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tv   Closing Bell  CNBC  March 30, 2016 3:00pm-5:01pm EDT

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found -- check on the the premiere of "secret lives of the super rich q. that's tonight at 10:00. and thank you all, by the way, for watching "power lunch." "closing bell" starts right now. s. hi, everybody. welcome to "closing bell." aisle kelly evans at the new york stock exchange irnts and i'm bill griffeth. stocks rallying again today. the janet yellen impact is starting to recede just a bit. as we approach earnings season, new data shows that things could get ugly. we're not talking about just the energy sector. we have details you'll want to pay attention to. just a couple hours ago dug bots will be the future, and he
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talked about a huge hailed for microsoft. it is dismayingly humor us. lockheed as liftoff. we have the details on the new air shipments. and we'll show you what they look like. it's very, very cool stuff. >> after the bell, a rare and exclusive interview s. erin callan, this is her first time speaking out about lehman since the financial crisis. she's out with a memoir about what she calling leaning in too far, and she'll join us live to discuss the new book and life after lehman. >> i would be interested to hear her thoughts on wall street today, and the impact that regulations are having on it right now. >> maybe the tech world, too, where a lot of this discussion is taking place.
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>> let's start with the markets and spikes in insurance and financial stocks. bob pisani tracking the action here. bob? >> hello, william. don't normal get insurance stocks leading the market, but we're getting it today, and metlife up nearly 5%. a u.s. district court in washington ruled that metlife was not eligible for a systemically important financial institution. of course there's going to be some appeals on this, but this is very important. remember the company had been holding capital in anticipate it was a sefi. also we don't know, this is not po on the floor yet, but certainly good news for metlife. they also said they would el receive their fae under to escape this sefi at the designation. prudential and aig are moving. they're also face designated
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sefis, prudentialal well. remember, there was some pressure on aig, and there shha been for a while, and they have resisted doing that. that maybe prove to be a very important idea, given this is all nothing a bit up in the air. elsewhere, others financia-- we seeing wells fargo, bank of america, citigroup, all nicely up today. >> speaking of wall street regulation, one of the odd unintended regulation, only as companies aspire to. i wonder too, bob, why did they have to go to court to get of the sefi designation?
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this whole court case has related, but i want to emphasize there's probably two other levels of appeals, including the u.s. supreme court, so this is certainly not over yet. >> bob, thank you. we'll check back in in a bit. our bob pisani on the floor. you mentioned this at the top. brace yourselves for a terrible earnings season. dominic chu has more. >> so kelly, bill, the reason why we're saying that is we haven't seen these low bar estimates here. they're setting it really low in terms of annual fist estimateis. this time they are for a 7% drop in earnings in s&p 500 companies over the same quarter last year. it's not just the bottom-line profits. it's also sales as well. you can see a revenue growth down 1% overall.
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it would be the third consecutive quarter of earnings declines and fifth consecutive in revenue declines, and that has happened since the great financial crisis. the energy impact is big. if you strip out energy, just for a hypothetical purposes, if you strip owl energy, earnings dropped 7% down to about 2%, so a pretty big impact. on the sales side you actually see revenue grut. the reason why the biggest drags here going forward, and these are some pretty shocking numbers here, energy according to that thompson royaltier ibis report is forecast to be down the 9%. yes, 99% over the first quarter of 2015. material stocks down 19%. these are the two worst growers. financials and technology, bob pisani mentioned the banks before they're forecast to lose about 7%, and technology about 5. tech and financial the two
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biggest sectors in the s&p 500. they make up 36% of the overall s&p, but energy and materials some of the big drabs. we should point out the positive story comes from consumer discretionary, and that of course is big baas mobaas becaue . charles etch was on "squawk box" this morning. moving are twaurs or 2% is pretty high, so i would be surprised if we met that condition myself. in april i think moving in june would be on the basis of further improvements in the labor
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market. and he sounds a little hesitant on that one as well. let's talk about it. keith fitzgerald from monday, and alan valdez, he's at post 9 at the new york stock exchange. keith fitzgerald, we've had this rally, global rally over the last 24 hours, which seems to be continuing right now. is it a green light? >> no, you know, i wish it was, but i think this is an awful lot a lot like the dog ate my home work. the emperor still has no clothes, so they're wallpapering over a wall that has nothing to stand on. will i take it as a trader? as an investor, i'll take it, but will it last? no, i think we'll have a good buying opportunity when the earnings come in. >> jack, we were at all-time highs for the year.
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what do you make of the markets here? >> a couple things have happened. over the course of the last three months we've seen a decrease in open interest here. a lot of that is due due to the fact that you've had portfolio managers that had messages on now taking them off. you see fund managers talking about how they've been underperforming, but my antenna is up. everyone is tacking about a green light with janet yellen. for me it's more of a yellow flashing light. what dominic chu was just talking about is absolutely the most important. you know, larry kudlow says it best when he says that earnings are the lifeblood of a market and nothing has changed. if that's the case, where we're trading right now makes us rich, so we have to be very, very cognizant of that. >> alan, one trading day left in this quarter. we were talking about of the show, you were saying we had a v-shaped market in this first quarter, and i asked you what her you think we'll have in shape for the second quarter?
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we're going into obviously what dom chu characterized as a pretty bag earnings season here. i think it's pretty obvious. these guys have been spot on with their forecasts in the last two years, i think we'll see pretty rough and that v will stand for volatility. i think it's going to be a down quarter. you have a wall of worry out there, and i don't see traders saying, hey, let's get into the market right now. >> even if the fed's not likely to raise rates in the second quarter? >> but like your previous guest said, it's the lifeblood of the market is this earnings season coming up. we'll have to wait and see, but i don't see much good coming out of this quarter right now. >> all the same they're is discounting mechanism, so we can look back at the weakness we've experienced when we've had these sharp selloffs now three to six months out, how well do you
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think energy or some of these other sectors may rebound? >> i think it's a very sharp question. normally i would have said, okay, energy is a good telegraph mechanic temple and you can look forward as sort of a rebound gauge. i don't think that's true. i think the more important bellwether is what's happening to technology? unlike energy technology has gotten margin support. it's got increasing demand, you still have lots of people using it. the more important bellwether to me of what it portrays is that equity market. >> jack brunellia and bill gross was out with his april investment outlook. he had a catchy phrase. he was saying capital gains and the expectation for future gains will become like giant pandas, very rare, sort of inefficient at reproduction. he was on "power lunch" elaborating on that. i think we have a s.o.t. of that. i'm sorry, i'm showing the
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wires. >> not to despair and give up and leave the zoo because the pandas won't be mating any time soon. my solution basically is instead of investing at nothing, to try to bore borrow at nothing. >> he is talking like a bondtrader, classically so, but you as a stock trader, what do you think? >> i think for the next year, history is actually in his favorite. remember, we've had six presidents that have had eight years or more in one case in office. in that eighth year. we've seen the market go down an average of 11% in the s&p, 13% in the dow with the exception of 1988, so history is telling us that this is a very difficult year for equities. looking ahead of that, remember, you know, bill is talking his position. i happen to think this is just this minor blip, maybe one year, but we're in a 20-year secular bull market. we can't really be thinking of what we're talking about here as
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a new normal, which is what he was trying to convince us of last -- >> well said, jack. >> suggested the strength we're seeing might be as much as window dressing as janet yellen. is there any truth to that? >> sure, but i think janet yellen had more of an impact this time. just three weeks ago it looked like they were going to raise rates come tomorrow and now it's been put off, so i think that is the driving factor in this rally right now. guys, good to see you all. appreciate your thoughts, as always. we have 48 minutes left in the trading session. the dow is starting to head higher again, up 102 points at the moment. at its peak it was up 157 points, and the nasdaq once again the better performer of the three major amples. >> coming up heir cal lan, the former cfo on lehman brothers, about her new memoir. this is her first interview at
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cnbc since the collapse of lehman. >> looking forward to that, coming up. also, when we come back, microsoft's artificial el intelligence chat bots, as they host a major developers conference, all here what the ceo has to say. you're watching cnbc, first in business worldwise.
