It is the momentum stocks. We have seen this theme in the past several weeks where we see some selloff of these momentum stocks, ones that have really been running up for a long time. But it has been in fits and starts. There will be a selloff and then will recover a little bit. There is not really a specific individual catalyst for many of them. Take a look at facebook. This is emblematic. One of these big momentum stocks that has been performing well that has now been pulling back recently. Today, it is down 4. 5 . It is also happening with the biotech which has been big momentum stocks. If you look at the nasdaq take index, it has been up big. Then we have seen these big pullbacks. Right now, it is at its biggest oneday drop since 2011. A longer stretch since we have seen that kind of a drop. I want to mention one stock that is uptodate considerably grubhub. It is surging today. Did raise about 190 2 million in its ipo. Today, folks are buying that stock, bucking the overall market trend. Very high pe stocks getting hit hard, netflix, facebook, very expensive stocks. Momentum. Stocks really getting hurt momentum stocks really getting hurt. Unemployment staying steady at 2. 7 . Although the early trading responses were primus flight in this report, you have stocks in a tailspin right now. Than 2. 7 ,off more more than 100 points, the biggest selloff we have seen in the index since 2012. Google, theyon, are all all four percent or more. Is the jobs report really behind this unwind here or is this a bubble bursting . What do you blame right now for this selloff . Why all the sudden a real turn on the market specifically with some of the momentum players . Still somehere is belief that fed expectations around janets press conference are still wreaking havoc on the market. Although she did, quite aggressively with her last speech. Quite did calm it aggressively with the last speech. As we have seen this rotation for quite some time, it is something that happened the last fed meeting. We saw biotech start to really get hit. We saw nasdaq come off. We saw deterioration from highgrowth stocks back into value stocks. Ant was happening before sort of a continuation, hard to know if positions are being taken off and new positions being put on. It feels more like shorts are getting squeezed a little bit and it feels like longs that have been in the market for a long time are also getting tested very aggressively. The market is always trying to predict where we are going to be in the economy six months to nine months out. Is there a chance that some of these momentum players got ahead of themselves and todays jobs report was a wake up call everybody needed . I think what happened as a people came in to the report with five with hyatt dictations. Only 200,000. Is weak. Nsensus was a very it is disappointing that we did not get that big spring bounce that we had hoped for. This was not a bad report. His is not even a bad sign for the economy. The u. S. Economy is showing in the early data from march that we are laying out of this bad winter process. I think it has more to do with what is going on internally in the stock market than anything big in the economy. There has been so much concern that we might be looking bubblelike in the tech space. You look at the ipo market, for example. You look at the end and a market. Market. Ook at the m a it is one day. Lets take a step back. You have to get a little bit of perspective on this because we have had this sort of fits and starts market over the past several weeks. I definitely agree with ethan that immersing a disconnect between the data and what stocks are doing, ethan is not the only economist come out with reaction to the jobs report today. It wasnt that bad. You have some internal indicators that were not negative enough to warrant the kind of selloff that we are seeing. That said, if you look at some of the other market indicators, like the vix and where it has been, very low levels of concern about any kind of drop in the market. If you look at the options, the futures in the vix, you know, it doesnt indicate that this necessarily will be any kind of sustained pullback. At least not yet. A lot of people are concerned about wages. Recite drop in wage growth, something we hadnt seen in a while. We see wages consistently moving up. That seems to have shifted. Matters a fear that, no what the fed does, it can seem to get any inflation in this economy. Might that be also one of the reasons why we are seeing people a little scared . Of the disappointments here, like you said, we had a big top in wages last month. I think it was a bit of fluke with the data but now we have a payback this month with the wages. Market generating decent wages, i dont think the next year will be that great either. Hasrtunately, joe sixpack got to wait another year or two before we get healthy wage growth. Ultimately, that is what the fed wants to see before it exits zero Interest Rate policy. Orthe oneday event here might we see the sellout continue into next week . I think julie is right. This is on set and said one day, not something that we should really get ourselves in a lather about. Although, it is an interesting market reaction. If you told everybody upfront we were going to get 6. 