tv Power Lunch CNBC September 26, 2014 1:00pm-2:01pm EDT
>> bill gross stuff is just crazy. any other comments on the week? final trades? >> going with merck. >> buy pimco. >> that does it for us. "power lunch" begins now. the second half of your trading day begins now. somedays out of nowhere news just descends and this is one of those days. yahoo shares spiking right now. starboard turning up pressure urging ceo to explore joining with aol, a good move for investors at yahoo at aol? shake waves through the bond world. another one that came out of nowhere this morning or out of somewhere if you are on the inside. bill gross resigning
unexpectedly and moving to janice. many have funds in 401 ks or private accounts. should you take your money out now? september a volatile month. volatility going away. a lot of movement in the sectors. we break down winners and loseers since the start of the month. first to sue who is here at headquarters. >> i am on a very busy and wild week for the markets. triple digit rally on wednesday and triple digit selloff yesterday. today we are up again. let's take a look at where we sit right now. dow jones industrial average on the upside by 74 points. s&p 500 up just under six. russell and nasdaq in the green by 16.3 points.
transports up 64 points. >> stocks rebounding. s&p is up today but it is still on track to close lower for the week. take a look at that week to date chart expecting that to close about 2% lower this week. we have in line readings on second quarter gdp and consumer sentiment for september. and the news on bill gross leaving pimco for janice capital. we are seeing pressure on the rate sensitive stocks. take a look at utilities, telecom, consumer staples those are under performing. those sectors are down. this is affecting the bond funds so seeing heavy volume there. total return but also in corporate's lqd and high yield bond funds. take a look at those. all of those are down today. let's dig into those high yield funds a little bit closer
looking at the week to date chart. those have been under pressure all week down nearly 2%. that is something that bob has been pointing out all week is a large move for those funds. that is thanks in part to tighter inventories and the over rising rates. >> let's go to dominic. >> shares of yahoo up about 4%. earlier today investor spent a letter to marissa mayor. the idea of a combo between these companies is not new. we have been talking about it for some time. the stock is spiking and so is aol up about 3% now. you can see well off of the highs. tune into fast money tonight because at 5:00 p.m. eastern
time eric jackson who said months ago that yahoo will buy aol will be on the program. he has a lot of views of what yahoo will do to unlock value. >> it is interesting the cost cutting and measures that they are suggesting that ms. mayer put in place yet she has been inquisitive with her cash and yet has more cash with alibaba under her belt. it is interesting to see the response from aol's board to those suggestions when they are sitting on quite a bit of cash. >> jeffrey smith at starboard value laid out in the letter that yahoo will have a massive war chest. what they should not do is to pursue acquisitions of companies that are trading at extreme premiums to the overall market. what he does not want yahoo to do is go on more acquisitions
especially for overvalued assets. even though they have the war chest he lays out aol as specific example. >> they have made so many acquisitions. thank you. we will be back to you in just a few minutes. now to the big story rocking the bond market world. if you invest in bonds chances are you may have invested in pimco funds. today bill gross has resigned unexpectedly. mary thompson is looking at what the big institutional investors may do now and how it has the potential to royal the markets. >> we spent the morning calling around to biggest pension funds to see who had holdings in the pimco funds. among those who called us back wisconsin said it didn't hold on. california teachers declined comment. florida state board of administration, manager of the
8.billion retirement fund says it has $535 million invested. they put the fund on an enhanced oversight list after former ceo left the firm. he said gross's departure will be taken into account as it continues to monitor the investment. the fund did find out about gross's departure as you and i did. beyond management turmoil the $222 billion total return fund has been plagued by another problem, under performance. it is that under performance triggering outflows of almost $69 billion over the last 16 months through august of this year including $41 billion pulled out in 2013 when the fund lost money because they wrong
way that. the reason possible manipulation of the juice to return. what florida is doing is pretty much what you will see with many other investors, as well. they will monitor and be in touch with pim co. you heard what big institutional investors may or may not do. what should small investors do? many folks have pimco bond funds in 401 k plans. maybe you are among them. with us are jim iorio. let's start with yahoo. that story hot in the last hour or so. what is your trade on yahoo aol? which do you like and why? >> first of all, when we talk about yahoo it seems like a lot of times we are buying it
