Lower by 126 points, the s p lower by 14 and the nasdaq lower by 29. Yesterday, though, stocks did get a boost from last months Federal Reserve meeting. The notes are suggesting quantitative easing will likely end in october. The central bank will move slowly to raise rates after that. Today, the focus turns to the other side of the pond. Were waiting for a position decision from the bank of england. Thats going to happen around 7 00 a. M. Eastern time. Bank of england expected to leave its key rate on hold at a record low 0. 5 . As for the u. S. Economic calendar, here is what were watching. Jobless claims expected to increase by 4,000 to 319,000. Then wholesale trade is out at 10 00 a. M. Corporate news, bank of america is reportedly seeking fed approval again for a 5 cent quarterly dividend. In march, the firm revised an okay to boost its way out, but it had to withdraw the plan after discovering it miscalculated capital levels. In other news on the bank, attorney general eric holder has reportedly refused to meet with bofa Ceo Brian Moynihan to resolve a mortgage settlement deal. Moynahan received a last last month saying the bank and the government remained too far apart. Jamie dimons bank negotiated a 13 billion settlement. Israels aerial assault on gas is now in his third day. Martin joins us now with the latest. When you were talking earlier about the world cup. Last night in gaza, there was a group of gazans watching the game and they were hit by an israeli rocket, five palestinians killed. It was the worst night of israeisrae israeli rockets. 320 rockets were fired at palestinian targets in gaza. The five killed in that cafe. A family of eight were killed in one building in gaza city. The israelians didnt say what they were target, but they have been targeting secret tunnels in gaza, rocket systems where theyre and krael says this will continue to launch rockets into gaza until the palestinians tom your town. Theres every sign things will get worse in the next few days. Those rockets, you cant really aim them. Its all collateral damage, right . Its a bad situation, martin, and, you know, you could go back in time and in other instances, this would be the same news. You could have read almost the same script and you couldnt tell what year it is, which is a sad commentary. Yeah. Unfortunately, thats true. Thats the last was two years ago and three years ago before that. The Israeli Military has a term for it, they call it mowing the grass. What they say is that the palestinians are building up their rocket capability in gaza to attack israel, getting stronger all the time. And, therefore, israel needs every so often to go in and to do what they say their phrase mowing the grass. They know the palestinian capability will grow up again. That they need to reduce it. Because israel lives in permanent fear, certainly the israeli towns in the south of these rocket campaigns from gaza. So israel needs to do what it feels its doing. But, of course, ultimately, peace negotiations will of course be a better way of going. Yeah. Amazing that, you know, life goes on as weve seen with israeli corporations. But its hard to imagine for us. An incredibly telling phrase, mowing the grass, this is essentially like maintenance, basically. Martin fletcher, we appreciate it. And you be safe. Hes hearing things exploding as hes doing the report. Boeing is forecasting demand for nearly 37,000 new airplanes. That would have to be looking far out into the future. Just think of that number. Thats how many trillion . 5. 2 trillion, but this is over the next 20 years. Its an increase of more than 4 from last years forecast. This is the most bullish the company has been about its 20 year prospects for demand since 2011. Among the catalysts, and you can probably figure it out, demand for the continued emergence of low Cost Carriers and simple as the world slowly moved up into the middle class. Think of how many air mraeps china is going to need. Were going to have a guest later on talking about baby boomers. 2012 was the first year, where there were more than 1 billion international travelers. 1 billion international travelers. Think about that. And its hard to travel by ground and get anywhere. Right. Internationally, particularly. Particularly internationally. Youve got to go i even think if you take the longest route, you still need a couple of boats. Right . Right. Am i right about that . Youre good. And ibm plans to invest 3 billion over the next several years in Chip Research and development. The Company Hopes a break through in that business could revive its struggling hardware unit. Ibm is set to report Quarterly Results next week. And many of the nations retailers r going to report monthly reports today. Costco reporting samestore sales. Results were helped by higher fuel prices. Very quickly, were living in a rental, sort of. So the people that live there, obviously, they must go to costco. And i said why . And she opened the door, the pantry, and there was a jar of pickles that was this big. Ive never seen anything and the pickles were big and they were all in there. And i looked at it. I dont know, i was scared, kind of. I mean, theyre weird looking. They look like theyre in for mall dehide or something. Theyre huge and it was from costco. You could buy pickle thats you would never buy pickles again i think. Why are you looking at me like that i have this dilemma all the time. What if you dont like the pickles. What if you bought the big jar and there was not one pickle missing. If it was the apocalypse this is why im here. To ask the probing questions. You can use these things with a lot of use. Do your vegetable. It looks like a club. How about the markets . Pickles is agency much of appear interesting conversation as the markets this morning. All right. The futures, if you want to take a look, its messy this morning. Right now, the dow would open lower by 130 points. The s p 500 lower by nearly 16 points and the nasdaq lower by 32. 