped in from an activity perspective. Theres a lot more to come. The one thing to keep in mind we talk about growth right . We have said very clearly we dont think its going to be a bio tech centric event. Its another sector thats going to force investors to lead the sector and go elsewhere to find better growth opportunities. We do a bio tech thermometer here and our analysts put a lot of work in this and theyre doing polls and talking to investors in the space and the generalists that have pushed this space up over the past five years are the most comfortable right now with valuations and outlook. So i think theres still more room to go to the upside. The ones that really supported this space are super comfortable in the space. So theres still a lot of very positive bullish outlook from the people that supported this for so many years. So having said that then whats your favorite trade at the moment . Whats your favorite bio tech . Id say i love the larger names. I love bluebird. Thats a great name to take a look at and i like some of the oncology plays like incisive. I think thats a really interesting stock to take a look at here. I think its trading around 103 a share and i think its a name that i would continue to buy at these levels. David, thank you very much for your time today. Thank you. Head of sales trading at cohen and company. Now rich kids of instagram and online video executive says poor people prefer facebook. Where is the money in social media . Thats coming up after this break. [ male announcer ] we know theyre out there. You cant always see them. But its our job to find them. The answers. The solutions. The innovations. All waiting to help us build Something Better. Something more amazing. A safer, cleaner brighter future. At boeing, thats what building Something Better is all about. Facebook reporting First Quarter earnings after the bell. The focus will be on marketing and advertising spend. Eric is in new york. What should we be watching from earnings today . Hi seema. Youre right. Facebook reports after the bell here in new york. So its about 12 hours away. The three metrics to watch out for, first up user growth. This is not the facebook of old. You cant get double digit growth in user numbers. Look for a 3 number there. Revenues will be around 3. 5 billion. Thats what the street is expecting for this quarter and then finally look at the share of ad revenues that are happening on mobile. Thats where all the growth is especially in developing markets. That number is around 70 . See if it can break above 70 rather than stay in the 60s and what a lot of people are now focused on as far as facebooks growth are their other properties. We know they own whats app and instagram. What are they doing with those . They can make money with the facebook property but they havent been as clear so far. Look to see if theres any notes to the future of those two. Eric you have also written about instagram and facebook having different audiences. Explain that a little bit. Yeah so it turns out theres some data that shows that when you look at the average Household Income of youth that use the Different Social Media platforms facebook does the best with lower income kids and as you go higher up the income scale instagram is the winner. Even snap chat and twitter do better but theres a clear distinction between facebook losing popularity as you get to the higher income households and instagram doing much better. But you would think that given rich kids are using instagram more than facebook that still works for facebook because they made the Strategic Acquisition of instagram a couple of years ago. Are there any other Companies Taking advantage of this difference in term of preference . Yeah so youre exactly right. This is part of the reason why facebook bought instagram. It gives them a different audience they cant get. If you look at all the data whistle sports theyre a good example of this. Theyre a youth focused Digital Online network of Youtube Channels with t los of different sports. Theyre trying to hit an audience for their lacrosse platform. Theyll do that more on instagram because there are wealther youth on that platform but the basketball audience would be what they do on facebook. So a company like them moving to instagram to get a certain youth or kid, what does that mean for facebook as a company . Theyll need to monetize it better to have the growth to augment whats happening on the facebook platform. Eric thank you for being with us. Thank you. The big differences. We were saying that instagram is more r for rich kids versus facebook. Apparently. Aparentally. Im on instagram. If youre young and rich, perhaps you like to communicate and express yourself on a platform that basically uses video and pictures because they want to show everyone what theyre doing, the expensive clothes they have. How about like playing basketball or whatever. Or doing charity work. You dont have to take pictures of that. It can be other stuff. Isnt that a sad reflection. It is but when youre young perhaps you dont have that wisdom to not post these type of pictures of alcohol and bottles and models. I wonder if this is going to come back to hahn the people that do that because you also know that people looking to hire that they often will check somebodys instagram site or facebook site. You see pictures of people youre about to hire and this is their life do you want to hire them . Thats the big scare as more of the younger audience joins social media at the younger age they have the wisdom to make choices effectively those because photos will stay with you forever even if you take them down. Still someone is tracking them. Theres nothing wrong with having money and nothing wrong with being born into a family that has money. But if youre a child and teenager and watching this just know how lucky you are, huh . Yes. Yahoo is still struggling to get out of a revenue rut three years into Marissa Mayers tenure. Landon has more of the First Quarter results. Yahoo reporting First Quarter results after the closing bell on tuesday. Revenue from display and search ads show thats the first time they posted declines in several years. Search ads fell 4 . Investors focus on the amount of money the Company Keeps after paying its partners for helping to draw web traffic to its ads. Those costs quadrupled from a year ago. Marissa is trying to shift the focus from emerging areas grouping them into one category called maybens. This makes up a third of yahoo s total revenue and rose 85 58 in the First Quarter. They hired advisors