Airlines, had good looking earnings. And then today bank of america and wells fargo were among the standouts among the banks reported earnings. Speaking of earnings, wells fargo exposure is a focus for investors well have a first interview with john shrewsbury. Today a bit of a pullback but essentially neutral. Well bring you the ceo missage as they open up to developers for the gopro app. Who had the best day yesterday . Was it kobe, steph or jamie d e dimon . What one is calling the ceo trading bill of the decade. I think he was double that in his annual ized return. Thats true. Lets start with the airline stocks, getting the lift from the better than expected earnings report. I would say first off, i dont know if jamie dimon took 50 shots the other night as well. Lets talk about delta airlines, they reported First Quarter operating profits that beat wall street estimates and airline companys revenues did however fall like you mentioned. They fell slightly short of estimates with some negative impact. Shares gained about 7 over the past three months but still down around 4 this year. Trying to rebound. Airlines had been a hot trade before and trying to rebound from the january lows. The airline is forecasting a smaller decline in passenger unit revenue. Thats one measure there for the Current Quarter and willing to customer capacity if necessary to spark growth. Other major headlines reporting in the coming days, jetblue, alaska, reporting next thursday, american next friday. Overall, remember, airlines having a pretty good start to the year. The Airline Index is up 9 and 2016, it rallied 30 from those january lows so kelly, bill, as we talk about this idea of airlines, they are flying high now but still trying to gain lost ground over the past year. Those lines are growing at the airports too. American airlines saying tsa lines have become unacceptable, thank you, american. Phil lebeau has more on this story, profiling one company that may have a possible solution. Phil . Well hear more complaints about long lines because were just starting the Summer Travel season. Were already hearing airports and airlines and tsa saying be prepared for more. Weve spent the last couple of days in denver at Denver International airport, one of the busiest in the country. We saw a long lines there but again, youre going to see this continue through the summer. That brings up the question, is there a better option . Clear, operations in denver, uses biometric screening, you put your fingerprints and image of your iris into their system. More than 500,000 members and enrollment is up 200 in the last year. One reason why, the people love getting to the front of the tsa line quicker. The last time i went eight weeks ago there was probably 1500 people here and i walked right through. Hopping through the line and being done is wonderful. Ive seen it down and around the corner, standing there for an hour and a half. Expanding operations to professional and other sports stadiums and targeting a greater use of biometric screening, in other words, any place you have to go through security, they are saying you go through a decem r designated entrance and youre in much quicker. When we had a chance to talk to experts about this, they believe there is a possibility for clear and biometric screening to be expanded into other areas. Theres going to be a huge and growing market in biometrics and ability to use that to reduce risk of Identity Theft and to increase opportunities whether its access and otherwise is going to be quite large. By the way, we were here over the last couple of days checking out people going into coors field through the entrance, all Major League Baseball parks have metal detectors youve got to go through those. This one they are not as many people members of clear, people are going right in. This is a taste of what we might see in the future with venues with security and large groups of people who need to get in. Phil, karen over at clear has been working so hard to get this off the ground. Interesting that the tsa has come around and you can be a tsa whatever its called, to get priority access in the line and do global entry. Precheck, a lot of people, myself included paid up for those programs, how much is clear and to what extent is the Regulatory Environment going to back what they are doing here . Well, 179 a year. So if youre in a city like denver and youre flying a lot. It makes sense perhaps to say i want to go to the front of the line as quickly as possible. In my case, they dont have clear in chicago. You dont have it in new york. People might sit there and say why would i be a member if i have a tsa precheck and its not in my airport yet. They believe they can expand the business in the future and working with the tsa that people will say theres value here in certain instances where i want to go through the clear line and then also i can use it perhaps away from the airport at the place like coors field. How about in seatac in s seatt seattle, they are hiring outside contractors because they dont feel theres enough tsa workers to meet the demand for flyers here. Thats a big problem in the industry. Not only the lack of help being hired by the tsa our outside security firms but the infrastructure. Were asking more people to go through old airports not designed to handle big throngs of people going through chokepoints where you have to do security screening. Thats the issue you have along with the personnel issues you mentioned. Thanks very much. I think i heard the National Anthem behind you here. Youre going to miss first pitch if you dont hurry. Okay. Phil lebeau there. Joining us, cnbc contributor heather hughes, probably sitting in my seat right now. Jonathan corpina at post nine