30year is now the steepest weve seen since last november. Something well be talking about coming up. The first thing i noticed is the level today, 2. 6 . Some big moves over the last couple of trading sessions. All of that coming up, also making big move zillow the real estate upgraded. Should you make a bid on this hot sale . Or is it actually time to sell . Plus the new king of saudi arabia numbering president obama by cancelling plans to visit the white house this week during that summit meeting at camp david. Coming up former u. S. Ambassador to saudi Arabia Robert jordan comes back to us. Hell tell us whether this is all over the Nuclear Negotiations with eye ran. This new king. Hes his own man, thats for sure. The Dow Jones Industrial average giving up some of its gains, down 100 points now. Half of 1 . The s p down 11. The nasdaq also down 11. And, bill cant comfortable break that 5,000 level. Whats its been two months now since level . Lets talk about that. Weve been stuck in this range for a while. We have sam stoveal with us. Kim forest. Jeff colbert, jeff cox from cnbc. Com joins about the end of the bull market or bear market . The end of the bear market. And Rick Santelli joins us as well. And people get into the panic of oh my here we go again with bonds. For the last several years we hoped to see a great rotation of money out of bonds into stocks. We didnt see that for low yield and bad economy still stays ss intact. It was not a goldilocks job report. The fed not moving anywhere. Id be surprised from here to september. But the bond trade is well intact. Sam do you think its that grim . What do you think of stocks versus bond land . Well when i start thinking about the First Quarter and everyone talks deja vu all over again regarding 2014 and 2015 i say things are quite different now. Were looking at gdp closer to 2. 5 . Were looking at valuations today that on a projected 12month basis are closer to 18 than they were less than 16 last time. And so my feeling is its going to be a lot harder to repeat 2014 as we move forward in 15. You have to admit, jeff kilberg, with the rallies, all of that is still in the context of this trading range weve been stuck in since the beginning of march. We really havent gone anywhere in that time. Absolutely bill youre right. And look what happened the bulls on friday, they got lucky. They got that middle of the road number. We saw that big rally. Just like lebron james got a lucky shot on our chicago bulls, were seeing those games fade a bit. Why, bill . Because of the price action. 75 of the price action was established. So, i think its more of a short cover than conviction buying. There have been some great basketball games in this playoff series. There have. Hes clearly still bitter about that. You still have the blackhawks, my friend. Kim, over to you, where do you see the investors right now . Our investors are going to invest the money they put in today and reap it three to five years out hopefully. Were looking for companies in the i. T. tech sector not social media. Not anything of that ilk. But productivityenhancing companies. So that would be tech and industrials. And we still are find something values there. Because after all, they give companies productivity their products are in demand. Wait a minute kim, i think this is a subtle slam on social media. Subtle . It doesnt seem like youre a big fan of its use of enhancement of productivity . Are you staying away from it because you dont think these companies are going anywhere . Well its difficult to say where theyre going. You know theyre a Media Advertising platform just like tv just like newspapers. And its eyeballs and results that drive money to those sites. And were still in early days. I know we like to think were not but we really are, in how people buy things, how they decide if they like a product or company. Are we really going to facebook tole research our next car, im going to say no. I think google still gets that money and thats why we stay away from it. Rick santelli we saved you for last to let you talk about what youre talking about. Im going to let you talk about the curve there, 5 to 30 the steepest weve seen since last november. Whats that about . Well, you paired two maturities definitely moving in the opposite directions. 5 and 30s are steep. Ill tell you why. Fiveyears closed at 165, i see them at 158. 30s closed at 275, theyre at 303. There it is. We could argue what its about. We could argue about the silliness of six months of inflation. Oh, my god, the boogieman is in the closet ridiculous. Its dealing with policy and a world surmounting lots of debts and trying to chew their way through it. I doubt well see the current yield of the year anytime soon. Lets look at the lay of the land, the high yield closed for september for 10s. And november for 30s. The high yield closes for the year are getting contested as well. You cant ignore this moment it up. They might have been wrong about three years late but the market is saying right now do they have to combine them buddy . How many years do the fundamentals never match up . The s p comes up we have no other choices. If the s p goes rick theyre going to have to buy them . Yes, its called an escape value, valve, yes. But one escape valve may make it move down or up like the ones well see today, if stocks go up enough, well probably spike that. Could we see 2. 35 2. 45 2. 50 absolutely. Let me go to you, jeff how much of this as well is driven by europe china . You have two crosscurrents where the german boot has really made a move. And china. Exactly. Slowing there as they try to add more stimulus. Hes talking about a trade. Youre not talking about fundamentals. I think, you know the market i dont see how you see is a rising yield environment when you have the economy for the First Quarter could have say minus sign in front of it. The Second Quarter growth youll be lucky to get 1 . I think at some point, as the killer just talked about, is this going to be pushing and pulling each other through the whole year. And i dont think well see a breakout. But we already have weve seen the breakout. How many times have you talked about in the past about fundamentals dont match the stock market going down . You dont see a Strong Economy . Come on Strong Economy we think there are more jobs more jobs, millions of jobs veterans, people saying theyre not parttime, theyre really good jobs. But the productivity, we have a much more efficient economy. To me, thats the key. I just dont understand how you see a rising rate environment in such a crappy economy. I dont get it. Market logistics. So we got to 3 . Next year we spend the whole year at 2. 25 or 2. 30. There are a lot of people offsides and fixed income. Bingo. A lot of sentiment changing on the dime. People get kiddish. Move it a lot, killer. Hold on we have to go but kim, i want to end if you dont mind zeroing in on some of those, tech and industrial you think might be attractive here . Im going to be a contrarian and say ibm i think is something theyd look at it. I think they can capture cloud dollars especially among their existing clients. Then look at boeing. Theyre a great company, i know they price their products you know a lot of it is dollarhad based but theres only a dualopoly for big planes you got to go to boeing or the other guy. You can name it airbus, thats fine. You know i got it. Boeing is one of the performer. The dow is down 82 put until recently been in the green. Thank you, weve got to go. Thank you, folks. Fun discussion to welcome kelly back. 15 minutes to go into the close here. Even though Interest Rates are moving up, maybe because of that we are seeing pressure across the board. The s p offering 9 points now, nasdaq trying turn pos, its down 5. How much is digital viewing adding into tv ad dollars . Well find out when we come back well tell you when media giants are thriving and suffering during this digital revolution. And since friday wall street upgraded the stock to a buy. Weve got that coming up on closing bell. It took tennis legend serena williams, fencing champion Tim Morehouse and the rockettes years to master their craft. But only moments to master paying bills at chase. Com. Depositing checks at the atm and transferring funds on the mobile app. Technology designed for you. So you can easily master the way you bank. Welcome back. 45 minutes left. The dow is down 78 points. Were off the lows. Coming off that low. The s p down 9. Nasdaq, when you left, we were flirting with 35,000. Guess what we still are. Well see if the end of the year makes any difference. Investors meanwhile paying close attention to the Media Industry as the season kicks off. Were taking a look