Cutting the number of rate hikes it expects this year in half. What that means for the markets. Shares of fedex are up on earnings and company taking a shot at amazon on its call yesterday. Plus jim cramer spoke to target ceo about competing with amazon. How hes positioning his company against jeff bezos. First up something that would have been nun thinkable. Dow and s p down 1 for the year after the fed reduced the number of rate hikes it expect this year from four to two. Futures moving lower. Caterpillar issues First Quarter estimates in the wake of lower Commodity Prices even though they stayed firm on their guidance for the year, jim. Yeah. I found that two surprising things was one how deep the cut was First Quarter. And two, how they believe that somehow things are going to get better quickly. I think that caterpillar is in a nutshell what fed did. Look these are Great American companies. Not doing well at all. That has to do a lot with oil and gas and mining. Not just all inter
First up the iphone se and new pro now available in apple Stores Across the country. Josh is outside one of them in palo alto. How is it going. As you can see its pretty quite still here in downtown palo alto and another sign of that expected muted reaction apple stores will be open at their regular times today but we should keep in mind that for apple the se is targeting a different consumer. Apple did sell 30 million iphones last year. The hope is they now give some of the people a reason to upgrade and also with the starting price of 399 it could also appeal to more price Conscious Consumers and theres also the new smaller version of the ipad protoday. For our audience, for traders, for investors, the ipad is no longer as financially material as it once was. It now makes up 10 of the countrys revenue but whenever i talk to tim cook he remains confident in the product and the ipad and does believe theyll continue taking more and more share in the work place. Look at apple stock. They
Yellen, bernanke, volcker and greenspan speaking at an event last night. Hank paulson coming out swinging against actions his former agencies took on former tax inversions. Shares of gas down big after reporting march was a challenging month for the retailer. Well look in on the state of retail. Just days after the Treasury Department announced new rules which had the effect of breaking apparent the giant deal under which pfizer was acquiring allergan, hank paulson was on squawk box and said Companies Need to pay their fair share when it comes to taxes but also criticized the Treasury Department. Were a nation of laws and rules. You cant change the rules you shouldnt be changing the rules after the facts and changing them and changing them and changing them again. That is something that ian reed, the ceo of pfizer said in an oped yesterday and something that brent saunders, the ceo of allergan said on this set a few days back. Theres been across of criticism at treasurys move and seems
It is 8 00 a. M. At disney headquarters headquarters 11 00 a. M. In new york and this is squawk alley. Welcome to squawk alley for a tuesday. Dow down 109. Breaking news to start the hour. This time on ford. Phil lebeau is in chicago with that. Ford in a move expected for months is announcing that it is building a new small car plant in mexico. This plant will be located in the san luis section of mexico an investment of 1. 6 billion. It will create 2800 jobs with cars expected to roll off that Assembly Line in 2018. Some of those cars will be sold in the u. S. And sx ported to other countries away the world. No doubt is this a move that will get a lot of attention on the campaign trail from the president ial candidates. Just a couple weeks ago, heres what donald trump had it say about ford and its plans to expand around the world. Companies are leaving our country rapidly. Rapidly. Whether its carrier air conditioning whether its ford whether its eaton. I was in cleveland and eaton co
The stock market is up. America is great again lets get to Brian Sullivan in the Baaken Oil Fields in north dakota. The temperature is up. One of the reasons were inside is we were here last year, i got in the rental car, negative 21 degrees. It is supposed to be 70 degrees today and 90 degree swing. We took our chance, were still inside here at the bakken. Oil is up today. The stock market is up today. The spirits here are up a little bit. Lets be clear what happened here, guys, the price of oil coming down as much as it has, this town is really struggling with the price of oil, not just with rigs, restaurants, hotels, housing, with Everything Else. Let i want to show you video, a setup to why we are here in williston, north dakota. One of the greatest American Economic stories of the past decade has taken place not in the koesz cozy confines of sili valley, but the high plains of north dakota. Over ten years, no state has benefited more from oils boom and no city in the state has ben