and Rick Santelli from chicago. Whats missing right now . Were i know were bumping up against those numbers you are watching on the s p around 2085, is that whats holding us back . I think thats part of it but i also think the nonactivity today is very good and healthy for our marktsz. The last two trading sessions we clearly saw buyers come into this market and saw nice volatility to the upside. This market needed this rest today and needed this break. Its missing buyers we had from yesterday and day before and waiting to see how this week will play out. Unfortunately i might have bad news, i think the risk off trade will come into play tomorrow as we get towards the weekend. Investors will like what that i have seen so far this week but heading into more earnings next week they might want to play it a little slower coming monday. Rick, we havent seen you since word yesterday that the cme will close the nymex Trading Floor in manhattan. What are your thoughts . I think its sad but it certainly shouldnt be unxpeked. The chicago floor, ats least the Options Markets still open, there is no plan to close them based on recent filing by the cme that we read that youre refr referencing. I personally think having people in the system is a great insurance policy. I hope the cme considers that but you know, these are days that helped create the markets as we know them, especially the Energy Markets and europe. Personally im very sad to see them go but i understand the march of technology, the one thing we need to be very careful of is whether its High Frequency trade, im not saying whether its good or bad, but with all of these high speeds and regulators an chapters and lightyears behind the people creating them, we need to be very careful. Were not tossing away something that might not have a future somewhere. Heather, weve been talking about the tremendous skepticism about the rally in the market and whats your view of the market . John is also saying, this cant last. As we approach record highs we cant believe that we are where we are right now. I wouldnt be surprised to see the markets take a breather here. It is reassuring that were having a day that were holding up even though the markets may be relatively flat. We had a huge risk on day yesterday. To see that the markets hanging in there is a reassuring sign. The Short Interest still weighs heavily on the markets. Part of atrib bugs to the market, bit of the market rally or boost weve had over the past week came from Short Covering, actually. So about 8. 5 billion shares, total market shares. They benefit when the market goes down but what you want to see is complete deterioration. Well see if the shorts come into play in terms of ramping up exposure on betting markets to move lower or if Short Covering propels it even higher as we havent gotten positive news from earnings season right now. Jonathan, we have seen banks like wells fargo taking a hit because of exposure to oil and gas and energy here. The Commodity Prices have been a little healthier lately. Does that tell us that we might be okay and that that risk is largely behind us here or how do you read things . I think so. Commodities coming into play when you look at oil, oil has found its nice tight range at these levels here. I think investors have been waiting for the volatility to cut down and able to move in this range. As far as Public Companies are concerned that are exposed to oil, this volatility has not been good at all. They need to understand and figure out if oil will trade in a certain range how they can project moving forward. Whats surprising to me, the retail sales data in march actually fell. It was weaker than expected despite the lower oil backdrop and stronger dollar. What gives . You would think that the consumer is very strong, at least airlines are taking a place on the backs of Lower Oil Prices finally today. Thats a point. Thank you, good to see you. Heather, jonathan, Rick Santelli, watching markets, you mentioned how the sectors are doing and overall the averages hanging in there. The dow is up 15 and s p barely higher up. Same for the nasdaq. When we come back, wells fargo chief Financial Officer will speak with us on a first on cnbc interview. The banks exposure to oil and gas and potential losses from Bad Energy Loans among them. Coming up, nick woodman announcing a key Developer Program. Well bring you his comments coming up. Why do we have aflac. Aflac. And Major Medical . Major medical boyyy, yeah berr, der berrp. I help pay the doctor, aint that enough for you . Theres things Major Medical doesnt do. Aflac pays cash so we dont have to fret. Something families should get like a safety net help with food, gas and rent so cover your back, with. Aaaaaaaaflac learn about one day pay at aflac. Com rap intenselyflavored. Beautifullymisshapen. When you cook with incredible ingredients. You make incredible meals. Get your first two meals free at blueapron. Com cook. Quite like the human foot. Introducing the 255 horsepower lexus is 300 allwheeldrive. With twentyfive percent more base horsepower. Once driven, theres no going back. A mixed day, the dow up 6 points and nasdaq dipping into negative territory but some of the standouts weve been talking about the earnings from the likes of delta, bank ever America Rising after reporting better than expected quarterly revenue, earnings per share came in at 21 xrents in line with the streets lowered expectations and others reported as well, right, kelly . Take a look at wells fargo. Falling almost 6 , slump in oil does continue to take its toll. The countrys Third Largest bank by assets charged off 204 million in energy loans. We wonder will they get bigger or have we seen the worst already . Were joins by cfo john sh ruz berry. Good to see you, welcome back. Nice to see you. The first time you added reserves in a while and youve been releasing them. Jamie dimon said he thinks the worst as far as energy goes for the Banking Industry is behind us. Do you agree . Well, i dont know, were in the middle of working through workouts with the variety of Energy Customers and e and p space in particular. Prices stayed low for a good long time and recovered a little bit, people have to work through what the current level of leverage is. This is both price issue as well as leverage issue for sector. At wells fargo, we managed to produce 5. 