Airbags. Autonations ceo mike jackson will be with us again today, joining us exclusively to discuss the impact on auto sale, talk about jamie dimons warnings on auto loans. We have a lot to talk with mike jackson about this hour. California, one of the highprofile primaries today. Were going to take you there live to speak with Trump Supporters in the bay area and look at the spending between Hillary Clinton and Bernie Sanders. In the meantime, lets get to our panel today. Rick santelli joins us from chicago. So john, what do you think . Is this rally sort of an all clear rally . A relief rally if you will after Janet Yellens speech yesterday. I dont think were there just yet. This is just another example of our market drifting higher on light vacuum, very light participation. There hasnt been a major catalyst for investors to buy in this market. And speaking to cog leagues, i need to get to this market now. I think im going to miss this run up higher. Theyre still in this wait and see mode. Clearly what comes out of washington, whats going to happen with the scene next week, next month, is going to dictate how the Third Quarter plays out. Either way, there ee no catalyst to get into this market or get out. Were going to see this market drift higher. And as you said, your job is still to find places to put peoples money to work, so where are you finding those spots . Well, we still like some of the financial stocks, which we think are still undervalues, but were also looking for secular winners in the market. Ryder systems is a company were attracted to for that reason. The transportation company. Why ryder . Why ryder . Theres a little bit of change in the market. Some of the directives really havent worked a lot in the last few months but ryder specifically on the transport sector because of the secular change going on, 30 of their lease growth in the last year, in 2015, came from companies outsourcing their transportation to ryder. This year its already 40 of their growth is coming from that, so theres a secular trend toward companies leasing or actually outsourcing their transportation to ryder. Thats their specialty. Thats what they do. 85 of Companies Still do it internally. So theres a long runway for growth for them. Interesting. Hey, rick. At the risk of sounding really, really nerdy, we all notice the yield on the tenyear hit an alltime the tenyear bund hit an all sometime 44 and all these markets are trying to deal with the various vagaries of the Monetary Policy of the central banks. Whats going on there, and do you think thats helping our markets as well . Well, i think it had curve implications as to whether its help our markets. Todays threeyear note auction was nothing to write home about, but at the end of the day, our yields versus the five basis point settlement on that tenyear bunld you reference even though the intraday yield was lower is an alltime yield. Everybody is talking about the toyota yield of 1. 1 , so the answer is yes. Theyre not having a big impact on the questionable outcome of what fed normalization may look like. Even though investors melee off of three or two, for for the most apartment when you get to five or sevenyear and beyond, my guess is youre going to see the relative dynamic in action and it also does underscore how difficult and how much pressure janet yellen and company are under. Above and beyond how hard it is to normalize. But the pressure of how it will affect Global Markets is huge. Its the same deal as brexit. Its not about whether the uk leaves or not. Its what condition the uk will be in. For how long will they be in. I also, rick, was wondering what happens when the European Central banks starts to buy the former bonds tomorrow . Is that already priced in and does that mean its sell the facts events. We have to watch, kelly. All great points. A lot of what happened with the u. S. Regarding qe was counterintuitive, how markets priced before the events happened and how they priced after the events were over. Its anybodys guess, but the distortions loom large above and beyond what make may be the biggest talked about distortion, thats who gets to pick which Company Security the ecb buys and how that answer is making many very nervous with regard to the relationship between governments and corporations. Ann, speaking of Monetary Policy, the last time you were with us, you liked some of the financials out there. Would you call them secular winners as well, like a pnc for example. But with this continued delay in normalization as rick puts it, the rising of rates which would help the financials, are you sticking with these guys even though theyre suffering with these extremely low rates . Yes, bill, we are. I mean when i was on last, the stocks were at a low point for the year. Since then the banks have rallied about 14 to 15 , and that was since the begin of april, but pnc and pack west, two names i talked about earlier, still have 10 to the upside in 12 months. I think the key in this market for us is not ignoring the macrobut still searching out for stocks that can outperform. Ryder as i talked about earlier is trading at 10 times the earnings. Thats stock that can grow revenues in the middigits and mid teens. So there are still those opportunities out there. Investo investo investors need to not just focus on the macro. Theres really nowhere else to get a return. Right. You know, jonathan, briefly before we let you go, the fact that wti settled over 50, do people feel like thats more of a ceiling or a floor . Weve seen how oil has gapd. That 50 psychological level has been to the top end of the rairj. All right. Leave it there. Thanks, folks. Thanks for joining us. Now, valiant and biojen are among the biggest losers. Lets get out to meg tirrell who joins us from chicago with more on these moves. Meg . Hey, kelly. A tough day for health care. Lets start with biojen. This was a pretty exciting looking drug because what it aimed do was actually to try to repair some of the damage you see in m. S. And it didnt meet the main goal in the study and youre seeing the stock getting hit there. The company saying its tough. It may have a path forward but the market not giving it a lot of credit right now. As for valeant, they recorded their First Quarter earnings and missed expectations. What analysts are saying is really troubling to this them is the underlying business doesnt look like its recovering. Theyre saying there are drugs in the business and they worry about valeant debt. Meg, we noticed, too, endo is down today and there is pressure on. There are things people are excited about, but is there a line you draw between what happened at valeant and some you mentioned and the fact that the whole sector is weaker . Valeant has bled over into the specialty pharma space. You see endo reacting on the very back of it. People really worry about