tv Power Lunch CNBC May 30, 2014 1:00pm-2:01pm EDT
i think that gets reversed next week. >> and you get potentially ecb on june 5th, right? >> thursday. >> so that's something very big to look out for. quickly. >> buy msg. i bought it today. >> okay. have a great weekend. that's all for us. p "power lunch" is on now. >> scott, thank you very much. today on "power lunch," the meeting that moves stocks wchl're talking about the cancer fighters. it begins its annual confab in chicago. the list is long. it includes bristol-myers, inside, astrazeneca and others. the conference is monday. the stock is moving up again, up 22% in just the past three months. and where is the class of 2014 going? we're going to talk to three top
career counselors at three top american universities and ask where are the jobs for these grads. first, though, to sue at the nyc. >> hi, ty. u it can't be understated. meg terrell who covers the industry is going to get us ahead of the knews that will be coming out this weekend. meg? >> that's right. it kicks off today in chicago. it will give us a deep look into where medicine stands in the fight against cancer. it's a disease that affects us all in one way or another. half of all men and a third of all women will get cancer. cancer will cause more than 500,000 deaths. worldwide, of course, the
numbers get even bigger. but we have been making progress. now more than two-thirds of people diagnosed with cancer survive beyond five years, that's compared with fewer than half in the first half. the world health organization says that more than 30% of cancer deaths could be prevented by modifying lifestyle, things like smoking, being overweight or obese, not exercising enough and drinking too much alcohol unfortunately. it also spells big business for developing medicine. the global met the market for cancer drugs reached $91 billion in 2013, up from a decade ago. and we'll look at the progress. so what stocks did you watch? the hot area of knew mow oncology is the biggest thing of the meeting. they're watching bristol-myers,
america, astrazeneca, and incyte. the we'll be talking more at 7:00 a.m. on "squawk box." >> the dow up almost a half percent this month. that's not a lot. that's okay. come on, machblt s&p up more than 1.5% and the nasdaq has bounced back. it's up almost 3%. if you can't figure out what's happening in today's market, you're certainly not alone. there's a lot of concussion, perplexity, pros scratching their heads. what's behind confusion and is clari clarity, dominic chu, part of
it? >> it's hard. and a bear sometimes. >> bear can do it. it's got claws. >> the bull is tougher that the bull has hooves. >> the bad news bears, they say there's no reason to think they're not good. if so why are they flooding to the safety of treasury bomds. you shouldn't be bullish on the economy if you think treasuries are the best place to be. then you've got the bullish side of the equation, right? they're saying what's happening? we don't know. the stock market is at a record high and vol tird volatility is the lowest. no matter what your position, next week could either lead to clarity like you said, tyler, or a calamity because there's a slew of things coming up.
of course, the monthly jobs report and there's a very big interest rate decision coming from the european central bag. the ecb. you want to buckle your safety belts because they could cut interest rates at this particular reading. >> you just echoed word for word. watch next week because there are so much data coming out including that ecb thing. >> and the grand daddy of them all, you can't forget about that. >> that is on friday, right? >> yes. >> thanks appreciate it. thanks, sue. >> the s&p hit record territory. kevin is with me and burns mckenny is with us as well.
