Last year. Interesting to contrast what is happening with walmart today with what is happening with amazon and the rest of big tech which is leading down the nasdaq 100. Amazon, facebook, microsoft and the likes of those names are drag it down despite the big beats from cisco and sales cost. Yes, crm was looking good. And now, the leading indicators are up 0. 6, and we talked to bob mctier and he said when you look at the cci, and the ppi and the confidence starts and the Industrial Production and it is running warm, and in his words, it is time for the fed to pull the trigger, and this is maybe why you are seeing the weakness today. And Henry Blodget is joining now. Taking a lookt alel l le tak look at walmart, and on track for one of the best days. But there was a call out that said that the growth is too slow on e commerce, and also, jeff bezos is firing back to donald trump after he said that he was using the Washington Post to hide himself from taxes. My view is that it is not an appropriate way for to a president ial candidate to behave. Im very, very comfortable with all of amazons approaches and vendors and the way we pay taxes and the political positions that we take are very focused on the business and i think highly appropriate. We should note that bezos is an investor and business insider, and that said, henry, are we in for the whole summer of this teteatete between the president ial candidates and the ceos . Apparently so. And if trump is elected president , we may be in for a lot more of that, and it is unprecedented if that is the case, and if the president is taking shots, specific companies, and amazon remarkably successful and admired, and you know, it is highly unusual. And mark cuban yesterday called these nerf balls and said that you can call a nerf ball at anybody and it wont hurt them, and the growing list of companies that trump has argued by name, but has it mattered . Well, maybe they are nerf balls now, and if that is the way they view it, just entertain ment, and he is a guy that says anything, and if that is what it is, and he is a guy that says anything, and h does not have any intention of doing anything, and if the country gives him the power that we are going to give h him, okay. Then they are nerf balls, but actually the country is going to be arming him with a Nuclear Arsenal and an incredible machinery to go after anybody that he does not like. So we better be pretty confident and mark cuban better be confident that he is just fooling around and saying that stuff. I will try to circle that view with what you said about him in iowa in january, and that is that he was a reasonable candidate and credible candidate before he was taken seriously. Look, he says many reasonable thing, and views, and one of the things that is so appealing about him is that he has views that democrats would espouse, big on the infrastructure spending, and eliminate the tax loopholes for the private equity funds and hedge funds, and wildly praisable, and he is charming and funny and charisma, and everybody likes that and practical, but he has also said some things that are outrageous, and scary, and hateful and infuriating. So the question is, that is the most important judgment with donald trump. Does he mean what he says or just nerf balls. Well, it is electrified the base, and that is what the base likes about him so much that he is willing to say things that other candidates wont say, but as he is moving towards the s center, is the base so en gogag that they wont go anywhere or will he move to the center . Well, he has not moved to the sen is teer ter, and he it came out of the surrogate that thing, it is a virtual wall, and it is suggested, and just suggestions and not policy, and maybe, so and maybe we should take hope that mark cuban nailed it, it is nerf balls, and that is all it is, and boy, we need to be k confident about that. And it is interesting that today, it is keithbriette looking at whether he is serious about rolling back dodd frank, and it is kbws that we dont take it at face value or consider it a solid political threat yet. That is what trump would tell you in private. And having met with him, he is is much more pragmatic and reasonable, and he is still donald trump, but he is much more pragmatic, and you say, this is a guy who will get it done, and cut the deals, and that is what everybody likes burk again, the president has a boat lode boatload of power and one of the things that is worrisome to the media is that he does not like people who criticize him, and tighten up the libel laws and sue them. And that is what he is going after bezos, and boy, a lot of people hope they are nerfballs is what i would say. And now, closer to the markets here, you are net bearish for the last year or two. For a long time. And long enough to be humiliated. And we have been warmer on that front in february, and now people are suggesting that maybe we are head ed that way again i the fed is going to be a mini tantrum of sorts. Where is your head . Sglon valuation basis, negative. The stocks are extraordinarily expensive on the cyclically adjusted measures and not this years earnings, but the Profit Margins are elevated incredibly relative to the average of history. An unareless you believe that things are profoundly different, stocks are very, very expep zi and likely to have a lousy return over to the next ten years. We will keep talking about the markets, because the stocks are moving to the session lows, but part of it is because of the comments of president bill dudley, and Mary Thompson back with the news. Well, kayla, why this is important is that dudley is a Voting Member of the federal reserve, and the press briefing a kocouple of minutes ago he wa asked about the possibility of the rate hike in june or july, and this is what he had to say. Looking back a few days ago, i think that there was a strong sense among the membership that you could see it in the