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tv   Closing Bell  CNBC  May 31, 2016 3:00pm-5:01pm EDT

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the experience when driving the car. >> it will be self-driving soon. >> right. i can't wait. >> a self-driving experience. >> have a good trip. >> have a good trip. >> i'll bring you back a lippens honor. >> where the sausage is made. "closing bell" starts right now. welcome to the "closing bell," everybody. i'm kelly evans at the new york stock exchange. >> and i'm bill griffeth. it's the last trading day in may. how fast time flies. boeing is the biggest drag. see it there in the bottom right-hand corner. we'll tell you what's behind that 2.4% coming up. >> meanwhile somchai niece companies get ready to become
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part of a key index. you see ftse is up there, attracting index of half a percent. we'll have details. >> it sounds like baseball but i will have an impact on the market. plus, new details on drama between two of the highest paid ceos. that would be viacom and cbs. howard schultz says starbucks could be joining the rain, of cooled beer. we'll hear from him. we ask howard schultz about that. we start with the big day in china. how they could get a nice pop after the close of trading today. welcome back, bob pisani, hi. >> i wanted to stay in hawaii, but i came back because of you two. i want you to know that. that's why i came back.
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look. we may not get a pop in prices. it's the biggest indexer. right now they're behind the indices. so msci is in the process of putting all of the u.s. listed chinese stocks in their indices. this is a big deal because china is becoming a part of the world's economy. the second half is happening tomorrow. so tonight we're going to see a lot of volume in these stocks here. so let me give you a typical example. here's alibaba, the biggest of all the chinese stocks. going to go in the indices tomorrow. which means everybody who's closed or bound to them are going to have to buy the stock. that's a lot of volume right now. 18 million shares of alibaba. that's above norm normal. another one right here is chi hu, 2.1 million shares.
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that's another one. bai baidu, c chip. that includes when we talk about all the time the emm. china waiting in that is going to increase. believe it or not all the stocks in the index, none of them are included. msci is considering including the inland stock. other people say china mainland stocks still not ready for prime time. look at the crazy market swings we saw last year. right now expect a lot of volume in these chinese listed stocks like baidu and alibaba at the close.
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we'll be on top of that and i'll be with bill to walk you through that. >> if you're real good, bob's also going to show you slides from his trip to hawaii at the close of the countdown as well. >> thank you. >> thank you, bob. see you later. a long dispute keeps escalating and threatening the future of u.s./chinese relations. seema mody has returned from a trip to china. she returns with what she found. thanks for joining us. >> hi, bill. it's fastly becoming a large geopolitical concern for global leaders. it's the number one risk that's threatened the relationship between the u.s. and china. it's claiming about 80% of the south china sea which it says it was given after the war with japan. neighboring countries are questioning this. now, the south china sea
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represents $5 trillion of trade and accounts for about half of global merchant shipping, a third of the planet's oil shipping making it a crucial part of doing business there. but the foreign vice minister in beijing says the united states should not provoke china in the south china sea without expecting retaliation. china's now said to be in the process of sending nuclear submarines in this region in an effort to strengthen its military presence. a security forum that kicks off this friday is set to kick off the risks associated with the south china dispute. watch for any developments as both amp up their defense. one is saying there's a higher chance of an unintended conflict between the u.s. and china. something we did witness in
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april of 2011 when a chinese plane collided with the u.s. it's something we'll have to watch in the coming weeks. >> see maseema, thank you. our seema mody coming back from her trip to china. let's get to the "closing bell." keith fitz jert from money morning.com. kenny, from the big board and rick santelli checking in from chicago. keby, a lot going on. the economic data kind of mixed. the price of oil seemed to be the reason we saw this selloff midday. what do you see going on? what are traders trying to achieve here on the last day of the month? >> all the triggers you say completely impacting but it foals like the end of the month.
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i think that story knocked it out of the sky. there's going to be a lot of volume in the last couple of seconds as the market closes across a range of stocks and so investors should just realize that. the big volume is not necessarily change in psychology at all. it's really a rebalancing of those indices so it doesn't mean much in terms of investor psyche. >> sure, keith. what are you positioning for? is it higher interest rates? do you still expect the fed to keep moving? >> you know, i do. exhibit them to move rates despite the fact that the data does not seem to support that. so i want to be cautious. you have to look into tech. you have to be making decisions about what you want to keep, what you want to sell and more importantly what you're going to buy as part of a knee-jerk reaction. >> and, rick, art cashin was pointing out the dollar seeming to want to strengthen.
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it could be a problem for the fed as we get closer to that june 15th meeting here, right? >> well, i agree because art zeroed in on the odd man out. the one chair that we need to watch as the music's playing, but i'm not sure i'm totally with the conclusion. i don't think the fed should be afraid of the dollar. the dollar's afraid of the fed. we can be talking until we're blue in the face. it's resurrected. and it was resurrected after a very brisk, a very terse minute a little over a week and a half ago regarding having a tightening sooner rather than later. the point i'm trying to make is normalization involved a lot of moving parts. some of it's the negative impact to continue do what we're doing. the dollar seems to be in that camp.
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many argue that stan fisher is in that camp, that all the things we've done aren't working like we thought they would. maybe there are negative consequences. you see everybody come down and see the dollar doing what it is, there's a lot of gamesmanship going on and i'm not sure the fed's making it any easier to deal with the volatility. >> keith, let me go back to you. what's on your shopping list should the prices go down? >> i'm telling you. what i'm taking profits very cautiously, i'm considering taking stocks in amazon. that's overweighting. underweighting i'm looking at agricultural tech, for example. they're not properly recognized. the mon santos deal is a key player for me. >> kenny, before we head to the close door we wait for the fed meeting or what catalyst are you
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looking for to move this market one way or the other? >> well, listen. she's going to speak again june 6 they say live. i think they'd like to push it to july. friday's going to bring us a report. it's expected to come in at plus 160. so that's not really a positive number or a reason for them to be so anxious. my question is we've waited the long. we've got the breks ta meeting. what's going to be another four weeks. i think at the best that's what we have to look forward to. the july rate, if it even comes. i'm not sure it's going to come then. >> all right. we'll see what happens. appreciate it. we do have about 50 minutes left to the trading session. it was down when the oil market just tumbled in its last hour of trade. but we're down 132. the s&p and the nasdaq trying to
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remain positive for the month of may. >> nasdaq has a little more. up next we'll break out the biggest earners and the new need that has topped the list. >> plus, why one top economist says janet yellen and the fed says to wait until july to raise rates. and starbucks announcing a new line of cold drinks just in time for summer. howard schultz tells us how big an opportunity this space is. that's later on the "closing bell." & in a world held back by compromise, businesses need the agility to do one thing & another. only at&t has the network, people, and partners to help companies be... local & global. open & secure. because no one knows &
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gorks away month. >> exactly. except they're selling today. viacom is facing a battle if sumner attempts to oust those board members. the lead member of viacom wrote in a letter and we quote here, to a person, we feel the responsibility to challenge in court what we honestly believe to be fraud removals. that is especially so because flaw that we see would be the inexplicable assertion that sumner was acting with his own free will and attempting to do so. the soap opera continues as we keep referring to it. >> i think from their point of view, it's sort of as if they held on for all this time. and shari redstone who was once estranged from her father seems
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to be in control. >> the lawsuit i think catalyzed this whole thing because a lot of them were coming to his defense initially pointing out that they felt he was competent to make a decision like he did last october when he kicked herr out out of the house and now it's come back to haunt them. >> now they're not so sure. >> i think so. >> mary thompson has more. >> the travel website expedia paid the ceo over $90 million in stock options putting him at the top. cbs's stock fell as moonves got a 4% pay hooik.
