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tv   Street Signs  CNBC  April 21, 2014 2:00pm-3:01pm EDT

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option expiration, so can't read too much into it, but the fact this hasn't moved down leads me to believe there might be more up side. >> warren, thank you so much. good to see you. >> you too. let's look at the market right now. we're up 35 points, ty, we're going into the asp at least in the green. thank you very much, sue. that will do it for this edition of "power lunch." "streets signs" begins now. \s. hi, everybody. brian here withsh mannery is back next week. more on why the big drop seemingly that everyone is waiting for hand happened. don't believe the hype why the fight between gm and the government is heating up today.
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melissa. >> we are watching the markets, though it does appear to be a quiet day. up by just about a half a percent, some big moves being made, apple, facebook as well as amazon posting some pretty nice gains. the biotech names having a good day. of course ser we're have more on that story later on in the shows. you know the theme which is -- >> everybody is fine. >> is everything fight? >> but not fantastic. i think we'll take fine. the s&p 5005700 is on track for the fifth straight gain. that would be the first time we would have a five-day winning streak in a month na-- the pric
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target was raise the to 50 bucks. facebook as well as some others leading today, but again the top three, i should say is newmont mining, as micron and facebook. the pharma group, you know, they started out fairly strong this year, really taking off in february, i should say. they are now recovered after a dip they've had in april. leading the way among the drug stocks today, we see strength in myland, and squibb, and semiconductors are well today. and then we had that upgrade on micro. both of those giving a lift to the semiconductors which took like the drugs have recovered from the sell-off. >> mary thompson, thanks for that. let's check in with sheila who's at the nasdaq. >> a lot more questions about whether everything is fine at the nasdaq. yes, we have seen five days of gains here, but a lot of people questioning whether this is in tact or a debt cat bowen.
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but nonetheless we are in the green today, up about half a%, in fact near session highs, and what it comes to what everyone is talking about, it is earnings, we've been talking about this all day, but it's a big week. netflix up after the bell. that stock is lower ahead of that report. on wednesday, apple and facebook, we are see nice strength, helping lift the overall nasdaq. in terms of individual winners, micron technology, mary mentioned it, but got the price target up. this in fact has been one of the leading stocks over the past five days of wins. also nice upward movement. all higher on the day. intoic to you guys. >> sheila, thank you. shares of therapeutic soaring today, the company getting good news from the fda to treat a fatal muscle disease affecting young boys. >> joining us more is meg
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terrell. >> it's developing a company for deshen muss class dystrophy. it can put boys in wheelchairs by their teens and kill them before the age of 30. it had setbacks when the fda said it was premature in filing for approval. based on a small study. now we're seeing a path forward. the company saying they have reached an agreement with the fda to enable them to file for approval in the united states before the end of this year. >> let's bring in the ceo. even bullish analysts agree big hurdles do remain. one note said it was positive, though less clear from the fda. so, in your opinion, how much has the fda really cleared up here today? >> yeah, you know, today is the
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running of the boston marathon in boston. it's felt like a marathon over this last year in our discussions with the fda. it was pretty smooth sailing early on, and then we had this challenge in the fall in november, and it felt like we were having to run uphill, and we had a lot of work to do, but at this point this communication from the fda and recent guidance was really an energy boost. we feel that we can see the finish line ahead, and we believe we can satisfy all the things that the fda is looking for in order to submit an application to get the drug potentially approved in 2015. >> so, chris, tell us more about what the fda is looking for, and potentially what's changed since november that gives you this path forward to approval this year? >> well, the challenge we've had is we did a very small study, 12 patients in our phase 2 in this disease, duchenne muscular dystrophy. it's always challenging to make
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interpretations on a small data set, but the data was compelling. we felt strongly both or safety profile, our clinical outcomes and biochemical response was worthy of considering for an mda submit and review to potential approve the drug earlier than what would be required for a full approval we were bolstered by this confidence based on congress act in 2012 to urge the fda to use this accelebrated pathway most commonly for so what we think has happened an understanding that the clinical utility that we've shown, the disease the risk benefit that these patients are dealing with. it was also supported by the fact that the community's voice was heard loud and clear. they started a white house
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petition, and we think ultimately when all was said and done, they felt that there was a path if we were to provide additional supported data on safety, continued extension data for elf indicatiefficacy. >> certainly the active role of the patients out there suffering from this tragic disease as well as your own meetings with the fda. i'm curious, there was a note out today that their forecast for whether or not this drug approved -- the probability of approval goes up now to 40% from 30%. i'm wondering, from your standpoint, is there anything that's changed, and is 40% too low, in your view? >> you know, melissa it's hard to handicap probabilities approval, but based on the guidance, which was very clear and gave us what i would describe as many shots on goal, to give the fda the confidence that the efficacy is here, and that the safety is here.