7 unemployment, one hundred 97,000 jobs and a little bit of 200,000, but net under ads, maybe the bond market reacts ok to that. Maybe there is a little relief in the belly. The stock market would have done just fine. We are seeing Something Else going here. Like i said come i think this rotation story that has been in weeks, i the last two dont think that rotation is really some fundamental driver of the economy. We have a lot of stocks that were overextended and rebalancing. We are fluttering around near record highs. Cathing today we were at a near record high, in fact. Tax day is coming up april 15. Did any of this be related to tax selling . I was about to say, as david was talking, you would more expect to see Something Like this at the end of the month rather than the beginning of the month. At the end of the quarter, we just had a end of the quarter so you wouldve expected that kind of action than. But tack but tech selling is not technical where you would see selling like this. Theow worried are you about next three to six months for the u. S. Economy . Is there a part of you that says, ok, it is just whether . Or is there something more to this . I am pretty optimistic on growth going forward. It is not just that the weather probably dampened the data at the start of the year. You also look at the fundamental backdrop. We dont have any big fiscal sharks coming. Washington has calmed down and the shutdown game seems to be over. We have had a lot of healing in the Banking System and the has a market. The u. S. Economy is in much Better Health than it was just a year or two ago. I am very inclined to chalk up the low growth to the weather rather than think that theres something fundamentally wrong here. I think we have better growth in the year ahead and it will be positive for the equity markets. A1day event, maybe. We hope. Thank you so much. David is sticking with us and julie will be back throughout the show. Coming up, will she or wont she . Hints for her plans for any 16. 42016. Hence for her plans for 2016. Sorry tom friedman. The latest to strike at to get Hillary Clinton to just answer the question everybody wants to know the answer to. Is there anyary, other job you would be interested in . [laughter] [applause] comptroller of the state of illinois . You know what i mean. Not right now. Ok, but not right now might not mean not ever. Of hrc stateuthor secrets and the rebirth of Hillary Clinton. Going to is she not run for president of the United States . No, not right now. But i think she has been wanting to since 2008. She is having a lot of fun with that right now. Bill clinton has been having fun with it. But the truth is that she is for a forward apace president ial run. I asked bill clinton whether or not we would see another clinton in the white house. That is specifically how i phrased it. Might we see another clinton in the white house . Chelsea is still too young. [laughter] [applause] you know, i spent most of the last six months trying to reorganize our foundation and make sure we had a good space for hillary to come in and do her projects and she spends half her time on the foundation because she knows more about how they should be managed and organized than i ever will. This has been fun for me. I dont know what hillary is going to do. But whatever it is, i expect to support it. Ok, he expects to support her. He is a heck of a campaigner. 2016, is there anybody else at all, jonathan, in the democratic lineup that could really be a contender against her . Let me first say you started out this segment by saying sorry tom friedman. I am going to say sorry tom friedman, too. Your question to bill clinton was much better. As forou whether whether there is anybody else for 2016, very few people have the ability to raise money for my to be able to compete against her. Obviously, joe biden is looking at it. He has run in iowa a couple of times before. Kerley clinton did not do well there Hillary Clinton did not do well there. How would anybody jump into the race if she is in it . If you are joe biden and Hillary Clinton says she is going to run, do you really run against her for the democratic position . I wouldnt expect anybody to really best her up in a primary election. Certainly not joe biden who is a good friend of hers. I dont expect to see the kind animus we saw in 2011. You are taking a risk if you are a democrat try to run against her in that way. She is coming into 2016 in a much stronger place than in 2008. Democrats are proud of her for having served obama perfectly. But no one so far is stepping up to that. We will be watching for it. Eventually she says yes, we think. Cant wait for your next interview with bill. Coming up, feeling the economic pain from the annexation of crimea. Hero captain america is back with a new film and is expected to bring in 648 million. We will be talking with the directors when we return. Minute, we had the nasdaq on pace for its worst selloff since 2012. A lot of big names leading us down here. 2. 3 . , 98 points, lost a lot of concern about the jobs report today. Questions over the weather that is influencing the selloff. The selloff has accelerated as we have gone into the day. Turning to todays global outlook, the world continues to watch Vladimir Putin on any signs he may increase may encroach on more territory in the ukraine. Russias economic power is stumbling. You combine all of that and the russian stock market has dropped 4. 3 . Mr. Putin may be safe. Michael, russia has effectively been on a spending spree. They have the search yielded bits, projects in siberia, and now this territorial landgrab in ukraine. Can Vladimir Putin really keep up this pace in terms of going after territory like ukraine and crimea . I think you hit the nail on the head. If you want to curtail his expansion, the way to do it is through his economy. That is the sense of the vulnerability. Market share three and 60 billion in 2007, down to 77 billion in 2013. It is not going to get any better. It will continue sliding. Completely relying on oil and gas, it is dependent on the demand from ukraine and europe. But also the way that it actually sells oil and gas. It is all tied together. Gas prices are relatively cheap. Europe is trying to undermine the that through stock market trading and that is where the dilemma is going to come from. To beyou had listened premised or seven years ago, he would tell you that it would be a 1 trillion company listened to the Prime Minister seven years ago, he would tell you that it would be a 1 trillion company. Down 66 from when medvedev made that statement. They have been spending for the government. Spent 3 billion for sochi, tens of billions of dollars on the pipeline going around the ,kraine to go through europe they owned telecom companies, tv ,ompanies, newspapers, banks and now you see the most recent showing of them being a