at how digital viewing is impacting ad buying julia. Well kelly, this year may be the Tipping Point for broadcast tv. The biggest drop in tv ad sales since the recession is expected in a year when the economy is growing. Advertisers are projected too spend 10 at broadcast networks 5 less on cable tv ads this season according to research and ad buying magazine global. Tv viewing is down 9 this season thanks in large part to netflix streaming. Cbs is the only bullish media giant projecting growth. Bob iker said disney and abc are doing just find. Fox is facing pressure as it struggles with ratings declines with younger viewers and the end of american idol. And netflix traditionally with additional outsales. Nbc makes sales on aol. As for which company will take the biggest hit from the decline, analyst Michael Nathanson said it would depend on each companys willingness to accept lower prices and selling of apps. Kelly, back to you. In full swing, but how much does wall street care anymore . And will media buyers still see it go the way of rabbit ears for antennas. Jarod moses is founder and ce of the Entertainment Group and ad buyer. And brian weezer is a media analyst from Pivotal Research group. Good to see you both. Thanks for joining us today. Do the upfronts mean anything to you . You know, its more about the celebration and release of these shows. Its a show now. Its show business. All the deals have gone up 75 , 80 before the show starts. So i think its the celebration as the actual show. It does matter for investors, the sentiment around the media. That is what matters. I used to sit inside of an agency as part of the negotiations most them dont begin in earnest until next week. There are some deals done but very little. When the deals get announced when you hear about pricing volume increases it will matter a little bit, more than normal because it will impact the sentiment towards the media which is terrible on the part of investors at this time. Jarrod youre one that represents the brands when it comes to buying. One of the core sentiments are is there does this make that kind of buying you have to bundle. Youre now bundling . Absolutely. You have to go from terrestrial to digital, digital to terrestrial. You cant just buy one now. Brian, were talking about a Business Model created back in the 1920s by bill paly who virtually created the model for advertising. Isnt 2 time that we break that model with multiplatforms that companies can make that not just used for Television Ad revenue . Well theres a few things to that the first thing is buying in advance. They have something called new front which is is intended to get advertisers to commit a year ahead of time. Separately when it comes to can crossplatform buying most of media has been in attachment with tv invent tour for years. Thats what jarrod was just saying. Exactly. If ultimately what julia said, this is going to put downward pressure on pricing. This reminds me of the content for everything. If its lower is it still going to hurt them in the long run . Ive studied this extensively. What drives prices is the change in demand at the time up front. And you cant predict that right now, its very difficult even if youre sitting at an agency to know with certainty. But heres the funny thing, pricing has almost no relationship to the revenue because the networks have a lot of flexibility in terms of volume for inventory for sale. They have minutes of ads. They can change their yield on which advertisers get what units, et cetera. So theres a lot of moving parts here. How do you decide what price to pay . Let me just use cnbc as an example. Much was made last fall when our ratings were going down people saying uhoh, whats wrong with cnbc . Yet, ironically we had our best year ever financially. Lets face it were not just paid for our tv presence. We have a digital presence we have a social media presence. All of which are revenuegenerating at the same time. How do you look at media property and decide what youre pay noorg entity . On top of all of that you also have a great brand and that brand has halos advertised as well. You look at the qualitatives as well as the quantitatives. If you could create a package. This has taken place for weeks, trust me weve been talking to the networks about bundling packages. You dont just parachute in . Absolutely. For a year now, weve been talking about bundling for the terrestrial. We try to find out, one, where can we get the best volume for the best buy. And two Advertising Media at the same time. Obviously, this means competition os are brands includes all of the platforms who are the strongest and weakest as we stand here today in your view . When it comes to network tv your Parent Company comes very well with cable and broadcast. Cbs will do very well theyll be the leader in terms of pricing for network tv. That will be the benchmark that everyone else will follow off of. Do you agree . I do agree. Just because you have the largest land mass for people to capture. Who would be the strongest for you, jarrod . I think you can look at the unconventionals. I think the netflixes are moving again. Obviously, youtubes as well. Jarrod moses and brian wieser. Good to see you both. Holding steady right now with the dow down 66 points. Also saudi arabias new king snubbing president obama by announcing he will not attend meetings with the president at the white house this week. Is the u. S. Alienating one of its closest allies because of negotiations with iran . Well talk about that next. Also uber planning a new round of funding that could value the Ridesharing Company at 50 billion. Coming up well discuss whether thats an appropriate valuation or a red flag of a tech bubble . Yes, were still asking that question. Its more than the cloud. Its security and flexibility. Its where great ideas and vital data are stored. With centurylink you get advanced Technology Solutions from a trusted it partner. Including cloud and hosting services all backed by an industry leading Broadband Network and people committed to helping you grow your business. You get a company thats more than just the sum of its parts. Centurylink. Your link to whats next. The pursuit of healthier. It begins from the second were born. After all, healthier doesnt happen all by itself. It needs to be earned. Every day. Using wellness to keep away illness. And believing that a single life can be made better by millions of others. Healthier takes somebody who can power modern health care. By connecting every single part of it. For as the world keeps on searching for healthier. Were here to make healthier happen. Optum. Healthier is here. Seven out of ten Power Outages in the us are caused by weather. But utilities can now predict where the power will go out, within a few city blocks. Working with ibm theyre combining micro weather forecasts with detailed data from local sensors. To predict where outages are likely to occur. And send crews exactly where theyre needed, when theyre needed. Ibm analytics from the internet of things is making energy smarter every day. As bill would say, were off the lows of the session. Were down more than 100 points. Thats a drinking game thing, right . At the top of the hour. You can invent your own. But now, the dow is off 63 points were seeing broadbased pressure, though. A couple of bright spots have to deal with more specific stories, that including kalter pill boeing express. And the dow back about 5,000, down about a point. We did take a hit today, we stayed over 59 a barrel there. Key support there. The head line from the wall street journal is that opec doesnt see oil prices consistently trading at 100 a barrel again in the next decade. In fact opec is saying its looking at a 76 target in 2025. The journal is citing a draft. They do have a monthly report starting tomorrow. Well be digging into that. Opecs strategy was to start a price war, it didnt want to decrease production. Of course, were watching the june meeting to see if any cuts are made. Or if they fall out of step with what their strategy has been so far. Of course that could really change market dynamics. For now, again, as i say, we were lower today but still supported here. Back to you. Thanks jackie. Complicating the picture on oil is the new king of saudi arabia. He was scheduled to attend the summit at the white house at camp david this week but hes changed his mind and he isnt coming. Many bill saying its a snub. And joining us is the former ambassador to saudi arabia and author of desert diplomat. Mr. Ambassador, good to see you. Thank you, bill. Do you consider it a snub . The white house is pointing out that secretary kerry was there last week met with the king and left