5 points. This is the big fall out from europe where a number of catalysts saw the European Markets lower. Look down at the bottom. Portugal is lower by 4 . One of the catalysts stemming from there, their largest listed bank issues that have been bublging for a while, but coming to a head today. Overall. Yeah. Does anybody know more about banks and investing in Foreign Countries after its perfect. What was that one he bought in england, the one that it was a huge run. I read that and i go, youre kidding. You already started this, but no, i didnt. What was it . Northern something. Yeah. Northern rock. Again, one of these guys and it quadrupled. I mean one of those main ties and hes swimming. Michelle, you started mentioning it earlier. I want to add to it. I think a big theme of the day is the weakness overseas. Yep. Japan factory orders, china, as well. Theyre talking about a contraction now in france and italy, too. And italy, as well. Theres this theme emerging which is a big reason why u. S. Gdp was so weak. In the first quarter, weather that was a reflection of what was happening, but were not seeing any help from abroad in terms of the global economies. Oil i bet su lower if youre worried about the Global Economy and the fears about iraq have subsided a little bit. Brent is up now 108. We were talking about 115. Wti is at 101. 78. They are down, but not by too much. The tenyear yield, this will be at 2. 52 . Wow. We were at 2. 61 before the fed. And its 2. 6233 or whatever it is. And rick gave the tenyear note a bad grade because it tailed. And then all of those guys, the dealers took down 45 , they all made money after the fed because the yield declined and the price rose. Right. Okay. Lets show you whats going on with the dollar. Here is the tenyear. Look at that. You can see the move yesterday. Then this morning as it continues to fall in safe haven buying. The dollar is stronger against the pound and the euro weaker against the yen. The euro will cost you 1. 36. The pound will cost you 1. 711. President obama is in texas today to deliver a speech about the economy. But looming large in the background will be the Immigration Crisis at the mexican border. Joining us now to talk about that and the strange relationship with the gop, and Corporate America it says here is cnbcs chief washington correspondent john harwood. Youve been looking, john, at the political calculus and how the white house is handling the immigration thing and you visit texas at the same time. And im just trying to be as objective as i can to figure out what the thinking is. Because, i dont know, it seems to be a big problem, especially if you ask for 4 billion to try and figure out what to do with all these kids and things. And then you would think it would be a natural time to go to where its actually happening and get firsthand knowledge like you do when you have a fly over and a helicopter anything going on, usually the and i realize there would be a lot of pictures taken so that that would put him do they correlate that with cause and effect, that its his fault that its happening . If youve seen at the scene of where its happening. Why not go there and get a look at whats happening . Politically, it makes for a bad photo opportunity is all i can figure. And raising money in austin and other places for the dnc . Can we use any of that money for the 4 billion that its going to cost or that goes right to campaign couffers. Am i on to anything here . No, youre not. But look, this is the case where i think actually the two sides are likely to come together and do something. Its a little bit different than other partisan fights where everybody sort of lines up in their corners. Does that just fester and die . I just answered the last part of your question. And the answer to that was no. Whats the political calculus of why he is in the states but wont go to where the actual site of all this stuff happening is . Whats the real reason . Well, i think first of all it was principally a campaign trip. Hes raising money. People in both parties raise money all the time. Second of all, i think he has decided hes at a point in his presidency where he is not going to give in to the theatrical requirements of the job. And he made a reference to that yesterday. This isnt a photo open. By the way, hes not the only one. Chris christie the other day, when he said he was not going to meet with the parents of the people who wanted to appeal to him about Gun Legislation said, look, that was an emotional hook, it wasnt going to change my opinion. That seems to me a totally different situation. This is affecting the entire country right now and the other is a purely symbolic gesture. I dont even see how thats even in the same thats not even in the same story, much less ballpark. Of course it is, joe. Joe, youre wrong about that. If the president went to the border, that still is an ongoing thing that were going to deal with here. I dont know. I well, do you think hes unaware identity . Do you think hes unacquire of it . Do you think he doesnt get it . While youre down there, i figure you can take a break from even if it was planned to be a political trip, i can you think take three hours and go down there. Im not arguing the case 1 way or the other. You asked me to explain why he didnt and i think hes sticking with his schedule. He doesnt want to associate with what is there happening because it would look like its his fault for no, no, anything that happens when youre the president , especially on this subject, is going to be blamed on him, anyway. It doesnt make any difference. I thought you were going to say its blamed on bush. No, no, no. What . Did you see his Approval Ratings . Thats people thinking on their own, not thinking from what the Mainstream Media gave them. Youre whole world view revolves around what other people in something called the Mainstream Media do as opposed to the actual substance of the situation. Well, theyre usually completely far apart in terms of theyre not you wouldnt even know you were talking about the same story. Okay. Like i was saying earlier, joe, i think this is a case where we seem to be moving closer to some sort of republican democrat action in concert. You know, i think it was interesting that governor perry, putting pressure on the white house, actually got a result, which is he got a meeting with the