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so we have an opportunity to provide supplemental data over the course of the next 6 to 8 months that will strengthen a potential new drug application. and so we are very optimistic, as we sit here today, of the prospects for a potential accelerated approval. of course, we were asked to do the requisite confirmatory studies, and they gave us two options to confirm the results in the event that they did approve a approval. so we think they are making sure they ultimately get all the information they need. we're committed to provides that, and we think that does open the option for an early approval. >> chris, we have to go. er heavy will shorted. your message to the short sellers right now? quickly. >> i think there's a lot of opportunities to see up side surprises in this program, particularly as it relates to our follow-on exxon skipping
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drugs and treating a broader base of patients. so it would be hard to bet against it at this point. >> chris ceo of sarepta, thank you for coming on. we appreciate it. meg tirrell, we appreciate it as well. let's bring in paul hickey from spoke investment group. paul, why are you being debby downer today, after we've had a pretty big week of earnings? >> i'm not saying don't real too much into it. it was a holiday week. week before easter is traditionally a very strong week for the market, so the average gains of over 1% over the last 25 years, well above that last year, but you know, the last time we were up more than 2% in a week was the week before easter was in 2008. we know how that panned out. just don't get too bullish over it. a gain is a gain, but let's see some follow-through.
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>> light volume really helps that kind of move. responding quite nicely in relationship to the sell-off for the past month, paul. i'm wondering your thoughts, and whether or not we could see a bounce from there. >> well, you know, as far as individual biotech stocks, it's hard to play. i mean, just look at sarepta, it would a huge move today, but had a huge move down a few months ago. we would advise investors to focus on the large-cap diverse fitted companies, but one name which you may not consider is mylan. that stock has been dragged down in the pullback of the weak necessary overall. that may be an attractive stock. >> yeah, ceo grumpy herb greenberg did not like the fact they have projected earnings out. that's true, except for life cereal. paul, true or false -- biotechs
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in general should be able to lead this market up or down? >> they have led the market through the last five years, but you know, the pullback now, people are starting to think that it's a precursor for the broader market, but you know, the analogy we've been comparing biotechs to is the semiconnectors in the mid 1990s. they were the leaders coming out of recession, and they peaked and had a 40% correction on those -- almost five years into tear december just like the biotechs did. and they were both small subsets of a bigger sector. so we think during that period, the joinall market held up considerably well. -- i mean, where the semis practically crashed. we wouldn't read too much into the overall market perspective. a lot of people are looking for these stocks to rebound now that earnings season comes in, but they're certainly valued coming into earnings, so we don't look
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at too much of of a catalyst of earnings per se, but with the larger-cap companies -- >> speaking of valuations, henry, who was on cnbc today, editor in chief of "business insider" a former analyst on wall street, that stocks are radically overvalued, in his opinion. do you agree? >> i don't think they're wildly overvalued by any stretch. where you get that overvaluation and, you know, average p.e. stock, average p.e. of stocks but what i have to consider is the large-cap stocks, the bubble was in the largest stocks in the market, and the top ten stocks in the s&p 500 were -- had an average p.e. of about 60. today the top ten stocks in the s&p 500 have a valuation of a quarter of that. so by -- there may be some froth in the small-cap stocks, but if you look at the large-cap universe, it's a lot more reasonable valuations.
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>> reasonable -- of course back then cisco systems had a valuation of like, germany. >> well, they all did. >> appreciate it. >> thanks, brian. now a decision not expected until after, melissa, the midterm elections. is the stall, though, more about politics than pipelines? [ banker ] sydney needed some financial guidance so she could take her dream to the next level. so we talked about her options. her valuable assets were staying. and selling her car wouldn't fly. we helped sydney manage her debt and prioritize her goals, so she could really turn up the volume on her dreams today...and tomorrow. so let's see what we can do about that... remodel. motorcycle. [ female announcer ] some questions take more than a bank. they take a banker. make a my financial priorities appointment today. because when people talk, great things happen.