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at really day. in fact we had rally overnight. s&p up 13 points, and the nasdaq is up p. cowen upgraded the stock and raised apple's price target to $135 from $125. you see it's trading -- the firm
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expects a pick up? upgrades to the new iphone, the se, which it things will have more flexible screen. separately apple signed a multiyear deal with major league baseball to supply each team all the coaches will be able to use these new ipad protablets for statistical use. i can imagine baseball purists are not happy about this. >> yesterday we've seen them on the sidelines of nfl games. >> you have. >> it appears there's ripe territory to fight over. microsoft their shares are higher today, as the annual conference kicked off. just getting as microsoft's new twitter chat bot experienced multiple major technical issues, first viewing racist messages, then falling into some sort of repeated loop. addressing the issues today
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spoke about the future. >> last week when we laumpled our incubation tay, we realized it was not up to its mark. so we're back to the drawing board. this is the rich world the conversations that we envision, people to people, people to your personal digital assistant, people to bots, and even personal digit at assistants call on bots on your behalf. that's the world that you're going to get to see in the years to come. >> well, let's talk about it. joining us jon fortt and lance ulinoff let me start with you lance. is microsoft expressing are they naive or disingenuous if a food
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companies decided it want to do a bot, but we were talking about microsoft. these things are complicated, and microsoft didn't count, i think on the underbelly of the internet going directly at trying to corrupt this bot early. it's kind of like giving a 3-year-old cigarettes or something like that. >> but the internet by difficult necessary is -- what do you expect? >> you're exactly right. but trying to create a new way to interact, the engineers are
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trying to figure out how to get it to work. they're not trying to figure out as firmly how to get it to break, but that's what twitter is for. >> lance, educate me. what's this chat bot supposed to do when it's working properly? what am i supposed to gain from it? >> it's ultimately -- so you don't know you're talking to a robot, to a program. it's supposed to learn along the way. in fact, it did. it just learned all the wrongs things. ultimately -- this was a big part of the keynote, talking about bots. the word "bots" must have been mentioned 50 times. it was about how these bits of intelligence can do things for you, proactively do things for you, not in sort of a rote way, but in a contexual way, when you talk to tay initially before
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things went terribly wrong, you got the sense she was pulling in other bits of information to give you a more insightful answer. during the keynote, they showed house a bot could work with domino's pizza, and i like that. >> that's funny you mentioned that. >> in any case, the fact that we have siri, you know, the amazons, alexa, all these different ways in which companies are racing to try to build a technology that can interact instead of having to google something, we can give them the command and they'll respond. so i guess that's why these bots are important, it will manifest itself, with our interacting with our devices, maybe even our cars? >> core tana was also another big part of this keynote which works as sort of a digital assistant. they were spreading that all over the place. it's going into xbox 1 and
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obviously on the windows mobile phone, and it's a very important part of sort of this intelligent engagement with your technology, and sort of automated, but, you know, i guess i feel like it's unfortunate that microsoft got this black eye at just this moment as it was trying to get people excited about the power of this bot, this digital assistant and clearly working hard to shove it into everything. >> they certainly displayed it and got the most possible attention for what they're ultimate to. >> that's true, kelly. i think the key here for investors is microsoft is trying to make up for the fact they missed the boat on mobile. they're trying to make windows 10 not just relevant for pcs, but also now you can develop virtual apps on xbox 1 and they're trying to use this interface of conversation, core
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tana plus bots, if you have wearable technology involved, you can still interact with technology and get things done without a screen and mouse and keyboard which used to be key to that experience. if microsoft is going to succeed, they have to bridge that gap between the pc and the wearable. >> great point. >> indeed. thanks, guys. good to see you. appreciate it very much. two humans talking chatbots. how did you know? that is too funny. private joke. 37 minutes left in the trading session here, and we're heading higher. spoke research showed us the chart yesterday that probably it's a good idea often to buy the last hour of trade. it's happening right now, the dow up 115 points right now. erin cal lan, the former lehman brothers cfo during the financial crisis who just published a memoir. we'll get her take as to her new
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and very different life after wall street. >> very different. also ahead carnival's ceo discusses the earnings beat and its voyages to cuba starting in may, coming up.