it's pleasure to have you both with us. kevin, i'm going to start with you taking off from where dom mentioned. you think that the second half of this year could be very strong for the market, correct? >> yes. in fact, i think this is the year to buy but be prepared to stay. i do see more upside in the second half of 2014. i think the key theme is we're in the midst of a secular bull market. it's around 14 years. we're only four years into this one. it's the longest you can find companies growing their earnings trading the at a reasonable price. i think there's still growth for that. >> all right. can you weigh in on that? >> yes, yes, sue, i appreciate the opportunity to be here. we do agree that there are probably cheaper opportunities outside the united states than within the united states. but that said, we are in the midst of a bull market, but, you know, one thing for investors to be cautious about is there's
been a heavy correlation between the size of the central bank's balance sheet and equities the last five years. that correlation has been running. it is continuing to grow. equities should continue to rierkz but with the taper gradualing coming in, it's growing at a much lower rate. stocks may continue go up but they should go up at a much more gradual raid. >> if i can now on that and there is expectation they might indeed cut, does that affect our market and our fed and what's going on in narth right now or not? >> yeah. i think the expectations for an ecb cut are absolutely affecting what we're seeing in the united states. one of the primary ways it makes a big difference is what we've seen in recent weeks, we've seen u.s. bond yields go down. a lot of the reasons we've been cautious is there's the concern that maybe that just foretells or is indicative of a soft
economy when really more likely than not the decline has been you have lower rates elsewhere in the world. you have an upswell in demand from them elsewhere. >> can you pick up on that about the bond market because we've been debating for several weeks which market has it correct, the bond market or the stock market. to burns' point, perhaps what it is there's money coming from o'shores into the u.s. market, one because it's more comfortable, two, we have higher yields. >> sure. we will see second quarter earnings flip because of the weather. sg & p can start growing. but with respect to bonds we're still not forecasting until the second half of 2015. so there's more opportunity for bonds. >> all right. on that note. kevin thank you very much. burns, thank you as well. have great weekend. thank you both. >> all right. let's go up to don for market flash. >> so the debacle of the day so
far has got to be info blocks which is hitting an all-time low. the shares are plummets after there was a lower than expected profit from the current quarter hurt by profit delays and a slowdown. as a result the ceo of 10 years is stepping down from his post. the stock has traded 19 times and has lost tyler 40% of its value just today. >> whoa. that hurts. president obama has accepted the resignation of the veterans affairs secretary eric shinseki after major scandal for the vachlt a. that involved hiding long wait times for veterans hoping to see a doctor. hi, tom. >> we've been building toward this moment for some time. there's been an increasing number of revelations about problems at the v.a. today eric shinseki, director of the v.a., came to the white house, offered president obama his resignation and president obama said, yes, i'll take it.
here's the president. >> he has worked hard to investigate and identify the problems with access to care, but as he told me this morning the v.a. needs new leadership to address them. he does not want to be ady strakz because his priority is to fix the problem and make sure our vets are getting care that they need. >> now, of course, that didn't prevent the president letting kathleen sebelius stay with her job as hhs when there were problems with obamacare. they ultimately decided they couldn't resit it. the question now is while they have an interim director, what's to be done about these systemic problems because they go -- they predate the obama administration. they're way beyond the control of one person at any one point. eric shinseki has been trying to deal with some of these. you've got different approaches
on the hill. one way is to expedite the accountability. a lot of them have civil service protections. there's laws that have been proposed in both the house and senate to try to deal with that. the question is if you are overcome and you don't have enough doctors to deal with veterans coming bag from the iraq and afghanistan wars, how do you exec skpe diet treatment. there's a bill on the hill that says if you've been on the waiting list for period of time and not been seen, you can go get private sector care. president today talked about surging doctors into the v.a. we'll have to see what they're going to do but these problems won't be resolved easily, tyler. >> is the any short list, john, of names for a possible interim director? it seem from my reading of it these management problems go way back. what they need is a master
manager like jack wish, although i'm not saying that need a fix-it man. >> you know, again, a private sector ceo if he was ham strung or she was hamstrung by civil service protectors you need replaced might not get results either. as for a short list, there may be one, but i don't know what it is. i suspect you may get somebody with military experience and someone who may be seen as a bipartisan figure because this is a situation where you're going the need democratic and republican support to make this work. >> john harwood, thank you very much. a special cbnc documentary called "death and dishonor" unveiled many problems at the v.a. administration. you can watch it onlime. here's how you do it. go to cnbc.com and look under the video tab. well, across the world in libya, one general is fighting for control of that war-torn
country, but can he stabilize it enough for oil production, the country's lifeblood, to make a comeback. michelle caruso-cabrera is in london. michelle. >> one of the many hurdles that in contractor would face, the point of death. it's a war-torn country. nobody's in charge. we veal more on that next on "power lunch." but first here's phil lebeau in chicago telling you what he has coming up. >> what do we mean by that? an old airline is coming back. we'll tell you which airline is coming back and where it's flying when "power lunch" returns. orbiting the moon in 1971. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection. and because usaa's commitment to serve current
