Transcripts For CNBC Closing Bell 20140328

Rally. There was real vigor to it that suggests that maybe people were caught on the short side of this market. Does the fact that were fading this afternoon really enforce that idea . Those folks are looking like they might have the market right as we enter the final hour of training. Meanwhile, Russian Troops massing at the border a week after Vladimir Putin promised he wasnt going into ukraine. You know whos not worried . Apparently the markets here. What if anything is that telling us . What message does it send to Vladimir Putin . Well follow the latest as this story develops. Lately, friday afternoons have been tough for the bulls. Something well talk about. Oscar winning actor Gwyeneth Paltrow telling e she has it tougher as a working mom than those who go to an office every week. Turns out most in offices who dont have their own trailers and a team of assistance dont agree with her, believe it or not. One wrote an open letter to Gwyeneth Paltrow. That mom will be us with later on closing bell today. The dou is now at about 47 points. It started out as much as 53 points earlier today. The nasdaq is one of course to watch this week. Its trying to hold onto a small gain of about 5 points. Meantime like at the s p 500. It was up 18 earlier today. Bill . Lets talk about today, maybe look ahead as well with our Closing Bell Exchange panel debate. Ken ma hoeny and from wells fargo advantage fun and our own rick. Rick, im going to start with you as a representative of the trading world out there. What do you make of todays action . I know youre in the futures pits in chicago, but do you sense this was a covering rally this morning that has now faded into the afternoon . Even though im not in new york, we have lot of future pits that trade, s ps and dow futures. Most traders believe that the discriminating investor is going to be much stingier with their unrealized gains this point in the maturity cycle of the bull market of equities. And i think i would agree with that. They also believe that the issues today in their minds have very little to do with geopolitical forces. If thats the case, what are they following here . What is the paradigm for markets . Just the choppy markets weve been going through. March madness is not just reserved for basketball tournaments and brackets. Have to say the markets been pretty resilient. Considering all the cross currents that were dealing with, from chinas slow down to russias continuing aggressions. But we did see a sea change last week. Weve seen some of these high beta names take a pretty hard hit. Weve seen solar take a hit. I think we hope here in new york we start to fall out and we have pent up demand for autos. Better economic numbers be supportive of stocks. Ann, your view is, what is concept, right . We are. Bill, youre right and i think your other guest was correct too. Its a market that is more focused now on fundamentals because the momentum game seems to be a little bit over. Its really about what numbers can you put up in the future. And, you know, peas cant expand forever. The markets realizing what it should be at. Its a good marketplace for stock pickers to go out and find Companies Trading at reasonable prices. James, where do you guys see value . Next friday, we get the jobs report. This is a huge one with regard to what the fed does from here. What should investors do . Were at an influx point especially with the weather. Its going to be above 30 degrees this time for the weekend in chicago. If you look at what people look at for the market, we are at average valuations for a lot of measures. I think because were in the middle of the market cycle, these measures are going to be much more ambiguous going forward. Its important to keep in mind market valuation measures have almost no timing ability over any short time horizon. So you think were at the middle of the cycle, james. Michael, you think were at or close to the end. Its so artificial. Im what i disagree about what i can i can i Say Something before you disagree with it. Im the most embarrassed ive been since 2007. I have sold everything i own except for gold stocks. I did that in january. Im very worried about things like japan. Its debt to gdp ratio is 442 . Food prices are up 13 year other year. So its the end of de fact and that is deinflation and that is unsustainable. How long are you staying in cash . How long . How long are you going to . Im 75 cash. I think the fed is tightening. They want us to believe were going to have a 5 nominal gdp prohib print. How can you have that know to get back in, thats the question. We have a huge correct of 25 . Thats what im waiting for. And i think thats going to happen before the feds taper goes to zero. I guess you disagree . My point more is that we cant make these absolute calls. Really whats happening in the market today is correlations have been lowers. You can find Technology Stocks that are may be down 20 this year. There are others that are up. So the absolute game is over. But where we can benefit is really through stock selection. There are companies that still have improving fundamentals. Im not making a big call on japan. Michael, youre looking at the market as a whole and ann, youre looking for a market of stocks. The answer will probably be somewhere in between them. The only reason we havent made progress this year. At the same token, i think the biggest culprit is 2013. The s ps up 30 . Were still trying to work off that consolidation and that giddiness. I think you hold onto twothirds and you kind of trade around. I think investors have to be a little more active. James, one of the Big Questions globally is when is it time to get back into the emerging markets. Weve had a few come through saying, yes, they think its time. They have started to pop a little bit. So is it time . I would definitely still take a weight and see approach with the emerging markets. Its not that we dont like emerging market fundamentals. They will grow faster. Its not that we dont like the fundamentals. If you have the time horizon, you absolutely should be there. I think the short time volatility, i think thats really the problem and i would wait to see how that shakes how. How do you play a u. S. Consumer when all the data shows all the health care spend or health care spenders crowding out other forums. Where do you see opportunity. Where we see opportunity still is within the retail sector. Urban outfitters is a good example of that. Sales have been hurt. Somewhat weather related, somewhat internal issues. We think the internal issues are under control. Rick in chicago finally get warm weather, well get sick of the weather clothes and go shopping. Pretty soon this weather excuse is going to run dry. Maybe its obamacare. Maybe its the fact that my insurance costs have gone up 50 . Everybody that has to purchase private insurance has gotten killed this year. Its a combination. The fed has been monday advertising trillions of dollars of worth of payments. Asset bupblees like real estate and stocks. Thats going away. Im not buying biotech or high multiple stocks in this market. Unperforming stocks that have room to perform. Im going to tell you, if we have a huge selloff everything is going to go down. If you wait until the summer, youre going to have a much better entry point. So you said you would get in if you had a 25 selloff . I think the fed is going to have to end tapering and go to qe 5. When they do that, then ill get back in. I wish we would just let markets work, but weve decided thats politically unpal pable. Lets play the artificial game and the feds are going to come in and save the world. Lets not forget about Interest Rates everybody. Its not just that the u. S. Has a flattening curve. Its hard to find an interpretation of that thats really optimistic about the economy. When i see the artificial low yields in the southern economies. This doesnt paint the picture exactly. Central banks say its okay were going to have negative rates, i would be very, very nervous. We got to go. We got to, mike. We got your point. Is. Good to see you. Go badgers ann. How about the fliers. Weve got about 45 minutes to go until the close. The dow is up 28 points. The nasdaq slightly positive. The s p 500 has to close above 18 to be positive for the quarter. Much more ahead on the markets as we wrap up what has been a pretty volatile week. We saw candy crush maker get crushed this week. Now any round of ipos trading today. Well take a closer look at that and whats going oncoming up. Blackberry is also gaining ground. Weve got someone here saying it could be the beginning of a big comeback. Dont miss where he says the stock could go from here. And as thousands of Russian Troops amass at ukraines border, why isnt wall street more concerned . Thats been a question weve been asking for several weeks now. Stay tuned. Youre