the health of that business and the viability of that business model. More broadly i would say valeant is a separate kind of company from biojen. Youre seeing biojep and there, people start to get worried when you have poor clinical readouts. We were just signaling here. Bill miller likes it. Right . Yes. Can he step in there . I believe so. Hes one who came out after it had fallen 90 from its peak. Wonder if hes willing to accept that. Well tripe to find out. Meg, lets move on here. Theres a question whether these liquid biopsiebiopsies, blood tr cancer, tell us more about it. Thats right, bill. It was talked about a lot mostly because there was a feature presentation over the weekend at the conference. I know you had the ceo before. We sass down with him at asco yesterday. Take a listen. You can get all that information from a simple blood draw, you could totally change the paradigm how we monitor and treat cancer. So its pretty exciting medically. Theres a lot of Companies Working this spachls we talked with Foundation Medicine about what their tested should be used. Listen to what their ceo told us. About 10 to 20 who have developed cancer, its very difficult to get tissue for testing. Instead of saying, we have to let you go, we dont understand your tumor, we have the blood base to test it. Were not at the place where the blood canneser er e places it, but folks are really working on that. Illumina in particular is working on a company to try to do that, and theres a lot of companies. This is a big area in this area. Im intrigued because weve all been touched by cancer. Is it. That was the study presented at the conference. It was the biggest study that had ever been done of a liquid biopsy and it compared it with the accuracy of a tumor biopsy. What it found it these are for multiple kinds of cancers. That has been pretty encouraging to people here. That is great. Great to know. All right, meg. Thank you. Thank you very much, meg. Our meg tirrell. We have about 45 minutes to go. T the gains are a little more muted here. I think the highest since last summer. A couple points off that right now. The dow is up 54 point whiels the nasdaq is actually lower. Biotech probably not helping there. What do you think . 18,000 today . I dont know. Wheel ask art cashin. Well see. Tesla is higher after a billionaire longterm investor makes bullish comments on the automaker right here on this network. Well have details coming up. Also ahead the ceo of autonation is speaking up. Youre watching cnbc, first in business worldwide. Man 1 youre new. Man 2 i am. Woman exmilitary . Man 2 four tours. Woman you worked with computers . Man 2 thats classified, maam. Man 1 but youre job was Network Security . Man 2 thats classified, sir. Woman lets cut to the chase, here. Man 1 whats youre assessment of our security . Man 2 [ gasps ] porous. Woman porous . Man 2 the Old Solutions arent working. Man 2 the world has changed. Man 1 meaning . Man 2 its not just security. Its defense. Its not just security. Its defense. Bae systems. Slightly higher day if youre just joining us. The dow did touch 18,000. The s p up 6. Nasdaq being dragged. Lets check some of the other movers. Shares of zillow group are rising. It raised its price target to 32 from 20. You see it trading now at 31. Its pretty close. They call the downline database legal settlement with move. Only then was it offering a negative judgment of at least 500 million. Meanwhile teslas gaining ground as well. Billionaire longterm investor ron barron made bullish comments aboutautomaker on squawk box this morning. Take a listen. I think this could be one of the Largest Companies in the United States in the whole world. Tesla hired today. A gain of about 5 , kelly. Not too shabby. From what could be to what is. Autonation is the biggest auto motive retailer. It doesnt sell vehicles with open safety recalls. But theyve had to modify that to some degree. 14 of the used vehicles are not for sale. 60 are, guess what, involved in recalls of takata airbags. Were pleased to welcome back autonation mike jackson. Mr. Jackson, good to see you. Welcome back. Bill, good afternoon. What a nightmare this is for the industry. I know were talking about tens of millions of airbags that have to be recalled. You cant do this with just a snap of a finger, but why is it taking so long. Why has this dragged on for as long as it has . Well, bill, i think your word this is a nightmare for the industry is to the point. The first airbag failed in 2004. There was a long period of denial that this was going to be an issue and then it clearly pushed by safety regulators. Somethings wrong when we have serious injuries and over ten fatalities when the ulironic reality is the only thing thats there to save you can cause serious harm if not death and the number is staggering. In the u. S. Were now up to 70 million devices that need to be replaced, and i expect theres going to be a lot more because weve only gotten to the root cause of the issue, mainly the decision by takata to use knew moan yum nitrate in the device which has proven to be unstable in humid climates and hot climates. A lot of these devices theyre putting in today will have to be replaced in four or five years when the final solution is finally put into the manufacturing process. So this is going to go on for years. Right. Which brings us to what you do with it as a company. So youre still going to sell these vehicles but slap a big sticker saying, hey, this now is your responsibility whoever takes possession to solve it, but as you said, this could be going on for years. Lets be clear. Autonation does not retail to any consumer, any retailer with any open recall. If there are recalls that are going to be tied up for extended periods without part, we will take them to auction and hawks them off in the wholesale market with full disclosure, but autonation does not retail any veegs with any open recall either new or used. And it is disruptive to our business. What does it cost you . Well, its in the millions. It niece the millions, but, you know, i dont want to talk here today about a poultcy thats protecting consumers and hopefully saving lives because the cost of takata is not only in millions, its in lost lives. If you add it up to industry, takata is going to be pushed to its limits. Manufacturers are going to have to step up and take a big chunk of the expense, and theres going to be an impact of retailers like us who have made this policy not to retail any vehicles with takata open recalls. You bet. Mike, it brings up the health of the industry here. Im sure you saw jamie dimons warning that he thought theyre stretched in their opinion. He said somebody is going to get hurt saying jamie dimon has tried for the most part not getting involved, maybe referring to the loans or other practices. Weve seen this pace of sales come