5 billion worth of net income even while increasing reserves for energy loans and taking chargeoffs as well. We feel weve got a good balance. Could you add color around where youve seeing losses or whatever term you want to choose, this is a big space, energy or gas, that could cover a lot of different things. Where in particular is the relative weakness and relative strength . Sure, so in particular with exploration and production companies, people upstream pilling resource out of the ground in oil and gas and obviously impacted by the spot in future price of the resource and services companies. One of the first things that happened last year as Energy Prices plummeted is the company stopped incremental drilling and that had an impact on services company. Those in particular in the energy space and Energy Exploration space are the ones that have been the most impacted. The second order impacts, were a big lender in all sectors and look at our consumer businesses and commercial real estate business and elsewhere to see if we can measure the second order impact. Some of those markets, the ones that are heavy on Energy Employment are beginning to look more average after performing at an above average pace for a while but that still seems to be contained. I would say the outcome is in the two areas ive mentioned. At wells fargo the Services Business and the mid stream business amounts to about 2 of you dont Loan Portfolio overall. 1. 9 i think i read, to be precise, 1. 9 . You wrote mortgages but feweren than the Fourth Quarter and fewer than you did last year at this time. Whats going on in Mortgage Business right now . Pipeline is big. We had a rally of rates and pipeline activity and building into a big pipe line was very strong. We originated 44 billion worth of loans in the quarter and finished with a 39 million mortgage pipeline. That augers well for the Second Quarter. And Second Quarter is where spring buying happens and people are more likely to be buying to be moving up and trading up in homes in the Second Quarter. It was a pretty good quarter. Some of it is seasonality but some is the rate pattern but 44 billion is a lot of mortgages. I still remember when jp was talking about trying to catch up to you there in any case they also showed a lot of strength in that franchise this quarter and thinking again about the way in which sent. Is interesting around the big banks. You were the star, john, for years. You still traded a premium relative to the other ones but this week a series of articles asking whether youre now the bad boy of the industry and regulators obviously raising this concern about material errors in your living will. What are these errors or mistakes they are referring to . In the past you came through with flying colors. Weve got our living will feedback yesterday morning and some of it the night before last. We were obviously disappointed not to be a not to achieve a nonobjection, where we were a year ago. This is our second bite at the living will apple. The feedback we got is are things we can absolutely deal with. They are more than procedural but they are they are governance relate and the way we pull the process together, the size of the living will office we maintained and things like that will absolutely address them between now and october. Our expectation is that we will achieve a nonobjection as you said, we did a year ago im sorry, i dont mean to belabor this. Im so curious about this process. How in the world were this far along in this process of developing these regulations and these living wills and new material with dodd frank. How do you fail that . Dont you work closely . Im not picking on you specifically, there are three other banks that also failed. Dont you work closely with the other regulators in the process of forming the living will. How does it come as a surprise to them they have to fail and as a surprise to you that you had your living will rejected . Im curious about that . Its like the liquidity stress Testing Process and some of the other big bodies of work that came out of dodd frank. I think theres a maturation process for the regulators as well as for those of us who are living with it. Theres a maturing of expectations or increasing of expectations which is reasonable and expected. Thats happened in see car and i dont think were through the process. Theres a couple of agencies working together on this one which is different than the other rules. That provides incremental opportunity for coordination to mature over time. So in a Perfect World it would be a little bit more it ra tif back and forth and shorter periods of time, more expectations and managements and progress management and feedback can be built into the process but the way it stands, there are long gaps of time between us and middle and response. And as a result time passes. Just real quick, before we let you go, theres so much speculation of the future of American Express. I know you mentioned youre not necessarily looking for an Investment Bank right now but what about the card business an area it seems it doing well for the banks these days. Would you look to