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your coal rounded out pulling over $53 million. they polled a grook of ceos with over a billion in revenue. on average the pay of these ceos, 15% lower than the 200 highest paid ceos in 2014. the average paycheck for the group last year, $19.3 million, down. median pay fell over 5%. behind the decline, a flat stockmarket and fewer big paydays. the number of executives paid more than $40 million dropped to eight in 2015. the average made 525 times more. back you do. >> that's the number you were mentioning the other day. >> a lot of activist investors taking them to taf forecast that kind of ratio right now.
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wouldn't you nknow less moonvez and philippe dauman. >> two of the companies, disney andirius satellite radio. even though it is 529 times or the ceo is paid 529 times more, they actually received a slight increase this year from 2014 for the average worker, although it was slight, 2%. >> everyone wants to be a media company. wasn't oreo wants to get in the game? now we know why. mary thompson. thank you. the transport is up.
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the vicks up by a point and a half and the nasdaq is down only by about a point. >> we've gone 20 minutes and now we're going to talk about it. to hike or not to hike. up next, a former new york fed official will tell us why he thinks janet yellen should move in july, not in june. plus, apple reportedly will start releasing a major iphone upgrade every three years now instead of every two. we'll discuss whether that's a smart move or a sign of trouble later on "closing bell." what are you doing right now?
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with about 40 minutes left this the trading session the dow is down about 115 points. coming up into the day the dow was up 99 points for the month. for those of you at home keeping score, if we can close down less than 94, we can be up. >> 17,7000 and change. investor carl icahn behind the drugmaker. it's unclear exactly how big of
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a stake icahn has taken. keep a close eyes on amazon. it topped its all time high. it did that this morning and in doing so it surpassed facebook's market cap value. but as you see it's up 1.1% at $720.32. now economists expect feds the raise their interest rate this summer. the biggest question is whether they'll raise rates in june or july. steve liesman has more. >> the question is how big is it. whether it happens in june or later in july. for the record, fed chair janet yellen said last week. probably a rate hike would be appropriate if the data remains strong and the forecast comes in as she expects. others were underestimated.
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the chances. that's different than one will definitely happen in june. it could mean millions. forern else, it's hard to see that it matters all that much. if you're investing with a long-term horizon, a quarter point in june or it happens in july, we'll wash out over the course of months and years. second quarter growth is accelerating. the 2.7% per second quarter growth after a strong spending number. this morning it's the third straight upgrade we've had to the tracking estimate. along with better growth, rates are going to rise one way or the other. but, of course, our next guest has a different point of view. the actual month may matter in one critical aspect. what they say happen this year. bill? >> let's talk about that, steve. stay right there. let's brick in krishna goo ha, you were mentioned. he used to be with the new york fed. krish never, why do you think
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it's critical they go in july not june. >> first off i want to say steve is saying something that's almost always true, which is that it almost always makes no difference whether the fed moves it one meeting or the next meeting. this time i think it's different. why. because if the fed moves in june, it will be going ahead of the burres it vote. the question is why. why wouldn't you wait six more weeks and let that event pass. there's only one plausible region. that is you want the option to go three time this year in the second half, june, september, and december. if you wait until july, the fed is essentially saying we're giving up the third hike auction. it's july and see you in september if the second half data is good.
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that's the message the market has already set, i think, to perform well on. the market would respond quite badly if it looked like the fed was seriously contemplating in three. >> that's what i was going to say, steve. the market's had a hard enough time trying for this one. >> i don't think it says very much about whether september is on or june is on. i think they're at a closer meeting of the mienlsd when it comes to hikes, one in june, one in september. it could happen in july. i'm not saying it could definitely happen in june. my concern, krishner, is this. i think what's been happening, what i've been hearing and there's not a whole lot of it yet is they've been downplaying
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brexit. you know what it is? it's a trade agreement and one party is leaving the trade agreement and there's a potential downside which, by the way, is not teen second, third, or fourth biggest economy in the world. >> krishner, let me ask you this. do you think it's possible that the fed would not raise rates in july then? is that why you would want them to wait? >> i think we should think of the brexit vote as a risk event that has a fat left tail. on the case, even if they vote to leave, it would be off 10%, 15%, european assets off some. it won't generate any major stress for the system. it has a fat left tail. you could get some very large moves including euro. that could translate into a dollar surge. you could potentially have difficulties with the global banks based in the uk.
