Time. You are back to school today. I am. Call it backtoschool time. Summers over, but does that mean the rally is as well . A tepid start to stocks kicking off the month of september. The s ps lower by two. The Major Industrial average down 40 and the nasdaq higher by 10 points. It didnt seem so long ago that the cruise industry was on the ropes with one mishap after another. Remember all those pr problems they had a couple years ago . Yeah, the smelly problem, the, mmhmm. Today it gets a big vote of confidence with news that norwegian cruise lines is buying oceana and regent seven seas, combined into a group called prestige. Its a 3 billionplus deal. And we will speak exclusively with norwegians ceo, Kevin Sheehan, in a first on cnbc interview coming up here later on the program. 400 for an apple watch . Recode is reporting that might be a highend price point for the longanticipated wearable that apple is expected to unveil a week from today at a major product event. What kind of features would that watch have to have to make it worth 400 . Do you wear a watch . You dont wear a watch. Normally, i do. You do. I just happen to have a bracelet on today. I do wear a watch. Millennials especially. I dont think they wear watches anymore, right . I wear a glow in the dark watch when i travel overseas. Millennials dont wear watches, my point. The people i think would be their target audience im skeptical is what im saying. Thats true, because youve got it on your phone. Right, exactly. You want to know what time it is, look at your blackberry. Maybe its going to be something thats both, and hence, its not the watch, its a computer on your arm. We will see. This is for all my friends out there. Were off the lows of the day. There you are. I said it. The dows down 43. We had been down 88 points at the low end of the day. Were at 17,055. The nasdaq, as we said earlier, it up ten points right now, gaining to a 4,590. And the s p still right at 2,000, down about three points right now. I dont like being reminded im not a millennial, bill. I know. Im sorry. Lets go over to dominic chu who i believe also is not a millennial. I think im on the cusp, bill and michelle, so i dont think im a millennial. Stop bragging. Yeah, yeah, anyway. So, were watching shares of pg e. Now, the reason why is the stock is spiking on news that two state regulatory judges ruled that californias largest utility should pay a 1. 4 billion penalty for a deadly 2010 natural gas pipeline explosion in san bruno, california. You can see their shares are up on this. Maybe shareholders expecting maybe a little bit of certainty with a price tag being brought to the number. Still, though, bill and michelle, this 1. 4 billion levy is the largest in california state regulatory history for the Public Utilities commission. And again, theyre saying that these penalties, the 1. 4 billion, must be paid by pg e shareholders and are not, again, not recoverable from pg e customers. And i know, bill, you grew up in california, i did. We know pg e well. This is one bit of news, at least for now, shareholders have a price tag on what theyll be owed in terms of the overall fine. Back over to you. And gee, if money is spongeable, how do you guarantee it doesnt eventually get passed on . Thats up to the chief Financial Officer to figure out, right . Uh huh. Dom, thank you very much. Lets get to the days market action. Hank smith from haverford investments, joe duran from United CapitalFinancial Advisers and our own Rick Santelli. By the way, we should mention as well one market we hadnt gotten to, which we will be mentioning throughout the next couple hours, the price of oil down sharply today, gang, about a 3 decline there. Rick santelli, im going to start with you, then. How much of that do you think is the rising dollar . I mean, is there a fundamental thing going on or what do you thinks going on here . Well, you know, rising dollar is obviously going to have a valuation effect. A dollardenominated commodities, but i think when it comes to the Energy Complex, i think theres many traders that, even though geopolitics never really had a big correlation with regard to some of those Energy Prices over the last several months, whether mideast or ukraine geopolitical stories, i still think we amassed a lot of speculators, and lets, of course, mention that at least driving season may be over, although the price of my gas is going up. I dont believe thats what it is. But i do think we still have something to look forward to, the cold war. I think whats going on with the ukraine area will, of course, hit some type of peek, my opinion, when the weather gets cold, because you know, if you have a trump card in a game of cards, you tend to use it when youre dealt it. We all know that putin does have that trump card in the form of natural gas. I also think, bill, that the one area nobody wants to talk about is underestimating the global horsepower with regard to energy use, and i think that may factor in as well. I agree. In fact, lets talk about that right now. Standing by to tell us more about what happened with Light Sweet Crude Oil today settling sharply lower, jackie deangelis. Bring us the numbers. Hey, michelle. Lets look at the numbers. The dollar index at a 13month high took crude down 3. 08 today, closing at 92. 88. Brent closing down nearing 100 a barrel. Rick santelli hit on the key points of what were looking at, what traders are watching. They are saying the demand picture looks bleak, specifically worried about china. Theyre also saying that geopolitics right now appear manageable, and that is why these prices continue to go lower. What we saw, this steepening of the decline in the end of the day, that really was technical pressure as we broke through some key levels. I do want to talk about the metals as well, because the dollar impacting the gold trade, down more than 20 at the close, closing at 12. 65 even. This is the lowest that weve seen gold since midjuly. And traders are saying, while geopolitics are still on the table, its not enough for them to ignore the fact that theres not a lot of physical demand out there, the equity market is strong right now and youre seeing money flow into equities, and also that inflation isnt really a huge worry right now. So, of course, that dollar having an impact as well, but a lot of reasons that people want to stay out of the gold trade. Back to you. Yeah, in fact, deflation is the big worry over in europe. Right. Thank you, jackie. Lindsey, youre the economist on the panel. When you see a decline in the price of oil like that, do you think, wow, thats great for the economy, or do you think, wow, is that signaling theres something wrong with the economy . As we know, the fastest way to derail the u. S. Consumer is sustained heightened Energy Prices. On the flip side, as we continue to see price reprieve, that should add a very welcome support to Consumer Spending. As you know, weve seen retail sales peak back in march, but since then continuously decline, setting a very negative trend as we head further into the third quarter. So, certainly, at this point, the shortterm decline in Energy Prices is going to offer a lot of support, not only to the Consumer Sector but growth overall. You know, hank smith, once upon a time, there was an inverse relationship between oil and equities. As oil went lower, equities went higher because their costs were going down, but lately, theres been a correlation because a lot of Energy Stocks play a big role in this market right now. So, as you see oil prices go lower, are you encouraged or discouraged for the equity market . Well, i agree with the previous guest, very encouraged from a Consumer Spending standpoint. Its more money in the consumers pocket. And look, what we have right now is a goldilocks scenario, not too hot, not too cold. Theres not enough growth to have the fed really get any more aggressive than they are right now, and theres not enough growth to create any excesses. And at the same time, the risk of a recession is extremely low. This is a Good Environment for equities, and we think its going to continue that way into next year. Warm oatmeal. We like that, i guess. Is that the new version of the goldilocks . Warm oatmeal. Hugh, do you agree there . Whats your sense of whats happening with the markets here, especially in light of oil and whether or not the fed here in the u. S. , compared to the ecb, is going to be relatively tighter . Well, i think youre seeing a separation of the u. S. Economy from the rest of the economies in the world and the fact that youre seeing Dollar Strength is a part of that flight to where the action is, and thats the u. S. Economy. The fact that the Energy Complex is showing declining prices is a great tax cut for the consumer, and weve seen in the last consumption data that energy costs and food costs are beginning to come down, which frees up discretionary cash flow for the consumer. So, were very optimistic that with the improving fundamentals in the u. S. Economy, those major secular trends could stay in place for quite a while. We havent mentioned, joe duran, the seasonal trend. We had a pretty strong summer for the markets. August was very good, but september traditionally is not so good for the market. In fact, its the worst month for the stock market. What do you think happens this month here . Well, its the worst month, except there are two things that are different. It actually does quite well when you have a positive trend going into september. So, after youll see noise in august, increased volatility and then a decline in september. We didnt get that this year. And so, as usual, when you have a strong august, that it actually flows into i think around a 1 increase in september. Secondly, were starting if you take a septembertoseptember in the third year of a president ial cycle, thats seasonally a really good time to invest. So, i would not be surprised if we dont get a little bit of volatility, but the market does surprisingly well from here to year end when you look at those two things together. All right. What does that all mean for the bond market, do you think, Rick Santelli . You know, i think that the bond market, its funny today. As we hover near a 2. 42 yield, wen we could have the highest yield close in two weeks. Two weeks ago wednesday, actually. I think anything above a 2. 45 and three basis points, ending above 2. 