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tv   Closing Bell  CNBC  April 8, 2016 3:00pm-5:01pm EDT

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maybe he could buy it. but i just wonder, yes, you could pull this and reach an agreed upon deal. it does seem like your goal is to get the highest price for this. >> got it. got to leave it there. thanks so much. >> thank you all for watching "power lunch". >> "closing bell" starts now. >> welcome to "closing bell" i'm michelle car russo cabrera. >> my third co-anchor. can't keep them. crude is up more than 6%. this is the tenth day this year where we've seen a gain of more than 5% for crude oil. we'll take you live to the oil pits and get you the story of why we're seeing -- >> that's extraordinary volatility. if we said ten days this year the dow moved 5%, we would be throwing up in -- >> big numbers.
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>> amazon has three ceos now sort of. two division leaders officially getting the ceo title. they give you the promotions but never the raise. could that create leadership issues for jeff besos. >> i understand they both got prime memberships as part of the perkz. twitter is getting new board members today, moving on. there we are. but the stock is still sliding and we'll look at what other changes may need to be made to that social network. sfl nhl commissioner will join us live along with the stanley cup, it's here, to celebrate the start of the playoff season. >> the stanley cup, this will be the fourth or fifth time i've ever seen it. >> aren't you lucky? >> we get to see it on cnbc, we like it. jackie is tracking all of the action for us at the nimex on this masters friday.
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>> good afternoon to you. dom chu says i have a masters t-shirt waiting for me. at the close, about a 7% surge in prices, it's sort of a tale of two surges, technicals and fundamentals. we had such a whacky kind of week. some people coming in to buy the dip we saw yesterday. definitely some short covering before the weekend as well. and trading the range. we're at the high end of the range. we didn't break 40 but we still are in the 37 plus or minus five range we've been discussing for the last month or so. on the fundamental side there are good reasons to move higher. better data out of the u.s. and also out of europe. traders like that when it comes to oil. u.s. production numbers are starting to decline and also, we've got that producer meeting on the table, no one really thinks we're going to get that freeze or cut people are talking about but there's always a hope that something unexpected could
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happ happen. >> we're down a half billion barrels a day since june of last year. that is encouraging. if we flip over and hit the inflection point and get under 9 million barrels a day in the united states, you can see meaningful move down. finally, i know you love your weekend gas price check. the national average is $2.04. that's down two cents from last week. it does take a while to see the action in crude trickle to the pump. what we're looking at right now, 2 .04. >> isn't it interesting, i chatted with domestic about his trip to augusta national and said nothing to me about a masters t shirt. >> you have to tweet about it and text him and get him moving the ball along. >> trust me, i will. >> thanks. the markets got clocked because the financials were really rough shape. today they are recovering after that tough week, they have big
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earnings next week, bob pisani has more. >> they are not recovering enthusiastically. nobody is particularly enthusiastic. they are up today but take a look. the regionals are up, sun trust is up fractionally. the volume is fair, the other regionals here, come around here on the right behind me, key corp is on the upside a little bit. 7 million shares, that's about average. nothing particularly out of the ordinary. bank of america some of the big, big banks here also up but these are not big moves and there hasn't been a lot of big moves so far. you look at the bank etf, the symbol is kbe. it's one of the worst performers of the year, down 12%. it didn't really participate in any great way in the rally and the trend as you can see there has been to the downside. we're getting earnings and people are not enthusiastic and there's a number of reasons they are not enthusiastic. take a look at the bank quotes here. traders have come to believe that rates will be lower for much longer.
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we have flat to declining net interest margin, the difference between what you pay for deposits and what you charge for loans, that's going down. lower profits and slow growth economy in the u.s. and little or no growth elsewhere. here's the problem. investors have now concluded that the banks given these facts are basically sitting zombies, they have other places they can invest and trying to figure out where those places should be. >> you throw in the massive regulation and you have another reason to stay away from the banks. >> we'll see you at the close. >> joining our exchange right now, ken mahoney from mahoney asset management, setting next to securities and kenny p, we have earnings coming next week. what's the expectation. we've had two down weeks out of the last three. >> >> the expectation is that
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the earnings will be weaker. i don't think it's going to be as weak as the market expects it to be. the 200 day for now support at the 2015, 2016 level because when we broke up and through on march 16th, we only tested it once and bounced again. it will need to test it once or twice more to see if they are willing to defend that position. >> what do you make of the fact that oil is so strong and the stock market isn't as strong as oil is considering the deep correlation we've seen since january one, usually when oil is this strong, stocks are strong too. we've been decoupled for a while. it was highly correlated with china and oil. we lost that correlation the trade is very difficult. we keep having these cross
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current like you just suggested. what's difficult, we want to jump on to equity trades when the oil is going up or going down and latch on to correlation but we don't get those correlations. >> what are we correlated to right now? janet yellen and that's it. >> we like to see more earnings here. we think we're forming an air pocket and think earnings are here and market is here. we think it will relieved either earnings have to catch up to the price in the market or the market will come in a little bit to match where the earnings are. we're a little ahead of ourselves because of janet yellen and comments. >> this is a week. let's talk about the week where yeeltds were going lower and yen went crazy. is that about janet yellen as well? >> it might not be specifically but it's about central banking in large part. a real macro view, what's going on currently isn't necessarily trusted especially from the us
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perspective regarding good outcomes for more policy on the monetary side or lack therein on the fiscal side. one thing is for sure. once again, to utter what we used to say in 2011 and 2013, there is no other choice and that gets upgraded a bit while we're in this kind ever negligenter zone regarding the u.s. fed. i think they'll hike at least one more time but don't see it in the foreseeable meeting or two and i think the market is attune to that. what's going on with the yen, you're kind of test tube study case that like our analogy yesterday, the bank of japan has definitely used too much and their economy has gone from needing more flavor to not pal atable to investors on many fronts. i think the negative interest rate experiment has got a giant thumb's down from so many different parts of the globe. i think that if that part of the strategy is taken off the table,
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everybody really needs to ponder if the new normal lasts a long time and the small growth is associated with large rises in debt. there has to be an intersection at some point. >> on that note, i've been asking you and wanting to ask you all day, this video we've been showing all day of janet yellen and ben bernanke sitting together and alan greenspan, what did you think all of them in the same room at the same time? >> circle the wagons and protect the leadership. i think this is because the kfrds and central banks the notion there was a grand diety may be less than true when investors scratch their heads as to the nation if the globe created 60 trillion of new debt since the crisis and that brings deflation nar pressures, they created a position they are trying to cure. it's crazy. >> we have to go at this point. thanks.
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we'll be talking more about that meeting last night, unprecedented gathering of former fed officials. >> like seeing all of the presidents together. >> mt. rushmore of monetary policy there. >> shares of qlogic spiking after exploring options including a sale. it has the stock up about 7%, pretty huge volume, trading resumed after being temporarily halted for volatility. you can see there shares up more than 6.25%. >> thank you, we'll see you later. we have 50 minutes left in the trading session for the week and while we've stood here talking the market has gone south. the dow -- >> we're in negative territory. >> negative territory. was up 80 points a moment ago. >> amazon is making changes in the sea suite. it has three ceos. we'll discuss whether this could
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create leerdship problems. that's next. countdown is on for elon musk's spacex rocket launch scheduled for 4:33 p.m. eastern time. mark your calendar. we'll bring it to you live and talk about the high stakes involved in this new space race between elon musk and jeff besos. >> i love rocket science. that's what it is. >> and so is this. you're watching cnbc, first in business worldwide. mary buys a little lamb. one of millions of orders on this company's servers. accessible by thousands of suppliers and employees globally. but with cyber threats on the rise, mary's data could be under attack. with the help of the at&t network, a network that senses and mitigates cyber threats, their critical data is safer than ever. giving them the agility to be open & secure. because no one knows & like at&t.
