Data, adp lower than expected, Mortgage Apps dropped but markets quiet ahead to jobs friday. A new sense of confidence, General Motors signaling ceo mary bare barra will be cleared of any wrong doing. No signs of slowing sales. The it brand for todays youth second only to nike, the other fund mentals eroding, lack luster sales, coach and under armour. Pandora is falling in the premarket, investigation into how artists are paid royalties as pandora faces shareholders at its annual meeting an hour from now. First up the countdown to fridays jobs numbers heating up. Adp said the private sector added only 179,000 jobs, below the forecast of 210,000. Aprils gains will revise lower a touch, down to 215. Second low nest a year. The lowest since january. Certainly not what you want to see ahead of a friday. I dont get it. You have the auto sales number thats incredible. Youve got some amazing oil and gas hires. Its starting to spread into other states that didnt get a lot of business before. Wisconsin. Youre getting it in west virginia. But i get in the government no. White collar no. Insurance no. Banking no. Youre just not getting it in some areas. Dont have a housing boom yet. The lower rates havent helped. It is so stop and start, it gets your head spinning. I cannot believe that were not hiring more people. It comes on the heels of what you said last night, the positive trends working in the market, oil and gas, food consolidation. Right. Bottoming and Interest Rates meaning banks start to perform, airlines, transports hanging. Theres so many individual companies that are doing well. Now i had a guy on the other day, you look in your wallet you will find private label credit cards he supplies. He hired 1,000 people. The stock nearly got hammered. What are you doing hiring people . What are you supposed to hire . Bots . That kind of thing. In the end there is still a reservation for people to hire. Yesterday marty from paychecks said the month was softer talking about minimum wage, regulation, i dont get too caught up in the weeds. I think business is better and people should be hiring more. They should be. When it comes to employment we are seeing other corporations laying people off. Thinking, for example, of hewlettpackard last quarter remember. Barclays. The numbers are going up. Barclays. You can name any number of Larger Companies still in the mode of cutting as opposed to adding. They may be adding in selected areas, but overall the number is going down. But Silicon Valley is hiring like mad. Yeah. Youre getting a resurgence in tourism. Disney, whats happening there. So many areas that are good but you sit down and think valeant gets allergan. Right. Right. Theres fire a couple people real quick there. Or a thousand. I mean, you know, yeah, the numbers add up quickly. Merck was on this morning. You think merck is going to make the number by just discovering fabulous new drugs . You make the number by saying you know what, we got to streamline. Lily has been streamlined. You have some industries that are you have big guys laying off or streamline. These companies they just dont have to hire when someone leaves. Then biotech is not hiring. All the ipos used to hire people, they died. Yeah. And the numbers are still small. I mean when we bring on one of these emerging companies or recently Public Companies how many people are you going to hire . 50, 100. Good paying jobs but theyre not the thousands that conceivably will be lost as a result of consolidation, which is potentially a downside of m a if you want to talk about it in the larger contest. A lot of what you will see, companies saying i can automate, do things, cane have three people do things instead of four. Frankly look i think business is good in this country, quoting Union PacificJack Koraleski who is hiring and im not going against that, but kind of astonished we cant put together three solid months. Yeah. Just not maybe well get a surprise on friday. Yeah. We will see. Of course, if youre playing the guessing game on nonfarm payrolls still time to nail the number ahead of fridays job report. Tweet us your predictions for may nonfarm payroll use our handle squawkstreet. If you win, the cnbc 25 pillow autographed by the squawk on the street gang. As usual you have until one minute before the friday release at 8 30 to submit your predictions. Is that a metaphor for the economy taking a nap . You get to take a nap like the whole economy gets to do. Were napping. Wa wake up america. Weve been napping for a long period of time. Rip van winkle. Sound like dudley and fisher. I dont want to do that. Low volatility meaning yeah. Some of these guys, fisher wanted to tighten during a period not allowed to talk about people who got it really wrong. But i do think i just cannot believe there is not incremental hiring going on that ford motor doesnt need to put more money, gm has to put more people to work. Those kinds of numbers you have to have more people build. You have to run those Assembly Lines around the clock. 