commentary that market was not putting in a sufficient probability look of tightening in the june or july meeting, and aim quite pleased to see that probability as in fact moved up. Dudley went on the say that it is datadependent and to that end, he said that the Second Quarter is tracking stronger than what we saw in the First Quarter when growth was weak. Also, he was asked about how a brexit vote might figure into the mix or the feds decision, because keep in mind that the feds meeting is a week before the vote, and he said a number of things would be considered, including the probability of the uk voting to leave the eu, and what impact that would have on the financial markets, and also how strong the u. S. Economy was at that point. Back to you. Thank you, mary. Henry, what do you tell people who were worried about a fed who thinks that the economy is getting Strong Enough to raise rates . This is the bind ta hat we m be in. If the inflation ticks up, then they have no choice. And if the fed is in a hiking cycle, it is not good news for stocks, but good news for the main street, and if we can get the wage growth, that good for the economy in the long term. And remember when the fed hikes and then we got the terrible numbers out of china, and the volatility in in january and february, and they said that the fed made a mistake, and if the brexit vote is uncertain of the fed hikes in the june that people would look back and say the same thing . Absolutely. And we only know from the data from there and many people will scream if they do that. And thank you for joining us, Henry Blodget from business insoo insider. When we come back, more on the missing airline r from pari to cairo. Right now, the dow is down around 81. Theres a place for vacationers who seek more than just a little time off. The ones who choose to go big or stay home. Come with me now. Where every amazing, despicable, wizarding adventure reveals moments that are truly epic. This place is made for those who do more than just vacation. Whoa go with me now its made for those who vacation like they mean it. Universal orlando resort. Lets get the latest on the missing egypt flight. And we have hadley there at Charles De Gaulle airport. Hadley . Well, so many moving parts to the story, and apparently we will hear from the next several ho hours the egyptian authorities who are going to be addressing comments from the spokesman of the Greek Military who a few hours ago told greek tv that at least two objects had been found in the southern mediterranean about 210 piles from the coast of crete. They say that according to greek media at least one life jacket that appears to be from the airplane as well as a metallic object have been found. No comments yet on that from the egyptian authorities, and we are waiting to hear more from them, and you have to remember that throughout the the day, they have been refusing to say that the plane was anything more than missing untul they have evidence of debris. So we are waiting to hear comments from them, and the french authorities saying that the plane did apparently did crash, and we have heard from the Foreign Ministry who said it is a Multi National investigation as to what happen and our colleagues at nbc news confirming with two u. S. Intelligence officials earlier today who said that will is no evidence as of yet that this is terrorrelated, so a lot of questions up in the air. We are standing outside of Charles De Gaulle which is the flight originated here at 11 00 p. M. Last night en route to cairo and should have landed at 3 15 local time and went off of radar at2 30 a. M. Local time, and the traffic to this airport has showed no signs of slowing down, and the regular traffic going through Charles De Gaulle, but the questions, and the passengers are asking more questions of the media than the media can give them answers, so hopefully hearing more from the egyptian authorities. Guys . Thank you, Hadley Gannon in paris. And now, we go to jim hall from chattanooga, and it is so good to talk to you again this morning, jim. Good morning. One thing that we are struck by is the speed with which the egyptians trying to push back on the terror speculation. It feels like they are not trying as hard this time. Do you agree, and what does that mean . Well, i hope that this government is a little bit more transparent than previous administrations in egypt. It is certainly not going to serve the purpose of the aviation, safety and security, and not to be forth coming with inf information as it becomes available. Jim, the fact that this is and involved investigation, and officials from france, greece, and now the u. S. As well as egypt, and how complicated is that going to become, and what does it take for that many units to work together. It requires a lot of coordination, but generally, it has been bad business and for decades we have had floatable black boxes in the military, and we havent had those retrofitted and placed on the commercial aircraft, and particularly in the age of terrorism, and you know, all tof the focus on aviation and its impact on the e kconmy. Jim, talk about what we think that we may know about this flight trajectory. I know that you worked on a lot of the crashes in the states where a plane was either on takeoff or making its approach, and what is different about a crash that happens when apparently you are at cruising altitude, and in this case, 37,000 feet . Le well, of course, statistical statistically, this should be the safest part of the flight. And one if in which there is very little possibility of things happening. So, you know, we are looking here right now at some sort of inflight breakup that could have been as a result of a mechanical or the structural failure or terrorism. And until of course, we find the black box or find the aircraft, and the pieces of the aircraft, that will still be a open question. Jim, what would you be looking for in the conversation