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welcome back. shares of lululemon up more than 11% after reporting better than expected earnings thanks to cost cuts. and bill, much as we described them as a yogawear company they
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are diversifying rapidly, making blazers for women, all sorts of wardrobe options. you might have wanted to look into it. they might have a men's suit option. >> really? who am i wearing today? lululemon. i could use the suits that stretch these days. detroit is trueing to make an all-american comeback thanks to entrepreneurs who believe in that city. daughters from the kauffman foundation shows nearly 1,000 small businesses for every 100,000 residents in that metro area. >> kate rogers is live at one business that's manufacturing 100% made in the usa denim in the motor city. kate? >> reporter: that's right we're here at detroit denim company founded by eric yellsma who lost his job as a chemical salesman, but he always loved jeans. he decided he watched to make jeans just like these right here
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in detroit. >> i cooperate have done it anywhere else. i could not have dolls it in chicago, new york, any other city. i wouldn't have had i think the access to space. i couldn't have had, you know, sort of the economic i guess -- not favor, but the cheapness, the ability to go finished a place and start making something. >> reporter: today they employed seven people at the newly opened manufacturing facilities and have a plan to open the storefront in weeks to come. they employ native detroiters and teaching them on the job skills. that had bayly needed after the automobile collapse, but it's a more diversified workforce. >> making things, we've done that in detroit for hundreds of year, it's rewarding to revive some of those old skill sets and employ people. that's a real -- real --
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>> reporter: now, finding the right skilled labor has been a challenge. they say it can take up a year just to learn the right sewing skills, but the time and investment has definitely paid off. last year detroit denim company did about $300,000 in sales, and bill and kelly while we're talking about small business -- next week for the first stop on the iconic tour of 2016 in april, we have a great lineup of speakers f 6 greg glassman, robin chase and tillman fertitta. >> it goes to show there's no real formula for incubating success, but in their case it's the combination of low cost. >> and you could only do that in detroit, with their conditions. time for a cnbc news update. hi, courtney. >> here's what is happens. donald trump in a town hall
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interview with msnbc's chris matthews that will air in its entirety tonight says women should be punished in some sway for getting abortions if abortions were made illegal. >> do you believe -- >> no, but -- >> do you believe in punment as a principle? yes or no. >> the answer is there has to be some sort of punishment. >> for the women? >> the last ten years? >> i don't know. >> frankly i do take positions on everything else. it's a very complicated position. >> josh earnest says the prospects of japan and south korea on obtaining nuclear weapons could be incredibly destabilizing. yesterday donald trump said the two u.s. allies should build such weapons to deter enemies. china says the new missile defense system the u.s. wants to deploy in south korea is a threat to regional stability. at a briefing in beijing a chinese foreign ministery
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spokesman says it exceeds the needs of the peninsula. hundreds lined the streets of toronto to say their final good-byes to rob ford. the funeral drew a mix of ford's family, members of the public and an array of politicians. back to you. >> thank you very much. we'll see you next hour. we're in that last half hour of trade right now, and the market continues to gradually move higher. the dow up now 110 points, and another strong session for the nasdaq. a leading trader will tell you -- it's art cashing. he's coming up. also the ceo of carnival stops by to discuss earnings, plus where he sees the most paroling growth around the world. and erin callen montela will join us exclusively. we'll talk about her career path and her time in the lehman
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glee the rally tips. they are ten sectors. technology second day running leading the way here. pretty good gain, as a matter of fact, and the intrasensitive utilities are the laggard. they are the lone down sector in today's trade. less than half an hour to go. youppiing mess office is art cashin. have good to see you. we have a couple props here for the market that could be going away, you say. >> yes, earnings season will begin. that usually means the corporate buyback orders stand aside. that's been a major factor in the bull aspects. in fact, secondarily tomorrow will market the end of the month. friday will begin a new fiscal year in several nations, so
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we'll see things change. i think there would be an attempt to keep up with pressure on the market into the end of the week, depending on what non-farm payrolls are, and next week we hit a drier spell. it could be tough. we'll keep an eye on that, but yellen -- the if it was still on janet yellen, that wouldn't matter. >> does it give you more confidence? >> i think so. yellen has given us the blessing. they'll have to put a gun to her head to have her move things. i'm saying i don't think any hikes for the rest of the year. >> arthur, thank you. bill? one of the top performers is carnival corporation, up about
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5%. ceo arnold donald is back with us in an exclusive interview along with our own simon hobbs. >> welcome back to the show. given the strength of the beat you saw today, seven cents and raising the lower end of your guidance for the full year basically what's happening is our teams are doble a good job. that lease to a work of mouth. dema demant, great demand for a great product and we're enjoying success right now. >> the great news for many people who cruise, one month from today, you will be the first to send a cruise ship from the u.s. mainland to cuba, the
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first in about 50 years. it's a moment in time for you before the rest effectively get the go ahead. how will you leverage that first move? >> first of all, we are honored and privileged to have been the first cruise company to be approved to go from the u.s. to cuba and back. so we're very excited about it, and we're honored and privileged to have that distinction. we've been told we will be the first when we sail the first week of may with our fathom brand. it's a premium small ship. if you haven't booked, you should book right away. it's going really fast. at the same time it's going to take time for cuba to accept other brands, including many of our own brands, into the various ports there, but it's going to be a tremendous refresher for the caribbean. it's going to be good for us, for cuba, for the industry and
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for the caribbean overall. >> arnold, welcome back from me as well. >> thanks, bill. we keep hearing anecdotally from other businesses and business leaders, without naming names, that the cuban infrastructure is just not ready yet. i mean, they're getting there, but they're just not ready yet. those people who first booked the cruises with you, what are they going to find when they get to cuba? how welcome will they be with the u.s. dollars? >> first of all they're going to be very welcomed. i was just there last week, during the president's visit when we signed the agreements to sail. we found very welcoming. they have worked very closely with us. there are cruise ships that go there today, of course, from europe, because europeans have been able to go to cuba for quite a while. the beauty of the infrastructure is we carry our infrastructure with us, so people will be able to experience, you know, great accommodations, great cuban food and great cuban immersion
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activities while sailing into cuba, but once there, believe me there's plenty to do in havana, and santaiao defuega, and they're geared up and ready. >> i wish -- >> we did experiment with virtual reality, but that's not reality. reality is always a little better. >> but i'm reading here you are partnering with at&t and samsung for a carnival cruise virtual reality experience. what the heck does that mean? >> into i have beenly what we did, we're in 1200 at&t stores, using samsung devices, and people are able to experience many of our brands through a virtual reality experience while in the at&t store. it's a great way to expos those who haven't been on a cruise to what a cruise really feels like. as they deliver that experience,
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they realize it's the best experience there is it reminds me there's 160 ships in the catheri caribbean every year. now, just reading between the lines, how is this going to work? how will you ration that? i understand there's one wharf, one pier that functions in havana. one side is shallow, one side is deeper. are you suggesting people will be held offshore when you say people get to use our accommodations and very few of them will be able to pull up to the dock? how will it work? >> the reality is we are pulling up to the pier with the "adonia" with our fathom brand, but clearly it will take time before there's any of that number of ships that will frequent el cuba. not only in havana, but in about
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ten other ports on the island, because there's so many wonderful things to see there at the take some time and it's a tremendous opportunity, but also for cuba. you know, there's a new many -- we've been talking about china for months and we're doing great, but there's a new sea in to -- new c in town, and it's cuba. >> i may go with us. >> we're looking forward to it. we're going to make history. arnold dom there, the ceo of carnival. >> you seem to know quite -- >> i am. it arrives 11:00 a.m. may 2nd. you have your bags packed? >> obviously. we'll be paying our way, because that's what cnbc does. >> i'm already on a cruise right now. i'm doing the virtual reality thing. it's lovely. 18 minutes to go into the
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close today. karn natural one of the outperformers that index is up ten points. and critics have called it. erin callen is here about her new book about her life during and after the fall of the new york giant. it may be the rise of the blimp wars. they're back, first lock heel martin says it plans for a new fleet. now rivals from the uk want to float high above the clouds. who better to do the story than our own jane wells. she joins us next. i'm in vests and as a vested investor in vests, i invest with e*trade, where investors can investigate and invest in vests...
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eye. as many of you know, i'm not a fan of the consumer flying. >> but jane wells joins us with hope for the skies? >> well, bill, tsa precheck, okay? back to you. we're talking about something eventually for consumers, but what i'm going to talk about first is about cargo, and a lot of cargo.
