tv Closing Bell CNBC June 16, 2016 3:00pm-5:01pm EDT
six flags and sri door fair. tyler batory and joe edelstein. you're a roller-coaster fan. >> it makes me want to go. >> seeing it makes me sick to my stomach thinking about it. >> thanks for watching, everyone. >> "closing bell" starts right now. >> welcome to "closing bell." i'm sara eisen in for kelly evans along with bill griffeth. >> he gets to go home and you get to stay with me for the next couple of hours. >> lucky me. >> i'm looking forward to it. bill griffeth. stocks turneds around after the global action. we'll tell you what's behind this reversareversal. >> we're going to focus on financials, the worst performing sector. could there be an under the
radar headwind weighing on the banks. we're going to talk about that. >> both sides of that issue coming up. plus, unfortunately in venezuela latting continues as they grapple with food shortages and an economy that is definitely in crisis and the president is in exile here in the u.s. the director taking a direct swipe at jack dorsey. we'll tell you exactly what he said. let's start with the comeback in stocks today. bob pisani with the latest. bob? >> it's been an interesting day. to a certain extent we're become smacked around by brexit concerns and particularly on the currency markets. take a look at what happened just about the time of the european close at 11:30.
the dollar weakened. the euro strengthened as well. it happened when we heard about the tragic death of the mp over there, joe cox. we saw knock-ons as a result of that. we saw a modest lift during that time and we've just turned positive for the day. the dollar weakness had a very important effect. it stabilized oil. oil had an ugg employ ugly. still rather ugly. landed on the downside. you can see energy stocks were headed down. they're headed down even further and that turnaround in the dollar helped kpen the losses essentially. one thing that didn't work well, the banks. i just want to point out apache as an energy stock here, down to about 3% on the day. and here you can see what
happened with some of these major energy names overall. the problem has been the ten-year yield has not shown any signs of lifting at all. we only saw stabilization in late in the day. that has helped bank stocks. remember, these names in the last five or six days are down seven, eight, 9%. this is not nearly the drop we've seen in europe but rather severe. guys, back to you. >> thanks for the rundown. jackie deangelis with more. >> let me walk you through it and try to make some sense of it. yes, gold was a good mobig move was too.
what happened here to spook the market because we did have an inventory decline yesterday that should have been supportive of prices. the market is starting to get worried about brexit. they're worried that it could create a little bit of market turmo turmoil. that could cause concern for global growth. bob pisani mentioned the spike in the dollar this morning as well. that certainly sent these oil prices lower. and the reason you saw that dollar strength even though we have ha dovest fed is because it was stronger relative to the euro rowe. now i will say this. they're expecting to see more volatility over the next couple of days. that could send crude prices lower. meantime on the other side of the copy, even though you saw that dollar, you saw gold prices skyrocket but at the close, they gave a lot of it back, closing under 1,300. so traders there are saying the safe haven trade is back.
you did have that dovish fed yesterday. so many mixed signals, but they say they'll continue to move higher because as taylor swift says, that safe haven trade never goes out of style. >> nice. ending with a quote from taylor swift. >> i can't believe we've gone five minutes into this show and you haven't mentioned the currency move yet. >> i let bob pisani say it. >> what took so long. >> currencies were the center of the action. certainly underweming in the last 24 hours. >> we have a lot to talk about today. heather hues from southern funds is with us from d.c., kenny bokarry, nice tie, and rick santelli checks in from chicago as well. always a nice tie as well. kenny, we bounced off this 2050 level you had been looking for. what's moving this market today? >> i think that's a technical
bounce. it oversold way, way too concerned about the brexit vote. yes, it's close, but in the end they may choose to stay. therefore i think the market is poised to at least try to rally a little bit and retake some of the losses over the last couple of days. so it was not surprising to me at all that it did that, that it found support where i thought it would find it. >> leather, today, it's one of those days where you hear a laundry lust of concerns from the fed to the bank of japan, brexit poll next week, oil under pressure and yet we've seen a turnaround in stocks. what's at the top of your lift? >> if yen has a beard, i'm an
optimism. hope springs eternal optimism. the housing bubble, brexit, and the market since 2009 has doubled, okay. they may have been propped up based on buy back shares. we know that but stocks have had it higher. the new high we want to watch, i wouldn't be surprised if we flirt with all-time highs very soon. but the level is 2130 on the s&p last seen in may of last year, and we're not too far from that right now. >> kenny has said he will not shave that beard until the fed raises rates. >> knew there was a bet. i knew there was a bet in there somewhere. >> i will have it for a while. >> additionally, the most interesting man in the world. rick, you were going to talk about how kraded the brexit trades had become.
but when there were rumors that i would be delayed because of the tragic death of joe cox over in england, that's when the market started to move. don't you think this market is really kind of holding its breath until we get that vote next week? >> i think it is butly continue to say as i've said hundreds of times, i think that is factoring into the volatility but it isn't about brexit. it's about the crack in the european union that will get better. we need to watch it super close. as far as optimism, i would be optimistic if it wasn't for the central bankers. i mean do we really -- deep down to what janet yellen said yesterday, it's rather distu disturbing. they've used models that said
cyclical issues when everybody else was a course of structural issues. now they see that. that's the problem with intellectuals with models. that's what they don't understand. you don't know how do drive a ferrari when you're doing simulations behind a while. big mistakes by federal bankers. i think this is a huge issue. i think once and for all we need more big institutional traders and banks and hedge funds to stand up for the markets. >> all right. hang on. heather, give me one second. we have breaking news on viacom. what's going on? sumner redstone has moved to remove five of viacom's
directors including the chief skek ter, philippe dauman from the company's board. in addition its national amusements has filed with the delaware court to approve the changes and make them leechlt so sumner redstone has ousted five directors including the chief director. and they've formally filed with the delaware court that the changes are legal. it's the latest twist and turn going on. we'll see how the stock realk. . >> it is reacting. up 4%. >> no. they see dauman as one of the reasons why viacom has underperformed, down 30% in the last 12 months. >> and mr. redstone has been quoted recently saying he
doesn doesn't. sue, thanks very much. let's get back to our discussion discussioner. this has become a defense irchs market. >> even if the fed raised rates, qe infinity may be kojing. valuations are stretched, right? that's because people are alonging for yeardley. there may be room to run or if you think there's going to be an armageddon, that's why you see them catch a bid atz of late. >> all right. >> kenny, we want to get back to
what it means for a stodge market. just in defense for janet yellen. the move would not have been to raise rates. >> no. >> i hear you. i've got to hear you. i love your enthusiasm. the fact is they're living behind the wall using models. it's impossible because if you live in the world. it was almost comical that they talked about rates going up three or four times. >> listen, kenny. i agree. they need to be describing the
issues. >> the whole new normal thing, i couldn't agree with you more. where have they been. is she kidding me? >> in this real world with the ten-year comfortably below 1.6%. how much lower do you difference it can go. we could make a lot of movement here here. i certainly wouldn't stand in frounl it imt that probably slow it down a whip bridge. a lot of what's 'fektding them. look what's happening with pane and italy and some our youfrm percentage.