48 could give us a reversal and i havent seen a formation for a reversal in a while. I know no one wants to hear this i dont want to hear this but i think with elections, what, nine weeks away . I do think the notion of both houses being conservative could have huge implications for the markets, and i think theres been an awful lot of silence regarding that potential outcome and its impact on the notion of less spending, less government. Yeah. Lindsey what about the fact that were getting the big employment number on friday . How much of the flat market that were seeing today is hesitation ahead of that number . Right. You know, nonfarm payroll is obviously the most exciting day of the month for everyone, but its been less exciting as of late. The topline number, remember, has been very impressive, above 200,000 for the past six months, but that hasnt translated into improving fundamentals in the labor market, certainly not enough to translate into wage pressure. So, i think the market is getting a little disassociated with the Employment Data simply because the topline number is not giving us a true sense of whats happening out in the labor market. All right, folks, good to see you all. Thank you for your thoughts, as we begin the month of september on wall street. See you later. All right, we have about 47 minutes before the closing bell. The Dow Jones Industrial average is lower by 45 points, the s ps lower by 3, but the nasdaq is in positive territory by more than 9 points. Technology doing well. Facebook, as a matter of fact, surging more than 40 this year alone. It could hit 92 over the next year, according to one wall street pro. Its in the 76 range right now. The bullish case for facebook is coming up with that analyst. Also ahead, find out if wall street bear turned bull David Rosenberg is starting to have doubts about this market. Plus, wait until you hear what he thinks could drive a correction. And remember this . A little History Lesson here. Russian premier at the time with an emotional outburst at the United Nations back in 1960 after being called out for depriving eastern europeans of civil rights. Khrushchevs granddaughter, nina khrushcheva, naw School University professor, will be with us today weighing in on Vladimir Putin and whether or not hes inciting a new cold war. And remember, khrushchev is the one who handed crimea back to ukraine exactly, and shell have some thoughts on that coming up here on closing bell. Stay tuned. From 2000 to 2011, on average 17 manufacturers a day shut down in america. Theres no reason we cant manufacture in the United States. Here at timbuk2, we make more than 70,000 custom bags a year, right here in san francisco. We knew we needed to grow internationally, we also knew that it was much more complicated to deal with. I cant imagine having executed what weve executed without having citi side by side with us. Their global expertise was critical to our International Expansion into asia, into europe and into canada. So today, a customer can walk into our store in singapore, will design a custom bag and that customer will have that American Made bag within a few days in singapore. Citi has helped us expand our manufacturing facility; the company has doubled in size since 2007. If it can be done here in san francisco, it can be done anywhere in america. Markets mixed today. The industrial average, the s p, slight declines so far today, while the nasdaq is holding on to a gain of about 10 points. We have about 45 minutes left in the trading session. Dominic chu is covering the big movers today. Whats going on today . Michelle, bill, well start off with tesla, hitting a record high, as steeple nicholas analysts upgrade it to a buy and slap a 400pershare price target, saying the company is well positioned for growth. So, those shares you can see up about 5 on the day. Regeneron and novartis hit highs on their respective drugs for heart failure, up 3 to 4 for those companies. But a different story for exelexis, which lost half its value after the Prostate Cancer failed. The company is also slashing its work force 70 . Also a tough day for cons, reporting weakerthanexpected secondquarter results and cut its fullyear earnings outlook as more customers fail to make payments for its Consumer Credit card unit. And were going to end with facebook shares, getting a boost from rbc capital, which repeated an outperform rating and put a 92 price target on the stock, citing robust user growth. Facebook shares at session highs, up by nearly 2 . So, michelle, bill, a decent day for facebooks stock. Back over to you. Oh, yeah, certainly. Were going to talk about it more. For more, lets bring in mark mahany, lead internet analyst at rbc capital and put out a note putting facebook at the top of his list with a 92 price target. Its only 76 today. Wow. Welcome back, mark. Hey, bill. Whats the rationale, mark . Its been our top pick since earlier in the year. People talked about a couple new Revenue Opportunities at the company. We call them green fields, things like instagram, monetization, video ads. What we try to do is quantify those, including the whatsapp acquisition. Theres almost 3 billion in incremental revenue, over 30 cents in incremental earnings they can make in 2013. Were above the street in terms of estimates, earnings, revenue. We think they adds more fuel to the fire and core growth in the business is still very much intact. Im going to sound like im picking on you, but im not. At the ipo, it was such a debacle. Nobody liked it. They werent into mobile. You know, zuckerberg was looking well, he got married, wasnt keeping his eye on the ball. Now he was buying things without telling everybody, spending lots of money. Now everybody likes facebook. Has it changed that much or have perceptions changed . I guess both is the honest answer to your question. Look, this company had a disastrous ipo, made a lot of mistakes and they missed the mobile transition. It took them about a year and a half to catch up to it, and thats frankly when we upgraded the stock back then at around 20 bucks. Once they figured out mobile, which is the single biggest trend in internet today, then it started to work fundamentally and the stock started to work. Lets talk about earnings. Price to ratio 47, trailing 83, 20 times sales . I mean, those are mostly impressive. You know, ive seen the references to price to sales. Look, this is a company with mature margins. Theres no reason to look at sales on this. And if you look at earnings, this trades at 30 to 35 times earnings. Thats certainly not cheap. But given the growth here, we think its sustainable 40 earnings grower. We think the market, as it did with google back in its heyday, but you have to go back to 06 and 2007, we think the market will pay 30 to 40 times earnings. Apply those multiples to it and the riskreward looks attractive. Whats the growth driver down the road . I mean, lets just say you get your 92 price target. Im sure then you think again, does it deserve a higher price target or something . But what is it that grows this Company Going forward from here . Well, i just want to step back a little bit. Theres an assumption in the question and theres an assumption in the market that what we see today in facebook is what were going to see in the future. There are still very large advertising categories. Online travel is one, financial services, automotive, film and entertainment. There are very large advertising overtimecals that have yet to commit to facebook, so we think they will. And there are new growth drivers. Thaev not monetized instagram to a penny. There is no advertising revenue from instagram. I didnt realize that. Its significant. Its a large infrastructure they have. Then they bring in video ads, tapping into those dollars. We think whatsapp can help at the margin. Those are the three biggest new drivers we havent seen hit the p l on those. Were bullish. I mention in my household, we call it fogie book, because my kids wont touch it because im on it. Youre not a fogy, bill. But you dont have the Younger Generation that they would covet. Theyre elsewhere, in instagram, some other snapchat, those things. So, is facebook does it need to do Something Like buy something thats going to attract the younger audience, or what do they have to do here . Well, bill, i think my household mirrors yours. I dont tell my kids this, but theyre on instagram. Its actually owned by facebook, but i dont tell them that. So, i think facebook hedged itself by buying instagram. And by the way, they will have to make other acquisitions in the future. Theyll need to always be, you know, relevant. If theyre going to grow and be a utility for certain parts of the demographic, thats not useful. But remember, soccer moms is an advertising demographic are a lot more attractive than soccer playe players. Like what . What are they going to buy . Tell us now. As soon as i figure it out, ill let you know. Very good. Good to see you, mark, thank you. Thanks, bill. Thanks, michelle. Mark mahaney of rbc joining us. Youre not a fogy i am not a millennial compared to my kids i am. But thank you. 40 minutes left in the trading session. The dow Holding Steady with a decline of 46 points. The nasdaq is the standout to the upside with a gain of 10 right now. Coming up, lipitor and other statins. A new class of cholesterolfighting drugs could make the pharmaceutical industry billions of dollars in profits. Find out who is leading the pack. And up next here, russian premier Nikita Khrushchevs granddaughter on Vladimir Putin and if the russian president is creating another cold war environment. Im really looking forward to this interview coming up. Stay tuned. How do you beat the number one seed . You just have to win 70 of your points at net. And keep unforced errors under 10 . On the ibm cloud, the us open analyzes 41 million data points from 8 years of competition to uncover key insights. Data can help show you how to win, no matter what business youre in. Today theres a new way to work. And its made with ibm. Its a powerful reflection of validayour drive to succeed. Nts. So, forget the gold watch; grab the brass ring. You dont need anyone to tell you that success is yours, because youre busy. Seizing it. Drafting it. Tuning it. Making it. The new 2015 cadillac ats. Welcome back. Another u. S. Journalist beheaded by the terrorist group isis. Eamon javers has the details. Eamon. Hi, michelle. Really awful news here in the case of journalist steven sotloff. He was a writer for Time Magazine and foreign policy, among others. Now a new video surfacing on the internet, apparently released by isis, apparently shows the beheading of mr. Sotloff at some point in the recent past. U. S. Authorities say they cant confirm the authenticity of this video thats just surfaced, but theyre looking at it and trying to determine what it shows, when it was made and what, if anything, they can determine about the people who did this apparent act of terror. Heres jen psaki, a spokeswoman for the state department, just a few minutes ago, talking about the release of this video. The Intelligence Community will work as quickly as possible to determine its authenticity. If the video is genuine, we are sickened by this brutal act taking the life of another innocent american citizen. Our hearts go out to the sotloff family, and we will provide more information as it becomes available. The Obama Administration now all fully committed to the tragedy of bombing isis in iraq and pushing back along with kurdish allies on the isis advance in the northern part of iraq. The question is whether the United States is going to get into a more expanded war against isis inside the area of syria itself. That question still undecided. Also some question now about whether were going to hear from president obama today on this issue. That is one possibility here in washington but no confirmation that well hear from the president yet, guys. Back to you. Thank you. That horrific story happening as president obama is traveling to europe to meet with nato allies, as the fighting between ukraine and russia escalates. According to our next guest, the only way for the u. S. To stop Vladimir Putin and Russian Forces from advancing further into ukraine is to enact very serious sanctions. Joining us now with more, we have a cnbc exclusive. We welcome a professor at the new school, the granddaughter of former russian premier nikita khrushch khrushchev. Does Vladimir Putin have an end game in mind and what is it . He absolutely does, and the end game is to ensure that ukraine remains in russias backyard, and thats what hes doing. Because if the u. S. Has a sphere of influence, he thinks russia has a sphere of influence. And in fact, he feels its very unbecoming of the United States to really act as if he doesnt and he shouldnt. And thats what hes doing. He didnt want to invade ukraine, but he certainly was going to destabilize it, and thats what he has done effectively. When you say stay within their sphere of influence, does that mean not allowing them to join the European UnionsEconomic Group . Well, it was supposed to be negotiation. Right. How much would go to russia, how much would stay within the european union. Now the conversation has moved on to nato, and nato is certainly a nono for russia. That being said, we have this meeting happening this week. I