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tv   Closing Bell  CNBC  May 10, 2012 3:00pm-4:00pm EDT

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for them at this stage. >> we don't have time. >> thanks for watching "street signs". >> "closing bell" is next. hi, everybody. i'm maria bartiromo at the new york stock exchange. >> what's different? oh, yes, green arrows. the dow on pace to snap a six-day losing streak after a better than expected weekly jobs report, sort of. an upper revision last week but who knows where we will end up. we had a very volatile last hour of trading recently. i hope you can stick around for this. a rally on the open and really was a safe havens bound. the utilities the best performing sector. the dow is up 40 right now. the nasdaq up 3. technologies lag. the s&p is up 5.5 points at
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1360. maria? >> one of the real negatives for the market has been the technology sector. that's on the heels of cisco's numbers released last night. issued a disappointing profit out ohlook on the call. john chambers told me last night one of the biggest things holding back spending is uncertainty overtax policies in washington. meanwhile, we've got an hour to go. let's take a look at the market screams. while some investors were encouraged by an improved jobless claims report, there is a fair amount of concern. the uncertainty coming out of europe, trying to form a government and spanish yields keep on rising this afternoon. take a look at yields in the united states, they are also on the rise today as investors take a break from the flight to safety trade. we've got bond prices down, rates up a fraction and money
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moving into he can request it teas. the dollar losing steam after the big runup that we saw the last couple of sessions and investors getting more clues. tomorrow when we get the latest consumer sentiment and consumer price index report, they could be market movers. we'll be watching those to see what the tone will be set from those releases. or row zone uncertainties keeping investors and the markets on edge. we kick off this final hour of trading. bill? >> we have bertha coombs joining us today at the big board. glad to have you on board. in chicago it's rick santelli. steve liesman is back at headquarters wishing he were fishing. i'm sorry. i had to give it away there, steve. bertha, a bounce, i guess. we'll see if this will last. we're losing steam in the final hour. >> this morning i was saying on the seventh day we took a rest. the bears took a little bit of a rest it seems today and decided things were oversold. but what's interesting is that the theme today for me has been
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cognizant dissadence. the third act of the greek drama is going to end with greek -- greece leaving the euro. we've never seen what that would look like. we don't know how you would do that in an organized way and certainly given the chaos that we're seeing, there are no bets that it could be done in an organized way. what's interesting today is that you're seeing the banks after spain goes in and partially nationalizes and here they are rising as well. spain also has to recapitalize those banks and where are they going to get the money for that? the feeling is that europe continues to be europe and the stakes even higher. but at the moment we're kind of choosing to ignore that or at least not panic. >> well, we've got some decent economic data. the jobless claims were okay,
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steve liesman. >> yeah, you don't want to make too much of anyone's data. but we're trying to figure out, are we in for another springtime swoon here where the data pops back up. you can see that back last april or so. and then there's that bump up in april and march and you can see on a weekly basis we've gotten back almost all of it. but then look at the four-week moving average and that's what economists are wanting to look at. the jury is still out, bill. but the hope here, john writing in rdq saying, you know what, if we get back down and stay at this level in the 360s, he could see us pushing back up the payroll numbers up to the 200,000 level. >> what about rick santelli in chicago there? rick, this backup in yields, significant in your view? tell us what's going on in terms of money moving into fixed
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income. >> i don't think it is. i'm looking at the guild market, bond market, boom market. unruly issues in europe and i think for the most part, other than people trading in and out trying to capture some of the smaller moves, we've seen about the best we're going to see in interest rates. the real question is, are they going to move up aggressively any time soon? and my personal opinion is, no, they are not. and i would take it a step farther, even though we are up a few basis points today. if you do look at that boone, it's still at a 153 yield. if he told somebody we'd be that close to 1.5 a boone, i think they would have been a bit surprised. >> rick, are we seeing that europe and greek news trumps u.s. economic data in that you would expect with these better jobless claims if people are getting on board with that, you would expect some of the yields to move higher? instead it appears that greece trumps jobless claims?