Political Tool in how they increase prices to the ukraine 44 . We have seen other countries try to do this. Venezuela is having a lot of our bums now and a lot of it is tied to the fact that they do not enough to keep people happy. Ensue if we continue to see volatility at the gas pump . Surely, crimea is gone. Putin look at s longterm economic outlook, it is not great. He has a limited supply of labor. He is not engaging in economic reform. The entrepreneurial aspects of the russian economy are very low. And that is a problem because you have to be able to grow. Without those reforms, you are in a tough spot. We are at a time. Thank you so much. It is captain america to the rescue. To make this movie and what record they hope to smash next. Captain america is back on the big screen. It is the first of, both sequels to hit the screen. Done pretty well overseas. We have the directors, joe and anthony russo, joining me now from l. A. So far so good. What is your goal with this movie . Where do you think it can go in terms of revenue at the box office . Tryltimately, our job is to to make the best movie we can and then keep our fingers crossed. Already doing pretty well. We had a nice opening last night. It really helped the opening internationally. Hopefully, it is a good week for everybody at marvel. You guys are getting ahead out getting out ahead of other bigbudget releases especially in the action genre. There is an advantage here. The movie field is crowded. To find a spot in the schedule where you have some elbow room, we basically had the whole month of april as far as a movie of this scale. We are very happy with how disney chose to release the movie. You have a background in having produced a lot of pilots. You directed community. You directed the 2009 pilot to happy endings. Directing go from these comedic pilots to the action film space . It is interesting with comedy. Comedy is all about rhythm and pacing. There is choreography to comedy. Bunch oft is just a characters standing around in a room talking, it is about the choreography and timing. Action is very similar. It is about rhythm and pacing and timing. You are using the same muscle that you use to choreograph comedy to choreograph action. Did it feel different . Same muscle but still different, using them in if it weighs at all . What is nice about television is that it develops your acumen. And a lot of this is about management. You have to manage a very large crew of people. Storyboard artists, previsualization artist, those are the people who help you with the action. That produce oriole muscle is what helps you keep a strong point of view. Anthony even though we have had a great run in television comedy, directing action has been on our agenda for a very long time. This movie has been a Long Time Coming and we had many years of preparation put into it. Fascinating because you guys are brothers. Did you grow up thinking you would be in this business together someday . Know, we grilled film geeks, sharing our love of movies together. We grew up in cleveland which seemed a million miles away from the movie business. I was just in ohio yesterday. It really is. You know. Somewhere in the 1990s, rodriguez made the movie el bookchi, then wrote a how to make a movie for a Million Dollars. Sequels, that seems to be the business to be in these days. What is it . Do americans like the predictability of knowing the characters and coming back for more . I think it is what makes any brand strong. It is an emotional attachment to the material. I think the cycle we are in at that audiences are gravitating towards these characters because they have an emotional attachment to them. They want to see how these characters develop and where they go. Things like Netflix Binge whereng are playing into they are allowing audiences something into like the marvel universe, a grand mosaic of stories with interconnecting characters. It is Binge Watching over 10 years. Tohas an interconnectedness it that makes them feel for the characters. Before i let you go, back to the brothers thing again, obviously, you know what it is like to be around each other. But how do you codirect the movie . That is a great western. 4 great question. For every directing team, there is a recipe in terms of how they work. It all has to do with your personality and how you turn into process. For us, we have a very loose process. We have a nonstop dialogue between ourselves. We dont have any formal divisions. We try to make it easy for our collaborators. If you get an answer from one of us, it comes from both of us. We have been doing it a long time now and it is second nature. Russo,ony and joe directors of captain america, the winter soldier. Hbo is taking on tech with its new series Silicon Valley. Also, we spoke exclusively with defense secretary chuck hagel. Find out what he has to say about confronting putin and whether he thinks the president mishandled the situation. Chuck hagelecretary says the pentagon could send u. S. Troops back to europe in response to the russian takeover of crimea. Peter is joining me now from los angeles with more. A lot of people say they feel there is this cold war coming back. What is he say imris fonts to that . What does he say in response to that . To europegoing back after being pulled out of europe in the last couple of years is symbolic of where things stand now in the u. S. Russian relationship. I spoke to hagel late yesterday in honolulu. He is on his way to japan now. He says the u. S. Wants to deescalate the ukraine crisis, reach some sort of diplomatic solution. Nato needs to consider its options. We do not have any verification that they are pulling troops back. There are various reports that they are moving troops back. There are troops that are moving around. We know that. But no indication of any Significant Movement of those large troop deployments along the border away from the border. The president has been focused on a diplomatic solution. We want to deescalate this in any way we can. That is the smart way to do it, the responsible way to do