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you could also see contagions start to express itself in terms of breakout risk in the eurozone. again, not in the base case but in the tail. back to the points, what i would say is the following. the only thing you give up if you wait to hike in july is a credible option to raise rates three times. so why, steve, would i not wait to delay in july if i wasn't sending some signal about the probably of perhaps having to go a third time? >> there is a matter of credibility here where the fed has signaled rate hikes. it's been six months. at the end of the day it doesn't matter a whole lot, but you get to crying wolf. you didn't do it in june. you may actually create more risk and more volatility by waiting than if you just went
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ahead and did the inevitable. >> i don't see that at all, steve. right now the market is priced. it's all set. the dollar isn't doing anything crazy. we're all nicely set for a july hike. the market is not discounting june. the idea is go ahead and hike in juchblt nothing happens. nonconsistent. >> first of all we need to have this conversation on friday after the jobs report where i think that percentage could potentially change. if it remains the same after the friday report, aisle call you up, krishner and say, you're right. >> i look forward to continuing the dialogue. >> three more rate hikes, is that appropriate for this economy? ? i don't think it's appropriate at all. i'm very comfortable with the base case. remember, it's not the hike itself that matters. it's the signal that you send about, yes, the base case that
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you're seriously contemplating going three times but also the reaction function. are you worried about the fact you're fall behind the curve? >> krishner -- >> these are the things that will have to be decided. >> i've been a little hoodwinked here. the conversation investors should be having is tell me what the funds rate looks like a year and two years from now because i think if you tell me what is it going to be 65 basis points or 75 in july or december, that's irrelevant to me. are we talking about a 2% funds rate? that's something that matters to me either way. if it's going to be low going out, then maybe i don't care if it's june or july and i can go to the beach snoop steve, i think that's absolutely fair. but, remember, there are two ways to get to the shallow part of fed rates hike over a year or so. one is the easy way. the other is the hard way where
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the fed keeps trying to do more hiking. we keep going through the spasms of stress in the global system. it would make a lot of sense for the fed to figure out a smooth part. >> all right. that was such an intelligent conversation, i thought i was watching pbs for just a moment. it is kachbcable. thank you. we'll see you. hi, bill and kelly. here's what's happening this hour. during a briefing at fema headquarters, president obama urged americans to be prepared for the upcoming hurricane season. he stressed the value of having a hurricane kit on hand and warned about public complacency when it comes to severe weather. flooding along the brazos river along southeast texas, the death toll from the floods rose
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to 9. the river is expected to crest today at a record level of 53 feet. jurors have found drew peterson guilty of trying to hire someone to kill the prosecutor who helped convict him of murdering his third wife. peterson is serving 38 years in prison for that conviction. and today is world no tobacco day. it says the move could save lives by reducing demand for those products which kill nearly 6 million people every year. you're up to date, guys. i'll see you in an hour. back to you. >> very good. thanks, sue. >> okay. >> see you later. getting into the last half hour of trade. the dow is down once again. the dow was up 99 points for the month of may going into in day, so if we finish down less than 9 points the dow is positive for the month. and that, by the way, would mack
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it four months in a row. that's the first time we've seen that. >> if you start to string them together, that's moving up. coming up, my interview with howard schultz. why nitrogen is playing a big role in the cold drinks. first, are they primed for a big summer for stocks? we're going to talk to two of them when kelly and i come back after this.
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25 minutes left in the trading session. the dow down 125 points, the s&p down 1.5, the nasdaq with a slight gape. take a look at the european banks, they got hit hard. there they are. credit suisse, barclays, deutsche bank. >> i'm here. what are you focused as we head to the close? >> i think if you look at the consumer spending, that was it.
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>> you materialing me the whole stockmarket is taking its cue. >> no they're probably taking their lead from a host of things. they don't have cover with the economic data. >> do you think they want to wait? they want that sort of out there? >> i think it's spread between the two and tens. it's telling me they want to push the economy into a recession. >> why do they keep telling us this summer looks appropriate. >> because they need to have some type of lift-off or else they lose all sort of credibility. if they conditioned raise rates it should be lower and it's not. that's why they're backed up into a corner. >> thank you so much, steve.
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bill? >> speaking of tension the dow is down 29 points. we're pretty flat. even for the month of day. the last day of the month means we bring in some of our favorite main street investors to see what they're doing with this market. we welcome back julie westerner. she was in town in new york city for the tiffany meeting. she's a shareholder. and with us, good to see you both and welcome back. julie, we were just talking about the tiffany shareholders meeting. i'm sure it was an interesting annual meeting. >> it was. >> tiffany's not doing so well right now. >> actually they got some headwinds with the strong dollar which impacts their earnings, plus the tourists, but they also have other issues. they need to expand the jewelry they have in their cases. and they need to come out with
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more collections. >> you were there to tell them that. >> i was. >> you've become a gadfly. >> as shareholder, that's my right. >> exactly. >> charlie, where are you putting your work? >> as a millennial, i have a stereotypical place full of money. i put my money in places i understand. i think facebook is going to go up. i use facebook all the time. more and more are gravitating toward that. and then i have some other longer-term picks. we're going to see oil continue to rise and i think the markets are going to stabilize there. i like transocean. that's kind of a longer term pick. i think it's a bargain. they've been down artificially. i'm trying to gaelk my bets. right now i put my money in things i understand.
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i think we're in for a market correction. >> i think it's interesting you bring this up. my daughter's a millennial. we were having a discussion over the weekend about investing in companies you understand. we brought up amazon. she said i love amazon and buy all the time but why would i want to buy in amazon it's come so far so fachlt that doesn't give you sweaty palms? >> not at all. when you look at what they've done with video in the last several monthsing it's a very technical thing but they have triple the average usage time with their video on mobile device. if they can have that user increase, they would give anything for it. i'm in an interesting bucket. our company purchased facebook, so i'm on both sides of it.
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i'm a user seeing the ads and a vendor benefitting from the ads and i see more and more of a return. i think facebook is going to have a great next 12 to 18 months. >> julie, facebook? where are you investing here? >> i like cvs. they've taken over markets at target. and omni care, a long-term provider. i think that will give them growth. that's a large cap. in the more mid area i like jen tex which does the self dimming features, automatic dimming headlights for approaching cars and dimming windows in the dreamliner. that do you worry about that or do you keep your head down and invest? >> i think anyone who's a long-term investor can sort of
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take advantage of the headline risk. i always talk about trampolines. i love bear markets. i refer to them as trampolines or even severe corrections because it gives me an opportunity to buy companies like ges, g.e., pfizer, home dep depot. >> trampolines. i love that. >> i love that line. >> thank you both. julie westerner and charlie kirk. and while we were talking, the dow has now -- the dow is down 19 points but for the month it's now positive as we head out to end this month here. >> positive slightly. barely, but positive. >> still green. green is green. >> and starbucks is ready to cool you off this summer with a line of drinks including one
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infused with nitrogen. my interview with howard schultz is coming up. first, bruce springsteen sings a song about a ranch. but it's not a ranch. it's a house. are you with me on this? it's all to attract new customers. phil lebeau is on the scene. we'll be right back.