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welcome back to "street signs." i'm seema mody with breaking news. reports indicate that ford is set to name mark fields the next ceo of the auto company replacing me lali. phil lebeau is working to confirm this. we're watching shares of ford right now. melissa, over to you. thank you very much, seema. we've heard this before. we heard that deals westbound the replacement for. >> but if it's right, in september she said i'm going to stay at ford forever, now merrill he may get replaced. we just had the news or the discussion about immelt et cetera future. me laly came from ge. >> you think he's going to go back in. >> now pitching for the a's, colon. you never know. just like at that. >> only down 0.4%.
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>> but down in a matter of minutes. we'll watch the story, of course, at the le lo another delay in the final decide on keystone likely putting it off until the midterm elections in november. how is oil getting shipped around the? >> jackie deangelis has the story. >> being accused of kicking the can down the road. the timing -- we do know it will be after those midterm elections in november november. clearly two sides of the story here that i want to point out. they're arcing that -- world's dirtiest oil, the oil that comes from canada. supporters are saying the pipeline is critical to the northeastern oil boom. they also say that keepstone could reduce existing safety dangers.
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those dangers, including many, include washington state will have seeing millions of canadian and balkan oil. with keystone in limbo, they're looking for expand existing pipelines. if he expand capacity to about 900,000 barrels a doi, oil tanker traffic alone would increase from 60 tanker trips a year to 400. voc they are concerns that could mean greater likely hood of accident. this is just one example that we're pointing out. there are different ways tots crude around. this is about supply and demand. both are there right now, but of course the proponents of the pipeline are saying it is a safer way to do it. back to you. all right. jackie, thank you very much. let's bring in john hoffmeister, kreismt off of sith zen for
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affordable energy, john, is this delay more about pipelines, or has this ever been about a pipeline? >> well, you know, we have 200,000 miles of pipelines in this country, and the keystone xl represents about -- less than 1% of that total. not the reality of pipelines. i don't rather any of the environmentalists say pull up the existing pipelines and get rid of them, because they're moving too much oil, which is bad for us. no, oil is good for us. the economy depends upon the oil. this is a political battle about hydrocarbon versus non-hydrocarbon, and the obama administration is unfortunately stuck right in the middle of it where they're darned if they do, darned if they don't. you usually have executives to make decisions. that's what executives do, but we don't seem to be able to get
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a decision on this one. >> john, at the end of the day it's all about moving the oil to where it needs to be. that's what the industry want. at there point, there was a study done by an ontario consultant who used to work for canada's -- and he said basically between the two railroads, in a couple years they could move up to 800,000 barrels of oil a day, which is approximately what keystony would move. >> and at what cost? and at what risk? so pipelines have demonstrated over many, many decades the fishes you would expect at a highly productive economy, and they have really minimized the risks associated with moving what is a very different product to move. now, pipelines do get old, they do wear out, they need to be replaced, but by and large, having sat in the seat that i sat in, i would go it pipelines every opportunity i could,
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because it's more efficient, more effective and lower risk. >> isn't the gas gap, though, narrowing. and if you factor in the fact that pipelines move oil in one direction, so you can't back haul -- and also when you're transporting through the pipelines, thicker tarsands oil, you have to dilute the stuff, so you're rue ducing the capacity by about a third. when you factor all of that in, it's that much more expensive? >> well, i think it's not just the expense of of risk associated. we've seen some severe incidences, and the more we travel by rail, the more likely those incidences are to occur, particularly when you're going from seasonal change, the steel rails expand in the summer, and they contract in the winter. how they go about doing that is impossible to inspect every day for every train that crosses them. i'm not saying he shouldn't move oil by train. it's very convenient.
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for particular applications, it's perfect. you wouldn't build a pipeline, but from a business standpoint in a business at high ris, you look for minimizing the risk. even if it's more expensive, the risks associated, can cost you an awful lot of money as some of the railroads are finding out today. >> john hoffmeister, a real pleasure to have you on. thank you very much. >> thank you. all right. still ahead netflix earnings due after the bell, a preview of that and the earnings squaw. >> yes they've been waiting all weekend. why relocating manufacturingpany to upstate new york? i tell people it's for the climate. the conditions in new york state are great for business. new york is ranked #2 in the nation for new private sector job creation.