president. The president then tried to use that meeting to leverage pressure on republicans to act and when you hear the back and forth between republicans and democrats, the republicans in congress are not flat refusing to spend that money. Theyre putting some conditions on it. And there is some level of agreement between the white house and congress, republicans, about adjusting that 2008 law which has contributed as the president s policy has also contributed. Okay. Im trying to think. I guess youve seen the reds, right . I dont know what it means for the national webs but wow, theyre on a roll, are they not . I didnt watch the whole game, but theyve beaten chicago and its like six straight. I think theyre only two or three balk from milwaukee now, which that spells doom for the nationals, as you probably well, the nats are ahead by a game. They won again last night. Were playing pretty good ball. As soon as broois harper gets his act together and starts producing, were going to be rolling. Do you watch any of the world cup yesterday, john . I did. What did you think . I thought that i did not see any of the 71 brazil game. So i didnt see it the. But i did see every minute of yesterdays. I will tell you that it is an acquired taste. Having seen some other games, like i remember belgium against the u. S. , remember how many shots on goal there were . You watch the way those guys played defense yesterday where every time you even get anywhere near it a guy comes in and kicks it. If you can appreciate defense, and i guess we all should understand soccer because of the low skoring, so if you appreciate defense oh, yeah. They sit around, where are they . So if you can appreciate it, then its you know, i still wish it and then i will say that those penalty kicks, that was pretty exciting. And you know what . You know i dont like im like that, i dont like pollen because of that coach, that skating coach. I was going to say, if the dutch won this, we were going to invite him back on. He brags and all this. And i hope hey, michelle . Yes . I sent word out to him, how does that feel . Joe, i watched that game. Just for the record, the crowd was booing how the dutch played. They were playing such a defensive game that i just thought it was boring. It was so michelle . Yes . Go ahead, john. Are you really into soccer . Did you grow up with soccer . No, no, im not. No, im asking michelle. My husband is really, really into soccer, so i end up watching a lot of soccer. What i want to know is how people im not a real genuine soccer fan. Its kind of an acquired taste. Most of my friends who played soccer or are really into it dont like this penalty kick thing because its very fan friendly. Its like deciding the master wes a windmill hole at a miniature golf. But you know, youve got to do it. And you know what . After they play for an hour and 25 minutes or whatever and they totally come up, you know, like that, and theyre remember that very first kick yesterday . You knew right then that guy needed to kick that in the goal. When youre starting awe, you need to put that first one in there. Nine out of ten go in and you cant put the first one in that was pretty good. Think about the extra pain in brazil that their archrival. Year up first in south america. You have to be careful about saying anything about germany, right . Why . I guess because its theyve beat france and holland again. Right. Supposedly messi is so machine like and military. Any references to that, youre uncomfortable. Yeah. So naturally youre rooting for them, then, right . My adopted before i was adopted, my name wag gunther, so yes. Gunther. When we return, folks, allergan defending itself against a hostile takeover. The ceo of the botoxmaker say down with jim cramer. Thats, in. As we head to break, we are following the futures which are down sharper this morning. More squawk in just a moment. Woish to squawk box. The futures are suggesting a negative open. The dow would open lower by 130 points, the s p lower by 15 and the nasdaq down by 30. A lot of that follow on from europe where we see those markets sharply lower, especially portugal by more than 4 off. Poor Industrial Production data out of two Different Countries and some weak chinese data overnight. Joe. Allergans ce on o comes out swinging against unwanted advances. Activist investor bill ackman and valeant pharmaceuticals. More on what he said to jim on mad money as a resisting and oh, yeah. He says a lot of the things that you read about in the press say we like to do a lot of research. Were not going to be part of a roll up where we generate more cash flow. We want to stay where we are. You said more of that last night . Absolutely. It was his first tv interview since this whole thing started. This is about a 50 billion deal, just to review a few facts about it. Valeant has taken it directly to allergan shareholders now. Theyre partnered with bill ackman which opens about 10 of stock. Theyve suggested a slate of about six Board Members they would like to nominate to allergans board. Theyre seeking enough votes to call a special meeting to allergan. Last night, David Payette on mad money saying hes out there talking to shareholders and we should expect big restructuring to be announced. We heard from our investors, we need to do some more. Now were going to take a dooeep lo and see where we can do our trimming ourselves and raise the value we offer to stockholders even further. So the company is saying theyre talking to shareholders. Some analysts suggesting a recapitalization, eventually a stock buyback. David payette saying they are looking at acquisitions. Our vision of looking at suitable partners, suitable acquisition assets is companies that are specialized and in some way have differentiated technology, great connectivity with a physician and Customer Base and growth profile. Because clearly were a company that is an outlook of double digit Revenue Growth every year for the next five years. To go and buy a company, say, that was growing 1 would make no sense. Now, of course, jim asks the question will they look for tax benefits in pursuing acquisitions . Theres been some speculation that alle