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>> i totally agree with you and i understand your argument that it's not about today's number being higher than the originally released number from last week. it's about what we were seeing in jobless claims three, four, five weeks ago and i'm convinced that today's actions in the u.s. market is directly attributed to a lack of any fresh anxiety. we're kind of in that no man's land with regard to what is going to happen in europe and how much money spain's going to have to print to bailout the bank. >> warms my heart that you two are agreeing on something. you were saying yesterday as long as we're focusing on europe the currency markets are going to call the shots for a while. how do you play 4x with an eye on greece and spain and all of the problems that they have over there? >> i think this is all about greece. they got some traction today and i'm hopeful that they can achieve something. we're going to go to an and elects in june and it's going to get messy. do they want to be in the euro
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or not? and the critical thing is that the world is not ready to let greece leave the euro. the market is absolutely not ready for it. think about the con taj generta that we would see. you can look at u.s. data and it's stabilizing and that's fine but at the end of the day it's absolutely about greece. i'm more hopeful about what they can achieve here than others. he's a pragmatist and i think that greece is -- >> does anybody get -- do a reality check and say, it's right to get excited if greece ends the euro zone? the founders of civilization and i'm trying to find a real economic reason here to get so worried about greece. >> because you get people concerned -- for example, people in greece are taking their cash out. a number of people have talked about that, wanting to make sure that they continue to have
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euros, trying to find a safe place for that. if folks in italy put the money elsewhere, yeah, that contagion -- >> you're absolutely right. the worry revolves around the domino effect and not necessarily greece because it's a small country. it's that domino effect. >> just because something's messy -- because because something may be messy, we've made more problems in europe because things are messy. >> again, i'm going to agree with rick. you can imagine that greece leaving the euro gloen is pazon than a problem. >> i would agree. thanks, everybody. >> thanks. and paul richards, thanks for joining us. >> any time. speaking of which, greece is still struggling to form a government. the socialist leader there who
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ruled international markets earlier this week is now and would be the front-runner if the next election was held today. >> wow. >> incredible, huh? >> michelle caruso-cabrera interviewed him today. is he talking tough? >> absolutely. i'm sure he would have loved have heard the conversation we just had. he wants to redistribute wealth, he told me, he wants to raise government worker salaries, not cut them. he does not, however, want to leave the euro. does not want to leave the euro. what he told me in his interview is he made it very clear that if he gets the job of prime minister he will be a high stakes game with chicken so try and convince them to give greece more money through the use of euro bonds or loans through the ecb. he calls the austerity measures
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barbaric and ineffective. >> we try to master us a tear tea measures because the future of europe is not austerity and i think the future is of this barbarian way that the greek people have gone the last few years. >> his profile has been the most popular article on the site for the past three days. you can read a lot more about his views, what he thinks should be done about banking, et cetera, on our website at guys? >> thanks, michelle. see you later. >> i have a question for you. >> oh, yeah. >> can he have it both ways? i mean, if he wants to nullify the austerity plan, the bailout plan that's in place and not leave the euro, how does that work? >> how do you square that. yes. that's a very good question. a former finance minister
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thought he could dot same thing. alexis thinks that he can convince his european partners to change their ways. maybe because of what we have seen in the last week or so we have seen some softening, but to get as much as he wants out of his european partners, i find it very hard to believe. how far are you willing to go? how far were you going to do this game of chicken? everything you want, you're going to have to threaten to leave the euro. and he said, i'm willing to go very far. >> i don't know what that's going to do for europe, by the way. >> and to greece. >> we've seen it in argentina, everything falls apart because the contracts are null and void. electricity starts to function, water starts to function.
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we see people doing barttering until there's a new currency. they start printing ious and print so many that they become inflated. it's like printing money. >> thanks, michelle. 45 minutes until the "closing bell" closes on wall street. stick around. we're just getting started today on the "closing bell." warren buffett won't buy gold but goldman sachs predicts the precious metal is about to stage a big comeback. are you missing out on a golden opportunity if you don't buy gold here? >> individual investor shouldn't be playing the stock market any more than you should be taking out your appendix. >> coming up, why they are wrong and why retailers should be jumping into individual stocks? and we want to know what you think. are retail investors enough to buy individual stocks?