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welcome whaback to "power p lunch." its yield is down. you can see the shares down 1 1/3 spernt trading tyler, back to you. >> he lived in langley. why is that significant? that's the land of the cia and he was backed. this month he launched a military offensive against what he describes as islamic extremists in libya. does he have what it takes to stabilize the country and
restart oil production there. michelle caruso-cabrera is in london. she spoke with the men behind it and the ones fighting. >> i spoke with him over the phone. first let me tell you one of the reasons that oil has been stubbornly high for months is because of libya. so much supply has been drawn out of the market. violence and instability plagued the country and for the last ten months production has fallen on a daily basis. consider it used to be1.5 billion barrels a day. the violence got so bad the state department washed all americans in libya they should leave immediately. in the case of bad times, they sponsored a two-day conference here in london. it was designed to entice international oil companies to in vest. but it's a hard sell. geology david good was a
presenter at it and he said it's hard to get people to invest in a country where they fear for their lives. >> it's extremely depressing because we can't do anything. >> when i spoke with the leader of the libyan delegation he didn't have much to say. he said, yes, they're troubled but the attendees shouldn't be deterred from investing. things should get better. there hasn't been a spike in the last two week because a former libyan general seems to have suddenly amassed a small army and weapons and support from a decent part of the population. i spoke with him on the phone last night with the help of an nbc producer who speaks arabic. >> he told me his goal is to eliminate the terrorists. he said if he's successful, then
he's going to hold elections. he denies that completely. so we wait and see what happens. if indeed he can bring stability to the country, tyler, you can see as much as a million barrels of oil come back on the market very, very soon and if they actually got an investment, it could be as much as two billion barrels day. i think of what that could do to oil prices. >> exactly. exactly. i'll take it. sixth straight session. up almost 10%. and one of the areas leading the way, the airlines. check out the nyse arca airline index. it's up more than 20% this year. the industry consolidated is finally making money. so, of course, now more players want in on the action. cnbc's phil lebeau is in chicago
and he's going to name some names for us. hey, phil. >> hi, sue. you know, in the early '80s people's express was one of the original airlines and it revolutionized how airlines looked in the united states before it merged into to continental airlines. it's coming back. yes, they'll be starting june 30th. base fairs will be the model here, similar to spirit and there will be add-on fees. for example, $25 if you want to put a bag in overhead bins wrchl are they flying to? >> not a lot of place. they're initially going to boston, newark, and pittsburgh and then as the summer moves on, west plaem beach, atlanta, st. peters burlg and new orleans. this is why we're seeing other airlines starts to pop up. everybody is making money. delta and american have had fantastic years so far for their shareholders and because of that
a lot of people are saying this is the time to get into the airline business. sue, we even been down this road before. it doesn't always end pretty when a lot of airlines start to pop up. >> we sure have. i remember it vividly. it doesn't end in a right way. it may be but i cursed it by saying that. before i let you go you high light which cars have the best crash avoidance systems. now we have knew data detailing how much those crashes cost every year and there's some really big numbers here. >> staggering figures. when grow back and look at the data from 2010 which is the most recent data that they have been able to analyze and they've looked at all of the costs involve, not necessarily -- just the cost involved for the people involved in that accident and the insurance companies but the society tall costs in terms of taking care of people in hospitals and so forth, these numbers are unbelievable. when you look at all the crashes, it's costs the average american about $900 in terms of
crashes in 2010. you might be saying to yourself how much of this is people getting involved in drunk driving or speeding accidents. the cost is speeding, $59 billion followed by drunk driving, dis extracted driving accidents at 46 billion and pedestrian and psycyclist accidents. i would suspect when the numbers are added up. it's well over $2 trillion. >> that's astonishing. that's like 1/15th of the american's economy. fantastic number. phil, thank you very much. >> yeah. for the second year in a row, sell in may and go away has not worked, especially for the nasdaq. it has rallied about 3% this month alone. the question is will it continue
leaving the firm? moving across the world? to join a start up. so he sent money and rented an apartment in a new land. that's crazy, his boss said. what fun is life if you're not,he said. in over 700 cities worldwide, products and services that make a citi client anywhere a citi client everywhere. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier.
it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. hi, are we still on for tomorrow? tomorrow. quick look at the weather. nice day, beautiful tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way. driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. what a day. can't wait til tomorrow. we have a really big day on monday. apple kicks off its worldwide verps conference day on that day.
tim cook the keynote speaker and it happens on "power lunch" in the 1:00 p.m. eastern hour. what might be unveiled? the i phone 6 which my kids want. "power lunch" is going to be all over the headlines. carl kin toe nia and "mad money" ee's jim cramer are going to be joining us for the entire hour. very exciting. we look forward to a very special "power lunch" coming up on monday, ty. >> the nasdaq is near its lows of the day, we should point out. seema mody following it all for us at nasdaq. hi, seema. >> hi, ty. in terms of the biggest winners, netflix is on the top of that list thanks to upbeat earnings, expansion overseas, specifically in europe seem as a big opportunity. now, keurig green mountain coffee, nothing big winner up 20% after coca-cola raised its
stake in the company to 50%. some say it's trading. shares do look a little valued. trip adviser, interesting story. they missed expectations but it raised its growth annual outlook. the instant booking feature could potential by be a catalyst. no reason for why ill lumina has been up. lastly best performing nasdaq, fifth on the last. sandisk. back over you do, sue. >> thanks so much, seema. the market is about to close. it's having its worst week in two months. jackie deangelus is there.