think a lot of americans would understand, we would not want mexico or canada to fall in the sphere of influence of russia. We would find that offensive and we would fight that dramatically. So, does that to some degree give Vladimir Putin some justification for what hes doing here . Well, we may not agree with his justification, but its certainly his justification. The United States had a doctrine during the khrushchev times and even before. The cuban missile crisis happened. The rockets were sent to cuba and the United States said, no, no, no, our sphere of influence. So what putins doing is saying this is my doctrine and youre interfering with it. You are doing all the things you are not giving me, by the way, any leverage. I want to solve it politically, but youre pushing me. He really thinks hes being pushed militarily. He promised to the ukrainian president that its not going to be solved militarily, and then were surprised that hes opening new fronts. Hes really making it impossible. Its only a political solution, and at least east part of ukraine would remain within russias sphere of influence. You know, it became part of g8, but at best, it was a tenuous relationship anymore. What does this do to that now, do you think . I mean, it would seem this is what Vladimir Putin aspired to, become a member of the g8, become a bigger influence in the western economy. But now what happens to him . Well, absolutely. Actually, it was his predecessor, boris yeltsin, who became a member of g8. And when putin came in, he really felt that he was sitting at the big boys house. Right. He was a western country. In fact, early in the 2000s, he said i dont see how nato is a problem for russia, how its a threat. But then he felt that at every turn, it was, when russia was helpful, it was used, but when russia was not helpful or when the big boys, the brits, the french, the americans, they would sit at a separate table. So, russia would always be a little imposter, or big imposter, but really was not welcome. And i think that relationship has developed, and that understanding of being misused or mistrusted by the west really has been around with him. Ukraine has been asked to join nato. Foreign policy sources tell me that is never going to happen for the very reasons that you state. Do you agree that thats just off the table . Well, we cant say never, because as you very correctly pointed out, in the 2000s, there was a hope that the relationship would become beautiful. But right now right now, i dont think its a possibility, and thats what putins end game is, is that all east ukraine, even if it remains within ukrainian territory, its russian influence. Very quickly. I mean, we hear that the sanctions that have already been put in place are starting to take a toll in that there are some debt payments that are coming due this year that some of the russian corporations will not be able to pay because of the sanctions. And you know, this will move into the next year. Do we see some sort of resolution before the end of the year because of the current sanctions, or do they tighten the screws morally . What do you think happens here . It would not be a resolution the way the u. S. Wants it, because the u. S. Wants russia out of there and it the way it was. Its not going to happen. So, there may be some resolution. Thats why putin is pushing for political solution. Militarily, its a problem. But there is sanctions already very hurting russian people, and in fact, they already Start Talking about the military exercises and the physical exercises at the universities. Theyre reinstating physical exercises. Were going to be all soldiers again. Your grandfather was a huge fan of ukraine, actually handed crimea over and gave the ability for ukraine to be what it is today. Absolutely. What would he say right now . Um, i think he would say ukraine can determine its own future, but he would be very displeased with the western approach. He would say, look, you punished me for your doctrine. Youre not allowing us to have our own. Fascinating. Thank you for joining us today. Great having you. The granddaughter of Nikita Khrushchev joining us today. We have 28 minutes before the bell. The Dow Jones Industrial average is lower by 48 points, right around that level now for the last couple hours. We should mention, oil has been the big feature today, down 3. And its not helping the dow at all. Nope. I said, you know, those oil stocks dont help that, right . When we come back, David Rosenberg and Dennis Gartman weigh in on the geopolitics heating up in the different parts of the world. Well find out why wall street has been largely ignoring those flareups and what could change that, especially when you consider oil and gold and the price of the dollar as well, coming up after this. In a world thats changing faster than ever, we believe outshining the competition tomorrow quires challenging your Business Inside and out today. At cognizant, we help forwardlooking Companies Run better and run different to give your customers every reason to keep looking for you. So if youre ready to see opportunities and see them through, we say lets get to work. Because the future belongs to those who challenge the present. But what if you could see more of what you wanted to know . With fidelitys new active trader pro investing platform, the information thats important to you is all in one place, so finding more insight is easier. Its your idea powered by active trader pro. Another way fidelity gives you a more powerful investing experience. 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Dominic chu has a look at september and whether or not investors should sell now instead, right . So, theres a reason why overall youre talking about a scenario where september is a real big deal for a lot of investors, because its the worse month in terms of performance for the s p 500 of all the months of the year. You go in data really back to 1950, and you can see here the s p 500 is down 0. 5 on average in the month of september during that time frame. Now, if you kind of look ahead to whats happening more recent term, you look at some of the stats here, because the s p 500 over the course of the last five years, so since the financial crisis, is actually up 2 on average. And get this, its been up 4 out of the last 5 septembers, so it begs the question, which side is winning out . Thats why the september swoon is so important for investors right now, especially with stocks sitting near record highs. If you look at the sectors that have done the best overall, Consumer Discretionary has been the best performer, up 3. 5 on average for september during the last five septembers. The worstperforming sector has been the financials, the banks. Theyre only up by about 0. 5 on average for the month of september, at least over the course of the last five years. As for the individual stocks that people are watching, one of them is under armour, because on average well, at least in terms of the overall momentum that it brings going into september, between memorial day and labor day, s p 500 stocks, under armour is the single best performer this past summer season. Its up 41 . Of course, thats a big deal, because you look on the other side of the spectrum, and genworth financial, a financialtype company, is the worst performing stock this past summer season, down about 18 . So, again, Consumer Discretionary a focus for the near term, also financials. And then these two stocks in particular, under armour and genworth, michelle, bill, two of the stocks that people want to watch, because they have some momentum, either on the up side or the down side heading into this allimportant month for the markets. Back over to you guys. Thank you, dom. All right, what else is in store for the markets this september . Some have suggested reality would set in when people got back from vacation and saw where stocks were along and how much global turmoil there is. Really . You were away. Joining us now with some thoughts on that, David Rosenberg, also cnbc contributor Dennis Gartman from the gartman letter. So little time, so much to talk about. Dennis, first of all, just oil and gold today. I mean, is that signaling anything other than just a strong dollar, and why now, you think . Well, i think there was one thing that people need to understand. Theres another, at least one more tanker, and perhaps two, of kurdish oil moving out of sehan, and we may have as many as 11 or 12 tankers of kurdish oil out on the oceans looking for buyers. If oils the most fungible commodity in the world, and it probably is, thats just a lot of crude oil looking for a potential buyer, and the kurds really dont care what price they get, as long as they get some price, because as i like to say, they stole that oil fair and square from the iraqis. They have no inherent cost in it, and they need to sell it. Thats the major reason why crude oil prices are down. And gold is simply following crude oil to the down side. And we havent had any really any great escalation in geopolitics over the weekend that could have been deemed to be untoward. So, put crude down 3, which is somewhat surprising. Gold prices have to go down. David, what do you think of the move in the dollar today and what its done to oil, or not done to oil, as dennis says . Well, i think these are commodities priced in u. S. Dollars. And i think if you take a look at other currencies that are priced in u. S. Dollars, they show something very similar. So, i agree with dennis, that to a large extent, this is reflecting a broadbased move in the greenback. You know, youve got two Central Banks meeting on thursday. Youve got the bank of japan, youve got the ecb. The japanese economy seems to be suffering some pretty big hangover from the sales tax hike. The economy is weakening again. Who knows if the boj has to step up its quantitative easing, which is ongoing and significant. And the debate on the ecb is whether or not draghis going to take out the big bazooka, quantitative easing. So, at a time when the fed is tapering, thats leading to flows into the u. S. Dollar. I suspect that will continue over the next several months. Lets bring it home to the u. S. Equity market, which is where weve been heading here for this month of september, dennis. Youre a traditionalist. You watch those cycles. Does this set us up for a disappointing september for those who are bullish this market . Will tradition hold, or you know, do we continue higher in this teflon market . September is characteristically an ill month, except in years when the stock market has been strong. If you go back and take a look at years when the market has been strong, in my word, it has been nothing other than strong thus far, september has tended to be as normal as the other months. So, lets be simple here. It has been a trend from the lower left to the upper right. It has been a bull market. A lot of smart people have tried to sell it short. Ive tried every once in a while, and every time i did, it was the wrong thing to do. Its still a bull market. You should remain long. I like the metals. I like aluminum, and i like things that if you drop them on your foot, theyll hurt. Coal. No one likes coal. And coal stocks are acting better along the line. Its still a bull market. You still want to be long. David, you were bullish for a while. Are you still . Yeah, as a matter of fact, i am. And you know, if i had an area of concern, say beyond the geopolitics, it really came down to fed policy. I was of the view that wed finish the year with the Unemployment Rate below 6 , core inflation around 2 , that the fed would have a hard time selling to the investing public. That zero is the appropriate Interest Rate in that environment. But you know, when youre a central bank that has 18 or 19 labor market indicators and youve convinced the market that the Unemployment Rate is not the be all that ends all, you basically have tremendous flexibility. My sense now is that janet yellen, especially with core inflation at 1. 