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46 minutes left, the dow is back positive, up nine points at the moment, the s&p is up two. but the nasdaq which is very volatile down five points. this will be another down week unless we get a big rally on close. shares of gap also trading lower, down 13% after reporting that disappointing 6% decline in same store sales for march. it's banana republic unit saw a 14% decline in sales. ouch. >> stocks are getting clocked. >> there's some c suite changes
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at amazon. in addition to jeff bezos, creating new ceos and promoting jeff willky to the consumer service and andy jascy will be the ceo of web services. three ceos? could this create leadership problems at the country? >> let's talk about that. jeff couhen at dhr internationa leerdship advisory services and author of "why are we bad at picking good leaders" and aaron kesseler who has an outperform rating on amazon. good to see you both. thank you for joining us. >> we were talking in earlier this morning, maybe equating this to some degree with what alphabet has done. it depends on how autonomous?
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>> right, leave it to be one step ahead of the competition, even when it comes to succession planning and figured out a way not only to retain the best talent, his stars but also develop and engage them over time. >> can we underline it sounds like they sort of have these jobs anyways so they get a new title. >> yeah. >> so what, why do you do this? why do you elevate the title beyond what they were already doing? >> first of all, the main thing you do when you have talent like that is to keep them, right? so if you have the kind of strategy and the kind of culture like amazon does, then you can actually elevate them to a ceo position and ceos are unique no matter what company they are in. there's people look at them in different ways and analyze everything they say and even the way they look. this is very much a development as well as -- >> i wonder if they have the title of ceo and jeff bezos is still around, they are not
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really in charge then, are they? >> they absolutely are. a ceo will always be different. there are certain surprises that a ceo has to face. you can never prepare somebody, especially from promoting from within. >> is this a succession planning move? is this a talent retention move? is this possibly a move that will eventually lead to a spinoff of sorts of a division or something? what do you make of all of this? >> right now it's mainly about retention. we think it's similar to what google did, being able to retain your top talent. competitive hiring environment, to keep their corps personnel. jeff has been cited as potential success to bezos so that could be a factor as well. but we think for now it's about retaining your top talent at amazon and recognizing their past efforts. >> they get the ceo title. so what, what comes with that?
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you get more money or power? what -- so what, you're a ceo now, good for you. >> yeah, i mean, it is largely a name thing. we don't have insights into the compact if anything changed there. that's possible but it does recognize their leadership in that they are the leaders of the respective divisions but nor now we think it's mainly a name change but it does recognize their efforts in the past. >> any impact on your analysis of the stock or rating of the stock? is it a good thing to know that there are two people there that could be the heir apparents if jeff bezos can't be at the company anymore? >> these are the key divisions, core marketplace division which includes prime as well as ews. we think that's are you everly $100 billion business. always going to be speculation whether they'll spin that off. we don't think so at this point. it's still integ rated into the core amazon marketplace business. we're not expecting any type of spinoff announcement this is
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related to. nonetheless, we still think these are the two leader could succeed jeff in the future. >> and that's the key. when that future is happening. when you think about it, how closely tied jeff bezos is to the amazon brand, i mean, he is the face of amazon. he's like the steve jobs of apple, right. >> martha stewart of her brand, right? >> companies that have a clearly iconic ceo, where they are affiliated with the brand it makes more sense to promote someone internally to be something like the ceo of different divisions. and it's very different being a ceo than just a division leader. people are staring at you and watching every move you make and everything you say. giving the people real world practice, as the ceo, people then begin to associate that individual with the brand itself. >> well, we'll see if anything changes at amazon as a result of these new appointments, thanks,
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guys. >> thank you for joining us today. >> thank you. >> we've got about 40 minutes before the bell. the dow jones is up a whopping 1%. >> severely unchanged right now. >> up next, when the fed speaks, the world listens. what happens when you get current and former fed leaders all together in the room? steve liesman has a special report on last night's rare convergence. >> then keep it here for elon musk spacex rocket launch schedule for 4:43 p.m. eastern time. jane wells is on the ground and will tell us all that's riding on this key mission. [dad] i wear a dozen different hats
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banks don't cause financial crises, the banks make big mistakes and they are punished and they should be and we should correct the mistakes. >> i find it interesting eight years after the financial crisis we're still debating this. ken brown of the wall street journal is back from spending time in hong kong and lived over there and he points out that we are still not over the financial crisis whereas other economies have moved on. >> we still debate what ended
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the great depression. i mean, what happens with financial crises, there's so many things involved, i appreciate paulson saying he didn't think it was banks, it was policies. we ignore all of the government incentives put in place for mortgages et cetera. did you read jail jail my dime on's letter, we don't do fha loans because they default so much and so expensive, that's a government run program, full of incentives to buy homes and boy oh, boy causes a lot of trouble. >> it does. the current and former heads of e federal reserve converged in new york city last night, a rare event. steve liesman was there. >> the first time three living former and current fed chairs appeared at the same time, call it fed all-star night as janet yellen was joined by her predecessors and they were on
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stage and alan greenspan joined via satellite. yellen rejecting the charge that the u.s. is in an economic bubble. >> this is in the economy on a solid course. not a bubble economy. we tried carefully to look at evidence potential financial instability that might be brewing and some of the hall marks of that clearly overvalued asset prices, high leverage, rising leverage and rapid credit growth. we certainly don't see those imbalances. >> trouble is even green social security span admitted they are not great at forecasting. >> monetary policy is largely economic forecasting. our ability to forecast is
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significantly limited. and we have to keep the context of what we say in the context of what we know. >> that said, former fed chair ben bernanke was upbeat, at least that recession wasn't around the corner. there was no reason to think they would be more likely to think a recession in 2016 than any other year. all chairs did agree the recent emphasis on global risk made seps and yellen said rates would be rising but that it would be gradual and cautious, some echoed today by phil dudley. >> here's what i don't understand, if they are not good at forecasting, why do they do it so much? >> because they have to. you've got to figure out where the economy is going, take your best guest -- >> are they booing me or you? >> can we explain? the stanley cup is to our left. >> we're going to be talking -- >> they are taking pictures. >> i would take a picture of that instead of me. that's way more interesting. we can talk fed policy but look
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at the cup. that's what i think we ought to be doing. >> there you go. >> here's the thing, i think they have to do it. they have not figured out, michelle, a better way to run this railroad. you can't run it by gold and run it on a feeling. you can't run it by a rule. so the question is, how do you do it? you make your best forecast and you change policy relative to what you think is going to happen in the medium term. if you're going to have unified currency, you have to set a quantity for money, man and woman must set that quantity. >> steve, bill highlighted earlier we're still debating the causes of the financial crisis and i highlighted we're still debating what saved us out of the great depression at this point. decades can go by before we figure out what happened. >> it's a dismal science. >> the most important number from the great recession was 33 and there were a lot of numbers but the reason 33 was the most important, that was the number
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of years it took to figure out what actually happened. it was 33 years later. i said to be careful about those you say they know what happened. you have paulson stepping forward and saying it was government policy. you've got guy like bernanke say it was an imbalance of savings and deutsche bank said to me once, we got done lending to anybody that was credit worthy and still had money left over. that to me was the best explanation. >> there's a 10-year-old that will some day write the postmortem on great recession. >> see you, steve. >> enjoy the masters. >> thanks so much, steve. time for a cnbc news update with sue herrera. >> here's what's happening at this hour. the state department says russia played a role in the release of a u.s. citizen being held by syria. it says the u.s. had periodic contact with the syrian government. americans were released reported by the department earlier today.