watching cnn. Fir cnbc. Cnbc. Announcer where can an investor be a name and not a number . Scottrade. Ron im never alone with scottrade. I can always call or stop by my local office. Theyre nearby and ready to help. So when i have questions, i can talk to someone who knows exactly how i trade. Because i dont trade like everybody. I trade like me. Thats why im with scottrade. Announcer ranked highest in Investor Satisfaction with selfdirected services by j. D. Power and associates. You want a way to help minimize blood sugar spikes. Support heart health. And your immune system. Now theres new glucerna advance with three benefits in one. [ male announcer ] new glucerna advance. From the brand doctors recommend most. [ male announcer ] new glucerna advance. Are you still sleeping . Just wanted to check and make sure that we were on schedule. The First Technology of its kind. Mom and dad, i have great news. Is now providing answers families need. Siemens. Answers. Welcome back. Heres a look at blackberry. It is off session highs off about 4 on the session today. It was green earlier despite posting another quarter of losses. Whats going on there . Blackberry actually beat expectations and posted a smaller than expected loss for the fourth quarter. They say, look, john chen is doing an excellent job. Blackberrys quarterly revenue did decline 64 year over year. Blackberry has been putting more focus on its services and mobile Device Management businesses. Now going forward, peter from jeffreys says blackberrys transition is still very early. Now shares of blackberry were up in early trade. But other the course of the day, shares have declined. Now down about 4 on the day. Shares of blackberry, though, have been in rally mode this year. Double digits on hopes he can help turn them around. If they are experiencing potential turn around, should you be a buyer here . Lets talk about that. On the cnbc news line is avi silver. An analyst who upgraded blackberry from under sell to under perform last week. Why the upgrade in the last week or so . As you said, you know, a sell is basically we hate it and under performance is basically that we hate it less, but that still was a change for us. We upgraded primarily for two reasons. First after all, we thought the losses would be lower. So for context, we think their ability to succeed in services will depend on android ios not blackberry hardware. We were impressed. We think it is far better than Good Technology solution, thats their main competitor. Theres still bugs they need to work out. Its early. Based on our testing, it looks good. Right. So all of my colleagues that use good hear asked if they can have ip actually switch them. Theres reasons that we went to under performance and not more than that. We dont think the market is big enough and we dont think they can charge enough to justify up size. We need them to get to 20 million enterprise subscribers from 10 million today. Achieving those milestones will be very difficult for them. This is a key part of the reason why people say blackberry, a, has a future here. Enterprise software. You still dont like the name . I dont like the name. I dont like the business. Youre looking at a company that is so far dead and so far gone theres no market share left. Now theyre trying to get in the enterprise business. The problem with the enterprise business, they have such a bad name nobodys going to start upgrading and buying from a company thats on the decline. The only reason theyre still around is to get a billiondollar cash infusion. The reason theyre staying around is to get bought. If you get into this thing, youre looking for a value trap. Microsoft should be buying this Company Hands down. The reason to do what . They should be buying it for the Enterprise Service software. Then youre saying that there is value, not that its a value trap. Heres the thing. They should be buying it if it was good. Technically you would look at it and say, let me get the Enterprise Service software and the patents. Its probably so ugly that it is a value trap. I still think anybody coming here would be in the five to 7 range j. The fact that nobodys swooped in a cautionary sign for investors that would otherwise get involved. It could potentially be a strategic assets at some point. If ultimately theyre going to sell it, they want to restructure it first and not have the buyer deal with it. They keep earning cash. 2. 7 billion in cash. Its nothing. They got to continue in r d. We just saw today it go down by half a billion dollars. Hows it going to continue . They still have enough cash. And all of the losses that they have are really on hardware. They need to invest in software. So the deals that they announced, thats going to thats going to take the gross margin from negative 30 on hardware to up to zero or positive territory. Its too late. I think theyre still in the business and i think the market moves very slow. 70 of the market is still on blackberry at the end of the day. If they can come out with a better solution later this year, and i do think their solution is much better than what we see on good and some others. Got to go, guys. Id stay away from this. We get the point on both sides. Well done. Thanks, guys. Opening day is music to my ears. I cant wait. That means spring is here. About 40 minutes left in the trading session. Now were Holding Steady here. Well see what we do. Do they sell ahead of an uncertain weekend or do they maybe think of doing a little buying here . Or do they buy bitcoin. Bill miller telling me yesterday here that he personally owns the Virtual Currency. Stick about for the heated discussion on this one. Also, Gwyeneth Paltrow taking a lot of heat this week. We want to know if you think she has a point here because of long stretches away from her family or is she simply out of touch. Tweet us your thoughts at cnbc closing bell. Well put the best ones on the air. Stay tuned. Stay tuned. Humans even when we cross our ts and dot our is, we still run into problems. Thats why Liberty Mutual insurance offers accident forgiveness with our auto policies. If you qualify, your rates wont go up due to your first accident. Because making mistakes is only human, and so are we. We also offer new car replacement, so if you total your new car, we give you the money for a new one. Call Liberty Mutual insurance at. And ask us all about our auto features, like guaranteed repairs, where if you get into an accident and use one of our certified repair shops, your repairs are guaranteed for life. So call. To talk with an Insurance Expert about everything that comes standard with our base auto policy. And if you switch, you could save up to 423. Liberty mutual insurance. Responsibility. Whats your policy . And youll see just how much it has to offer, especially if youre thinking of moving an old 401 k to a fidelity ira. It gives you a wide range of investment options. And the free help you need to make sure your investments fit your goals and what youre really investing for. Tap into the full power of your fidelity green line. Call today and well make it easy to move that old 401 k to a fidelity rollover ira. Markets holding on is that still working . Its the same number it was when we went to commercial. I know. And volume hasnt been that strong today, bill, either. Maybe its just in regard to the options expiration we had a week ago, but it feels quiet around here. Now, as we head toward the close of the dow, its still up 33 points, but we are down for the week. The dow, the s p and especially the nasdaq. Five Companies Going public today. Ipos after king digital stumbled earlier this week. A look at how theyre performing on this day. Bob . Not as good as we had yesterday. Look at cbs outdoors. This is a build board company. Priced at 28, opened at 30. 10. To you, thats a cloudbased online provider. Opened at 13. Up 5 . Thats respectable. The big gain today was energous. Opened at 9. 