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welcome back to the "closing bell." oil prices snapping a six-day losing streak. sharon epperson at the nymex with the story. over to you, sharon. >> oil is holding on to the gains just barely. we have seen stabilization in currency markets, the euro and the dollar and we've seen stocks up a bit. that helped oil prices at least here in the u.s. finish above $97 a barrel. brent crude remains weak. it has actually been a better performer than wti or has held up better. today it's weaker. we're going to be watching the report on oil supplies and also on demand. that will come out tomorrow. that could have influence on the oil market. we're also going to be watching, of course are, currencies very carefully because what comes out of that european commission on
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outlook for the spring, that could be a key data point in the next session. we'll be waiting to see what impact that has on the euro at the dollar that could influence gold which is holding steady right now. >> speaking of which, sharon epperson, thank you very much. it's their story still and they are still sticking to it. goldman sachs standing by the forecast in the rally for precious metals this year despite recent declines. precious metals could advance to $1840 an ounce by the end of the year. that would be up 15%. that's a pretty ambitious goal. >> it really is. >> our next guest could not agree more. gold will hit $700 in five years. we also have dennis gartman with us. a bit more optimistic. he's looking to add positions possibly by next week. let me kick this off with you. $700, that's a huge breakdown in gold. tell me how you expect this to play out.
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>> well, $700 is a longer-term projection. >> five years? >> five years. the last gold bear market that lasted from 1980 to 1999 lasted 19 years. so effectively anyone who entered gold from 1980 to 1999 was trying to fight gold going down. and -- >> i'm just trying to think about what is behind this prediction. we're at $1,594 right now. so if you're saying that gold is going to $700, whether it's in three years or five years, what's the catalyst to reverse this rally that we've had in gold? >> well, we have to look where we came from and from 1999 to september 2011, we rose from $250 an ounce to almost 2,000. over 200. that's a gain for something that's supposed to be a stable commodity. if we look at the long-term averages, it's more towards 700 than 2,000. >> dennis, you like gold. you're not exactly pounding the table on it but i would imagine
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that you disagree with the forecast there? >> well, i think expecting $700 is probably a bit much. i am reasonably bullish of gold. i am not a gold bug. i don't think the world is coming to an end. i'm not one of those people who believes in the end of fiat currency. i don't believe in that sort of thing. but the trend of gold has been from the lower left to the upper right for a long period of time and as long as we have the ecb i think certainly going to become far more amenable to monetizing itself, i think that's inevitable after what is happening with greece, as long as you have the fed doing what it has been doing, the bank of japan having no choice but continue to ease its monetary policies, it's going to put gold on the prices. >> if our own fed has to step in again with another quantatative easing plan, that brings rates down, depresses the dollar and pushes up investments like gold. do you agree with that? >> we've seen qe, quantitative
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easing be less and less effective. interest rates will be lower, inflation higher due to the q echl. at the same time, though, other economies around the world will have to print more money as well and it comes down to who prints more, whose currency will get weaker. and i think what we're seeing right now is a recessionary or deflationary environment coming with emerging market slowdown in china, commodity slowdown. so dennis is right when he says you have to look at the chart from the lower left to the top right but i think we're approaching a time where gold may break that long-term trend. >> back to the initial question, you're looking for a 40% breakdown in the price of gold in the next five years. beyond just the valuation story, you went through how gold has moved up and increased 600% since 2001 and so, so beyond the
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valuation, are there fundamental catalysts on the horizon in the next five years that will act to move the price of gold to that 40% selloff? >> absolutely. >> why? >> other than the speculation that we're seeing on the investors' side, they are expecting high inflation or an economy that falls apart, gold will still be a good investment. we're seeing the -- like i said, the emerging market slow down in china and brazil where their stock market is down since 2009, 2010. that's fundamentally bad for the global economy which signals a deflati deflationary period. gold is just a commodity. it will fall together. >> gentlemen, thank you for your thoughts on that. a little more coming up. let's get to kayla tausche who has been our facebook
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correspondent. >> the facebook instagram deal could be delayed by a federal trade commission probe. we have a little bit of color on that. facebook bought instagram about a month ago. mark zuckerberg said he bought instagram to take out a competitor. transactions over 66 million must be reviewed by the ftc or d.o.j. now, if one of the agencies does decide to take a closer look at the deal, the review could be several months long. facebook even said it would pay instagram $200 million in a break-up deal even though they expect to close the deal by the end of q2. now, that fee, that $200 million fee is 20% of the deal size and when most mergers, on average, they carry a termination around 3% of that transaction size.