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iraq's elite counterterrorism forces say they have entered the center of a strategically important western town held by isis. the separation to take the small river town was initially launched last month. the u.s.-led coalition conducted more than 18 strikes on the town. ukrainian police clashed with a group of protesters outside the presidential administration building in central kiev. they called on poroshenko to purge the government and dismiss corrupt officials at law enforcement agencies. and here's something you don't see every day, watch this. a stand-up paddle boarder in florida had a close encounter on thursday. this video was recorded by maximo trinidad who said he was enjoying fun in the sun when a shark shot out of the water and skipped off his board. luckily trinidad wasn't hurt but he's got some fish tale to tell. >> you can see the shark was
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right in the way too. this paddle board caught the shark offguard. >> really was. i would be terrified. >> those small cams ra are everywhere. we get such great video. >> we have a large camera overlooking the stanley cup. >> it's beautiful. >> cleaned it up and polished it, took out the dents, there it is and a lot of guys on the floor of the new york stock exchange are getting their picture taken with it. >> gladly. >> boys will be boys. >> we'll take to bettman as the hockey playoffs get under way in the near term. with 30 minutes left in the trading session, the dow is unchanged, still. >> zip. >> zip.com. >> a leading trader will tell us what he's watching in the final half hour of the day and week coming up. twitter shaking up the board with two announcements. what they bring on the board to help that company?
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right now the dow jones
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industrial average lower, when you look at that number the dow had been up 150 points. we've come well off the highs just steady decline ever since about noon. the s&p 500 is essentially flat and nasdaq with a decline of a quarter percent. crude is higher by $2.28. if you want oil delivered in may, a gain of more than 6%. long time when crude went higher, that is not working today. look at brent in london, above 41. the transportation average despite the fact that oil is higher, transports are higher by 69 points. 7,772. among energy stocks gaining ground today, no surprise when you see what oil is doing, southwestern energy and range resources and diamond offshore, some of the bigger movers and weaker stocks that really could benefit tremendously if oil moves higher, some of the biggest movers today. >> we're on the floor here of
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the new york stock exchange with less than a half hour to go in the trading day with matt chesslock. early on we were able to say, look, oil rallied and took the stock market with it but oil stayed up 6% and now we've fallen out of bed here. what happened? >> it would be ugly if the majors weren't up as well. oil is up and gold acted well. they held gains all day today. i think we've come to the ebd of the week and we've a lot to worry about, not just earnings, we have the oil -- >> opec meeting. >> coming up. >> i think we've gotten through none of the supply issues, now reverted not from oil, while that supply maybe diminished, gasoline has increased. >> so kenny was saying maybe we could go back and test the 200 day moving average. could you see that kind of pullback here? >> you could if earnings aren't good. they are forecast to be pretty
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bad. there's plenty of potential for the upside in earnings as far as beats go but we'll start that monday night and worry about it then. i'd be more concerned about the market not being able to hold any gain. >> thanks very much. >> thank you, bill. twitter making changes today and they may not be last for what it means for the struggling giant. let's go to julia borsten. >> it took longer than twitter rehelped but they named martha lane fox and replacing curry and ternan not seeking re-election. how they will help them grow, the stock is down 68% over the past 12 months. johnston who will head up the audit companies brings global operations and perspective of a major advertiser. before today he never tweeted. a criticism of a number of twitter directors. fox on the other hand is a frequent tweeter in addition to
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founding a travel and leisure website, on the board of a number of retailers. following krilt six but ongoing lack of diversity, jack dorsey tweeted more additions to the board soon to bring diversity and represent the strong communities on twitter. we'll have to see whether dorsey snags az big media personality. it's certainly worth asking why new names on the board have taken so long. >> should i be disturbed one tweeted for the first time today? >> this is not the first time there have been questions about how much board members know about twitter. the same thing was set when we got certain other appointments over the past couple of years. but the real question here, what each of these members is going to bring to the board certainly cfo of pepsi, he does have a lot of information. about how advertisers think about the world and advertising is twitter's business. he also runs the financial
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business of a big global company and that's what twitter wants to be. >> if you're on the board of ford, do you have to drive a ford? >> i think it would be mandatory. >> i was just asking. >> thanks, julia. see you later. >> 23 minutes before the closing bell, dow jones industrial average way off the highs, it had been up 150 now lower by 4. >> maybe getting ready for earnings next week. >> policies from the obama administration stopping mergers and on the campaign trail democratic hopefuls decry wall street while gop contenders stand by and say nothing. coming up, we'll discuss whether an anti-bus sentiment is a good political strategy. meanwhile, the quest for stanley cup gets under way in earnest next week and up next we'll be joined by the cup and by nhl commissioner gary bettman. stay tuned. ggins had... ...a tree that bore the most rare and magical fruit.
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it is the busiest sports time of the way, baseball just getting under way and nhl playoffs get under way in earnest. >> one or two games left for
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each team. gary bettman on the floor with us with the cup itself. >> it is one of the most iconic sports trophies anywhere. >> the most iconic. we're about to celebrate the 125th anniversary of the stanley cup. >> this is the cup. >> this is the cup. >> you don't get these -- >> your name is indescribed in it, immortality. >> what are you going to do when you need room? >> you take a band off and put it in the hall of fame and add a new ring there are 13 clubs on each ring and there are five rings that we get to fill up. >> when on the political campaign trail, they all hate wall street and don't want to be soernted with wall street, you bring the cup to wall street. why? >> there are a lot of fans here as we walk the floor here. people want pictures with the cup. the cup is a rock star, everywhere it goes and there are a lot of people that work on new
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york stock exchange floor. >> expansion problems, there's talk maybe quebec city and they started this arena -- >> they opened it last week. >> 14,000 people have signed up for season tickets for a team that doesn't even exist. >> we've been in an expansion process, evaluating the two applications we have, one from quebec city and vegas and trying to determine ultimately it's a board of governor's decision whether or not it makes sense to add another team or teams and if so where. >> what are the metrics? does the economy have to be a certain size to support ticket sales et cetera, but give us the framework. >> with any sports franchise at the professional level, starts with ownership, look at the arena and look at the market. you look at economic factors and you also look at whether or not it's something that is going to strengthen the league and enhance the league and league's presence across north america. and those are all the criteria we're looking at the at the
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present time. >> in local news there was controversy about building a stadium for a baseball team. how much support should there really be from the taxpayer when it comes to having a place for you to play? >> there are a lot of professors and economists who would disagree but if you look at the impact that arenas have had and you have arenas from 150 to 300 nights bringing people to the arena, to restaurants and bar and shopping, we think it makes a real economic impact. look at downtown los angeles. look at chinatown in washington, d.c. look at what they are doing in downtown detroit. look what they've done in columbus with the arena district and downtown edmonton. we think having a new arena anchoring a complex or revitalization of part of a city can be a positive economic factor. if you build an arena, you want an anchor tenant like a professional sports team. >> concussions, the nfl is dealing with that in a big way
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and players are retiring very early to avoid the effects of that. you got caught in a controversy recently with an e-mail exchange about this where a player was injured and you were asking whether there was a concussion involved but the night was still young. >> what's the policy for the nhl? >> we've produced 3 million documents in litigation and this is really a subject that belongs before the courts. but if you take an e-mail out of context and you want to make a story out of it, you can portray anything you want. the fact is we have, we do and we always will take players safety very seriously. >> when we see this e-mail that says the night is young, it looks tough, it looks awful. give me the context. >> you have to start at the beginning of the e-mail where we're going through a spade of injuries that's almost unbelievable in terms of what we're seeing. and people sometimes express
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themselves in a matter of frustration. that's why i said, you have to read it in context and understand discussions going on. >> i get that. you're concerned obviously. what can the nhl do beyond what you're already doing to protect players from injuries -- >> we were the first sports league to begin studying country cushi concussions in 1997 and baseline testing and first sports league to have protocols for diagnosis and return too play decision. >> is it equipment, rule changes? >> we've softened the environment and boards and glass. >> your players are protected. >> it's not something where you throw a light switch and you're done. the medicine and science keeps evolving and we're trying to learn with it. >> so i'm not nearly the hockey fan that you are, but when i see hockey, part of me looks at this and says, there are tradeoffs in life, hockey is a rough sport. you can do all kinds of things
