tv Fast Money Halftime Report CNBC March 17, 2016 12:00pm-1:01pm EDT
favor so i have to be. >> good. >> don't change the channel entirely, john. keep one tuned to cnbc. that does it for squawk alley. let's get back to headquaters and the half. >> carl, thanks. we begin the halftime report with breaking news. bill ackman talking to me exclusively today about the state of his firm pershing square. news that he told down his mondelez position by some 20 million shares just a day after losing a billion dollars on paper in valeant raising a flurry of new questions about that fund. it is down 9% this week alone. 26% year to date as key investments declined in value lead by the pharmaceutical company. down 47% from the high reached in july of last year. now in a letter to investors on
wednesday night, the mondelez sale was for quote, rebalancing as the position crew outsized come paired to other holdings like valeant that dropped in value. that sparked wild speculation about whether he might have gotten a margin call or something else. i reached out to him this morning for comment and to give him the opportunity to set the record straight on the current state of his firm. ackman telling me we don't use margin leverage. never have and never will. others speculated he might be preparing for a wave of redemptions due to recent declines which he said was not the case. he told me only about 2% of asset which is total more than $11 billion were redeemed at the last opportunity to do just that on february 15th, a time when much of the negative valeant news was widely known but before the recent plunge. he said 83% of his investors
that could have redeemed instead rolled their money ahead and remained in the fund. one long-term investor in the firm told me this morning he has no desire to leave. we're sticking with him for sure the investor told me. pointing to the long-term track record that he called steller. also pointing out several others as well as reasons to remain optimistic. that investor blaming others for much of mr. ackman's ills. generally speaking it's been all negative and there's been a piling on effect as a result. mr. ackman himself pointed to his other investments in businesses doing well. the next redemption opportunity won't come until around midway he told me but was optimistic his investors would stay in the fund and went into great detail about the firm's financial position. he said pershing square has large cash balances in every one of its funds averaging 14 to 15%
throughout the portfolio. he also pointed to three sources of so-called permanent capital or money that can't be redeemed. $4 billion from his publicly traded vehicle pershing square holding which is is traded in amsterdam. a billion dollars from a recent bond offering and just more than a billion or so in what was employee capital. he called other money long-term lockup capital where investors remain highly restricted on how they can redeem that money. as is common in many hedge funds it could take the investors up to two years to get all of their cash back if they wanted. now on the issue of valeant specifically where he suffered steep losses lately, especially, he admitted the challenges ahead but said he could help fix the company. quote, valeant is a problem but we know what to do. that's what he told me today as there's wild speculation about the true state of his fund.
whether he had gotten a margin call which he says is just not true. doesn't use margin leverage, never has and never will. what do you make of this whole thing? >> well, i think too much is being done to pursue ackman and his fund to say okay, we're going to short positions because we're investing in a fund which actually a former partner of his manages and they were in the same strategy. they actually run net long or gross exposure about 85 to 90%. sometimes gets down and say there's a typical hedge fund, long-term equity 150%. no doubt about that. however, the investor said that you have this negative press loop. that guy is completely off base because bill invites the press. that's one of his things. not too many other managers i know set up websites with 300 page documents on their logs. nor do they advertise their shorts. >> this notion of the piling on thing though, whether others,
it's this sort of thing where others are trying to take advantage of weakness in various stock positions and continue to pile on. it's not uncommon on the days where they're going opposite to mr. ackman's position that all of a sudden you would see a whole slew of stocks in the portfolio down. >> welcome to wall street. that's what wall street is all about. that's recognizing when there's opportunity. maybe when someone is on the ropes recognizing when there's a possibility. the other way in terms of momentum. the concern that i have regarding this conversation is the liquidity issues surrounding the positions that mr. ackman seems to involve himself with. now that's fine if he wants to take that risk. he will be rewarded for it when things go his way but you have to understand that it seems as though most of the positions he takes are him seeking to hit the home run most of the times and with that you'll have extensive volatility and an absence of
liquidity and that's what you have right now. to your point if you're going to be until the headlines and you don't have the liquidity you'll get double digit down days. >> part of the issue is when you have a very concentrated portfolio and within that portfolio you have taken or your firm has taken board seats you become restricted in the types of moves that you can make. perhaps in times of stress. you're just restricted in some cases from selling things like valeant or canadian pacific for example. just things like that where they have actual board seats. >> right and that is a problem to what joe is saying. that is a serious problem but i think a lot of the money that people were putting on to short positions in his other holdings, a lot of that is virtually ending here. i don't think people are accelerating into it. i think those that elect to stay in those same short positions betting against ackman if you