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okay. lockheed martin has this new hybrid airship, which is filled with helium, part blimp, part plane, part helicopter. it will be a football field long, and potential thousands of miles long to travel where there are no roads. heavier than air so when it's on the ground it doesn't have to be tied down, easier to unload and load. lock heeled tested a small prototype, spent, and haw knolls finally landed the first deem. 12 air shipps to be bayly straightline aviation. it's run by a bunch of guys who used to run rich and branson's balloon and blimp business. they claim they already have a couple customers in oil, gas and mining waiting for these, because it's a lot cheaper and more environmentally friendly in delivering cargo to places
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without infrastructure. but there's competition. check this out. the airlander ten by hybrid air vehicles floated last week, different technology, this is lighter than air, except the airlander is going after the tourist market first, possibly by 2018, bill, it's considered the largest aircraft in the world. are you going to -- i'll bet you i can get you a deal for first class. >> not exactly what you call cutting edge. >> it's like a big drone. drones made the blimps cool again. >> it's cutting edge that it's more easy to maneuver than the traditional blimps and of course everybody thinks my god, the humanity. remember the hindenburg was filled with hydrogen. these are filled with helium. not flammable. back to you. >> thank you, jane wells. you're welcome. tsa. we have a news alert on
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chipotle. >> here we go. chipotle has filed an application for a better burger trademark, laying the ground for possibly expanding their focus best yond mexican food into a line of burgers. the spokesperson for chipotle pointing out that chipotle all right has chop house and pit rhea locale, and note d that it would be included to a large variety of foods. ist just filed an application for the trademark. we'll see what happens. the stock is having a good session today, bill. >> seema, thank you. what do you think? crowded space. >> it's very crowded space. >> they have a couple initiatives. they do shop house, which i they is the chinese/asian approach. i haven't been, obviously. >> a pizza chain? >> sitting in a room with a corporate board and somebody says what is the next growth area, and somebody says
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hamburgers? really? >> they have taken off the last couple years. it is a crowded field out there. >> very crowded. we have ten minutes to go. dow is up 89. >> up next, we've got someone who says risk of a u.s. recession will rear its head again, that would be a potential concern for the markets. she'll explain why, coming up. economy is growing, ,e with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. and in syracuse, where imagination is in production. let us help grow your company's tomorrow - today - at
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about seven minutes left in the trading session. i forgot to mention before the commercial break, but if you follow us on twitter, you know that art cashing already told us the market on close orders are 230 to sell and most of that is in the s&p 500 stocks. joining us here on the floor, samantha azarello. welcome back. >> thank you. >> we'll be talking recession possibilities again? >> it's going to rear its head. it came up last year. i don't think it's off the table. that being said, we don't see it in our outlook over the next year and a half. >> where do you think if people
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come to you and say gdp numbers collapsing, and god forbiff the job numbers show some deceleration, how do you talk them off the ledge? >> we would expect gdp to accelerate, so we would want to see it slow down, but you would also have to see widespread weakness, but there's five or six sectors we cover and there isn't weakness showing in that. so we would want to see it widespread across five, six different measures. >> utilities and telecom are the two best performing sectors this year so far. do you stay with that? what do you do here? >> we like cyclicals over defensives. that's the consumer story. but i can see where the different returns are coming from, where the appeal is within defensives were looking at utilities, because it's u.s. centric, not exposed to the dollar versus, say, consumer
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staples. >> you would go with the utilities? >> they're expensive, but i don't think anyone's going to have an issue. yields are staying low. yellen surprised everyone with her dovishness. >> all right. very good. good to see you, samantha. we'll take a break and come back with the close countdown, and erin callen movement tella, the former cfo of lehman brothers, talking about her career at the firm. a keep it right here. you're watching cnbc, first in business worldwide. but nothing could be worse for the whales. most of the orcas at seaworld were born here. sending them into the wild wouldn't be noble. it could be fatal. when they freed keiko, the killer whale of movie fame, the effort was a failure and he perished.
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but we also understand that times have changed. today, people are concerned about the world's largest animals like never before. so we too must change. that's why the orcas in our care will be the last generation at seaworld. there will be no more breeding. we're also phasing out orca theatrical shows. they'll continue to receive the highest standard of care available anywhere. and guests can come to see them simply being their majestic selves. inspiring the next generation of people to love them as you do.
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even when i'm on the move... ahhh. coming up on the final two minutes. it was the speech heard around the world after janet yellen's speech noontime yesterday, wall street took off, and then the asian and the european markets followed suit. shanghai overnight gaining more than 3%. there it is, up 2.76%. right at the 3,000 level, the dax in frankfurt and how it did today. up 1.6%, and our market was off to the races again morning, bob, but it has come back, just 78 points right now, so starting to recede a bit. up 1.35% which i think is an
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impressive rally, but people saying we're off the highs, bob, what else do these people want? let's review the bull case. low and rod matt economic growth, and we sure as heck have a supportive fed. for the bear case there's a lot to be said. >> see earnings expectation. >> thank you. four consecutive quarters. i hope you heard dom chu talking about that. there's certainly a lot to be concerned about. here's what i think. i don't think the market will go up anymore, but janet yellen is trying to put a floor on the market, for a lot of investors worried about revisiting the february lows, that's the --
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call it the yellen foot, whatever you want to call it -- >> thanks, bob. going out with a gain of about is 1. roughly half of what it was. here's the big board today at the nasdaq. it's quinnipiac global asset management education program. see you more, kell. thank you, bill. welcome to "closing bell." i'm kelly evans. another rally across wall street, as we get closer to closing out the first quarter of the year. the nasdaq 22, and what's remarkable is how similar these gains are. all the major averaging up by half a percent today. we'll have more on that in a moment. we will talk to former lehman brothers cfo erin callen about her new book "i'm leaning in too
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far." this is the first time she'll speak about lehman since the firm collapsed. it's coming up. joining today's panel here at post 9, we have cnbc's senior markets commentator mike san tolli, and elan moi, and tim seymour joins us as well. is this still the afterglow from the colts yesterday? >> i think so, though in a measured way. it wasn't some kind of burst of enthusiasm where people said this changes the whole story. i see it as a removal of one potential negative, which was maybe a fed that was going to get xwashl and overaggressive. enough people were thinking that. also the dollar, the dollar index back down to levels where it stood after the march fed meeting. it seems as if those two things eased up pressures. this had the feeling of people feeling underinvested.