5 , theyre probably going to be on hold for longer. That means that liquidity is not going to be a constraint on the market. Valuations may well be, but liquidity wont be. And if im not mistaken, they got a 59 reading in ism today, so Economic Growth is going to stay intact. We could get a nearterm correction, for sure, but it wont be a sustainable bear market at all. The takeaway from Janet Yellens speech in jackson is that shes keeping a closer eye on unemployment and if it continues to drop, then she becomes more aggressive, the possibility exists that they become more aggressive when they start to raise Interest Rates, whenever thats going to be, dennis. Is that the thing that will end this bull market, you think . Well, we understand that the fed has a dual mandate, but i think theyre down to a mandate and a half. They are far more concerned about the Unemployment Rate than inflation. Im with david. I think they stay low long, for a much longer period of time than almost anybody had anticipated. Even so, they are tapering, and theres a difference between what were going to be doing and what the bank of japan or what the ecb are going to be doing. Right. Right. They are going to be easing dramatically. We have no choice. All right. But were going to be at a point where 0 Interest Rates look tight compared to other people. Yes. I mean, can you imagine . Exactly. Can you imagine . Good to see you both. Thanks for your thoughts on the markets. Holding steady, thats the best way we can characterize it right now as we begin the month of september. Weve got 18 minutes left in the trading session. The dow is down 35 points. Coming up next, statins made pharmaceutical companies billions of dollars in profits as a kind of miracle drug for high cholesterol. Meg tyrells going to look at the next class of cholesterolfighting drugs being developed right now. Also ahead, could the Housing Market, very important, actually heat up this autumn . Our diana olick will have a special report in the next hour of closing bell. Stay tuned for that, coming up. And. Exhale. Aflac and a gentle wavelike motion. Aahhh ahhhhhh. Liberate your spine, ahhhahhhhhh aflac and reach, toes blossoming. Not that great at yoga. Yeah, but when i slipped a disk he paid my claim in just four days. Ahh four days . Yep. Find out how fast aflac can pay you, at aflac. Com. Whenwork 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. Dad hes our broker. He helps looks after all our money. Kid do you pay him . Dad of course. Kid how much . Dad i dont know exactly. Kid what if youre not happy . Does he have to pay you back . Dad nope. Kid why not . Dad it doesnt work that way. Kid why not . Vo are you asking enough questions about the way your wealth is managed . Wealth management at Charles Schwab beyond lipitor, cholesterolfighting drugs that are known as stiatins, theyve made billions for the pharmaceutical industry. Meg tirrell now looking at the new class of fatfighters that could do the same thing. Meg . Hey, michelle. Thats right, its a race to a market that could be worth up to 10 billion. Millions of patients with high cholesterol dont respond to or get enough of a benefit from statins, like lipitor and other cholesterollowering drugs. So, theres a new class called pcsk9 inhibitors, among the most important parts of some drug makers lines. Amgen who partnered with sanofi, is leading the race. Theyve applied for approval in u. S. And europe, while amgen and sanofi sent the stock. Theyre given as injections, which cause some to wonder whether patients will be as likely to take the drugs. The ceo told us that compliance was very good in the studies just reported. And behind amgen and regeneron are other drug makers, including pfizer and eli lilly. So, its a big race for potentially a very big market. Back to you guys. Meg, thanks very much. Something to keep an eye on. Heading to the close, weve got 12 minutes left in the trading session. The dows down 32 points, nasdaq is higher by about 10, oil down sharp, down 3 today, and gold just continues to tumble here. Norwegian cruise lines ceo is speaking with us in a first on cnbc interview. Find out why he is shelling out 3 billion to buy privately held prestige cruises. Stay with us. And startup ny companies will be investing hundreds of millions of dollars in jobs and infrastructure. Thanks to startup ny, businesses can operate tax free for 10 years. No property tax. No business tax. And no sales tax. Which means more growth for your business, and more jobs. Its not just business as usual. See how new york can help your business grow, at startup. Ny. Gov over 20 million kids everyday in oulack access to healthy food. For the first time American Kids are slated to live a shorter life span than their parents. Its a problem that we can turn around and change. Revolution foods is a company we started to provide access to healthy, affordable, kidinspired, chefcrafted food. We looked at what are the aspects of food that will help set up kids for success . Making sure foods are made with high Quality Ingredients and prepared fresh everyday. Our collaboration with citi has helped us really accelerate the expansion of our business in terms of how many communities we can serve. Working with citi has also helped to fuel our innovation process and the speed at which we can bring new products into the grocery stores. We are employing 1,000 people across 27 urban areas and today, serve over 1 million meals a week. Until every kid has built those lifelong eating habits, well keep working. Welcome back. The dow trying to come back here. Were down just 29 points. At the low of the day, we were down 88, now at 17,069. Nasdaq continues higher, a gain of 17 with the s p down a point but still above 2,000. And i think the nasdaq being higher reflects its lack, maybe, of Oil Companies . Yeah. Because thanks to oil, pushing Oil Companies down today. Okay, lets talk about that, shall we . Joining us, mike lear from Athena Capital advisers and Kenny Poe Kari from oneil securities. Kenny p. , starting off what is traditionally the worst month of the year for the stock market hey, not so bad, right . So far. No, so far, but i think you have to be careful as you go through. But its another quiet day, just after labor day. I think people are just getting back in. Theyre being very, very cautious this week. Theres a lot of information. Certainly, the big ecb announcement on friday, i think Global Investors are really kind of sitting and waiting, expecting that theyre going to hear this big bazooka. Because that could push the dollar even higher if it pushes the euro then we could see more selloffs in commodities, no . Yeah, we could see a selloff in commodities and weve had an overweight bear, so not great positioning for us, but we have a lot of cash on the sidelines we could put to work. Is it good for other stocks, the rest of the market when you see Oil Moving Lower . Yeah, it helps the Consumer Spend more. Theyve been constrained for some time, the job market is not great. If you look at the cover of barrons, there is a lot to be made of this being a secular unemployment we havent seen in some time. Speaking of which, we get the jobs number. Im surprised youre thinking more about the ecb . I think the jobs, look, they were expecting 225,000, right . That would be seven or eight months in a row of plus 200,000, but the problem always is the quality of those jobs. Were creating more temporary jobs than we are wellpaying, fulltime, solid jobs, and i think that continues to be some of the confusion that that good job number creates, right . Bottom line, what are you telling clients to do right here . Weve been overweight cash for a while, but weve been trying to find opportunities where we can. So, something that a lot of people dont have is foreign bonds. So, weve been adding to, as more and more emerging markets, total return, that gives you about a 5 yield and thats why so far this year, its been up about 6 . So, thats a good place to hide out. Find some income. Yeah, find some income and a little bit of value. We had a strong august. Some people are saying that argues for a strong september, then. Well, you know what, it may well argue for a strong september, but i think if you look back in history, september has traditionally been a weak month, right . Its only day one of september. Weve got 28 more days to go. Yeah, but i want to know whats going to happen the other 28 days. Here for you. I hear you. Youre the stock market guy. Yeah, yeah, yeah. No, i actually think a lots going to depend on what happens on thursday. If the ecb comes out and says, then i think the market actually once again is going to move higher, because its just another central bank jumping in there, offering accommodation and here we go. Youve set up the whole world now for big disappointment, too. This could be really ugly. Absolutely. What will draghi do . If he does not announce, i think youll see a selloff in europe and a pullback here. I dont think youll see the crash, but i think well definitely see nervousness and a pullback here, which would play right into his cards because hes raised some cash, looking for that opportunity. I dont think you get the big 10 or 15 correction, though, ha theyre all talking about. If anything, though, it could push our rates even lower, right . Yeah. And is that good or bad for the stock market here . Probably good. Going to put more cash to work. Youve got lowcost cash, people are willing to take some leverage, so i think its a positive. All right. Were taking a break here, bring you guys back here, because were coming back with the closing countdown any moment now here. And after the bell, recode says apples considering a 400 price tag for its new wearable device. Was we want to know if youd pay 400 for it . Cnbc. Com vote. You are watching cnbc. Act i. Scene 3. Open port twentytwoohoneseven on the firewall for customer db access. Install version twopointthree of db connector and ensure verbose flag is set in case of problems. clapping sound isnt the cloud supposed to make business easier . Get the one that can connect to the systems that you already have. Today theres a new way to work. And its made with ibm. When the world moves, futures move first. Learn futures from experienced pros with dedicated chats and daily live webinars. And trade with paper money to testdrive the market. All on thinkorswim from td ameritrade. All right, let me just show you quickly what happened today. Im not going to show you the nasdaq, but that was higher today. That was the outlier in the stock market. Its up 16 points right now. This is the dow, obviously, down 88 at one time, have come back, down 36 points as we go out today. The two markets that were really the highlight, oil and gold. Oil down 3 today. It was down 3 on the settlement. Its been trading in the electronic trade after that, but its at 93. 