it. Allowed this effort and we made it very clear what our position is here. Is a responsible approach and we will continue to work that. It feels as though nato may be ratcheting thing up. There is talk about nato considering more options to sort of reinforce the position in eastern europe. Of may be returning one brigade, a u. S. Army brigade, back to europe . That has been floated as an idea. Is that something the defense department, the u. S. Would consider, sending that army back permanently to europe . Our europeanw, commander has been tasked by nato to come back to nato in ofut a week with a number new possibilities, new measures, new options that we and nato should consider and can consider. Is that on the table . Lets wait to see what the general comes back with. It does feel like we are not the escalating. Are you worried that it is going to become wars before it gets better . Nato is a defensive organization. Article five of nato. It is not an offense of organization. It is not an invasion organization. It is to defend the 28th nato countries. That is exactly what we are doing. We want to assure that we have adequate defenses to protect those 28 nations that we are all obligated to protect each other. So, no, i dont think there is any escalation on our part. We told the russians there would be consequences for their actions. We have taken economic sanctions , the eu, the United States. We have been very clear what measures we would take. Did theresident obama, Obama Administration misjudged Vladimir Putin and the challenge posed by russia moving forward . I dont think anybody missed judged Vladimir Putin. Lets go back to 2008 when president putin invaded georgia. This isnt a particularly new approach that he has taken. What you always have to do is you have to always be prepared for any contingencies, any possibilities. I dont think it was a matter of misjudging putin, what his intentions were, why he did what he did. We still dont understand fully. But the point of responsible governments is to have strong options and capabilities and be prepared for any contingency. It is a dangerous world out there and it is a very unpredictable world. Consequent from the ukraine crisis, it could actually bolster chuck hagels argument on capitol hill for more defense dollars and an end to sequester altogether. Hell to milley could have let a beer putin to thank he ultimately could have Vladimir Putin to thank. Does he have any better explanation as to why these shooting rampages are happening so often . Whether anything can be done about it . I did ask him about it. Obviously, it is a terrible tragedy but he does not have any Automatic Solutions or easy answers for what happened. He says he still doesnt know the motivation, exactly why the shooter ivan lopez opened fire on his fellow americans there at fort hood. But this is a really tough situation for hagel. He is a veteran and served in the veteran Affairs Department before he came to be a senator. This is a big issue for the pentagon, the whole treatment of ptsd and mental illness. One of the challenges that you take on in this position. Thank you for bringing us that interview. One of the most dovish speeches he has ever heard. We will find at what he expects from next weeks fed minutes. Welcome back, everyone. Of 2. 5 . With a loss looks like we are down triple digits now, 105, the big selloff since 2012. The big names here are really leading us lower. There is concern that people are moving out of momentum stocks right now, at least today. We will see how that continues into next week. We have a lot of news on the jobs front with the jobs report. We have a lot of news next week at the fed minutes. It is very possible that the doves are going to fly. Quiet you havent been janet yellensut dovish tendencies. I just read janets speech in chicago today. Holy dovish pizza, batman. It can only get more hawkish from here. Do you think todays jobs report proves that these problems are going to continue . I think todays jobs report phase right into the themes that janet highlighted in her last speech in chicago where i alluded to deepish pizza. There is a very large increase in the amount of people coming into the labor market and getting jobs and a lot of that all caps or the Participation Rate because the Unemployment Rate did not go up. There was somewhat disturbing news on the parttime workers versus fulltime workers. It still proves this point that it is very debatable. I dont know the answer to it or anybody who knows the answer to it. There is a lot of slack. Thats like is waiting to come back in. The fed believes that, if it runs a little healthier, you will bring in those people who have been hurt so dramatically. How can you get any more easy than the way we have been in Federal Reserve policy . Always have done more. They have done four iterations of qe. So they could have done more. Should they do more now . I dont think so. I think the taper is locked and loaded and we have seen a significant recovery. D doubledigit unemployment. She says that she is not going to look at that is the key metric. She is looking up our time that wants to look wants to work fulltime. Next week is interesting because, remember, the press conference, janet has conference as well as the meeting and the statement and the dots, they were all a little more hawkish than everybody thought. We had a pretty nice selloff. That was the beginning of the rotation in the market that has been the topic of conversation here are bloomberg almost every day, watching biotech and you open your segment with it. It will be interesting to see how they describe the move up in the dots. The bottom end of the range went up so the dumbest numbers went up. There was a lot of talk in the last two weeks about stability issues, stein speech and charlie of and speech. We dont need to worry about Interest Rates rising anytime soon. I guess perhaps it is a question will the deeper be eased at all. At think that is not happening. The taper discussion is really all you have. This jobs report was down the