before you see higher yield because of the glock sloim down-to-down in the world. i wouldn't be sewer prized if you see yields moving in lower. guess what? it fell to 1 pumtd seven. i. i'm noum surprise. >> goo no at always rj the dow has come back appreciably. the nasdaq has turned pock takeover amg tell. >> s&p fairly positive. if we go closed topic. financial stocks are reginaing again. are compliance comes twam twim
he hurting the bank. former american bankers association frank keating. that's next. plus as i mentioned key earnings. gun maker smith ands we son, you're watching krss ins be krs. first if mean world widewide. yooiks ♪ in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, the lowest taxes in decades, and new infrastructure for a new generation attracting the talent and companies of tomorrow.
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they slashed their target. debt will be half of it. now we have more breaking news on viacom. sue herera, now what. >> well, vewe have some names f you including philippe dauman who was removed. the others are george s. abrams, philippe dauman, blythe mcgarvey and frederik salerno and william swartz. the new ones are kenneth lerer, thomas may, judith mchale, ronald nelson, and nicole seligman. we're reaching out not tonal
viacom but mr. dauman as well. they've ousted the five directors including ceo philippe dauman. they have gone to delaware court to have that declared league and this is what the company said, because of public statements by the existing directors that they would challenge any removals and to maintain stability until those issues are resolved. national amusements filed paperwork to affirm the validity of their actions. we'll keep you posted. the stock is up almost 5.5%. bill and sara, back to you. >> we'll keep an eye on that. the sector, worst performer this year.
former wells fargo's dick kovacevich. listen to what's happening. >> it's increasing. of course, they don't add anything to revenue, and so they have to cut costs or profits are going to go down. what should happen is the industry will need to consolidate, and the only reason it isn't consolidating is the regulators don't want that to happen. if it was a normal situation, you'd find the banks being acquired. they need to advertise that over a bigger customer base. >> let's talk about thachlt joining me to debate whether the regulations are the problem. the man who wrote the regulations we're talking about, barney frank. he was chairman overseeing the banks and with him is frank
keating who helped numerous positions. he's former governor of oklahoma. he's also the former ceo of the american banker's association. good to see you both. thanks for joining us. >> thank you. >> barney, do you believe the regulations in dodd/frank are a cap or limiter on the bank's ability to make money right now. >> they're not cap. obviously they're an expense. let's begin with the most enormous cost we've seen which is a total lack of regulation. it is the case it seems to me clearly to have been one of the mayor clauses of the crisis in 2008 which not only damaged it but the banks.
it was due to a lack of regulation, not regulation. >> are they going too far the other way? >> not overall. but there are a couple of factors. first of all, they would and r exempt the smaller banks from so some. it's irrelevant to the smaller banks. they ought to be relieved of that burden. i would do that. secondly, yeah, there's always a cost when you're starting out and there's a certain newness to it. on the other hand, i have heard much of the costs don't come from the legislation. they come from the banks. if you can lend more without having to set aside capital, you make more money. finally. i'll say this.
whal specific regulation do they think should be changed or abolished and let's do that. governor keating, what do you think? >> i think it's time for them to sit down. the reality is we've lost a community bank one a day five days a week in gross numbers over the last four or five years. 26,000 pages of regulation. i think barney is correct and has said it publicly. why are the belgiums in the middle of our bank system which is very different than theirs? we have a community bank structure that's essential for
banking purposes from sea to shining sea. she said, i remember when our bank closed when i was a child. the community about blew away. i don't want that to happen. >> governor keating, do you think we would have this conversation if they weren't killing the banks? >> a lot of banks are doing very well. interest rates do have an impact. i know me as a depossible tore and customer, if you have to hire a compliance person as opposed to a law person, today among new business startups, we
need more lending for them and america just really needs to build up the next generation. it's very much in order. >> congressman frank, i was wondering what you thought of councilman hensarling's proposal. i'm sure there's a lot you might agree with there was an idea for relaxing the rules on banks that do meet higher capital rekwierms and a frankly. >> i'm unpersuaded by mr. hen arsly. there's really little spachks in there.
