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tv   Closing Bell  CNBC  May 25, 2016 3:00pm-5:01pm EDT

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allow shareholders to nominate people to the board. >> oil now, pressing ever closer to $50 a barrel. above 49. $49.65. >> probably not an accident that that and the dow have done so well. >> "closing bell" starts right now. ♪ welcome to the "closing bell" everybody. i'm kelly evans. >> and i'll bill griffith. a two day rally for stocks as you have seen. the dow powering higher. was up 177. just off those highs right now. bond king jeff gundlach says he feels this rally is nothing more than a short squeeze. we'll debate coming up here. >> weak numbers from tiffany and express hit the market this morning. but there are three retail stock market with momentum right now.
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tiffanys now kind of hanging in there though. >> and delta is looking to make those tsa lines shorter this summer. phil lebeau is live in atlanta with details. and he's going wait on a tsa line for us. >> team player. and the one stock in berk sher's beneficial she doesn't agree with.shire's beneficial she doesn't agree with. >> what could it be? we'll find it. steve leisman looks at the improving economic data we've seen. and jackie deing angeles is following stuff. and more. >> two development that is the market has taken notice. first decline in the worst fears of the global economic melt down and u.s. recession and global
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financial systemic risk and that is because of the improvement in the economic outlook of the data here. let's look at what's happened for to the outlook for gdp in the second quarter. first quarter a meager 1%. we started with an outlook for 2%. and i'll show you what's happened. retail and inventory data. that bumped it up by .4 to 2.4. the home sales data existing in new homes has confirmed that level of gdp growth and then we got the trade deficit data showing better exports and better imports coming up 2.6%. a better than expected trade deficit this morning. and here are some of the other data. retail sales shows a consumer growing 3 purkt. about a point higher b. and then the chinese and u.s. manufacturing pmi. both were part of the concern about recession. they were down below 50. now just barely above it. so at least they have stabilized. you don't want to talk about
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strength there just not getting much worse. job growth has eased off. the market service sector data showed weaker this morning. tomorrow a durable goods number that should give us a read on whether weak business investment will continue but the data is strong enough for the market to rally and for fed officials to begin talking about the june or squlul rate hike. >> before we move on let me ask you do you think if the fed were to vote today knowing what we know today would they raise rates? >> i think they wouldn't. i think want a little more clarity on what's going to happen with brexit. they have to get a little closer. now if you give me brexit i have to talk about that and i have to talk about the job support. my number there is 150,000 is enough for fed to go there. and some sense that brexit is not a slam dunk the other way. >> spoken like a true fed official. >> yeah. getting good at it. >>off to make a call yet.
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--off -- i don't have to make a call yet. >> jackie deangeles. >> a surge in oil. the highest settle we've seen since last october. near session highs today at 2:30 when we closed. so we're getting close to that $50 mark. as the key technical. psychological level. we keep testing and traders always say that is the pattern before we cross and hold. today's move was based on the inventory numbers that we got from the department of energy. not only did we see a draw of 4.2 million barrels in crude oil but we also saw u.s. production continue to go down. slightly but still eleven weeks in a row these numbers are continuing to decline. so certainly supportive. the dollar index in red territory today. that helps crude as well. finally the anticipation of the summer driving season is certainly in the trade too.
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2.30 is the average at the pump and that is going to send about 38 million people this weekend on the roads. second highest travel volume on memorial day weekend since they have started tracking it. the gas prices are up about 16 cents in the last month alone. crude prices up 50% in the last three months but the gas price is down 44 cents from last year. so on a relative basis consumers are still saving money. and if the cheapest gas in about a decade doesn't get you on the road this weekend, phil, i don't know what will. >> -- >> thank you jackie very much. so financials and tech as we mentioned have been lagging the market this year. but now they are picking up some steam. >> first off i do like ice cream, and i will be filling up in new jersey before the long
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weekend. so let's talk about the reason why some of these traders are at least feeling a little bullish about the action leading up to today. because the market leadership of this month of may has dom from place you would like to see it coming from. the biggest sectors in the market. month to date gains in tech. north of 4% so far as we now stand. if things can stay positive it would be the second month out of the last three we've seen gains for tech. the biggest percentage gainers in the tech this month to date about fun and games. computer graphics chip maker nvidia the best percentage gainer. one of the biggest out there apple who's stock has rebounded 6% just as far in may. the financials up 2% as the group this month. this could be the third straight month of gains. the last time we saw that was the three months end of december of 2014. among the top performers are stocks like intercontinental
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exchange. now together tech and financials, we keep saying it make up 36% of the overall s&p 500. so there is a reason why at least some traders feel a little bit good about the action in tech and financials leading up to this particular moment guys. back over to you. >> thanks very much. to the whole dpang with their reports today. "closing bell" exchange. mark mattson. keith bliss of post nine with us here at the new york city stock exchange and reck santelli. >> i would be selling into the strength and we have a lot of clients that have said that's what they are going to be doing. this bears all the hallmarks of an overreaction in the market to things going on with greece and overreaction in the market that we've seen when shorts tend to get squeezed. we still see a lot of negative things in the market. we still see more money flows flowing in the short etfs than
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in the longs. and you will see the dow and s&p 500 will be driven by the tech and financial names but it is not broad based so until the russel and the nasdaq can get back above the april highs i don't care i don't think we turn the corner and change direction on this. until the s&p gets up to 21 huns 00 i think you sell under the strength and take your profit office that. >> where do you see a catalyst across the space of, you know, to keep going and maybe even lead the markets higher yet? >> one of the problems with predicting the future is it is almost impossible do. especially when you are trying to do it in the short-term. so what i always tell investors is stop trying to predict the short-term because it is almost impossible. focus on the next 20 years. investors have been doing exactly the opposite. there's a hundred billion dollars out of equities in the last -- since november 2015.
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instead innervavestors need to y buying now. if you -- since 2008 you have made a 300 percent rate of return on your money. stop trying to predict it in the short-term and stressed stocks and financials 2 sector for the next 30 years. >> so mark is buying really really green bananas right now. rick, do you buy the notion that markets are getting accustomed to the idea that maybe the fed will be raising rates next month? >> i wish i could say i was but i'm just not convinced. the new line in thinking and steve encapsulates. many investors are talking. maybe we'll get a pop for q 2. okay. atlanta gdp has it now at 2.5. say it comes out 3.5. let's look at the previous four
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quarters and see what the average is. i did that. it's is 1.85. 2015 was under 2%. 2014 was 2.5 perfect. 2013 was a bit below 2.5%. there were quarters in 2014 that were close to 5%. my point is we have a very sustainable almost 2% economy. nothing has changed. for years. we seem to get awful excited when you get o that quarter that pops. but even steve and his research has shown you get weak one yourks get strong ones. the weak ones are too weak and the strong too strong you average it out. the numbers don't lie. i don't see what's changed. they should have tightened in 2013 or 2014 at 2.5 but they decided to do it in 2015 below 2% and no matter how you massage the numbers i don't think you are going to debeat 2% in 2016.