because of factors that aren't specific to yahoo, they bought alibaba and this potential aol merger. we never concentrate on the company itself. a third of the revenue is from search, something they don't do as well as google. if i owned it i wouldn't sell it until -- >> i am long yahoo. i think marissa is one of the most brilliant ceos out there. she has a lot of cash and that allows her to be strategic. we have seen activist before in 2011 shook things up and saw stock go higher. owning yahoo is a great way to be long. >> if you want cash and growth go to apple. they have cash and a nice reason to pay it. >> apple is up 40% in the last six months. let's move to pimco and the departure of bill gross. sometimes you buy the horse and
sometimes the jockey. the jockey is leaving the horse. pimco more broadly. what should i do if i own one of those funds with which he was so closely associated? >> in chicago growing up i had a poster of peyton and jordan and in the middle was bill gross. bill is 70 years old. he is going to make a point at janis. i think bill will make a bang. >> when you are talking about a stock picker like a peter lynch leaving fidelity years ago that is a huge deal because the market has perception of a greater variance. i think people should sit on their hands here. the nature of bond trading is the more sdat thing than stock trading. i think you said it to yourself
so many people own it and barely even know they own it because it is in funds. >> i think it opens up the conversation of owning bonds right now. does that mitigate risks? it illuminates a bigger question. should you own as many bonds as you used to? >> you going to jump into stock market? >> i own negative correlation. much better off than owning a bond portfolio. >> guys, we got to leave it there. i know mary thompson is going to be at the notre dame game tomorrow night thinking about you. >> go irish. >> sue over to you. a volatile time for investors this week alone. the world's biggest bond fund adding to that uncertainty. what is an investor to do? joining us is cio and in california john buckingham, cio with the al frank fund. i will start with you.
it has been an incredibly volatile week. if you are a longer term investor put this all in perspective. we have volatility increasing yet we have triple digit advances one day and triple digit declines the next. >> if you look at the larger scale we are in the midst of a secular bull market. and it lasts on average a little over 14 years. if i look at the underlying economic fundamentals supporting this market right now we have a very activist federal reserve. we have growing gdp. we saw the revise of 4.6. we are optimistic about third quarter earnings growth. there is a lot of building momentum. while i don't discount the possibility of more intermittent volatility or the possibility of a pull back i think longer term i'm more optimistic. >> i think you would probably agree with most of that. you made the point in your notes
to me that you have seen an awful lot of market events be they geo political or within the financial services industry itself and those can be opportunities for those who have the right diversification in their portfolio. >> right. if you have the strong stomach to be able to ride through the inevitable ups and downs you should do well in the fullness of time. we take a three to five year view point and our newsletter has been around for 37 years and we have excellent long term returns there. we don't try to time the market, jump in and out of the short term fluctuations. back in january if you remember the markets were down 4% and everybody was talking about how here we go heading into this major decline because we had a fantastic year last year and the january barometer and a bunch of things. and then what happened after that is stocks turned around and
rallied. september historically has been a weak month. october has not been so hot. if you are asking what is going to happen in the near term i probably would theng think that have more volatility which is markets going up and down and maybe more down than up. >> where would you put money if let's look at the average investor. there are valuations that are stretched. but on the other hand the small caps have gotten crushed. do you find places that are attractive to put capital to work now? >> i think there are two things to factor in. one is the likelihood of a pullback and then the environment of rising interest rates. there are certain sectors of the market that perform well. common stocks, sectors such as energy, information technology, consumer discretionary. things like convertible bonds, reits. short term, intermediate term
and able to weather a pullback in the markets. i think there will be upside. >> does the departure of bill gross from pimco because it has roiled the bond market today dut has the change yourout look? >> it makes me feel like there is an ex odus of money out of pimco. the fact that interest rates are at such low levels. it is difficult to want to put your money into bonds at these levels. my own portfolio is yielding 2.6%. ten year treasury yielding 2.5%. i would rather have value stocks to be invested for the long term. what do i like now? you mentioned small caps pulled back. absolutely i think even though i have a preponderance of large cap stocks in my mutual fund we
are looking at names that have been crushed. >> it has been a tough week. thank god it is friday. thanks. good to see you again. blackberry shares, let's take a look at them. the struggling hand set maker up about 4%. 4% isn't that much on a $10 stock. nothing to sneeze at. struggling hand set maker beating on the bottom line but sales weaker than expected. john chin came on this morning and here is what he had to say. >> i expect to see the hardware revenue to continue to uptick especially because of the passport and as you pointed out very well received. in a couple of months we will -- there is demand on the classic. >> we need to turn a profit and see the growth. i have a lot of work to do.
