Oil hit 48. 11. That is the lowest since november. Wall streets top cop fired. The trump team ousted obama appointed u. S. Attorneys and the political fallout that could follow. Intel is buying mobile i for 15 billion in cash. Whats behind this big bet on wireless . And the big east bracing for a big storm that could bring up to two feet of snow in some areas. Wheat get a live look at preparations and what to expect. U. S. Attorney Preet Bharaha asked to step down along with 45 other u. S. Attorneys appointed by president obama. Just weeks after the election, he met with the president elect at trump tower and agreed to stay on the job. He tweeted, i did not resign. Moments ago i was fired. Being the u. S. Attorney in the Southern District will be the greatest honor. Guys, you both know him very well. Well listen to some sounds in a minute. What does all this mean . Everyone serves at the discretion of the president. I just think they definitely got their signals crossed here. Preet got a handshake deal with trump. Now maybe things have changed. Does preet have political ambitions . I think hes never hidden he has political ambitions. He doesnt want to get out of the limelight. This is a man who wants to serve. Obviously he brought a huge number of Insider Trading cations right before he was fired. He just got higher Court Approval really going after some guys that had been dropped. So this was not the right time for him to go clearly but maybe there is no right time. Paul fishman, a buddy of mine from jersey, he was let go. He was doing a fabulous job, jersey. This is the way it works. This is typically the way it works. Bar rar ra had a successful tenor, i think it would be fair to say. Towards the end, particularly that case involving steinberg and the law about tippers and tippee. Things may have been turning a bit in terms of the difficulty of getting an Insider Trading conviction. He had a long line of them. Quite significant. Although one name of course did elude him that we all know about. Steve cohen and the back and forth there. Right. But generally speaking, certainly a well regarded u. S. Attorney. Yes in terms of his focus on not necessarily the Banking Industry though. One area where some people criticize overall, jim. We talked about this so often. The fact that so few, if any, of the executives who potentially led us down that path actually ever saw jail time. Well, the Eastern District lost that case against the two people. And i feel the hedge fund. I believe it was directed by washington to not go after i think that the Holder Justice Department said listen, guys, we dont want anybody freelancing here. Thats important to point out. I do think he was the most high profile of the u. S. Attorneys. I think he was very apolitical. I never saw him look, his last case was de blasio so although ambitious, whats the old line, somebody asked him what his district was. He said maybe if youre familiar with earth. Look, the guys never hidden that hes an ambitious guy. I think what matters is he brought a lot of very successful cases. He had had that last one overturned. He just got higher Court Approval. I think he was going to strengthen the nexus. It was always about the nexus. What do you do when you get the tip, when you give back . And there was this preet had taken this very expansive notion, if you could get into a club or if you could have something that was not necessarily remunetive, the dollar amount. Preet was saying that was enough. I thought he was dead right. Heightened awareness in dealing with material, nonpublic information, even among hedge funds who didnt necessarily have it, just under the perception they might have it. And thats the impact to him i think. Right or wrong. Perhaps going too far in certain areas. Discretion. Yeah. You did ask him about whether what institutions are too big to go after. Right. Heres what he told you at delivering alpha. The point of prosecution is not to give everyone who commits a crime the death penalty. In our system, that apparently is still permitted in certain cases. Thats true with Financial Institutions also. The point i was making last year and the point i made throughout is that no institution is too big to jail. That does not mean depending on the nature of the conduct that youre trying to put a company, whether its a bank or anyone else, out of business and cause people to lose their jobs and roil the economy. To your point. Right, thats the arthur andersen. You just dont wipe out a company. I think that there was a 21 stock preet and i talked about that was just a glimmer of the eye. I asked him whether hedge funds were going to be a snap. Message disappears. Seemed at first he wasnt familiar with snap. I remember this. I think that may be because i had two teenagers and so they were snapping away. I will tell you this, whatever he chooses to go into, whether its politics or private practice. He also could potentially have a tour on the comedy secret. Yes. People do not realize perhaps just how funny. Funny and i think a book would certainly be of interest. I think that youre going to see a lot of preet. A lot of people say hold it, didnt he work the tweets about that. Honest to god, the guy was the only guy who just got the green light from trump. So wasnt like he was preparing to leave. Everybody else by the way in the network, everyone else knew they were going to be fired. I think this guy was the only guy who actually met with trump. Trump said youre in. I know this apparently some phone call was made on thursday. He did not take the call but it was from the president s office. Which is considered a breach of protocol in d. C. Circles. Right, exactly. More on bar rar ra later on in the morning. Shares of mobile eye moving, surging in the premarket. Intel agreeing to buy the provider for more than 15 billion. A 34 premium to the close on friday. Both Companies Already have a partnership with bmw to put about 40 selfdriving cars on the road in testing mode. Stay tuned for first on cnbc interview with intels Brian Krzanich today. Biggest