good to see you. >> good to see you. we're down on the month of may. gold seeing a four-month decline. traders are scratching their heading. they're wondering if the market is not taking into account the signs of engaging. it's rising at its quickest pace. a couple of events to watch. it could get worse. the ecb and jobs numbers as well. if it eases as many are predicting here, we could see a stronger dollar. that could send gold down. if we get another 200,000 plus number here you could see gold go down as well. $12.38 to $12.44. tyler, back to you. >> all right. >> actually, you know what? i'll take it because courtney reagan is with us. >> that's right. good afternoon. check out sanderson fafrmts it's at sessions high right now. they're raising their markets.
on a bit of real yahir. if you can take a look, the shares are up 2.5%. gaining ground. back to you. >> thank you very much. call it the fed hawk hoedown. steve liesman is in san francisco. steve? >> thanks very much. leading policy makers, academics and ecologists gathered here and weern got a special guest coming up, john williams on his outlook for fed policy and the economy when "power lunch" comes back. [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ she can print amazing things, right from her computer. [ whirring ] [ train whistle blows ] she makes trains that are friends with trees. ♪ my mom works at ge. ♪
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action at the gmc. you're going to have a big week next week, ricky. >> absolutely. as we go into the week, ecb is going to be a big event. we're down seven basis points on the week and if you open the chart up you can clearly see since that february 3rd low yield close at 257, all the work we've done and all the excitement we've had now that we're 11 basis points below that february 3rd key, low yield. if we look at it, it's definitely week. open the chart up for a year and a half. it doesn't look that bad, especially with all the huge questions we're all asking regarding the outcome of the ecb meeting. tyler, back to you. >> thank you very much. the future of central bank policy is back. steve liesman is there with san francisco fed chairman
john williams for an exclusive "power
lunch" interview. steve. >> tyler, thanks very much. i am joined by fed president john williams and i need to let viewers know there are some i ask from presidents more than others. never done an interview in cleveland. john, let's talk about the economy. everybody thinks we're going to have a snap back. put the two quarters together and it's still that average 2% growth that we have. do we have any hope that we're going to break out of that psych snl. >> that's a pattern we've seen in the past few years. disappointing data and the growth. our forecast still would say growth this year about 2 2.5% o average. continuing good growth in the second half of this year and going next year around 3%. but in the days of thinking we're going to get 4% or 5% as a part of the
recovery. we put that behind us.
what's limited that na. >> they've identified common features of that and one of those is a relatively slow prolonged period of recovery and one of those is credit is harder to get. we're seeing that in the u.s. confidence plummets and there's lot of uncertainty and fiscal policy tends to go into a phase of retrenchment and we've seen that in the u.s. and other countries. i think what we're seeing sjt all that different. the good news is we're in a good growth path now. we're adding roughly 200,000 jobs a month and thing we're going to get to full employment, you know, but within the next two years so i feel good about the future, but, you know, it's been a long slog. >> can you share with us your unemployment forecast for the rest of the year? >> sure. i see unemployment gradually declining over the rest of this year and next year getting to about 6% at the end of this year and maybe about 5 1/2% to theent
of next year. so, again, within the next two years i think we're down to good unemployment figures. >> even if we get there interest rates will be lower than a what they should be. can you put some meat on that in terms of what it means in numbers? >> i think a number of factors will play in my thinking. one is longer run growth trains in the u.s. and the global economy are lower than they were before. and then what thatequilibrium. i think in the long run we're in an environmental with lower real interest rates than we've seen in the past, more than 2%. the second factor is i think the headwinds i just mentioned.
some of it fiscal policy, some tighter credit than otherwise and still lingering effects on congress are still holding back growth over the next couple of years. so it's a factory they're going to be halts. which means we need to keep monetary accommodation in place. >> if there's a 2% real rate and 2 high pressure rate what is the rate you think is more likely the long run in that context? it remain bess low four? >> in the long run i think if 4% is probably the average. looking at tend, expect it to slow. in 2016, i expect it to be around 2. again, it reflects the policy accommodation we need and continue to get progress in our goals.