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even at&t's massive $4 billion breakup fee, that was only 10% of the deal size and set to signal confidence and commitment behind the deal on behalf of at&t. that could be true on facebook's side in case the deal diverted possible venture capital money and in mark zuckerberg's one on one negotiations he didn't know what he was doing that is no accident. 20% break-up fee, they have to be confident that they can get this done. >> as we all know that facebook lives large. not surprised. thank you, kayla. heading towards the close, 35 minutes to go here. i don't know. we'll see if we can finish positive. the dow well off highs of 28 points right now. >> the ipo market is heating up. it's getting hotter with the
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debut of facebook next week. why you may want to think twice before you pull the string to get into any ipo as they are not guaranteed winners. we'll check it out. >> and also the ceo scandal is getting hotter. fine out how you can protect your investments for what some see is a failure of leadership incorporate america. and my interview with nfl legend john elway. what he has to say about two of his biggest decisions this his career. that's coming up. ♪ there'll be the usual presentations on research. and development. some new members of the team will be introduced. the chairman emeritus will distribute his usual wisdom. and you? well, you're the chief life officer. you just need the right professional to help you take charge. ♪
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welcome back. we're talking about facebook and money moving into internet-related companies. we want to know what the internet ipos may tell us about what facebook may trade. abigail is joining us. linkedin is one of them. >> well, there's one word to describe linkedin and that's side ways.
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it's made a nice trend and it's not been able to take out resistance. it's trading at a broadening formation. it's supported by a gap rate at 95. target is 70. almost a 40% decline. as wild as that sounds, it's supported by the side ways trend. it's going to go back down as it has over the last year. veryvolatile trading. >> that is comprised of higher highs, lower lows. there is real opportunity here in pandora. it looks like it could pop by 30%. why? first, it's started to reverse the near term down trend and it's doing this on a rounding bottom. it confirms on a closing basis,
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target of a nearly 30% pop and, third, it's supported by an unclosed gap right at 1220 and it appears as though that would take it right up to the top of the channel. there's a very nice opportunity over the next quarter to maybe the upcoming quarter to be recorded and it's going to be a pleasant surprise. >> so you would buy pandora? >> it looks like a nice trade. >> facebook is up for a very volatile year. up and down swings, not for the faint of heart, not for the buy and hold seller. really for the trader who knows how to maneuver those up and down swings in a sideways arrangement. >> thank you so much. bill, back to you. >> just a reminder, the former hewlett-packard ceo carly fiorina has written three tips to mark zuckerberg. you can look at that as well as our facebook coverage at
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facebook. we have a 30-point gain right now. >> individuals should be in index funds. they should not be deciding whether pfizer is better than p and g or something else. >> is he right? or is individual stock picking still the way to go? two top strategists weigh in on that coming up. also, are retail investors smart enough to buy individual stocks? tweet us your thoughts on that. we'll reveal your responses coming up here on the "closing bell." stay tuned. tdd# 1-800-345-2550 checking the charts. tdd# 1-800-345-2550 looking for support, tdd# 1-800-345-2550 resistance, breakouts, tdd# 1-800-345-2550 a few other tricks that i'll keep to myself. tdd# 1-800-345-2550 that's how i trade. tdd# 1-800-345-2550 and i do it all with charles schwab, tdd# 1-800-345-2550 because their streetsmart edge platform
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you might want to take a blood pressure pill before hearing this next segment.
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steve ratner said only professionals should be playing with stocks. what does an individual know about any company? would you repair the electrical wiring in your company? an individual should be in index funds. they should not be deciding whether pfizer is better than p and g or anything else. they should be in index funds. >> well, i don't disagree on the index funds. but staying away from personal stocks? really? >> we think investors should begin the process. 80% of your success starts with saving money. we think it's very important
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that people put money in their 401(k) and make sure to take advantage of the company match. the question what you do with the money, it's much more important that you start and save. >> what about individual stocks? do you think they they have the wherewithal to pick stocks? >> i think most people ask for advice. >> i think we were completing an era wherebying individual stocks was highly correlated and the markets went nowhere but valuations where they are, the fact that professional managers tend to buy only good names, i think it leaves a number of stocks for individuals to buy and maybe hold and do well. >> it's tough to make a blanket
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statement that no individual should own individual stocks. >> right. >> but that's not to say you should buy a stock on a tip or because everybody else is doing it. you know, it's a cliche but you buy when you've done the homework and you know what you're getting yourself into, right? >> that's right. but i also think index funds is a viable way to -- >> absolutely. >> why have we seen so much money moving into exchange-traded funds? because it's transparent. >> but step back a little bit. most americans say they spend self vin minutes deciding what to do with their 401(k). for a lot of folks, making the decision to save, anything, just put the money in there. >> is that a better solution necessarily? >> i disagree.