on good terms. Now we get the word that hes not coming to washington. What do you make of that . Theres not a lot on this meeting with king salman. This has been a train wreck over several years. This administration basically from hosni mubarak, the saudis and monarchs were greatly troubled by that and wondered if they might be next. Once we saw them with any force over king assad usings chemical weapons. And then the Nuclear Negotiations going on with iran in which the saudis feel they had may be in the midst of a major shift in power in the middle east in irans favor. If sanctions are lifted iran has billions of dollars to use against these monarchs in subtle ways. Then, they of course if they achieve Nuclear Status can actually become a major threat in the region. So, i mean you sound like you agree, its a snub . I think theres an element of a snub here. The other factor of course is there are only two of these heads of state coming to the summit meeting now. So king salman may not feel that he needs to be the big dog in this group. He also has his hands full quite frankly, with whats going on against the houthis in yemen. Right. Ill remind you that wouldnt be enough by itself to keep him from coming. I think he also probably is not looking forward to being lectured by president obama about reform as the president has said to the the new york times. Right. This is a woodshed moment that is probably like a trip to the dentist for these heads of state. Where does this mr. Ambassador leave the middle east when it comes to the it . We already find ourselves on different sides with iraq and at the same time helping saudi arabia help fight against the islamic state. So i just dont understand now what the u. S. Is trying to accomplish in these talks . Well its a very tricky business. I think the president is trying reassure these gulf states that if we do reach a deal with iran we still have their back from a security standpoint. This is a very difficult assurance to provide since we have not delivered very much on other assurances we provided in the past. So i think our credibility is really at stake here. It may take more than just this one summit meeting to reconstitute that credibility. But i think this is at least an effort at bringing them together. And im swhalomewhat skeptical its going to be very successful, though. What do you make of king salman . This guy hit the ground running when they came to power. He came into secession, and now hes snubbing the United States which you agree with. How is this going to affect our relationship with saudi arabia going forward, do you think . I dont think were in line for a divorce but i do think some serious marriage counselling is in order. This has been building for a number of years, not just with king salman but others in saudi arabia and the rest of the gulf. Our credibility sat is at stake. Were talking about pivoting away from the gulf. Thats not good news. The fact that theyve been able to exercise their authority to us after many years, and now were saying to tell me you need to step up and take your responsibility. At the same time were unwilling to provide them with aircraft and other armaments because we want them them to protect themselves and its somewhat riskier. I think theyve become very skeptical about what were going to deliver. Last question mr. Ambassador where do you think this leaves the chances of iran getting done this year . Well im still quite skeptical, if we dont have any kind of compliance mechanism, if the inspection not air tight and if the enforcement is not air tight, theres just no deal to be made thats where we come out here. Ambassador gourdjordan, thank you. Time for cnbc news update. The white house is dismissing an article that president obama misled the public about how the u. S. Killed osama bin laden. Oak, and secretary of state john kerry will meet his russian counterpart Sergei Lavrov in sochi. The state Department Also saying he will meet with vladimir putin. And Authorities SayGeorge Zimmerman was involved in a shooting incident in lake marion. It appears he suffered a minor gun wound. And a jury in North Carolina says starbucks is not liable for charges after a Police Officer claims he suffered damages from a cup of coffee he spilled in his lap three years ago. Thats the cnbc news update back to you. Still negative across the board i think we include nasdaq yep, down a point and a half. Zillow after wall street slapped a buy rating on that stock. But should you make a bid on the Real Estate Company at this point . Coming up. Also ahead why did you stop taking the anger meds . I didnt think they were work. Agent ari gold will be here at the new york stock exchange. Yes, we mean ari gold. He conquered hollywood, now he wants you to help conquer the business and financial worlds with his Gold Standard rules. Trust us its a very interesting interview ahead on closing bell. [ male announcer ] your love for trading never stops. So open an account with schwab. And when a market move affects, say a Cloud Computing stock youre holding, we can help you decide what to do. With tools that help you see how market activity is affecting your positions. So when the time comes to decide whether to scale in or scale out. You can make your move wherever you are. And start working on your next big idea. Minus signs today but were only bringing back a portion of the big gains we saw on friday after the jobs report came out when the dow was up about 250 points. Today, down 69. At the lows we were down 102, i am told. The s p is now down 8. And the nasdaq sitting right on you know we were waiting so long for the nasdaq 5,000. And now its just going to stay right there. Its never going to leave 5,000. Oh man, just to remind us. A first of its kind funded real estate project is now open for business in washington, d. C. And its reshaping a nation and real estate values in the nations capital. Diana olick is there. Reporter this is still a traditional neighborhood. Up would never know it from inside the build. The first ever crowdfunded real the city estate venture. It allows anyone to go online and put a couple hundred or couple thousands in to turn a wreck a building into a restaurant and so much more. We raised 250,000 from 175 people. At 100 a share. Reporter millers Platform Fund rise allows investors to buy shares in commercial real estate projects. In return, investors get rental stream property evaluation and they get to be a part of something bigger. We started fund spz rise with the idea of why cant everybody be part of investing in the neighborhoods. Reporter this area eighth street is in transition. Just in one month, a Thriving Market that embodies the crowd. It has a retail store, a bar, a highend asian food restaurant. I think when you have the synergy of businesses you get that lifestyle brand. Needless to say, the place is chockful of millennials. You have the vendors feeding off of each other, whether its restaurant, whether its retail. Were told its cash flow positive. The investors are getting dividend checks as we speak. And let me tell you, every week night there was a line at the restaurant to get in about an hour long because they dont take reservation us. If you want to learn more its automatic online. Thanks diana. Thank you. No doubt, some of those d. C. Residents are using zillow to check on their property. Upgraded by the way, up over 6 on the upgrade but still down 7 overall year to date. So should you be bidding on zillow as an investment . Lets talk it out. Gentlemen, welcome. Daniel, first of all, why do you think theyre a sound investment . Well, you know look i think that my colleague upgraded the stock, its setting up nicely for him this year. Zillow reset their expectations earlier in the year so estimates could end up proving conservative. Zillow averages over 100 uniques. And a robust marketplace that could account for 10 of the marketplaces revenue. We think they created a sustainable mode that will make them part of the real estate space. James, you dont like it mostly because of price on this stock, right . Right, absolutely. And the price action that were seeing today in my opinion is indicative of short covering. Zillow has over 20 in the flow. When we have an upgrade like this it tends to squeeze the stock higher. It also happens that we have earnings tomorrow after the bell. Options makers are implying an 8 move. It would make sense to try and cover ahead of a catalyst event like that. With all of that being said zillow has an absolutely dismal performance on earnings day. Over the past 12 quarters its rallied 12 times. As you said were still down 7 even with todays move. Its very difficult to justify anything