deal pretty much for any israeli firm . I think this is a fabulous deal. Intel had a partnership beginning of july last year which was with mobile eye and they were teamed up to work with bmw. Brian krzanich told me it wasnt that long ago, it was actually three weeks ago, that he felt this is where you have to be, Autonomous Cars. He felt i was a little misdirected liking nvidia so much because nvidia is obviously the other player. The third player is google. People dont understand waymo is their own chips. But this is a big deal in order to be able to get kryzanich to where he told me there are more chips to be per person. Thats the number. He said Autonomous Car puts as much data as 3,000 people. Put a million of those cars on the road. He was trying to get things going beyond data center, which has just been okay. His internet of things business has been very strong. Obviously the pc business has been flat lining. A huge move. I cant wait to hear your interview. Because brian wanted this market very badly. Now he has it. Calling it a data center on wheels. Exactly. Thats what they call it. You can imagine giving the statistics you shared as to why they want to be in there, jim. Youve been somewhat critical in the past. Of intel. Yes. Brian came on and said they did bio terra. Now buying this. Diversifying revenue base. He told me, we are not the way you think. We are moving. And i yes, i questioned the company because i felt terra was an okay acquisition, not perfect. This is a perfect acquisition. This market is just not going away, it is accelerating rap rapidly. Where does it place intel in the race with uber and tesla and gm . Well, a lot of these guys use mobile eye chips. Right. What i think i would say is mobile eye, theoretically, intel has fab ability. I would say all everyone is going to be scrutinized, whether you use mobile eye or nvidia. Mobile eye has a lot of really good partners. This puts intel at a level which tells me i mean, intel stock is down and its kind of stupid because the cash was doing nothing for them and now they have accelerated growth. The models will change. Intel down because people dont understand what the heck intel is doing which is as dumb as wood but thats okay, people are wrong a lot. He said he wants to grow the Company Faster and he just did. Couple of quick deal points. 63. 54. All in cash. Cash that was sitting there. Yeah, its not like an arbitrage. So theres no financing condition or anything like that. Theyre talking nine months for close. Theres some question. The call began at 8 30. I dont know the answers to whether they might need shinys approval. That can tend to take longer. If you want to start to go down that road and imagine there are going to be rising tensions in terms of trade between the u. S. And china, well, that can become even more important if you do need those kinds of approvals. Not sure if thats the case here. North america, they do about 155 million in revenues. Uk, 42 million. Obviously the u. S. Is still the bulk of the revenue. Its not expected to see any other topping bid. I believe the alltime high for the stock. Which went public not too long ago. Remember, they had a tiff. We never found out what the real issue was. They had a tiff with elan musk and thats what sent the stock down and made the stock i think suspect because a lot of people feel elan musk. Our products have been up, this is an old statement from you know, their key clients include bmw, ford, general motors, nissan, volvo, audi. I would question audi because thats really an nvidia customer so be careful there. But mobilize a little aggressive saying who their biggest clients are. This is intel making the move. People are sending the stock down because people think intel has not been historically good at acquiring. Theyll figure this out. I dont know, sold it because i was stupid. There you go. Talk to him in the 11 a. M. Hour. The northeast is bracing for this massive storm with blizzard conditions set to hit the region early tomorrow morning. Meteorologists say the storm could dump up to 20 inches of snow. With wind gusts of 40 to 50 miles an hour. Jims trying to figure out how hes going to do mad and then us and then mad again. Well, it could take 5 1 2 hours to get from here to inglewood. Plus, i could probably get to i dont know lisbon quicker, definitely rome, right. I could get to rome by the time. The only thing i would ask is governor cuomo, do not think about closing or shutting the subways, all right. Im bringing pajamas. Ill sleep right here. Then ill sleep right there. In the end it wont even snow and people will say why didnt you take a shower. When we come back, a civil war on trade. More on the competing interests that were hearing about inside the white house. More on the fallout from the firing of Preet Bharaha. The premarket, the s p still on track for the best quarter since the Fourth Quarter of 15. Alpha seems more elusive today. Is it because so many go after it the same way . Chasing after short term returns. Instead if getting caught up with the crowd, the Investment Managers at pgim take a long term view, teaming specialized active investing with riskmanagement rigor, to seek out global opportunities. We manage over a trillion dollars this way, attracting many of the worlds leading investors. Partner with pgim. The Global Investment management businesses of prudential a white house civil war has broken out over trade. A fiery meeting in the oval between economics close to the president and more trade moderates from wall street. Pitting them against National EconomicCouncil Director gary cohen and during the meeting the president appeared to side with the economic nationalists. Hard to read into these things. People still, though, talking about what cohen told us on friday about deficit neutrality. Yeah, look, these are very theyre internesting. Trade is a very important issue. The fact that cohen would perhaps be seening an ing aas s not push hard on these policies. Not surprising given those of us who know him. Beyond that, youll have the