24 7. Thats a good thing. And you talk to halliburton, every time i talk to them, what do they say . They look into the camera, where is the camera, look into camera six and say we need another thousand people. But try to find them. You have to some education. Jim mentions gm. Officials believe that Ceo Mary Barra will be cleared of any wrongdoing in the recall crisis, thats according to the times today. Gms internal probe led by former u. S. Attorney anton, expected to name individuals and departments within the company. Last night on mad money jim is sticking with his call to buy gm. Take a listen. When i recommend gm four weeks ago i took a chance the monthly numbers for may would be good. Whats the astounding thing, those numbers were far better than i expected. Yet the stock is not up 50 cents from where i got behind it. In many ways that is the most absurd fact of all. Which is why im telling you right now, it is time, it is still time, to buy General Motors. Look, mary barra gave a that was a fabulous article about how shes putting it behind her, may 28, she gave a speech saying weve had all these recalls and were still selling cars like mad. They spent a lot of money upgrading their line. People forget like these are companies that dont just like say were going to pump out the same bad cars weve been pumping out, gm is a Better Company than it used to be. It is. Better product line. So does ford. The times says she was defiant. When you see her on tv, you say wow, what a tough day, take some xanax. I think shes past that face. Shes on the munster drink, fivehour energy. Mary barra. Do you see the stock regain its old highs . Yes. Its too cheap. Look, one thing if europe were to take another leg down but thats not happening. Theyre talking about breakeven in europe. Another thing if china, other than the trade war were trying to precipitate with china, solar panels, big tariffs, things are moving in gms direction when people say it should be moving against them. I find it somewhat incredible frankly. The headlines. Talk about mike jackson on squawk their sales for may up 15 at auto nation, kellys blue book said may sales almost seemed to defy logic. That was the period we got a negative print on gdp. I feel like buying a car. Just feel like going out there and buying a car. Do you need one . No. Thats the problem. Thats never stopped you in the past, has it . Oh. Zing. Meantime coach being downgraded over at stern ag to neutral from buy due to lack luster sales trends. Stock down 30 this year. Jefferys upgrading under armour from buy to hold. Not factors in their Growth Professional and the growing dominance with the youth, the next gen stock. Under armour is very expensive, one of the highest multiple of trades. Sad. Suffers a disservice to your portfolio. The coach piece, i think stern ag does great work and i was very influenced by them thinking coach could be a turn but they start, where did our thesis go wrong . Domestic sales trends have deteriorated, now talking about cash needs, restricting returns to shareholders. Coach is in a downward spiral and when you get in the spirals its hard to break. Amazing if you can time it right as an investor, the long periods of time when these things are in an upcycle and really seize on when there has been a seminole change somehow. What was it for coach . What has it been . Price. Price. They got too expensive. Kors came on with a higher end that coach got saturated its own market, they talked endlessly about china and got people thinking that china is going to turn it. There are 100 coach factories in china except not sanctioned by coach. That is true. And it is incredible when you go to the bowery how i can get you a coach bag for a quarter of what the coach bag is. Wasnt a lot just kors, kors became next thing. And kate spade came on. So i mean coach turned out to be you know what bags sell well for coach . The retro. You go on ebay your can get a coach bag from 1960, those are what is selling. But you are not getting any traction from this current line. I thought this shoe business was going to be good. The shoes look really good at coach. I may not be the judge i would like to think of womens shoes. I cannot unsee that image in my head. They did not have toe cleavage. Know toe cleavage which what is you have to have. Jimmy choo has. Jones, its true, jones new york gave up. They did stewart whiteman. Decided to sell. Accessories are a hard market and in the meantime even kors stock is down. My friend herb greenberg, saying there may be inventory issues. But coach is flailing. New ceo not happening. This one may not be done going down. No. This is where we really need a woman in the 9 00 a. M. Someone who would wear a pair of shoes like that. I think i think he covers the landscape pretty amazingly for us. He knows about it. That 700 jimmy chew is no bargain. No. Compared to the mcqueen shoes you can get for 700 at jeffreys. Check othose out. Love them. Steve mcqueen design shoes. Oh, my god. Steve mcqueen. Just kidding. The blob. When we come back magnificent size 7 he is. The doj considering a move that could sound a sour note for pandora. Whats at stake for the online Music Service and stock. Blackstone global head of real estate jonathan gray, the man when it comes to leading major hotel deals including hiltons ipo. Take another look at the futures. Nasdaq down today as four straight. We havent done that since march 6th through the 11th, although the decline has been minimal each day. But still wearing you down. The enthusiasm, investor survey, 60 . People love it. More squawk on the street from the nyse in a minute. [ girl ] my mom, she makes underwater fans that are powered by the moon. She can print amazing things, right from her computer. [ whirring ] [ train whistle blows ] she makes trains that are friends with trees. My mom works at ge. Shares of pandora down in the premarket. The Justice Department is mulling changing