here but a short position. And daniel i want to go back to your point about the ad value chain. I think theres some concern about how quickly zillow can sign up new advertisers and new listings. Why do you see more potential here than some of the skeptics . You know i think that there can be some fair points made about signing you up premiere agents. Thats been a knock on the story that penetration is a lot higher than what zillow has said about 10 i think people are missing three things one, now that theyve gone above the agreement, theyre going to start signing up mlss real estate agreements and subsequently, we also think they can sign a out la of bulk deals. A lot of these Real Estate Brokers are looking four exclusivity in the markets. That is a clean sign of average revenue per agent growth over time. We dont think its necessary for zillow to sign up tens of thousands of Real Estate Agents in order to drive 30 growth rate. We had it like fundamental versus technical. And they kept it civil. They did. Thanks, guys. The dow down 64 points off the lows of the day. Youre welcome. Thats right. By the way earn season is coming to a close. How do things shapeup you may be surprised by the results. Were going to talk about that next. And nearly 10 of the Driverless Cars being tested in california, nearly 10 , have gotten into accidents since september. Will that make consumers shy away from that technology . Car expert Richard Rawlings will weigh in on that on the closing bell. We will rock you anthem call 1800royal caribbean or your travel agent today strong can heal from miles away. Unite us for a common good. And turn a simple video into endless laughter. Strong can take you. All the way to the summit. Oh my so cool think what strong can do for you. Can i play too . At ts network has the nations strongest 4g lte signal. The network that monitors her health. The secure Cloud Services that store her genetic data the servers and software on a mission to find the perfect match. And the mom who gets to hear her daughters heart beat once again. Were helping organizations transform the way they work so they can transform the lives of the people they serve. Welcome back. So theres some discussion about why, bill we saw the dow off about 100 points at the start of the hour. There have been Different Things passed around. Perhaps some of it comes back to the comments that were made to the president honkishly, as investors would have anticipated. Frankly, you look at Interest Rates and it does buy into this idea of the fed moving talking about say higher regime with that talk. We know the fed is anxious about that. Were going to get one more jobs report before the june fed meeting. And you can be sure maybe the rate increase is on the table for june. They had should have a comedown talk for that. Somebody is putting it together. Meanwhile, earnings trickle this week. Remember it was supposed to be a negative one,dom chiou has that scorecard. This is a little more positive. This is how were going to frame it. Now that close to 90 of the s p 500 has reported their numbers, weve got an interesting picture. Because again, these are against analyst expectations but still, twothirds of company its in s p 500 through this morning, have beaten the average analyst estimate for earnings. Again, these are analyst expectations that can be taken down, yes. Weve got a number of tweets how the analysts can not get it right. That is the caveat here. Twothirds of them have beaten expectations. 10 have just about met them. 1 out of every 4 have missed estimates. As we drove down to the actual earnings and growth picture, heres where it gets more interesting, all right . On the Earnings Growth basically what this means, out of all the companies that have actually reported what the expectations are for 10 , 12 of companies that havent, if everything goes to plan well actually see about 2 growth for the profits for s p 500 companies. Again, profits are positive over last year. We thought back on april 1st it was going to be a drop of 3 . Again, this is not gang busters earning by any measure. But still, better than the decline wes thought we were going to see. Heresy it gets sticky. If everything goes to plan about a 4 drop in terms of last year in terms of sales growth of these companies. We thought it was 2. 5 . Remember we got a slew of retailers coming out including maces and ralph lauren guys well see how this affects those numbers. Back over to you. Thanks dom, its just too bad, jut as you want to say, hey, at least we have a positive earnings quarter, the revenue now, just grim. That has been the case for a while now. Thats got to pick up. Dom chu back at headquarters. 11 minutes to go here. And three minutes to sell. Thats how the imbalance is to the sales right now. Signing weve been seeing a little bit. It moved down a little bit. Dows down s p down 7. Zappo is instituting the dream of many namely eliminating bosses and bureaucracy and allowing employees to selfmanage, no titles, no nothing. But is that a smart strategy for the workplace . 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Thats why i recommend fast reliable comcast Business Internet. They know what businesses need. And theres a nomistake guarantee. If you dont like it, you have thirty days to call and get your money back. With comcast Business Internet you literally cant mook a mistick. I meant to say that. Switch today and get the no mistake guarantee. Comcast business. Built for business. There is an ancient rhythm. [ ] that flows through all things. Through rocky spires. [ ] and oceans swell. [ ] the endless. Stillness of green. [ ] and in the restless depths of human hearts. [ ] the voice of the wild within. About eight minutes left on the trading session here with the dow down 76 points joining us right now, scott rostan from the trading and good to sigh both here. Usually you visit us on after the jobs report. Theyre anxious to get starting on raising rates here arent they . I think youre right, bill John Williams would not be aopposed to raising rates for june. I think september is a better day. When you look at a number of part time for economic reasons as a percentage of the labor force, youre looking at 4. 3 . The last two expansions, those numbers two 2. 6 and 2. 3 respectively. Theres still a little slack but its coming up but still not snuff. High enough. Scott, what should investors do . Investors should look at this long term. Household names now aback, and now the confidence at the sweet level moving up and the bull is back. Anticipating higher rates, the cost of doing these deals is going to go up . Exactly. The cost is cheap. Share prices are relatively high, therefore, it makes Financial Sense to do it. But theyve gault a lot more confidence to start going shopping, if you will for those transactions. Anthony, i know its not the hat you wear but im sure it still comes up in figuring out how people are going to react . What do we anticipate as we enter this paradigm . I think the markets are experiencing more. But weve actually look at what happens to the s p 500 and the equity market in the first two years if the Federal Reserve raises rates. If he raise rates because inflation was a problem and i measure that by how much is the cpi rising. The cpi is not a problem. The f a market goes up 5 on average every year the first two years, when the fed is raising rates. But guess what if the fed is rising faster than that. The s p markets go down. The traditional of the 1980s . Today, inflation is not a problem. Inflation at 2 . Hard to argue inflation say problem. Anthony, scott, appreciate it very much. I wonder why you looked at me when you said the 70s . It was just a general gesture. Five minutes left in the trading session. We have the closing countdown. And is uber really worth 50 billion. That puts it on par with General Motors its more valuable thanmy major airline. A venture capitalists tells us whether uber is worth it. 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Thats the highest level since we closed out in december. The way i understand the long end of the curve. Its about inflation and growth expectations. What do we have in growth . 2. 