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welcome to the earnings squad. i'm melissa lee. joining, one of the names after the bell is netflix. they'll be looking at -- subscriber growth and international expansion. there's a lot of analysts expecting netflix to meet or beat on expectations when it comes to the top and bottom lines. they were helped by "house of cards." they've been focused on controlling costs, but the real quiche will be the domestic subscriptio
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subscriptions. the numb we are we're watching is 35.67 million. that's the number the company gave. this would be interesting. a momentum name that's gotten slammed over the past month. >> maybe this is set up for success in some small way, because it's lost 25% of its value just since the highs we had in march. $458 stock at that point, so maybe the expectations are priced in all right, but what i can tell us is the options market is prizing in a plus or minus 11% move. >> yeah, that's a very big one. also listening for the commentary from reed haysings about things like fire tv. just for forward guidance, fire tv apparently is a netflix app. listed ahead of amazon's own prime instant video app.? that should be interesting. also, will we hear reed hastings grout about net newt reality. it's always an entertaining call. and of course we'll have full
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coverage on fast. in the meantime, before the bell tomorrow courtney is watching this one. >> the key numbers is not eps. the street is looking for an increase of about 9%. also revenues expected to rise about 7%. we know that simon property group is the largest owner of basically mall properties. they've had this spin-off. they're spinning off the strip mauls from the smaller regional malls, really focusing on the higher-end, more affluent center type of malls. i think we can get an interesting read of what's going on potential if they talk about traffic. a the lo of the revenue will come from the rent, not necessarily the sales at stores like j.c. penney, but certainly they're concerned, making a lot of investments innovations, that service offense the same-day delivery. they have a new venture group been looking at retail innovation, hoping to turn their mauls into destination type of centers. >> will we get reads from the
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conference call? >> not typically, you won't typically hear that from them. they will be very careful about that. they don't want you to read too much into that. recently it was said that the rents are increasing about a half percent for the first quarter. it doesn't sound like a lot, but it does hit levels that we haven't seen about 2008. >> set to report earnings before the bell tomorrow. of course, this is a sector a lot of -- you know, it's push/pull because of the strength in the automotive sector, we should know that ak steel already took down their guidance the end of march, so we're not expecting too much guidance there. but because what we have seen for steel, for instance, they raised their prices two times in the past month. it will be interesting to see whether or not this has affected buys at all, and how the customers are taking it. >> whether or not you can pass
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they on to consumers. >> let's talk mcdonald's rolled steel to mcnuggets, dom. >> sort of the same thing, right? i like them. >> so do i. >> mcdonald's is huge, and the reason why, it's all about the global sales picture. mcdonald's obviously china will be a big part of the growth story. u.s. is going to be interesting, though, because going through february, we have four straight months of u.s. comp store sales declined. tomorrow in conjunction with the earnings report, you also get the march comp store sales numbers. it will be key to see whether those are improves. and this is a big one, too. breakfast is going to be key right in the future going forward. it's heating up all over the place. >> a battleground, and mcdonald's gets 25% of u.s. sales. it will be years. i know i'll be listening to courtney. >> you know, the taco bell commercial says ronald
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mcdonald -- >> the crunch wrap. >> i haven't had one. >> not yet. it's on your to-do list? that's it for earnings squad. we'll be back tomorrow. brian. the dining squad there at the end, guys. gold not glittering. it's down again. any sign of a gold rebound ahead? we'll debate. phil lebeau is working on confirming reports that mark fields will be the next named -- what might that mean for alan mullally. stick with us. that's birney. oh, i bet that cone gives him supersonic hearing. watch what you say around him. i've been talking a lot about his procedure... (whispering) what? get our everyday price match guarantee plus a $100 rebate on 4 select tires from your tire experts. chevy certified service. predibut, manufacturings a prettin the united states do. means advanced technology.