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maybe we have a chicken little scenario with the fed. although they are more than on solid ground after all this time to normalize. at least up to 1.24 or 1.5. >> the market survey this morning was not great. the services reading came down. the expectations were weak. we'll get the official services manufacturing readings first week of next month. what happens if this data spate lately has been as good as it gets and begins to soften from here? >> well all the information is already in the price. if something bad unexpected happens the price will go down and then you buy more. so many people are trying to predict the fed. stop trying to predict the fed. we haven't had a great fed head since alexander hamilton. since 1983 they have had seven major increase --. stop trying to play chicken with
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the fed because nobody thoughs that. if if you wait until you know exactly what the fed is going to do before you own equities you will never be in. >> so we talked about financials a moment ago mark but what do your holdings look like here? >> we own financials not just here in the united states but financially too. not just because they are a great sector we think but because they are distressed. buy distressed stocks with high bok to market value and when things get better you make higher profits than owning growth stocks. but as you said, green bananas. heck yes green bananas. it takes patience and courage to buy something everyone else is running away from. >> so keith, mark is looking way out there. i'm only looking next 45 minutes, maybe next two days here. and i would ordinarily ask about the s&p but you are more focused as you said on like the russell and the nasdaq.
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what numbers are you looking for? what levels are you watching there with those two indices? >> well until the russell in particular and i've really started to focus on that more in the last few months because it is a much better predictor about short-term movements in the market which is what a lot of clients worry about when the trading in and out. but until the 1156 i'm not getting too excited. there is no catalyst for me that is going proipel the market higher. and then we have to get above the 1163 level. it tried so many times in 2015 to get above that and just could not do that. >> how do we know if this is just a short squeeze? >> you look at volumes and the way this propels out. we know a lot of traders and investors are putting tight stops behind their short positions because they got taken out on a stretcher, you know, the last five years every time they tried to short the market
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and got bitten by the fed pushing it up. so the stops are tight. when you see the market propel very high like yesterday, 1.5 to 2% on light volume that has all the hallmarks of a short squeeze. some of this today is people getting out of way. almost like a seller strike when you see sometimes a buyer strike. >> thanks. have a good day. the dow was up 182 at the peek. we're up 149 right now. >> and for the long-term investor, whitney tilson is a blifr in warren buffett. >> apple announcing plans for a siri based version of echo. with alexa as its voice. we'll discuss whether this move
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means apple has officially gone from innovator to imitator. >> and phil lebeau at the world's busiest airport with looks at easing enormous security lines. >> it is an interesting approach and we'll see you in a little bit. but for me, somebody who is flying back to chicago this afternoon. this awaits. the lines. oh the lines when the closing bell returns. real is touching a ray. amazing is moving like one. real is making new friends. amazing is getting this close. real is an animal rescue. amazing is over twenty-seven thousand of them. there is only one place where real and amazing live. seaworld. real. amazing
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welcome back. even with the rally alibaba is falling. on news of the sec looking into their accounting practices. they have requested documents related to policies for consolidated earnings and party attractions among other things. alibaba is cooperating with the investigation. the stock is down almost 8.5% today. >> noted value investor whitney tilson is a big follower of warren buffetts but in a latest interview tilson told me there is one investment in the portfolio where he completely disagrees with the oracle of
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omaha. >> he loves his work. he's wired for this and has been doing it for 70 plus years and keeps getting better with anyone. at some point that will change and a hasn't happened yet in my opinion. if warren buffett dies nothing happens to cash and vems and nothing to operating earnings. my valuation doesn't factor in one penny of warren buffett pulling another rabbit out of the hat before he's done. >> berkshire recently invested in apple. did your head kploed explode? and are you comfortable with them looking at an investment like apple? >> yeah. my head didn't explode. it was ant a warren buffett exempt. my guess is it was todd combs.
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they manage their portfolios completely independent of buffett. the did not have to approve that apple investment i'm quite certain of it. and a billion dollar investment sounds like a lot but sort of a rounding error for them. >> and they just say forget it we're not trying to understand the tech business. we're staying away. >> what's caused more agita than a billion dollars in apple is 12 billion dollars in ibm. that was the one stock in the overall berkshire portfolio i respectfully disagree with. i have said it is a value trap and said so publicly. and it has been so far. but again, look, i don't -- to respect warren buffett and to have berkshire hathaway has the largest position in my portfolio i don't have to agree with every
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single investment decision and every single stock holding in the book. so in the case of apple, apple is an insanely great company. the stock looks fairly cheap. forced to go long or short i would two long it. or force to go long or short ibm i would go short it. and that is a much more massive position. so i worry about that a little more but still in the scheme of the size of berkshire hathaway, berkshire has lost 3, 4 billion. that's real money but it is sort of a rounding error at berkshire. >> so there you have it. not a position that many i think at this point probably disagree with. >> well yes. but how many times in the past has warren buffett held on to a -- warren buffett is famous for betting the jockey. he bets the management of the company. >> and that is come up with meg bitman and hewlett packard and has gone from one company into
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kind of three. yesterday we were saying is that an example of the right way to go about steering the ship as the big stayed company in the space? obviously there is not a right answer at the moment but berkshire is the biggest position in case capital -- >> and it's interesting to -- in the context of this investment and in apple as whitney's discussing there how they make their investment decisions, how independent some of those managers are inside the berkshire hathaway structure. i find that very interesting. >> z like when you are a good coach. you win the games you get the credit. you lose them you take the blame. i might just have to golden state warriors on my mind frankly today. but i can't even watch. check in with whitney more on cnbc.c cnbc.com/pro. >> nothing against the oklahoma city thunder.
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they are a wonderful team. but what happened to the warriors? >> breaking use on takata. >> the japanese air bag maker have hired lazar to come one some form of restructuring plan to meet their swelling liabilities after the largest recall in u.s. automotive isis history. takata in the u.s. alone recalling 70 million air bags. and they only have about $5 million in cash and they need to raise a lot more because the liabilities could be in the billions. back to you. >> thank you. a little more than 30 minutes left and the markets hanging on the a gain of 162 points which is notable because we ha one yesterday. so the step of one up, one down at least for today is broke. >> so much respect for phil lebeau. i always have. but much more today as he awaits patiently in the security line
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at atlanta's airport. up next an update and a close look at the new technology delta is trying to use to shorten screening times at airports as phil just continues to make his way across the line. >> plus we've seen a retail rout this earnings season. coming up a top analyst tells us whether there is a buying opportunity ahead of the all important holiday shoppic season.
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i'm here at the td ameritrade trader offices. steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data
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you need in one place and lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim. td ameritrade. rally day on wall street. the dow up 163 points.