5 gdp. I dont know what the right number is on the tenure. But its creeping up fast. We were highlighting el earlier, the spread between the fiveyear note and the 30year bond, the spread has now widened to the highest level since november. Right. The curve is steepening. It is. Particularly on the long end is why were seeing it move up. I dont know what the number is something is wrong. This thing is moving up too fast. Or the market is telling us expect inflation or growth. I cant figure it out. Thats the problem. You hit it right, bill. The tenyear was the major problem with the stocks. As it moved up towards the middle of the day, stocks falling. Thats what theyre watching right now. The dow down 83 points and the nasdaq still flirting with 5,000. Stay tuned, much more coming including for you entourage fans ari gold himself will be here. Hes written a new book on management techniques. Thats in the second hour of the closing bell. See you tomorrow. Thank you, bill. Welcome to closing bell, everybody. Im kelly evans. And heres how were finishing up the session on wall street. Looked pretty grim at 3 00. In fact were going out towards the lows of the session. Giving up half a pert. S p down 10 closing at 2105. And the nasdaq was hugging, flirting with the 5,000 level again. Failing to close about it for another sex, down 10 points is the level there. Lets bring in todays panel talk. Dan briehouse is here. Kayla tausche. And steve brasso will join us shortly once hes finished with the trade stand. Is this because the Federal Reserve is truly going to raise Interest Rates . Less enisten, we think they are. More importantly, you had a strong rally friday in the face of decline of yields. You gave back treasury that is to say, yeelields moved higher. Resiliency in the stock market. We closed at that. We were bantering with rick sant santelli. He thinks theres a disconnect between this trading range moving higher and a still weak economy. Would you agree with that . Listen, ire dont dont know. Do you think the economy is weak . Economy is clearly weak. The question is not whether or not a 180, 190 yield. I think bgig thinks thats ss thats probably not the right level. Kayla. In the last few weeks we had a chorus of investors saying over and over again that rates basically should not be at zero. Basically going up against the feds saying okay its been long enough. Whether its june or 2016 at this point rates should not be at zero. Theyre basically taking the matters in their own hands. Its arresting the moves weve seen in the treasury market we saw today and as dan said we didnt give up the real estate that we saw in fridays market. How weak is the u. S. Economy. Dan just said undeniably, its weak. I just spent ten days on the road in Virginia West Virginia pennsylvania and new york. Obviously, things arent as booming as they were in manhattan. But they still seem to be much better than five six years ago in the depths of the crisis. How would you assess things . Well obviously, there was a First Quarter that was kind of weak. There may have been reasons for. The question is the underlying economy. I just came from new orleans, the aol founders he takes a bus tour around america, looking at startups and entrepreneurs in other cities. Things that blow you away i was in nashville, new orleans, other places is a new economy, an entrepreneurial economy that is not being measured very carefully in the numbers. It all could dissipate. And sometimes, lukeyou look at these start ups, and you feel what are you thinking . My own gut, the economy is stronger than any economy in the world. The First Quarter numbers and the softest we see is not really a longterm thing other than a growing economy. Steve brasso is joining us off the floor. Steve, what do you think people are trading . I think people are trading too much in their head and not at the marketplace. We always think its so much to quantify. But it just seems like wheres the dollar going to be in six months . Do you know . Wheres the euro going to be . Wheres oil going to be . Do you have to care about that . Yeah, you do because these guys are modeling for all of these things. They used to model for one or two things. Now it seems they model for 12 things. What they do they do whatever they can to tidy up along the edges, then they have no idea and they scratch their head for the big yardage in the middle of the field. I would sort of pivot off of that point and somewhat disagree. The argument weve been makes to the clients it all funnels down to the dollar. Agree theres a focus on a hundred different indices and economies and the like to somewhat agree, if you have a view on the dollar. Thats my view exactly. For me, ultimate list,ly, for me its breaking down technically. With that rise. Are you talk about the dollar . The dollar. Do you think the dollar goes lower again . Yeah. The house view is technically Katie Stockton seems the dollar trade has run its course. Fundamental, i think a lot of people have wanted to pile in on the dollar on the short side. To some degree with this last drift in the stock market you can largely attribute that to lack of strength in the market. Now, youre telling me that the lower dollar is going to be better for the trading environment. You just told me its a higher environment. The dollar is going to break down. Its taking the rest of the market with it. I think the dollar goes lower. The euro goes higher. I think the european markets come in theyve outperformed the u. S. Equity markets. Right. This is me on a slow day. Was it months ago that the euro was going to parity oil was going to 30 bucks. Right. Thats why people have a hard time predicting what it will be like in a few months. Its inwinding. Its long maturity to unwind that. Walter . Well we just got a question and a thought which is the big thing that seems to be happening in china where theyre now emulating us a bit. Cutting Interest Rates, trying to stimulate an economy. To me, thats the big one thats going to change things. If you have a slowgoing chinese economy, everything in the long term thats going to be bad for markets around the world. I was just going to ask, there are some who argue the fact that china is coming in with more stimulus shows that theyre willing to stimulate the markets. Ultimately china has to be a headwind for all of us correct . It seems to me i just read Hank Paulsons book on china. Very favorable on china, until you get to the end when he tox about headwinds. I think theres not only headwinds but real gusts to slow down china. And thats going to the thing that affect the economies around the world for the next year or two. Dan, i just hope none of us keeps that next innovator in athens or new orleans or wherever from working on these concerns . No i dont think this has anything to do with it. At the end of the day, this discussion were focusing on china has been slowing for several years now. A lot of people act surprised that breathe is closer to seven than ten. Lets not forget that has been the goal now. When is that happening . Its clear theyre slowing, but are they pulling off that transition . No, listen it happening. The question is are they able to manage it the whole way from the top to the bottom. Theres an uncertainty. To walters point for that being bad for china. I would disagree if the fact that that china has been slowing down for recent years. The rate is closer to 5 . They dont look at the gdp number which we all acknowledge is more or less manmade. They look at electricity. And railcars. And you look at it specifically. Its not a bad thing . Im saying Slower Growth than what weve experienced is not a bad thing. Youve seen this over the last couple of years. Where i would agree with walter and the consensus, if you have a more rapid slowdown than what weve experienced. I think we both agree on that. Walter go ahead. No i said i think we both agree on that were talking about a 5 7 growth rate in china, thats fine. If something rapid that happens and, you know it will also tie into i hope we do the transpacific trade agreement and other things because getting in competition with a china that is having economic problems is not going to be a pretty sight. Economic problems is relative, too. Because youre still seeing companies on a specific basis a lot of multinational companies. Im thinking apple, of course best in class but 71 sales growth in china last quarter. You talk about gdp growth possibly slowing but when you have companies able to turn in 71 growth. Thats a really good point. Id like to you find a more a few other companies that are anywhere close to what apple is doing in china. Apple is a night ride 34. Alibaba, 41 . Its not 71 , but still Companies Like that. Ill be here for restaurants from starbucks and young, caterpillar in the markets. During the season it provides the best sort of glimpse into whats going on beyond the macro numbers. You list ton what ceos and cfos are saying on the conference calls. They never embellish, god knows that. We are going to talk about the company sending everyone to france. The Chinese Company doing that. Walter, im evening areager for your thoughts. Next levels to watch . You have to be look at the 2125 level on the s p. If we come down you look at 2080, level on the bottom 2125 on the top. Those are your book ends. Duly note the. Steve grasso as more coming up with the fast money crew at 5 00. And Dennis Gartman is thinking this is the perfect buying opportunity. You can find out why. Uber could be heading to a uber valuation. The ride share app is about to do another funding that could send it to around 50 billion. Well hear have a venture capitalists who says not to worry about private company investments. Theres plenty more investments to be made. And its an investment you may not have heard of. Hurocrasy. 