>> blackberry shares have been on a roll. apple biting back that claims of be sususpectable to bending. we take you on a tour. crypto currencies. u.s. special operations folks studying bit coin. >> cnbc has learned advocates for bit coin flew to tampa, florida. when we come back i will tell you what happened when bit coin met specialops.
apple going on the offensive to tackle claims the iphone 6 plus is prone to bending. there you see there has been a great deal of uproar after this video showing a guy bending an iphone 6 plus. others complaining the phones bent in their pockets, in their pockets. yesterday apple invited cnbc to the iphone test facility saying the iphone 6 is the most tested product in apple history. the company reiterated a claim that only nine customers in total have complained about bending phones. this talk does not seem to be hurting sales abroad. customers lined up in moscow when the phone went on sale.
roller coaster few days for apple. shares down 1.5% this week but up 2% today. >> fascinating story. bitcoin is meeting the nation's specialops, the first official get together to track illicit money movements around the world. very interesting. >> that's right. cnbc has learned that advocates for bitcoin travelled on monday to tampa, florida where they met with u.s. special operations command officers in an office building right near headquarters at mcdill air force base. this was a day long series of presentations about crypto currencies of which bitcoin is the most well known. the goal was to brief u.s. special operations command on what it is that these are capable of, the military
interested in figuring out a way to track virtual currencies. they told me a number of bad guy organizations are using bitcoins to finance their activity, to finance money laundering and financial activities around the world. special operations command use it as their job to figure out how it is happening and learn more about the currencies and figure out what they can do if anything to stop it. it was a culture clash when you talk about the sort of libertarian and crypto currency crowd meeting with the straight laced operations crowd. this was a first of its kind meeting. they expect more follow up here. i talked to one executive at the bit coin foundation who said bitcoin has to start talking to u.s. military and law enforcement and u.s. intelligence if it will be credible in the global economy. >> absolutely. great story to keep following. thank you very much. check out the three month
chart of the dollar index up nearly 7%. the dollar has been on a tear. what are the global ripple effects of a stronger greenback? we will talk about that when "power lunch" returns. quick look at the weather. nice day, beautiful tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way. driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. what a day. can't wait til tomorrow. "hello. you can go ahead and "have a nice flight."re." ♪ music plays ♪ music plays
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patients. now over to washington, d.c. with the news alert. new information on a bizarre and gruesome situation that happened late last night in moore, oklahoma at the von foods processing plant. a 30-year-old alten nolan was recently fired. he went in the front door of the processing plant there in moore, oklahoma with a knife, attacked a person, an employee right in the entry way there and beheaded her and then proceeded to attack a second employee at the firm. at that point the coo of vaughan foods who is a reserve deputy emerged from his office with a gun and shot alten nolan. take a listen here to the police news conference earlier today for more details on this bizarre
case. >> after conducting interviews with co-workers of nolan information was obtained that he recently started trying to convert some of his co workers to the muslim religion. due to the manner of death and initial statements of co-workers and other initial information that our investigators have gathered, we requested the assistance of the fbi in conducting a background investigation into nolan. >> what authorities are saying is nolan had been recently fired by vaughan foods and that is what prompted the rampage but there are concerns that there might be other elements to the mix given that this was a beheading killing and are asking the fbi to come in and help them investigate. >> a very bizarre and disturbing story. thank you very much. let's get back to the business of the day which is the u.s. dollar on pace today for
its 11th consecutor weekly gain. you take it away. >> it is longest streak for the greenbacks since it began free floating off the gold standard. who stands to gain from a stronger dollar and who stands to lose? the last time the dollar did what it is doing now some of the developing countries, brazil, turkey, india all suffered. are they as vulnerable? >> a lot of the countries learned the lesson during the last tantrum as we call it. they raised interest rates to defend the currency and to prevent a flight of capital. you may see some impact but not necessarily the huge crisis impact we were seeing last time. brazil is trading very much on the election on october 5. it is a lot. >> if those countries aren't the ones that might be affected which ones will? i have to guess it is a lot of