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time for the monday edition of "street talk" a daily rundowns of views and recommendations. leading off today, chipotle. >> you sew, seeing above-average industry growth, et cetera, et cetera. the stock -- >> not doing much. >> no, so 575 is much higher than cmg has ever been. >> moving on to dynagy. >> that's about 24% above the price. potentially see the ability of
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megadeals, whatever i guess that means big. to occur. >> taking a like at micron. nice up side here. the price target up to $50. >> i thought you would have something to say about this one, because that is not a price that micron has seen since 2000, september of 2000, to be specific. what do you make of this call? >> $50. >> i'm not really quite sure there has been capacity pressure in this industry, but a double? >> wow. >> it's a lot higher than the previous targets. stock's at 25, so it is a double. drexel notes higher pricing, micron has a solid performer, so a bold call be drexel hamilton. the analysts are putting themselves out there. >> i like that. takes guts, so to speak. up next, big lots. >> stock up 2%, 39.47, the target was upgraded, so about
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5.50 on the up side. hey, big lots, a quiet solid performer. this is a new 52-week high, today up about 52%. under the radar, martin transport, upgraded to an overjae over at stevens. >> this is a wisconsin-based trucking company, blue and white. get on the roads across this fine country, melissa. you will see marten with an "e." the aench wall street target, so keep an eye on this. it is marten a bullish call. and today we're talking gold. yellow metal on a-day losing streak, despite mounting geopolitical discussion -- let us talk gold with ryan dietrich, on the technical. steve cortes on the fundamentals. some would say, ryan, that the charts have been driving gold rather than the fundamentals.
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do you agree? and if not, or so, what are you seeing from the charts? >> sure, brian, definitely there's some truth to that, bigger picture, one of the nice double bottom at the end of last year where the summer lows for last year. what does that tell us? late last year, no one liked to own gold at the beginning of this year like last year, most of the money between 70 and 90%. it that's a good sign, but take another look here. gold has been trading at a range between 1420 and 1200 since last june. now it's going sideways. lastly, the one thing i do like, moved above the 200-day moving average. a bullish cross, and can be a sign that the bulls once again are going to kind of take charge here, and just quickly, a death cross last march. that's with the 50-day goes beneath. death cross, 25% in a couple months after that, maybe the bullish cross here could be a
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golden cross could be a good sign. >> steve cortes, do you think it's a good sign? would you buy gold? gold has not reacted well in geopolitical turmoil, even year to date it'sen a relative winner. >> i would not, melissa and i would make a very poor conquistador, because i have no lust for gold at all. inflation is nonexistence, particularly globally. if anything, the risks are towards deflation. i think gold is starting to reflect that, and even more ominously to me, silver is seriously underperforming gold. most of the time when that happens, when sill her lags gold, it is a very bad sign for both of the appreciate metals. >> all right. we're watching that kind of stuff as well as ancient historically puns there from steve cortes, a kneale young song as well. it's double bottomed twice. when say double bottom, you have
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to say it twice. be sure to check out the online edition of "talking numbers" part of our partnership with yahoo finance. phil lebeau has more of the ford news. >> there are reports that as soon as may 1st, will announce mark feels, currently the c.o.o. will be elevated into the top spot of ceo and alan mullally will officially retire. i have talked to source within the company, they've told me an announcement will happen soon, and look whether there will be -- what i have been told is don't be surprised if we have an official transition from alan mullally to mark fields within the next 30 days. this is the end game we have all expected for some time, know that mark fields look taking over. this makes sense that we'll have it soon. you've got a board meeting coming at the end of this month after the quarterly earns report, then also in the middle
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of maybe, the annual shareholders meeting. i wouldn't be surprised if we have mark fields moving into alan mullally's spot with some kind of transition taking place by the time of the annual shareholders meeting. that will be on may 14th or 15th of next month. so that's what we're looking at at this point. mark fields will be moves into replace alan mullally, and expect that to happen relatively soon. you've talked to him sever tiles. do you bled he's truly going to retired, i.e. not take another position? >> no. it won't happen. i guaranty tee it won't happen. talking with alan and people who are family with his train of thought, he is not going to sit idle and do nothing. he has plans. whether or not they involve running another company, getting involved in some type of public service, serving on boards, that remains to be seen. no doubt he will have a lot of offers, but he will not simply be retiring, golfing and playing