50. Look at that. Up 71 right now. A couple are down. Aerohive networks. It just went into positive territory. Its been down throughout most of the day. Thats a bit of good news for them. And then everyday health, priced at 14. Theres a disappointment right there. Look at yesterdays three ipos. They were at double digits. The bomb tom line on all this is fair but not fantastic. It looks like king was the out liar. Lets talk about bitcoin, shall we . Its got the wise men of the investing world divided right now. You have them thinking that the currency is nothing by trouble. On the other side, you have venture capitalists like Richard Branson coming out in support of bitco bitcoin. You can also add this man. Heres a reminder of what he had to say. Its like a venture investment. Many of them dont work out. The thing thats so interesting is the Addressable Market here is as big as there has ever been in the history of the world. Gold alone is an 8 trillion market value. Bitcoin has a 7 billion market value. Will they get big returns . Joining us is steven perry. Also cnbc contributor ron who is no fan of bit down is that right, ron . That is correct, kelly. Is it because you have aversion to it, almost like a moral aversion or is it because you dont think its a good investment . I guess we have to separate it into two arguments. Its already proven the volatility and highs and lows weve seen are very much speculative. I think the question is whether or not its currency. It usually requires some sort of backing. But thats not the argument biller is making. He is saying its like it being like gold. I would certainly as an investment its not my favorite thing in the world. No, i would shun it in that regard. Steven, im on that dual track idea that rons on. Were talking about a concept of a Virtual Currency. But then at the same time maybe clouding the issue is this complicated history that bitcoin has been through on the various exchanges, the wild price rings. Has that gotten in the way of the concept of this Virtual Currency do you think . Perhaps to a degree. I think people tend to focus too much on the price and not on the utility of the technology. While the price movements tend to be indicative of an early market, people need to remind themselves of what you can actually do with the technology. A great note today weighing on this thinking through what bitcoin actually is. One of the conclusions he points to is maybe theres problem with bitcoins itself, but technologies that will ultimately be adopted by a number of players. How much do you think this is about bitcoin specifically or this innovation thats happening with online currency generally . Its about both. I think a lot of people make the argument that there will be something that comes after bitcoin, but i dont know what that is. Is it light coin. Is it io coin, solid coin iix coin. I dont see any of them rising to the challenge. There is this issue especially with regard to the merchants steven. Its difficult to understand sometimes. Correct me if im wrong. Theres a tenminute gap between the time you make or buy something and its verified by bitcoin for a merchant. During that window, that merchant is assuming the Counter Party risk unless i stay in the store and who wants to stay in a place for ten minutes to make sure it all gets figured out. Thats what Services Like bitpay address, managing the risk and closing that gap between the transaction first appearing and the confirmation on the network. Ron, before you go. This is the conversation you and i would typically have other a glass marinating ice. Dont you think we would see a Virtual Currency without borders . In some sense, we already have one. Its called the u. S. Dollar. Its not always frictionless which is what a lot of the bitcoin folks want to have. You do have direct deposit is a frictionless moment when you get money de positive ted in your account. I think the real question is not so much about bitcoin as an investment, but bitcoin as a currency. I think that sovereign entities will be very slow to allow bitcoin. Steven, i know we got to go. What do you think it is . Is it a commodity or a currency or do the distinctions matter . Its a protocol and a lot of people dont realize you can actually issue dollars on the Bitcoin Network and use that network to transfer dollars. Thank you, steven. Thank you ron. Heading toward the close, dow up 43 points. Forget about broad band connectivity deals. Facebook is looking to providing Internet Access via solar powered drones. Well talk this out with a panel of facebook watchers coming up. Also, as we approach a new week of trading, should wall street worry about Russian Forces amassing along ukraines border. Well talk about it coming up. B. announcer scottrade knows our clients trade and invest their own way. With scottrades smart text, i can quickly understand my charts, and spend more time trading. Their quick trade bar lets my account follow me online so i can react in realtime. Plus, my local scottrade office is there to help. Because they know i dont trade like everybody. I trade like me. 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A bit of an up and down day here on this friday. But the dow is holding onto a 35 point gain at the moment. Were going to watch closely. And the s p 500 adding 6 this hour. Meantime, president obama issuing concerns about Russia Amassing troops. Yeah. That a ominous. President obama traveling in europe today on a way to a trip to saudi arabia. Sat down with cbs news. Take a listen. Youve seen a range of troops massing along that border under the guise of military exercises, but these are not what russia would normally be doing. And, you know, it may simply be an effort to intimidate ukraine or it may be that theyve got additional plans. Thats prompting tough talk here in washington earlier today. Senators john mccain and Lindsey Graham issuing a statement. Writing that the assistance should include small arms, ammunition and defensive weapons. So here in washington, thats another ratchet up guys. Very intense moments in the ukraine and washington. Through all of that, the markets appear to be unphased. They dont seem to be paying too much attention to whats going on. Joining us now is Heather Connolly along with Vice President of grow ball analysis. Welcome to you both. Like to ask a little bit more about where you see this going, how significant this buildup is along the ukraine border. Yeah, this is a major escalation. We are seeing potentially a russian invasion of eastern ukraine. It is shocking to me that the markets have not reacted to it. This is power with 4,000 Tactical Nuclear weapons and they are blowing through every International Law and treaty that we have. Where is the western military response to help support ukrainian sovereignty . Why isnt gold skyrocketing as it traditionally would at past geopolitical issues. Stocks should be going down, bonds going up. Thats not happening right now. Why do you think that is . Lets get a bit of a reality check. Yes, russia is arching up amping up its pressure points. President obama gist said that he speculated that maybe russias trying to intimidate ukraine. Hes trying to intimidate the u. S. And nato in particular. You can hope for the best al you want, but you plan for the worst. While we dont think russia is going to follow through, the costs do outweigh the benefits, theyre certainly militarily capable of doing so. The reality of the matter is, i dont think russia will follow through with the threat. Why not . You have if you do a sober military analysis of whats actually happening here, it would take a lot of resources to go beyond crimea, anchor yourself there and theres talk of going beyond to moldova. But we are going to see other types of pressure points come into play where theyre going to focus more on tightening the economic screws on moldova. Thats a difference between following through with the threat. That seems to be what the markets are saying, that this is nothing more than a power play between russia, Vladimir Putin, and the nato nations and also this land grab for what has been a strategic location for him in the crimean pe innocence la. He needs an unstable ukraine. Were not listening to him. And this massive troop buildup is is not only to de stabilize ukraine but ensure that they cannot go west. So i think we have to make an assumption that it is likely that Russian Forces will cross into eastern and southern ukraine which will require an enormous escalation of sanctions which will target financial assets, business assets. If that happens, if the sovereignty is breached its already been breached with regard to ukraine, but if further intrusion et cetera, what does that in terms of an International Response require . It will require enormous unity between europe and the United States. Europe is a very fragile economy. It will require shoring up European Energy resources if mr. Putin decides to take Energy Resources away from europe. Its illogical of what he would do, but the stakes are enormous here. The uk that hold russian financial assets. This would really have important implications. Well just have to see, bill, as they work through these scenarios whether markets do have more of a reaction. Thank you very much. They may not be reacting much, but they are watching very carefully. The dou is still up 41 points. Couple times we were up 150 points in what many believe was a short term rally. Well round up todays movers next. After the bell, legendary lawyer telling cnbc that activism is bad for shareholders. Its continues later on the closing bell. Keep it right here. Latte or au lait . Sunny or bubbly . Cozy or cool . Meow or woof . Wheels or wheeeels . Everything exactly the way you want it. Until boom, its bedtime. Your mattress isnt bliss its a battleground of thwarted desire. 