the ones tied to commodity welt. >> absolutely. the ones that didn't do the right things last time, south africa comes to mind and countries that sell one single commodity as the dominant export or a lot of commodities. >> oil. >> russia. why does it matter? when the dollar strengthens all commodities are priced in dollars. if you don't live in the united states and you have to buy that commodity it is more expensive. you end up buying less oil. it means less revenue. latin america has the same issue not necessarily with oil but chile copper is one of the biggest exports. argentina does a lot of agriculture. you are going to see ripple effects from there especially if they don't manufacture something. >> they can sell -- >> sell it cheaper because of their currency is weaker against the dollar. >> exactly. thank you very much. have a great weekend. >> sue to you. gold prices closing right
now. jackie is tracking the action along with the trader. >> great to see you guys. we are standing here with tom of orm options strategy. they were talking about the strong dollar i wanted to ask you is that what is hoeltding gold back right now? >> that has been the story. if you look at a year chart of the yen in gold they are almost identical. there is a lot of pressure on gold here. it has held up quite well probably because there is a lot of shorts in the market now. i think looking forward there is no reason to own gold at this level if you think that the dollar is going to strengthen. >> a lot of people think the dollar is going to strengthen. at the same time they are not looking to gold as a safe haven as they were anymore. what happened to the safe haven trade? >> it has to be currency risk. not so much if the stock market goes down. we went down with the stock market. gold went down to $6.80 when the
stock market collapsed. it is more about the currency. if there is an issue with the u.s. dollar you see gold take off. >> what is the next level we have to watch? >> 11.80 level. we break that level could be holds that want to come out. >> back to you. >> thanks. i'll take it. let's go to the bond market with rick santelli. there was a really bit of market upside today and then we got mr. gross's announcement. tell us what the reaction is down there. what do people think? >> most people think the real issue with the market place outside of knee jerk reaction of trying to speculate on outflows at pimco is the notion of how much is lost between the cracks. in other words, from a market perspective if outflows from pimco go to janus it nets out.
if it doesn't end up at janus that is the issue and the market will have to take time to divine through that. today stocks are up. we briefly traded under 2.50. the next chart on 27th of august. low yeld is 2.33 for the move. middle of the chart it is 2.62. what is the average around the yield of 2.49. you see how yield at the lowest levels since september of 2013. lqd was going the other way. some of the fallout of getting in front of potential outflows did cause lqd to experience selling that it might not have seen on a normal friday. back to you. >> thank you very much. "power lunch's" executive after hours series continues. dominion resources ceo is the focus of today's executive after hours and his unlikely journey
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we want to bring you up to date on the markets. we have 19 points on the dow industrial average. s&p is up and nasdaq is participating, as well, up almost 19 points. cnbc's million dollar homes is back stooschool. you get to determine when home is the best bang for your buck by logging on to cnbc.com/vote to cast your pick. the winner moves on and the loser gets eliminated. the locations are not revealed until after we get a look. here you go. the perfect mix of country living and rustic luxury located ten minutes away from two sprawling college campuses this 12 acre property features a
5,000 square foot patio built for entertaining. this kitchen is for serious chefs and used by one of the top culinary programs in america as a test slab. italian tile floors are among features. you will be hard pressed to find a master bedroom because there are six master suites each with their own bath. if it sounds like a hotel you would be correct. this is rated as one by trip adviser. you never feel couped up with four separate buildings. how about a meditation room? all this for $975,000. this chic condo located inside a prewar building has been tastefully renovated by its owner. while you may not get land you are within walking distance of some of the best shopping and restaurants in the world. there is 700 square feet of
living space including marble counter tops and washing machine. this is technically listed as one bedroom one bath apartment but you can convert to two. there is lots of storage and shelving and exposed brick. relax in the common garden area and store your stuff in the basement, all of this for $995,000. for an extra 15 grand it comes fully furnished. perfect for an investor looking to rent. >> the voting is underway. it is up to you to select the winner. super broker for the rich. we know dom went to cornell in ithaca in new york. tell me about that house. >> it is a compound more than a house. 12 acres and has everything you can imagine including the tibetan monk room.