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that usually means there's a measured allocation into stocks. >> ylan? >> i was surprised earlier in the year the fed wasn't doing more to walk back expectation that the fed would not hike at all for the rest of the year. we found out the reason why is because it was helping the fed in terms of the fed is expecting to more rate hikes, still more than the market anticipated, so there is room for a surprise perhaps later on in the year. two is still more than one, which is sort of where the markets are at right now. >> i would say that the
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threshold for having confidence that inflation is going to sustainably move up towards or 2% is pretty high. that hurdle is pretty high. i would be surprised if we met that condition myself in april. i think moving in june would be on the basis of further improvements in the labor market. >> so kind of tempering expectations there as well. >> yeah, that's exactly right. what i thought was interesting about his speech is it was almost, you know, a clif notes version of janet yellen areas version. he said it was too early to tell whether or not this uptick would last. he mentioned he wasarticles and it moves towards him. >> that leaves this interesting question.
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serving for yield. how much fur can that note and should it run? they also slight consumer discretioniaries. at least in these pricing power for a number about of this is -- in an environment where there's little to be had in terms of yield, they should trade expensive. i think people looking may not be totally looking at the total picture. >> they create as many imbalances and those were called out by the fed. >> what you don't want is people
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buying something to the on wrong on reason. buys a cat when they think it's a small dog. [ laughter ] >> you're buying equity, now a perpetual bond, but i agree. the one thing i like about the group is the standard wid dom doesn't like them. they feel like they're expensive, no great fundamental catalyst. they're piling into these things. there was more of a growth flavor into these tradings. by the way, what do you make earlier you reported earlier that it was going to be an ugly earnings season, but it's out there. what are people looking at once we talk middle to end of the
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year, first of all brown down by sector. they're almost at their knees, so the expectations are also extremely low. i think the change in the dollar sendment is something to be watching. i think the corping in asia, especially some of the chinese comps are probably in a very good place for the next two to three quarters. it's a relative yardstick, and if i look at the companies that i think will the ability to still do well, they're in some of the luxury space, multinationals. i think even companies like tiffany and some of the beaten down luxury names, i want to watch for a rebound. i think their world just got a lot better. seema mody has more. >> hey, kelly. it's a mixed report from micron tech. earnings coming in at a loss of five cents versus the estimate of a lot of eight cents, so lightly better, but revenue
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missing expectations. concession was for 3.05 billion. now, the stock is down about 25% year to date. much of that having to do with intense competition in the semiconductor space. that's run reasons we're seeing consultation. more details perhaps on the conference call. seema, thank you. tim, they mised to beat on the bottom line, but the retch miss was sizable, should we say? the shares are up, though. what do you make of it? >> again, a stock down significantly. expectations are that the margins -- operating profit margins have been very, very low. i think tech dale also if you look at where the stock has bounced around, around these levels, these numbers give people more visibility into at least the next couple quarters,
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i think it's better than had been expected. >> the cycle is in such a bad place that you start to trade the stock on book value. it trades at 90% of book before this report. it sort of bottomed out in '08 at 50%, so there could be down side, but in general you have to -- safety here, presuming incoming quarters the cycle turns a bit. what would it take for sentiment about the cycle or numbers showi showings obviously you're not seeing assh december capacity a couple years ago when it was a coldf called stock, honestly i think the stock will tell you it's. >> do you see any signs on the horizon? not real li. the deal, you notice, in taiwan, if they continue to try to make
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the acquisition, i think people are worried, so i think there's a lot of caution. i think at this point, as mike pointed out it gives you a pretty decent foundation for which to take a look at this stock. >> getting some number in after the close about the market today and also context, it's been an extraordinary and unusual year, one of the biggest selloffs to start the year. we've seen a pretty steep -- they're at 15% in fact eight out of ten sectors are in positive territory for the year, the most negative is health care, but financials are a close second. obviously because the yield curve is not cooperating. beyond that it's defensive, reliability, it's stability. also the reverse of last years.
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>> and it's interesting ylan, some of the former types have left the fed. the kinds who don't necessarily, you know sort of hold up the banks sector and say they need and want higher interest rates. that voice seems to be on the decline at the fed, and certainly a lot of financials keep kind of hoping for a rate regime, which doesn't appear in the -- >> the fed has become highly academic over the past ten years or so. it used to have many more people from industry serving as fed presidents, serving on the board. it's more of an academics place now. but i do want to mention this issue around metlife this is really a big blow, for the concept of it in particular, because from the function stability oversight council,
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this is the main this ink they do, right? that is a big blow for f-soc, and the idea of this financial stability regime. >> and one of the things that helped the financials rally today despite the worrisome report. tim, thank you for joining us. >> thank you. there's more with tim and the crew at 5:00. the hedge fund manager who called the collapse at nat gas, reveals where he sees gas going next. it's been nearly eight years since the fall of lehman brothers. the former cfo will join us in an exclusive about what she's learned since about career, family and leaning in too far. boeing announcing job cuts. shares trading lower on the news. but can workforce reductions turn the plane make around?
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erin callen is now speaking out. she was just 41 years old when
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joe gregory and dick if you would asked her to become cfo. she took the reins and resigned in 2008, just three months before the collapse. she fled the spotlight and is now living a much calmer life in florida with her second husband, former high school classmate. he reached out to her after her appearance on "closing bell." they have a 1-year-old data together. now erin callen montella self-published a memoir, where she details her career path and the fallout from what she calls leaning in too far. she joins me now exclusively. >> hi, nice to be back. >> it's good to see you. this is several stories, really. your book all wrapped into one. it's the story of a woman who leaned in too far at work, lost her real life in the process.
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there's the story of an executive trying to explain her role and in some ways trying to exonerate herself. but it struck me you are harder on yourself than the guys at lehman, who ignored your advice and sent the form careening into bankruptcy. >> i think it's an introspect i have reflection on my career, and i have to take responsibility for what i was doing in that position at that point in time. it was really a function of a lot of decisions i've made in my life up until then. what i wanted to do most importantly was take accountability in my own actions. how did i get there? it wasn't random. it wasn't chaos. it was all the things i had done up until them and be clear with myself and others about what i thought my role was. >> you talk a lot about being a
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workaholic. you were a successful corporate tax lawyer, leaving a partnership track they law firm and worked your way up. you created a bunch of financial products. you were able to work with a bunch of hedge funds and ultimately you were sort of plucked for this cfo role. ed being so motivated you couldn't have turned the role down. in retrospect should you have turned it down? >> obviously that's sort of the question for me, and it's hard to say now for those kinds of beg decisions i wish i had made different decisions, because it led me to where i am, which is a great place at this point. i think and talk about this in the book that maybe there was some hubris on my my part thinking i'm being picked for the role, so it must be i'm
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ready for it. but i did have a tremendous amount of qualifications. this was where i was at that point in time. i can't really regr et that decision. >> skinned stood at one point in the book you referenced the glass krif. that's something that people look at you and the other high-profile promise dent women who were on wall street, as you make clear in the book, but do you think in your case that you were picked in a way to fall on the sword of a company that perhaps the guys running it knew more of how fragile a condition it was is than you did. >> i did talk about this in the book. nobody wanted me to fail.