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was up 1823 and in fact unlikely yesterday when the nasdaq was the best performing of the major averages, today is the dow is. and apple is among the gainers. four days running with a good move there. let's get to other big movers in today's trade. microsoft announcing plans to streamline its struggling smart phone business. as a result the company will lay off nearly 1900 workers and take a $950 million restructuring charge. microsoft's insisting it is just scaling back, not exiting the smart phone business. and western digital is one of the top percentage gainers in fact the nasdaq 100 today. barclays upgraded them from overweight to equal weight and hiked the price target to 60. implies a nearly 25% increase from where it is currently trading because of a favorable risk reward profile.
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lines are expected to be extra long this summer at airports so phil is experiences firsthand at atlanta's airport. >> i'm in the regular check line for the tsa security check point in the south terminal and it's only been about a 10 minute wait. frankly it is fairly normal of what we would expect. in the future as lines lengthen which we know they will this summer. this is one system they are implementing here in atlanta they believe will ease some of the long lines. it is automated security system and one operated by delta in addition to the tsa. we had a chance to look at it earlier this afternoon. they believe we have have about 30% more people work through the lines because there are five stations. so if there is a slow person in front of you. boom, put yours into the bin, put it onto the conveyor belt.
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the idea is it is supposed to be much faster and more efficient. the reviews are mixed so far in the people we've talked to who used it today. >> it went fast the whole way up to this point so -- but quicker than the old way to unload your bags. >> i didn't think it was faster. >> seemed to go pretty quick. went through right the front of the line and my bag did get screens but, you know, it only took about ten minutes altogether. >> well it is going to take people some time to get used to that system but they do believe it will be more effective and it will cut down on what we see here. a lot of long lines around the country. get used to this. the tsa is call trg record lin s s this summer. delta investing a million dollars not only in that new automated security line here in atlanta but also adding 300 workers to assist at 32 airports around the country.
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all part of the effort to make it a little easier as you wait in line to go through security. guys back to you. >> so instead of one person being able to put their bag on the conveyor belt, six people would be able do it simultaneously. that is the idea, to speed things up. >> five people, bill. so if you and i get in line and you are taking your time and you didn't unpack the way you were posed and i'm done, i can go around you. and that is the idea. the bins come back automatically. all part of making it more efficient. >> do we expect other airlines do the same? >> yes. >> if they feel their customers need to get through security fa faster, they will take things into their own hands and start doing this. >> yes. you will see other airlines do similar measures. because they realize especially at their hubs that they need to move people as efficiently as
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possible. and hats off to our photographer who's getting jostled in line for me. >> pollack's using to walking backwards. i'm more worried about the guy standing behind you there, how patient he seems to be. >> how this is all going down right in front of him. >> exactly. >> time now for a cbs news update. sharon epperson. >> here is what's happening at this hour. the roman hacker known as guccifer will serve at least two years in prison. and 40-year-old michelle lazar pled guilty in virginia. he claimed to have also hacked into the hillary clinton's e-mail server. and downtown seattle has experienced a large power outage. this has happened after an equipment failure at the street substation. officials are hoping to have the power up within the hour.
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a florida judge denied the motion for a new trial in the hulk hogan case. hogan sued gawker after it posted a video of him having sex with his then best friend's wife. >> race officials announcing that the 100th running of the indianapolis 500 race on sunday is sold out. the first time in at least 20 years that's happened. the local television station blackout will be lifted for the first time since 1950. attendance is expected to reach 350,000. that is the cnbc news update at this hour. we had marco an dret on the show yesterday and asked what would it take to get interest in the sport back to levels of to years. he said probably an andretti winning the 500. >> yeah. >> of course. he hasn't done it yet. >> the whole family. >> a lot's riding on this weekend with record trnds.
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>> roughly 30 minutes left in the trading session. the market heading back to highs in the session with the dow up 180. >> stocks on track for a two day win streak. can tomorrow make it three in a row? we'll into ectoa top trader next? >> and why is billionaire tech investor peter thiel bankrolled something or other
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welcome back. second day of o rally across wall street. and shares of sarepta are soaring on news of delayed ruling. the fad hasn't given guidance on the timing of its new decision but sarepta shares up 24% today. >> the floor of the exchange here now with allen valdez. i'm hard pressed to find anybody on the floor here who is not skeptical of this rally. where are you? >> i think it is a wanderer.
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you need that to really put an exclamation mark top rally that. said when you and i spoke three months ago oil was down that 30 dollars. so it is back here. it could lift the market here for the next couple of weeks. housing very strong. great number. news out of greece just pushing the paper around. >> technology is coming back. but financials are stronger again. and that would seem to suggest they are getting comfortable with the idea that maybe the fed will be raising rates -- >> i think they will. we'll see that. i think overall the market is going the right direction. people say recession. i don't see that. i think we're on a pretty good slow but steady trek up. >> for you you need to see more volume. >> volume. this two day rally helps but you want to see more volume. >> okay. just a little more than 20 minutes left to go. keeping an yea on the markets
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and rally. the dow is up 169 points. williams snoem aonoma and and w stocks in the retail space from v the momentum. and still had. apple creating a new product akin to amazon's echo. we'll discuss apple's tech edge coming up. no one surface... no one speed... no one way of driving on each and every road. but there is one car that can conquer them all. the mercedes-benz c-class. five driving modes let you customize the steering, shift points, and suspension to fit the mood you're in... and the road you're on. the 2016 c-class. lease the c300 for $359 a month at your local mercedes-benz dealer. don't put off checking out your medicare options until 65.