it is really nice. it was painted by tibetan monks. the kitchen is fantastic. it's sprawling land. it's just fabulous. $8,000 a month rental which is really phenomenal. >> that is phenomenal. i'm getting e-mail after e-mail with people telling me to send them info. >> that's what we are all about. >> just for fun we decided that we would put up a picture of dom in college. he is a handsome guy. you are a handsome guy. >> we have laurie. she graduated last week. >> you have changed. >> she is a beautiful girl either way. >> gorgeous. >> tell me more about morgan's particular property. >> the wonderful thing about morgan's property is it is in the center of the world as far as new york is concerned now,
the hot area is the number one most requested area for purchase in new york. the negatives are the wonderful fire escape view. it is a fourth floor walk up but it kind of is fun in greenwich village. you are young and feeling a little grungey. >> you areimably probably not indoors in that apartment as much as you are outdoors unless you are on the fire escape. >> if you are be careful. >> it's a world class designer and architect that redid the place. it is 1 1/2 bedroom which is kind of cute. you can have a friend over and not in your space. it is a tough call between the two places. it went rent around $3,700 a month and taxes are under $6,000 a year. that is not bad for new york. >> let's lock in the vote and see who won. >> the rustic winner 57%. do you think that is the correct vote? >> i do because of the numbers. the numbers work for rustic. and on a long term hold that is
an amazing property. >> it could be a b&b. it is almost. >> always so much fun. see the next round unfold in "power lunch" where the winner will go up against a brand new home. >> admit you have a tibetan monk room. you really do. >> doesn't everybody. before we let dolly go we hear you have a manhattan penthouse that is your listing as location for some of the many steamy scenes between mickey rork and kim basinger. two bedroom two bathroom pent house. that is a nice location owned by the 35-year-old son of carl icon. tell us about it. >> it is a fabulous space with super high ceilings, beautiful
terraces. it is the bachelor pad from heaven. you can do it on your own here. it is just to die. >> it actually seems low. >> it does seem low. we are hoping to get a bidding war out of it. we decided to price it reasonably. >> the views are amazing. >> the location is central and amazing. the building is a gorgeous old building converted. it is to die. this home will sell quickly. >> thank you very much. appreciate it. well, it's been a volatile september. we have seen a lot of movement in the s&p sectors. dominic chu is looking at winners and losers for us. the month of september has had triple digit gains and losses. we will have all of that when we come back on "power lunch" after two minutes. at can read your h,
welcome back to "power lunch." stocks higher after the steep sell off yesterday. i want to focus on the dow up about 89 points right now and the lions share coming from nike. we saw after a strong earnings report that beat across the bord last night giving lift to other retailers. foot locker, underarmer moving higher. finish line sinking after earnings and sales miss. aluminum stocks to the upside after goldman sachs reiterated a buy. it's the morgan and dom half hour. >> i can't get over what she looked like in college. she was attractive then and now. the hair cut we are going to have to talk about that because i would like to see that come back. >> yesterday's sell off another volatile day and another
volatile september. we have seen a lot of movement in the s&p 500 sectors. great haircut anyway. >> i learned it by watching you. let's talk about winners and losers. volatility is back and traders and investors nervous about what the waters can hold. we haven't seen this in a while. record highs in september. pullbacks and people are worried. where has the action been. the s&p 500 just between september 1 and today down about 1.5%. not a whole bunch but the volatility has some people worried. check out what is happening with the third worst performing sector the retail stocks. consumer discretionary down. you have shares of good year tire and matell and discovery communications. the second worst, the utility stocks on the rising interest rate path for about a month now. it was 2.34%, now we are closer to 2.5% as rates rise these high
dividend payers take a hit so ppl international and aes are biggest loseers in this sector this month. the worst performing sector energy, falling oil prices. oil drilling stocks have had the most pain, trans ocean, noble corporation. there is one sector, one loan gainer in terms of sectors and that is health care thanks in big gains to allergon and vertext pharmaceuticals. as you take a look at winners and losers there are losers and one gainer is health care. executives after hours focuses on dominion resources ceo who hade a hollywood feature film in his spare time running a fortune 500 company. a fascinating tale about that movie and the journey from the boardroom to the silver screen up next.