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everybody's income, livelihood were tied up in lehman stock. there was no incentive to have me fail. do i think at some point it was easier for me to be the public face of the firm and as a result i was associated with the entire performance of the firm? absolutely. i talk about that, but i don't think there was any kind of conspiracy theory or idea that people wanted me to fail. being a woman on wall street, it cuts both ways. there's good and bad. i nent wanted to spend time just on the bad. i talk about the good, about being unique, being different, being someone who had a different style because i was pa woman. so i can't just lament one side of the equation that, yeah, i happened to be a woman in that seat at that time. i don't know anybody who could have been in that seat at that time that wouldn't have fareed really in the same way that i did. >> interesting, because there are passaging you relay in
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the -- you had pushed -- they came to you and said we want you to be cfo. the cfo at the time was not really a power player in the firm and this is interesting for people to know about wall street at that time. it was somebody who you thought if you got the role, you wanted to make sure that you were on the executive committee. in fact that made you the first woman on the executive committee, when they went along with it and said fine. after you were studying up about the shape of the firm and said we have too much of this real estate dead on the books, we need to sell it down, a similar conversation was happening down at goldman, and they did sell it down. the guys at lehman did not and were talking about your outfits being a distraction during executive meetings. do you think in that way perhaps your gender got in the way of the greater good of the firm? >> i don't know in that was at the about gender as experience in the role. i don't think i had the standing yet in that role. i think i had tremendous respect and standing within the firm as
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a whole for my capabilities and my intelligence, my client skills, but in the cfo role itself, i just -- it was a month and a half into it. so i think that was really part of the challenge. i hadn't been able to develop any kind of empowered position yet in the cfo role itself. >> there were a couple decisions at the time as well. people had questioned why would she do this? you realize well, you were kind of told to do it. i'm referring to you being the sole person on the earnings call after the collapse of bear stearns which for a time being short of confidence in your firm and got glowing reviews, and also the call you had with david einhorn, spending about an hour on the phone. he went out with a short position presentation on lehman brothers that became widely pointed to, and this was in the months before obviously the firm went bankrupt. in both of those cases you said the decision wasn't really users are yours it was from the guys above you saying here is what we
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think you should do, but you don't necessarily really take them to task for that, do you? s. >> well, i point out it was their decision, so i think that speaks for itself in volumes. i'm not sure i have to say more than that. i probably could have fought those decisions a bit more. i don't believe the outcome would have been very different. i think i would have ended up doing both those things in the way i did, as merely pointing out that that's how the decisions were made i think makes it clear. >> have you, by the way, heard anything from david einhorn in the years since? >> no. [ laughter ] we didn't known each other before. we haven't kept in touch since. i'm sure that won't surprise you. >> is there anything you would want to say to him now? >> no. you know, i'm trying to remember how i found this out, but i do remember at some point later on
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somebody related something to me about something he had said to them regarding my tenure and my position at cfo, and i remember hearing some commentary that he did understand that many of the decisions that were made in terms of the assets that we had were really legacy decisions, not really my decisions. something along those lines, but no, look, the point i make in the book and i make this at the end of the book when i talk about speaking with dick only about a year ago, dick if you would fuld, all these things are not important in my life anymore, so any redemptive discussion with einhorn, as interesting as it may seem, is not something that's on my brain and that's important to me these days. >> congratulations, by the way. you have a data maggy living in florida, have totally shifted your priorities, and you talk about 12-hour road trips with your husband. tell us about your day-to-day
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life now? >> i will say something. before i even wrote this book, i used to say to my husband, i'm going to write a book called "work was easy." i think that book is still in me. i didn't really address that when i wrote this book. but what i will say is, look, the leaning back or out, what i have tried to do over the past eight years, which is stepping out of this powerful role and stepping into a more conventional life, which is what i wanted, just because you want something doesn't mean you're good at it or really know how to go about it. for me it's been a difficult transition. i will say why am i not doing what i was good at? why am i trying to do this thing i'm not good at, which is sort of living life like normal people live their lives. i've had a lot of funny experiences and some sad experiences doing that, but my day to day i think looked a lot
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like other people's. i spend time with my husband, i am raising my data, and i feel blessed and lucky to be able to do that at this point in my life with the and i'm proud of what came before. i think i let it be tainted for many years by what happened in the end, but i have reached a point where i'm at peace with it, happy and proud of what i have done. >> the real impetus for the book and also for an op-ed you wrote was sheryl sandberg's vote "lean in" when she encouraging young women to take charge of that career and go at it. that struck a chord with you, didn't it? struck a nerve? >> you're probably right to say it struck a nerve, because at that point i hadn't been in the spotlight at all, and i woke up one morning, and i said to my husband, i feel like i have to say something. i wrote something down, sent it
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into the "new york times" mailbox, they published it and the response was incredible. what i just had wanted to say, which is really what my memoir is about, is that i've had a unique position that i can speak with some authority about what does it look like to really make your career the absolute center of your existence, and for me, and it's personal, it's not intended to be a self-help or advice. it's just, hey, for me, i took it too far, and as a result, when things didn't work out, which is what happened obviously in 2008, when things didn't work out, i had no foundation. i crumbled. i really went through some dark moments that i describe in the book. i'm not proud i didn't have the resiliency to get through it. the reason i didn't have the resiliency i hoped for is because of the way i had approached it, how much i had put into it and how little
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energy i put into the rest of my life. >> dark moments you speak about the book that let to one case trying to take your life shortly before christmas in 2008. ed left lehman, gone to credit wiest, but al wiest for example, saying, this person was repeatedly on tv saying lehman was okay, yet it wasn't. she is a fraud, she should be in jail, she cost people millions, she ruined lives. that's why i think some people are surprised your book isn't more vehement el in the role you did or didn't play in the collapse of lehman brothers. >> i think i tried to be pretty direct and truthful about the
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role a i did play and the role i did play i think to some now is surprisingly less than expected. some of the decisions that were made by others, and i talk a bit about the lack of empowerment in that book, that i didn't have the power to influence some of the things going on. remember, it was six months. this wasn't a five or ten-year tenure as cfo, how much can you influence an organization? three months in was the bear stearns crisis. i think people can see a bit of the behind the scenes and day to day, i think it's not that surprising maybe at how little i could have influenced or had the ability to influence some of these outcomes. i understand the anger and what
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happened, and how many people lost so much. trust me, i understand that. what this book was thought about was finger pointing or really trying to exonerate myself. i just wanted people to understand what that my experience was and to take it for what it was worth. >> yeah, one question that isn't in the book. ist a bit technical but important, the examiner's report talked about how the company should have been more forth coming about the use of repo 105 as an accounting maneuver that maybe head the balance sheet look in better shape. do you have regrets? were you personally involved in that decision during the time you were there? >> i'm really not going to talk about that point now, kelly. >> is that because -- is there a legal reason? our just technical reason? >> well, without elaborating too much, i've really said what i wanted to say about some of the details of lehman and my role