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Looks like if we hold, the market averages will finish negative for this week. Were tracking some of the stocks driving the action today. Kelly, lets pick it up with bio teches because they are continuing to fall. A screen of red there all moving lower. Tough day for netflix if this stock ends in the red today. 16th time in 18 sessions the company has fallen. Tesla is selling model s cars with the underbody shield to reduce fire risk. The year Governor Andrew Cuomo cut a deal to keep the customers store. The stock up on cbs outdoor at 28 bucks a share. We have 13 minutes left to go before the close here, bill. Its the second to last trading day of the quarter. You know the best performer. What would that be . Coffee. Ko. Much more ahead on the markets and what you should be watching out for next week, especially on monday. Could be a very interesting day as investors set themselves up for the Second Quarter of 2014. Also ahead, Gwyeneth Paltrow has been getting a lot of flak saying working moms have it better than she does. Does she have a point . Tweet us your thoughts on the subject. Subject. Rent. Why . Because selling their funds makes them more money. Which makes you wonder. Isnt that a conflict . Search proprietary mutual funds. Yikes then go to e trade. Weve got over 8,000 mutual funds and not one of them has our name on it. Were in the business of finding the right investments for you. E trade. Less for us, more for you. The funds prospectus contains its investment objectives, risks, charges, expenses and other Important Information and should be read and considered carefully before investing. For a current prospectus visit www. Etrade. Com mutualfunds. Afghanistan, in 2009. Orbiting the moon in 1971. [ male announcer ] once its earned, usaa Auto Insurance is often handed down from generation to generation. Because it offers a superior level of protection. And because usaas commitment to serve current and former military members and their families is without equal. Begin your legacy. Get an Auto Insurance quote. Usaa. We know what it means to serve. A 401 k is the most sound way to go. Lets talk asset allocation. Sure. You seem knowledgeable, professional. Would you trust me as your Financial Advisor . I would. I would indeed. Well, lets be clear here. Im actually a dj. [ dance music plays ] [laughs] no way i have no Financial Experience at all. That really is you . If theyre not a cfp pro, you just dont know. Find a certified Financial Planner professional whos thoroughly vetted at letsmakeaplan. Org. Cfp work with the highest standard. Nine minutes left. Really, the market its like the traders went home early chl. We had tremendous volatility early in the day. It faded. Now, were just kind of sliding into the close here with the dow up 41 points, nasdaq up a fraction and s p up six. Joining me david the senior manager. Good to see you both. Good to see you. This was a critical week for the momentum stocks, david. That was a critical piece of the gains wed seen at this point. They were the number one acting group after the airlines which were up 81 last year. They were up 66 and they had a big new york rise this year. Its actually a good thing. When something flies up, its good to have it settle down a little bit. This week we were very heart nd by the five cs. Purchasing managing index still up. New jobless claims down 10,000 to a sixmonth low, 311,000. Consumer confidence and personal consumption. Five cs are offsetting. China, too low inflation and profits for the First Quarter are going to be a little bit small. What do you have . Well, i have lets see. I have 13 is going to be my number. 13 trillion to u. S. Equities since the bottom of 2009. Given that, the market has lost a little bit of direction. Its looking for another reason to move higher. We have the fed pulling back stimulus. We have an indicator that shows that, as far as were concerned, data slowed down in february. Maybe it picked up again in march. Right now, it seems like a pause in the data. Why hasnt the market responded to whats going on between russia and ukraine right now . Thats a classic geo political concern that the markets in the past have run for cover on. Very good point. I think theyre germany is the lynch pin, how germany reacts. Today, were much more enter linked than we were even in the 1030s. A week from now, i hope were standing here and looking at 250,000 jobs next friday. Thats for sure. Gentlemen, stick around. Were going to come back. Well look to next week and get to the closing downdown as we head out for this friday. Mark zuckerberg grabbing headlines again. Facebook thinking about using drones to bring Internet Service to every person in the world no matter how remote their location. Creepy . Cool . We talk about that coming up. Youre watching cnbc, first in Business Worldwide. Business wor. [ indistinct shouting ] [ indistinct shouting ] [ male announcer ] time and sales data. Splitsecond stats. [ indistinct shouting ] its so close to the options floor. [ indistinct shouting, bell dinging ]. Youll bust your brain box. All on thinkorswim from td ameritrade. Just inside the threeminute mark. Heres a definition of volatility. This is the dow this week. The trading pattern we saw most often was a rally in the open that faded in every end. Happened monday, tuesday, thursday, thursday was a slightly different animal. The dow virtually unchanged. How ironic is that . Previously highflying biotech stocks falling out of bed. We started last week with gilliad sciences. That took the wind out of their sales for the week. This the measure of the nasdaq biotech stocks. That would be king digital, maker of candy crush, just been trading for three days and down 11 1 2 in those three days. We come to the end of the First Quarter, which has been a pretty tough one after such a great year last year. What do you think the themes are for the Second Quarter coming up . I think the theme that were playing out right now with churning in the market, i think youre going to continue to see that. Value investors looking around and being more selective about the companies that are put in portfolios. Were going through looking at lots of companies. And we are now five years into a bill market. Its getting much harder to find really good turn. More grinding as we go. Not necessarily a bad thing. You have a market thats selective not just throwing money at any old investment. March came in like a lion and its going out like a lamb, just like you said. You want to watch profits and you want to watch china. These are the things to keep your eye on for the Second Quarter. That profit margin was supposed to be 6 up for the s p 500. Now the estimate is for it only to be up much less. And of course the fed has put us on notice of some sort of a timetable they may have in mind for raising rates. It all depends on jobs numbers. Next friday will be key for that. Thank you for joining us. Have a good weekend there. We go out with a gain of about 50 points, but a very volatile week for the market and a lot to talk about and what it means as we head toward the end of the next quarter. A very good panel coming up. Have a good weekend, kelly. Ill see you monday. Thank you, bill. Welcome to the closing bell. Well try not to get hit by any of the bumblebees around here. Here we are finishing the day. The Dow Jones Industrial average, all the major indexes managing to finish in the green. Dow adding about 50 points and the nasdaq adding five. Joining in on the panel is the Washington Post and sarah ison. Do the bio tech names know that china might have more still am allows coming and so were all safe . Were all glycemiaed to glycemiaed to these glued to these names. I find the action really interesting going into the close. Starting strong, coming off throughout the day. Here we are with monday the last day of the First Quarter. Were barely up 1 so far this year for the First Quarter. It has been a mirror image to some extent to the end of the year. What do you make of it . The one step back is clearly more like two steps back in the biotech. What it feels like to me, and i could be a hundred percent wrong, i think the etf has been leading the individual stocks. Theres still some real stories last night. Talked about amgen. Talked about their pipeline and balance sheet. I do think theres names out there that got caught up in the maelstrom. I think people are waiting for an unfavorable ruling coming down the pipe that i dont think is going to happen. I think nows the time to do it. All right. Lets talk a little bit going into next week. The main event is going to be at the end of the week. Well, we have a couple of things. April 1st on tuesday. That means were going to get the manufacturing pmi. Either everyone thinks that numbers going to be great or