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to protect them but ultimately if a player is going to play hockey, they are making choices about their life and accepting certain tradeoffs in their life. are they not? something that is tough about hockey. >> we are very proud of our sport and very proud of our record and very proud of our play players. we believe in player safety. i've got a litigation that we have to deal with. so most of these discussions if not all of them really belong in the courtroom. when that issue is resolved, i'll be happy to have a full some discussion on this topic or any other you want. >> i have no doubt. >> how about we've got all american teams in the playoffs this year, amazing. >> that's a bone of contention north of the -- but 50 prosecution 50% of players are from canada. we're looking forward to an exciting start. we have all 30 teams playing on saturday. season ends on sunday with a couple more games and we don't know what all of the match-ups are going to be. >> you've got to ring the
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closing bell and we'll get you ready for that. thank you for joining us. >> gary bettman, great to have you. >> we'll take a break and come back with more of the closing bell. the dow up 13 points. it was up 150. we're coming back and this will be a down week for the market overall. e*trade is all about seizing opportunity. so i'm going to take this opportunity to go off script. so if i wanna go to jersey and check out shotsy tuccerelli's portfolio, what's it to you? or i'm a scottish mason whose assets are made of stone like me heart. papa! you're no son of mine! or perhaps it's time to seize the day. don't just see opportunity, seize it! (applause)
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seize it! 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, 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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welcome back the dow up 14 points. art cashin was telling me they are expecting a flat close today, the market on close orders pretty much have paired off at this point. joining us at the new york stock exchange anastasia from jp morgan funds. >> we were running out of gas for the last couple of weeks, it's been a tremendous rally since february 11th, up 13 or so percent. the reality has been closed and positions are not a bearish and honestly we're waiting for earnings season. if you look at earnings, we're expecting a pretty bad number for the first quarter. is that all priced in though? >> bob pisani has an argument it could be so priced in, if you have any upside surprise, you could have a nice rally.
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>> i can't help but agree with that. if you look at the first quarter, we're down to 26. that's a tremendous decline from the numbers we saw earlier this january for example, i do think a great deal is priced in. also, what has been priced in is that oil is never going to ever come back. and the dollar is never ever going to sell off. that's not what we got. we got the reversal of that. i think bob is right, a lot of it is priced in. >> another understandable premise out there is that the financials will never go up again but you do like the financials. >> i do like the financials, kind of the same argue mtd, we think that the max dovishness by the federal reserve has been priced in. if you look at the futures curve, real pricing, two to three rate increases we're barely pricing in one. so if the fed does anything incremental that could be a boost for financials. >> there's so much talk about the flattening yield curve. don't they really need long term rates to rise for them to start
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to make a buck here. >> it's interesting what they need more is they need the short term rates to rise. if you look at car loans and a lot of that stuff is closer afill yalted with a shortened of the curve. >> like a two-year or three year. >> our obsession with the 10-year is not well plalgsed. >> mortgage is one part of the banking sector but consumer loans have to do more with a front end of the curve. both would help but i think in this scenario the short term rates would help a whole lot more. >> a favorite investment right now, any dividend paying stock or any company growing its dividend. where are you on that? >> i'm in the credit space. i think stocks are fine, stocks have had a great run but i wouldn't mind taking a little bit of that stock like risk in a high yield market. why would you not take a 6.5% coupon when we're not talking about 10% returns. when we were, 6.5 may not be an
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attractive proposition. >> if you get a 4% yield on a stock and potentially get underlying asset appreciation over time. >> think about the risk you're taking given the global uncertainty. >> i'm in there long term. >> there's that. >> she buys green bananas too as a matter of fact. >> good to see you. >> great to see you guys. >> we'll take a break and come back with the closing countdown. >> we're very excited about today, on this friday, we're going to go live to florida for the latest trip to the final fron tier, spacex is getting to launch the first mission to the international space station. the call just came in. she's about to arrive. and with her, a flood of potential patients. a deluge of digital records. x-rays, mris. all on account...of penelope. but with the help of at&t, and a network that scales up and down
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you're a young farmhand and e*trade is your cow. milk it. e*trade is all about seizing opportunity. next hour, we're very excited, the next spacex rocket is scheduled to be launched at 4:43 eastern time elon musk's rocket company will be sending this payload up to the space station. they had tough luck on previous launches. jane wells is there in florida waiting for the launch to get under way and we'll take you there live next hour on "closing bell." stay tuned for that. with two and a half minutes left here, the dow is up 17 points
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after another volatile look. looks like another down week as well. the dow was up 150 points at one time today for the week. we're finishing down with a decline of 1 and a third percent. oil a stel lar week, especially today, still talk maybe of a production freeze by opec when they meet on april 17th. as you can see for the week, oil up 7%, much of that with today's gain of more than 6% and in the opposite direction as commodities go higher, the dollar goes lower and the dxy for the week down a fraction here. >> so if this was the middle of february and oil was up 7% on the day and the dollar was weak, the dow would be up 250, maybe even 300 -- >> the correlation -- >> the correlation is broken right now, for sure. >> something has happened. oil is decoupling from the market. i think what's happening and this is good news in a way.
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everybody really was concerned with where's the bottom on oil and even for the stock market. as time goes on and that $26 bottom in february for oil looks more convincingly like a bottom. it's getting harder to get an equity reaction. that is sort of normal. eventually oil will decouple from the overall markets. this is the first week we're starting to see signs for it. now, the question is, there's also a bit of a button in the stock market. people believe yellen put a floor in the stock market. the problem we're having, people aren't convinced there's a lot of upside. we're talking about this trading range. i've been describing a solid hold for the market. we don't know if there's much upside and people don't believe there's much upside. global growth is flat and u.s. growth modest. we have a mixed down earnings picture, that's the problem. where do we go here? can we break out? >> we will see if earnings do anything for that trading range
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next week when they get under way in earnest. we're going out rather flat after having been pretty strong on the morning. gary bettman ringing the closing bell here at the new york stock exchange here. and pro face labs ringing the bell at the nasdaq. stay tuned for the second hour of "the closing bell". >> i'm michelle ka rcaruso-cabr. here's how we're finishing the day on wall street, the dow just fell out of bed, it went negative and now finishing higher by 35 points. the s&p higher by little more than two points, and nasdaq higher by a little more than two points. we are anxiously awaiting the launch of the spacex rocket. it is the first launch since last june. we're going to live to cape
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canaveral with our own jane wells. joining us, cnbc pro columnist, mike santoli and cnbc contributor evan newmark and fast money trader tim seymour. i've asked everybody this and i'll ask you too, what happened today? we're doing quite well and then the rally faded away. >> most of the drivers of the marketwide were in the overnight action. in other words, the bouncing oil yes, it strengthened but we had a big bounce overnight and did have the japanese yen back off and people were concerned about that and european banks got a bid. all of these things that were worries got you the bounce but then no real follow through. we got to the s&p level of 2049 exactly three weeks ago today where we closed and we're at 2047 right now. we've been three weeks of side ways after a big 12% gain in less than a month. i do think about a month and a half but -- i do think it's kind
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of a consolidate d type of thing. >> if you're rip van winkle, nothing has happened. >> he would have been 200 some years old. >> details. >> tim, what's going on? >> i don't think it can go a lot lower. technicals put it in a 92 to 98 range over the foreseeable future until we get more news that they are ready to start talking about the world as a better place, clearly that's what they seem to need to talk about. i think the dollar is going to be a stabilizing force. if you think of the volatility of yesterday, granted it was dollar yen part of that volatility. the dollar against some of the other major crosses and dollar has this force putting pressure on commodities and credit and emerging markets which bleeds through to banks. this is your friend. this is why although equities are not cheap here is an easy one to make.