will because he's in pah or any of these others, the people that are piling in now are late because this has been going on for weeks and months. the professional investors that we talk with and that ping us back and forth, they were slamming into the short positions weeks and months ago. not now. most of them are peeling out of the same positions now and in light of what you just said about the lack of leverage and never used it, never will, i think a lot of folks are going to get squeezed over the short-term because they're johnny come latelies into these short positions. >> the biggest issue is not with ackman's holdings and i wouldn't say they're piling on the shorts. that's still a short here. that's a fundamental short. >> but the piling on ackman. >> right. >> look. >> that's the issue we're talking about. that's what the shareholder was eluding to when he he told me -- >> he had a great track record. 14 to 16% but if you want to be
fair put it back into that track record. that was a separate vehicle. that was 2 billion of capital that went poof. so there's also the side pockets. still gives them a great track record but you have to be fair about putting everything in there but the issue is we avoid the largest funds. very few large funds. $10 billion funds. viking has done great. put up the numbers. they have to take bigger positions to put up the returns. >> i think when i called bill and said look, there's a lot of speculation about what's really happening inside your firm, set the record straight with me right now, i think maybe part of his point was to say, look, the death of pershing square has been greatly exaggerated today as people are talking about the size of the positions that are down and the losses here and the losses there. >> and probably some of that has to do with the idea like he was talking about, not the redemptions a lot of us would have expected but it takes so long.
the time frame has already been in so do you want to be one of the folks getting out at the bottom? not that necessarily he's at the bottom but probably getting pretty close and the one thank that all of us know i can tell you when there's blood the sharks start circling and the main train gets much, much worse and the acceleration because you know who is long and you know who is short and when they come walking in to try to execute a position it's very, very interesting to watch how the me tricks of the inside trading world works and everything starts moving against it. >> i only met him once. you spoke to him. i just almost feel bad for him. he must be exhausted. he has to be burn out. >> but he put himself there. >> we're all getting older on wall street. who needs the headache. >> he put himself in a position to go in front of everybody and plead his case time and time and time again. right?
i'm not jumping on ackman. i'm just saying he put himself in this position. >> let me answer pete. pete is 100% right. when i say i feel bad for him, it's almost like why go through this? why take the volatility? you're a brilliant man. managed a tremendous amount of money. go find stocks and facebook. apple, energy stocks. why do you need the volatility. >> let me pose it to you this way. let's just take valeant for example. i think part of it might be -- why is bill ackman -- maybe he feels why am i being made the public face of the board for a lot longer than i have yet whenever valeant gets mentioned it's my picture next to the story. >> he was in front of the story.
he has been the guy in front of that story. he was behind the scenes. everybody knows who is in what stocks scott but who is out in front of the cameras. >> he made him his partner. so that's why. he's in bed with them. he more than any of the other holders was front and center. that's why. >> a four hour long conference call defending valeant when all of this stuff came out. >> and giving these examples and slide shows. everything else -- scott and i go back and forth about this but i think it's a correlation to the cam newton theory where everybody sees him doing everything else and when things don't go well they say oh my goodness. you got to feel bad for this guy. when you put yourself out there you have to understand what that really means. >> i agree with that. also sold some near the highs. so they have cashed out. i don't know that bill has done that along the way. >> he's a smart guy. he's going to figure it out. they're not in jeopardy. the assets will decline and i'm
not sure when talking about redemptions if those are people that filed their notice for redemptions or if they were actual redemptions so i'm not sure that we have clarity on that. >> the most fascinating thing that i heard you say is the last thing. it was such a cliff hanger. he says about valeant we know what to do. i'm waiting for chapter 2. what is he going to do to fix this company? he says they now have a board member. they're going to get more involved. what are they going to do? replace management? that's the question. as for what people are expecting over the next couple of weeks now people are speculating about what they're going to sell and they have a note out today laying out $6 billion worth of assets they could potentially sell. these are things like neurologist business worth according to bmo about $2.5 billion but that includes a lot of assets where they raise the price on them. they're calling them toxi assets. how do they sell them?