middle, exactly what has been in place for a while. It did not show a lot of weather problems. It was a good jobs report. I want to get your response on this market. We are back with the top 10 stocks you need to know. We are coming up on the close with three minutes and 20 seconds to go. You see the nasdaq off triple digits. The worst so up since june 2012. Google, some big names, netflix, amazon, all trading down and waiting on things right now. The thanh the top 10 stocks you need to know today, we are starting out with the owners of marvel releasing their new movie this weekend. Analysts predicted to 97 million in the u. S. Box office. Overseas, the movie has already grossed over 75 million. Number nine, miller coors is down just slightly. An company says that internal investigation two veteran employees were discovered embezzling millions of dollars from the brewer. The theft occurred over several years. With. Vendors. Of former miller coors has referred the case to federal employees federal authorities. Number eight is carmax, the auto dealer correcting its Accounting Service and that caused the stock to fall the most in three months. The company reporting as 7 rise and april percent increase for the fiscal year. , the suppliern Building Materials is said to be in advance merger talks in hopes of creating the biggest cement company in the world. The deal would allow the cement producer to cut cost by combining reduction and combined sales of as much as 40 billion. Number six is apple. Buyingk has extended his spree. No amount was disclosed. Cbs down 1 . David letterman announcing yesterday he will be retiring in 2015. He will depart after 22 years on the job at cbs, leaving everyone wondering who will be his successor. The second of the news broke, i was talking to [indiscernible] the top comedians now are all female. We are going to talk about this next. Amy poehler, josie hendler. Tina fey. Feeling the heat as other competitors slashed prices for customers. Number three, walmart little changed. Has chosen mastercard to handle the transactions for its branded credit card in a nineyear partnership with discover. Last year, walmart filed a lawsuit against visa. Number two is google, down 4 . The smart fire alarm has been halted because it can be switched off unintentionally. It recommends customers turn off the wave feature which helps them easily turn off the device. Moving onto our number one stock of the day. , the online food Order Company rising on its debut. A charges restaurants commission for each order made through the company. Close ofre at the trading and we have been talking about the nasdaq getting hit so badly today. Looks like it is ending the day off 2. 5 . Turns out this is not the worst selloff since june 2012, just the worst selloff since this february. The nasdaq if only having trouble with the momentum stocks, like google, amazon, 4 , causingn 3 , some to say these momentum players, these momentum stocks are really turning to take a turn and that could mean something for the overall market. We want to get some additional context on the selloff. We have alex and david and olivia sterns. All hands on deck to handle this one. I thought david made an interesting. Interesting point earlier. It would have thought that we would have seen this negative reaction earlier. We are looking for reasons. This book is doubled over the past year. Getting some perspective on these momentum stocks. Is thisech index outperformance of groups coming back. One of the worst performing stocks, a very similar story there. The earnings were actually very good. Safe pricing and market share. The quarter was good. One of the things that people say could be a mini bubble is social media. Some of these Tech Companies have really high valuation. Have twitter, facebook what they are saying can justify themselves . I think there has been a lot of talk about bubbles and i tech,that the story of biotech, these really high momentum stories is a hard one for us to grab. We dont know what the future brings but generally speaking, the future has been really good. That is the optimism the fed was trying to create coming out of this crisis. Hitting out of this animal spirit that drove growth for many decades. Are seemingly helping certain sectors and certain parts of the economy. Fed had ay that the big role in that. If we are to assume the fed is going to continue to be there and we can quote you earlier saying it was the most dovish speech youve ever heard, should we assume that the market is going to get better . All aboutering is handing the economy off to its own internal momentum. I dont think we need the everexpanding Balance Sheet. Go back and look at the Balance Sheet expansion since 1913. It wasnt driving the Dow Jones Industrial average since 1913. When the s p was 600 and change back in 2009. I have been thinking about this all day. Trying to the credit markets didnt really do much. There is no sort of panic selling or the cusp of the names. This looks like a rotation inequities, a lot of people with a lot of positions that are getting tested a little bit. We have remained in a pretty tight range. May be in the first quarter, change a few portfolios and maybe rethink the valuation. We talked about the minutes in the earlier segment and the dots really threw us all for a loop. Janet yellen giving us six months instead of nine to 12 months. The market is till trying to figure out how this is going to happen. The fed is tapering, they are taking away the wind behind the sales and hoping that there is wind out there that will continue to drive us. I dont think everybodys is comfortable with that notion as maybe they would have been if it was still behind us. It will take some time and i think we should see some we can see some gyrations on that. Have called me up and said, this is it. Qe doesnt work. It they are going to take it away. Going to come back and do more. They always have. We are barelywhen a percent or two off of the record high. Jeremy siegel was on the other day and said, even if it is a bubble, these things tend to play out over time. They thought interestrate could for theow four percent next decade. We will be in this very low growth environment and the fed will have to do everything it possibly can to try to get money out there. The feds longrun forecast is for present. For the shortterm Interest Rate. Four percent. For the shortterm Interest Rate. By the time he gets to the peak, the trend below the rate will cycle the other way. If that is the case, we have the end of 2016 forecast for the fed at 2. 