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it's a case where if that's our only issue, stocks can go higher, believe it or not. >> evan? >> it depends on the sector. i would still say if you believe energy price is going to go higher, energy stocks look rel tfly cheap but it depends on your point of view. i wouldn't be rushing out to buy more mcdonald's or coke giving that they are hitting all time highs. what i look at something bob touched on the end of last hour, if you go back to january and even into february, look at the concerns, you had global recession, china blowing up. oil prices falling, strong dollar. all of those things have been taken off the table. yet the market is kind of trading side ways. there's still a fear bid in the market which i can't explain. still a lot of strength in bonds and treasuries and japanese yen. i don't understand that stuff. but that shows to you that it's not going to be just a one way direction higher. >> let's remember what change the atmosphere on february 11th
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when we bottomed out was when the uae, member of opec said we're going to talk about a production freeze and bring the price of oil back again. oil has come back and the market did too. >> that was definitely the trigger. and it's interesting because you didn't get a production -- >> we're not there yet. >> that's the key. that's exactly the key. it's that piece of news that just cat liesing a move that's going to happen anyway. reminds me in 2009, they suspended the market to market regulations for banks and that doesn't change anything or solve the problem. it didn't matter. they were ready to bottom. >> i think you actually did get the reaction that the market needed to see, clearly people blinked. the russians have blinked on oil. the major producers at least -- all of the pressure on saudi and these are things you can't have oil float freely and have currency hard pegged to the dollar. even they assessed, there's got
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to be some coordination, whether it means we start talking about it and i think that's very important. but as you've all pointed out, the stablization factors are very important here. i think removing china at least from the calculus and the yen going higher takes pressure off china to deval. we're in an environment where we have massive risks out there but to the extent that february 11th was a big day, it was also just a turning point for sentiment got too negative. sentiment for the last couple of weeks got complacent. it got complacent. yesterday we saw when you have that kind of move in the yen people are concerned -- >> back to february 11th and issue with oil. jackie has been putting up numbers all day from the nymex, we're this close in the united states to production finally falling below 9 million barrels per day. the iea has been predicting that month -- this is going to be the month, almost there. now it looks like it might actually happen.
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you might finally see that supply coming off, been so long predicted. >> it's really hard if you're focused as an equity or debt investor to figure out exactly what's going to happen with the price of oil. i think what you need to see overall is good, macro economic trends across the globe. that will take care of a lot of problems and then trying to figure out exactly what the supply and demand ratio is in the u.s. alone. >> i think we have this chronic case of macro fatigue. all investors, really are tired of trying to figure out these global asset class correlations. we usually welcome earnings season and i think that's why the actual reporting season it's noisy and mine fields and usually has a little upward bias because people are built to beat estimates. >> how is it going to look? >> it's going to be -- the question is, is it going to be appreciatably less ugly in terms of guidance than the published estimate say right now. there's a decent chance of that. >> what do you think when you
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consider the decline of the dollar and impact that could have? could we see that impact already in the first quarter earnings? >> i think you'll see on guidance for multinationals big wins are things that may not be as widely broadcast but year over year it doesn't mean in linear terms if you're doing business in china, it may not mean that things are that much better year over year. as mike talked about, the bar is so low going into earnings season, the sectors that look the most interesting are places where you have flatter side ways earnings and health care is a case where i think despite all of the political sentiment and stock specific stories and what's going on in the inversion trade kind of nastiness that's out there is a place where you are getting earnings growth. the best thing for investors to do, find those sectors that actually -- sentiment may be beaten up for a reason but it may surprise -- >> politics hurting this market? >> no, i don't think so.
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>> i don't -- no, no. >> i don't i don't think so. whatever bernie sanders says or donald trump is going to say is not going to affect -- >> they all say it, evan, that's the problem. >> i think the market tends to look through it. people are generally greedy and they are not sitting around worried that bernie sanders is going to be the next president. what i'm going to be looking forward to in the earnings season, this issue of growth versus value. i think that may turn out to be the story of the year, which is that you're going to probably see over the next year or so a shift from traditional growth stocks and biotechs and high tech companies to more value plays, banks and oils and if that doesn't happen, it's a hard for me to see the market going much higher right now. >> we've got to go at this point. thanks, we'll see you next hour. you can catch tim seymour at
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5:00 p.m. eastern time, steve grasso has the most important level to watch on the s&p 500 next week. when we get into earnings season in earnest, that will be important to watch for coming up at 5:00 p.m. eastern time. in the meantime, we're over a half hour away from elon musk's spacex launching a rocket to resupply the international space station and mr. musk is hoping it doesn't end in failure like last june. >> jane wells is in cape canaveral with a preview. jane? rmt we just got the go ahead for them to begin fueling. 4:43 liftoff, the biggest test will be carrying 7,000 pounds of cargo. it's going to take experiments to the international space station and try for a fifth time to savely land the booster on a barge which they call a drone
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ship. they reconfigured after the explosion. here's the most interesting piece of cargo, 3,000 pound foldable space apartment created by robert big low, who spent $290 million so far to create living space for space which can be lighter and cheaper and easier to carry by being expandible. space station astronauts will expand the small prototype beam and see if it's liveable and put it through testing. also a bootlod of biological experiments including the first ever launch into space by he lie lilly, they'll be testing how muscles degenerate at microgravity and out of that research come up with treatments for als or multiple sclerosis, all of it riding on a brand-new report which has more thrust is and is longer and this has never gone all the way to the space station carrying the drag on
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capsule with the cargo. we're t minus 33 and we'll be live when that happens. >> that bigelow thing makes the space station look like a double wide. >> reporter: he wants them bigger and floating and rent them out to companies, he's thinking long term and very big. >> jane, besides the obvious answer that it's rocket science, why is it so hard to get the booster to lands on the barge? >> reporter: because it's actually easier in terms of trajectory but you've got a floating piece of equipment that it has to lands on. it's like landing something on a very tiny aircraft carrier. the seas are pretty good, but 4 and 6 feet are the waves. they tried four times before and landed once on land. that's easier, the trajectory is harder. it costs more and harder to land it on sea but it's easier if you understand what i'm saying.