450es hes offering a threemonth severance for those who want to walk away. Youre watching cnbc. First in business worldwide. Whats on your mind lisa . Id like to talk about a trade idea. Lets hear it. [ male announcer ] see how schwab can help light a way forward. So you can make your move wherever you are. And start working on your next big idea. Uber reportedly planning to do another round of fundraising which could send it even higher. Kate rogers has the details. Thats right, theyve reportedly briefed investors on its plan to raise 1. 5 billion to 2 billion in new funding. Thats according to the wall street journal on these sources. The report also notes it could close up earlier this month. These plans of course could change. The 100 startups involved at 2. 5 billion, uber current 41 billion. If youre wondering about the size, last week uber reportedly posted a bid for an app for 3 billion. According to to that. They will raise the thought of when uber would go public. It would surpass facebook which has a 50 billion valuation when it debuted in the nas contact in 2012. Uber declined to comment on this story, kelly, back to you. All right, kate. Thank you very much. From the valued private companies, lets bring in steve botman a management partner. Welcome. Thank you. Lets look at the sheer fact that a private startup barely five years old is now worth 50 billion. Should the company be in the hands of the Public Market . Thats a great question and a little above my pay grade. From a regular reagor in washington, d. C. To a startup. This is whats different from last time in a way, weve made it safer for these companies to incubate privately. Has the general public missed out an on opportunity here . Well i think no question. When amazon went number the last boom, its a 1 billion market cap. And if you think about that what type of opportunity that lent the American Public to invest in a company thats now hundreds of billions. And the some of the regulations that would have been put in place, essentially made this a very unequal Playing Field for small investors who want to take that opportunity. And in general, public in general. Well come back to the valuation of uber itself in a moment. Super. Dan, you guys deal with companies almost exclusively in the public domain. Sure. How do you feel about uber in a 50 billion valuation in strong hands . I think we had this conversation when facebook was going public. We had this conversation when google was going public that both had remained private too long. I think the argument around that on facebook is that there were benefits to being a private company. Theres a lot of criticism on private markets focus on short termism you can meet the wall street demand for capital return, whereas, when you run a private company, that is not a concern. Im curious if you think this factors into the discussion at all. Absolutely. I dont think its the facebooks or the ubers of the world. Those are brand names before they even went public. I think focusing on them is an exception to the rule in a lot of ways. Its really about the 50 million going to 100 million. The 100 million going to 200 million, 300 million. Its really those businesses that weve sort of lost from the Public Market because what weve essentially done is uncriminalize research on wall street. Weve threatened banks, weve december sa miezed our system so investment banks cant afford to tout. But have we made it safer, quote unquote . Sure zero ipos is safer. But then again, youre not creating the wealth that we with the amazons and that really helped the portfolios from the 80s to 2000s. Steve, my question about uber is, okay so you have them raising money three times in a year. Im thinking about alibaba, raised money at a 32 million valuation in 2011. Never need go back to the private markets until it went public because the business was turning up so much cash that they didnt need to. The fact that the company is going back to the well over and over again, does that tell you about the availability of money . Or the need to support the Business Model with Additional Capital . Well certainly, it says something about the availability of money. They can get it closed the moneys there. I would say, though in alibabas case they were aiming and still aiming to be the amazon of china. And theyre the lead dog there. So if you think about the soon to be largest economy emerging with an amazonlike opportunity, thats a big opportunity. Similarly, with uber. You know, its not just a limo company. Potentially, i mean our economy is about 10 automotivedriven. If we reduce the need for cars by 20 , 30 , were talking about trillions of dollars in value migrating to a firm like uber. So, walter i know weve been taking all of this in im curious how youre thinking through the relative benefits of uber being public versus private and continuing to raise capital at higher valuations . First off, you have to look at it in historic terms. What uber is doing is transforming not just the taxicab industry. But the way we work. The now ubers of this the ubers of that. It starts forring the way cities operate. And as Somebody Just said youre talking about a trillion dollars thats going to move away from an automaticotivebased companies to how things get things on demand. I find uber to be the most transformative concept in the daily economics in the past five or six years. So i think its huge. And obviously, costs a lot more. Its not like starting up a facebook even. Meaning they it pay out a lot. They have more revenues the Revenue Department raich yoshgstios. Theyre not making profits but theyre starting to make revenue. It keeping you regulated. By the way, travis has read the biographies probably all of them, of steve jobs. Weve got to blame you. Weve got to go. In a word valuation of 50 billion you dont think thats evidence of some bubble . At 120 times revenue, investors are paying a few years up for value. So a lot of things are going to have to go wait for the next two, three, four five years, even if youre growing at 400 a year, youre paying 120 times revenue. So a lot of things are going to have to go late. But the nice part about the structure is a preferred structure. Every venture structure is preferred. So that means, essentially, uber if they raise 2 billion at this valuation. If uber sold tomorrow for 3 billion, whats often untold in the media is investors get all their money back. The common shareholders thats why its a whole other topic, but thats like so you get its money good. But you have an option if they are half as successful as they think they are it could be a big win. Well bring you back. Weve got to talk about it. Absolutely. No i love it. Steve brotman, managing on uber. Mary thompson. Hi there, the stock down 9 in afterhours trading. This is a company in web hosting and cloud management. The companys earnings were pretty much in line with expectations but the company loader its margin guns for the Second Quarter. Expecting the margins to be 34 to 34 . Thats down to 36 . Its Revenue Growth between 1. 5 to 2. 