Oil under 40 bucks. Tenyear slipped below 1. 9 on a weak adp jobs number. Godaddy shares pricing above the expected range. Well talk to the ceo after the first trade. Simon properties withdrawing its offer for rival mall operator macerich after it gets rejected like we told you they would. Walmart Holding Investor Day at nyse putting pressure on suppliers joining the religious freedom debate. Futures are lower. Data from adp showing the private sector added 189,000 jobs last month, a miss. It was a mixed First Quarter for stocks. The nasdaq was the big winner up almost 3. 5 . S p up more than. 4 . Like the nasdaq posting its nintendo consecutive quarterly gain. The dow did finish the First Quarter in negative territory after the drop yesterday of 200 points. Earlier on squawk, sam zell believes stocks in fact overprized. Theres a significant and growing disparity between the stock market and the economy. Almost every company is turning in numbers that are less than expected. Revenue particularly for multinationals is being hurt by currency devaluations around the world world. Im looking for demand and i find very little of it and i think were going to have very significant competition. Broad point is that these are our competitors and theyre playing with funny money in his words. Look, i think this notion of the market being overvalued is simplistic. There are parts of the compete very strong and every time you sell them down with the s p they bubble up because numbers are fantastic. And theres international companies, well see alcoa kick it off, clearly the estimates have to come down. If we dont do a Constant Currency analysis with the dollar, then youre going to see incredibly upsetting numbers. The idea markets are overvalued stop talking about the market. Within the sectors seeing tremendous disparities, within tech a giant sector anything retlitd pc doing terribly but anything related to cell phone doing fabulous. Its a secular change whats doing well whats bad. Look at pharma big pharma not doing much, with the exception of pfizer and lilly. Biotech. Numbers come through on of the ones that are big. People at home would be saying i guess ive got to sell darden. Well, no. Ive got to sell jackinthebox. No. Ive got to sell dillard, no. As you said yesterday on twitter, the economy is not on its last legs when kohls is leading the s p. Its not working. The s p, its talking about yesterday the hedge funds making money. Thats because whats happening the s p is no longer trading together. There are even within subsectors dramatic differences. Unless you realize that look if youre an s p trader sells right. But it doesnt advance the ball in our world where sky works, nxpi you know and the incredible corvo merger takes the place of what intels doing and microsoft. Theyre going to miss. Still waiting on intel doing something with altera. Thats a done deal. I read it in the papers friday night. I go to david on friday trying to do my show i say listen, im not going to pick one like the journal or anybody says the intel deals done. I come in month, the deals not down. David said i wouldnt go out with that. This is reporting. It gets in the way. I had a dynamite story about intel buying altera. You made me hold it. Im not saying that wont happen. David did that the other day. Another one he did. Oh j j to buy pharmacyclics. I wanted to go out with that you but said it might not be right. These are being facetious but this is what we face because other journalists come out. Alex gorsky, he misses by 80 million because abbvie buys. But we can go out with it. What do we correct ourselves on monday . No. We just leave it out there. Lets talk some seasonality. Well start april, right . A big month, jobs number fed meeting at end of the month. Its the best month for the dow since 1950. Its last good month before they say sell in may and go away. Boy, im tired of than people say it its selffulfilling in times. I want to praise janet yellen the numbers are horrible. Its very clear. Talking adp. Seeing numbers, its like, janet yellen got it right. I think that the sell in may go away is influenced by the fact that april could be weaker because this is the first time in five years i expect big number cuts. I think when ibm reports, not going to say wow, raising numbers ibm, intel numbers cut, microsoft numbers cut. Certain pockets numbers will be good. We dont see retailers until the oven month. Oil companies, numbers cut big. I dont know if theyre cut big enough. So i just say be very careful. Medical Device Companies is i know it sounds like a small group, ew Life Sciences inversion companies, you want to short actavis, you drop five more points. You want to short it . Few people would be bold enough to short actavis. Whether or not they should im not saying. But im saying theres a great deal of momentum to your point and its a hard stock one would expect to get in front of. Im looking at monsanto and i look at it and i say to the staff, monsantos awful how much is it going to be up its up about a buck and a half. Theyre having issues monsanto. When it comes to the europeans. Right, issues are not reflected in the stock. Sam zell would say thats not a correct price. Well, its not a correct price but i can sell you a malshares. In the end the price short term is controlled where you can sell a million shares. Warren buffetts here and watching this, he likes cocacola. He does so . Im saying i think cocacolas overvalued, perhaps. I think buy green mountain, keurig, monster, i change my posture at cocacola. I see godaddy, i think its going to open higher. Godaddy prizece 23 million shares. Ticker gddy which you mentioned. Thats a toppish symbol. Thats it right there. Thats the sign weve all been waiting for. Right . Throw off the mikes, call it a day. Remember the piece of fruit and cheese i dont know. That was not a good sign. Godaddy. Talk to blake irving the ceo later here at post 9. Been around for a long time well marketed still not making money. I think thats telling. Its telling that its not making month makingmake money. I think it raises eyebrows. Thats code for what the heck are they doing . I mean honestly karl this and etsy, you know i feel that these are deals that they could work but i remember last year at this time we had a lot of deals that worked and we looked back at amber amber road i thought it was a kraft beer. It isnt . No. Its not. Remember a1 steak sauce . A1, Companies Went to a premium. Steak sauce, how can you miss . Its a tech company. True. Got to make sure you understand the underlying product. If amber row were to swift into the kraft beer business ipa, younger people like those. By the way, in the First Quarter, 33 ipos is down almost 50 from a yearago quarter. Were starved. We have seven secondaries for pharma biotech. I looked at companies, combined losses are extraordinary. Not a Single Company has profits. Etsy has profits. Etsy selling 16. 