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and the specifics within the book. i really don't want to comment beyond that on some of these types of issues. >> understood. also, when you look around wall street today, and wonder if the culture has changed since then, i know you're far away from it now, but also probably still know many people who are working or just following in general the companies that are still around today. do you think think has been a material change from the place it was then to what it is now? >> when you refer to cultural change, i'm not sure exactly what you're getting at. i don't know if you're getting at risk taking? i don't know if you're talking about the way people approach their job? and work life balance? what angle are you thinking about? its i guess there's a couple strands is there form the firms very much look the same, very male dominated, but there have been efforts to try it make it
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more equity and more of a life/work balance. do you think there's been an improvement? >> i read the stories about everybody else, okay, no analysts working on saturdays or whatever types of programs people are trying to introduce to really institutionalize an approach on this topic, but you know, in the end, it's each individual's decision. that's why i take responsibility for my decisions. nobody made me work the way i worked, but i do talk in my book about being in an environment where you would admire how hard people worked, and that was to be admired. there were badges of honor. i talk about someone who took a two-week maternity leave and saw that as impressive and now i look at that to say now that i've had a baby, i can't even fathom the concept of a two-week
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maternity leave, but there was that type of environment, or adsmirgs one as a lawyer and what that really meant, but i was impressed by that. i like that environment so that's hard for me to say. i know i see the headline stuff changing in terms of firms trying to tell people toe maybe behave in a different way. is that actually playing through and kind of what's the accepted norms? it's hard for me to say on that front. >> yeah, it does seem in a way as though silicon valley is where this debate is playing out. a lot of us think of orson meyer, who maybe got caught up in the sweep of a magazine cover, or maybe is under the limelight more, but you're saying at the end of the day we're all people here, too, and you relate to her in some ways,
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don't you? >> yeah, i do. i think it's -- i have one chapter i call losing my way. what that's about is the notion when you were put into spotlight, when you get media coverage, at least initially, and for some period of time it was very positive coverage, you start to believe it. talk about being sympathetic with professional athletes, like how could they have lost their way? they didn't stay grounded? i had my own version of that. i needed to tone it down a bit. i needed to just sort of see that all the hype wasn't reality. it was just the moment, and it's a hard thing to do. so i've learneding to simp theic to others as they go through the challenge. you wake up every morning, you put two legs of your pants on no different than anybody else. you've got to remind yourself of
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that every day, because it is hard, alls get positive attention, and then of course none of us like the negative attention and when that happens, it's easy to see it. >> for sure it's the flip side of the coin. towards the end of the book, really as you were working on it, you got a call out of the blue from dick fuld, and you wondered if you were both on a six-year reflection plan. what did he say? has the air cleared between the two of you? >> yes, and i say this the in the book, i feel like it was the movie ending to the book that just surfaced when he called me, but, you know, what he said to me was that he was sorry about how everything had played out, and he still felt i had been the best person for the job, and that i had done a great job, and he felt badly basically that i had been sort of left out there
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on my own to face the music, which really maybe wasn't completely fair in the scheme of things. i say two things about that in the become. i say, one, it was a very important phone call to me, because it did help close that chapter of my life, something i had wanted to hear, and something in a sense that was important was i had always had an instepping about dick, i trusted him, i thought he looked out for me, and at least that phone call made me think my instincts weren't completely wrong. that's something i needed to know. on the other hand, the very important thing about that phone call is that it didn't matter that much. i say in the book, i don't want to undermine the fact that he did it, because i'm very impressed that he did it, and i think only a good person with a conscience makes that phone call, but i had so moved on, it wasn't the be all/end all. it wasn't the game changer. it didn't really mean anything
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in the big picture. i was happy that's where i had come to. >> you do speak a lot about how much you loved the lehman brothers in a sense, it gave you the opportunity to do something maverick-y within the term to work with clients to create product for them that fit needs those corporate giants had, to work across different divisions that many other wall street firms couldn't really do, because they were too siloed and bring your experience as a corporate tax lawyer to a number of rising roles there. so you talked about your admiration for him as well. if dick fuld called you and said, i want you to work with me again? would you? >> absolutely not. that has nothing to do with dick, but i have no interest in that kind of life now.
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it has nothing to do with dick. i know you will be giving advice to your data, but to the other young women watching, before we go, what would it be? >> it's more of a really big-picture concept. people always like to tell you, well, that happened for a reason. if you have some sort of somewhat traumatic event in your life, that's not a good event, it happened for a reason. and i always say i don't believe that. i don't believe things always happen for a reason, but what i have come to understand is that it happens for a reason if you make it happen for a reason. that would about el my advice. things will go wrong in your life, in your career, big, small, it doesn't always have to have a reason, but you can make it happen for a reason, and you can take it and run with it and make yourself a imperil person. you can make yourself a better
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employee. you can do something with that to improve your life. that's what i've tried to do. i tried to take something that wasn't so good in the end, and i tried to make it happen for a reason, and have a really different life, and one that i truly appreciate. >> erin, can you give us any clues how you might support yourself financially? you mentioned your personal bankruptcy, how that came as an issue after paying all these legal fees. i understand you don't want to go back to that world, but what might you be doing from here? >> i still consider myself relatively young, so i don't know what i'm going to do from here. this was a great experience, writing this book. you know, honestly my husband and i have dramatically changed our lives. we've simplified. we've downsized, and we play it day by day, but there's a lot of life left to live, i hope, on
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that one. >> i suspect a lot more. erin, thank you for joining us. we really appreciate your time. >> thank you, kelly. it was nice talking to you. >> erin callen monte will. la, the book is called "full circle." i want to get some reaction from what we heard. >> a good reminder, just some perspective on the time when she was put out there as the public face of this firm. i think you have to take her point of view that there was nothing she really could do and the question of, so that part of it did resonate with me, for sure. >> ylan? >> the part that affected me was hearing about the choices she's made post-lehman, the decision to move to florida to raise a
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family. as a mother of two young children -- >> and a dog. >> and giant dog, don't forget the cats. it's so inconceivable, why would you leave this world on wall street? or leave the world of washington and live a separate life, and live, as she said, normal people do. it shouldn't be a surprise. it should be something we celebrate. >> there's a lot of great anecdotes. it's a truly fascinating story we'll continue to follow. 4,000 jobs that are expected to be lost by june. more on that right after this. p? sure am. my staff could use your help staying in touch with customers. at&t can help you stay connected. am i seeing double? no ma'am. our at&t 'buy one get one free' makes it easier for your staff to send appointment reminders to your customers... ...and share promotions on social media? you know it! now i'm seeing dollar signs. you should probably get your eyes checked. good one babe.
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man 1: i came as fast as i man 2: this isn't public yet. man 1: what isn't? man 2: we've been attacked. man 1: the network? man 2: shhhh. man 1: when did this happen? man 2: over the last six months. man 1: how did we miss it? man 2: we caught it, just not in time. man 1: who? how? man 2: not sure, probably off-shore, foreign, pros. man 1: what did they get? man 2: what didn't they get. man 1: i need to call mike... man 2: don't use your phone. it's not just security, it's defense. bae systems.