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>> very clear. >> she does. it's like that is easier rather than that. >> i got it. >> sometimes it's just easier when you do it with your hand there. >> thank you, we'll see you next half hour. very excited. >> big business is under fire from both bernie sanders and president obama and even republicans seem to be backing away from wall street. is being anti-business a good political strategy? that's ahead. >> plus, facebook getting ready to launch its own chat bot, but will they get it right unlike microsoft whose chat bot transformed into a racist. remember that? you're watching cnbc, first in business worldwide. like that anthony michael hall movie where he fights with the girl. the one where he gets rejected by the girl. even stream the one where he creates the girl. with unlimited data, you can stream all the anthony michael hall movies you want. i wonder what he's up to these days maybe he's shopping in an at&t store? get unlimited data and your fourth line free when you have at&t wireless and directv.
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compare.com. saving humanity from high insurance rates. it was a tough week for corporate america, embraced something of an anti-business stance this week sniping at wall street or krit sidesing banks. even president obama joined in as well, listen. >> my view, the business model of wall street is fraud. it's fraud. >> we're going to get apple to start building their computers and things in this country instead of other countries. >> i'm very pleased the treasury department has taken new action to prevent more corporations
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from taking advantage of one of the most insidious tax loopholes out there and just to get out of paying their taxes. >> i don't think what i'm arguing is bad for business at all. it's certainly is focused on bad behavior of some businesses. >> so we're wondering if being anti-business is actually good political strategy right now. >> joining us now is economic policy analyst, american enterprise institute and cnbc contributor and host of a political podcast. you're both jimmy today. mr. p, why do you think this has happened? is this a good idea for both republicans and democrats to come down so hard on corporate america? >> i think we have to make a difference. i think criticizing businesses that become rich and powerful because of bailouts because they are really good at lobbying and getting special tax breaks or
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regulations, people who get rich because of that, i think you can cite size them. i think americans like many businesses just fine. they like apple. i think they like google and billionaires who look like they are making cool stuff. like elon musk and larry page. the late steve jobs. think if you're in a business and you're milwaukaking cool st that is relevant to people, that's just fine. politicians will not get far criticizing those kinds of businesses. >> jimmy williams, can it be overdone though? you have the treasury department changing the rules for pfizer and aller gan and bernie sanders saying that ge was an amoral company and jeff immelt fighting back. can you overdo this anti-business thing? >> don't be shocked that we'll agree with etch each other. you can overdo it but there is a distinction between corporate america and rest of business
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america. corporate america only provides like anywhere from 10 to 12% of tax revenue coming into the federal government. guess what the rest is? all individuals and individuals who own businesses. businesses small businesses, medium size businesses that employ millions and millions of people. those aren't bad people and not doing bad things. they are great things and contributing to the economy. it's fine to have a populist message and fine for trump to say apple needs to make computers in america. however, the reality is simple -- make apple computers here. >> is it fine for bernie sanders to say that ge is destroying the moral fabric of america? >> it's absolutely not okay to say that. i disagree vehemently that wall street is based on fraud. i don't think that is the case. do i think there are bad players? yes, i do. a lot of those bad players are democrats. >> bernie sanders would have said the same thing before the financial crisis so -- >> jimmy p., donald trump is
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taking apple to task for sending jobs overseas and ties he makes are made in china and invanka's scarves are made in china as well. hello. >> i think the problem with trump is that his economic clock stopped about 35 years ago before global supply chains. if he would like an apple phone that may not even be able to be made if it all had to be made in the united states for years. there is a lack of knowledge on his part. i think most people know that's good. most value from the phones comes back to america. i think it's an easy thing to say but not backed up by any facts. >> jimmy williams, we started by asking, is this good politics if people in both parties are jumping on this, seems like good politics right now. what does it say about the mood of the country that is seems like an easy call to just kind of bash business and does it mean it's going to be translated into policy into the new
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administration at all? >> i don't know about the next administration because i don't know who's going to win although i want hillary clinton to win. set that aside, is it good politics? sure, it's good politics because you have a very populist country and income gaps and et cetera, et cetera, people feel this kinds of stuff. but at the same time -- i will say this about corporate america and business america, they have to do a better job of translating money down to the people that work for them or shareholders, they are not doing a very good job. the markets are high and corporate america has never made more money in the history of the united states. yet americans, by and large feel the economy is not on their side. there are lots and lots of reasons for that. in corporate america wants to gets out of the cross hairs of politicians, they should do a better job of explaining what it does to make american life better. if they do that -- >> quick question for jimmy p. is there any reason why anybody should go through the trouble of
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trying to defend either the oil companies or wall street or is that just part and parcel of the american political landscape that throughout history last 100 years people have always picked on wall street and on oil companies and that's the way it's going to be? >> well, those are two really easy targets and people will continue to criticize them. they can defend themselves. i think if people see companies that are competitive and we have a dynamic private sector where companies succeed because they have really good products and able to legally beat away competitors, there's not a problem. we need a very dynamic cut throat competitive private sector and yet a modern that takes into globalization and automation. if we have those two things, we're in pretty good shape. >> all right, jimmy p. and jimmy w., good to see you. >> thanks. >> eamon javers sat down with
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the man at the heart of the panama papers scandal. you'll see some of that interview after the break. we're minutes from the latest rockets launch by elon musk's spacex. got to have that music, of course. we'll bring you that live later on "the closing bell." you'll see the launch right here. is car? came courtesy of james and patricia thompson. this tv? margaret and tom lee. the championship game ball? that was sebastian diaz. good guy. and all i had to do was ask for their money and pretend i was investing it. their life savings is now my lifestyle. female announcer: don't let someone else live the life you're saving for. find out if you're dealing with a registered investment professional at investor.gov. it's a great first step toward protecting your money. before you invest, investor.gov.
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the panama paper scandal, eamon javers spoke to the man at the secenter of the scandal. >> reporter: this is part of the city where we have a lot of medium sized businesses and banks and law firms and behind me are the offices of the law firm at the heart of the so-called panama papers scandal. earli earlier i had a chance to ask him as a named partner, why he thought all of these people from around the worl were coming to panama to do business and whether or not he knew the big political names benefitting from the business done right here. here's what he said. >> did you know vladimir putin's aides and associates were using the services? >> no, when we find out names like putin or other heads of
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state it is always through the media. this means that -- >> did you know eight members of the chinese bureau were using services? >> no. >> david cameron's family had used your services? >> no. >> why not door. your name is on the front door, wouldn't you want to know as a business oep owner? >> when we find out through somebody -- through the media is normally how it happens that could be somebody a personally exposed person for a professional intermediary, then we start investigating. >> reporter: ultimately what the law firm is arguing, they simply incorporate the shell corporations here and do it often with intermediaries overseas. they say they try to find out who the ultimate beneficiaries
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of those corporations are but they say in the past there simply was no such thing as due diligence here in panama city and many places around the world. >> as you are well aware, i'm somebody who believes there are moments when banking see kreltcy is super important in certain parts of the world. that being said, when i see this inter interview, he looked nervous and sweaty. what did you think of how he did and what his explanations were? >> reporter: well, look, this is a man under more scrutiny than any business person in the world this week. he had a massive global scandal dropped on his lap. he did tell me beforehand he was a little nervous about the performance aspects of being on tv. not used to being the public face of the law firm. but he's making the argument they did everything they should do under pan man yan rules that are applicable here. a lot of critics will look at the interview and saying i'm
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shocked to find out there's gambling in my casino. >> iceland's prime minister didn't survive it. you wonder if david cameron can. >> that's a fascinating question. >> their business is shell companies. that's what they do. that is why the panamanian domest domicile exists. >> can i underline there's a reason for banking see kreltcy? we talk about putin's allies having all of that money which was clearly stolen and huge question, but there are people in russia who fear putin and need a place to put their money, if not, he will take it. banking secrecy exists, we live in the united states where we don't have to worry about such things. in venezuela they tax you at 100% sometimes. did any of that come up?