7 million shares. I find the deal quizzical, another one of those words you do if youre an ambassador of good faith, the ceo in a town hall two years ago said the companys profitable since 2009. The problem is the prospectus shows operating losses since then. I find that quizzical. I do homework. Shows x, not profitable. Right. What do you make of that. I think chad dickerson is a great name. My daughter sold pillows on etsy, im a size buyer. My daughter good sales on etsy. She sold seven pillows, huge. The three the year before. 120 gain. Rooting for them. Brooklynbased business. Largest Market Cap Company out of brooklyn. No bar san miguel. Which is in early stage funding. I could come public were profitable. Thats the big difference between my company and their companies. Plus were growing, because we have the back of the patio opened soon. Imagine the numbers in terms its 51 degrees today. I dont do this but im going to upgrade bar san miguel. Hold to buy or going buy to conviction buy . Exactly. Play involve channel checks. Buy buy, buy, super duper i love you, you love me buy. Got it. Give me the banking business, please. Im the old school. Im old school. I dont upgrade unless i get banking. You put lipstick on that pig . Bring it on. Hat trick of news involving walmart. Also ahead the Second Quarter begins with high profile ipo, godaddy, ready for its wall street debut. Well talk to blake irving. See if we can grab Danica Patrick who is at the exchange. Sunglasses off or not . One more look at futures as we kick off the Second Quarter and month of april as we look at a bearish market. The pursuit of healthier. It begins from the second were born. After all, healthier doesnt happen all by itself. It needs to be earned. Every day. Using wellness to keep away illness. And believing that a single life can be made better by millions of others. Healthier takes somebody who can power modern health care. By connecting every single part of it. For as the world keeps on searching for healthier. Were here to make healthier happen. Optum. Healthier is here. Wake up, wake up april is the best month for the dow since 1950. The average gain about 1. 9 for the month but well start off in the red as futures are on the weak side. In the meantime big day for auto sales. Fiat chrysler 1. 7. Nissan down 2. 7, better than expected. We are about to get some numbers from ford and gm in the next half hour. Lets go over to dom chu. Good morning, breaking news right now on whats happening with ford. We do have ford march sales coming in at 235,929 vehicles. Again, 235,929 vehicles for march. That represents 3. 4 drop in terms of total sales from the same time last year. Estimates from edmonds. Com for a drop of 5. 4 so a smaller than expected drop in sales for ford. Now they did say that retail sales of 10 in gain for the fseries pickup truck did help power the overall results. Also Ford Explorer models posted 17 gain so trucks and suvs a big part of the story for fords auto sales. Lincoln sales up 7 but overall, ford f1 series pickup trucks boosted 10 for march, explore up 17 . They say, i have been a mustang guy in my day, mustang sales up 36 . But overall, david, headline numbers here down 3. 4 for ford. Estimates down 5. 4 . Thanks very much, dom. Weve got walmart executives here at big board today hosting the companys investor day. Making the case to analysts and investors for growth strategy. A report in the journal says walmarts increasing pressure on its suppliers to cut prices part of an effort to turn around sluggish u. S. Sales, separately walmart ceo urging the governor of arkansas to veto that states religious freedom bill. A lot going on with walmart. The key, certainly that journal story today, indicating were going after price, price, price of the that has always been the key to the strategy of course every day low prices. But the idea being that they want their suppliers to pull back a bit on marketing in store and otherwise put that savings into lowering prices that walmart and offer consumers because thats where competition comes and some believe that walmart has not been competitive on price. The data does back that up especially food. It had trouble keeping with making the lowest price offer to food. Costco give as way food to some degree. Kroger makes money on food efficient operator. Brian cornle someone to watch. Targets back market competitive. Home depots pricing, fantastic. If youre sitting there at home and own Proctor Gamble look out. Thats who theyre gunning for. Proctor, tough to get them to cut price. Yes it is. They are powerful. That is giant going up against giant. They dont typically you pay the same thing for razors here and there and everywhere. When you do the comarking deals who do you think of . Cocacola. You think of proctor, they have so many aisles. So many thousands of suppliers to walmart. Right, no doubt, big guys. Thats a tougher negotiation involving a lot of different things. Talk to proctor, theyll say were able to maintain our price, we have the premium brand. Talk to parago, were doing we can. Hane a blank check. The old days organic and natural they sent you to rice krispy bars. Its interesting, mcmillan does seem to be doing any number of important things and it would seem you were down not long ago on the important wage decision they made. Now speaking up on this