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welcome back. 15 minutes to go. the markets have made a bit of a comeback. the s&p is down 87. the s&p is down about 2.5 points. the nasdaq is up by about eight. boeing is one reason the dow is underperforming. a big drag-out do to the air force tanks. boeing has taken around $1.5 billion changes related to problems with a tanker problem. meantime general motors opening a brand-new experience center in new york city, in manhattan, to try to make its cadillac brand cool again, especially with younger drivers. phil lebeau is with us now and has details. phil? >> bill, this is all about selling the brand.
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it's not about selling the cars. in fact, you couldn't buy cadillac if you came here. they're making preparations for the grand opening. we're in the soho district in the cadillac house which is on the ground. it's all about trying to expose the brand to trend certificates, people in the fashion industry or art. those people who are what you would find here in the soho district. again, this is all about extending the brand, selling the brand as much as possible. they're going to have rotating artists in here. as much as possible they want to get that brand move again. the xt5, it's just coming into showrooms now. it's crossing over. yes, year to day, sales are down more than 12%. but the head of cadillac says, look, it's not about chasing market shares. in terms of extending brands for the luxury automakers, we're
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seeing this with luxury automakers as well. the mercedes me store is an example. with the cadillac house, you'll see it. it's all about trying to expose different people to these luxury auto brands. let's see what it does here in soho as far as bringing people in. a coffee shop, rotating artists. you will see a cadillac, a classic if you come down here. it's not about selling car snoogs but what kind of coffee is it, phil? >> it's coffee joe. joe's coffee. your favorite. >> i love joe's coffee. >> it's not starbucks. >> these great stuff. it's great stuff. >> i notice that you say that right ahead of your starbucks interview. >> thanks, phil. >> i don't want to put yu on the spot. but does the cadillac brand mean
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anything to you. >> eh. >> that's what i thought. see, when i was a kid, that was the u.s. version of mercedes. >> is it like tesla today or no. >> no. it was just a sign of achievement. that was the car you aspired to. >> it still cares a resonance, i think in a way of old world rich luxury. >> i guess. i mean, you know, they've been trying to make cadillac relevant for 20 years now it seems like. they're still trying. >> they've got joe's coffee now. >> that will help. >> ten minutes to go in this session. dow's down 91 points. watching that for the month of may here. the s&p is down a couple points. >> are you ready for this? the market on closed orders. we made art cashin repeat it. $1.8 billion to buy going into the close. very strochlk we'll see if that has an impact. maybe it will pair off. we'll see. expect the search for yield to intensify, warns samantha.
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welcome back. >> thaerng you. >> we talked so much about dividend paying companies that are so popular with a lot of people looking for income when they're not getting it from the treasury market and so forth but you're here to make a case that dividend yields are distorted to some degree. they don't signal what they used to because of what's going on with monetary policies, right? >> it would signal companies didn't have growth prospects. it's different now. we know that companies are rewarded for giving dividends. this is a longer run trend with yields. it's only going to intensify. >> remember when microsoft started paying dividends it was a sign of ma turtd. >> that's right. tech on average, 10% of total dividends paid in the s&p 500. in 2015 that was closer to 18%
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some of a significant jump. so tech companies are willing to do it. >> but is that a good thing? >> it's not a good thing if it means they're not putting money into capex. and capex has been lagging. we've seen a lot of mna, that inorganic growth but we haven't seen topline inorganic worth come through, so that's a little worrisome. >> that being said do, you want to buy some? >> we think so. if you have to be waiting somewhere, why not have dividends. it's been significant over the last 1 moments whereas the equity market, it's only been up about 1.5. i'd rather be getting that. >> there have been besome surprising ones. how do people know if they're reaching too far and they're going to get slapped in the face with an underperforming stock? >> kelly, that's a dwrt point.
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you would have capital appreciation perspective. we like companies with strong balance sheets and lots of digitals going forward. >> good to see you. samantha azzarello with jpmorgan. the title pretty much describes disney's weekend with a box office bomb. troubles in china reported problems with its "star wars" franchise. we'll break it down. you're watching cnbc, first in business worldwide. ins had... ...a tree that bore the most rare and magical fruit. which provided for their every financial need. and then, in one blinding blink of an eye, their tree had given its last. but with their raymond james financial advisor,
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and it keeps my investments fully mobile... even when i'm on the move. sign up at etrade.com and get up to six hundred dollars. two minutes left. we have come back appreciably. we had a huge imbalance to the down side art cashin pointed out which makes the dow positive for the month. this is a monthly charge. this is the month of may for the industrial average and we will -- looks like we'll finish positive just by a bit, though, a tiny fraction. let's see how oil did over the same time. wti crude bumping up against $50 a couple of times. hasn't been there yet. but here it is for the month. a gain of 6.7%, and the yield on the ten-year has been moving
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higher with the talk of the fed possibly raising rates next month maybe in july and we have the ten-year now at 1.84% right now. and bob pisani is here. welcome back again. >> thank you. >> we've got this huge rebalancing going on for this index. >> come over here and let me show you the alibaba group. u.s.-based china stocks are going around the world. alibaba, if you look at the left, you see 28 million shares. these are all people who are being forced to buy alibaba stalk along with j.d..com and all of them because they're going into the index. their indices will be increasing, particularly important for the index. bill, elsewhere, we've had a nice month. techs was a laggard going in. rotation has been very healthy
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so far in may. just 2% from historic highs. >> i see an awful lot of traders running around on the floor to get the last-second trades in as we close out the month of may. thank you, bob. the dow down. a look at the big board. eni.com and also kol yers international. it will leave it with an ever so slight gain for the month of may making it the fourth month in a row of gains. interestingly enough the dow is still the underperformer, down about half a percent. the s&p down about two points closing three points below the 2100 mark and the nasdaq up by
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14 points, the far best this month with gain of 3.5%. coming up starbucks ceo howard schultz tells us about his new products and plans for the future and he'll talk earnings. we're joined by mike santoli here on set along with our fellow cnbc colleague kate kelly, not jelly and "fast money" guy adami joins us as well. the market was pretty bad. >> it was a little bit caution for sure. i think this makes like ten in the last 13 months. i have no idea why that might be. you've debt it inially got a soft chicago manufacturing number. think it's one of those things that adds to the idea if it's not gaining momentum, maybe it's a little bit cautious. hi will say the big under performer there is about boeing.