thats the talk but no one believes it. There doesnt seem to be that level of conviction. Look at the Consumer Spending numbers out today. I think its a perfect example of how the data remains and may have fallen. Now you have the Affordable Care act thrown in. People are receiving increased medicaid payments actually bumping up spending as opposed to people spending more on clothes and appliances. Its going to be messy into march. Its really going to be midway through the year before we get a clear picture of where this economys going and before the fed can truly make a decision. Scott cone, one of the viewers i correspond with sometimes during the program. Look, no ones talking about obamacare. The impact is huge. Weve seen it wipe out or kroid out a lot of the other spending otherwise that might have been happening while also seeing an increasing in hospitals spent in the fourth kwar. No one can really explain as to why that popped. And to whats really happening with the u. S. Consumer here. I think it all remains to be seen. Well see the beginning of these people now with insurance. Well see if thats actually a boost to the economy as they start spending. Look at what weve been through now. Were coming to the end of the First Quarter. A First Quarter after a huge year in 2013. We could be setting ourselves up for something when the fed ultimately starting to tighten possibly during the next quarter. But weve come through this pretty well, all things considered, considering what were coming off of. Robert frank, people are trying to figure out what does the fed do next here and how does it matter. So the guys came up. They said look, we think weve figured out just about gellens yellens dashboard. Its the u6 the broader gauge of unemployment, its the labor force parps rates. All of those things are well shy of where wed like to see them. So shes really not going to be in any great hurry and everyone should just relax. From where i sit, im getting really worried about it across all Asset Classes. I look at the 100milliondollar homes coming across the market. These are Asset Classes that go way beyond stocks. And theres just so much capital around the world chasing these world assets. Did you see did you say violas. Hes actually a stamp collector. Robert, the with regard to financial speculation, weve heard from a couple of fed officials. Weve heard from jeremy stien whos really concerned about it. While others out there saying he doesnt really think it should be prioritized over the fed. So are you saying that theyre being too complacent right now . Im not going to set policy recommendations. All i can say is what weve seen way beyond the stock market. Weve focused so much on stocks we cant see the forest for the trees. A huge amount of speculation going on in these markets that there shutdown be 45 million violas being sold. Vergely its going to eventually, its going to correct. Thats too bad for that guy. Where is the leverage . I think what you saw this week was actually the fed sort of flexing its regulatory muscle in terms of accepting citis plan. Were not going to fall asleep at the wheel in terms of putting in place things we need to do. My point is, the viola is sort of a rare extreme example. So many assets have been overinflated by the supply of money in the world you say the correction its going to be much broader than just biotech stocks and ipos. Or this is money thats fleeing equity and just in a frantic search for something thats going to get you some yield. We could be seeing maybe the start of that correction in equity. How much of this, though, is russianbuying, chinesebuying for reasons that are completely different and separate from what the u. S. Is doing and why should the fed, if thats the case, respond to it . Im not directing policy. And those overseas investors are fleeing to safety. They are fleeing to equities. Thats why i think the market has actually done pretty well this year considering whats happening overseas. When these things start to correct, when the fed starting to really taper down toward the end of this year, these very liquid markets thats what people are not looking at. Thats been a big story this week that we havent talked a lot about. Really, a comeback. If youve seen brazil. Its been absolutely on fire. Weve seen it in turkey and chile. Its just when everybodys low expectations start to set . Guy, what do you make of the emerging space. Do you see this as just kind of a pardon the phrase, but like a dead cat bounce . Tim can speak to russia a lot more intelligently than i can. I thought when the press secretary said you dont want to invest in russian stocks, i thought that actually might have rung the bell on the bottom. I think the rsx is really interesting and youre going to get bounces along the way. Back to the fed. Theyre painted themselves in the corner with that 6 1 2 unemployment race and unpainted themselves when they took it away. I dont think its coming any time soon. And im more inclined to believe theyll add to this program before they even start to taper something. Guy, you mentioned the rsx, that russian etf. The best performing etf so far this quarter, coffee, some of the Gold Exploration company. The top three losers are the russian etfs. Im curious with the news flow heading into the weekend. We just had a great panel with a couple saying no ones taking seriously enough how far this could go. Does it make you ners at all . In terms of whats going on yeah. I think youre fooling yourself if you dont think theyre going to take more steps. Theyre going to continue to move forward and im not trying to get political. Theyre going to continue to move down that road until somebody tells them to stop. All the jawboning is not going to stop these guys. So i do think its going to escalate. Our equity market has looked past every single piece of negative news now for the last 18 to 24 months. Why would you believe its going to be different now in terms of the market . The rest of the panel sticks with me. You can catch guy coming up on fast money. Up next, much more. Plus activism which is an aspect of short termism is in the long term very bad for not just shareholders, but bad for the economy as a whole. Marty lip ton, best known as the guy who invented the poison pill. Is he right . And Gwyeneth Paltrow says moms that have an office job have it easier than moms in hollywood. We have one mom firing back. Her open letter to paltrow has gone viral. We want to know whether you think she has a point. Well be right back. ll be righ. Make it happen with fidelity active trader pro. Its one more innovative reason serious investors are choosing fidelity. Call or click to open your fidelity account today. Does it end after youve expanded your business . . After your companys gone public . And the capitals been invested . Or when your companys bought another . Is it over after youve given back . You never stop achieving. Thats why, at barclays, our ambition is to always realize yours. Welcome back. Once again, the major averages finishing well today. The dow needs to gain about 250 points monday if it wants to finish higher for the quarter. The s p 500 however will enter monday about nine points higher for the quarter and have to hold onto that. The nasdaq will need a rallying 21. I want to bring in the Senior Analyst with the nasdaq. Bob, look, lets talk a little bit about what weve learned so far in the First Quarter and to the point we were talking about guy with last time is this three steps forward and one step back . What i thought was very interesting and i think important, weve really got a group of stocks now, Diverse Market situation. Last year at this time, everything was up five, six, 7 . China got killed early on. Its coming down a little bit, but still largely down. Social media stocks were hit. Some of the Energy Stocks have come back a little bit. Weve got some real uneven markets right now. That means you have to be smarter in on you you play going on. Thats why we call these momentum stocks because they have a lot of momentum and thats exactly what we saw play out today. Earlier today, it was interesting. It did seem as though we would see a rally in the social media names. As we saw throughout the day, those stocks did not hold onto gains. The big question is, when can we call a botttotom for these momem stocks. Most of these are listed here on the nasdaq. Thats why weve seen so much volatility. Im hearing that valuation is the prime concern. That the fundamental story for a lot of these momentum toks is still intact. Will investors see this still as a goodbying opportunity. What signals that from the dollar . I dont think its mixed at all. Lets say someone is from another planet. We talk about a taper. Were maybe halfway there. Heres what you have for the First Quarter of the year that its occurring. Basically, stocking unchanged on the