opthamology these could bring in $6 billion. but is anybody going to want to buy them? >> the obvious key issues with valeant, you know this, and ackman himself pointed it out on numerous occasions and we just got another example of it this week, the alleged typo in the press release versus what he said on the actual conference call. had that not happened and they simply delivered the number that they thought as their guidance, yes it would have been below what the street had expected but do you think the stock would have gone down 50% that day? >> it would have gone down quite a bit because that wasn't the only thing that shattered people's confidence. >> i got it but 50. >> how about the 10k? to stooech's point there's fundamentally something wrong with the company. >> can you think of any other company that bill ackman has been involved in where he wouldn't be out there saying get the ceo out of there? he destroyed the company. he built it. he destroyed it. it's been terribly managed, the entire process. not only that but him going away and then a nondeal road show and
then they cancel the nondeal road show, it's been viewed as a passive position and now just given what has happened and he put out the press release the other day saying that they are going to take a more proactive roll. >> now that's changing too. >> it's get a crisis management firm on their side to help them with their communications to proofread their press releases and make sure that they're giving people in term of guidance. why haven't they hired someone to help them. it's a tiny thing but you have so much to fix. why not start with the little things that you can do? it's very weird. >> mega, thanks. >> meg with the latest on valeant. here's what's coming up on the
halftime report. >> still ahead, defense or offense? >> you sound like a big ch choo choo train. >> investors making a myth in the trading this year. but now is it time to get more aggressive? that debate is coming up. plus the investor who is calling for just that joins us live. and nike goes back to the future. the ceo weighs in with what's next for nike. it's all coming up on the halftime report. man 1: [ gasps ]
man 1: he just got fired. man 2: why? man 1: network breach. man 2: since when do they fire ceos for computer problems? man 1: they got in through a vendor. man 1: do you know how many vendors have access to our systems? man 2: no. man 1: hundreds, if you don't count the freelancers. man 2: should i be worried? man 1: you are the ceo. it's not just security. it's defense. bae systems.
welcome back. we have the traders along side us as well. he is the chief market strategist. take a look at the markets right now. you do have the dow jones at 17,420. significant because it is only 5 points away to get to break even on the year. the s&p is up by 7. nasdaq is off by nearly 8 points. let's get to our market debate of the day. that is offense versus defense. the winning trade so far in 2016 has been in the safety places
and going back to december i've been holding on to gold and that's been nothing but up, up, up, up. continues today. gdx hit another 52 week high today. also at fdx and we had unusual active in there. nice move out of fed ex and i took that off. and i know that they're not performing the way that we like but the financials are well above where he they were. >> utilities are up 12% year to date and telecom 14. financials are down 12%. biotech down 7. >> financials aren't going to go
and that's after a 10% year to date loss. my cement trader came up with a great stat. you have a greater than 10% loss and you came back and make it up and lower dollar is a huge deal scott. this is going to be one of the things where everybody in the planet is thinking that oil prices is going to stay down and energy is going to be weak and the stronger dollar is going to continue to hamper earnings. well, here's an interesting thought. what if the dollar is not down? what if the dollar is even stable from here and weaker against the emerging currencies. you can have a margin up tick and over the long-term while i'm looking for a bull back here, think about this. china's m-1 year over year is ramping. the ecb is buying corporate debt and the u.s. isn't tightening more than they would.
if that doesn't figure out a growth move over the next 12 to 18 months i'm going to be wrong. >> dow is positive on the year and keep an eye on that. nearly 428 is where we are there. do you buy this? tow buy what tony is selling today? >> i think the market continues to move higher for all the reasons we have talked about. energy prices healing themselves. and i think earnings are going to be okay in april and the guidance knowing that the dollar is lower, we will come out of the earnings recession. the dollar and the guidance about that is going to be favorable. so i think that earnings are going to be actually a catalyst to move the market higher. >> but i heard you say 3 to 5% drop near term. >> right. a month ago. ordinary reason my birthday february 11th, what a great birthday that was. the bulls eye bull. so everybody is taking more on recession. i don't believe fundamentally. >> i don't think everybody is
thinking that. >> people were so thinking about recession and it doesn't invert and you shutdown lending anyways. >> here's what i find difficult about your thesis. that your cautious because of 3 to 5% drop and high yield spreads have also come under control. >> and there's less worry. >> i think the mark can go higher. >> even if you look at the senior financial cds index out of europe you get this great,
you had a dramatic improvement. regular deutsche bank is going to zero? >> yeah. >> well it's not. >> that's the last word. >> great. >> the wide shot like that's it. that's it. >> yeah. >> so good to see you. >> that was only the first time that happened. >> we'll see you soon. >> coming up, fed ex soars after beating the street on earnings. how the desk is playing that stock today plus the battle for top trader rolls on. the halftime port foil wrfolio competition is heating up. and the brothers are making moves coming up next.