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when. by day he is the chairman and ceo of the mammoth utility dominion resources, 50,000 employees. more than $13 billion in annual revenues. on nights and weekends lately he has been pouring his heart, soul and a chunk of money into this. >> it's not a documentary. it's not a set piece. field of lost shoes is an accurate major motion picture telling the story of 250 cadets from virginia military institute. in may of 1864 with the union pressing down the valley they marched 90 miles north over 4 1/2 days through torrential rain to reinforce a framed confederate line.
they ended up here in this field near new market virginia. here on may 15, 150 years ago the school boys average ages 17 fought, ten of them dies for their state and the confederate cause. >> they were good at parade. these were not hardened veterans. >> farral was not a movie producing or screen writer. now he is both. >> my great grandfather, father, uncles were all career army officers. about 30 years ago i went on sort of a civil war binge when i came across this story of these new market cadets. >> he started toying with making a movie about them roughly ten years ago. >> you had never written a screen play before. >> no. >> how hard was it? >> it was hard. >> you don't believe in what you are fighting for you won't make it out of this valley. >> the movie is about the boys, about seven boys, six of whom
were real cadets. the seventh was a composite. we call him the rat. all the rest of the characters, the adult characters are all real people. >> like general john breckenridge the confederate commander played by jason isaacs despite his grave reservations -- >> you must put in the cadets. >> he orders them into battle. >> 15-year-old boys. >> send the boys in. >> they paused here at this fence line pennsylvania veterans firing at them down here. they finally decided to charge up the hill.
these young boys led the charge up this hill and ran through a sea of mud. mud was so deep that it sucked the shoes off their feet. >> they would run but then very quickly they got an education. and they are in hand to hand combat. after the battle down here in this area there was a whole bunch of shoes. >> hundreds of shoes. >> this area here has been called the field of lost shoes for over 100 years. >> he and his unlikely troops prevailed. for the confederates outmanned two to one it was a remarkable victory that delayed the ultimate defeat. a day of honor commemorated
every may 15 by a new generation of vmi men and now women. >> for dominion ceo tom farral the movie is the realization of a dream. >> what are you going to do now? >> going to go back to my job. >> why did you do it? >> the bottom line, tyler, is i thought it was a story that deserved to be told. i thought these boys deserved to have the story told. we tried to tell it in a way that we think they would like. >> and to be clear tom never left his day job. in fact, he had been as busy as ever doing that. the movie which is a very nice piece, my son enjoyed it, opens in more than 20 markets limited release this weekend. >> he did all of this on his off time while he ran dominion. that was his priority, run dominion and not compromise
that. how long did he have to make the movie? >> he started doing research about ten years ago, the most intense work over the last 4 1/2 years. only a handful of people at dominion knew he was doing, his secretary and his board knew. >> can't wait to see it. so nicely done. let's see what is coming up on "street signs." >> we will talk about the activist trying to make changes at yahoo. we have a top analyst to talk about that and we have some of the big movers of the day. we have a big hour ahead on "street signs." "power lunch" returns right after this break. when the world moves, futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with paper money to test-drive the market.
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we are keeping an eye on shares of alibaba still below the $90 mark but above its $68 offer price. starting on monday many traders expect options trading to begin on alibaba shares. that does perhaps add more trading volume to those shares as well as maybe volatility, as well. it is certainly something traders who have been wanting to track it to want to pay attention. a lot of traders expect shares
will have options along side with them. back to you. >> that will be exciting. so this is. go pro shares lower despite jp morgan raising price target on the company to 54 from 51 snapping a five day winning streak. it has been on a tear. the kacompany's ceo will join u live on monday here on "power lunch." >> i'm going to wear a go pro. you can follow me. >> really ruins your hair but you have to do it for the job. >> let's check the markets. we are stronger on the trading session. we have a triple digit gain on the dow jones industrial average of 101 points. the s&p is up about nine and the nasdaq composite is up 22 points. we are making up for yesterday's drubbi
drubbing. >> with the ten year note that is story to unfold over the weekends. street signs begins right now. have a great weekend. >> you, too, sue. >> we'll see you monday. yahoo under a hedgefund attack. one of the world's biggest investors quits his job and stocks on the rise t. is a huge news friday. all the developing stories ahead. melissa with us today. >> it is great to be here. let's get to the big yahoo news here. starboard upping pressure to buy aol. yahoo analyst gene munster great to have you with us. >> hello.