off the boil a little. Do you expect much many of a fallout from here . Well, you know, i was the first one alt at the beginning of the year to say 2016 is going to be a plateau year. Thats exactly whats developed. The Industry Sales are flat. If you look beyond the numbers, theres been a big push into fleet, leasing, and a big push into incentives and most likely an overdependence on sub prime. So jamies exact quote was certain players in subprime will be hurt. I dont think in the total auto lending market theres real risk whatsoever. People pay their auto loans. On the margin in different segments than necessarily where autonation is, only 10 of our business is sub prime loans. Therell be some players that are pushing too hard and will be hurt. The other problem you see is you think auto manufacturers are building too many cars. Youve got too many cars to deal with, right . Theres no question their ambitions are bigger than the market and thats a problem. Its been a problem for this industry going all the way back to henry ford and the day of the assembly line, that the capital costs are all sunk and use price to make it all go away. I think thats a mistake. We still could sell high 16, 17 million without taking extreme measures but that last 200,000, 300,000, 400,000 vehicles for the industry could be very expensive and i think the industry should curtain production and we started reducing our orders already at the end of 2015. Mike, we mentioned leading into the segment the performance of tesla and the comment from ron baron that he thinks the company could be worth 7 billion in years to come. That could make it larger than apple at its peak. Do you think tesla could get that large and what would it mean if an increase in shares of u. S. Cars are electric . First, im a tremendous fan of ron barre baron. Hes an extremely shrewd investor and has made money for himself and investors. Tesla is still a coin toss spinning in the air and i theyre lon musk has done many things which he should deserve credit for, mainly establishing the brand tesla and a certain demand for electric vehicles that did not exist before. How however, whether they work is still unknown. Good to have you talk with us. Appreciate it. Mike jackson, ceo of autonation. Let lets take a break. The dow sup 15 points. Were wondering if it can close above 18,000. The bet is probably know. Kamara is ringing the bell. Details are coming up. Also ahead, Silicon Valley may not be a stronghold of Donald Trumps but he has a loyal following there and josh lipton speaks with them coming up next. speaking japanese oh watson, your japanese is very good. Thank you. speaking japanese exactly. I can understand nuance, context and idiom in seven languages to help companies all over the world with everything from retail solutions, to banking, to cyber security. speaking japanese dont put off checking out your Medicare Options until 65. Now is a good time to get the ball rolling. Medicare only covers about eighty percent of part b medical costs. The rest is up to you. Thats where aarp Medicare Supplement insurance plans insured by Unitedhealthcare Insurance Company come in. Like all standardized Medicare Supplement insurance plans, they could help save you in outofpocket medical costs. Taking informed steps really makes a difference later. Thats what it means to go long™. Call now and request this free decision guide and explore the range of aarp Medicare Supplement plans. All plans like these let you choose any doctor or hospital that accepts medicare patients. These are the only Medicare Supplement insurance plans endorsed by aarp. Call now and request your free decision guide. And start gathering the information you need to help you go long™. Its californias big primary day. Josh lipton searches out donald Trump Supporters. Yes, there are a number of them. And jane well looks at Hillary Clinton and Bernie Sanders. Josh, lets start with you and the Trump Supporters you found in the bay area. Well, bill, polls here opened at 7 00 a. M. Local, but Trump Supporters are hard to find in these parts. Even rightleaning people like meg whitman and weisman have come out and spoke against trump especially when it comes to trade and immigration, which puts him at odds with many in the tech community. But make no mistake, he does have friends with people in the bay area. Harmeet dhillon says trump will be good for business here. As for an employer, there are a number of regulations that make it hard. Theyre contradictory. But its not just lifelong republicans. An estimated 4,000 people came to hear trump speak at that recent rally in san jose, california, and we know trump has at least one big backer here. Entrepreneur and billionaire investor peter thiel is a trump delegate to the gop convention, though he did not respond to a request for comment on why hes backing the real estate mogul. Other things we speak about is broader reforms as well as his experience as a businessman which tells me their no nonsense attitude in their words would welcome a change in washington. Still it could be challenge to win here in california. Right now Hillary Clinton leads him by more than 17 Percentage Points according to real politics. Stay there, josh. Meanwhile Hillary Clinton and Bernie Sanders are spending big advertising amounts. Jane wells, how much . California is used to being ignored, this isnt iowa or New Hampshire or south carolina. Nobody pays attention to us. Its always over by the time the june primary rolls around. In fact, candidates usually come here to take money from donors rather than spend it. Shes spending. She was in a real contest here. Imagine the amazement of locals when she suddenly popped up on news radio. If i were not wanting it myself, i would be sticking out in front of donald trump. He has disqualified himself. That was clinton on xff. Bernie sanders showed up on kxi. This never happened. Competing with local races. Get ready for more. Despite those numbers, donald trump thinks he has a shot of winning california. That means more ad spending in november. Pan dodora is telling us its ad are ramping up. With the a. P. Declaring her the presumptive candidate light night, the night before reminds me of 1980. Youll remember this, jane. When Ronald Reagan was declared president at 5 00 west coast time before any of us had a chance to vote out there. Do you think the polls are going to be that. Reporter well, i will say its different from 1980. 5 mill uphave voted by mail. Most have already voted. I dont know if that will make a difference in her favor. But, again, the majority of votes have already been cast. Wow. Thats a huge figure. Thats really interesting. Josh, do you know whos raking in the tech donations out there . So its interesting, kelly. So far tech donations are deedetly going one way. I was talking to a team at crowd track. By tech, they mean tech companies, vcs, basically anyone and everything whos involved in tech and so far tech donations are going to Bernie Sanders. 