quarter, which is the year. You have two and threeyear maturities have higher yields, but fives are unchanged. Sevens, tens and 30s are lower years. Dollar index is a lateral move. We havent even imbarked on zero rate interest yet. Were doing a taper this year, havent even really begun to really seriously discuss raising rates. I think its really obvious its taking its toll. Weve been talking about the momentum. You buy these stocks, Growth Stocks and pay a lot of money for them in periods when there isnt a lot of growth elsewhere. Now were going into a period where hopefully other parts of the economy are going to start picking up. Some people are starting to say, weve paid a lot of money for this growth. Bill miller made a similar one yesterday. That does not jive. If that was the message, thats all the more reason for the tenyear to go from three to three and a quarter. I personally believe the economy is going to pick up in the Second Quarter and were going to see 3 gdp growth toward the second half of the year. What i kind find of frustrating is earlier this year, strategists were betting that it would be the cyclical that would outperform. Its the Telecom Stocks that are actually leading this market higher. Yeah, right. And those names as well that you thought might get hit. Nine trading days by the way to go until the First Quarter Earnings Period begins. Were going to get out to sheila for a market flash. Check out king digital. Thats down for the Third Straight session after going public just on wednesday. Talk about a candy crush. Idera Pharmaceuticals Rising in heavy trading after they said its drug was found safe in a mid stage trial. Zogenix falling after massachusetts blocked the sale of its fda approved pain siller. They criticized the movie as an move as an unprecedented action. Wow, thats a story we actually have been following on this show. This was the painkiller where the drug anyway that people said was far too powerful. Hes a frequent critic of wall street. Up next, he says theyre good for companies and shareholders straight ahead. And facebook announcing its building drones, satellites and lasers. Ceo Mark Zuckerberg has something less sinister in mind. Well tell you what its all about. Keep it right here. Ep it right. Work with equity experts. Who work with regional experts. Who work with Portfolio Management experts, thats when expertise happens. Mfs. Because there is no expertise without collaboration. Mfs. Beautiful day in baltimore where most people probably know that geico could save them money on car insurance, right . You see the thing is geico, well, could help them save on boat insurance too. Hey okay. Im ready to come in now. Hello . Im trying my best. Seriously, im. Im serious. Request to come ashore. Geico. Saving people money on more than just car insurance. Predibut, manufacturings a prettin the United States do. Means advanced technology. We learned that Technology Allows us to be craft oriented. No ones losing their job. Theres no beer robot that has suddenly chased them out. The technology is actually creating new jobs. Siemens designed and built the right tools and resources to get the job done. Welcome back. Earlier today, squawk box spoke with marty lipton in an interview. It shouldnt be a surprise that this ask his opinion on active is investors. Its in the long term very bad for not just shareholders, but bad for the economy as a whole. Bad for the economy, bad for shareholders. Joining us now is andrew, a shareholder advocate. And he disagrees with mr. Lipton. Welcome and why . Management seems to continue to think its their company and its not. Long term its good for the company if you have people that have skin in the game that are holding managements feet to the fire. Thats a good thing. A lot of the management teams seem to want to keep the shareholders in the dark and thats improper. I like the fact that these guys are pushing for changes in the company that makes it more profitable. Bring in the panel on this. Robert, do you agree that this is all about the shareholders really owning the company . I think it depends on the activist and the company. You made a point that these shareholders have skin in the game. So do management, perhaps too much skin. You got to include management there too. There is a study that supports this idea. They found that those that add activist investors outperformed and especially toward the end of a fiveyear period, did very well. That shows that they do do well and do make good investments. Sounds like you two actually would agree then . Yeah. And i disagree with marty lipton. Go ahead. Kelly, i think the problem is some of these activist investors, theyre just not a pretty package. The guys worth 10 billion. He uses heavy handed tactics. And he insults people. So he bricks it upon himself. Thats all hes ever done. Beyond the style, some of the things theyre pushing for are really short term moves. Instead of using that cash to hire in the business. Exactly. Talking about. But it depends on the case. Look at dan. Its an interesting case that very few people focus on. Now hes calling for much broader changes in a company that arguably should do better. So a lot of these guys are calling for much broader changes. Its unfair to say that they just want the cash. Do we need to make a programming note that hes a stamp collector . Carl, ive covered him for years. One of the first storied i did at cnbc was when he was trying to break up usx, 1990. He had different tools available to him back then. He was a shareholder activist. Ultimately, you could say that that deal was good for the shareholders, not necessarily so for the workers. Now, hes going the same thing. He has a great mouthpiece here and on twitter. The companies always say we cant stand the extent to which these guys were able to use the media. You say that hes just bad for the company, bad for the economy is this sort of generalist statement. Hes part of the company and the company. If apple, for example, can fight back and not do 150 billion stock buyback, then the systems working. Or maybe its just the nand environment demand environment that were in. Were seeing a lot of the Bigger Companies underperforming because gdp has been lackluster on a global scale and theyre demanding short term moves to keep the share prices up. If we were in a very healthy environment, it wouldnt be this way. Wed get the more productive activist investors. Yeah. Look, i realize that management likes the lifeless units. Are you talking about the new Traditional Fund industry there, andrew . Owns 35 of the fortune 500 companies. I hear you. I think these guys provide a jolt of adrenaline thats sorely needed. Well leave it there for now. Thanks andrew. Thank you. He just bought a Virtual Reality headset maker and now Mark Zuckerberg says he wants to build zones. Find out what thats all about. Gwyeneth paltrow says being an actress mom is more difficult than being an office mom. Send us a tweet. A tweet. announcer scottrade knows our clients trade and invest their own way. With scottrades smart text, i can quickly understand my charts, and spend more time trading. Their quick trade bar lets my account follow me online so i can react in realtime. Plus, my local scottrade office is there to help. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer ranked highest in Investor Satisfaction with selfdirected services by j. D. Power and associates. [ chainsaw whirring ] humans sometimes life trips us up. Sometimes we trip ourselves up. And although the mistakes may seem to just keep coming at you, so do the solutions. Like multipolicy discounts from Liberty Mutual insurance. Save up to 10 just for combining your auto and home insurance. Call Liberty Mutual insurance at. [ thump ] to speak with an Insurance Expert and ask about all the personalized savings available for when you get married, move into a new house, or add a car to your policy. Personalized coverage and savings. All the things humans need to make our world a little less imperfect. Call. And ask about all the ways you could save. Liberty mutual insurance. Responsibility. Whats your policy . Welcome back. The internet, its all other the word. Now facebook founder Mark Zuckerberg is looking to take the internet out of this world, literally. I think it can best be summed up in three words, drones, satellites and lasers. Thats according to a blog post where he unveils the social media giants newest product. Its on top of the 2 billion purchase of oculus earlier this week. They say they will start developing and building zone drones and satellites to deliver internet to the worlds twothirds of the population that doesnt already have it. Facebook started just last yeek with partners like nokia, that to spread the internet to under served areas. A uk based company which builds highaltitude, longendurance aircraft. Costs rumored to be