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welcome back. here are sectors of the s&p 500. as we examine this rally more closely. energy is leading the way as wti retested the $50 mark. energy up. materials up is 1.3. financials and technology doing well. utilities sitting out. >> as rates go up. but energy yesterday was the lager. even with t the higher market. >> materials too. >> energy you either love or hate it. >> yes. >> or like it less in this case. retail as you probably know has not had a good couple of weeks. and today williams-sonoma and
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pvh. >> pvh, owner of brands like calvin clyklin clyne. currency is going to be a big factor. last quarter. fx weighing on earnings by over 30 cents. williams-sonoma. owner of pottery barn and we're looking for eps at 50 cents which should kit profit game of 3% from last year. and revenues coming in a little over a billion. the stock hammered since last summer. but the good news a rebounding housic market could help since new home sales were at the strongest in more than 8 years last month and williams-sonoma was also an adopter when it
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comes to e-commerce online back in 1999. now he gets half of its sales from the internet. back to you guys. >> we look forward that those reports in just a minute. consumers appear to be spending more on services than goods. which services dayna and who benefits? >> i think one of the things we're see are services sales up just under 5% overall and goods up .8%. when you think of it worksing you think of the services going on whether it's going to the gym, what you are seeing with cosmetics and slops aalons and . >> what is wrong with tiffany? another disappointing report from them? is it as simple as what i read if other day that millennial aren't impressed by the little blue box anymore? >> i think one of the things you are seeing with tiffany and many
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of the retailers, we're seeing a weakness in tourism definitely impact sales of companies who have a focus in flag ship cities. we heard it from macy's. we heard from ralph lauren and tiffanys too. the gross marge was a little better than expected because some lower priced items did better and that is the higher margin items. tiffany is going to be more new product to be key along with getting tourist traffic back in balance. >> i do love the color of -- i might like the color of the box better than what is inside of it. turquoise i have such a soft spot for. so dayna. . we talked about tiffany with there. williams shf sonoma and pvh after the bell. what would you do with nose. >> i think pvh is cheap. and i think the acquisition and
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also the fact that they are buying back stock and paying down debt i think is some of the exciting things. i think the debt pay down is certainly in focus. >> some companies you do like. at least that you are keeping an eye on to see if this momentum can last. lulu lemon and kate spade. >> kate spade did a 19% same store sales increase. and lulu is some of the higher priced items appear to be working. the story is one where inventory levels are back in balance. gross margins improvement. and active is working. on kate spade the handbag business is less worse. more new stores to open and they are less exposed to the wholesale channel of distributi distribution. >> would you bet on the companies that have a stronger online presence here? or in the world of amazon is
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that less relevant? >> i think online is very important. i was at this shoptalk event last week with over,000 people and the convergence of retail and technology is happening faster than ever. having a solid mobile strategy is key going forward and i don't think it is either or. i think it is about both. i this they what we're seeing is brands certainly have the opportunity to continue to flex their muscle and be able to have goods offered online and in stores. it is not either lsh or. it is sboet. and that is what ear seeing with the newness in mauls. and the activities going on there that will help to drive traffic over time. i think we're beginning to see some newness there. >> would you guy amazon dayna? >> i think the amazon story continues to be interesting. and yes i would buy amazon here. as they keep morphing. but i don't think that takes away from bricks and mortar. and i think we are seeing the blending of e-tailers becoming
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retailers. e-tailers opening stores now and retailers are going on line. >> yeah. that's for your. day dayna. thank you. >> thank you. >> turquoise. that's interesting. >> yeah. from my 21st birthday we were in santa fe. family trip. i got a turquoise necklace because that is the thing. my favorite thing of all time. >> wow. that's good to know. >> 13 minutes left in trading session here. coming off highs. dow is up 150 points right now. the nasdaq up 32. >> despite the rally of the last two days. some more stuff
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about ten minutes left with the dow trading up 152 points. art cashin told us before the break that the market on close orders show imambulanbalance to sell side about $150 million. so not a lot and it may already be in the market here. tom lieden is here. where are we seeing -- inflows as far as equities to.
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>> for the last year huge amount of money going into low quality dividend stocks. the we saw huge money come into small cap, mid caps. so there is a shift that is on. we're going to see what the numbers look like today. but it is interesting. because these change in flows can really tell us a lot. >> what are people betting on here? >> risk back on. and now we've seen major indicators go above their 200 day moving average in for the first time in a while. better for bank stocks. gold also 1$150 billion -- million the last couple of days too. >> inflows. i wonder if they are getting in late though. the rally seems to be over at least for now. >> it's been a good trend. and again, gold, dollar. that's all matching up.
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>> interesting people are adopting more risk-on mentality. to people think hey they are raising because things are stronger and i want to bet on cyclicals. >> earnings weren't as bad. and people are waiting for that hike to finally kick in. they just want to accept it. so i think that type of mentality right now is important. as far as the markets are concerned, the trends make a big difference. there are a lot of people technical in nature that are opportunistic and when you see a major breakthrough on the 200 day average on all the major indicators that's really key. >> what about the hedging etfs, where you double down or your short the market. etch with leverage. how are they doing right now? >> the volume has gone up four times in the last three years. and smart people are using them. they work. they do exactly what they supposed to do. but you have to be there every day. you can't buy them and forget
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them. so smart investors, institutions are using them. there is a place for them. >> sophisticated is broebl a great word. >> you are basically betting you are going to wake up and know which way the market is moving that day. >> if you want to get an asset class very quick to a high rate two times, three times leverage works if you know how to use them. >> couple of traders here are watching like the russell waiting for confirmation that this market rally is for real. but you seem to be suggesting that some of the investors in etfs are already betting on that. >> they have been conservative. low volatility, high quality has been the place to be. small caps, mid caps have underprmd the last couple years. reverts back to the min because the small caps, and others outperform. >> what about trends for the
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asset class? what do you think is next on the horizon for etfs. >> healthcare always of surprisingly the worst performing sector so far year to date has started to see flows. some say because of m and a activity and some because obamacare has gotten a lot of news lately. you can't argue with the numbers. good stuff. thanks tom. great to see you. and we'll be back with a closing countdown in just a moment with the dow up 150 points. >> and right after the bell, when it comes to tag teams you wouldn't normally pair hulk hogan and peter thiel but now they are joined at the walt it seems in the fight against gawker.
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apple has been a leader in this category. and it's had a four day rally going on here. in fact for the month of may it is up smartly but there is apple 1.8% just today. then oil. that continues to move higher. highest level weave seen on wti since october. we're up 2% right now. but could we see a little problem again from retail. two companies reporting earnings after the bell tonight. susan li is keeping an eye on williams-sonoma and pvh. >> -- housing sector so it actually might benefit. given that's an area that's actually been positive in the retailing space. pvh is a different story because
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it's apparel so we'll see. we have a number of ipos pricing. six ipos. four of them here at the new york is stock exchange and one everyone is watching is u.s. food because if it prices in the range 20-24 it is going to be a billion dollar ipo. the first of this year and the biggest of that year. so that is something people will be watching tonight and tomorrow when they start to trade. >> i wonder when the last time we had that many ipos coming to the market at the same time. as the crowded trade obviously right now with that many companies at the same time. especially when we are skeptical that even one could get going right now. >> traders say it is a good thing. shows you the market is little healthier because people do want to bring companies to market. this should be seen as the positive. we saw a little change in leadership. financials remain strong but energy and materials were the
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once -- [ applause ] >> we'll take it. thanks mary. see you later. the dow up about 150 on the close today. ringing the bell here the ceo of master credit car mastercard. and at the nasdaq ringing the bell koru, the hiring consultant company. stay tuned for hour two of the "closing bell" with kelly evans. see you tomorrow, kelly. thank you. and welcome to the "closing bell" everybody. i'm kelly evans. we've done out with a two day gain here. s&p adding 14 and nasdaq adding 13 and more earnings on tap this hour. susan li covering some stuff. and more. and joining today's panel.