i would say what i hear with the many of the banks t high capital zan dards he's imposing would be problematic. you had dick csaying that. the last point i would say is this. i said there are things -- frankly, i want to blame the lawyers for some of this. they have persuaded some community banks to do more than they have to. excepting that we can't change that is correct i would subject the banks. i don't think unless someone shows me specifically the best inwain. i doinltd see any reason to to
'do it. >> if you have a lot of capital, you should ld zplo. >> i said we don't have to koj ply with the -- the higher capital is what they're looking for. that's the same thing. >> we're highly capital lietzed. >> thank you. >> a little over a half hour before the "closing bell" and it looks liej stocks are fwaemg steam. s&p 5 s s&p 500 up. it's picking up. >> when we come back, a worsening food short and in
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breaking story. sumner redstone firing fever. joining us now david katz. the stock's up 7.5%. clearly the market likes what it's hearing. do you like this latest move, david? >> we think overall it's a net positive. we think dauman has probably underperformed and although he's done better of late, we think if redstone's actions are to turn this business around and focus on shareholder value, it's a significant net positive. >> we've heard from analysts on how to do that. what's your idea here? where do you see value? >> the only thng we liked of
today's announcement, we liked the idea of selling a large amount to paramount. the think the overall company is a big franchise. they have turned business around in a fairly meaningful way in the last seth months. we need a new whichceo. we think it's strong. if there was even something nr tra more strategic, that would be a win. >> are you nervous at all that this is being engineered by mr. redstone and his daughter as well at a time when his mental health is being called into question? >> we think it's the redstone family. so if their agenda is to just regain control because they don't want to sell part of
paramou paramou paramount, then it's prop mattic. if they're saying this company has been mismanaged and you have to put your shoe down, it's a positive. we think they're about got a very economic interest and if they're stepping up and it's butch such a visitbling fight, they've done better. >> how much do you think this wailgs on the stock. they left it for the significant peers. the current ceos' openness to selling that minority stake of paramount, move the stock higher, and as redstone said he was going to change the ceo and
board, it's like that. the short term, it probably hurts their result, but longer term, it allows the company to unlock significant values. net, we feel it's a positive. if this had hatched three months ago, shareholders would have been ecstatic because they did want change in the ceo. >> david katz. always good to see you. thanks, david. >> target 55 just now. meantime food shortages in venezuela are going from bad to worse sparking more looting and arrests. our michelle has more. >> riots and protests have erupted fueled by severe shortages of food and other basic goods. just yesterday about 400 people were arrested after ransacking
dozens of supermarkets. these are images of some of the looting you see on the street and looting supermarkets left destroyed. international pressure is escalating on the leadership of the country. earlier this week they had high level talks with the united states. secretary of state john kerry said they would start with coku rah cass. he is calling for a vote. he's in washington today meeting with the state department. >> we don't -- we don't want to get to that point and that's why we are pushing so fast, you know. do you worry it's a possibility. >> yes. we're in a totally collapsed country right now.
it's not working. >> and secretary of state john kerry has backed this recall referendum that's been pushed by the national assembly to have a vote on whether they want him to stay as the president of the country. time now for a news update with sue herera. >> sue? >> hi, bill and sara. here's what's happening this hour. iraqi is seizing control of a number of tunnels built by isis militants in the city of fallujah. iraq is battling to retake the city which fell to isis in 2014. eight groups estimate 60,000 civilians remain there. a 52-year-old man is arrested and believed to be the lone attacker. cox who was maired with two young children was elected to the house of commons in the may 2015 general election. house speaker paul ryan
offered his condolences during his weekly briefing today. first of all, let's make sure we keep the victims in our prayers and their families. i want to make sure that we understand the gravity of this moment and the sensitivity. we want to make sure something like this doesn't happen again. >> comcast, n b bcuniversal is donate 1g million to help the victims of the orlando nightclub suiting. the company lost six employees and had two others injured in the shooting. president and ceo steve burke called it a heartbreaking week. comcast is the parent company of this network. that's the news update this hour. i'll see you next hour. >> thanks, sue. heading to a close of the trading session here. a rally under way. >> solidly green. >> we were solidly in the red this morning. we've had about a 220-point move
cia director john brennan taking aim at isis, no surprise there. he also had some choice comments for twitter ceo jack dorsey. >> yeah. imam javers joining us he weighed in on helping the intelligence community. a couple of months ago twitter took steps to block a company with a business it calls data miner from selling the full twitter feed to the cia. they have a feed called the open source enterprise group that was looking at all tweets in realtime. twitter was not comfortable with that. they block thad on the hill today. today the cia director was asked about all this. here's the exchange from earlier dord. >> "washington journal" also report thad the ceo of twitter jack dorsey twekted data miner to stop the contract because he
was worried about the, quote, optics, of helping intelligence agencies. do you believe that to be accurate? >> i do not know his motivation for any corporate decision hi may have made. >> is it disappointing to you that an american company would sell its product to a russian arm but not cooperate with the united states intelligence community. >> i'm disappointed there's not more active cooperation consistent with our legal authorities that may be available from the u.s. private sector. >> so a fascinating issue here, bill, about what a u.s. country's sort of pace trottic obligation ought to be in terms of cooperating with u.s. intelligence. i e-mailed twitter today to ask if they have any reaction. they said they don't have any comments, guys. >> to put it into context, this
isn't the first time that law enforcement -- i'm think about obviously about fbi and apple and we receive the lines cross and this is going to be an ongoing debate not only privacy but as fbi tries to ramp up its intelligence gathering. >> yeah, sara. you're right to gather that. there are many looking at silicon valley going, look, some of these companies are going rogge and they're blocking intelligence investigations, intelligence gathering. when you see things like the orlando shooting, san bernardino shooting, they want access to this it. what you've got here is a fundamental culture class. >> all right. eamon javers in washington. >> what a turnaround it has been. up next a closely watched home builder sentiment was out
earlier today. diana ol' nick is here to break it down. what a treat. that's coming up next. here at td ameritrade, they work hard. wow, that was random. random? no. it's all about understanding patterns. like the mail guy at 3:12pm every day or jerry getting dumped every third tuesday. jerry: every third tuesday. we have pattern recognition technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that.