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>> reporter: absolutely, you hear the same thing when you talk to swiss bankers. when the scandal broke, we have a lot of family who's have accounts who fled the holocaust, worrying something like that happening again. they don't trust any government anywhere in the world and want to find a private place to keep their family money. the question is when you set up a regime that does that, then who is able to come in and abuse that system? look at the political consequences of this. in china they have banned searching for terms brother-in-law and panama on the chinese internet because of the scandal that started here in this building. this is having enormous ripple effects all the way around the world. >> it's tough to struggle with the tradeoff between banking see kreltcy and what it does for some people and what it can done for autocrats. >> great job to you and your team. it came off very well. >> thanks, bill. >> time for a cnbc news update with sue herrera.
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>> belgium police conducting a raid in brussels today, arresting several people smted of having links to the november paris attacks. belgian prosecutors say one of those arrests was 31-year-old month hamid abrini, two other people were detained. bruce springsteen canceled his concert in greensboro citing the state's recently passed bathroom law. if dictates which bathrooms trans gender people are permitted to use, a violation of human rights. after almost 400 years, a new portrait by rembrandt was unveiled in aamsterdam. it was created by art historians using data and facial recognition from 346 of rembran rembrandt's painting. thousands gathering in philadelphia to celebrate villanova's basketball
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championship. the celebrating began with a parade that started at 20th street and then the players rode atop a double decker bus and took turns holding the trophy over their head. >> best finals game ever. >> you watched it. unbelievable game. >> in the last what, second or so, amazing. >> now let's go back to that rembrandt. a computer created that painting based on. >> based on rembrandt's work, which was a compilation of different pictures of rembrandt that they took and put together to create a portrait of rembrandt. but it is pieces of other works by the artist. >> it is fascinating. >> i guess. >> it's really fascinating to me and has all of the kind of subtle light and things like that this he was of course so well known for. >> thanks, sue.
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>> have a great weekend, guys. >> microsoft had to pull the plug on the chat bot. if you know what that is, after it turned racist. facebook is pushing into chat bots as well. will that back fire? we'll discuss that next. then if you're just joining us, we're counting down to the minutes of the launch of spacex's latest rocket launch and we're coming up with all kinds of music to get us into that. will elon musk's rocket succeed after last june's failure? we'll bring you live to the launch in a few minutes. stay tuned. wow, that was random. 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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if that's what you need. because you have enough to worry about. i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. facebook could be the next to get in on the chat bot craze. they are currently providing developers with new tools to build the bots for facebook messenger. >> a formal announcement could come next week for more we bring in curt wagner. curt, what are you hearing? >> that is the expectation, facebook has the annual developer conference tuesday and wednesday of next week and a lot of people are expecting them to announce tools so that
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developers same folks building apps for your phone can build these chat bots inside facebook product to automate the tasks that you otherwise would need another human to do like order food at the restaurant and spend time on your own like managing your calendar. >> explain to the neophytes among us -- >> including me. >> what will it look like on the street? i'm invented some kind of avatar that talks and acts like a human? >> chat bots are supposed to feel -- the way you interact is through text. the same way you might text a friend you're going to be texting back and forth with software essentially that's going to be responding to you. the way that facebook wants this to work, they have a messaging app called facebook messenger and they want developers to build technology into the app so you can say chat back and forth with taco bell and order tacos all without ever having to talk to another human being. >> curt, where does this lead in terms of a business purpose?
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is this just a feature out there? i'm trying to think of businesses when they were integrating voicemoil. i don't think anybody made a fortune but is it to create i am mergs and engagement for users. >> there's a few things to be discovered. will people use these bots? everybody is talking about them because facebook is talking about them and we like to talk about what facebook is betting on. the idea behind this is it's supposed to make things for efficient. if you're a big brand and don't have to staff as many people doing customer service calls all day, that's going to be beneficial for you, spend that money and time doing other things. i don't necessarily see a killer use case at this point in terms of a new business revenue model but in terms of efficiency, maybe shaving some money for some of these brands and businesses -- >> reducing employment. >> yeah, all sounds -- >> jobs. >> it sounds so good on paper
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and you can ask, what can go wrong? and the answer is tae, right. >> these are robots that are going to be doing things humans used to do. i think that's a valid concern. >> are they going to get it right? when you go through the drive-thru, get a burger wrong half the time. is it going to be better? >> i hope so. i think facebook hopes so. >> i'm a little confused. if i want to order a pizza online, let's say i want for some reason a domino's pizza, there are online applications right now where i can do this very easily. why wouldn't i link just to the domino's application. why would i go through facebook chat bot to do the same thing? >> so that's a good question. here's the idea. if you have messenger on your phone, you're not going to have to download apps for domino's and pap pa john's and pizza hut.
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you already have one app and then all of a sudden you can order pizza from any of those places from one place plus talk with friends and family and other things you like to do on messenger already. >> kurt, thanks. >> thanks for having me. >> we got something exciting coming up. >> we're just moments away from the latest spacex rocket launch. bringing it to you live after this. glasses? they are. do i look smarter? yeah, a little. you're making money now, are you investing? well, i've been doing some research. let me introduce you to our broker. how much does he charge? i don't know. okay. uh, do you get your fees back if you're not happy? (dad laughs) wow, you're laughing. that's not the way the world works. well, the world's changing. are you asking enough questions about the way your wealth is managed? wealth management, at charles schwab.
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♪ >> we've gotten them all. we're a couple of minutes from the launch of the spacex rocket there at cape canaveral where they launch a new payload to head to the international space station. >> there's no major tom on this ship. no major tom on that ship. >> my fantasy is they name one of mice maybe. >> jane wells tell us about it. >> reporter: the falcon nine rocket is on its own power and doing a last minute go for launch. if you take a live picture of nasa, we're less than a minute and a half away from this. this is the amazing thing, there's only a window, 4:33:32, if it doesn't launch then it has to wait until tomorrow. this is a big test, it's newer, bigger more powerful rocket, 290 feet tall, 1.5 million pounds of
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thrust to help on reentry. the company will try to recover the first stage of the rocket at sea. they've tried four times before and failed and did it on one time on land and succeeded and that will happen approximately nine to ten minutes after the launch. whether spacex notifies us immediately we don't know. but dragon will continue to the space station with 250 experiments and a 3100 pound expandible tent if you will, a space habitat that robert bigelow is hoping to test with nasa in terms of a long-term plan to have space habitat in space. we're getting very close. why don't we listen to nasa. >> eight, seven -- >> t minus ten, 9, 8, 7-6, 5, 4, 3, 2, 1, engine ignition,
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liftoff of the falcon 9 rocket with science for today and for deep space exploration tomorrow. falcon 9 is cleared. >> guys, i have to tell you, there's nothing like seeing this in person. >> here comes the rumble. i feel it across the cape. >> reporter: in about another 40 seconds, the rocket is going to have its maximum stress. this is a key period when it reaches 1:11 seconds, that's loud, after liftoff. we're now 30 seconds away from that critical moment. 15 seconds away from maximum stress on the rocket.