to explore options for its stake in yahoo japan. He unveiled plans to spin off the 40 billion stake in alibaba. The investment would be worth 9 billion before taxes. It rose 1 after hours and today in europe theyre down fractionally. Back over to you. Landon, thanks a lot. Landon. Should we do it again . Landon. From landon to headlines. U. S. Authorities are seeking extradition of a british trader for countryntributing to the flash crash. And perrigo rejects bid from mylan putting pressure on them to accept tevas take over offer. Trading slightly mixed. Somewhere in the region of half a percentage point on the chart. Were now down about 40 points in premarket trade. S p 500 imlying a lower open as well by around 4 points. Earnings will take center stage once again today. Yeah, lunch is coming up. Chipotles First Quarter profit rose 48 beating forecasts. Revenues up 28 . That missed estimates as same store sales rose unexpected. They still see wage growth in the range of low single digit percent percentage wise this year. And yum brands First Quarter profits beat profits as samestore sales fell 12 in china. The fast food giant is confidence this year. Shares rose about 4 in after hours trade. Right now trading up by around 4. 3 in frankfurt. Now mcdonalds reports First Quarter results before the bell with analysts expecting earnings of just over 1 per share. 1. 06 per share. They missed earnings amid head winds from chinese meat scandal and Health Conscious consumers. Analysts are expecting the 5th straight quarterly fall for same store sales and slip in revenue. Theyre down by almost 5 over the last 12 months or so. Joining us is steven anderson. Senior analyst. Good to see you steven. What are you expecting from mcdonalds . Well i think its going to be another tough quarter for mcdonalds. I think if they show any sign that they can have any eps upside to their 1. 06 per share, shares can rally. This is a transition quarter for mcdonalds having new ceo fill in in the middle of next quarter. It will be the true test of what he will be able to carry out for mcdonalds. Now i think we see that the company is willing to take a few more risks. Here in the state theres a test going on of a full daybreak fast in the San Diego California market. I think for right now, you know with all the major markets i through the company will need to see a comprehensive Strategic Review similar to what was done a little over a decade ago on the plan to win strategy. Steven since were talking food how closely are you watching the bird flu outbreak in iowa and do you think any of the companies in your coverage will be impacted by this . Certainly its worth a look right now. What we have been seeing is it has had a limited impact so far but we are watching this closely. Certainly the names that rely on table legs. Theres certain names like mcdonalds, duncan well see that as well but also some of the full Service Names like cracker barrel, bob evans, dennys ihop names with a strong breakfast legacy well be looking at those for impact. Do you think consumers tastes are changing even when it comes to fast food . Well thats certainly the case. Certainly with mcdonalds near the core burgers, fries and shakes. Thats something that in my view never goes out of style but i think we have seen in recent years a lot more competition for the american palate. Thats what we have seen with the rise of names like chipotle and panera its not necessarily healthier for you but at least theyll have alternatives that offer a choice between the usual burgers, fries and shakes with more healthy alternatives like salads. Like naturally raised antibiotic free protein. Its a trend well continue to watch. Thank you for joining us here on Worldwide Exchange. Now back to our top story. U. S. Regular you lay tors made a move to extradite a british man for contributing to the 2010 flash crash. He is appearing in a london court this morning. Lets get out to wilfred frost with more on that story. Seema, thank you very much. We were expecting him about an hour ago. He hasnt actually appeared yet. He is now expected around 12 00 london time. So these relate to charges based from the u. S. The department of justice brought them in february earlier this year based on various financial charges ranging from 2009 to 2014. Once he was brought into custody here in the u. K. Including charges relating to that 2010 flash crash as you said. Its alleged he made some 40 million based on these counts of financial wrong doing. Whats going to happen today . Hes due to appear in the Westminster Magistrate Court presuming he pleads not guilty then the next step is to find an extradition date to see when he could have a hearing on that count to be moved back to the u. S. These things tend to take a lot of time. Were not expected to be extradited any time soon unless he decides to plead guilty. In which case things could move very quickly but at the moment were expecting to hear from mr. Sarao over the next hour here in court in london when we might hear a date set for his extradition trial. Back to you. Thank you so much. Sharon says my kids stopped using facebook long ago. Said it was too many ads and turned into an old folks thing. Facebook is losing its cool among teens. Gary wants to take both of us out for lunch. Thank you very much. Well see you in an hour. Steak and fries. Fish. Fish for you steak for me. Thank you gary. Thank you for joining us. Well see you soon. Bye. Good morning, google reportedly ready to launch a new wire lesser service as early as today. And a burito bust. Well say this correctly because a lot of people dont. Chipotle shares under pressure. The mexican chain posting its slowest sales growth in five quarters in large part because of a shortage of pork. Not the kind youre thinking about but well talk about that too. Plus its a long way from the pony express. The new Postal Service could include an all electric truck thats also a drone launcher. Its thursday april 22nd 2015 and squawk box begins right now. Live from new york where business never sleeps this is squawk box. Good morning, everybody and welcome to squawk box here on cnbc. Im becky quick with joe kernen and andrew ross sorkin. Welcome back joe. On earth day no less. They havent launched the drones. The Postal Service yet have they . No. Drone launchers on a postal truck . Seriously . Im staying indoors. You can put an eye out with one of those things. You can do worse than that. Earth day as andrew mentioned. About 1 billion people are expected to participate in events that celebrate the