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market, even with the rally we're seeing today. look at that. energy with the decline and oil today down $46 a barrel. that's still in the negative territory today. >> we're still seeing low yields pretty much across the board. good news coming from the closely watched national association of homebuilders. diana olick is here live at the new york stock exchange with the details on this. good to see you. >> good to see you too. the monthly index rose two points in june to 60. anything above 50 is considered positive. it's the highest reading since january of this year but it's the same in june of 2015. builders say they're seeing more committed buyers at their sites. that may be due to the short supply of existing homes for sale. they still complain about the buildable lots.
seams expectation took a big leap and buyer traffic gained three points to 47. but that last one is still stuck in negative territory. interesting that the drivers of these gains this month were all on expectations. not real sales or traffic. the study released today by the mack car thursday foundation shows they have an increasingly pessimistic view of the housing market. they say we're still in the midst of crisis and one in five say the worst is yet to come. i find that fascinating. >> that is interesting. diana, thank you. a little over ten minutes to go before the "closing bell." let's show you where the markets are now. pretty much in rally mode. all of the sectors are positive except for energy at this point going into the close. the dow is up more than half a percent at 111 points. >> art cashin said the closed
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seven and a half minutes left here. joining us on the floor at the new york stock exchange to talk about the dividend fairs, and i'm interesting that the three of them you're bringing with you are below 2%, but that still looks pretty good. >> with it where it is, the s&p is yielding. it has a 30% higher yield than the ten-year. that's a very high number. the good thing that we look for, only around 2%, but they're growing double digits. that's what we think is going to make them attractive going forward. >> the group that people like these days are utilities, telecom, consumer staples. where do you see it? >> those are a little rich. the highest yields are not always where you want them to be. we think solid yields and cash flow are great, but the key is that growth rate. that's what we're concentrating on. >> we're looking at the
international target and lowe's right now. >> it's been a very difficult space. we think target may have been the baby thrown out with the bath water there. they're now selling at 3.5 multiple points cheaper than walmart. we think you're going to do okay. we think the downside is pretty limited. >> i wonder if you play the other side of the yield and that is staying away from groups like financials that get hurt on low yields that continue to go lower. >> that's very true. there's not a lot of financials there. some of those yields are oklahoma but they have a big part to say where the yields are going. you're going to see the assessment of where banks can raise their dividends.
even then, they're limited on what they can do. like a lowe's in the first quarter, raise that dividend 20%. you're probably not going to see that kind of a thing out of bank. >> mark, good to see you. thanks for your ideals. we'll come back with a closing countdown in just a moment. >> and after the bell, if your dream one day is to work at goldman sachs, you should know the investment bafrlg has a specific kind of e-mail. it's an eye-opening story you'll see only on cnbc coming up. you're watching cnbc, first in business worldwide.
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sign up at etrade.com and get up to six hundred dollars. two minutes left. the dow typically ahead of the fed meeting usually rallies. it sold off going into that. in fact, it sold off more until today when we get this late-day rally here with the dow up 100 points at 17,740. and just today we get this late-day rally that we'll talk about more here, but it puts us back to 17,739. also gold earlier in the session hit 1315, a high we haven't seen for a couple of years, but then it sold off as stocks started to
move higher and we're down at 1284, bob pisani. >> this is one of those months where we were smarked around by oil. now we're being smacked around by dollar. a lot of these issues around brexit are going to affect currency markets. notice that happened roughly around the time europe closed and roughly around the time that we heard of the tragic death of jo cox, the m.p. over there. we saw our markets lift a little bit. we saw oil which was going straight down. leveled off. ended down at 4%. get what hit a 52-week high today with oil down 4%. exxon. you go and explain this. dividends. even at a 52-week high. >> utilities also at a 52-week
high as well. there's definite play going on. thanks, bob. we'll see you later. >> stanley black and decker ringing the bell at the new york stock exchange. we're going to look at the earnings coming up in the second hour of the "closing bell." stay with us. welcome in. i'm sara eisen in for kelly evans. a turnaround day with the stock closing up 94 points. the s&p which was down about a percent earlier in the day closing up 3% and the nasdaq which has lagged all day closing up a little bess than a quarter of a percentage point. all of them except for energy which has lagged all day long.
a viacom shakeup. suck nev sumner redner ousting fill legal dauman and other border members. we're awaiting earnings from oracle and smith & wesson coming out. joins us, mike santoli as always along with cnbc contribute or a mike grasso. er of the you on the turnaround. there were worried about brexit and the bank of japan. sentiment changed. >> it did. we took back the s&p. i don't think it's because we got any reassurance, but you have had stocks down five days in a row. if there's a surprising thing to
me today, it's that the stockmarket turned around when oil was still down two bucks. so that dynamic was at play yesterday afternoon and today. but i do think you had a somewhat oversold condition and people not really sure what to make of it. >> it's because the british pound is the new oil. >> late morning, a lot of those trades that were seizing not based on the fear of brexit a week away reversed themselves. so that was the other factor. >> there seemed to be confusion as well about the untimely death, the tragic death of jo cox, the m.p. in a great britain as david cameron said they were going to suspend campaigning for the brexit vote and there were those confused that maybe they were going to delay the brexit vote and we saw it going high thaert time as well. >> that all coinciding but i think it's the market nudging the betting eyes in favor of
romaine because of maine maybe a cooling off of the campaigning but maybe the inference is we don't want the exit cam top be associated with this kind of ugliness and maybe it's going to -- but also traders just taking back some of the bets we had made. >> we've talked with a lot of pros, stephanie, in the past few days. theory looking at the brexit opportunity as a buying one. is that how you see it? >> i totally see it that way. i don't want them to delay this vote, let me tell you that right now. that is the last thing we need on top of the very confusing fed and on top of a boj that we don't know what the policy is quite frankly. it's certainly not working. there's a lot of uncertainty. i think there's an opportunity to pickaway am some of your quality companies, both cyclicals as well as some kind of defenses. you have to look for dividends because clearly yields are staying lower for longer but i think there will be a new
opportunity for financials. they're at extreme lows right now. they're back at february levels in terms ofvaluations. >> i think you pick a little bit today and i think on the day if they're down, then you buy more. >> all right. we've got the earnings from oracle out. let's go to josh lipton and see how the numbers look. josh? >> let's get you those numbers. oracle reporting earnings for 81 cents. the street was looking for 81 cents. on the top, 10.9. the stleet f street was looking for 10.4. it's a service. they're $690 million. that's what the street has been expecting. new software licenses. that's a drop of about 12%. as for the cloud businesses. lair ellison saying in a