11, Holding Steady at these lower levels. And gold also trading lower today as the dollar moved higher. So, pushing both of those down in todays trade. Look at gold down 20 at 1,266. Mike lear, youre overweight in commodities . Yeah, yeah. Are you going to buy more gold or what are you going to do . Not right away, but weve been in the trade for a while. Golds a little bit of an enigma, but we have added more on the energy equities. Do you buy those because you think fed policy is inflationary . Is that what youre getting at . Were more along the lines of this is just a valuation play. Okay. If you look at the world during the fifth year of a bull market, everything looks expensive, and commodities are relatively cheap, so its a good place to put money to work. Got it. Meantime, stocks, are you skeptical at these levels here . You know what, im not so skeptical, as weve heard, you know, most recently even jim paulsen coming out, which he turned from being a real bull to almost being concerned. Im not that skeptical. I think a 3 or 4 pullback, i think thats what you get. Good to see you both. Going out with about a 30point decline for the dow, but the nasdaq 16point gain. Lets talk about that and a lot more. We have the ceo of norwegian cruise lines, about their 3 billion acquisition announced today. Thats coming up and more on the second hour of the closing bell. Welcome back to the closing bell. Im Michelle Carusocabrera in for kelly evans. Bills going to rejoin us in a moment. Heres how were finishing the day on wall street. The Dow Jones Industrial average lower, down 13 points, 17,065. The nasdaq composite finishing higher by 18 points, 4,598. And the s p 500 Still Holding above the 2,000 level, even though theres a decline of one point. Lets bring in todays closing bell. Michael jones from riverfront investment group, nathan back rack from simply money advisers and our own kate kelly. Also with us for more on the first trading day of september is fast money trader guy adami. Kate, let me start with you. What are you hearing from Market Participants about why oil is so much lower, considering we still have all these geopolitical tensions . Is it simply the dollar . I think the dollars absolutely part of the story, but the other thing im hearing from Commodity Traders is the markets are sort of bored. Theyre sort of exhausted. Theres a sense of complacency out there. And there are those who still think that crude oil, at least in the brent market, if not ti, should be up to 200 a barrel really . Based on over time a lack of Spare Capacity and continuing concerns about geopolitical risks taking Oil Production offline, but weve seen some of that this summer and little or no impact. So, the notion today is why are people going to start caring now . As one person put it to me, somewhat dryly, if theres not a huge nuclear war over the weekend, it feels like oils going to open lower on monday. Mr. Guy adami, trader, sir, what do you make of the first trading day of september . Is that my man . Is that you, bill . Yeah, that is me here, bud. Welcome back. I missed you. Obviously, oil notwithstanding, i thought the movement in the bond market was fascinating. Thats the biggest oneday down move ive seen in quite some time. Ive been a bond bull. I think rates are still headed significantly lower, but this move in the bond market today cant be discounted. So, i think youve got a couple more days of weakness there. Obviously, the Dollar Strength is something to look at as well. The equity markets may not have been today. Whats amazing about what he just said, guy, is the 10years at 2. 4 . Listen, mcc, 100 , no question. But you have to admit, that was a pretty large move today in the bond market. Yeah, agreed. Agreed. Michael, do you see the dollar continuing higher here . Whats going to push it, because that has taken a toll here on gold and oil and some of the other commodities here. I dont think theres any question the dollar continues to head higher simply because the euro and the yen are headed lower. Weve got Central Banks that are on a very different cycle. The fed is starting to wind up the most aggressive part of its policy, whereas youve got the ecb still accelerating and youve got the bank of japan continuing to do quantitative easing on a much bigger scale than even we were doing. So, whats to hold the dollar down . Nathan, im hearing so much more about this ecb meeting on thursday. I know. Instead of our own jobs report. The employment report on friday, which normally, that would never be the case. Are we so dependent on seeing europe do something to weaken that euro . You know something, michelle, 500 Million People in an economic unit will do that to you. Theyll get your attention sometime. Youve got to remember, the kansas city meeting, which takes place in jackson hole, which is a really smart thing for the kansas city governors to do, draghi came out and said, oh, im going to do whatever it takes. Lets remember, Angela Merkel said, i think hes been overinterpreted. In other words, were going to go back in the back room, were going to have a little discussion about this. I think Global Demand is down, and you can thank europe for that and you can thank the raising of taxes in japan for that. And the dollar is strong. Its going to stay strong. Youre talking about oil right now when you say im talking about everything. Really . Gold. Get rid of your gold for a while. Gold is going nowhere. And i think rates, when we get to see a 2. 6 to a 2. 8 on the 10year treasury, i would actually start going long, because i dont think we can go out and forget all this terminal rate stuff and where the fed rates going. I dont think we can see rates go much higher before were going to start to see the fed go, gosh, we cant really raise rates nearly as much as we thought. I think theres something to your point on the stock markets in the u. S. I think there is a sense that the u. S. Has the best house in a kbad neighborhood. If you think about europe, china. Reports out today that the chinese commodities market is weakening dramatically. Obviously, theres always a lot of skepticism as well about their gdp numbers that are officially reported, that things might be much weaker than they seem, or at least theyre being reported. I think the u. S. Stock markets, weve seen relatively low volatility. Real volatility as well as implied in the vix for a period of time now. It continues on. And the feeling is, people dont have a better place to put their money in terms of another asset class, and theyre going to stick with u. S. Stocks for a while. But i think we need to be careful, because i think what Angela Merkel was really kind of taking draghi to the woodshed on was not Monetary Policy but fiscal policy. His notion that they needed to kind of retreat on some of the austerity. So, i think if they get more engaged on the Monetary Policy end, you can still see european stocks take off. Guy adami, i have a theory that im going to put out there. Go that this bull move in the stock market continues until nasdaq 5,000. Wow. Then and were not that far away. You know, bill, its not a bad theory. I mean, why not . Theres no exhaustion to me on the buy side in terms of the equity market. My theory has been, and i like your theory, but the russell, the iwm, i thought we made a bit of a double top around that 1. 21 level and i thought it would break down through 1. 28. It held. It is imperative, if youre bullish, in my opinion, for the iwm to get above that 1. 21 level. Get above there, and i think this cycle of bullishness continues for the equity markets. So, thats my bush peak. Even if youre calling the bond market continues here. Yeah, exactly. You know, they both work, you know. And im still sort of in the Global Deflation camp. I dont know if this oil move is a supply thing or a demand thing. There are people on both sides of the equation. I think rates are headed a lot lower here in the u. S. So interesting. So, he was saying he would go long at 2. 6 on the 10year. Do you have a thought on that . Are you asking me, mcc . I dont even know if it gets there, frankly. I mean, were, what, 2. 41 now . Id be very surprised if it made that move. Im thinking were trending down towards 2 . You talk about it all the time, look at german yields. If you dont think we can go lower, just take a look at germany. And guy, wed better not get to 2 , because that means europe is in the toilet. And what i thinks going to happen is the bull ends right around the time that europe actually finally does their economic stimulus, and then at that point, when europe starts to get better, then were all in trouble, and i think thats when well have competition, thats when the dollar starts coming down, thats when well see rate hikes and thats when well have to contend with how strong are we when we have some competition. When europe gets better. God, seems like its been years has anybody thought about our jobs report on friday . Lets remember we have that jobs report on friday. Do we get another 200,000plus jobs created . I think absolutely we get another 200,000plus. You see it in all of the indicators of health coming from the private sector. I mean, we have really shifted into a higher gear with jobs gains. And i think its easy to understand why. Heres the problem, though. Heres the problem with the jobs right now. You look at the jobs, look at housing affordability. We do an index. For renters, sentiment is down 25 this year. Renters dont think they have any confidence at all to be able to afford a house. So, these cash buyers are nothing more than boomers who sell their house and buy in cash. Its not blackstone. Its your mother, its your grandparents, its your aunt and your uncle. And foreign. And foreign, absolutely, and foreign. But you put those all together, thats whats driving our Housing Market. When the renter becomes a firsttime buyer, well get the Virtuous Cycle where people actually start moving up, if millennials should decide they even want to own, least of all move up, and thats a whole other story. But i think until that happens, youll see housings up at a 150 billion minus to our economy every year because its nowhere close to where it was before. Were assuming that owning a home is still aspirational for certain segments of our population. And it is. And it is. A homeowner im not so sure about that. A homeowner has a great degree of confidence about where this economy is. We did surveys, 1,000 people across the country. A homeowner is fat, dumb and happy. A renter not happy at all. But the wage gains have to come before you get the housing demand, and youve got to get the jobs gains. Thats how you get the wage gains. For 15 bucks an hour a level of disbelief about the job strength that weve seen, the fact that unemployment is trending down . Theres almost a disconnect between that and peoples confidence. Janet yellen has a disbelief. Shes come up with 16 different parameters to ignore the shes said theres a lot of slack in the labor market and we need to address that. And undoubtedly there is. Thats why the wage gains havent come yet. You need a year, year and a half of the jobs gains weve seen so far this year. You continue that on, then you get the wage gains, you get the wage gains, and i absolutely agree with you, every generation since we wanted a nicer cave than our parents have wanted their own place. You take a look at the take this job and shove it ratio, the quits ratio . When that moves up, i believe well get wage gain. When you walk into your boss and say, give me a raise and they say, id better because i dont want to train somebody to replace you. And that is getting better. Truckers are missing earnings because they are having to raise wages. Right. So, youre starting to see constraints in the labor market turn into wage gains. Were early innings. Its going to take everybody is so impatient. After the kind of recession weve had, its going to take a while for this process to work out, but it will work out. Guy adami, before we let you go, how low does gold go before you buy it . If the dollars going to keep going lower, it could go lower than people think. Quickly, back to the job thing. Were all like Nadia Comaneci doing back hand springs. Thats anemic. That is pathetic, given the amount of money thats been thrown at this problem. And i know, mcc, you agree with that. Yeah, but she got 10s for those back flips. Quick point on gold. I spoke with a commodities analyst today and said what are the interesting trades out there with all the weakness across the complex, and he said the only thing i would recommend right now is shorting gold. I agree. Based on a feeling that were seeing strength in the u. S. Economy, so for good and traditional reasons, but still, thats the only thing he would do. Also, its 30 overvalued. Right. All right, weve got it all teed up. Hope you can stick around, everybody. Guy, thank you. All right, bill looking forward to seeing you and the gang tonight. See you later. 