6 million and counting. Hillary clinton, shes raked about in 2. 7 million. I reached out and asked her to explain that difference. Some who live and work in Silicon Valley, i talked to bill poll land. He said so far it doesnt look like shes generated kind of passion and excitement they would expect for the candidate, guys. Wow. The unpredictable. I want to be on that beach behind jane now. The beautiful santa monica. Time for a news update with sue. President obama inviting indias Prime Minister to the white house. A worldwide climate accord reached in paris. Secretary jack lew and john kerry wrapping up their twoday meeting with chinese leaders. After word s lew is saying hes trialing to reign in steel markets that have flooding the markets. I think we understand each others positions quite well and we have an outcome thats quite strong. The newly generated Gerald Ford Museum reopened its doors to the public this morning. It had been closed 8 months. Members of the ford family and serving took part in the ceremonies. And mcdonalds in japan are giving customers a chance to win an 18 karat gold nugget. They have tweeted about the nugget thief and tweeted clues about his whereabouts. Wouldnt you would have loved to have been in the meeting . Were going to do a mask bandit and Chicken Nuggets with gold. Its perfect. Very willy wonkaesque. Whatever. Thank you, sue. Youre welcome. By the way, speaking to the beaches, our predecessor started in san to monica. We were a couple of blocks from the beach. Why are you here again . Were glad you came. Maybe we can go back to the r t roots. Anybody anything the possible. The dow is up 55 points. Were 24 points away from dow. A leading trader will tell us what hes watching going into the close. And later how is this for irony. A little help from the big Cable Companies it has been trying to disrupt. Well speak with the analyst proposing this idea. Stay with us. Welcome back. Twitter is lower today. Jeff sereceiver was promoted. Hes back. He was the fourth person to run twitters core product since 2014, bill, and those shares are down nearly 2 . The dow sup 40 points at 17 what is that 960. I have to look across the board. Alan valdez is back on the floor with me. We finally closed above that for the first time in almost a year and thats something you have been watching. You and a lot of the traders still think theyre in the high here. Without a doubt. Like you mentioned, were above 50 . Now theyve getting in on it. Airlines are doing very well. Sure, they are. Theyll keep going higher. Were in itemer is drive time, so you might see oil go a little higher. Youre telling clients to stay the course, keep with the market . Stay the course. Remember, the markets up. Its yellen saying, were not going to raise rates because of the bad jobs number or earnings are kind of poor. Keep a close eye. Youll see this continue into the summer. Well see what happens. See you later. Kelly . Thanks, guys. Lets get over dominic chu. Dom . You have f5 networks. It originally had been halted for upside volatility on the heels of a reuters report saying the firm had hired doeld man sax to evaluate possible takeover offers some of that had initially sent the shares higher by about 6 . It halted moments ago. Well keep an eye on the stock. All of it on the reuters report. Back over to you, kel. Thank you, dock. We have about to minutes left to go into the close here with some significant intraday trading highs. The s p testing hasnt since last summer. Ralph lauren is Closing Stores and seeing falling sales. And Hillary Clinton made you feel the bern. Bernie sanders, some thing an upset is still in the cards. What it could mean for the 2016 vote. Coming up. California drumming about 15 minute left in the trading day. Were losing altitude. I think were going to make the right call. Homebuilders have been strong today. Pulte group has been among the gainers in that sector. Telling our scott walker it has taken another position in pulte group. Well t po, the ponies are tr to run from the bears today. Were here right be the companys post actually. Theyre in the middle of a pretty big shift, arent they . They definitely are. Its sort of a new era for ralph lauren. We havent heard anything about his strategy for the company until now. Today he held the first ever in the history of the company. It basically focused on reigning in three things, stores, brands, and costs. Theyre going to close 10 of the store, high end stores, cut three layers of machlkt theyre going to focus on the three main brands which are ralph lauren, polo, and lauren. Others will have to make a case to stick around is more or less the case. Theyre going to reduce retail. What they sell to macys. Thats a big deal. Thats 45 of their revenue. He wants to shorten the lead times as well on the inventory itself from 15 months to 9 months. Thats sort of what he was famous for doing. What hes trying to do is reduce some of the discounting that has been going on, right . Exactly. Theyve lost some of their exclusivity by going with some of the retailers. Exactly. Michael kors is doing the same thing as well. Reducing some of the volume. Theyre maintaining the partnerships but they want to reign in the amount of inve invenntory. Also when a polo shirt costs 80 bucks, they want to sell more of those. Hes got a tall tachlkt courtney, thank you. Thank you. Were going to take a break. Weve got the dow up just 31 points. Art cashin just this second telling me that the market on closed orders, an imbalance on the second. Wow. Thats probably going to take something out of the matteriquette. In any case david marcus is coming up. He said its the kind of quote unquote special situation that unlocks from the investors, well have this hip right after this. In new york state, we believe tomorrow starts today. All across the state, the economy is growing, with creative new business incentives, the lowest taxes in decades, and new infrastructure for a new generation attracting the talent and companies of tomorrow. Like in rochester, with worldclass botox. And in buffalo, where medicine meets the future. Let us help grow your companys tomorrow today at business. Ny. Gov this is my retirement. Retiring retired tires. And i never get tired of it. Are you entirely prepared to retire . Plan your never tiring retiring retired tires retirement with e trade. Im in vests and as a vested investor in vests i invest with e trade, where investors can investigate and invest in vests. Or not in vests. Sign up at etrade. Com and get up to six hundred dollars. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Nine minutes left in the trading session. The dow sup 22 points. Its pulling back. It hit 18,000 but its been pulling back ever since. Youre among those who are saying maybe its time to look at europe again. Absolutely. You feel thats a better vichbtment in the u. S. Overall. Absolutely. The u. S. Is well out of the financial prices. Europe is still coming out of it now. And you wait for bad headlines to sort of get your shot to go in. Right now everybody is worried about brexit. When that comes along, it scares investors, they want to get out of there. So over the years you always get opportunities when people kind of go into the panicky theyre not sure what to do mode. Were in one of those right now. You have a couple of stock picks back home including am back. Why ambac . Its a post bankruptcy situation. Ambac was one of the largest, came out of bankruptcy a few years ago. The headlines in puerto rico are scaring investoring there. We have stock. The taxes carrying forward. Litigation against bank of america. The reason i bring it up, too, we have this where everyone is in mun in pal bonds, the preess are unbelievable, the yields are so low. What happens on the other side of the cycle, ineveryboitably t name like ambac . It is the old insurance so it will impact if there are defaults. But we think the reserves are very strong. So the key is really to just take advantage. For us, the u. S. Is actually less than 20 over our fund because as we talked about, europe is the focus area. Give us an example of the company you like that represents the play. Its the Largest Music Company in the world. They pay for music instead of getting it for free. Its great for this business. Its going through a monstrous restructuring and so investors are not sure how to look at it. You take advantage. You have new main Share Holders that have come in who are transforming it so we take advantage of that. We have an investment in the dry bolt. E was going to say, youre not afraid. Why do we want to chase what everyone else is doing. You and ron baron both. Were not interested in tesla. Well take a break. Closing countdown coming up. Coming up after the ball, netflix, one Analyst Thinks the streaming giants savior could actually be the cable on rate netflix is trying to disrupt. The reasoning behind this ironic theory is coming up. Youre watching cnbc, best in business worldwide. Your retirement is the home equity conversion mortgage. Its a line of credit for homeowners age 62 or older. And its offered by a company you can trust one reverse mortgage, a quicken loans company call one reverse mortgage now to get the details. Their licensed experts will tell you if youre eligible, show you the line of credit amount you qualify for, and will send you a free information kit. The home equity conversion mortgage line of credit is even better than a traditional line of credit. 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I am benedict arnold, the infamous traitor. And i know a thing or two about trading. So i trade with e trade, where true traders trade on a trademarked trade platform that has all the. Get off the computer traitor i wont. cannon sound mobility is very important to me. Thats why i use e trade mobile. Its on all my mobile devices, so it suits my mobile lifestyle and it keeps my investments fully mobile. Even when im on the move. Sign up at etrade. Com and get up to six hundred dollars. Closing session. Courtney reagan is joining me. The dow did get back above 18,000 for the first time in a couple of months but it pulled back. We heard about that big market on the close quarter to the sell side by about 700 million. This is the day, though, that we closed above 50 on wti for the first time in almost a year. Since july 21st. The difference being, though, back in july it was heading down. Right. Today its up. But still it seems like equities are falling right along with it. Thats all the traders seem to care about it. Energy is quite a bit of it. Tech too. A small rally, but, still, weve held onto a narrow trading range. The s p is about 1 . Alltime closing high of 20 poin points, i believe. Stick with me. The german tenyear bund got to an alltime low yield of 0. 44 . It still settled at a record 0. 50 or thereabouts but this is some of the fear they were talking about in europe. You know, pick your favorite bog bogey. I understand theres a slight preference. Who knows. Theres a debate thats going to be happen agz well. Well know next time. Retailers, thats your specialty right now, and were heading into the summer months. Where are we after a rough first and Second Quarter . Its so interesting. It becomes a stock picker market. Some are doing much better than others. Weve got the high end names. Reigning it in. Discounts. Thanks, courtney. Sigh you that. Were going out with gain of just 23 points on top of yesterdays rally. Weve good kamara ringing the closing bell. Net jen is ringing it at the nasdaq. Ill see you tomorrow, kel. Thanks, bill. Im kelly evans. Well off the highs of the session when we were trading over 18,000. It would be around its intraday high. The nasdaq couldnt hang in there. It closed down seven points under some particular pressure from the biotech and Health Care Space. Coming up netflix is down nearly 13 . One solution is stalling growth. Well get into that in just a bit. First we have cnbc seniors commentator and pro columnist mike santoli and mark cox. Welcome, guys. Steve barrassow will join us off the floor. Weve got to a lot of round numbers. The dow flirting with 18,000 and the s p not really a wrong number but basically at the near or closing highs for 2016. Obviously the rally in stocks did lose a bit of steam at the end. One thing i note. We had a rally and we kind of get a little bit of a stretching or it or tacking on. Its just one of these, lets push the indexing a little higher without too much behind it. I dont know if that means theres hesitation as we go to this level or its just kind of waiting for that next reason to get more of a dramatic move. What might that reason be . We know we have a lot of Different Things on the horizon. I think the fact that its been resilient is its own big story. This is like watching paint dry, right . We know the fed will reassume. The fed ice going to do nothing for a while. We have this brexit vote still out there. Its just this great overhang. It could be a bad decision in the marketplace if they decide to leave. Earnings are terrible for the most part. The earnings are supporting it to some degree. You feel like youre waiting for goudeau at this point. We have grasso instead off the floor. Why the fade . Lets look at where we came from, where were at. Where we had to digest. We thought the fed had a 4 chance in june. Back down to zero. Weve had so much to digest. Maybe you need xlps, the staples. Where else are you going to put your money . Theres been a mad dash into equities and it still is ongoing. You and i chatted about