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i would say it's essentially flat and it makes sense in a way. they got though that 2100 mark. it's kind of stalled there several times. >> and we hit a couple of deal headlines, kate. nothing too big. great plains. i mean williams may get a newed by. monsanto is waiting perhaps on one from buyeyer. >> think people don't want to get excited because they receive a lot of deals fizzle. they don't know what's going to happen. i think in general there's a wait-and-see mode. this week in the issue that's something where we've seen a lot of volatility, so people are kind of wondering when and where we're going get clarity on that. i do think people are just sort of uncertain. i was talking to folks about hajj fund performances, and it's
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been a rocky movement i've been assured the markets are up. crowded trades continue to be an issue. so to the extent results start trickling in, we're going see amplified moves. facebook, allergan, starwood. these are just increasingly popular names and we're going to see bigger moves on a short-term basis sfwhie, what surprised you? we had the biotechs up. the semiconductors were up about 8. >> i was going to say, the fact that the ivp. you talked about it. i think that's an encouraging sign. and the fact that crude oil continues to climb higher. the caveat is this. the volatility index was higher today. that typically moves higher. you didn't necessarily get that today.
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it would be interesting to see if it leads and maybe we're in for a mini selloff in the crude. again, it's the resilience of the broader market. it's somewhat stunning to me. >> this kind of trickle which i wonder at what point adds up to more of a flow. what impacts these markets more? you have it fixing lower and lower even if gradually. lower since 2011. every time we see this weakening it's been a bit more panicky. we've had goldman talking about a capital outflow. you have bik point up in price. >> it's interesting, the resetting lower, has not been as dramatic this time around. of course, the market has been rallying as we're talking about higher odds of a fed move. if the initial broaching of the subject is when you get the most
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dramatic reaction and then the second time around you might get it. i honestly don't know if that's the case. so you definitely have the sense you're not sure if the market has been tested, for the correction in oil that does not seem to want to come. >> we also, by the way, talked about the dollar and the different ways it's been moving. the problem still ahead for companies and the fed, but i swear i'll lootz it if i hear brexit too many more times, kate, between now and next month. >> i think you will, kelly. everyone seems to feel it's very, very real. it seems to be a serious issue obviously with the markets and others including the other markets. >> work days results are out. josh lipton has more. josh in. >> let's get you those numbers. workday reporting a 5% increase.
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revenue looks like it jumped 38% to $345 million. subscription revenue of $280 million. that's about in line. looking into guidance there, guide for q2 revenue. the stock, remember, kelly, heading into this jumped about 60% since that low in february. on the call tonight analysts want to hear more about the ma kroy environment. certainly any environment we could get. oracle, as well as any progress on those financial malkt applications. that call starting at 5:00 p.m. eastern. >> thank you, joshua. guy, what do you think? >> valuation. i'm not surprised by the move lower. we'll see if the move lower holds. i would not be jumped to buy this thing on the tip. with that said, we've seen it happened so often. with this one i'd rather avoid
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it for a while and see how the whole thing works itself out. it's too rich for my blood. >> mike? >> josh mentioned the move off the low. you gekt an earnings beat when you don't expect it. that's not fair. you don't get credit for that when you're trading it ten times expected sales for this year. sales. that's what this thing trades on. tremendous fundamental momentum. >> let's see if we can check on shares of teuvo as well. seema mody has more. seema? >> 4 cents versus the estimates of 8 cents. revenues which only includes services and technology came in
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line with expectations at around $800 million. the management says it will distort the quarter which will continue our mission as part of -- remember rovi did acquire teuvo for about a billion dollar. the transaction according to the press release, they announced in april is planning to go forward and is expected to close. >> rovi, not roku. >> that's right. >> thank you so much. also today a delaware court finding michael dell and silver lake partners, $29.4 million buyout of dell below it. they say the shareholders should have received is at least $17.62 per share. that's well above the $13.75 share. we don't see this too often. >> not too often.
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you see them say, look, let's have the court say the company was understood valued, a deal by the way that the shareholders approve. the payout is only going to those shareholders that were eligible because they voted against the deal. but it's very interesting in this case because there were a lot of big name investors who thought that michael dell and his private equity partners really were getting this company on the cheap. it was right before the p.c. companies got out there and really gained in value. >> in many respects it had so much value. not just the rise of dell and the relationship that ended so badly with this controversy of a couple of years ago but now confirmation they he did get it back for a song. >> here's the thing. the market as a whole was valuing it letsz. it's interesting that the market had no time for the old tech companies known as dinosaurs. that's what they were saying all
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along. hey, look, we gave you a premium the day before we announced the deal. guy? >> this is not my bailiwick. it's above my pay grachld i'll say this. i didn't realize the courts rule on this. it's fascinating after the fact that they came out and said, hey, guess what, you got this for a song. it's interesting to read about without question. >> and a pretty specific fair value there, $17.62. >> yeah. not a penny less. >> and it's always in very particular circumstances where you can do this, go to delaware and all the rest of it. it is fascinates. one of the beneficiaries of this is a big augar big arbitrage job.
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>> they wrote a story on how they did it. >> we'll let you go. guy, any parting thoughts you want to share? >> teuvo. when i learn how to talk it, i can talk about the stock. next time i use it will be the first time. again, this is not my thing. i'm still moving into the 20th century. >> what is the saying? you've got to be smart enough to know your core competency. >> i have a very few core anything. >> thank you for joining us. we'll let you and get ready for "fast money." guy adami and the rest of the crew coming up the next hour. they're going to be talking with savita subramanian. that strategist will explain at 5:00. coming up here, starbucks lovers will rejoice. chief executive howard schultz will tune in.
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find out why disney had a no good very bad weekend. you're watching cnbc, first in business worldwide. sup jj, working hard? working 24/7 on mobile trader, rated #1 trading app on the app store. it lets you trade stocks, options, futures... even advanced orders. and it offers more charts than a lot of other competitors do on desktop. you work so late. i guess you don't see your family very much? i see them all the time. did you finish your derivatives pricing model, honey? td ameritrade. you wouldn't order szechuan without checking the spice level. it really opens the passages. waiter. water.