5 00 p. M. Eastern time. Theyll be talking about different warning sniigns in technology that you should be watching. Dominic chu has a market flash. Helenor troy, a Consumer Products company, is moving lower in the afterhours after cutting its 2015 earnings forecast, shares down by about 9 , just about 24,000 shares have traded. This is the Company Behind big brands, especially in hair care like bedhead, also vitalis, also braun products. They fell under the helen of troy label and theyve cut the full year forecast for earnings, guys. Back to you. Thank you, dom. See you later here. Storm cloud for apple . If you dont believe it, ask oscar winner Jennifer Lawrence, supermodel kate upton, baseball star justin verlander, just some of the names embroiled in this latest icloud photo scandal, giving apple and the celebrities headaches today. So, whats apple saying about all that . We have that story, coming up next. Dont you want to ask them why they put naked pictures of themselves on the cloud . I mean, hello theyre not stars because theyre smart. Still ahead, norwegian cruise lines making waves today, buying Prestige Cruises International for 3 billion. Norwegians ceo pulls into our harbor, just ahead. Youre watching cnbc. We are first in business worldwide. Greenline do for you . Idely just take a closer look. It works how you want to work. With a Fidelity Investment professional. Or managing your investments on your own. Helping you find new ways to plan for retirement. And save on taxes where you can. So you can invest in the life that you want today. Tap into the full power of your fidelity greenline. Call or come in today for a free oneonone review. Oh, he fakes a handoff quaand hes making a run. For mattress discounters fall kickoff sale right now, save up to 300 on Sealy Posturepedic and serta mattress sets. Even get 24 months interestfree financing on every tempurpedic. Youre going to love their football fieldsize selection. This calls for a little touchdown dance. Dont miss the fall kickoff sale at mattress discounters. Mattress discounters apples icloud isnt all blue skies today in the wake of a hacking scandal involving alist actors and sports stars. It could be putting a bruise on one of apples premier products as it gets ready to unveil two highly anticipated new products a week from today. Julia boorstin has the latest on apple. The apple president investigated the posting of intimate photos of celebrities, including Jennifer Lawrence and kate upton to online chat room forchan and concluded that it didnt result from a breach in the apple system, including icloud or find my iphone. They say we have discovered that certain celebrity accounts were kproemed by a very targeted attack on user names, passwords and security questions, a practice thats become all too often on the internet. Apple says its working with Law Enforcement to identify the criminals and urges users to use a strong password and enable twostep verification, which apple and others offer but dont require. Take a look at this demo of googles twostep authentication, which shows that a code is sent to a different device in addition to a password. Together, they can block Hacking Software that repeatedly guesses passwords. Whats next for Jennifer Lawrence and others who want to prosecute the hackers . Well see what the fbi finds and whether or not well see prison sentences. In the meantime, consumers can expect more pressure to remember complicated passwords and to plug in those extra codes. Michelle and bill, back over to you. Its all so confusing. Julia, thank you. Apple was certainly hoping to make a great deal of noise next week for consumers and investors around the unveiling of the new wearable watch. Right. And the iphone 6 scheduled to come out. And recode is also reporting that the expected iwatch could have a price point of 400. So, we want to know, what do you think is a reasonable price . What has to be on that phone . Would you pay that much on that watch . Go online to cnbc. Com vote right now and cast your vote. With us now for more on this is chris jiacha from thestreet. Com. Chris, good to have you here. Your thoughts on the situation with apple. Yeah, whats happening right now is, you spoknow, the icloud situation is an unfortunate situation right before the event, but its not going to be a black eye on apple. Weve seen this happen with other companies. Its unfortunate that it happened to celebrities that are very highprofile, but ultimately, i think apple moves away from this unscathed and consumers, they just have to be really vigilant about what they put on the web and they have to be really secure with their passwords, like apple said, the twostep identification process is important. So, if youre going to have an icloud account, you have to be really secure with what you have. Either that or just keep your clothes on when you take a selfie, right . Thank you. Whatever. Anybody wearing a watch here . Ive got a watch. You got a watch . I got rid of it, because the question is going to be, wheres the status go . All of a sudden, watches are going to be like, you know, forget it. Everybodys going to have the same 450 watch. Are you going to buy a 400 iwatch . I have a hard enough time seeing things on my iphone. I dont see the attraction. With the smaller watch. Me, too, but im slightly down on apple products on a personal level. Theyre great, theyre sleek, theyre cool, but they need a lot of maintenance the way they change the chargers all the time and the screens break and theyre constantly upgraded. I dont know if i want another one. Everybody here is so negative, but when you read the original reports about mobile phones and how many there would be in the world, everyone was wrong. Everyone underestimated the penetration level by millions as a stock investor, i would like it. Im just not sure im as happy with the product. Being competitive, i had a goal, im going to get to that 10,000 steps. All of a sudden, i get to the elevate yorks im taking the stairs. So, things from a behavioral standpoint, michelle, absolutely so, why wouldnt the iwatch do that . And they will, absolutely. For the generation that likes to wear stuff and maybe the tiffanys crowd thats like, oh, ive got to show my stuff, this is going to be a change for them. Chris, you can tell us whether we have our head in the stand on the iwatch on this, but im wondering i mentioned this last hour the millennials, which presumably is going to be a big target audience for the iwatch, they dont buy watches. They dont wear these things anymore. They just look at their phone to see what time it is and so forth, right . Youre absolutely right, and thats whats up to apple to get people to come out and actually buy watches. Theyve hired a lot of fashion experts. Its not just going to be your geeks and first adopters. Theyre going to make it something thats cool. Theyre going to appeal to women, theyre going to appeal to men, theyre going to appeal to the higher end crowd. Whats it going to do, besides tell time for 400 bucks . For 400, youre probably going to be able to tell your fitness, you know, steps, health calories. It might actually even michelle, you might have to get rid of your fitbit. I like my fitbit. I know you like to wear it, even on air, but maybe an iwatch is going to be cooler. And were conducting a realtime survey of our viewers, and i mean, its going back and forth a little bit, but so far, the majoritys saying, no, they wouldnt buy a 400 iwatch. The thing about fitbit, they got rid of the device that had the watch on it and just kept the wrist watch that had just the information on it, and they didnt skip a beat. Now, this is either brilliant pr, or guess what . Those people who are using the fitbit also, for 60 of them, this is their watch already. They dont care about a watch. The watch is going to be a throwin. Its going to be all the other stuff thats going to come along with it thats going to be what you sink your teeth into. What will ultimately make this successful is when it just goes ahead and does the whole dick tracy thing, for those old enough to get that you have to explain who that is to most people. Exactly. Google it. It actually hones your phone. Right. That has to be the goal. And heres the other thing i have to wonder. When you think about the wearables market, which is this huge growth area for Tech Companies like apple, wouldnt you rather have kind of a cool watch with lots of functions than cool glasses or a scuba mask, which is kind of what it looks like to me . Oh, you make a great point. A watch is more wearable than the glasses. Of course. So, maybe it becomes relatively attractive. Knowing apple, theyll have a very sleek, cool design. Its just, the size is going to be key, right . You want it to be sizable enough to see stuff, but without having an append yij. Chris, what about the iphone 6 . The iphone 6 is going to be probably apples biggest phone yet, both physically and in terms of how many they sale opening weekend. Im expecting two phones, a 4. 7inch and a 5. 5inch. The 5. 5inch is key because apples really pushing into china and the Chinese Consumer really wants that bigger phone and thats where apple needs to be. As do a lot of u. S. Consumers who have waited to upgrade because theyve been hoping for an icloudconnected device that will be as big as the android phones. Do you think its significant . It just occurred to me, they are introducing the iwatch at the same time theyre bringing out the iphone 6 . I mean, all by itself, as a standalone, maybe the iwatch wouldnt make as much noise out there, right . Okay. I got crickets for that one. Chris, thanks for joining us today. Appreciate it. Thanks so much. Lets send it to dominic chu for a quick market flash. Michelle, bill, this is what weve got. Check out concur technologies. This stock is spiking about 16 in the afterhours on a bloomberg report that s. A. P. And oracle may be looking to buy the company, which develops travel and expense software. Concurs got a market cap around, well call it 5. 5, 5. 