this on the floor yesterday. I dont think theyre off the table for june or june. They have to calculate where the market goes. Theres not one fully priced in for the rest of the year. That right. It makes me wonder if we stay around these highs. We have to wonder if its still going to be around for the ee lelkz. I dont think the fed likes the idea that we get comfortable with the idea. Couldnt they have said that the Economic Conditions back in december, october, november, december leading up to there were basically the same if not worse than they are now . No. I would argue better. Remember, we know the most high profile is the jobs report. We did not have a 38,000 print before they raised rates in december. Right. We didnt. And lets see what initial jobless claims which seems to be a leading indicator, lets see what that is week. I dont want to say whether theyre data dependent or not. We had the fed governors mach march out telling us they wanted to raise rates. Thats a reason they wanted to raise rates. It doesnt have anything to do with data at this point. By the way, how great a performer has it been . Its not just a fact its had oil moving away. Its been truly relentless. We really have not had much more than just a breather in crude oil and the related stocks. Even with, that its really much more of a reflection of how Spring Loaded the hole awhole a was. Thats how bad the crash was. And its just amazing how much power. Its been interesting. I dont know whether to make too much of it. But the fact you had oil moving higher, but you had copper, iron ore. You compare that with the fact of the yields. Toy stay yields, german bund. That does not necessarily paint a picture of health to me and thats what makes it so interesting. Right. You have these extreme moves that dont make it so comfortable. That to me is where the debate really lies. What does it tell us if anything except that theyre going to be buying Corporate Bonds tow . Lets move on the shares of it. It slashed the companys guidance. With us for more is charlie brand from t brandt from the wall street journal. There were a couple of things. Thanks for having me, kelly. It wasnt a total disaster, the report. Valiant they will hold mary thanlt tense agreements through to the end tofr year, thats a positive. They a may want to investigate the bad news out of the way. Theres some problems with that. The dermatology fell 34 . More than half declined to branch. Given valeants debt, its major concern to see profitability fall. That cease. Its kind of mass nating. Hes kind of make sure a default is off the table. Thats kind of like job number one. Theyve had this extraordinary rise and fall that the whole model basically, the m a to buy companies, slashing r d, and jacking up prices, its not working. All of this is not working. Thats whoo i its figured out what to do now that hes potential i willy. As you can see, they cut their forecat. Debts gone up to 31. Thals a pretty uncomfortable place to be. Theres a real business underneath the surface here, they have bausch lomb and a bunch of Different Things. What about prospects of selling here . It comes with the tradeoff. You can bost ur. The more it will hit your profit built and thats going to be your name but that could be of use to in another boot ir. Its hard to see what seats could fit that bill. Charlie, i wonder if the concern is that the performance. Basically theyre being peenle line is it . I know pricing has been a problem, but is thereny way ofl knows. I think theyre absolutely right. In february, express grips announced it was excluding the diabetes drugs from gluks f thats her bestseller engine the foerp quarter. Thats a stunning fall and that was only one month if the core e. We dont know how many products or where the pleasure is pail as ply yet. Char any grant there, sank you. With all this, were down nearly 15 . We should mention if you want to take a deeper dive into valiant, theres ooh. The rise and fall of soorm suit calls i well. How did they do . Snuts fun and gaechls for moving by only the upside. This after the Company Reports earnings per share. Revenues also better, 262 million. Analysts estimate. Comparable floor sales also beating the average estimate. In addition to that theyve rised the guidance. As a result, the shares up. I will tack on a bow new pistons. Were talking about sharmts of them. Down by 22 on 434. This after the kun tell lom comes in with the its me thats. The sales come in at 532 bll dollars. They offered a disappointing Third Quarter outlook. 40 shares onto 55 every every million. Theyre conducting a degree significant redue to reduce over yall pouj lating. We should note off the verifone show, the flight frontal boundary ar eye. Back over to you guys. Thank you, dom. What do you think think, stephen. This is a stock we were talking about. Thee went hack in hand it seems that theyre wondering into a headwind. They need to sort it out. Its interesting. This is a company that fwam back. But they had testimony in you will, its not thaz they even opinion doing amount mine. When you fwe a nate jaime this a lot of parttime who own, it theres side bracket accounts. It tacks a little longer to get you gem position. Or not lighten up a position snow very dr means of review. Its a noisy crowd. Paypal his been. Cam with the for sale sign . Utley im. We ooh could fip out on our own those shares down sig inform cantly. Steve, thank you. Talking to dennis garmen. He say nos one else is talking about it. Today could be a make or break no koerj rj. Whether tilt rhett will steal a dial. Plus nix ha a trurds gnl foenlt its hands. 69 think they couple companies couldnt be that aplease us. Youre watching cnbc first in business worldwide. Enis really built into theat foundation of the company. Whole foods market is engaged with pg e on many levels, to really reduce energy and reduce our environmental footprint. For a customer like whole foods, saving energy means helping our environment, and we can be a part of that. Helping Customers Save Energy is a very important part of what pg e does. We can pass those savings on to the environment, the business, and the community. Pg e really is an expert in saving energy, and that partnership is extremely exciting. Together, were building a better california. Welcome back. Big primaries in california. Hillary clinton may face donald trump in the fall. John harmon has the latest on the race for the white house. John . Hillary clinton hopes this will be the exclamation point on her bid to become the first female nominee for major party. She hinted at that last night at a rally Party Without claiming the presumptive status. I have to tell you according to the news were on the bring of a historic unprecedented moment, but we still have work to do, dont we. But strange as it seems, that wasnt the big story in politics. It