25 . That is pretty low in a world of three percent growth. Janet told you that the glide path is going to be lower, the level of Interest Rates might be lower than what is necessary before. Worst out of the recession since the great depression. I dont think that is an unreasonable scenario. What you always have to worry about is the inflation pickup that many people believe is working. Even if it doesnt pick up. There is that worry. There is a lot of people that dont know how this unwind of 4 trillion and Balance Sheet it makes it a little jittery. Keep going. We will be right back. We are talking about nothing but grubby ipo. Grubhub soaring in the trading debut. What it means for the ipo market. Street smart, back after this. These are the stories were tracking ahead of monday, we have alex and olivia all here today with me. Alix is kicking it off. Grubhub was not the only ipo. Car, the online auto Shopping Service backed by paul , they reported the best in seven years. In 2005, it helps customers purchase cars using information but they are still losing money on a 74 million basis. Three percent of new car sales are actually bought through true car. It allows you to not have to take a man with you when you go by the car. Because it gives you the information on what other people previously thought. It doesnt matter. If you are female or male, it is nice to get that information. I tend to find that he knows stuff about cars. Women can know stuff about cars, but i also find guys know stuff that i dont know about cars. Do you find that . I cant believe matt miller is not here. I would be lost driving a car. At the online brokerage, explaining the choice to abandon it saying that consumers have recognized investing is complex and hard work. Hepolitician Frank Underwood will be a talent scout. This is the problem. It if you want a trusty pitch man, you dont want Frank Underwood. It is a much more solid pick. Has this guy ever played a character that was nice . 21, he was the m. I. T. Professor. American beauty, not a great character. Vulnerable when attached . O e trade he was bobby darin. Sorry, kevin spacey. Net profit was up 176 last year. Probably paying him more than the baby. Like something people would watch it. Madison square garden, a 15 equity. Instead of signing its own deals with paytv operators. 73 million households they have reached. He has gone back to puff daddy as of last week. They used today. It is unclear. Other]g over each look at the headline. Jennifer lopez out bids puff daddy. How great is that for her . Madison square garden one in 400 million, so they got to the 220 6 million, the 15 equity stake. It is a far cry below what they actually wanted. Red sox slugger david ortiz tweeted a selfie of himself and president obama. What he did not tell the white house was the moment was a viral stunt arranged by samsung. The same Company Behind allens famous oscar selfie. He retreated the photo in a gnat and said the photo was taken with the samsung phone. Jay carney certainly wasnt happy about it. Without getting into discussion, i can tell you that as a rule, the white house objects with a tense use the president s likeness with attempts to use the president s likeness for commercials. Back in 2010, a raincoat maker called weatherproof garment had to take down a times square billboard. This is a lot worse. A Bigger Company and they should know better. Or you can just marvelous samsungs ability to dominate selfies on twitter. This is it. Its not ok. You are at a public event and you have obama and ortiz speaking and he stopped to take a selfie. He did ask. Im kind of over it. We are so obsessed with ourselves. It is legally gray. The waterproof add, that is clearcut. Fan, socialis a media, samsung is a sponsor of his. Its not like david is trying to promote himself. It is a sad day for lovers of ukrainian democracy. Candidatetial actually changed his name because his real identity could not be verified. But come on. Listen to this. This cracks me up today. It basically said, our main cast task is to return crimea in three days. I have a tiny thing that putin needs and return. It is unclear. I thought there was a Hand Movement or something but we dont know for sure. The Internet Party of the ukraine actually rejects this guy. Use your Jedi Mind Trick and call it a day. This was a big selloff today for the nasdaq. Not the worst we have seen in two years. Straight from the pit on the intensity that was actually going on there. Stocks tumbling today on the selloff really happening intact. Was it the unemployment number or something behind this that is bigger . Market strategist. He saw the frenzy. It when did it start to ramp up . S p futures few this morning around 90 to 75 and it became an immediate cell and the market was straight straight down the rest of the day. Lower inge moves facebook, twitter, priceline, the stock set of, the most so far this year. We have seen the market make new highs and selloff a couple times this year. There was a rumor that a big momentum was being forced to liquidate the position. I dont think that alone was. Nough i think we were pricing in a big turnaround in the spring. I think it sent a lot of people rushing for the exits. Economy isk the not there to support it . The selloff tends to cascade that way. We do not close on the low. It was almost six points off of the low. I dont know if we will see continuation to the downside on monday. We did not see a big move higher. It was a larger move higher. A little bit over the half. Why these momentum type names like