5 . Wall street was looking for 14 . A hit on that guidance. Back to you, kelly. Mary thank you. It was supposed to be the key to safer roads. And now driving around in those cars in california have now gotten into accidents. Not going more than 10 miles an hour. Were going to ask Richard Rawlings. And the boss meeting the new boss. Because in this case they are the new boss. Letting the company manage itself. Well hear from the executive. Well see what he has to say when we come back. Building aircraft, the likes of which the world has never seen. This is what we do. Thats the value of performance. Northrop grumman. Good. Very good. You see something moving off the shelves and your first thought is to investigate the company. You are type e. Yes, Investment Opportunities can be anywhere. Or not. But you know the difference. E trades bar code scanner. Shorten the distance between intuition and action. E trade opportunity is everywhere. No managers no problem, right . Thats what zappos ceo issued a memo explaining that zappos is adopting a holacracy. He gave them an option of taking a severance check, they did and they left. Now the Chinese Group thousand with now with a paid holiday in france. Which management style do we prefer. Steve, welcome to the program. Great to be here. What do you think of this tony shea move. Would you adopt a holacracy . I know tony shea ive been to the headquarters and seen the innovation, if anyone can pull it off, tony can. This is an Interesting Company that has reinvented shoes. They invent vented how work is done. They have the severance. He said if youre not happy, take the severance, leave. Hes trying to get the best and brightest who innovate on their own. We used to call it selfdirected work teams and we would do it in r d settings. It was effective for a limited period. This will be the first time it will be taken across the organization. It will be interesting to see if it would. In other words, we need to develop some technology we need to fix x, y, d, heres your task accomplish it. How does it work with daytoday Workforce Management . Well this idea was invented in the 1970s to some excellent, in silicon valley, one of the great innovations at the time was not just the micro chip or the personal deputy but when intel decided to have one open case. And when an employee came to bob noyes. Whats the innovation chart, noyes said here it is youre in the middle. Heres everybody else. You have a dotted line. Work towards the mission. That works okay when you say, okay our mission is to create make sure the law works. Its cool in a site over zappos a case with a woman calling up and wanted a refund because her husband just died. She just bought the boots. The salesperson says fine and then sends flowers to the funeral. You dont also want a lack of standardization that it depends on who you call and who you get. So i think its like when you go into an airline or a hotel, do you want an empowered workforce, or do you also want to know what youre getting when you are getting it . Steve, what do you think about this Chinese Company sending everybody to france . Is that a better way to align incentives across the workforce . Can you imagine what the french thought when they saw 6400 people coming off in uniforms and hats coming off of 84 planes. They probably thought it was an invasion. Its a great pr ploy. Its great for employee happiness. But this is a group in china that is all about tourism and trade. Theyre getting tremendous amount of press on this around the world. Look. I think these kind of experiments are necessary. Im glad people are trying it. I dont know how widely you can do these kinds of things but its really important that people do these things. We encourage our own bosses to try with the france thing. Real quick, walter. Yeah, thats great that the company is doing it. They dont pay a salary to most of their workers. Theyre just on sales commission. You got to look at the whole country or holacracy, as we would say, just because you get the trip doesnt mean if youre not paying a base salary to people, that part of the company, you know we should be skeptical ofthese things. And thats a pretty common one across commissiondriven workplaces we have cnbc news update to get to with morgan brennan. Hey, kelly, the white house is dismissing that president obama misled about how the u. S. Kill osama bin laden. Obama white house is not the only one to observe that the story is riddled with inaccuracies and outright falsehoods. The former Deputy Director of the cia, mike morell, has said that every sentence was wrong. Meanwhile, a panel of independent experts says the World Health Organization and the National Community failed in their response to the worst outbreak of ebola ever recorded. The News Conference held two days after liberia was declared free from the virus. And the wrecked cruise liner, Costa Concordia is on its way. Lastly Wrigley FieldBleacher Creatures will be back in force for the cubs game tonight. Theyre ready to make the season debut. The right field bleachers will be finished in another month. Thats it for the cnbc news update. The discovery channels gas monkey Richard Rawlings is here. Were back in two. Just because im away from my desk doesnt mean im not working. Comcast business understands that. Their wifi isnt just fast near the router. Its fast in the break room. Fast in the conference room. Fast in toms office. Fast in other toms office. Fast in the foyer [pronounced foyyer] or is it foyer [pronounced foyyay] . Fast in the hallway. I feel like ive been here before. Switch now and get the fastest wifi everywhere. Comcast business. Built for business. Welcome back. Since september, for the nearly 50 Driverless Cars on the roads in california have gotten into accidents. Each time the car is reportedly going around 10 miles per hour. For more on this it just makes a better case for oldfashioned cars. Lets bring in Richard Rawlings. The star of discoverys fast n loud. Lets get on the news of the Driverless Cars. Have you ever encountered one of these either in testing on or the road . You know i still havent. I think its an interesting ideology. It might work in some arenas but i think america is built on the freedom we have in a car, being able to get in and go and the power and actually gripping the wheel. I think it has its uses but i dont think hot rods are going away anytime soon. It probably gets more attractive when people say, wait a minute look what they used to drive out there. But cars have become driverless already. You have Cruise Control and these features that take a lot of the decisions out of the hands the driver anyway. It seems as if were inevitably going in that direction. Do you think thats a mistake . Oh no i dont think its a mistake at all. I agree with your comment that its going to make the hot rods even more wanted. Sure i got in my car and drank my latte, but i cant wait to get home and drive my car. And the higher tech the cars get do you pass that along . Does it loose its ability to become an investment because its always changes . No you really do the investment quality of keeping a car is just as cool as take an olderstyle car and putting all the cool gadgets in it. Imagine riding around in a 69 thats driverless. There are some people that pick a car with which one best connects to the iphone. The guts of the car, the experience may become more reliant on apple or somebody down the road. And one of the worries is they become the quote unquote dumb boss. Once that old style, that car that makes more noise, fast n loud, if you will. Yeah. You can roll down the windows, have a good time turn up the radio, all of that stuff. But i think of the actual act of doing is more fun than telling the car to do that. Do you have a car, dan . I have my dads car. My dad in 1956 got a pontiac lemans, hes since passed away. I have that car. The underlying point here lost in the whole discussion about gadgets, thats where this is going. The actual act of driving. My car is stick. I like getting in the car. I like getting in the highway. God bless my father its a convertible. That is something to some degree is never going to get lost. And where the Car Companies of the future are going to succeed is threading those two needles. Give me a car with all the gadgets but one quote unquote fastest. Walter which car do you drive . I grew up driving a chevy and a point. We have a volvo now. Im a big fan of richards . Walter how do you go from those cars to a volvo . And what is 30 years ago saying to you now . I got married. He didnt know what to tell his wife. Acura. Let me ask richard, a question. You know steve jobs dad, somebody who bought cars like you did when you were young. Reconfigured them and sold them for a profit. I think you had like the mercury comet ones and the chevy some growing up. When i was growing up i loved opening the hood. Fixing the spark plugs, tuning it up. Playing we the carburetors. Nowadays, its like computers, you dont get to break them apart. You dont get to take out the tubes or the transisters or tuning up the car. I really dont think so theres two schools of thought there. It used to be air fuel and fire and youre good to go. It still is basically the same principle, because its a combustible automobile. Just like you learned to work on the computers and what have you, you can test them and do cool stuff. The cars of today, theyre basically like an iphone. You get in there and get somebody tech savvy and start unlocking that you can increase speed and torque. Thats the now way of tinkering with them. Thats right. Thats the new hodt rod. We know the gas monkey is the one to match or the book fast n loud, blood, sweat and tears. Glad