was the remarks that donald trump made about the judge in that Trump University case. Including this from House Speaker paul ryan. I disavow the comments. I respect the comments he made. Claiming a person cant do a job because of their race is textbook of racism. It should absolutely be disavowed. Its absolutely unacceptable. A blue state renounced his endorsement. Said he could not. He just put out a statement saying its unfortunate his comments had been miss con stew strooued as a categorical attack on mexican heritage. He says he hopes the judge is fair to him and he wont make any comments in the feature but the damage has been pretty severe from donald trump. The damage, it appears has been done. John harwood. Terry haines is a senior political strategist at evercore. Welcome to you. Lets start with Hillary Clinton. Well see how she comes out in the primaries tonight. But if a clinton is in the white house, what are you recommending they do with irtheyre partnerships . As a macro analyst thats nothing something we would do. Generally speaking if youre with more conventional energies. Fossil fuels, the like, youre generally, we think youre better off with trump. Where as youre in favor of disruptures, alternative energy, telecom disreluctants and the line, youre betting off with mrs. Clinton. Thats the way to put it. President obama is disruptive to the energy place. You can kind of figure out which way they want things to do. Sure. Mrs. Clinton is running very much as a status quo candidate whereas trump discombobulates ma. Hes applying individual solutions to individual problems. As a result, the results are very different. Terry, i have a question for you. How important do you think it is to investors that the rule of law is maintained in the u stais and therefore so you know where im going, if you look at the whole kerfuffle over the judge that we just heard paul ryan talking about, i mean doesnt that worry you a little bit about where a Trump Presidency would go in terms of prosecuting judges. I mean how does that play into this and shouldnt it start to play in given the comments we were getting from him . Well, let me just say two things. Im not going to involve myself directly in that kerfuffle, an excellent word to describe it. Firstly the word is important to investors and ought to be uphead. Secondly i believe theyll do their utmost to regard the rule no matter which president we have. Terry, its not so much policy by policy, how either candidate would perform as president but just the general sense that it would be a spending administration to come. They talk a lot about programs and infrastructures and things like that. Maybe fiscal discipline is not going to be too much in vogue. Thats a very good question. A lot of the things that mr. Trump talks about in terms of tax cuts and the like will actually increase the tail risk on deficits. People care about that. Its interesting you mention infrastructure. As we work to differentiate the candidates and the policy impact on the markets, one thing that we concluded is that infrastructure wins either way. Both candidates are talking about infrastructure. The em fa seize would be a little bit different. Mrs. Clinton would certainly focus a little more on public. Thank you for joining us. At t is in the business of connecting people through cellphones. Doctors are connecting people through innovations. Thats coming up. First is rallies changing the solar energy . Well hear from one of the worlds leading futurists when we come back. That is where we find bob pisani who says solar energy stole the show today, bob. Yeah. It tees intersection between finance and technology at the singular university. Thats why i love talking to these people. We had a fascinating discussion on solar technology. We cover that here at cnbc. We talk about solar stocks. They go up and down depending upon subsidies. His whole message was stop looking and its improving exponential exponentially. The innovation has expanded. The cheapest deals in the u. S. , in mexico, in sunny places like dubai are subsidi subsidies. He put up some fascinating charts. The new Solar Projects that are going on line right now in dubai, mexico and palo alto are 5. 50. This is without subsidies. Those prices are justed for the subsidies. As for the confusion and solar stocks, long term hes very bullish. Solar is 1 of our electrical needs right now. It h be, he said, 25 within 10 and 12 years, within that time frame, and by then many Solar Companies will have very, very large market caps. Its a brutal business, competitive. A lot of Companies Wont survive. But because theres so much growth to come and this marker is going to grow 20 x, 30 x, 40 x in the next few decading is going to have a gigantic market value. If you think you know first solars going to be a winner . Whoever you think is going to be the winner, thats an in credible play in the long run. And not surprising of course, theres an etf for that. That often moves up or down depending on perceptions of earnings and even things like subsidies. By the way, to close out. He believes it will be effectively over in about five years. Thats good news because everyone has time to play for it. The they know exactly the kind of numbers they need to hit in order to make truly a. Thanks so much. Bob pisani. Time now for a c n n bc new update. Heres whats happening this hour. A car bomb killed some and killed 27 others. Its one of the holiest sites in islam. The city is 50 miles south of baghd baghdad. Researchers on the zika virus give an update on diagnosing, presenting, and treating zika. They say there are still more questions than answers. Uber is allowing more features as more look to take legala. The rise hailing firm is extending a situation in which drivers can fine riders who are more than two minutes late. I love this stow. The artist known as kelor, its on a floating lake. It will feel like youre watching on water. It will be open to the public for free beginning june 18. Thats so totally cool. He always does the most innovatist and wonderful things. So cool. Ill have to arrange a trip to it la. An economic ties. Well tell you what came out of that meeting just ahead, but first can cable settop boxes save net fleks. Thats what one wall street analyst believes. Hell lay out his case when we come right back. Welcome back. Heres how we finished the day on wall street. The dow gained a little less on the close. It was a little over 178,000 today in trading. Closed around 17,938. The s p was up around 3. Nasdaq dropped 7. The shars are moving higher and verifone shares are plunging after missing earnings expectations and issuing very weak Third Quarter guidance. Net services may need the likes of comcast and charter to boost the growth. Were joined now for more. Ben, thank you so much for being here. Its interesting. Who needs