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>> okay. caterpillar forecasts low sales and more than that. >> it's hedge funds. let's look at it yesterday. btu, one of the biggest customers and both cat and today they miss on every division. they missed every quarter except for one or two of the last four years and the stock is up. so clearly it's short covering and that's where the pressure is going back. that's where people swim with the sharks. >> and apple, this association with the cloud and it's all about the cloud and everybody talks about it all the time. take a look at microsoft as well. we have the big move and if you're executing and you're
winning you look at growth. >> recode is saying apple is using cloud. >> they announced the buy back joe. >> another retail name. >> you have everyone jump on me like you did yesterday with gap stores. is that what is going to happen? >> you make it a bullish case here? >> i'll tell you what, william sonoma does not have a strategy in place. the situation, the need to turn around. >> european markets at the new york stock exchange has the wrap there, simon. >> european markets reacting to the dovish message that the feds exporting autos with many
national indices forward into negative territory during the course of the session because the softening by the fed is sending european currencies higher. gaining for a second straight action in reaction to the fed and breaking above $1.13 no doubt much to the paecb which i trying to lower the euro. the u.k. pound lowering as traders look to cover short positions that have been so successful on a brexit. they gained 4 cents in just two sessions. fresh inflation data indicating that the next move in u.k. interest rates over the next three years is likely to be a rate rise. not the cut that many expected. meanwhile in the mining sector to lower dollar proving a boom. another layer sending stocks bolting. prices in the commodity complex of course are seen as moving higher on the weaker dollar if only because they're priced in dollars but the banks are broadly lower lead by the italians as investors dig deeper
into what the ecb is proposing scott and the wider impact on europe's financial services sector. >> thank you so much. still ahead, the call to break up the banks. we have one citigroup and jp morgan shareholder pushing to do just that. is it the best move though for investors? he joins us along with mike mayo to make his case. as we head to the break a look at the s&p sectors today lead by industrial materials and energy. dow is positive on the year. s&p is up 11. halftime report is back after this.
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hello, everybody. i'm sue herrera. the united states says isis is committing religious genocide. secretary of state john kerry making the announcement using the administration acronym for the group. dash. >> dash is genocidel by proclamation and ideology and actions in what it says, what it believes, and what it does. >> the star of the broadway hit hamilton is looking out for the show's name sake. tweeting that he met with treasury secretary jay scob lew
today and he was assured that hamilton fans would be happy. >> 20 auto makers are committing to make automatic emergency breaking standard on new vehicles by 2022. the group that makes up 99% of the market includes ford and general motors. talk about a he sea dog. a puppy reunited with his family after being lost at sea for five weeks. the german sheppard fell off a fishing boat. he was discovered on a beach along the island by the navy on tuesday. everybody go awe. all at once. there we go. pack to you. >> tell him to rollover and sit or something may do that too. >> might, you never know. >> sue, herrera. is it time to break up the big banks? it's not a new question but sit back in the news as shareholders of citigroup and jp morgan will
vote on a proposal next month put forth by a public activist. he is with a financial watchdog group and joins us live today from d.c. and also mike mayo who is live in new york. gentlemen it's good to see you. why jp morgan and citi, why should they break up? >> they're too big to manage. the banks arithmetic of assets minus liabilities. which is bigger than the share value which i think means even the shareholders a agree that these banks are worth more in parts. >> is he right? >> he is half right and half wrong. i'd say he is right when he talks about citigroup and other large banks that have failed to achieve returns above their cost of capital. if you can't make it in the major leagues send them back to the minor leegs. on the other hand bart is wrong about jp morgan which has 14%
return on equity over the past decade. >> so why, bart, then the jp morgan specifically which declined to comment on the story when we reached out to them, why given what mike mayo just said in the performance of jamie dimon should jp morgan break up? >> it's the better test case and i they you see that the shareholders it's lagging it's piers. it can lose money even fund management scrutiny. sh. and by 44%. again, i think that even in this best managed bank, supposedly, it is too big to manage. $2 trillion worth of debt that it owes people. more than 1 million of that.