to be here. Olive garden is taking a page out of the subway playbook. Thats heating up the cnbc hot list. Ellen rosin will have that next. And theres a new stock exchanges. Listen to me buy alibaba. And spin my planet buy it. That was the clean version. Ari gold will join us live. Were back in two. Bond real estate and bread sticks. Sounds like the start of a new business. Its the line for todays hot list. Allen brings that to you now. Hi kelly. Its unusual day when you say the bond market is the big pull. But the bond market is the big pull with the spike weve seen on the 30year notes. Diana olick wrote up her wonderful piece about crowd funding that facility in d. C. And now its letting individual investors get into the real estate market. And good news for all of the olive garden bread sticks theyre going to make sandwiches out of them. Chicken parm the bread sticks were the best thing there. So theyre making that. I love those bread sticks. You may recognize him as a movie, vincent chase say former agent. Now televisions favorite agent. Ari gold joins us live on the new york stock exchange. Giving us his rules to live by. Stay with us. Financial noise financial noise well our next guest is known as one of the master deal makers of the entertainment and film industry. Hes ari gold. And now the former hollywood agent is out with a tell all book sharing his secrets and advice on how to be as successful as he is. Its called the Gold Standard rules to live by. Ari gold joins you now. This is all about your time as a hollywood agent. Its calls rules to rule by. You can indeed rule. Thank you. They wanted me to give you, publisher, hackett, 18 different rules to rule by. I had 118 rules so i have chase, ari. Lets cut it to. What is rule football one . First of all, there is no number two. If its number two, are you losing. You dont have any power until have you all the of the power. You know what im saying . I get you. You dont have any power until you are have all the power. Happy ness cant buy money. Tell the important part of the truth, few dont have enemies, get some. Can i say tell the important part ott truth is a rule that everybody should live by. If you havent mastered how to tell the important parts of the truth, you havent mastered anything, is that fair to say . You cant embrace fear of confrontation. You seem like a man and you slept your way through the middle. I appreciate you noticing that. I want to jump in to that conversation line and ask there is a part in the book where you talk about the importance of telling a good story. I thought that was really interesting. Well, when you are in a social situation and you have something, its like you are giving them a gift. You know i was i happened to have been hunting down bears with hugh jackman. We took the skin and made ponchos out of it. As we were taking off in a rocket. We used those, whatever the story may be. That is giving them everyone around you a gift. So that they remember you want to make your mark. Have that moment crystallize an event. Let them know about it. Then you also have to know when to leave the party. That is almost the most important start. You dont to overstay your welcome. Sorry. Does every deal maker need someone else to make you look good . Listen i gave lloyd a lot of tough love. He was a gay asian assistant who feed to progress and i crushed him and the reality is he came back stronger and now is living the dream thanks to my tough love some it was a gift that i gave him. There are a lot of people who you say dont appreciate doing a lot of good work even in the mail room why is that critical . In this day and age, everyone is looking for a cut, everyone is an instagram star. Theyre not contributing to society. Everyone that worked for me as an agent had to have a college degree. Now im running a studio and by the way, my first order of business running that studio was to give vinnie chase a job and true to everything that hes ever been a part of he wanted to also direct. I am taking a chance. You cant win if you dont shoot. Speaking of this you lived your whole life to get where you are. Hold the book okay. By the way, why else would i be here . I thought it was. Here on takes . Its eight at the gold house. I should be home punishing my wife. Stay with me stay focused all of you. Look at her. I think you have a question dan. You got where you are, everybody can appreciate that. Speakingle of reality stars, celebrities the internet and all that nonsense. When you look at those people today, do you resent them . Do you think they will fade out and go away . I think to give the energy away from my being to resent them is too much. You are too much for that . Yes. Can you talk about your wealth ari, how much are you worth and did the money come from public Stock Investments . Listen its public knowledge, mrs. Ari, she doesnt have a first name. Shes mrs. Ari, melissa gold has a great deal of money. I was lucky enough to mary na that. That being said i havent touched penny of it. We just came back from the amalfi coast, i have this bronze look because i would be clean shaven if i was doing many i. For a real show . A real show. Yes, good. Stockmarket,ee owe. By the way, i want to say, you are welcome. Thank you, ari. Stockmarket, yay, love it hate it, lose it leave it . I love it. I love all of the energy heres. Everyone is completely focused on getting ahead and winning. I think had a taken another path i would have been grinding it out on the floor. Probably with the top guy. I would have been doing my thing and probably taking a victory lap at this moment with warren buffet. We are auto of time unless you wanted to squeeze in right here. Not much. While let you off the hook. Walter, thank you. Thank you walter for contributing. Which is maybe not up to the par of walters books, we suggest you check it out nonetheless, we call it the Gold Standard rules to rule by. You can see ari gold up in the entourage movie coming up u out in theatres. Retail sales and important inflation reads the panel will give their take on those and what else theyre watching after the break. Car that drives you. And takes the wheel right from your very hands. This isnt that car. The first and only car with direct adaptive steering. The 328 horsepower q50 from infiniti. When a moment spontaneously turns romantic why pause to take a pill . And why stop what youre doing to find a bathroom . 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Dont just visit new york. Visit tripadvisor new york. With millions of reviews and the best hotel prices. Book your next trip at tripadvisor. Com today. Welcome back. Time now for final thoughts with the panel. If we can sort out reality from fiction here. That was ari gold the character from entourage. For those familiar with the series or not. Maybe not, walter. Listen, lets talk about final thoughts. Earnings season is coming up is it on the hot list if it has potential . This these types of swings in something as boring as the bobbled market should be it will garner attention, its flipped over to the United States, obviously, its going to make further headlines, thats what will happen. I will be digesting all the things i learned about dan this hour. Its a little troubling. Its the tip of the iceberg. Im deeper than that. In all seriousness, i am always watching the financials, in particular this week. When you have yields rising usually those stocks go up. There is a potential to get Foreign Exchange manipulation this week. With a couple guilty pleas in the works. You could see serious volatility there. Im still thinking of your comment about the u. S. Economy and how important uber will be. How much would you suggest for people buying this place . You look at uber theyre doing great. Google are doing Driverless Cars and google map. I this i the combination of big data, matching application, self driving cars and the new economy that can allow workers and people who need to works to hook up on demand rather than being a part of the company. I love it. Walter thanks, for your time as always kayla, thank you preshl it. Fast money is coming up in moernlgs melissa lee whats on tap . I want to know what ari gold has against jeremy piven . We have suntrust ahead of that earnings disaster. We got him on. Very closely watched move that one. Cant way. Over to you guys. Fast money starts right now. Overlooking new york citys times square im melissa lee. Tim seymour, dana jerrian, steve grass so, why stocks will go 1 trillion sooner than you think. That analyst will join us in our call of the dauda. First, while are you worried about the lateday the next great trade could be taking place as we speak. An under cover rally, morgan