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michael santoli and carol roth. and christine short. tim seymour. good to have everybody along. mike, thoughts on this rally an wall street? >> we were looking for the possibility we got some follow through. this is the first of four weeks we've had one day when we got a nice pop just like yesterday's. the previous three fizzled the next day. i looked like we were in better condition to get follow through. we did because the bank stocks participated more than fully. you obviously got oil bouncing again. and i just think in general there was this month end feel. people didn't feel like they owned enough stock in general and enough growth plays that i wanted to do some buying before month end. if we look at now versus the last time we were at this in the s&p, things are ever so slightly better in terms of backdrop. in terms of oil. but that doesn't mean it is up and away from here again.
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we have not really proven we can get above the upper boundary. >> i thought it was just 88 degrees in new york city and sun was shining. >> as i said before yankees got to .500 last night so maybe that was it. >> it could be more o a shift in sentiment than it is in fundamentals. 90 plus percent of the s&p 57b 00 reporting. that. >> christine you could speak to that what's happening with earnings here. >> it's been a tough slog. we know especially to wrap up with the retailsers. you have a couple tonight.
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i think you have winners and losers. williams shf sonoma might put up good numbers. but consumer sentiment is highest since last june. even though you have retailers rolling through and putting up disappointing numbers it is just about where consumers are spending, they are feeling confident enough to buy the larger ticket items like otto and holmes. it is just apparel and accessories are weighing. >> it is interesting too. felt like something had to break going back a couple of weeks now. that gold is continuing to rally at the same time the fed funds futures is moving higher. do you think it's resolved one way or the other. >> we definitely haven't resolved anything with the fed. i think the market is taking a little comfort and more insight into what the fed is thinking. even if it means a hike. even if it means it comes after a brexit vote, but i think the two things for the market that
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really gave ammunition and took away some of the tail risk that allowed overly conservative and bearish conditions to allow extends to rallies is the brexit vote the stay camp has a significant lead now. china in the last couple days at least recommunicating they don't want to go back to market forces that a stable currency is the most important thing. so if we've removed two of the major tail risks for market and we've got the fed in a place at least telling you the world is a little better. and that's enough for stocks to rally over a couple days. but as the panel is saying it is tough to get very excited about corporate earnings and in the meantime part of this is really about the relative victory and where comps are coming in better than expected. >> i know it will be interesting to see costco come in tonight. i think around 9:00 p.m. eastern.
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costco has shown how gas prices effect that and wages feed into that. >> and convergence in the high quality retailers and online and wage data and all the rest. and of course housing starts to tell us that the bad results of mall retailers the did not necessarily have macro implications. so it is not a on consumer that is giddy and spending freely but okay. and may 25th the market is not going to trade on quarters that ended on mar 23rd or april 30th. and i do think as tim said it is comforting a that the market can actually rally a bit when the odds of fed moving in june and july are going up and the dollars firmer. >> hang on everybody. looks like those earnings from hp. yesterday it was hp enterprise. now hp, inc. with dierdra. >> a beat par hp, inc. on the bottom but a his on the top.
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earnings of 41 cents a share on revenue of $11.6 billion versus 38 cents on $11.7 billion expected the outlook for the third quarter came in low end of expectations while narrowed the range of full fiscal year guidance so investors not taking that well the stock hat risen today but under pressure now in afterhours trade. keep in mind not much has actually changed since last quarter for the pc and printing markets. they remain soft. i spoke to the ceo ahead of the release today and he acknowledged they remain a challenge but he also noted opportunities in new categories that hp is investing in. like 3-d printing and their smart phone laptop, desk top hybrid. is it enough to give reason for hope?
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>> thank you. again those shares down nearly 3%. as we keep an eye on a lot of interesting news out of hp enterprise yesterday. hp, inc. a little more troubled and i think even they have been trying to move towards more of a platform, adobe, microsoft software as the service model. >> they have. i think it is certainly the lessless er interesting of the two split companies. until they get into the higher growth industries like 3-d printing and others out there. they have seen mixed results too so it is not to say it is a given they can grow in that industry but they have to move to offset losses from the split and offset from the losses from the pc weakness. >> let's goat to julia boorstin now.
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>> lions gate shares shooting higher now on a beat. wall street analysts have been expecting $739 million. company reporting earnings of 7 cents per share. wall street had been expecting a loss of in terms of earnings per share. so that is a big beat and we see the stock up 9% in after hours trading. >> thank you. what do you make of this one? >> this is a stock that should rally because it's been cut in half since november and has strategic value. and it seems as if -- the stock trades an awful lot based on the box office of some of its signature franchise movie bus it is about the tv production and of course the back clatalog. so it makes sense it should trade up on better than feared news. >> orange is the new black in
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the clg. >> lions gate was getting a massive premium. and he's requestic to point out that is exactly where y this stock should be valuing. gets to the valuation. what kind of franchise value you put on some of these core stampls. i agree with michael. the bottom end of a range a stock people have really gone from darling to something we need to see something new out of them. and this is a stock to own here. tv yes now more important than film i think. >> we see it with a number of every day more and more partnerships, celebrity, actors and actresses and different things. >> and when awful of these outlets they are all going to be dying for content. so if you have that rich content catalog that is going to put you in a really good position. soo i'm in agreement with tim and michael. >> still waiting for pvh.
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we'll see what guess has to say. i think the that gets back to mike's point about retail which is not it's niece clear what wii mean. is really that much of a read on the health of the u.s. consumer. what do you think is giving us a better tell here? >> real quick it is the only name reporting tonight that we are expecting a miss on. so they own calvin kline, tommy hilfiger. antiquated brands that aren't really resonating with millennial right now. and look at the domestic airlines that did well. the out autos. consumers. the trend in consumer spending is moving away from apparel and accessories and spending on experiences and services. and uber. jim memberships.
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restaurants. vacations. >> -- all time high today more that point. that's why williams shf sonoma will be interesting. is. >> now we have oil on the up tick which i would assume is going to trickle down to the consumer which it always does. funny now great consumer sentiment going into the rising oil prices doesn't make a lot of sense. >> and we've seen parts of the oil patch really hit hard. the delinquency rate the journals reporting for mortgage and auto on the up and. >> if you believe mortgage prices are going higher and sustainably higher you are in and out just -- you are believing in global growth. it really comes down to wage growth and right now if anything the feds watching that more careful than anything.
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wage growth that is gotten slightly better. not fantastic and certainly job security is in a different place but i think you have to pick and choose. who still has pricing power. who is ubiquitous. and pvh competes across different price points. they are not necessarily playing to that entire demographic. >> crude oil was at 60 dollars a year ago. so year over year basis it is still okay. but obviously whatever tax benefits there was going to be, gone. >> yeah. tim thaepgs for joining us. >> thank you. >> more coming with tim and the crew next hour at 5:00. all signs are pointing to a june rate hike. peter schiff will explain why there is no rate hike coming in june or for the rest of the year next hour. now apple is developing a new product that sounds remarkably similar into amazon's echo. and whole foods lowers cost store opened in los angeles
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today. a we'll get a read whether it will help boost the brand with millennial later. 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 on-demand, this hospital can be ready. giving them the agility to be flexible & reliable. because no one knows & like at&t. looktry align probiotic.our digestive system? for a non-stop, sweet treat goodness, hold on to your tiara kind of day. live 24/7. with 24/7 digestive support. try align, the #1 ge recommended probiotic.