7 billion. For golf fans out there, if you were watching any of the Deutsche Bank championships this past weekend, bill, you may have seen concur technologies there, a sponsor of australian golfer jason day. Back over to you guys. Yes, indeed. And poor billy horschel. Well talk about that some other time. Thank you, dom. If you thought you missed the homebuying and selling season, you may have to rethink that strategy. When we come back, drops in listing prices and more homes selling below list may heat up a traditionally cold part of the market. Well talk about that coming up here. And the robots are coming, right here, but not your run of the mill robots. These are germankilling robots. Oh, boy. Only here on the closing bell. Back after this. Aflac and a gentle wavelike motion. Aahhh ahhhhhh. Liberate your spine, ahhhahhhhhh aflac and reach, toes blossoming. Not that great at yoga. Yeah, but when i slipped a disk he paid my claim in just four days. Ahh four days . Yep. Find out how fast aflac can pay you, at aflac. Com. Anyone who has ever sold a home or looked to buy one knows full well that fall is not the hot season for home sales. But is that conventional wisdom susceptible to changing Market Conditions this year . Diana olick has new data that may call all of this into question. Diana . Well, michelle, it just may be. As you said, autumn is usually the start of the slow season in housing, but some unusual factors this year could juice the numbers, at least according to redfin, which is a real estate brokerage. All right, that said, it tracked the number of homes that sold above list price in july and found that it fell 7 Percentage Points from 27 to 20 from a year ago. Sellers are dropping their prices. Now to the where. Where sales heat up and cool off most in fall. Trulia, a Real Estate Sales site, also tracks search activity. Now, it found among the top 100 local markets, searches in new england stayed strong in the fall, massachusetts especially, also new york, and then in the west, much of california and seattle. Trulias chief economist, jed cocoa, says thats because its dry and cool in heez regions, the nicest time of year to be out. Also, gary, indiana, slipped into the top ten. He had zero explanation for that, nor do i. Now, searches fall off most in florida, south carolina, phoenix and austin. Most of these markets see their worst weather in the fall. I dont really like the weather excuse either, but thats how the numbers seem to track. So, could even slower markets see an unseasonable surge . Well, absolutely, they could, because theres more supply and prices are low and Mortgage Rates are low. Lets not forget about the firsttime buyer, whos supposed to be strongest in the fall. Firsttime buyers had a really rough time getting back into this market. Bill and michelle . All right, diana. Stay there. Lets talk about this. I mean, weve broken all kinds of traditions in the stock market in this crazy period were in right now of these low Interest Rates. Do you think its possible we do the same thing in the Housing Market here . I dont know. I think theres still a fundamental barrier to moving in the fall, and thats families with kids. Right, right. You dont want to move your kid at the beginning of the school year. You want to do it in the summer. Historically, though, the three months in the fall have only beat the spring, which is a hot time, by about a half a percent. So, were not and this is going back to 1999. So its not a huge differential. Absolutely, its not a huge differential. When we see rates go down to 2. 3 on the 10year treasury, that means you ought to be looking at Mortgage Rates anywhere from 4. 2, 4. 3, 4. 4 . All kinds of deals should be out there. Anything should be spurring and creating the perfect storm for a good Housing Market in the fall. It would be declining prices at the point where people were looking and declining Interest Rates. Well, no, i agree. Thats the kind of thing i continue to find curious. Interest rates are still relatively attractive on mortgages. And yet, people are not jumping in. I wonder if people feel so burned its not the rate, kate. It is not the rate, its the availability. Thats what i hear from everyone. Exactly right. The rates go lower and it doesnt move the markets, it doesnt move the mortgage applications, and thats because its about getting the down payment and getting the credit. Youre saying its still very difficult to get a mortgage, diana . Absolutely still difficult. We talk about it loosening up a little bit, banks wanting to get more business out there, but bottom line, people need to have that exact debttoincome ratio that the banks are accepting right now. They cant have too much debt, and young people still have too much debt or they just cant say enough for the down payment, why . Because rents are so high. Joining us now is danny baab from the baab group. Youre not convinced that the fall season would be good for housing. Why . No. For a lot of reasons. First, historically, its not a good time, as we know. Its been discussed. Right. Also, millennials are making up a large portion of firsttime home buyers and theyre delaying purchasing for a number of reasons. They dont have the same opinion about home ownership, they have job uncertainty, theyre not sure where they want to live, and theyve also largely been priced out of the market. We have numbers 12 off the National Peak from the prebubble period. Its just too expensive. And even though rates are low, and you know, i agree that overall its still very cheap to buy, and in many cases, cheaper to buy than rent, psychologically, a person may feel as if somethings too expensive, rates went up 0. 5 , 0. 25 , and it may make only 100 difference in payment, but someone on the fence about buying, it can make a big difference in the outcome. Diana, lets try this on for size. We did a survey of 1,000 people who are homeowners, and they are happier where they are than ever before. How about this, they dont need to move up anymore. They dont need to keep up with the joneses and they dont need to sell. Theyre very happy where they are. Because theyre renovating. Youve seen renovations surge. Youve also seen people who are under water on their mortgages or dont want to lose the low refinance rate, a 2. 5 rate on a 30year fixed when we were at recordlow rates. And they dont want the hassle of having to spend that extra money on brokers fees, moving fees and then renovating a newer house. Theyre happy where they are because its safe. And generations saddled with student debt. They already have a Monthly Payment they have to make. And i think theres a psychological dampening effect in paying rent. You feel like youre not investing for the long term, youre throwing money away. I met a girl in brooklyn, new york, who is getting interested in the tiny homes movement. Diana, have you heard on that . Weve done lots of stories on tiny homes. Go to cnbc. Com and you can find the stories on the tiny homes. Its a big movement, but it started out more in the Green Movement space. Now its moving into the more economical space. Ive seen some of these houses. Theyre amazing with the technology, what they can do inside to make a house thats, you know, one tiny room water, sewage and so on. Everything. Theyve got solar panels. Serious, go online, look at these stories. Good stuff. The one thing about the renting versus buying, i know you get tired of throwing your money away on rent. Renting gives you flexibility. Absolutely. You lose your job, you can downsize immediately. Youre not trapped in a house. And if youre uncertain about your job, that flexibility really can be very priceless and comforting. I still think people want a house we also have a large portion of investors still paying cash in this market. So, we have 38 of homes being purchased with cash. So, when these investors realize that their returns are not what they were the last couple of years, and they start slowing down their investment into the market, i think well start to see inventory go up, prices go down a bit. That would be overall positive for the market, not great for fall, like the redfin report suggests, but i think overall thats positive for the market as we can find new equilibrium. Got to go. Michaels trying to make a point. I think its really clear, and john stump said it last week ceo of wells fargo. The ceo of wells fargo. The reason why we have to have 40 of the market cash buyers is people cannot get mortgages. The reason they cant get mortgages is that the government is putting back any loan that goes bad to the originator. If you cant afford a mortgage, how are you going to come up with cash . Its simpler than that. They will not make a loan that has any chance of going bad, because fannie mae and ginnie mae have a free put back to the originator. Until the government clarifies the regulatory situation, until they say, if you underwrite to this standard, if the loan goes bad, well keep it, until you get that kind of clarity, youre not going to make loans to these firsttime buyers. Very good point. That was Barney Franks intention, though, with that whole thing, dodd frank. Exactly. Thank you, ladies. Diana, dani, thank you for joining us. The s. O. S. Was coming from the cruise industry just a year ago after several vacations were lost at sea, causing pr nightmares. Remember that . Now thats seemingly behind us. 17 new cruise ships will enter the seas in the next two years, adding more than 3 billion in revenue to the industry. And in the middle of it all, the ceo of norwegian cruise lines joins us next to talk about his latest acquisition. 3 billion hes spending. Well also chat about the state of the industry. Dad hes our broker. He helps looks after all our money. Kid do you pay him . Dad of course. Kid how much . Dad i dont know exactly. Kid what if youre not happy . Does he have to pay you back . Dad nope. Kid why not . Dad it doesnt work that way. Kid why not . Vo are you asking enough questions about the way your wealth is managed . Wealth management at Charles Schwab its in this spirit that ingu u. S. Is becoming a new kind of company. 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Mattress discounters back here with dominic chu for this quick market flash. Dom . Bill and michelle, what were watching is cdw stock, moving lower slightly on the company commencing a Public Offering of 15 million shares of stock. This is a secondary stock offering. All the shares being sold by existing stockholders. Cdws a company that provides i. T. Solutions, you know, the Network Hardware and software, a Solutions Company for businesses and government, basically. The stock is currently trading, you can see there, just down by about 1. 25 , and a light trade, only about 6,000some shares have traded in the afterhours. Back over to you. Thank you, sir. See you later. Meantime, this was a merger tuesday. Norwegian cruise lines agreeing to buy privately owned Prestige Cruises International. Its a 3 billion deal, essentially. Prestige is the parent of oceana and regent seven seas cruises. Joining us in a first on cnbc interview is president and ceo Kevin Sheehan joining us here. Hey, its great to have you here. Welcome. We want to talk about your deal thanks so much. It is exciting. But first, it wasnt that long ago when your industry just couldnt seem to get out of its own way. There were so many disasters on the high seas with, you know, Electrical Systems burning out, people have to camp out on the, you know, out on the decks. The deck. Thats the word i couldnt remember. Yes, thats correct. Decks. Have you gotten past that . Is there anything else left that we might see that again, or has the industry finally managed to get past those issues . Yeah, at the end of the day, this is a very safe industry. If you look at the number of people that take cruises in a given year and you look at an isolated situation in a microcosm, youre going to, you know, come up with a different view. The consumer has a short memory, and they see the phenomenal value of a cruise vacation. And many, many millions of people every year take cruises and have a great experience and keep coming back. Let me ask you about this deal. I was intrigued. The company youre buying was created, brought together by apollo, which owned it, took it private and created this entity called prestige. Apollo owns 20 of you. So, is this a deal thats just been engineered by one of your major shareholders, or is there truly a strategic reason why you would be buying prestige right now . Yeah, thats a great question. Actually, when i approached apollo at the start of this, they thought it was going to be too complicated because of the reasons you just mentioned. But once prestige had filed an s1, and once that was out in the public, this is something ive been considering for five years. We started to have a conversation a long time ago, and then because of all of the work that we were doing at norwegian and launching new ships and taking our Company Public just about two years ago, we got off track. But once they filed that s1, it showed me an opportunity to restart that conversation, and its a very, very complimentary transaction for our company. So, it was your idea. I would have guessed it was theirs. Whats the end game here . Youre going to have 40,000 berths, as theyre called. Royal caribbean has 80,000. Do you aspire to that some day . Where are you going with this . At norwegian, you know, we have no sight