facebook, netflix . Is companies did so well previously. Far, soe come up so fast. There is a lot of talk right now about valuations. We are definitely seeing that in the ipo market. Offerings coming out so far this year. I think with a lot of headline risks, with some shaky Economic Data and a frothy overall market, they will sell those names as soon as we have any kind of certainty. They are just a couple Million Dollars short of the volumes that we saw last year. Some people are worried that they are getting a little bit frothy. The 19 billion valuation there, you wonder if tech in general has gotten out of whack. Talking aboutjust ipos, we are talking about private deals. Huge raise of capital and air b b valued over 10 billion. Stocks areial media getting really stretched ear. Enjoy the weekend. We will see if the weather continues on monday. Welcome back to street smart. I am trish regan. Call mary barra the n knownothing ceo. I cannot answer the question. I cant answer that specific question. I do not know. I dont know. Its part of the investigation we are doing. Of gm faced washington scrutiny by shrugging her shoulders but should she have no more . And shouldnt she have wanted to know more . Joining me is matthew townsend. You just wrote a really phenomenal story on this, talking about how this is different. She is different than other ceos and other companies that we have previously seen. How so . The blueprint for responding to a crisis dates back to the tylenol crisis. The idea was to become as transparent and put out as much information as possible. Corporate crisis management. Thats what it does to your brand. You want to be transparent and people want to trust. Trust gm, tylenol, and target. Basically, what they laid out , to assess risk, ss liabilities. Create a culture where people are not afraid to raise a red flag. Using the bully pulpit to say this is really important. The result, it is somewhat more challenging. The cars that are made, if youre making toys to potentially choke a child, it is a much more simple product. At the end of the day, you want the company to be able to run something up the food chain. Senior is hearing about it, youre dealing with the situation. Auto thank you for joining us today. You think tech execs are thinking about the upcoming series Silicon Valley . We hosted a viewing party to find out. And the ceo steps down after pressure from his employees. I will be right back after this. Ceo is saying goodbye and stepping down after Company Employees and partners were furious over a donation he made to support californias prop eight that opposed gay marriage. Joining the onset, todd sears. The founder of out on the street that brings together the lgbt ka community on wall street. It seems as though people basically said, this is unacceptable. He made a small donation 1000. It banned gay marriage in california but had the potential to rescind thousands of marriages. This was 2008 . It was made public in 2012. There was some firestorm around that at the time. It died down because he was able to say that his personal donation shouldnt have any impact on his job which people at the time actually believed. What changed in the court of Public Opinion . We have seen the majority of americans change their viewpoint from 2008 and now. The majority did not support Marriage Equality or nondiscrimination for gay and lesbian people. It has complete leaflet and is now i sack the opposite. You cant be the ceo of a Major Company and support something that goes against constitutional state marriages. There is a Corporate Culture that says lgbt inclusion is vital to the company. Yet, the new ceo coming and actively worked against it. That may have been the problem. Wait a second, we stand for something. The noises around prop 8 and the one donation. That for alk about minute. The majority of the country may be shifting their opinion. There are states that have some kind of amendment prohibiting marriage as between people of the same sex. The majority of america seems to still take issue with this. A lot of people say this is just him expressing his free speech, his own political well. Why should he be fired . Wasnt fired. He stepped down voluntarily. Ceo of a company charged with promoting inclusion in the office, how can he say he is promoting inclusion while funding discrimination . Is part of the social media . And just catch on. Absolutely. Said 31 states, those laws were passed five, 10, 15 years ago. While the laws are still on the books and it could change. A lot of the attorneys general in the states do not actually have to enforce those bands as he thinks they are unconstitutional. I think we will see all of those shifting. But i think it is incumbent on the ceo to represent the values of his or her company. We have been talking about this a lot. Business affecting change. Business is getting together in arizona to have the governor veto a bill that effectively would discriminate against gays and lesbian people. We saw the parades on st. Patricks day wear big sponsors were pulling out. Is there an example is this an example of business having a voice . Said in the intro, it was the employees. Employees and business. If your customers are upset by this Economic Impact to discrimination. Ok cupid, huge. Your Customer Base see this as a negative, it will impact you. What about those that do not see it as a good thing echo is not just about gay marriage. The train has left the station in so many ways. Discrimination. You cant hide behind any longer. Ask if your Company Stands for one thing, you have to represent those core values. Worked for cement companies, would this not have mattered as much. Dan cathy, chickfila. Very vocal against gay marriage. Not an issue because it is not a core value of his company. Is one company that comes to mind. Target made a donation to to their candidate for Minnesota State legislature that was antigay marriage. The candidate was great on a lot of business issues. She pulled it. A revenue loss for them. And the pr disaster as well. Thank you for joining us today. More street smart after this. Siliconyou the valley is debuting on sunday and bloomberg west got a sneak peek with tech execs that live the dream and real life. Take a look at this. Apps, software, websites. It dead on. It really is eric schmidt. If you want to live here, youve got to deliver. Like steve. Jobs are wozniak . Jobs is a poser. He didnt even write code. I think steve jobs is amazing. Wozniak was the engineer that created the apple, right . You can totally imagine a couple of engineers having that discussion. 