mike has mentioned before and the jp morgan management line that it has a balance sheet. i don't think banking should rely on clever words. again if you look at the fdic and i call that living near the edge. >> you make a compelling case to break up every company on the planet not trading on their asset value. all you're saying is break it up and the parts are worth a whole. my solution is don't break it up. break up the regulators because what they do is throw barrier after barrier at these companies and that's hurt frankly the market. it's hurt businesses. it's hurt growth. that's the real issue. >> i'm sorry that the facts simply don't surveillance pourt your prejudice about regulation because, in fact, banking is doing better. especially community banking. >> i'm not talking about community banking. first of all, how often are you
involved in the markets? are you trying to trade any asset class? if you are you'll find there's no liquidity. and the rail. >> i'm not saying a policy. i'm saying financial markets. ly widty. it's very important to markets because it creates confidence and people and corporation and the speech. >> at first, i like what bart is doing by the way. with regard to and the market to say were in a case of citigroup
or bank america or a regional bank. and ilts below tangible book value and if your stock price is below tangible book value you're worth more dead than alive and it's for at least some form of break up of city group. and they din have for over 190 years of existence. but on the same day april 26th it's a regional bank that also failed to generate returns above the cost of capital. in the last 8 years which also trades below tangible book value and you have a base where shareholders across the board and i'm going to that but those
are two situations where we would say break up the bank if management can't show a more credible plan to get their stock price above tangible book value. >> thank you so much. our thanks to you as well. i mention to you earlier that jp morgan had declined to comment on the story. citigroup did give us a statement and says citi is a much simpler, safer, smaller and stronger institution since the financial crisis. and more than 60 businesses and $700 billion in assets. citi's board of directors has part of its obligation to shareholders and being executed by the existing management team will yield the best long-term results for shareholders. that coming from citi. wrap it up. >> i own city and i'm
disappointed absolutely. >> mike mayo agrees on that one. >> but i see value there and they have been rationalizing the assets. they do need new division heads there. they've done a good job with a good situation. >> that's a pretty big balance sheet, isn't it? >> true. >> all right. leave it there. coming up, nike, speaking to ceo mark parker about this new self-tying sneaker. joins us with the details coming up. crude's come back. oil is rising in today's session. and nice gains. the highs of the day come back with your futures now. and that's helping the overall market and the dow go positive on the year and then some. dow at 17,460. the halftime report is back after this.
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coming up on power lunch, the ceo's of the cruise line and stone gate bank survival of the fittest. which stock is a better buy right now. oil surging to the highest level of the year. >> that's right, tyler, you take a look at oil today. and wti nymex, the first time in 2016. what do you make of it? wishful thinking that the opec meeting next month. >> it's actually a month from today and it's going to mean something. why? because it's going to implemented the production freeze last month. and agree to attempt. and the playing field and pie in
the sky and that is an ipo. dissolved an 18 year deal with shale when it comes to refineries and now they're actually clearing the field. and crude oil couldn't be high enough for them. >> that's an interesting theory. what do you think? >> it's first draghi throws more liquidity into the system. throws in the towel and crude looks good. i think if it finishes strong today i think it clears the way to 44 as the first stop. >> all right. well, join jim, scott, and me at 1:00 eastern for the live show today. we're going to have tom kloza from gas buddy. he thinks that oil has bottomed. we'll also have steven from bank of america is going to talk to us about a whole bunch of different levels and things he's worried about when it comes to
to sit down with the ceo earlier and joins us now. nice access today into this company. >> thank you very much, scott. the future is now. yes. n nike unveiling the first self-lacing sneakers, the hyperadapt 1.0. i got a chance to try them on. they work. as soon as you put your heel into the sneaker, it adapts or hugs automatically your foot. don't have to bend over and tie it. you have to charge the sneakers. takes three hours to charge every two weeks. but it does work. it has a plus or minus button on the side where you can actually tighten or loosen it. and it is set to hit the market through the new nike app this holiday season. we don't know the price yet. we don't know the market. it gets a lot of hype but he compared it to two different things, one, the self-driving car, and flyknit, which started
off slowly but has been integral and super charged nike's sales and changed the way it makes sneakers. here is parker on what that means for the self-tying sneaker. >> flyknit started as a single shoe and now it is in almost every sport category. i think you're going to see, yes, adaptive lacing and in this case start off small, with a tight one product. and then you're going to see it move into other categories like basketball and running and other court sports. >> so they have got high hopes for this technology. as far as the economy, nike's stock has been hit with the overall market so far this year. he said he feels the economic swings in the foreign exchange pressure, the stronger dollar, which we had seen, couldn't get too much detail because nike reports earnings next week, so they're in quiet period. he said he's not seeing much of an impact negatively on the consumer because of the innovation, which is what they're here to highlight in new york today. >> sarah eisen, thank you so
much. great stuff. out in new york city today. sticking with sports, in honor of the ncaa tournament, we're doing our own halftime market madness. the traders will determine which company is the top stock pick for 2016. they have already whittled down the field of 64 stocks to 32. matchup seeds were determined by the stock performance over the past six months. the first round of matchups set to tip off tomorrow. and you can follow all of the action exclusively here on "the halftime report" and on cnbc.com/halftime. game plan for the second half of the trading day, stocks on the move big time. we're back after this.