statement he expects to continue in the next few years. they give it a fighting chance to reach $10 billion in sass and pass revenue. on the call, i know analysts have some questions and specifically that new tie-up between sales force and amazon. how does that affect oracle going forward? also that impending whistle blower lawsuit where you can expect them. that is kicking off at 5:00 p.m. eastern and will be on. guys, back to you. >> all right. stock up 1 president 5% in the after hours here. what did you hear there? >> what i heard so far, first the stock is cut down. expectations were kind of low, but what i like is the cloud business at 690 million. that is the key to the story. this is a transition story, away from the traditional based business into cloud. and if we can see margin -- i didn't see the margin number
just yet. that's going to be the key to how the stock reacts. >> the stock was a problem in the last quarter with some problem on the spending. >> exactly right. they've been making investments into the business. they're making it at the top line. i want to see what the margin is. they have easy comparisons and they seem to be making some headway. >> steve grasso has finished his day job. >> that's right. now moonlighting. >> now you're in moonlight mode. what did you make of this bounce today? >> you have to go back. we were running up to yellen. we got yellen yesterday, and now we're running up to brexit. so today the brexit polls said that they would stay. >> went up to 65%. the odds-makers were putting it at 65% that they would stay now. >> so the market totally dae pendape dependent on whether they're going to stay or leave, and
that's the way it will blow up until the brexit vote happens. >> did you want to talk about oracle? >> the stock was definitely eased back. i think there's some noise around the cloud business in part because of news associated with the former employee that she was asked to massage some of the cloud numbers. i don't think it's a big issue. but i think it points to this idea that every company is now a company and they want to overstate if they can how rapidly and how effectively that transition is going. so they have to keep improving. >> but cloud is clearly gaining momentum. it's almost like where cyber security was last year. this year you look at work day, work now, service. even microsoft, while their margins were disappointing, their cloud has improved. we know about aws and now oracle. >> and to your point they have to shrink their other
businesses. in yore alk's case, everything i've seen points to the datta base business is actually getting some tail wind. >> it looks like the loss of decline was down. that's good. >> all right. hold your thoughts there. another story we've been following the last couple of hours. viacom, more news apparently. sue herera stepping in with that. >> is that's right. frederick sa ler noe is fighting back, bill. here's what he had to same he said today viacom received notice from national amusements that it purr pourts to remove directors and replace them with new directors subject to a ruling from a delaware court. quote. this is a brazen and demon strablably invalid attempt of mr. redstone to regain control of viacom and its management in disregard of mr. redstone's wishes and to undermine the current board's and to represent the best interests of all of the
stockholders of viacom. with the support of the indeath penalty director os testify board, i am filing today a lawsuit in delaware county seeking an peks e dieded determination that ms. red stone's attempted removele and replacement of viacom directors is invalid. he said sadly it is now clear that mr. redstone is being manipulated and used by his daughter in an attempt to accomplish her long-held goal of gaining complete control of viacom. so it is heated obviously at this point mr. sa ler noe is basically blaining mrs. redstone and he's going to court to validate it. >> made for tv. >> we already have game of
tloens. >> that's true. but it's not over yet. they're going to try to get that judgment as soon as possible, bill. >> thank you very much. anybody want to weigh in on it. >> it's heading to an endgame. it's interesting because i don't know where the burden of proof lies. do the current directors have to say he's not competent? it's very difficult. >> well, they already had one trial and the judge ruled after hearing his video transcript of his testimony that he clearly had his own vision. >> i think what you see in the marketplace is they're selling everything else and they're buying this one. obviously they reached for it today, specifically via. they reached for it and goosed it. you see the intraday chart.
they spiked it higher, but i think to mike's point, this is getting to resolution without resolution. i think people think there's hidden value in it and they're going to buy it before they figure out where it's going. >> there is. it trades four teams to disney. >> cheapest ones. >> i'm not saying they should be directly connected to disney. it is very cheap if you can get this resolved, and it looks like to your point you can get it resolved. >> the shares were up 12% in the last three months as this entire mess plays out. i think their p.e. is below ten. >> this whole group has been very clajd. we know about the whole cord cutting thing and we don't have a lot of answers in that regard. >> it's the first thing that's brought some type of bullishness to the -- even though it's been under pressure, people have been looking at this sector to sell, not to buy, not to take out a flyer on it. but to sell it across the board and now this is the first time
that people are looking at value. >> keep in mind they're trying to own 49% of paramount studios. >> to be continued on that one. we've got more earnings out. gunmaker smikts &s we son is out with results. seema mody has the seema? >> reporting a big jump in revenue. $221 million. in fact, fire arms increasing by 22% over a comparable quarter last year. when you take look at guidance for first quarter and beating expectations. in fact, for the first quarter, it sees earnings between 49 and 53 cents. guys, the estimate was for 37 cents. we're looking at the stock up about 8% on this big beat from smith &s wesson.
bill and sara? >> the pattern has been that the gunmakers have their stocks rally after a mass shooting. it didn't really happen this time. they were down. i don't know if because they're showing signs on both sides in congress that maybe there's some traction for genuine gun control measures, i have no idea. but clearly the stock was primed. >> so grasso, i read a stat and looked it up and confirmed it that smith & wesson, since obama has taken office. if you had invested, you would be up 750%. >> do. i put all my money in smith & wesson. >> and you're ready to take it out. you saw it happen over and over again. it was a political thing where
people would rush out ahead of any regulation that was becoming stricter, but that might be a little long in the tooth and might be a little more granular on these rules going forward. >> all right. >> still getting a nice pop in the after hours. you have to go? >> to the subway. >> we'll put you in the transport. >> hyperloupe. >> we can watch coming up. the former ceo tom freshton will come back tonight with hitz response to that news on "fast money" that will include steve grasso and the roast testify gang. we look forward too that. >> after making big news yesterday talking about his opposition. coming up, we're going to talk about the viacom soap opera here. we're going to talk to anthony de-clemente, the analyst. now the stock's trading above his target.
so will he have to raise it. that's coming up. >> we're one week away from the brexit vote. as you know, we'll get the crowded trade as a result of getting ready for that. the hidden risk depending on the outcome of the polls coming up. you're watching cnbc, first in business worldwide. man 1: you're new.