>> so you recently wrote a research paper about the issue of keeping inflation higher. can you explain what those numbers would be and why you would keep inflation higher? >> right. so the paper is really looking a the issue the economist are debating whether there's a difference in the short-term unemployment and long-term unemployed in terms of their effects on wages and influgs. normally we group every together. there's some research that suggests -- it's not totally convincing. i'm not putting all my, you know, chips on this that maybe the short term unemployed have a much stronger effect on the wages and prices than the short run. what we did if that were true, what it says is there's going to be a little bit more rapid rise of inflation over the next couple of years back toward our goal. even as unemployment stays high. we did analysis as to what should monetary policy do in that circumstance.
they should keep being aggressive and bringing unemployment down and reach unemployment, reach 2% quicker and overshoot inl flags a little bit with the goal of achieving 2% in the long run it's an interesting article, interesting paper. thanks for joining us today. >> >> good to be with you. >> john williams from the conference here. back over to you. >> thank you very much. >> the ftc has approved the merger between joseph a. bank and men's wearhouse. it's official. men's wearhouse trading up by more than 4.1%. as for joe ef seph a. bank, up. back to you. >> with me is cnb contributors.
ben, i'm going to start with you. he sees a good growth path and he sees his goals, the fed goals achieved within two years. what did you think of the conversation? >> the one piece i didn't hear mentioned in passing is that the indication of inflation and when you're able to keep interest rates below normal in 2016. thing that's a key factor for all central banks but particularly the fed. when you listen to mr. williams, the practitioner of the art form that's never been seen before, this was a play book created by another fed chair and how you're going to unwind the stimulus they've created and the real factor is going to be the inflation clause of whether north they'll be able to keep the dots in place. >> and abigail that has not been easy. >> no, it's not been easy. my take on this interview, i'm
impressed by john williams' confidence in the recovery and the idea that we may move up to 3%. i'd like to see the proof. that's the elephant in the room. how do they really pull back because tarping is not doing that. their balance sheet is a $4 trillion -- closer to 2.5 trillion ahead of it. >> what do you think -- i'm sorry, abigail. >> what you would basically have as an analogous, the fetd ross hitting the gas pedal into an engine that was sputtering. the question is once that engine finally starts to fire on all cylinder, meaning the economy, job growth and the gdp, the question then become wls or not there's too much lid quiddity in the system that's going to might rev too high. that's the question. i think we have some questions in what they'll do with the
balance sheet. at this point the position is worst-case scenario, we can hold the positions so that's not really a concern. the market was concerned if they needed to sell off that position. >> very quickly, abigail. the nasdaq's at its low of the day. the market's fading. what have they told you? >> i've been applying for a correction for quite some time and i still think especially looking at the nasdaq composite, we're looking at a topping pattern. it's going a little bit longer than seems likely. i still think that we're going see the dow and the s&p follow the nasdaq and russell 2,000 down. as long as i've been on stocks, i've been right on bonds. i think smart investors arealing to invest a return. >> it's safety in the mattress,
so to speak you. 're leashing your money with the men who run the game. but if you had nerve enough, you had a 25% return on your apple position and double digit returns on sandisk and the like. so since january 1st it's become a bond of the stock not the stock bond market. >> back to you. >> near the day's low. right now it's down about 25 points. next from the american dream of earning a college degree to the reality of finding a job in today's economy. what's in store for the class of 2014? we're going to talk to three people who are helping today's students start their careers from those three prestigious universities. she keeps you on your toes.