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individuals make informed decisions when they buy clothes, when they buy real estate, when they make investments in hard assets. i think they can make decisions on individual stocks. >> i agree. i'm so tired of everybody saying that the retail investor is stupid and it's time to get out. people aren't informed. >> that's right. they buy stocks that they know. >> having said that, what would you buy? >> i think this is an era i think it means u.s. cyclicals, basic materials, u.s. financials. it feels tough to buy because the market has been so shaky but look what is going on with earnings estimates, auto sales. it's saying that the u.s. is gaining momentum. >> so you're staying at home here roger?
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>> we're a long-term investor but u.s. companies are doing well. it's sitting on a lot of cash, margins are good. i think it's a great place to be, right here in the u.s. >> are you seeing clients do that? >> no, they are pulling money out of u.s. equities. >> they are pulling money out of u.s. equities? >> i just saw the latest ici numbers. they were up big. stuffing money back into the money markets again. >> money markets and taking money out of mutual funds. >> thank you both. appreciate it. retail investors. what do you think? should retail investors be buying individual stocks? darrell wrote in, if they are willing to invest the time, effort, and discipline they can. should everyone? no. i do a combination of stocks, stock etfs and bonds. and deb johnson wrote, i own
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stocks and at the end of april was up over 20% thanks to jim cramer and his education. it can be done. thank you for tweeting your responses@cnbcclosingbell. we'll reveal months more later on in the show. >> add jim cramer. he'll be sending you a thank you note. >> we're in the final stretch. 20 minutes to go. the market is just off barely off the dow industrials. >> a very touchy sub. ceo scandal of best buy, it took a nasty turn and we'll have are that story. both sides of that issue coming up. >> and is the federal reserve one of the biggest dangers to both the market and the economy? jim grant is with me exclusively in an interview at 4:00 p.m. do join us for jim grant coming up.
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well kochl back technology is under pressure.
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over to seema mody. >> that's right. cisco is casting a dark cloud over the tech sector. the stock is down 10%. the company seeing strong demand for a drug that treats a rare genetic drug disorder. bill, back to you. >> >> thank you very much, seema. an alleged improper relationship with an employee. now there's talk of a potential coverup. the star tribune reporting other executives may have withheld information about that relationship from members of the
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board and now there's an investigation on that. for shareholders, another blow with the stock down 20% in the last three months on best buy. >> of course, this adds on to the bad behavior. we saw it earlier with yahoo! and ceo scott thompson and a stock sale that broke the company rules. we even saw it with chesapeake energy. >> you could go on, i guess. >> investors are priming up to start rising up, apparently. jeff joins us along with an attorney to talk more about what is happening and you've studied this and should those executives be fired? >> they should be fired. we've known each other for probably a century or so but bill, maria, and tom on the other end here, we have been doing this for a dozen years and it isn't that we are these crazy governors that want toville fi ceos but here we have half a
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dozen recent examples that shouldn't be happening with very sophisticated boards and this is not that hard to investigate. news corp., chesapeake energy, how do we have so many in the shadows of mf global? >> in some ways i understand the first look at boards, members of the board. when you look at it, so many people sitting on boards are distracted because they are on other boards and have their own day jobs and don't have the time to do the full due diligence sometimes. i know it's not an excuse but that is the reality, isn't it? >> it's an excuse and it's not a good excuse. there has to be more accountability by boards and directors. these are publicly traded companies and i think sometimes the management forgets that but they are accountable to
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shareholders. if they don't like that, they need to take themselves private. there are crazy things going on distracting them. they have to start internal review committees and go high hire outside lawyers and accountants and distracts from the day to day business and you wonder why companies like green mountain and best buy and others are down. a lot of them 50% or more from their highs. look how shareholders are being trashed by this misbehavior. >> should the best buy be fired for not having the oversight? >> yes, just like the carelessness of the yahoo! board, it should be the board. you are so right. it's not marquise names. chesapeake energy is chalked full of it. they've got a slate at yahoo! apeople really know the business and the proxy battle that dan loeb here, i'm so disappointed
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with great people on this board and even now what you're seeing is a the current interim ceo. he left -- he was taken out of that position and apparently it didn't work out for him. six months later he was out of work. and last week he's talking about reporting this to this guy, it's a very bad recovery process let alone discovery shouldn't take this long. >> i was going to ask about third point. >> every shareholder -- >> what do you make of an kt visit group? they want control of this company ultimately. they want members of their own
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group on the board there. >> that's okay. they are owners. and couldn't that be an interruption to management of the company because others have an ax to grind? >> absolutely not. the management at yahoo! can't do any worse than they have done. they are down over 75% from their high. the stock just keeps heading straight to zero and these owners, like third point and others, have the right to come in. we have to stop calling them activists. they are owners watching their investment and more owners need to do this. that includes the fidelities, van guards and others have to get active and run these businesses like the owners that they are. >> somebody has to police this stuff. >> if you're looking at beverly coming into the american express board, that's not what he needed. here we have jeff zucker,
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somebody known to people on this show and there are people to operate. >> they they are just good old boys. >> thank you, gentlemen. see you in the next century as well. >> let's hope. >> ten minutes to go. >> a century? >> well, he says we've known each other for a century. all right. heading towards the close, about ten minutes to go. dow is up only 18 points. hurry up, "closing bell." >> john elway. he won the super bowl for the denver broncos. why did he think he needed to trade tebow to do it? >> we just thought once peyton came on board, it was a tough mix for us because of the difference in styles in quarterbacks that peyton was compared to tim. >> we get into that, plus, peyton manning's massive and risky contract. that's coming up in the next
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hour on the "closing bell." >> did you tebow with him?