on market share. Theres nothing to be gained in this industry by pushing to grow market share. So, really, what we have tried to do is when i came into the company six years ago is rejig the company, get it back on the track of what weve been doing for 24 consecutive quarters of consistent, orderly growth in ebitda every quarter. Weve improved our margins by 1,500 basis points over the same period of time. So, the company has done phenomenally well, and its been confirmed in the market with our ipo. That was at 19 just 18 or 19 months ago. So, the next logical step for us was to diversify the offerings that we have. We are a contemporary cruise line that is moving towards the premium. And now we had the opportunity to marry that with two other cruise lines that have nothing in the same space as us. Theres a luxury line and an upper premium category. Wow, and that will just improve margins, you would think at some point. Mr. Sheehan, thank you for joining us. Appreciate it so much. Good luck. All right. The fight over the dollar continues. The fight over the dollar continues. No, not our legal tender, but the Discount Chain family dollar, which today received a new takeover bid from dollar general, topping that by a rival, dollar tree. Can you keep that straight . Im there. It was a popular story on cnbc. Com today. Coming up next, were going to see if it was popular enough to crack the hot list, as we call it. Meantime, this is a great story. Weve seen robots clean floors, serve coffee, but have you ever seen one that kills germs . Stay tuned. You will meet maurice, the germanzapping robot whos on the move to take out hardtokill viruses in places like hospitals. Stay tuned. When you compare the top speed of dsl from the phone company with the top speed of comcast business internet. Well, theres really no comparison. Why pay more for less . Call today for a low price on speeds up to 150mbps. And find out more about our twoyear price guarantee. Comcast business. Built for business. [ radio chatter ] [ male announcer ] andrew. Rita. Sandy. Meet chris jackie joe. Minor damage, or major disaster, when you need us most, were there. State farm. Were a force of nature, too. Time for the hot list, checking on the days hottest stories, and were seeing data that our friend, jeff cox, is leading the charge on cnbc. Com so far. Joining us with whats topping our websites hot list, cnbc. Com managing editor allen wastler. So, jeff is taking on what . Jeff has two on the hot list today. Hes one of our senior editors. Hes scored two. Right now hes got a great term in his headline, hoard money. The st. Louis fed came out with a paper purporting to solve the mystery among economists that were pumping all this money into the economy, why not more inflation . They say its because the average person is hoarding money more and more and this is having a dampening effect. People are loving that story. Hes got the second one, too. He got a hold of a note that dick bove, the notes banking analyst, sent out to his clients, basically predicting that he sees a big mortgage crisis by the end of the year. Thats because the fed has stopped buying mortgagebacked securities. Its toning that down. Also, fannie and freddie might be wound down by congress. He thinks that means there will be a big demand drop in the mortgage market. Finally, number three, this ones been pulling for us all day. 64,000 people have already read the piece. Its about the home depot hack. They came out saying they believe home depot was hacked just like target. Its being investigated right now, but people are just diving into that story for a lot of reasons, i imagine. And theyre personal. Anyway, those are my top three for you guys. Who hasnt been hacked . Yeah. Everybody. No, im serious. Thats a key question. Ive got a routine now of what websites i have to go and change my passwords on. As long as the consumer never ends up paying 50 bucks, it doesnt end up being an issue for most people. Allen wastler, thank you very much. See you later. Forget about millennials, is it time to start paying attention to generation z, the one behind them . They could have a big impact on the workplace of the future, how so . Thats coming up. Bless you, kate. God bless you, kate tomorrow, tune in as bill and i talk to legendary investor jack bogle on his take for investing for the fall. Who found a magic seashell. It told him what was happening on the Trading Floor in real time. The shell brought him great fame. But then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their Trading Platform. So the magic shell went back to being a. Shell. Get live squawks right in your Trading Platform with thinkorswim from td ameritrade. [ squeaking ] [ water dripping ] visit tripadvisor hawaii. [ whistling ] with millions of reviews, tripadvisor makes any destination better. But parallel parking isnt one you do a lof them. Ings great. With millions of reviews, youre either too far from the curb. Or too close to other cars. Its just a matter of time until you rip some guys bumper off. So, here are your choices take the bus. Or get Liberty Mutual insurance. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. See Car Insurance in a whole new light. Call Liberty Mutual insurance. When you mention generation z, most people might think youre talking about zombies, but it turns out, they are people who are between the ages of 16 and 20, and their numbers are on the rise. What are we going to call the next generation . Weve run out of letters, youre right ranstadt, Millennial Branding consultants have been teamed up for a study comparing gen y and gen z. And wous with us is the author of promote yourself, which hes doing a good job of doing today. Dan, what are we finding about their views of their job prospects and, you know, their outlook for the economy and so forth . I mean, whats the difference between y and z right now . Well, what weve found and again, this is just a prediction, but gen z could be more loyal than gen y. When asked about how manygefy . Gen z might be more loyal. Gefz says one fewer. Theyre also more entrepreneurial by about 6 and companies again as with geny need to embrace an entrepreneurial type culture. The lop Leadership Trait theyre looking for is honesty. Theyre looking for an authentic work place, genz wants to become involved in these discussions even though theyre not in the board room. I got three, which generation there across the geny and gefz. Do you see a difference in the outlooks there . I have a couple genys. They would not be looking to stay with one company forever. Theyre renters, you know, they dont want to stay in one place. I think the key, when did they go if college . If they were in college post2008. The crisis. If they saw seniors graduating without job, i think thats sort of the transformational experience that has made genz much more oriented towards loyalty and entrepreneurialship so you can control more of your destiny. Genz are much more like their parents remember they want facetoface communication. The next thing that comes to mind is are you loyal . Can i depend on you . Whereas the next generation, their loyalty will be right here. I think the practicing mattism has been a lagging indicator. I think over the years, people applying for internships, or what not, they have been conscious considering we were in this post2008 business. I think now reality is starting to hit home to your point. Dan, what about geny . Are we overgeneralizing to say they are a group that dont feel allegiance to any particular company . Theyll go wherever the opportunity blows them . Absolutely. Yeah, in the past three years, millennials spend about two years with the company and if you compare that to boomers, its about seven years. The two interesting things about this study that we found, though, they think is fascinating, every generation negatively stereo types the upcoming generation so we found that generation y thinks that generation z is lady, boomers and genxers felt the same about genys, that was interesting. They want face time over everything else, i think by human instinct, people dont want to be involved in confinement either. Thanks. I think nathans point about honesty, that facetoface communication, you really want too feel secure. Thats what they want and security comes from a personal connection. Who doesnt want honesty . Thank you, dan, Millennial Branding there. Changing of the guards. Maybe a put. Forget about the terminator and robbie the robot. There is a new robot if town. His name is maurice, he brings his germ snapping ways here to fight disease. Were going to learn how next on closing bell. In the movie we are showing right now. Nvestor you can be. You want to cut through the noise. The robot craze is hitting america by storm and in a big way. Its also cleaning up the health care sector. Meet maur ice, right here. Take a shot. Hes the latest germ snapping ro bomb. Robots leak maurice have disinfected more than one. 5 million hospital rooms alone. It has done norovirus and ebola. We talk about all things maurice. What is this going to do that they dont do in hops to zap the germs. Right now theyre using chemicals, usually bleach and things have been around. Pence a demo one is a bulb. When you pulse it. It puts out light. Its 25,000 times brighter than sunlight. It enable tos the viruses and spores that would otherwise make you sick. Thats impressive. Hospitals are buying them these. How much are these . These are about 104,000. For parent, its about a day. For the hospital, their payback on investment is about fourandahalf months, pretty good payback from their point of view. Is it early . What about the cost of maintenance and repairs. Thats all includied if that price. Our focus is getting these into the hospitals. Its in about 250 now. We want to be in all of them. Is there a market for germophobes . Have thats one of our common requests. Absolutely. This is a great battle against staph infection. I had a day to be in the hospital for a day i didnt want to be. Let me tell you something, antibiotics, people are staying in hospital stays longer than they need to. This thing, i think you got a good thing. How do you know when the goes off . On the front of this device, there are sensors. If it were operating in the hospital, it would stop in the presence of somebodyt. In the hospital, here in new york city, the infection rates, they go down 50 to 80 when they get you to use the device. What happens with the Ebola Outbreak . There is a organization in sierra leone we have been trying to get the robots over there. Is your company the only company that uses this . We are the one so intent on getting rid of the infections. So to go back to the ebola questions, what hurdles are you running into . In affect there is a number of things. They have infrastructure issues in terms of how they orient their hospitals anyway. Ebola, unlike a lot of the infections here in the United States, its very easy for us to destroy. It takes about 90 seconds. Does the insfra structure lack electricity . If you can get them to the site, you need electricity. Maurice, thank you for joining us. Thank you. Thank you, guys, good job today. We have fast money coming in the next next few seconds, melissa lee, what do you have in we had a robot. Top that. I need one of those, have you seen the characters i deal with . We have an analyst some might call blasphemous. He is the most bearish with mobileeye. He has a neutral rating on the stock. The street is too bullish. You got it. Fast money starts right now from fork citys times square, im melissa lee, sim seymour, dan nathan and guy adam my are your traders. We could be seeing warning signs for apple for the rest of the sector. Major wraek weakness, intel, micron, qualcomm, sandisc, the s p 500 continues to hit new highs. The qualcomm move is pretty scary. Thats a stock that went from 82