arkansas bill asking governor to veto it saying it violates the spirit of inclusion. We asked him to come on air and talk about it today. Thats not going to happen. I mean its surprised some people a company of that size said dont do this. I think a at of people this is a hot button im going to refer you to a new york time stories says these are not the same as 1992. Those are about government intrusion in peoples lives. This business corporate, corporate tradeoffs where a corporation, small corporation, can say no to you to do business. The supreme courts decision in the hobby lobby case which did give power to corporations to say, were not going to do that. Lets just open hand a lot of people feel that this is about samesex marriage and being able whether you get the camera deal. Other people say thats a complete misread. Im saying corporations are weighing in great article about mark benioff and his role at salesforce. Com because they regard this as a corporate issue. They do not regard it as religious freedom. They regard it as a corporate issue. I have to try to do my job and ill spend the rest of the day defending what was in the New York Times which last i looked i guess communist rag. There arent many corporations that have come out on the other side of this which i think is who has . I dont know. I dont know. Blake irving making his way on to the floor, ceo of godaddy. Interesting the companys so wellknown because of the marketing theyve done during the super bowl for the past decade plus, i dont know if most people know his name. No. Interesting in the prospectus they really i know im Old Fashioned reading that prospectus talking about profitabilitys been hurt. Theyre saying listen we experience Revenue Growth over these periods. We may not be able to sustain or achieve profitability in the future. Why . Theyve been marketing so much. Marketing does make it so when you see them, you know who they are. Tom farley on the right with the nyse. Well talk to blake later after the first trade and see how to kicks off. Pricing above the range, 17 to 19. Prices to 20. Values 4. 5 billion. The markets starved for ipos. I hope they have markets starved for secondaries because we have mylan secondary, and a huge Burlington Mylan is the abbott shares. Weve got like. Mylan was weak. Bayne is the largest seller on the burlington deal. So much supply hitting the market its nasty. Well get cramers mad dash, count down to the opening bell and get april started. One more look at the premarket. Squawk on the street will be right back. Hey, girl. Is it crazy that your soccer trophy is talking to you right now . It kinda is. Its as crazy as you not rolling over your old 401k. Cue the horns. Just harness the confidence it took you to win me and call td ameritrades rollover consultants. Theyll help with the hassle by guiding you through the whole process step by step. And theyll even call your old provider. Its easy. Even she could do it. Whatever, janet. For all the confidence you need td ameritrade. You got this. In Small Business you have to work hard, know your numbers, and stay focused. I was determined to create new york citys first selfserve frozen yogurt franchise. And now you have 42 locations. The more i put into my business the more i get out of it. Like 5x your rewards when you make select business purchases with your ink plus card from chase. And with ink, i choose how to redeem my points for things like cash or travel. Hows the froyo . Just peachy. Literally. Ink from chase. So you can. There it is time for mad dash on this wednesday. Its hump day. We always like to mention that. We dont want to lose leadership. Leadership has been the airlines. Deutsche Bank Downgrades american. Seaing international sales, look the strong dollar has hurt and this is who its impacting. And these stocks will go down its very interesting, Credit Suisse says buy spirit air, why . Offpeek stabilizing, saying david, they dont have to worry about international. This is bifurcated. Well get airline numbers. Yes. I think deutsche banks getting ahead of the airline numbers. What about fuel costs low for quite some time. Certain airlines have hedges hard to keep track, understand but theyve come off. Isnt that a benefit . Nobodys lowered ticket prices . I think youre right. I think this is a hedge fund call. Hedge funds get short them and announce numbers and hedge funds have to cover because in the end the pricetoearnings multiple this is not like the old days waiting for carl icahn to buy twa. Theyre coining money. People at home when you ride on a plane and theres no empty seats and youre paying a huge price, well you can short that stock but thats going to turn out to be a mistake because the month of x is not going to determine the future of a stock that sells at sickx times earnings. A group only tradeable to being investable. They are earning above cost to capital. There will be dividends buybacks deltas a cheap stock. I like the airlines. The key the doj allowing american to get together. Slap happy oligopolies, like the rails. Dont get into a hotel room and fix prices because theres no competition. They dont have to. Opening bell just a few minutes away. Godaddy is going public and we will be speaking with the ceo. Were back after this. Hello. I am a fully automated Investment Advisory service. I can help you choose investments. Monitor them. And rebalance your portfolio. I can do a lot of what humans can. Except have a real conversation. If youd like that, you can always speak to someone at schwab. They arent algorithms. Try not to hold it against them. Say hello at intelligent. Schwab. Com youre watching cnbc squawk on the street live from the Financial Capital of the world. The opening bell in 40 seconds or so. Godaddy on the podium about to go public this morning at nyse. We kick off the month of april. Last time all three indices were down in april, 2005. Which is either a good sign or a very bad sign. 2005 pretty much we still had china ramping, we had lots of unemployment. Interesting. I hate that. I know. Keep your eye on gddy. Along with adp, tenyear and more. Theres the opening bell. And