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shares of chesapeake have dropped. what is going on?
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>> the undisclosed could be 1.4 billion and from a cash loss standpoint, very difficult. >> all right. thank you so much. brian, i'm coming to you now from the post. the ew script scripps at the nyc after benchmark upgraded the company from a buy to a hold. >> it's not on the widely held list. thanks a lot. the analysts telling clients
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that e.w.scripps recent acquisitions is expanding the reach to the top 20 markets. let's take a look at what is going on here and from the 31 markets up from seven, that provides significant growth potential from advertising and the balance sheet remains one of the strongest in the industry with net debt expected to be really mimimus by year end pushing e.w.scripps to outperform over the last year. over to you. >> the dow has turned negative. we're back with that and more on the countdown. and uncertainty fostered by washington is hurting business in america. did he get the proof today? we'll find out coming up.
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is the pain reliever orthopedic doctors recommend most for arthritis pain, think again. and take aleve. it's the one doctors recommend most for arthritis pain. two pills can last all day. ♪ a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. plus, in clinical studies, celebrex is proven to improve daily physical function
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so moving is easier. and celebrex is not a narcotic. when it comes to relieving your arthritis pain, you and your doctor need to balance the benefits with the risks. all prescription nsaids, like celebrex, ibuprofen, naproxen, and meloxicam have the same cardiovascular warning. they all may increase the chance of heart attack or stroke, which can lead to death. this chance increases if you have heart disease or risk factors such as high blood pressure or when nsaids are taken for long periods. nsaids, including celebrex, increase the chance of serious skin or allergic reactions or stomach and intestine problems, such as bleeding and ulcers, which can occur without warning and may cause death. patients also taking aspirin and the elderly are at increased risk for stomach bleeding and ulcers. do not take celebrex if you've had an asthma attack, hives, or other allergies to aspirin, nsaids or sulfonamides. get help right away if you have swelling of the face or throat, or trouble breathing. tell your doctor your medical history and find an arthritis treatment for you. visit and ask your doctor about celebrex. for a body in motion.
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like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering, web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. okay. when was the last time that you
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saw this? the utilities and the financials both doing very well on a single day? this is the best day for the utilities in almost this year, since january. a safe haven play that is falling apart right now. part of this also the price of gold. the call by goldman today. the feeling is that they are going to have to come in with more quantitative easing and the dollar would go lower, the price of gold would go higher. goldman says it could go up to $1480 by the the end of the year. if that's the case, roger crandall, if rates continue lower and the fed comes in with more quantitative easing the rates could go lower. >> unfortunately, i think we need to plan on rates being lower. i think for an individual vin vest store perspective, leverage
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loans to participate there. i like credit, high-yield bonds would be an example. >> what about utilities? they were hot last year. >> and you can get very high quality companies paying decent dividends. we look for yields in some of the places of high-yield bonds and other places. but unfortunately i think this world of the new normal is something that we're going to have to live with for quite a while. >> high-yield bonds, is that too are risky of a play right now in. >> clearly that's a place to run a diversified manager. >> high yield bonds? >> very different game. i think that's where you look for a quality portfolio manager and diversify across other asset classes. >> great to see you. thank you very much. coming up, right now on the "closing bell," it's being run by the


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