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wove dominic gates with more about the boeing layoff. what does that tell you about the health of boeing? >> it tells us that the company is in some trouble with the
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competition with airbus. boeing is the u.s. champion and the ceo laid out in a webcast to all the employees, which i cited in my story why they're making these cuts, and it's basically intense pricing competition from airbus. boeing is concerned about what's happening. so although boeing is profitable today. they're worried about the future. they need to cut costs badly. that's one aspect of the big cost-cutting drive. >> i wonder if there is a cyclical aspect. obviously boeing was disadvantaged for a time. you had a lot of airlines across the world in emerging markets. do you think that management would have been portraying the situation, because of course they're talking to employees and trying to tell them why they
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need to do five-figure layoffs. >> there may be an element of that. i think it's more serious. if you look at the history of this due oply, boeing was the dominant player and airbus over many careers scrambled up to be its equal. i think the leadership of boeing commercial airplanes today is looking closely to try to stop airbus from overtaking it. they look at what's happening in sales campaigns, and they see that that could happen. last year airbus won 67% of the sales of the narrow body single jets, 737 versus the a320. 77% is not a person that boeing is ready to live with. >> dominic, it's a great piece. we'll see what happens. thank you for joining us. >> thank you.
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dominic gates there with "the seattle times." imagine screening for cancer will be as simple for a blood test. thanks to liquid biopsies. that's the subject of today's spark, and it's next. random? no. it's all about understanding patterns. like the mail guy at 3:12pm every day or jerry getting dumped every third tuesday. jerry: every third tuesday. we have pattern recognition technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. td ameritrade.
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before the band separated over unknown creative differences. [ crash ] and reunited three decades later for a tour that sold out in three minutes. and your cisco hybrid cloud handled millions of ticket orders without breaking a sweat. before all of this,
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[ crash ] the experts at cdw orchestrated a cisco hybrid cloud solution. scalability by cisco. orchestration by cdw. welcome back. a simple blood test that can diagnose cancer sounds like from a sci-fi thriller, but a blood test is is one of the several
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companies working on it. garden health's ceo joins us. welcome to "closing bell." >> thank you for having me. >> so tell us about how you're able to use blood -- just drawing blood and do a biopsy with it. >> that's a great question. it turns out because cancer is a mutation of the genome, and cancer is really unified by this tissue that's growing quickly. when it growing quickly, it die -- and those cells shed their into the bloodstream. so there had be a small amount of dna that's mutated in that tube of blood. we have super-charged d invite a sequencing technologies, made them about 1,000 times more powerful so we can see the trace fragments and reconstruct the
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gene oppics, and help the physician match them with the most appropriate therapies. it's been fantastic to see it technology adopted since we browed it about two years ago. >> tell me, how accurate are these tests and how good are you guys detecting at particularly early stage cancer? there was research i believe out of johns hopkins university a few years ago that found that for early stage cancer the liquid biopsies were accurate half the time so there's still a lot of work to be done? where are you currently? >> we have a platform called digital sequencing and right now we're attack various stages of the cancer. the tests we introduced about two years ago, garden 360, is now the world's leading liquid biopsy with nearly 100% market share of the comprehensive liquid biopsy market. that test is only for advances cancer patients so stage three and stage four patients so they
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don't need repeat biopsies. a lung cancer biopsy costs $14,000. we replace that with, you know, two teaspoons of blood and has 99.3% diagnostic accuracy and without the 20% complication rate that biopsy procedure has in lung cancer, so as we continue to invest in the technology, we're seeing major breakthroughs in our r & d where we're able to make that technology more sensitive and eventually bring on future versions of that test where it can be applied to the 15 million cancer survivors who are living in fear that their cancer may come back one day or to you and me, you know, very soon for earlier detection of cancer when it's most treatable, and so, you know, we're definitely seeing that we can beat, you know, a lot of what has been reported in the literature because those use very prim tour versions of dna sequencing technologies and didn't use the same kind of, you know, advanced communication al
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gri -- communication algorithms. >> you haven't had a problem raising capital. not only is biotech still fertile ground for a lot of venture capitalists but obviously people are excited about new technologies like this. how is your funding position, and do you have any plans to tap public markets? >> that's a great question so we just completed raising well over $100 million right now. we're very well financed. we have great investment partners, and right now we're just really, you know, putting our heads down in terms of trying to get this technology out to more and more people, and so we have all of those options available to us and we'll pursue them when appropriate. >> keep us posted. hope you have much success with this new approach and thank you for joining us. >> take care. up next, chipotle may be adding burgers to its menu but
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is that the best time to get into that space? details after the break. self? your family? our financial advisors are free to realize a plan to fit your family's unique needs. we'll listen. we'll talk. we'll plan. baird. every auto insurance policy has a number. but not every insurance company understands the life behind it. ♪ those who have served our nation have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life. sir ridley scott, legendary filmmaker. are you a film buff, watson? no, but i am studying the visual storytelling in your movies. you know, it's amazing how much information is contained in a single image. one visual can make or break a film. i am analyzing images for factory managers,
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sales people and healthcare professionals. that's good watson. but not exactly movie material. perhaps the healthcare professional could be played by matt damon. you're learning, kid.
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said that the chipotle model could be applied to a wide variety of foods, including burgers, guys, so what do you think? >> i mean, it reminds me just slightly is apple going to build a car thing? just planting a flag saying maybe we'll do this. it's a big market and something we might want to address but doesn't necessarily mean it will be a real driver of the business for a long period of time. >> i feel like we're peak burger at this point. i'm a five guy fan and have been for a long time. from the washington area. nothing beats a five guy'sburger. >> looked at shares of shake shack and not a lot of action. up 2%. >> analysts will say this is a proof of concept and verifies this is a great area. better burger is what we now cam the category. >> there's a chipotle of everything, chipotle of pizza, chipotle of kabobs and rice bowls. take their pick. clearly the model works. just applies it to a different
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food. >> like the uber of everything. >> they do, i believe, have another experimental chain besides chipotle. >> the chop house, the pizza one that's a little bit earlier stage development but we could expect them to be looking for new growth opportunities as the core business has challenges both because of its reputation and just in general about its growth. >> they are still saying they have a lot of room to expand core chipotle locations. look, this is a big growing market and let's do it as a hedge. >> thanks so much for joining me. elon and michael, that does it for us. "fast money" begins next. and why stop to find a bathroom? cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain,
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"fast money" starts right now. live from the nasdaq market site overlooking "new york times"'s times square, i'm melissa lee. traders tim seymour, karen finerman and brian kelly. where is oil going next? a shocking call you don't want to mix. emerging markets doing something they haven't done in over five years. what that is and what the best opportunities to make money are right now and a major street fight on apple is brewing as the stock surges higher. is it dead money or are new highs in store? traders will take sides but first we start off with market.


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