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welcome back. stark bus is unveiling its new cold drink line. how will it affect starbucks. i sat down with ceo howard schultz to find out. >> the white space in the growth of the cold category is very, very significant. over 15 years ago we developed bottled frappuccino with pepsi. that's a billion dollar business for us. now we have cold brew and nitro. that's not dissimilar to craft beer. it comes out of the tap. it's for millennials, freshing, ill dull gent, clean, and low calorie. we've seen in the roastery this is a big-time product and category. we're going to roll it out nationally. we've got a big marketing campaign around it. this should be a fantastic product and catalyst for the third quarter. >> you know, that nitro that you just mentioned, the nitro cold bruin fuses your cold brew
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recipe with the nitrogen to brew a smooth and creamy business. this is something developed in the roastery, is that right? >> that's right. not only is it an extraordinary thing for our customers but a laboratory. once we find a new product that succeeds in the roastery, we're going to test it and roll it out in other stores. here it is. this is a vintage example of the pow over strategy. cold brew and nitro succeeded so wildly in the roastery that now we're bringing it into our stores. we have to do everything we can to kind of circumvent the fact that there are less people in the malls and the street and we have to become a destination at starbucks. >> so, howard, when i order that drink, how do i know i'm not getting all ice, how do i know i'm getting what i paid for? >> i can promise you that ice issue is much to do about nothing but that's another store
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for another day, but you'll get an extraordinary beverage that looks like a guinness beer when it comes out of the tap. a great that iter and romance and proves itself in the cup. >> you mention an analogy which brings up a challenge for you, which is size, sheer size. is this kind of a way to blind people what the brand is about and off them something that's not just a cookie-cutter starbucks that goes, i'm familiar with this, i'm ready for something different, something new? >> i think you're right. the challenge is how you do get big and stay small. and i think how do we use our skill for good. no one in the country is in a better position to take advantage of this category than the equity of the starbucks brand. >> this is really interesting. how much more valuable -- it's amazing to me how much people are paying more for your mobile app in the stores.
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how much more sit for the traditional customers than the walk-in customers at starbucks? >> a few years ago when we told people we were going tony vest significant dollars in a mobile ecosystem, i think many people were skeptical about it. today 25% of the transactions is mobile payment with mobile pay growing faster than our core business. our customers, it's convenient, fast, very on trend, and obviously we're creating a very strong emotional connection with those customers and feel that the 1-1 marketing with the relationship we have with them is very valuable. we're just getting started. >> you know, you're also building a new currency in some way with these points not just in starbucks locations but elsewhere. i have to ask you as starbucks fed chair janet yellen, how do i know you're not going to de valle you my points going
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forward? >> i don't think we're going to do that going forward burke the relationship and partnership we announced with chase and visa is a significant turning point for stars's currency because in the near future, you'll be able to use a starbucks visa debit card in places of all over the country, tens of thousands of points of distributions and you'll get stars rewards. the only way to redeem those is by coming back to stars' company. again the flywheel effect speaks to the currency, the relationship we have with our customers and rewarding them for their loyalty to starbucks. >> you mentioned foot traffic is down not just in malls but neighborhood. this is interesting. where is this all heading and where does that position you guys and is that why you're investing now in your, you know, kind of branded products of the
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super markets? >> well, i think it's clear that the rules of engagement for a briks and mortar retail in the country has changed. i said three years ago we were witnessing a seismic change in consumer behavior in terms of downsizing traffic. i think we called that early and under what we had to do. i think what we're looking at is a 360-degree strategy. store design, theater, row marngs innovation at every level and i think doing the kind of things that creates starbucks as a destination and also create it as we do within the four walls of our store. i think that's what they have to do today to be relevant. >> i read in the morning each day you wake up and can review immediately the sales figures of starbucks from the day before which means basically you have a
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great ride on what's happening. at this very moment people are wired that the economy is dipping into a recession. what's your best read on the health and strength of the economy and specifically the consumer and how she or she is spending? >> i think it's an overstatement to say we're heading into a recession. but clearly there's significant pressure and anxiety on the american consumer and you're seeing that play out in a numb bother f the earnings reports that have come out recently by consumer brands and retailers. i think the pressure and the anxiety given what's going on in our political system is adding to that situation. so i think this is a time to recognize that we are dealing with a very fragile consumer that's going through a great deal. there is anxiety. there's uncertainty. and as a result of that, there's going to be a choppiness in the market until things settle down and there's a level of clarity
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in terms of our political system and certainly the issues facing the country and the world. >> on that final note, howard, if hillary clinton and donald trump said to you i want you to serve as my vice president, would you say no to either one? >> i'm very satisfied with being the ceo and chairman of starbucks coffee company, but thank you, kelly. >> i found that fascinating. first of all, i can't wait to try out the new nitro brew. there's know nitrous oxide in it, is it? >> listen, it sounds like it is. >> it sounds like an interesting brew. and i found it interesting what he said about the economy. it speaks from an anecdotal sense that it just doesn't feel that good. consumers are leery.
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perhaps another quarter point hike. to me it doesn't feel that good and starbucks is on the front line of this. if you can't spend $2 or $3 for coffee, that tells us something. >> or $4 or $5. >> or $17. that tells you something about people's attitudes and confidence. >> also the underexposure to the machl hypothat with the new cold products, they have the supply stuff and work flow figured out ahead of time. that's been the issue. running out of cold brew and gumming up the pace of the lines. >> the starbucks can vary from store to store from the cleanliness to the speed of fulfilling orders. it seems like it's an inflection point. >> so true. let's get to breaking news on under armour. seema mody has more. >> kelly, we have an update from
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under armor following the developments to sport thought and bankruptcy proceedings. under armour expects to recognize an impair manhattan charge related to the sports authority bankruptcy in 2016. in adieu to this bankruptcy t company was only able to recognize 43 million of the original play planned $63 million revenues for 20158. probab probl it still represents growth of 24% over 2015. lastly, there's also, they say in a press release, it's expected to range from 17 to $1 million that's the update from under arbor. you're looking at shares down slightly after hours.
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i want to switch focus to staples. they had mutual ron sergeant has agreed to step down from staples. the process to identify a permanent ceo will be led by a special committee of the board which will continue internal and external candidates. >> this after its failed deal with office depot. of course, sports authority a small part but still how much does this tell us about the story of inventory with under armour. >> it's finally about being able to quantify it. we've known the brumtdcy of sports authority has been playing out for a while. they've been struggling. you're seeing a company adjust to the very fast growth to somewhat less fast growth. still a great growth company.
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but it got so much credit up front. it's kind of immediately winning over new categories. >> right. we've seen the shares. many were struggling a little bit. again, the news out of under armour is warning that has to do with the bankruptcy of sports authority. >> clearly no halo effect really for the stock from the nba finals. >> right? the joke is let's see if 30 was the line of support for the stock and they've made plenty of comments about how well steph curry has done for them. they got two more weeks hoff growth, hopefully. disney's having a rough go of it lately. what it all means to the stock is next. and the price of the crude oil is up 35% this year. we'll talk to an oil executive about how he's dealing with demand and price inflations coming up. thank you. ordering chinese food is a very predictable experience. i order b14. i get b14.