save a little here and there, and over time, your money could multiply. see? ah, ok. so, why are you orange? funny. see how voya can help you get organized at voya.com. welcome back to "the halftime report." google's parent company alphabet is getting out of the robotics business. this according to a report from bloomberg citing sources familiar with the matter.
you may recall boston dynamics, the company you see with those robots and other various types of robots was acquired by google back in 2013. according to this report, they're now putting this company on the block up for sale. so, again, the company behind a lot of the robotics initiative at alphabet putting itself or putting boston dynamics, the company behind the robots you're seeing up for sale. back over to you. >> dom chu, thank you very much. do you ever wonder what the traders on the desk are up to when they're not on the desk? we follow joe cher nova out on to the ice for a look at had his work with the new york islanders children's foundation. >> this is one of my favorite charities, something that is supported over the last ten years. >> there you go. >> we got the top eight teams in the country at the 2005-2006 birth years, here on long island, where we're hosting all
of them. >> what do you do? attack. >> giving back. it is about giving back to children. >> get ready. go right to the net. >> that's the side of wall street that people don't see. that's what i'm doing here today. i sponsored the event. purchased all the ice. all the proceeds are going to the islanders children's foundation. >> say hello. >> my dad is really involved in this and i'm happy he's doing it. it is really for a good cause. >> he's never shy about giving a helping hand and extremely selfless to people who don't know him and him and his staff, this weekend wouldn't be possible without his help. >> i want to thank my dad for putting this tournament together with the islanders so we can play against the amazing teams. >> it is a great cause. charles, joe, garth, dale, they do a great job. want to help support them in any way possible. they give us a great opportunity to play and be a role model to the kids.
>> the philanthropy part of my life is -- this is my hobby, this is my vice, this is what i enjoy, this is what i love to do. i love to help others smile. >> i'm really proud of him and i think he's doing a great job. >> as do we. >> fun stuff. >> great stuff. >> couple of them could go to the nhl. >> wouldn't surprise me based on where i know they have been -- the tournaments they played and won. great stuff. thank you. good stuff. let's talk about the markets before we get out of here. we have the dow now positive for the year. and at last check the s&p 500 was at its intraday high of the year as well. couple of notable things coming up. you have tiffany before the bell tomorrow morning with its earnings. by the way, we have andrew wellington of lyrical coming on tomorrow. we're excited about that. last thoughts here. >> if you have a bunch of analysts working for you, tell them, tell me what the price of
oil is. i think that you're very well set up for the market to continue to go. just a major liquidity push into assets. >> based upon that, i think you have to own puts. look at the vix now around -- >> lowest level since november. >> 14. >> guys, thanks. "pow "power" starts now. scott, gentlemen, thank you very much. welcome, everybody, to "power lunch." with melissa lee, brian sullivan in the house, michelle caruso-cabrera will join us momentarily from the nasdaq. i'm tyler mathisen. we begin with a big developing story in the market. the dow has turned positive for the year, believe it or not. the s&p 500 just few inches away. all this as oil cracks above $40 a barrel for first time in 2016. what a turn around it has been in the last five weeks. the dollar continuing to lose ground after yesterday's an