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they found out who's been who? cking into our network. guess. i don't know, some kids in a basement? you watch too many movies. who? a small business in china. a business? they work nine to five. they take lunch hours. like a job? like a job. we tracked them. how did we do that? we have some new guys defending our network. new guys? well, they're not that new. they've been defending things for a long time. [ digital typewriting ] it's not just security. it's defense. bae systems. welcome back. apple has reportedly been working on the new digital
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device similar to echo or google's home. the report also noted apple is working to make siri smarter. so developers is use the voice assistant. with apple following in the foot steps have it lost its bite? they did this originally. they took the walkman or wa whatever and turned it into an ipod. can they do that with this category now? >> if thinking they have a good shot at it. they were the first with the so called artificial intelligence assistance. it is a piece of software you talk to. it does things for you. they were the first out with that in the broader marketplace. amazon retook that with their echo device which people who have it they love it. it works really well. it is intuitive and understands what you want. and apple is now trying to play watch up in that environment. >> i do contend that apple's mantra isn't necessarily to be the innovator. it is to take something
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innovative and to do it better and sleeker and cleaner and take it to the next level like the ipod or even the iphone. doesn't this fit in the genres they have been doing especially in hardware is this. >> in the sense that to your point they want to make it dummy prove that it works for everybody. i don't have to be a tech genius to figure this out. at the same time they have been great at innovation. the identified a smart phone didn't exist in that form until apple created it and now the fight is for the eco system. what i mean is if you think about what apple created with the app store a company like uber could not existed without the app store in the first place people buying smart phones. so the fight for the next eco system, that is why it's so important. the next economy of digital stuff. >> random story.
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sales force actually had trademarked the app store name and as a parting gift gave to it the steve jobs. >> when people criticize apple for no longer being innovative, i don't think they can point to anything that people actually created. it's like well you just did sol great but i isn't seen anything lately and what about the services side and i think apple has not really kept up to expectations. >> that is an area of their business they really haven't focused that much on. they see every other ancillary business as a way to sell more devices. now i think they have to switch thinking. can we get more services in? i need tos extract more revenue from everyone who owns an iphone as opposed to selling them the same iphobe over and over again. >> what apple did to disrupt
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blackberry is they created a new platform that it was all these things. and the idea is they could disrupt the need for an iphone. >> i wonder from a consumers perspective how much choice there is going to be with the eco systems. so you have the phone. you have the home. you have everything in your apple eco system. it makes it very difficult to then go over to google's device. or in google's system it's very difficult to go to apple. so consumers going to get locked into one eco system? >> great point. there is going to be a real battle for the home o.s. if you want to call it that way. and not just the home but cars now are connected. i think ultimately is to all of these company's benefits to have them interoperate, or work with each other.
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>> thank you. thank you. listen to this man. >> will it happen. >> will it happen? well they get petty want these things. they want to shore up their own thing. i think the technology is at the point where they are all an por. it's to all their benefit to work with each other. >> some stuff -- >> right now based on anecdotal consumer evidence, the alexa is probably the standard now. the one that works. siri is not bad. >> amazon vaulted into that position. >> known for making great hardware. the fire phone. and the killer app to this is the software. again something they are not necessarily known for. >> -- long road for that device getting to a point of seeming like it is indispensable. is it really a true mass market thing? >> it is going the take a while. even the idea of having a smart phone took a while for people to
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get into it. even the first iphone was not widely dropo adopted. it is going to take a generation or two. >> thank you for joining us ed lee. >> peter thiel has seemingly fired back at gossipy website gawker. what's behind the move is later. and whole foods is working against its whole paycheck nickname with a new lower cost store. a check on that when "closing bell" comes back.
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analysts were looking for 50 cents. but they beat when it coombs to revenue. onlss were looking for 108 and when we look at guidance going forward the second quarter. revenue is going to be weak and looks like eps is pretty much in line with analysts but full year gienls looks in line with what the market is looking for. the melting point slightly above. so that might be keeping the
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stock afloat. pvh earnings beating estimates handily. revenues also came out on top as well. 1.9d 2 billion put in. and strong guidance forward as well and strong second quarter eps guidance. >> i don't know what you're talking about. i feel so out of it. i was going to say -- had them missing but that is not as cool. thank you susan. what do you think of the reactions here is this. >> williams sonoma that is going to be testing whether this is over sold enough. susan mentioned a three year low. it's got down into the high 40s
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a couple times in the past few many months. this is not an apparent play. just a matter of whether they can get it right. >> they have no debt. none. not one ounce of long-term debt. the ability for them to take on debt and return that capital whether that is buying back shares at a fairly attractive pe or not. there could be some sort of financial engineering play at least for a short-term trade for that particular name. >> that will be interesting to watch as well. whole foods opening lower cost stores. jane, did they show up in droves? oh yeah. i was there earlier kelly. it was packed as people came in to cover the new 365 store is not like your regular whole foods. for one it is about one-third smaller. there are fewer products, not as
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much organic produce, no full service meat counter. fewer employees and lower prices. also a lot of automation. there is this boutique tea making bot. tablets to order. fresh pizza or a carrot hot dog on a vegan bun. by the way that costs $6 so toss not like your getting a hot dog at costco. but the prices are low. >> little crowded. >> good price. >> inviting, open. >> everything now is shiny and new and it willing interesting to see what it's like in two months but for now i'll take it. >> co-crhe sees they are going value priced competitors. so more like 365 and whole
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foods. >> how much did this remind you of a trader joes concept? >> very much the price is like trader joes. it is a lot bigger. i would say the interesting thing is people go into a warm shopping experience. that is very cool, euro, flowers layout. fresh and easy tried it. had some trouble. whole food is not fresh and easy. they know americans. i'm curious to see how it does. >> the flowers is interesting, carol. >> what's interesting is what this is going to the multiple on the stock. if you look at the trend here they have less employees because they cannot sustain the high priced employees. they have less organic. their multiple is giving them credit for that being their
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brand. at some point if they come closer to any sort of other super market chain then this multiple is going to be cut potentially in half or less. >> it is definitely a defensive strategic move by whole foods. i think it is interesting they still say they have a tremendous amount of running room to expand the core chain and they that remains to be seen if they are doing this at the same time. >> jane wells testing out the new 365 store. here sharon epperson. >> at this hour, 11 states are suing the federal government, arguing it had no authority to direct the nation's public school districts to permit students to use bathrooms that correspond with their gender identity. the lawsuit 12 days after the justice department set guidance rules about how schools should accommodate trans gender students. >> the outage causing traffic
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jams and forcing workers to leave their buildings. >> japanese prime minister shinzo abe welcoming david cameron ahead of the g7 summit which starts tomorrow. they discussed terrorism, trade and cybersecurity. >> and the parade of ships sailed up the hudson river to begin week long festivities. an anticipated 4500 sailor, marines and coast guard members will participate. up next we'll take a closer look at silicon valley billionaire peter thiele and why he backed hulk hogan in his lawsuit against gawker. and prosthetic limbs have made significant advancements. the newest innovations and how scientists are changing parakeet's live
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welcome back. here's a look at how we finished on wall street. the dow added 145 points. the s&p was up about 14 to 2090
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the nasdaq up about 34 points and names moving after hours. williams-sonoma shares are up about 3.6%. pvh is up nearly 7% and lions gate up nearly 14% and hp, inc. is down about 1%. peter thiele reportedly funded hulk hogan's lawsuit against gawker. gawker provided a statement saying according to reports a board member of facebook and a major funder of the committee to protect journalists has been secretly funding a campaign illegally against our journalists. welcome, thank you for joining us. you reported on peter thiele. we wanted your perspective on the have rask veracity of a lot reports going and.