or scrapping decades old music Licensing Agreements with bmi looking to take into account the internet aid. A revision could result in pandora paying higher fees to play songs on its service. One of the longstanding head winds for this companies. Pandora, big position. Always says the next guy is nipping at their heels. Pandora is really popular. Maybe they have gross margin room to do this. This is a remarkable company. I know these stocks have all stalled, these kind of, you know, newage companies so to speak, bus dont have a lot of spotify is one of the big players not public. Doing incredibly well. Streaming is i mean we know, for example, that downloads of music have slowed dramatically. Streaming is growing very, very quickly. Hence, apples interest in it and others. Will amazon introduce a streaming service . Continues to be at least an area for speculation along with its prime service in some way for an additional price or as part of it. No. I think spotify we have situations where private market is valuing something when you hear the fund raises. Much more than the Public Market. A lot of Companies Want to come public in this period. I saw home away note that was positive. Airbnb needs that. Im tired of doubting pandora. The stock hasnt done much. The stock has been a dog this year. But the business seems very resilient. By the way, they did put out listener hours for may, up 28 year on year. But thats the last time theyre going to give theyre stopping giving monthly good. Pause thats a hedge fund, thats what the retailers do. Not playing the hedge fund game of whether this is a good or bad month month. And maybe get ahead of it. Stock has been a dog. When dmoits retail not getting monthlies we get so few its not easy to get a read on things either you could make an argument. Thats why weve seen so many retailers pop when they say listen, our last month was good, we used to get these months as they come out. Right. Then youre surprised to see jc penney the last month was good. Keep in mind the fact that we have a dirt of information versus of what we used to have. On the streaming companies, back to greg mcfay, interviewed him a couple weeks ago, sirius, there is going to be consolidation, my guess at some point, maybe not today or tomorrow. Has to be. But eventually they will buy one of the streaming services at sirius. Why the doj keeps getting involved in these things. Airlines. Forget about it. Go four, three, two, dont worry about it. Delta the shares remain the most undervalued group. Dell its over 40. Why did this happen . The Justice Department has blessed songs and books. God forbid. Publishers should charge 11. 99 for a book. Delta is going hire. The railroadization of america. Ever talk to the railroads . When is Norfolk Southern coming up against Union Pacific. Nobody competing in the railroad business. That was the 1890s. Delta is going higher. Look i continue to say that american goes to 60. Everything is going these guys way. Wow. What a stock. It will still be cheap at 60. When we come back cramers mad dash as we count down to the opening bell. One last look at the premarket and squawk on the street is back in a minute. Youve reached the age where youve learned a thing or two. 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Former president of Morgan Stanley who has been lauded for being able to accrue so many fee ace lone as a solo act, casually advising companies whether verizon and comcast did hire a couple senior bank prers Morgan Stanley. Bankers from Morgan Stanley. Japanese buyer 6 billion deal. Like who cares. I got 30 billion deal. But this is a [ inaudible ] thats another bank. It is insurance. I dont know. Sorry. This is going to put a new valuation on prudential and on metlife. This is life insurance. Those stocks have been not that strong. They are about to get strong. Their business has been good. This is out of nowhere. Its a plain vanilla company. Look at ameriprice. Some of the companies have done well. People dont want to own the banks so hide in insurance. This stock already made a bit of a move on a one source story from a japanese daily reporting on what turned out to be right. Right. So you have 16point move. Again, this same chart is hillshire. You had this thing kind of going along, no one liked it, no sponsorship and bingo, people take advantage. The point is an important one. M a can reset values in an entire sector. Still going to have a discount on what the takeout value would be, but it can move you. The life insurers have done its boring. Nothing boring about making 16 points in 24 hours. Now, speaking of companies that were worried about secondaries. A very good article talking about how secondaries weighed on techs. Palo alto bought a security company, and they registered 1. 5 million shares and have to register perhaps juniper stock that was gotten in a settlement. Lets see how, this is just a registration. Thats not a lot of money. 1. 5 million shares. All secondaries have been busts. And palo alto had a great quarter. I also think that a lot of companies have to be acquired in this business. This is cyber security. So just watch palo alto, see if it gets hit because people are scared of secondaries. Allison transmission with the giants secondary, that was a private equity deal. Im saying the secondaries have been the tale of weakness. You need to see them hold up if you think this stock market with its really unbelievable bullishness from individual investo