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if you're just joining us, the viacom saga. sumner redstone ousted five members of the board including philippe dauman. frederic salerno just announcing he'll be fight with a lawsuit on these changes. >> let's bring in david lieberman. he's an executive editor for "deadline hollywood." thanks for calling us. does it bring any resolution? certainly investors have looked at it positively. >> we've been anticipating this for a while. he released a net saying he
didn't have any trust in them and so it was really a matter of time before he did something like this. >> did you have a chance to look over the new board members and is there anyone surprising in that list for you in. >> no, not really surprising. what's interesting is that three of these people are known to the media entertainment community. they need someone with digital experience. ken fit that bill. >> now, if i heard correctly and maybe somebody else did, they went to a delaware court i'm looking at mike santoli. >> it's anticipating the next phase. >> they realize this is a
controversial move right here. >> the other piece of it here is unseemly. these have existed for a long time. as long as mr. redstone is still alive, we have to have some resolution on this and no one really knows how much time is left or how much chance there's going to be too prove or disprove his competency. >> david, what does this do to be able to sell a portion of e viacom as discussed? >> it probably freezes them. number two, while they're in court, my understanding is they can't make decisions that are outside the ordinary course of business. >> and we noted the increase in the cost of viacom. but we noticed cbs shares wentz up come mensz rat with that. just blue describes here what
does it do for les moonves? >> his star certainly rises. they maybe put viacom and cb sbac together under les moonves. that's one pobltd. >> do you have any idea this is shari redstone calling the shots. she's been accused of manipulating her father. what's the backstory here? >> right. that's, of course, the billion dollar question. sumner redstone calling the shots. what i think is interesting here, it's not really a case of sumner or shari redstone. it's the national amusement's board. it's the board who made the vote. so they're really taking on that institution. shari redstone is on it as is sumner. but it's not a personal thing, which is what they're trying to make it into. >> i'm curious what you think is
going to happen now. we know the legal process and what we have to get through. but after that, to you see consolidation happening in the industry and do you see cbs and viacom making sense together? >> i do see a consolidation taking place as a general trend. in terms of cbs and viacom, there's been speculation that moonves may not want to take on viacom. cable channels aren't in vogue. many are declining. >> some cable channels are not in vogue. >> yeah, some. so a lot of things that we still don't know. more consolidation. >> david, thank you for your insights today. david lieberman, the executive editor of deadline hollywood. >> my pleasure. >> on the ongoing shakespearean story that is viacom. next week's brexit vote? you may want to rethink that.
certainly shorting the british pound is one of them. >> exactly. so, look. crowded is in the eye of the beholder. sometimes it could be that the investors are getting the point. but i do think they have a few reasons why you have a potential for these trades to get started ahead of next week. one is you have a very important time. the polls are saying it's something relatively close to a 50/50 bet and there's an idea that something will happen even though no one is confident at predicting. you mentioned, sara, the short one. that's obviously something that's basically off the charts in terms of exactly how short people are. but also people obviously have helped out gold to rally with this risk aversion trade. we don't know how much that has to do with european negative yields and vsx. they've all been there. i think today you saw a dry run
of what might happen if they vote to remain because when we did get those inklings, you saw a big rally in the pound, a sudden selloff in the gold. it rallied a bit as well. and so all of those things could happen in a more dramatic fashion. >> so here's my question. does this tell you how much is priced in for an exit? >> no. >> so if they vote to leave -- >> no. it doesn't mean we're all done. no. because obviously the market's never going to get to pricing of 100% of something that has a 50% chance of happening. so i do think you have a tremendous amount of play. >> let's kick this around with our guest. todd is with us in sara's hometown of cinci. i always get skeptical when it feels like we've figured things out. we've all figured out where you
should be investing right now ahead of the possibility of a brexit. is it too easy or what do you see going on here, todd? >> no, it isn't easy. on the volatility front, i agree with most points that he made. on the volatility front, it's interesting. you look at the commitment of traders reports each week, we do, and we plotted. interestingly we have found that the large speculators, usually the hedge funds have hedge short volatility. they're looking for volatility go lower and it's perplexing. our global fund managers are raising cash. what we saw play out this week may be what we see play out after the vote. let's say they do vote to exit. basically what we're seeing is
we're seeing it. the vicks is about 50%. so we see little risk in the s&p for example. given that we don't know, a nice little hedge would be to hedge on volatility soaring. >> all right. as you observe it goes up, but the volatility derivatives and such are going to sell off. >> as you mentioned i've been perplexed looking at this. every sentiment indicator i'm looking at on the stockmarket anyway suggests from a contrarian view there's upside reward than outside risk.
you stay long in the u.s. market which is underweighed by global market managers. but since you don't know, buy some volatility calls. they're cheap. and that's where the explosion could occur if they decide to leave -- >> steph, do you have any kind of protection like that? >> do you see any opportunities here? >> i think it's interesting todd thinks it could go higher. the vix is at 50%. >> it's also below its highs from february, depending how you look at that.