less than 20 million. This is being seen as a aqua higher. Is facebook moving away from its core business . Company sources telling me thats not the case. Their stated goal has always been to connect the world digitally. The company sees these moves as part of that longterm plan. For more on what zuckerberg is up to, lets bring in bruno. Welcome. To Morgans Point just now, is facebook moving away from its core business . And if so, as an investor, do you care . Theyre not moving away from the core business. He has clearly stated that his goal is connect the world. This is a way to expand his potential user base, people that do not have the internet, that perhaps in the future will be facebook customers. Hes looking to really ax accelerate potential growth when you look at the user base today relative to how many people are actually connected to the internet. You know, hes had a pretty large penetration. This is an alternative way to potentially expand the potential user base. It still seems like the luxury of someone who has a lot of cash to throw around. Does that worry you at all, the money hes using again to try and diversify the company . Yes, you have to be skeptical. Clearly, this is a company that has fairly rich market cap. So it gives them the ability to purchase a lot of businesses and, you know, whats the reality of those purchases. But, you know, they have a very significant advantage which is over a billion users. You can bring in capabilities that you can plug into this network and market to over a billion people. Maybe more. They have the ability to pay much more than other people because they ke connect whether it is Something Like social gaming and new acquisitions into new areas. But you have to be receptacle and they have skeptical. Theyre clearly paying a significant amount of money for these companies. I think kelly put it well. This does feel like a guy having a good time playing with other peoples money. Did you just use the phrase other peoples money for the tech world . Yes. Interesting. Hes gone from solving very Company Specific problems which is converting to mobile to how can we connect the rest of the worlds poor to the internet. And theyll jump right on facebook. Other a billion people in the world dont have electricity or water. There are fundamental reasons why people cannot connect to facebook that go way beyond the ability to have drones and lasers. I worry that hes lost focus. Its the money driving some of these irrational purchases. What do you think . We would definitely be very concerned if the specific metrics of the firm in terms of growth in revenue, growth in profits slowed down. Thats certainly not the case today, but well keep an eye for that. One of the things that zuckerberg has been clear about and he wrote about this in the letter when he brought the company public, is that he has the mission to connect the whole world. At the very least, there is a consistency to the message. I think it creates a legitimate point that investors have to be concerned about the usage of capital. You know, for a social purpose, he should be a b corp. Not a c corp. How do you measure the return on these investments, these acquisitions that hes making. Its a great goal to expand his user base way in the long term. Few you as an investor, how do you measure whether these are valid investments from that standpoint . I think when you look at you know, lets look at the different investments. When you look at the investment to connect the world to the internet, those investments are not significant, but theyre not huge relative to the size of the firm. You could argue just from a marketing perspective that is positive for people around the world that are not connected to the internet. You know, that may pay for itself from a marketing perspective if it has the additional benefit of increasing the potential user base, thats great. This is a user base when the ability to monday advertise those users is obviously if you want to talk about the digital vibe those, you dont have to look globally. 51 of 15 of americans dont have access to the internet. Is there actually still market potential for facebook in the u. S. In terms of growing its user base . Absolutely there is. There is a very large part of the population in developed markets that are in areas that do not have connectivity to the internet. So thats a great market for facebook to go after. Paying 2 billion for a company that doesnt generate any profits, not many revenues, its a big deal. But again, they have the luxury of bringing the technology into a company that has 1. 2, 1. 3 billion users. You want to think that they have a Business Plan that theyre executing again. The burden of proof is with them. All right. Bruno still likes it. Have a great weekend. Thank you. Michael lewis is ready to rock the Business World again. The author behind liars poker is taking on the world of highspeed trading. A first look at that book is just ahead. Actress Gwyeneth Paltrow not having a very good week. She tells me that being a movie star is harder than working mothers. Its inspired an oped piece and she will join us next. Plus, tweet us your thoughts on this. Does she have a point . Well be right back. ll be righ. Our clients need a lot of attention. Theres unlimited talk and text. Were working deals all day. You get 10 gigabytes of data to share. What about expansion potential . Add a line, anytime, for 15 a month. Low dues, great terms. Lets close new at t mobile share value plans our best value plans ever for business. Became big business overnight . Like, really big. Then expanded . Or their new product tanked . Or not . What if they embrace new technology instead . Imagine a companys future with the future of trading. Company profile. A Research Tool on thinkorswim. From td ameritrade. Welcome back. Gwyeneth paltrow in the spotlight today, but not necessarily in the best way. The actress telling e news, i think its different when you have an office job because its routine and you come home in the evening. When youre shooting a movie, theyre like we need you to go to wisconsin for two weeks. I think to have a regular job and be a mom is not as of course there are challenges, but its not like being onset. My next guest is a working mom that penned a letter that has gone viral. She writes, as a mother of a toddler, i couldnt agree more. Thank god i dont make millions per year as im about to begin my 45minute commute into the city. Shes here with our panel. We did reach out to paltrow. Didnt receive a response. Welcome to the program. You say the grass is always greener, right . Theres no way that you have it easier. No. I mean, you know, i think gwyeneth is a little bit tone deaf when shes making those comments for sure. What is it in particular you think is being lost here . Is it how long youre working . Are you saying, look, we work just as much or the fact that just because its a routine its no easier . For one thing, im definitely not taking issue with the fact that im sure it is quite grueling to film a movie and that there are long days involved. I think that when shes referring to an office job, she may be assuming that most jobs are 9 00 to 5 00. There arent a whole lot of those out there anymore. Aint that the truth and here onset with us, we know a little bit about what its like trying to be a working mom. I got to say, amen sister on this piece. I have a 1 1 2yearold at home, so i totally feel you. What got me about the comment, its hard for any mother, the fact that she kind of hated on everybody else. Why does this have to be a competition of who works the hardest and who has the most out of control lifestyle. Its not a competition. Do you think that generally speaking, the glamorous lifestyle perceived that someone like her seems to have, isnt the reality, it probably is extremely difficult, especially for people not making money at her level . Youre still talking about a schedule you have almost no control over. Its something by the way that working dads have complained about for decades. Absolutely. Like i said, i think its hard for everyone, including Gwyeneth Paltrow. I just think she needs to think before she makes those kinds of comments. I think its really hard to defend her in this. Tone deaf is the right word. Its enough that women deal with gender issues in terms of pay and other things with men to do women versus women, working mom versus working studio mom whos paid millions of dollars to work for a few days. Its crazy to me. I want to know whats so bad about going to wisconsin for a couple weeks. People in wisconsin should be offended by this statement as well. They should protest. I guess i always say there are two kinds of people that should never complain in public about their life, rich people and celebrities. Her life, to kellys point, is probably a lot more complicated and difficult than most