that were had in the cockpit and any of the chatter of the u. S. Officials are telling nbc news was nothing out of the ordinary before the plane went down, and what are you looking for . Well sh, the chatter will te you a lot of things. The sounds on the cockpit voice recorder and the information on the flight data recorder will give you a very clear idea and a very clear picture of what occur occurr occurred. Unfortunately, because those are now 3,000 feet in the mediterranean sea, it makes it some time to recover that, and that is why again, i am for the floating black boxes as used in the military. And finally, jim, when you think about the travel in that part of the world, and by that i mean, europe, middle east in general, what are the most pr s pressing problems in your view right now . Airport Perimeter Security . Background checks of airport personnel . Just endemic to the plight of t terror around the world . U mean, what is the first fix that youd like to see . Well, i mean, i think that we have to be on alt lert and particularly here in the United States and be supportive of the National TransportationSafety Administration that it sis properly staffed so that we dont see this event occur in the United States. Clearly, there are people that worldwide that are going to try to use aviation as an opportunity to the ma to make statement. They did it earlier in e jept in a previous accident, and until we rule that out, it is high on the list. We complain about the tsa lines, and those lines are there because those people are trying to keep things like this from happening for sure . Well, we have a short memory. The airlines had aviation safety, and we had 9 11, so i am very supportive of the tsa and i hope that all citizens will be. Jim, it is good to see you again, and thank you for the help very much, and former Ntsb Jim Hall in chattanooga. And we are keeping one eye on the markets right now trading off of the session lows, and the stocks are generally repricing themselves as we accept the possibility that a june rate hike is on the table. And with are seeing the Interest Rates and the dollar is up, and sharply, and the s p 500 and nasdaq are now negative for the year. And the cisco shares are rallying after they beat estimate, and it is particularly strong for the Security Products offsetting switching and routing, and that stock up 4 , and sales forts is having a good day with earnings and revenues beating expectations, and the company is raising the full year forecast thanks to growing demand in the cloud. Up next, we will talk about Mark Zuckerbergs meeting with top conservatives on the reporter bias at the social network. A couple of folks in the meet ing will join us in a moment. [engine revving] the allnew audi a4 is here. Here at the Td Ameritrade they work all the time. Sup jj, working hard . Working 24 7 on mobile trader, rated 1 trading app on the app store. It lets you trade stocks, options, futures. Even advanced orders. And it offers more charts than a lot of other competitors do on desktop. You work so late. I guess you dont see your family very much . I see them all the time. Did you finish your derivatives pricing model, honey . Td ameritrade. Facebook Ceo Mark Zuckerberg met with the media yesterday on the heels of the news that newsfeed is excluding conservative news. Now after attending the meeting are a couple of guys with red eyes, and they are the targeted digital drirector of the romney campaign, and i enjoy you both for join g ing us after a quick turnaround after the meeting. And now, alex, the they allotted an hour, and what were your expectations . Everybody came in listen learn mode, and everybody had a chance to speak and ask questions. They made the full executive team at facebook to answer questions, and the meeting was originally allotted for 60 minutes, and then Mark Zuckerberg, himself, at one point they had asked, you know, the times up, and the next meeting, and he allowed the meeting to go on to extend it to continue the conversation that was happening, and so it was constructive, and it is a good start for further conversation. And zach, the comments that mark z Mark Zuckerberg posted on his own Facebook Page suggested there was potential unconscious bias, and so how do people recommend they dont have the unconscious bias . Well, that is the challenge with Silicon Valley, is that there are structural biases in play, and the ceo to meet with a group of conservatives to acknowledge that and saying that they are going to to beic tag steps to address that is encouraging. I believe they can selfpolice, but the fact that they took the meeting is the testament to facebook taking the first step, because i dont see the meetings with google and twitter and others, and hopefully Silicon Valley sees it is a learning lesson for all of them and not just facebook. But the backlash came from the public for facebook. Yes, we got here for a specific reason, but it is a universal issue that will happen. And what concrete examples can they do . Looking at the hiring practices, and that is components of it, and having the conversations of reaching out the you with the position of the dialogue and the proactive and not reactive and how do we get you in here more often, and have the conversations going forward, but sut not specific, because the problem occurred over a long period of time, and it is not going to be fixed overnight. Yes, and to that point, zach, they wanted to listen and learn before they started to offer up the ideas on how the fix the problem, and they wanted to hear from the group collectively of what our ideas were, and then move from there. And alex, we have seen the journal and others taking a side by side look at what a liberal facebook users newsfeed looks like compared to a conservative newsfeed looks like. Well, that is technical and they had people there to the answer the questions, but the scope of the meeting was on the larger con