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r. it's been a disappointing weekend for disney. julia boorstin has details behind this drop. >> alice, through the looking glass, a report of $170 million budget fell flat at the box office, grossing just $35 million in the u.s. over the holiday weekend. about $25 mill short of projections and far short of ales in wonderland's show.
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disney dominates the year to date box office with a nearly one-third market share but they're making headlines that disney is up happy with the first cut of the "star wars" spip-off and they have expensive reshoots planned. disney saying reshoots were always plan and coming off "the force awakens," there's an incredibly high bar to this movie and we have a responsibility to our fans to deliver the best we can. disney characters responded. disney saying, quote, we're perplexed that mr. wang would choose to do public battle with us or attempt to undermine our business in any way. the battle for chinese consumers is heating up. back over to you. >> our thanks to julia boorstin. are you perplexed? >> you know, i think a lot of these items julia ticked off
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there just get at the kind of nagging fears of a disney investor. are they going back to the same well too, many sequels? and also i think the theme park -- i don't think anyone's worried about how disney's shanghai is going to perform. there was other news about loss of espn. just quantifying the losses say from early this year through may but it seems they've picked up because overall basic cable subs have lost. so all that stuff together, you might as well ding the disney premium. >> i think that's true but i'm going to disagree with you a bit. the noise around china, the fear that their theme park expansion wonltd go off well. that seems like an overhang. the road one reshoots, i used to cover film business for "wall street journal." that happens all the time. any time they have issues or
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rumors, if they have to delay it, that's a concern, but i think reshoots do happen. it's true that the bar is very high after "the force awakens." i don't think that's just spin. also this business of sort of reheating these franchises, the audience needs to make up their mind. the studios are sort of damned if they do and damned if they don't. they had eight "fast and furious." and eight was a barn burner. disney, of course, has franchises with the "star wars" effect of the past six months or so. of course, twhamt to keep that going. they did "frozen" from scratch that my kids are still talking about three years later. it's hard to come up with the new stuff but i don't think anyone is to be didn'ted. >> it's true. be "frozen" and "fast and furious" came out of in where. each time they go off and
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combine different marvel characters, i've been proven wrong. i would have thought they would have run out. >> let's move on to a news alert on boyd gaming. seema mody. >> boyd gaming has agreed to sell 50% of its interest. that's the parent company. they're selling to mgm international for $900 million. we're looking at shared of boyd moving on this up 4%. >> did you say $9 million, seema? >> $900 million. >> i was going to say. >> well, and the market celebrates boyd gaming from atlantic city it would seem what's going on here. it is a pretty good evaluation and that's really the one property in atlantic city that is the marquis. >> right. it continues to be resilient and
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get good performances and foot traffic and so on. >> boyd gaming shares up about 4 shares now. time for a cnbc news update. sue? >> here's what's happening this hour. ten people were killed after an attack on a busby the taliban. five people were abducted. they have a strong presence in that particular region. demonstrators in istanbul clashed with police. they came to march to mark the third anniversary of the protests. general mills is voluntarily recalling gold medal flower, won dr der flour. they have indicate 38 in which half of the individuals reporting making something homemade with flour prior to getting sick. and a new study.
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according to a new rur. fewer than 5% of surveyed respondents between 18 and 24 would be okay with a close friend accessing their smartphone but twice as many say they would allow a friend to share their toothbrush. all right. all together, ew. >> really? >> you can get e. coli from flour, sue? who knew about it. >> what they're saying is perhaps it's linked to the fact that people were also eating raw batter which may have had egg in it. they're still piecing it together but general mills apparently is doing the recall out of an abundance of caution because people reported it in terms of making homemade things. so they're not sure whether it's egg or flour. >> i'm waiting on the toothbrush thing for -- >> if you brush your teeth after the batter, are you safe?
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>> i mean seriously. sharing a toothbrush? that's just disgusting. >> king arthur flour which is a favorite with serious bakers had a recall in the last couple of hours due to tiny ball bearings stuck in the flour. nothing's safe. there was a good story over the weekend about all the recalls that happened with enhanced consumer safety and this is probably part of it. >> thank you, sue. militants in nigeria tracking a crude oil line operated by a company over the weekend. up next we discuss the gee wroe political risks of on rating with africa in the middle east. stay tuned.
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welcome back. hire's how we finish the day. the dow closing. the worst performer. the nasdaq was down two, the nasdaq up 15. let's check the earnings. it did beat on the bottom line. reported gain instead of a loss. the shares were down 4%. perhaps some focus on the strength of its billings. and under armour shares were lower. shares down nearly 2%. and let's send it back over
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to seema mody for another earnings alert. >> take a look at the parent company of ann taylor reporting earnings, topping expectations of 13 cents. revenue, 1.67 billion dollar. some interesting commentary saying the environment this spring has been challenging after the warm holiday season. a week full of guidance, kelly. >> thank you, see ma. oil, backing off when the oil emirates said. kre lently discovered a giant gas field off of the coast of egypt. joining us now in an exclusive interview after ringing the "closing bell" is the ceo of
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eni, the italian oil company. how was it to ring the bell? >> very exciting. it's important for everybody. >> you've been ceo for two years. what two years it's been. what troubles you the most here? what has been the most difficult moment? >> from 130 to 30. that's difficult because we have to change our company, transform our company, do things differently. but we have to continue to invest. we have to reduce the cost. changing the culture.
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it was quite interesting and exciting. >> how do you think about exploration spending for new finds in this environment? i mean how do you feel when you look at a potentially deepwater project or something else with rugged terrain waiting for it to bear fruit? >> it depends on what kind of strategy you have. we continue -- i think we're the only company that continue to explore. we spend around 1 million. but we are not -- we're very high at a rate of success. if you want to keep your costs down, you must explore and explore and get gooder services and you can start developing.