of us understand. Dont you agree it is kind of difficult to have a kid and to shuttle around the world at last minute notice to places that dont have places for your kid, you have to take them out of school, dont you agree that that part of her life, no matter how much money you have, a more difficult than having a steady routine . I absolutely agree with that part. Im sure that its difficult. Then again, she also has Financial Resources that a lot of parents, even with steady jobs do not have. The cost of child care alone shes not it shouldnt be about the money. Okay, shes rich, so we shouldnt feel sorry for her. But she said its harder for her. Part of the gar ban in any bargain in any job is what theyre paying you for it. Beyond that. Just to tell you how tone deaf she is, according to a study last year, americas working mothers are now the primary bread winners in 40 of households with children. The American Family has completely changed. That is why she is so off base here. She had should not she had a conscious uncoupling from reality. We can agree on that. A lot of working moms dont really have a choice about working. You could argue that Gwyeneth Paltrow does. Absolutely. I think its all about choice. We all want flexibility and time with our kids. I think its mostly just in she used like a little bit of self awareness and self depositionry occasion, i think wed all be totally behind her. Its more just the tone thats how much time do you get with your kids on a typical working day . On a typical working day, you know, maybe about an hour when you piece together the time in the morning and then the time at home before he goes to bed. And what would you say . I would say maybe an hour and a half to two hours on a good day. I havent put my baby to bed for three nights, so im really looking forward to tomorrow. Thank you for joining us. Thank you. Michael lewis new book looks into weather the stock market is rigged. You wont get these anywhere else, by the way. Then off to wall street. Find out why two men traded the New York Stock Exchange for nairobi. Well be right back. ll be righ [ male announcer ] this man has an Accomplished Research and Analytical Group at his disposal. But even more impressive is how he puts it to work for his clients. Morning. Morning. Thanks for meeting so early. Oh, its not a big deal at all. Come on in. [ male announcer ] its how edward jones makes sense of investing. We still run into problems. Thats why Liberty Mutual insurance offers accident forgiveness if you qualify, and new car replacement, standard with our auto policies. So call Liberty Mutual at. Today. And if you switch, you could save up to 423. Liberty mutual insurance. Responsibility. Whats your policy . Welcome back, so is the stock market rigged . This is what bestselling author Michael Lewis new book is looking into it. We just got a first look at some of the experts, what does he have to say . A classic Michael Lewis book. Hes taken very complicated financial topics and boiled them down to where its easy to understand. Thats what hes done here in flash boys. Its a very critical look at highfrequency trading. One excerpts from the excerpts we obtained today. Talking about hft. More places there were to trade stocks, the greater the opportunity there was for High Frequency traders to interprose themselves between buyers on one exchange and sellers on another. The irony here, computerized trading was to rule out that was inefficient. Computers were supposed to be bring about great reform. Ultimately, they didnt. Another way for middlemen to extract 10 million to 20 million on tax on traders. A very tough look, here, some heroes, sol villains. Lot to digest. Eamon, we know everybodys going to be talking about it. Look, one of the interesting things, one of the reasons i want you to read it, because hes taking issue with intermediaries in the markets. Shouldnt the discussion really be about how much they cost . Yeah, i mean, what Michael Lewis is so good at doing in addition to taking complex stories and making them into great narratives is taking something that we dont understand and simplifying them and im curious how he does that without oversimplifying. The need for an intermediary, you need somebody in between these trades. It does seem like they fulfill an Important Role with volume and liquidity. One of the ways he does just that in the book, from the excerpts i just read, is good form of trade. He paints a picture of the old wall street that we all nknew ad love. Now its been replaced by humming black boxes. Eamon, would the holy grail being some way to connect them . Like bitcoin. If we effectively move from a system where the people in the middle, the floor guys down here, making a pretty good margin, to a system where its much more spread out and its much more computerized, thats a change in nature, but its still not driving that thing out of the market, can that thing ever be driven out of the market entirely . Thats the question that hes grappling with in the book. Lot of what htfs are doing is positioning themselves between buyers and sellers and sniping off a little percentage from the profit in each of those trades. Theyre able to impose a trading tax on everybody else in the system. That, he says, is something that ought to go. Reck lay or thes should be trying to figure this out for a really long time. It will be interesting to see the reaction. Exactly, once they all read. Thank you. Have great weekend. Up next changing the world, some people quit the Business World to open cup cake shop, two people trying to bring solar power pumps to parts of the economy in africa, their storys coming you next. Be sure to watch the final episode of the kudlow report is tonight. Special guest is steve forbes, mitch mcconnell. Join larry for his final show. It starts in two hours. Remember, one of the first places that i ever popped on this network. Well have to get larry on this panel soon. Well be right back. Latte or au lait . Sunny or bubbly . Cozy or cool . Meow or woof . Wheels or wheeeels . Everything exactly the way you want it. Until boom, its bedtime. Your mattress isnt bliss its a battleground of thwarted desire. Enter the allnew sleep number classic series. Designed to let couples sleep together in individualized comfort. Starting at just 699. 99 for a queen mattress. Hes the softy his sleep number setting is 35. Youre the rock your setting is 60. That works. Hes the night owl. His sides up while youre in dreamland. Youre the early bird. Up and at em. No problem, because youre in it together. Keeping the love alive. And by the way snoring . Sleep numbers even got an adjustment for that. Crazy . Only if sleeping peacefully with your soulmate is crazy. Find your sleep number setting only at one of our 425 stores nationwide. You can afford a sleep number bed, you cant afford another mediocre nights sleep. Know better sleep with sleep number. Make it happen with fidelity active trader pro. Its one more innovative reason serious investors are choosing fidelity. Call or click to open your fidelity account today. Welcome back. Were continuing our off the wall Street Series today. Our next guest seriously went off the wall and off the grid, they moved from new york city to Nairobi Kenya to start up a company for solar power. Welcome to you both. First of all, this is a premise a lot of people have tried to chase in africa, how did you actually get to make this happen . Sure. So, we started the idea for sun culture through new york universitys business competition about two years ago. I studied mechanical engineering, we were doing largescale solar power. We put our two backgrounds together and made this happen. You had a local connection to kenya sf. Yeah, my family is african as soon i started, you worked really hard to get here and im working hard to get back there. I mean, they are operational nuances that you dont have to solve. Knowing people there helped us get going. I spent some time in kenya as a rt roer. Lot of gnos and americans coming to solve what they thought were problems and the locals were like, thats not our problem, our problem is more basic or different. Did you confront a moment where you say, you know what, we came in with the wrong idea or we have to change it to adapt to the realities on the ground . So, when we first came in, we decided we wanted to make a pump. Keep it simple. But we wanted to make it an acre or larger, but then we decided a lot of farmers want to start smaller. We took feedback from the them. Thank you so much for being here. Congratulations. An inspiration. Well throw it over to fast money with maddie. It starts right now. Were live from nasdaq marketsite in New York Times square. We are closing out this friday with another lateday reversal in the books. The dow up 150 points at session highs. Dropping sharply and then rebounded to finish 152 to the good