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rumor rumors. >> reporter: wrurms had been swirling. and some tech people in the industry had insinuated that maybe peter thiele and now this new report says indeed it is. >> why was he so quick to get singled out here? >> value ad talked about extensively about peter thiel in the past and outed him back in 2007 and there were other stories to that effect too. so he seemed like somebody who may want revenge on gawker. >> also someone who has a big position in facebook. he was an early investor and there was a lot of questions about understanding with facebook being already in the press about its journalism. you know, his philosophy about all this. >> clearly from gawker's
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perspective you want to broaden this out beyond one guy with a grudge. you have to facility him with a ubiquitous service like facebook and say shouldn't somebody like this be behaving in a different manner? first of all gawker lost the case. so it is not as if it is some kind of renegade action he financed an attack on their servers. right? he did it in court. >> i was going to say i feel like rooting for peter thiel here is kind of like rooting for dexter. you know in some way it is probably a little wrong but you just can't help rooting for him, especially against an entity like gawker. and i guess the question is, does gawker count as the press? and if so does the national inquirer count as the press? >> of course gawker counts as
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the press. they have broken a ton of stories over the years. i think to not call them a member of the prez is not accurate. but yeah i think if this case turns out poorly for gawker in the end and if worse comes to worse they are forced to -- their news operations it has this chilling effect on news overall the fact that somebody with a lot of power and a lot of money could take down a news publication has severe ramifications coming forward for other people who break news. >> what else about him as a person and again going back to his character here. he's a libertarian. there are a couple of different things about him. he's not necessarily somebody who is, you know, the preeminent silicon valley type although maybe he does fit the mold. >> i think that perhaps nobody fits the mold better than peter thiele. avowed libertarian.
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the thiel foundation funds 20 young adults under 20 years old every year to go out and fulfill their dreams and find the next papin paypal or facebook. and founded institutions to basically create floating island communities in the ocean that would be more or less libertarian havens. so he fits the bill pretty well. >> sign me up. sign me up. i like the libertarian nation in the middle of the water. >> and don't go to college. >> well it depends. depends. you can go to college if, you know, the risk-reward pays off for it. i'm not against college fit makes sense. >> love him or hate him. buzzy cohen is the raining jeopardy champ. if you missed he's been channelling snl skits during his time on the show and he's taking social media by storm. he's coming up. and scientists are getting closer to developing prosthetic
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limbs that you can control where your brains. shaquille o'neill in swiss. i haven't worked in swiss since. everyone called me crazy. things really took off when i got my domain name headsofcheese.com from godaddy and now they're selling like hot cakes...made of cheese. got a crazy idea you think you can turn into a success? we know you can and we've got a domain for you. go you. godaddy. herthey work hard.ade, 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.
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there's no way to predict that. td ameritrade. real is touching a ray. amazing is moving like one. real is making new friends. amazing is getting this close. real is an animal rescue. amazing is over twenty-seven thousand of them. there is only one place where real and amazing live. seaworld. real. amazing
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welcome back. the line between science and science fiction is gets blurred as medical technology rapidly advance. the world of modern medicine and meg joins us with more. >> for if next three days we're
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looking at some of the most futuristic medical advances and we looped in with darpa, the inventor of the net and they are work okay new prosthetic for veterans and potentially other stuff for folks as well. take a look at what they are doing. >> i lost my arm up here when i stepped on a bouncing betty land mine. and almost lost this arm and almost lost my legs. >> fred down was 23 and a soldier in vietnam when a land mine took his arm. when he returned from the war his options to address his injury were limited. >> the arm fit me with what i call a hook, which is a plastic arm which was the only thing available in those days. >> he wore that style for 47 years. then in 2009 he was given a chance to use this. >> here is my power grip. >> the deca arm, built and funded by the advanced research
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project agency or darpa, a branch of the department of defense. he uses sensors on his shoes to control the arm and says the technology is a huge improvement from his old prosthetic. >> it is very strange because for the first time in 40-some years i have the ability to use my left hand to grasp things. >> changing the way we think about what prosthetics can be. this doctor works with teams of researchers across the country testing new types of prosthetics and doing things that may have seemed like science fiction a few years ago. >> this even has sensors to allow the user to feel pressure. >> we can do light touch and harder touch and the person can distinguish between.
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>> patients like jan sherman are showing just how promising this can be. sherman was diagnosing with a severe neurodegenerative disorder that left her unable to move her arms and legs. he entered a trial funded by darpa and had surgery to have sensors installed in her brain that could control the prosthetic arm. feeding herself for the first time after the surgery. something as simple as that can make all the difference in the world. >> the ability to take care of yourself is so crucial. combing your hair. brushing your teeth. getting dressed. all of those are what you need as a human being to have your dignity. to have dignity. >> so these technologies that go directly into the brain, obviously they are in the very early stages right now. we're seeing that patient who is trying this out in the lab in the operating room really -- not the operating room but in the
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room where they are doing there. but in the future they envision miniaturizing devices and enabling them to be attached to wheelchairs for example and so folks can be mobile and control the wheelchairs with their brain. >> i'm glad it is not just science fiction. >> i wonder especially for the people like our heros like we saw on cam rasm what is the path once darpa has created something to get it commercialized and into mass adoption for people who want to use those kind of devices. >> what darpa tries do is work with academia and industry and whoever the best in the industry are and they want to get things off the ground and in short time line and a corporate partner will come long and see an opportunity and take it further. and. >> we saw a lot of this around
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the boston marathon too. he spent moa hundred thousa dollars on jeopardy and showing no signs of slowing down. the reining chain and his antics which are taking social media by storm when we come back.