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tennis, though very good at both. >> if indeed the offering for the microsoft job was legit, alan who lived in seattle, still owns a home there, and knows he's leaving at the end of the year, why wouldn't he take that job? do you think -- i'm going to ask you to speculate -- >> i don't think it was offered. >> there you go. that was just a rumor -- >> i think there were a lot of discussions, and in the course of those discussions, he probably, as near as i can tell, he got down to a handful of final possibilities, and at some point he decided, that's it, i'm out of here. it's not going to happen for me, not the way i want it to happen, i can move on. that was the decision that was made. it was never offered to him. it wasn't as if hey, would you become ceo? and he said i'm not interested. it was a case of it wasn't offered. >> keep us informed of any new developments thank you very much. >> you bet. is nike getting out of the wearable technology industry? and if so, did appear have
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something to do it? >> and a live report from boston. an american man has won the race for the first time in three decades. wow. what an achievement. let's check in with bill griffeth and michelle caruso-cabrera. >> grad you asked, melissa. you're michelle, she's melissa. a new survey shows that inves r investors would rather put moan back into cd instead of stocks. we'll find out what's behind that rather big surprise. >> yum getting downgraded ahead of its earnings report. how should you be trading that stock ahead ofs results? we have a stock brawl coming up. all eyes will be on netflix after the bell tonight. we'll have the instant analysis, the market reaction, all ahead for you. >> more ahead on "closing bell." see you then. tdd#: 1-888-648-602121 tjust waiting to be found. ties
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requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. a published report says that nike may be getting ready to exit the so-called wearable tech market and has laid off the team that works on the fuelband. for its part, nike is damping down the report saying it's only going to sell the fuelband, but
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it will still support and sell it. that got us wondering, are wearables just not catching on, or is something else perhaps at play here? let us bring in rico tech reporter lauren goode. there's a lot of reports. whatever the point is, t's get bigger here. if nike is indeed going to, tim cook, the ceo of apple, is also the lead director of nike here. does thou think deth something stings in oregon? >> there's a lot of speculation. that's all we know. we know that nike had some layoffs in the fuelband division. we know that the companies is not confirming that it's getting out of hardware entirely, and there's a lot of speculation that tim cook is on nike's board
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and is known to wear the fuelband around quite a bit. we know this is still a pretty early category, the whole idea of wearables and activity trackers. we know that some of the companies that are working on this, some of the smaller startups are very young companies, and they've had their own triouts and tribulations. it will be interesting to see where it goes. >> this space, there will be a lot of hits and misses, meaning companies will actually go out of business or be bought. we're in the early innings of this wearables space, aren't we? what are the companies in your view and out there, sort of viewed as having the goods to be there for the long haul? >> well, you've got a bunch of different players. of course, we've already talked about nike. that's one of the biggest player. there are companies like samsung, huge electronics company that has goat into both smart watching and has a new activity tracker. there are smaller pliers like fitbit, jawbone, misfit. it seems like every week there's
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a new me too wearable from different companies. right now the data is as pretty much murky as the future of wearables, data shows as much as 15% of adults are interested. some are saying more than 5% of u.s. adults are interested, and it's hard to say which one is going to stick. there are a lot of companies throw mud at the wall. >> and can i say something here? melissa, with all due respect, you know how much i respect you. >> i respect you as well. >> but i think you're wrong. lauren, how do we know there will be hits? why do we just assume this will be a giant market? we're all carrying around one, if not two phones. doing the glass hasn't doing -- what makes us think if they'll be the multitrillion market that everybody seems to think it is. maybe we're sick of technology.
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>> excellent question. there are probably four distinct categories in this whole market. you've got the purpose-driven devices for serious athletes, maybe some in case medical monitoring, the lightweight activity trackers, you have what i like to cause face computers, google glass, and then you have increasing competeition from th smartphone, we're sealing martphones get better and better. sam shuns has some pretty powerful sensors in the flagship phone, and they're trying to put smart activity tracking applications on those devices. so like i said there's a lot going on in the space. i've talked to some people in the industry who say they believe increasingly you'll see the devices conflayed with the smartphone, and it will do a lot of what the wristband is doing.