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right now, it is hitting peak stress. now what's going to happen another minute and 20 seconds, first stage engine will cut off and first stage will separate and as dragon and second stage continue to the space station, spacex independently of nasa will begin trying to bring that first stage back down to earth, float it -- land it on a floating drone ship that they've named, of course i still love you, that will happen approximately nine to ten minutes after launch. maybe eight minutes from now. it will be up to spacex to let us know if they are successful. we'll be back during fast money. >> this is fun, back to you. >> watching it, why is it we feel so inspired and so fantastic to watch? i mean, it's just dramatic. >> awe inspiring, right? >> yes. >> reporter: it's just so hard
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to do, to break gravity's grasp. there's something about being able to do this that is always so awe inspiring. >> at what point -- >> reporter: the fact that we now have private enterprises who are spending their own fortunes also being subsidized by nasa and taxpayer to help them get going, but between bezos, musk, richard branson, robert bigelow with the space habitat on board. these are people putting big money with nasa's help to get up there. >> at what point did the june launch fail? we're two and a half minutes almost three into the launch right now. >> reporter: the first stage has just separated. so -- >> so far so good. >> reporter: the second stage -- the second stage is about to ignite and then we'll carry on. we're at a point where they are very high up there and the focus at least for spacex right now is on recovering the first stage of the we're continuing to watch.
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it's about three minutes ten seconds after launch. spacex should be in the next six or seven minutes whether it required it. >> 10 million years ago i interest vused elon musk when he just sold pay pal. what are you going to do next? there are a lot of problems in the world, energy is one of them but all of my friends are working on that. right now it cost $10,000 per pound to go into space. i think gosh, what if i could get that down to $1,000 per pound or $100 per pound. what would that mean? and here we are now, just this idea he had back then. and it's amazing to be here now. as you said with a private company. >> reporter: yeah, the interesting thing is this idea of rocket reusability is key to bringing down the cost for low earth orbit, you won't launch to the moon or mars every month. it's not efficient to create a retrievable rocket for those heavy, heavy launches yet.
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but for things to lower with orbit like the space station, if you can get a market and get a rocket that has to be reconfigured differently to be recovered, man the profferry, e refur beneficiary and clean the recovery, that would bring down costs. >> you know what's so exciting? somebody who used to fly model rockets when they were a kid, knows how hard it is to do this. every other model rocket launch would go haywire. the fact they are doing this in a big scale, it's so amazing, it's really hard. >> reporter: what you're looking at right now, that's hawthorne, california. now we're back. the glassed in control room is the spacex mission control in hawthorne. there's also johnson in houston -- and i'm hoping they'll switch back to hawthorne if we get word in the next four minutes or so. >> we'll keep a watch to see if
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spacex let's us know if it really lands on the barge as everybody is waiting to see. jane, don't move. we're going to take a quick break then figure out what happens after this. >> stay tuned. sic plays through♪ the first stock index was created over 100 years ago as a benchmark for average. yet many people still build portfolios with strategies that just track the benchmarks. but investing isn't about achieving average. it's about achieving goals. and invesco believes doing that today requires the art and expertise of high-conviction investing. translation? it's time to bench the benchmarks.
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all right. from eight mile with eminem to the hugely successful "diverg t "divergent" series mckie pfeiffer has been in the business since the late 1990s. >> his latest and now joins us here. >> i keep makie ine ine ing "tr places" references and looking at the coca-cola and orange juice. looks like it's going to be a good summer here hopefully so i might invest heavily. >> do you invest? >> i have in the past. i think it's one of those things that you have to really respect and be able to have the time and really manage your money. i mean, you have a broker, but i
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think -- and i just don't have the time and i really do want to be a student of the game and learn this, the ins and outs which would make me even a viable trader rather than being some guy with the guy with some money. >> okay. so you're a smart guy. been in this business a long time. you've seen the evolution of now this huge explosion of distribution channels that are out there. >> right. >> and the netflixes and everything that's out there. better work for you available as a result? >> i think it's great for 'number of reasons. one, i think it gives actors before, who if you missed pilot season per se, you were just dead in the water, you know. >> other options then. >> right, right. >> very small options, usually primetime, and now with the netflix and, you know, the directvs and all of that, the apple tvs, it gives actors a lot more options, and viable ways of getting their talent out there and feeding their families. >> "pandemic," by the way, after
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what we went through with the ebola crisis. >> right, right. >> it's right on the front burners in front of people's thinks. what was that like? >> our film started out as an independent, basically a labor of love, something an actor loves to explore and that's what i love about this movie. yes, it has some action and some gore and it's very character driven, and it really tells a story, and the audience really gets invested in these characte characters, and there's a virus going on in the movie and we are trying to figure out what it is and how to save mankind. >> it goes on demand april 5th. >> i mean, that used to be years and then it was months and days. >> okay. it's another thing. another viable way of getting a film out there without spending a whole bunch of money and marketing and advertising, and -- and right in your living room. people these days have surround sound and big flat screen tvs. they want to be able to have -- >> stay home and eat the popcorn. >> hey, good to see you.
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>> great to have you on. >> we have some new developments on -- let's bring you up to date on the spacex rocket that just launched a moment ago. jane wells in cape canaveral. what's going on? >> reporter: take a look at nasa-tv right there. on the left, spacex has successfully landed, the first stage of its falcon 9 rocket, on a floating drone ship for the first time. you can see it there. a huge cheer went up at the spacex mission control in hawthorne when they tried it. tried it four times before. fifth time's the charm. it is more expensive in some ways to do it this way and yet easier because of the trajectory. it is easier to get the rocket out in sea rather than try to bring it back to land. this is a big milestone. that's johnson control and that's nasa right there. the other thing that's happening right now is the dragon space capsule is starting to separate from the second stage. it will now head on to the space station, a huge, huge milestone
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for spacex today. >> guys, this will be a new movie re machai pfeifer. >> amazing called "we land." >> sort of taking this in stride here but this is an amazing accomplishment. >> this is rocket science, it's amazing. >> absolutely. >> i was expecting to see the cheers go up and the emotion from the ground control folks. >> did you notice that it wasn't in the direct center of the circle? it was actually off to the -- >> you're not going to give a 10 on the landing? >> i'm simply saying, that's hard enough to do, absolutely. >> chain, is there much a crowd out there. you're across the bay there from where it launched. you got a big crowd like they used to have with the space shuttle launches. >> no, you know. >> everyone is taking it in stride. >> reporter: you know, we came for two reasons, one, that spacex was going to be going back with the larger rocket and it was a big step for them and
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also because robert bigelow has spent $290 million to try to get the space habitat project off the ground. what you're looking at now is dragon is separating from the upper stage. spacex while they were cheering in the control room in hawthorne when they saw they landed the first stable, they still have work to do and have to get this capsule to the space shuttle. >> oh, and by the way the guy runs tesla, too. >> oh, by the way. >> in his spare time. >> in his spare time. >> thanks for joining us. machai, come back. >> "pandemic" opens april 1st nationwide and then you can see it on demand after that. everyone have a great weekend. >> you, too. >> "closing bell," that's it for us, kell sebak on monday and "fast money" begins on monday after this quick break. have a great weekend. what do you think michal? i agree. let's get out there. let's meet these people. may not always be clear... but at t. rowe price,
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"fast money" starts right now. live from the nasdaq market site overlooking new york city's times square. our traders are tim seymour, steve grasso, brian kelly and guy adami. tonight it's make or break. traders see one stock in particular that could be the most vulnerable. we'll give you the name. plus, an experiment just moments ago on facebook involving a watermelon and a rubber band. coman explain why the social media giant is worth over $300 billion. and later in honor of the spacex launchve

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