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jeopardy's reining champion jesse cohen is taking channelling sean connery. >> you're going to pursue this theme as long as you are the champ aren't you.
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okay. no money lost. no money gained. 12,200 is added to your previous total to give you $133,402 for seven days. >> jane wells now with the man himself. >> kelly, divisive figures for a thousand. with us now seven night champion so far. >> yep. >> i have never seen a jeopardy champion so divisive on social media. people love you or hate you. what's that been like. >> i'm just having fun with it which which is what you can see on the show. i'm a huge jeopardy fan and huge snl fan. so when i got an opportunity to do something fun i did it. i think some people who are die hard jeopardy people feel like i'm making fun of the show which i'm definitely not trying to do but i this i the general public is kind of responding more having fun with me having fun with it. >> and how did alex trebek -- i think he looked a little unhappy
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about it. i couldn't tell. >> yeah on the fist night i think he was really surprised. my dad asked me to make a plug for his store. herunaway, which you're not allowed to do on the show -- >> meaning you can't lose. >> exactly, more than twice as much as the next player. i already bet zero. i looked at the clue and said, i could spend time to figure this out or just have a blast with this. i just said, i'll see you tomorrow, because i knew i was going to. >> i'll see you tomorrow, trebek. >> yeah. >> kelly? >> i always wonder watching "jeopardy!" how and when do they tape it? do they tape the whole thing back-to-back? do you do a day in between? how long ago did all this happen? or is it really playing out in front of snus? >> yeah, so i taped the first week that i was on, it was all taped in one day back in march.
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they taped five shows back-to-back. there's a lunch break after the third show. and then the shows that are airing now, i taped the very next day. at the end of the first friday that i taped, you know, back whenever it aired in april, you can see buzzy gets a three-week break or whatever, and i was like, i've got to be here at the studio at 7:45 in the morning. it's a really intense day, yeah. >> have you spent the money yet? >> i don't get the check for a few months still. so i definitely have not spent that money. i think it's probably going to be a college fund for my daughter, something mundane like that. >> a 2-year-old whom you taught to recite hamlet's soliloquy. >> yeah. >> you're such an amazing, interesting person. what's the secret? you've won so far. what's the secret to winning? >> the thing i realized once i
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got on the show is everybody you see up there knows everything. almost everything. they get up there, everyone to get on the show is really smart. i don't think i was any smarter than any of the contestants that i went up against. the buzzer is something that separates winners from second and third place. i would say being calm, so that you do well with the buzzer is a big part of it. >> buzzy with the buzzer. buzzy is not your real name. your name is austin, your dad named you after steve austin. >> that's right. >> he won't tell us whether or not he wins again or will have a runaway and we can have another, you know, cover for -- >> good. got to go home and find out what happens. thank you, buzzy. and thank you, jane. check your local listings for tonight's episode. tillson has already spent 18 years in the investment game. but he's already gearing up for the next 50.
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todd spaletto, president of the north face, we are working on the prototype to match customers to gear. watson, let's give it a try. say it's mid-june and i'm backpacking in yosemite. of our 353 jackets, i can recommend nine. watson, what if it rains? there is just a 3% chance of rain, so i recommend the breathable stretch fleece fuse form dolomiti jacket. a perfect choice watson. no wonder our customer loyalty numbers keep climbing. i believe we can do even better. i like the way you think. welcome back. my latest with spark value edition, i had the opportunity to sit down with whitney tilton. we discussed many of his
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investments and investing career. here's his favorite position right now. >> i would throw my single favorite on a risk/reward basis, my single favorite position is fannie mae or freddie mac. because the government has been taking all the profits forever from these companies. i think in the past few weeks, a judge has forced the government to reveal e-mails that they were fighting for years not to reveal. that show that the government's defense that they basically seized all the profits of the gses, was done because they were on the verge of collapse, et cetera, et cetera. the e-mails now show the exact opposite is true. that the companies were on the verge of massive profitability. this would have created a political problem for the obama administration. >> you can check out the full interview with whitney tilton covering a whole lot more ground
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at cnbc.com/pro. you feel like you need to duck when you get in an argument with fannie and freddie right now. there are two articles in the journal today, about why this option should be talked about as should not be pursued. >> it's been the ultimate special situation. basically you had to make all these policy and legal calculatio calculations, not really about the value of the businesses. the businesses were nationalized, anybody saying they were nationalized. it's interesting that he said the greatest is the risk/reward. >> he said it goes to zero. >> it's these special situations that pop up from time to time when the government feels like it. you know where i stand on the issue. i don't like the government intervening in any place where they shouldn't be, and other places they think they should be. >> the analogy is interesting. his point was not that theists vengs was necessarily the problem, but profit sweep a few years later. >> right. >> like if aig went one way,
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should this have gone the other way. like i said, be very careful if you get in the middle of this one. because strong feelings on both sides. it could take months, if not years to resolve at this point. turning to the markets. you know, we've got a few more retail reads and things this afternoon. what do you think is kind of the most important developing thing as we head into the long weekend here? >> i think tomorrow will be a little visual for janet yellen's speech on friday. we've gotten here before, april 20th. a lot of times we were above 2100 on the s&p 500. i just wonder if we'll hang out there for a while and see if we can have any kind of clues as to what the mix the markets are. >> and an updated estimate of gdp out as well on friday. in terms of the growth story and is there going to be one, to me that's the biggest real issue. the fed stuff is all kind of circus side show stuff. at the end of the day, it's about growth and fundamentals.
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>> let's check on the earnings movers we've had this hour. lion's game in particular, the shares are up 14%. pbh actually beat, and a lot of people thought it would miss. it's up 6%. hp inc. is also up. >> that's the interesting one. presumably they're talking about the quarter and guidance on a call here. that is an ultra-cheap stock. this is like eight times earnings. if there's any belief that the revenue levels can be maintained, it becomes a cash cow business. >> earnings, and a huge dividend yield on top of it. that's one you have to hope will continue to tread water. if so, there is a shorts-term dividend. >> when costco releases its earnings, it will be a fas fating one. that will all be moving the market once we turn our attention to tomorrow. thank you both very much.
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that does it for "closing bell." "fast money" begins right now. "fast money" starts right now. live from the nasdaq market site, i'm melissa lee. the traders are tim, steve, brian and guy. tonight on fast, crude closing at a year-to-date high and just pennies away from 50 bucks. but a tech says the run might be over. apple shares have rallied 11% off their lows. we'll tell you what the crucial level is. worried about a june rate hike? well, fed critic peter shift said you've got another to fear because the fed will not raise in june, or anytime soon for that matter. first, we start off with the markets. stocks surging for the second straight day. question here, do you stick with the names that have been surging over the last few days, banks, chip stocks, old tech names like microsoft and cisco, or do you start with the stocks that have be

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