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i totally agree. >> the mime who want to counseled d. listen, i've yoot the fitbits. i walked 8,000 steps or whatever. let's separate medical. >> that's wearable. >> no, because what i thought we were talking about was the diplomat the vanity plays, but. >> i'm sure you have. >> exactly. you know what i mean. >> a guy was talking about google glass, and said this should be the perfect thing for him, but he wondering why they things haven't taken off. maybe you needed some sort of assistance with something. i'm getting yelled at again. all right. boston mar athought, exciting every year, one year after the
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terrorist attack to the finish line. let's go live to boston where scott cohn is standing by. scott? >> reporter: exciting, melissa, but still a bit tense, nobody is exhali exhaling, because remember it was at this point last year,in, everything right, the elite runners had passed and, of course, terror struck. so they are keeping an eye -- a close eye on things with a quite enhanced security over a year ago. we do have a winners in the elite division. the first american male to win the race in 31 years. kafazigi, and the woman of kenya who sets a course record here. one of the things that they're doing a lot of, and they started doing this ahead of last year's race, was an enhanced effort by the boston police to do social media, to communicate via twitter. they're doing it today with big crowds at the finish line on
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boylston street. they tweeted a short time ago, that boylston street had reached capacity. the checkpoints were full, and they were suggesting other areas. this was part of the legacy of ed davis, who was the police chief last year, has since retired, now a private consultant. ahead of last year, he wanted to beef up social media. he said it did indeed help them, last year, solve a crime already in progress. >> they were out there. we asked people for help. and they completely -- they completely opened up and gave us everything they had. that was critical to solving this case. >> reporter: remember, within an hour our two of the bombings last year, the police tweeted out asking the public for help with pictures and video. that's what worked. that's how they found the tsarnaev brothers. of course, a lot of debate about how that was released and whether it make sense to release it at the time. but nonetheless, it has in a lot of ways changed the way they protect events like this with social media. guys? >> rt will, scott cohn in boston. thank you very much.
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back out to member. all right. the biggest blockbuster in hollywood right now was not shot in hollywood. "captain america" was filmed in cleveland. we're going to tell you about the tax breaks that l.a. and new york, as well, want to keep hold of their movie business.
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"captain america: the winter soldier" toppings the bhox office for the third week in a row, earning another $26 million. this hollywood blockbuster was actually filmed in cleveland. according to local officials, it created 2,800 jobs and contributed $38 million to the state of ohio. marvel studios received a $9 million tax credit for filming the movie there. let's bring in joe henchman and doug steiner from steiner studios. doug, i've been to steiner studios. impressive facility. 355,000 square feet. 20 acres large. how many jobs were you able to bring to new york thanks to tax credits which brought you here? >> tax credits now account for -- the industry accounts for 130,000 jobs in new york state. we have on our own lot ten stages and about 2,000 people, and they're shooting on the same day. >> if there were no tax credits,
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doug, where would you be? >> empty. >> you'd be empty. you wouldn't be here in new york at all? >> correct. >> would you be operating elsewhere, in another state with tax credits? >> there are other states that want us to go there, but i've resisted and had my hands full. >> joe, what's the problem with this? why not have the jobs in a state, if the state is willing to give the tax credits, as opposed to having no jobs at all, as doug had mentioned? >> i'm all for states offering changes to their tax system to make it more -- make themselves more attractive to business. why this one particular industry? this is one of the most profitable industries in the country, and should this be the focus of taxpayers' subsidies? there's a lot of businesses in new york year in, year out creating jobs over and over again, and they're just as deserving. so let -- >> joe, you think it's playing favori favorite, then? >> let joe respond. >> oh, yeah, certainly. yes, it creates a lot of jobs temporarily, but every
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independent study that's looked at film tax incent iives have found they lose revenue because there's better uses for the money that could be used. >> doug, why is the film and tv industry the industry to give tax credits to? >> there are multiple, interesting studies that shows it makes money for the state. i want to say, media and entertainment is one of the few industries the u.s. does well and wants to be in new york. i can't speak to other states. countries around the world, states all around this country, canada has certainly gone off this business in a big way, it's expanding and part of the future of the economic systems in new york. this is camera, finance, real estate insurance forever. >> all right. thanks, guys. short on time. we appreciate it. we'll be right back. [ dog barks ] ♪ [ male announcer ] imagine the cars we drive... being able to see so clearly... to respond so intelligently and so quickly,
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today is monday today, we greet you. treat you. care for you. today, you can come to cleveland clinic for anything, everything or just to get that "thing" checked out. big, small, and yes,
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the best heart care in the nation. it's here everyday, for everyone. that's the power the power, that's the power of today. cleveland clinic. call today, for an appointment today. welcome to the "closing bell." i'm bill griffeth at the new york stock exchange today. >> i'm michelle ka brucalifornie so cabrera in for kelly evans. landmark case is heading to the supreme court tomorrow. they're arguing it can sell devices to people that allow them to bypass the cable companies and their fees when watching broadcast television. we're going to lay out what's at stake and experts will handicap


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