journal today has their story, about growing tension between the white house and congress. Yes. Certainly some congressman from rural districts that have benefited from nafta on the agricultural front are starting to become somewhat concerned. This will be an important issue. Weve heard about the idea of rising protectionism and how good or bad it will be. The border adjustment tax pays into all this as well. Very interesting y, you know, i wouldnt want to mess with gary cohen in a close quarter area. Big guy. He can take them. Dont want to be on that side of the trade. Yeah. Pretzel quick. Cohen made some more comments to fox over the weekend. Namely about the cbo score. Which he said in the past the cbo score has been largely meaningless. Mulvaney seemed to back that up this morning. Or on abc. Then they talk about the fed. Cohen saying we respect the powers of the fed. Doing a good job even if they do hike this week. I know theres there were statements in the campaign which would indicate there was not going to be as much independence for the fed. No. That seems to have been walked back. I think its interesting cohen seems to be the voice for economic policy. Steve has done i believe an interview with becky quick, but we have not heard from him as much. No, it looks like tax reform, trade, fed, all of these kinds of things. Cohens out there. I think cohens out there in a way that says dont worry. Everythings going to get done. When hes on, he can move ma markets. If the president is siding with them, if the ft is right. Kudlow insists its the opposite. Things like border adjustment are losing steam. But cohen has been painted by multiple reports as the adult in the room. I think is the headline. Well, i know that the border adjustment, if phased in, is beginning i still feel has some some push. I think that the phase the way stteper was talking about it when he did that interview last week. Over a fiveyear period. A dollar would ajust a decent amount initially. There would be a benefit because youd only phase in the 20 over time. Youd only phase in the border adjustment tax over time. But the retailers are obviously quite concerned. Theres 100 stores. It was a sun deal. It was 8 as recently as a year and a half ago. Just be aware the retailers themselves, i dont know how much cloud they have. Theyre going to say listen, we are so struggling. This could really do it for us. We have a lot of layoffs. You get the other side of the trade. Its important because the retailers have gotten into me saying do you understand how dire it is for us even without this. So be aware of of that. We had ellison from jcpenney saying that last week. With didnt get specifics as to why it would make the company unpopular. Well, the 2 store, they have to charge 2 now for my faux raybans. You would never know. Weve seen your wallet, weve seen your you basically emptied your whole backpack. One time or another. Not the medicine chest yet. That will come. Well get cramers mad dash. Well count down to the opening bell in a moment. Dont forget, intel, on that mobile idea later on this morning. Intel fighting hard to get back to the flat line premarket. More squawk on the street in a moment. Hey gary, what are you doing . Oh hey john, im connecting our brains so we can share our amazing trading knowledge. Thats a great idea, but why dont you just go to thinkorswims chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders . I know. Your brain told my brain before you told my face. Mmm, blueberry . Tap into the knowledge of other traders on thinkorswim. Only at td ameritrade. Time to start off the week with a mad dash as we count down the first trading session of the week. Some calls i love. This Morgan Stanley call i love. Morgan stanley was boom, really, really behind boeing right here. Okay, just saying, dont give up the ship, big buyback, lots of orders. Those leaving it will miss a giant move. And it caught a giant move. Its moving now from buy to hold. I think oftentimes many years when we talk what were always looking for is someone who got it right who then says okay, its been a big look. Theyre saying theres still terrific stuff happening on boeing. Earnings potentials unchanged. They say on balance the risk reward here is not as strong. I happen to agree with this call. I think the United Technologies is the one to be in at this point. I spoke to craig haze on friday. He was bullish. Ceo of United Technologies. Just saying all this division, particularly otis and carrier. Ev that been concerned about otis in the chinese market. He said chinas good but the u. S. Is much better. He said somethings happened with his orders in the last couple of months. For both carrier and for heating ventilation air conditioning and for otis in this country. And he said look, i can say trump, i can say maybe. But theres just a surge of orders. So yes, i think boeing always had a great move and i really like boeing but people should look at United Technologies. Broke a lot of news in my interview. Well talk more about that when we get to the other side of the bell. Well keep an eye on it. Stay with us. We start the week trading in just a few minutes. Say carl, we have a question about your brokerage fees. Fees . What did you have in mind . I dont know. 4. 95 per trade . Uhhh. And i was wondering if your brokerage offers some sort of guarantee . Guarantee . Where we can get our fees and commissions back if were not happy. So can you offer me what schwab is offering . Whats with all the questions . Ask your broker if theyre offering 4. 95 online equity trades and a satisfaction guarantee. If you dont like their answer, ask again at schwab. Please repeat the objective. Thrivent mutual funds. Managed by humans, not robots. Before investing, carefully read and consider fund objectives, risks, charges and expenses in the prospectus at thriventfunds. Com. Youre watching cnbc squawk on the street live from the Financial Capital of the world. A busy week, the highlight of which, i assume, jim, will be the fed meeting, even though exec it tations are