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>> mike? >> does that mean that you believe that oil and gas prices will not remain down at these levels for a long time? what's your assumption right now? >> i think that the fundamentals -- fundamentals now are driving the price. i mean the supply and demand are narrowly in the gap and they -- also the investment is down and the production is down. they lost about $600,000 a day starting in march 2015. opec since january has been historically flat. they're losing production in nigeria. so it's a surprise much less than before. the price is going up. the fundamental is driving and we think that the price will be going back to a higher price by
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the end of the year. 55, 60, something around that. that's what we can forecast. >> these conservative here and we can understand why. thank you for joining us, claudio. >> thank you. >> claudio descalzi there from eni. now let's get back on a check of the markets. seema mody has more. seema? >> yes. ashland improving on its plans to separate from val voe line. listing 20% of its stock. it will list on the stock exchange and this will be an ipo that will have to put its shares on the line. that's valvoline. >> thank you, seema. apple fans used to be able to jump on a new phone every two years later. now it could will be longer.
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and the brain train, how they're turning that around. that's next. you're watching cnbc, first in business worldwide.
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welcome back. silicon valley is attracting more than hedge funds. one man is going so far as to establish a trading school. kate kelly, you didn't go -- you visited there. >> i went to a school for potential students, kelly. this is money manager steve
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cohen who said he was shocked at the lack of tent in the hedge fund industry using that to explain how his own $11 million private fund fell 8% this year. crowdedness was part of it. he's quite serious and put together a trading school where they will be taught soup to nuts. at a recent gathering, we spoke to jennifer, a university of michigan student who said thanks to that gathering, she's seriously weighing a hedge fund career. >> since coming here, i think point 72 is really making an effort to teach younger people that hedge funds are a place that we can excel at. we can learn it through the academy program. i'm seriously considering point 72 as a college career. >> other hedge funds are also moving aggressively, in some ways taking a page from silicon
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valley which is citing some of their most prominent candidates. they hired l.j. brock, a so-called chief manager. brock says that in addition to multi-level recruiting efforts, they're taking candidates and moulding jobs to fit them in some cases rather than the opposite. >> we really focus on understanding what's important to the candidate, what are their skills, their passions, their experiences. and then we look to build a job around that. >> it's all an effort, kelly, to ensure the next money managers can continue to the upside. perhaps some fresh blood will mix things up. >> i already see the big trend piece, creating jobs to fit the person. wow. that's a remarkable way of looking at things, whether it's at a hedge fund or red hat where he originally was. >> that is amazing. i guess the way hedge funds
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would get talent is from the sell side, investment banks and brokerage firms. >> that's one of the two issues. one, the death of proprietary tm and show you the nuts and bolts of learning how to trade, and come up with an vimt pitch and when to go short and all those things. i think some of the younger generation workers assume they need that background to get into hedge funds. meanwhile, tech is the exciting place to be if you're in the millennial generation. i'm generalizing. but i think there's evidence of this. and if you want to do something new and change the world and be disruptive, you go there. that's a pretty good upside as well. hedge funds are for the first time, i think, having to train people inhughes. it's quite novel. as is the citadel approach. you're talking about some of the best paid jobs in the economy. yet they're really going after
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people proactively. >> almost having trouble filling them. thank you. iphone lovers beware. that new iphone you have scheduled to buy every other year may be facing a change in scheduling. we'll explain next. & in a world held back by compromise, businesses need the agility to do one thing & another. only at&t has the network, people, and partners to help companies be... local & global. open & secure. because no one knows & like at&t. and that what goes down doesn't always come back up. [ toilet flushes ] so when you need a plumber, we can help you get the job done right, guaranteed. get started today at angie's list.
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iphone product cycles used to be like clockwork. but according to some reports they could be looking to switch things up. josh lipton has more. >> that's right, kelly. this is is according to the nikkei which reports apple will likely take three years between full model changes. and usually, of course, it's more of a two-year cycle. specifically, the japanese newspaper is saying that the
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iphone 7 which we expect in september will boast only relatively minor changes such as improved camera quality and battery capacity. why the change? the nikkei says in part it's because major new hardware features are just harder to imagine and execute. apple declined to comment on that report. rob sera of stern agcrt who is an apple bull tells me he isn't surprised by the nikkei report. he's been expecting big changes to the iphone 7. he's more focused on the iphone coming in 2017 which he thinks could include a feature that would offer higher color quality. this report does come as concern has picked up about the health of that iphone franchise in general, and q2, rebel, iphone units did fall year over year for the first time ever. apple stock is up 10% over the past two weeks. but it's still down over 20% for
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the last 12 months. june 13th the development conference kicks off here in san francisco. that's when apple ceo tim cook could offer some hints of what is in the pipeline. >> apple i think was the best performer of the dow this month, up a little more than 6%. you can already shop for growsies online and have them delivered right to your door. but another company in sweden is taking the step further. thank you.
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welcome back. you can already get groceries delivered to your door. but how would you like them delivered into your fridge. a swedish courier company and a supermarket chain are testing a new service that has messengers entering customers' homes and putting away their groceries while they're out. messengers open the doors with their smartphones. anybody have any problems with this at your home? >> i don't think i'll go with it. i'm sure they'll put security measures in place and only allow the particular dlif ri person to access the apartment. but how many screening are they going to do for it. >> it's not just a security thing, it's showing you where the battlefront is on innovation. we won't only bring it to your
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building, we want to put it in your -- >> right in your fridge. how about right in your mouth. like feed you a sand witch. >> there is a potential problem here. another issue is the amazon lockers and things aren't really taking off. so people need to get that stuff kind of -- you know, especially a gallon of milk. are you going to let it sit there all day? >> incremental improvement for that subset of people. i don't see that as being one of the world changing innovations. >> it is a logical extension of the service, i would agree. i think service delivery delays are a huge issue. i don't like to order food delivery for that reason. >> i hope they take the cardboard boxes away. >> but if you have a cat, they love them. but apparently volvo is working on something where you can have things delivered into your trunk. and the line is, you know, not everybody might have a volvo, but in the case of the delivery service, everybody has a front door. next we want things delivered
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down here to the new york stock exchange. in just a word, we have the ism index coming out. feels like that's going to dominate. >> it is. >> guys, thank you so much for joining us here on "closing bell." that does it for us. "fast money" begins now. "fast money" starts right now. live from the nasdaq market site overlooking new york's times square. good evening, i'm simon hobbs in for melissa lee. the traders on the desk are here with me. bank of america's warning to the world, find out what has the firm saying that could be a 15% correction around the corner. and why they're reasoning for that. signs of a bottom for biotech. the smart money is flowing in and the deal making is coming back. we'll show you whether it's just a short-term bounce or if there are more gains in store. and later, opec on deck. and the commodities king dennis gartman said hesn

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