that's why i'm kind of curious why you think the vix would go that much higher. >> stephanie, i think what this is all about is the potential for an unwind. like i said, there's an extreme short position along these large speculators, according to c.o.t. report. and, again, we may have seen that happening in the past few days. that's why we got the 50% pop in the vix and a mild decline in the s&p futures. >> maybe we haven't figure it it out completely. thank, todd, we appreciate it. todd salamone from cincinnati. >> cincinnati, southern part of the state of ohio above kentucky. >> very good. here's what's happening this hour. three babies have been born in the u.s. with birth defects relates to the zika virus. three others were lost to miscarriage or abortion. that's according to cnbc which
said all of the cases were associated with travel outside of the u.s. a baltimore circuit court has denied to dismiss charges against an officers charged in the trial of freddie gray. philadelphia becoming the first major american city with a soda tax despite a multi-million-dollar campaign by the beverage industry to block it. they gave final approval 1.5 cent per ounce tax on the sugary beverages. and frito-lay recalling doritos. they were accidentally filled with nacho cheese doritos and people with a milk allergy end up having an allergic reaction. back to you guys. >> all right. sue. thank you very much. disney land making a big bet on china opening a park in shin
shapi shanghai. >> careful roy you e-mail. key words and it's not just the four-letter ones by the way. words to avoid coming up after this. d 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. intensely-flavored.. colorfully-diverse. beautifully-misshapen. cultivated for generations, it's the unexpected hero of any dish. when you cook with incredible ingredients... you make incredible meals. fresh ingredients. step-by-step-recipes. delivered to your door. get your first two meals free blueapron.com/cook. because my teeth are yellow. these photos?
welcome back. if you're just joining us, this is how we finished the day. the late rally down 92 points after being down what -- >> 168. >> big turnaround day. first time in three months. i will just regale you with this statistic. we've erased a 1% decline and come back. >> since the early part of the year when were doing it all the time. s&p up 6.5 points and nasdaq with a turnaround mode as well with a slight gain. oracle came in with better than expected numbers, that stock up 2%. and smith & wesson had some very big numbers and it's up 7% in after-hours trade today. disney shanghai park opened request quite a bit of fanfare, but unfortunately it hasn't been quite what they had been hoping for after the tragic alligator
attack on the young toddler at disney in orlando. let's bring in our guest. you visited the shanghai park last week or earlier this week, right? >> yeah. earlier this week. very impressive. incredibly -- the scale of the park is impressive. when you compare it to the existing parks, the rides and technology are very new. there are some incredible attractions and rides. the demand is quite strong. the chinese are going to love it. the park is as bob iger would say distinctly chinese. it could add to profitability over the next if you'res. >> do the investors get that? it seems like it's been about espn and subscriber losses and cable problems and the shanghai disney has been overlooked. is the growth price priced in? >> yeah. i think the espn subscriber headwind is something that's
well document and priced in. we have concerns there, but we don't think that cord cutting is going to accelerate from here. this story of shanghai is really more than about the park. this is about disney's plan globally, planting a flag in china, landing and expanding. it will extend not only to the parks but the studio segment and consumer segment. it's something over the next 20, 30 years will help with operating results for disney. >> on that point since they've been focusing on theme parks, is there a chance they spin out? esp es espn? >> i don't think so. i think at the current time the company does continue to see the benefits of having espn part of the larger company, so, you know, think i it's something that, you know, activists, shareholders might push for, but
i don't think that's likely. i think it's -- look. this is a big global media company that in my opinion is attractively priced. so trades at teams on earnings, you talk about what's going on at viacom right now. this is a company that has consistent leadership, one class of stock. so it really is a kind of rare type of investment when you look at what's going on with the rest of it. >> before we let you go, you know they've removed five directs and nominated their own slate here, the stock up 7% as a result. you have a hold on viacom right now. what do you make of these developments right here? >> well, i think it's -- you know, my view is that the issues viacom has are very fundamental. so they have to do with younger
demographics migrating. they have do with the fundamentals. so the question is are the markets saying that change is going to be good in terms of leadership. i'm not endorsing the job that current management has done. i just wonder whoever inherits viacom, is there really an opportunity to turn things around? i think you're dealt a very tough hand. i hate to bring up marissa mayer and yahoo! but the question is what would you do if you inherited viacom, 25 cable networks where the media is going away from the big expanded basic bundle. >> okay. so much more we could talk about but that would be speculation. anthony, good to see you. >> thank you very much. at goat man saldman sachs, to watch your ps and qs. they conduct surveillance of employees' e-mail and the list
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arden very small company with market cap of $280 million, but, again, it's a household brand, one we follow closely in the industry. ron pearlman is a shareholder. >> boom, boom, boom. >> you don't own that one. >> is tay laudehr certainly and they've been putting up very good numbers. that's with been one of the bright spot of the department stores. the most recent number, they had 6% growth in personal care and cosmetics. this is where consumers are spending. i didn't realize revlon was in the market to buy anything or elizabeth arden. >> they're bigger than elizabeth arden. it seems when yo view l'oreal
and is tay laudehr that and coty. >> ulta. that's been an ultimate stock? and revlon's stock has not been that good. if you've ever needed proof of what you write in e-mails ask the employees at goldman sachs. like many companies they monitor e-mails, however, eamon javers has found 187 phrases that draup red flags. eamon javers is here to read all 180 phrases it's fascinating reading, we've gottet the whole list. unfortunately due to cnbc i can't read all the words out on air. but, look. they tell the employees at goldman sachs that they're being monitored but the employees don't have the lift of phrases. we've been able to obtain that list from the aurs. when you look at it in total they're looking for any kind of
dispute particularly with clients, any kind of emotional tension among its employees and take a look at some of these search terms and you'll see what i'm talking about. among the things that they're regular flagging. rebate or refund, what i lost, report the matter to the s.e.s.c., nasd or nyse. one. where did my money go. that seems pretty obvious. you stole from me. that would be a concerning phrase. goldman sachs will be hearing from my attorney thachlt will get some. and you're a peaiece of "s" but they don't use the "s." they use the whole word. it's an algorithm and they're flagged and reviewed by the department whose job it is to determine if there's a problem here. it's a fascinating inside look on how the company is doing it.