100,000 for 10 of your company. Can you imagine zuckerberg Million Dollars, ok, 19 million . Exit the arbitrariness of it is dead on. We construct elegant hierarchies. Changing the world by making enterprise software. I think all of us feel a little older when that happens. Bit too. Its like alphabet soup but with ones and zeros. It makes you cringe. Something that mike judge is brilliant at. Im in. Not just about the geeks, but the colorful billionaire characters. I know that you spoke with a lot of the men behind the show that why it is people have such a curiosity for these power players. We spoke with mike judge, the creator of the show who created beavis and butthead, king of the hill, and office space. Starting out for a couple of years and got a lot of good from that. These crazy deals that happen in Silicon Valley, the price tags can be enormous. Everyone is talking about up. Book buying whats there are lots of billionaires in Silicon Valley so we talked to them a little bit about that. It is hard to root for somebody who is a billionaire. Its hard to make them a main character on the show that is aspirational and the bad news bears, the guys with nothing that try to break in. And hopefully people root for that. Somebody has a billion dollars, its hard to sit at home and go, i hope this guy find happiness. I think it is a little harder to root for those guys. And these particular types are so crazy. Show called betas about the starting scene of Silicon Valley that amazon does. They decided they will not continue with it. Said, we didnt want to watch it. You dont want to end up stealing from another show so they had not even watched it. America loves technology and ceos. You wonder why that is. These guys dont get any kind of love that some of the ceos in Silicon Valley get. Why do people make that exception and why are they so interested . Creatingy are not wealth for their shareholders, maybe it would be a different story. There is a certain boldness to the kinds of things that a guy like Mark Zuckerberg will do or even this week we talked about google having the new stocks of that founders can hold onto their power. There was a huge grip on these companies that they have. And it allows them to go do some really colorful things whether it is by companies or start new ventures. Tell me about this show. It will be funny, a bit of a comedy. What is the premise . Its about people trying to make it in the business and some of the silliness that comes with that. Show Like Office Space and people in Silicon Valley that really do like that , it willttitude probably appeal. You can make sense of some of the sense and you cant make sense of some of the stuff that happens in Silicon Valley. People are clearly fascinated. The show is debuting tonight . This weekend. They have one season and i asked if they will get the Second Season pickup and they are hopeful. Ma start exploring some of the other themes in the valley. They might start exploring some other themes in the valley. Have a terrific weekend, everyone. I will see you back here on monday. 56 minutes past the hour which means Bloomberg Television is on the markets. Im olivia sterns. Wild swings on wall street today. After the jobs report came in, 192,000 added to the payrolls, just shy of the gain of 200,000. As we headed down into the afternoon, stocks sold off triple digits about one percent. The s p off 1. 25 and the nasdaq ending the down the day down two point six percent. The biggest drop in more than two months. The biggest losers of the day were the momentum stocks that have been doing the best during the bull run. Names, allg tech down by about 10 . Treasuries rose the most in three months. Analysis a Market Strategist and portfolio manager. Thank you for joining us friday afternoon. They are all trying to figure out why. I couldnt tell you. Higher priced companies have been giving back a little bit of their luster. Perhaps it was a technical level. Im really not sure. We came in, we got different numbers on the economy. Not carry weather did over into march. The market lost its legs mid day and i really dont have an explanation for it. Wea lot of speculation that will see selloffs because the valuations are no longer justified. Now trading and it is the highest level since 2010. Our stocks fairly valued at these levels echo you can make the argument that the market is even overvalued. If you look at multiples overall and take a big step back, the market was worth 9 trillion five years ago. To 23now worth close dollars trillion 23 trillion. A 30 rise in the market last , the market will bite some time and in deed, it has been doing that next week. Thehat we are seeing today, selloff is a little air coming out of the pockets and bubbles in the market. Heard about the biotech bubble we have seen it. Let me run you through the numbers. Numbers dropped today. There are bubbles out there in the market. I will not speak specifically about biotech, but what i will say is that if you look at valuations last year, you had a 30 rise on average. Higher beta, higher volatility groups, they will need much more than that. At some point, a valuation has to be considered. The data seems to simmer down a. Ittle bit forhis is taking stock friday, april four, 2014. Im pimm fox and todays theme is snapshot. We have one of the u. S. Jobs market. I will speak to two executives about hiring in this country. Snapsacesaving bicycle into place and you will need the largest u. S. Retail of this retailer of this bike. And what to do with all of your