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millions of college seniors are set to look for work. they say five years during the throes of the financial crisis. so where are this year's grads going after that leave school? kathy simms joining us and jack can from university of michigan and the dean of tulane's undergrad school james mclaren. welcome to all of you. ms. simms, let me start with you. who's rekreutzing from ucla? >> actually it's a very diverse employment scene here at ucla and we have a lot of students looking at very different kinds of options but we have strong interests from the large defense contractors and technical firms
and at the same time we have a lot of opportunities in government and social service agencies, so it's quite extensively broad in this particular year. >> and jenny, what about for you with university of michigan. certainly traditionalal wall street. >> i would agree with kathy at wall street. certainly all the major consulting firms. health care is big for our graduates and a lot of them are opting for opportunities in what we might call a gap year, teach for america, things like that. >> james, weigh in. >> at tulane, we're seeing a strong academic, a lot of students looking to teach for america, peace corps and a lot working in new york. >> i find that interesting
because for so many years wall street has been hated but i guess this latest round of graduates thinks that perhaps they can change the world a little bit and make a difference. is that the case, james, or is it simply the money? i think it's a little bit of both. they've been very philanthropic. yes, i would say they do want to give back to their communities. >> kathy, weigh in on the full-time versus part-time debate that was waging. i was recorrectly up at maris college and there was worry by some of the graduates that maybe full-time work would not be as easy to get as in years past. what are you hearing? >> i think the real story is that finally students are recognizing it's not what they're doing during their senior year but what they've been doing throughout their entire academic school at a much
earlier stage in their academic experience. i honestly have not -- we don't have that as a primary trend or concern on our campus, but i do know that students often opt to look at opportunities on a part-time basis because they're not comfortable with the full-time marketplace as it is right now. >> jenny, i'm going give you the last question. it's a little off topic. i was reading last week obama's move to put in a rating system for the universities. and i know that a lot of the liberal arts collegingwill put them at a disadvantage because of the tracking mechanisms that are put in place. what about university of michigan? >> i think the most important thing is for people to realize that the job search process is
something that sometimes take time and while certainly we might see that some graduates have their job in hand by cap and gown time, not all industries are aligned perfectly. most of ow our graduates three to six months out are happily employed or in their graduate program of choice. >> thanks a lot. appreciate it. best of luck to the class of 2014. >> thanks so much. >> the nasdaq hovering near the pros of the day. the latest hobby for billionaires. sports teams. robert? >> this steve ballmer news shows you it's driven more by business than fundamentals. we'll show lou it all stacks up and which may be more fun to own coming up. mine was earned in korea in 1953.
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that corporate trial by fire when every slacker gets his due. and yet, there's someone around the office who hasn't had a performance review in a while. someone whose poor performance is slowing down the entire organization. i'm looking at you phone company dsl. check your speed. see how fast your internet can be. switch now and add voice and tv for $34.90. comcast business built for business. welcome back to "power lunch." no specific news as of now. could be profit take. the stock, though, up some 17% over the past two months. as you can see the chart trending down, down by about half a percent. tyler. >> courtney, thanks so much. whether or not it's a good
business to own a sports team doesn't seem to be a top concern for folks like steve ballmer. have sports teams have become the new collectibles for these men and women? >> it's interesting. i was talking with friends of steve ballmer's. it's about his basketball fetish. he needs something to do and he's got, by the way, $18 billion but it scores a fundamental shift in sports. teams are values more liked picassos, diamonds, and vintage ferraris. let's take a looket how the clippers are kind of a collectible. the clippers' bidder list reads more like a forbes list. now, balmer was aftering nearly twice what the competition was offering. there are also very scarce
assets. they're not making new teams just like picasso isn't painting more paintings. number three, you get access to an elite club. it gives you entry. get this. sterling bought the clippers in 1981 for $12.5 million. if it sells for $2 billion, that's a 16,000 percent gain. the only thing that would compare to this is a ferrari gto. they sell today for over $50 million. so very few things in the world go up at that rate other than collectibles. >> i don't know about the internals of the clipper's business but an awful lot of these sports teams actually don't make money year to year but rather the owners collect when they sell. it's all capital appreciation. >> they don't dough provide it
which is why rational companies are not paying them. >> thank you very much. three big winners in today's trades but first what's coming up on "street signs." >> where do we go from here. okay, so europeans might have the right to be for gossen. and the problems at the v.a. are they just symptomatic at a thing brew. lots coming up. and melissa lee is coming over to help me because brian is off. see you at the top of the hour, guys, on street signs. the problem isn't likely to go away... ...on its own. so it's time we do something about it. and there's help. premarin vaginal cream. a prescription that does what no over-the-counter product was designed to do. it provides estrogens to help rebuild vaginal tissue and make intercourse more comfortable. premarin vaginal cream
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. president obama announcing on a day of resignations yet noochlt jay carney, the press secretary for the past several years is stepping down, moving on to points as of now, sue, unknown, and, of course, this follows earlier today the resignation of mr. shinseki of the rhett advance. >> the president has just named josh ernest as the new press secretary. mr. earnest has been jay carney's deputy secretary, so obviously someone from inside
the white house. i don't think we have a timetable yet as to when jay carney will be departing but nonetheless this was a surprise. it follows the resignation ahead of the v.a. secretary just a short while ago. >> that will do it for this edition of "power lunch." sue. we'll see you when you get back. >> i'll see you on monday too. have a great weekend, everybody. >> any minute now we'll hear from john harwood on the resignation of white house press secretary jay carney, but in the meantime my head is spinning from old and new highs being hit in this market. is the air just getting a little too thing up here? oh, snap. i bet snapchat's boss would wish all those e-mails would just disapeople. did zack make another