it's pretty widespread across wall street, bill. >> stay with us. >> i don't have a problem with this. when you consider the number of companies in the past who regulators have gotten their hands on e-mail and the companies found out from the regulators, why not be proactive about this and make sure it does not happen. >> virtually every case you have these cavalier e-mail skparjs where basically they more or less laid out what was going on. either it's fighting with clients or saying that you're getting one over on them. >> what if they're taken out of context. you should be more professional about it that and it's corporate property. your i'm at work is not yours. it's part of your company so they have every right to monitor especially what they oosh been through and compliance. jpmorgan is something like 50,000 legal compliance people at the company. so it's not surprising they would focus on a lot of different parts. >> but it is interesting, eamon, beyond what's appropriate and in serving the interest of client this is very much reflective of
a regulatory post financial crisis world. >> and at the compliance department and goldman sachs, they clearly have a lot of paem who spe people who spend a lot of time reading e-mails. interesting that the employees there didn't have access to this list. we've been publicizing it on cnbc. i wonder how many have been e-mailing these phrases in to their colleagues today to see if they would red flag them. >> this is why they say compliance is the biggest growing corporate opportunity at the big banks. >> friends at other investment banks wouldn't do that. >> i'm sure. >> i'm sure, i'm sure. >> good story. >> you bet. oracle popping on earnings. we'll have more ahead of its conference call which is coming up. we'll be right back here on the "closing bell." this company's servers. accessible by thousands of suppliers and employees globally. but with cyber threats
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after hours after reporting earnings stephanie, which look strong and bullish commentary on the cloud business relative to the weaker licensing business. did you ever find out what those operating margins? >> for the cloud margins they were actually better than expected at 56%, up sequentially, year over year. that's the good news. they are actually raising cloud revenue guidance as well. license revenue i want to hear on the call. came down 11% in the quarter. i don't think you pay for the story for license growth. it's not growing. it's declining. cloud story is why you want to buy it and margin in cloud is why you want to buy it. >> where does oracle set.
>> two actions in cloud. i would like them to do something really big. if they do 10 small ones eventually a good thing, i think. pretty good at integrating. smaller ones are easier. >> you're right, competition, sales force.com, it's getting ugly in the fight for fast growing kplocloud. >> it's the growth spot in following. if it's 13 teams forward, 16 times, pretty cheap for a reason, good reason. if they start to prove they can grow this business and increase margins in this business, i think the stock is definitely a buy? >> watching shares of mgm, you own this stock. it is moving here after hours. seeing nice 4.5% pop. release on analyst day looking strong on profit forecast. >> this company on good job
cutting costs and out lining how they improve ability, this is a sleeper quiet stock, up 8% on the year. to have it up another 4 in after hours is nice, encouraging. i like the dynamics in las vegas, supply and demand. p 20% exposure, you get the kicker if that turns around as well. >> i think that's probably why it's been the outperformer. in part it's not the story. >> and the las vegas market is tightening. >> such a cyclical business. >> it is. when you catch it on the way up, nice. >> it is nice when can you do that. up next we are just a few minutes away from oracle's earnings call. we'll get to listen for that next. >> be sure to tune in for the halftime record tomorrow bond king jeff gundlach will be joining the gang for cnbc
exclusive, talk about the fed meeting and all the things affecting the market tomorrow. don't miss that tomorrow coming up. we're back with more closing bell after this. rading 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. this just got interesting. why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess.
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orlando, florida. john harwood has the story for us. john. >> bill, president obama has just visited with survivors -- surviving family members of those killed at the pulse nightclub, visited the pulse nightclub as well. he just came out and addressed the press and said united states military and intelligence services were committed and his administration remains committed to destroying isis and says that's part of the solution but says it wasn't the entire solution. in fact, he reiterated the call by democrats for action to make the kind of high-powered weaponry that was used in the orlando shooting and other mass shootings that we've experienced, make those more difficult to buy. of course democrats staged a filibuster in the senate last night trying to force republicans to allow them to vote on that legislation on various steps including gun show loophole, including keeping people on terror, no-fly list
from being able to buy weapons. they finally ended the fender bender getting commitments for votes. president obama is extending that argument today. it is unlikely given what we've seen in recent years anything will be passed by congress before the end of his administration but certainly the debate will continue, guys of it's getting new energy because of the tragedy in orlando. >> john cornyn said they are probably going to do the vote in the senate on monday. you don't think it goes much beyond that? >> i think it will be difficult to pass the senate, first of all. second of all, even if it passes the senate, i think it's highly unlikely to pass the house. so the prospect of getting something to president obama's desk i think is remote unless we get some tremendous shift in public opinion. wasn't able to be effective after the newtown massacre. i think we do have some sound
from the president. let's take a listen to him. >> the motives of this killer may have been different than the mass shooters in aurora or newtown. but the instruments of death were so similar. new another 49 innocent people are dead. >> there you have the president invoking the instruments of death as a way of advance this argument. we'll see over the next few days when they have that senate vote whether it makes any progress. >> thank you very much. john harwood there as we continue to monitor the tragic events in orlando, florida. this is a heck of a segue but we're watching for conference calls, oracle. >> oracle, we're curious what they have to say.
i'm curious big picture, they have a global business, what they have to say about europe and china, really about transition to cloud. >> steph, always good to see you. mike, see you tomorrow. >> i'll be back. >> looking forward. >> that's closing bell. thanks for joining us. >> now fast money. >> starts now overlooking new york city's times square. tonight on fast, he is back. tom is here with another exclusive interview to respond to the dramatic viacom board shake-up. is sumner calling the shots or is this sharing. the man called rebound is now here with his boldest call yet and what he says is a trillion dollar inflection point for the markets. a crude conundrum, oil 3% but a number of integrated oil stocks closing out their highs. what's going on? traders weigh in.