this more, does netflix or cable . You know, our view at morgan stanley, two of our top picks are the overweight rated netflix and comcast. Theyre competing against each other but have a lot to offer. Net flex represents two hours of viewing we think per day. Youd rather that have on your platform in youre Cable Company than off of it. Ful youre a netflix, its probably going to come from that older demographic thats less tech safy and cable integration offers an easier path on that. How might this work . Would you basically pay for netflix through your cable bill at some wholesale rate or how do you think that might shake out . One of the things is we looked at it. United kingdom has netflix integrated into its tivo box. Its effectively another channel inside of your cable guide offering. If you search for a show, youll be present thad show wherever it resides. You asked about the billing relationship. I think that generally remains split. But i do think this is all evolving. I think youll see different models overtime. What happens to carry fees . Is it sort of neutral . Is that basically the way to think of it . I think one of the interesting elements of this for the cable operator is what happens to the content cost overtime. One argument we make is that you f you are offering Consumers Services like netflix which offer a wide breadth of content, it may give you more opportunity on the traditional channels youve been carrying and paying up for for years. You may not be aware but it grows at a double digit clip every year. You cant pass that onto the consumer. That pain may be able to be addressed and alleviated a bit by offers Third Party Apps like netflix or hulu. I guess that goes back to the heart of it. If youre offering Third Party Apps, which it sounds like another would be doing, it still requires a customer to search of net flicks and do all of that. The ore option is it would be a smoother integration as im scrolling through the television. How likely has the latter one been or are we going to move away from that whole kind of china sneeze menu style of browsing tv channels Going Forward . It thi think its good. What you see looks like art, heavy, an offering to the consumer. I think thats where were headed. Netflix fits in quite eloquently to that graphic interface. Whether youre staying inside the closed system of the cable operator or leaving, those are the kinds of negotiations that i think are pretty important and still ongoing. Thats why we havent had a deal announced yet. But given the success weve seen in this partnerships success, i think its increasingly likely. I know my cable the other day said i can now have hulu as a channel. So it is happening. Thanks for joining us. And go generals. Ben someowinburne. Up next, well get the details of indian Prime Ministers visit to washington, d. C. , and how he can impact businesses here and abrov. And a Telecom Company getting into the health care business. Well explain coming up. Youre watching cnbc, first in business worldwide. Margaret and tom lee. The championship game ball . That was sebastian diaz. Good guy. And all i had to do was ask for their money and pretend i was investing it. Their life savings is now my lifestyle. Female announcer dont let someone else live the life youre saving for. Find out if youre dealing with a registered investment professional at investor. Gov. Its a great first step toward protecting your money. Before you invest, investor. Gov. This clean was like pow. Everything well . It felt like i had just gone to the dentist. My teeth are glowing. They are so white. 6x cleaning , 6x whiteninga in the certain spots that i get very sensitive. I really notice a difference. And at two weeks superior sensitivity relief to sensodyne i actually really like the two steps step 1 cleans and relieves sensitivity, step 2 whitens. Its the whole package. No ones done this. Crest healthy, beautiful smiles for life. The indian Prime Minister is in washington today. Hes also delivering remarks. Seema mody joins us from washington, d. C. Hey, seema. Thats right. The leaders of the two largest democracies in the world meeting today at the white house, unveil agnew clear Energy Partnership which will include the production of six Westinghouse Nuclear reactors in india, ujds scoring modis efforts to not only elevate his economic status but also his development of nuclear energy. The leaders also discuss tackling climate change, unveiling a clean energy pac, also emphasizing the importance of the u. S. , india, bilateral relations. Remember, india, the Fastest Growing emerging market in the world. Also it bears political importance as well. Theres no secret that u. S. china relations have deteriorated in the past two weeks due to the ongoing issue in the south china sea. U. S. Potentially sees inindia as a way to strengthen its presence in asia while also counterbalancing china. Tonight, though, an important night for Prime Minister modi expressing jeff bezos, and others. And tomorrow hell address congress and the question is whether the Prime Minister of india will comment on the race as well as comments on donald trump with his comments about whether end ya is a threat. Well hear what he has to say. Back to you. Hell have to tread darefully, but he can do it, seema. Its interesting. Heres a company thats desperate to expand into the market, but the rules are and they just ruled on its again recently, they have to locate some of their sois material there. Its kind of unanticipated who treat it as yet another emerging market. It definitely has been a little bit of a slower, you know i spent two years to try to put something in india. Its extraordinary. Its mindblowing the amount of democracy. Its not easy to go there and do business. I just want to get one person there, and im telling you its expensive and difficult. Indians know this, by the way. Theyre the first to complain about the difficulties in the country but its not even to fix. If hes relaxing some of those rules, regulations, that would be a huge deal. Well be listening. Were going to get a look at some of the nist connected gadgets, how hospitals can provide better care to patients. And watch out wheaties and move over, lucky charms. General mills is released its first cereal in more than 15 years well reveal what will be hitting the aisle later when closing bell comes back. Here at td ameritrade, they work hard. Wow, that was random. Random . No. Its all about understanding patterns. Like the mail guy at 3 12pm every day or jerry getting dumped every third tuesday. Jerry every third tuesday. We have Pattern Recognition Technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. Theres no way to predict that. Td ameritrade. Welcome back. The at t foundy opens up. Its goal is to use the internet to in oh vat the Health Care Space and Better Connect patients and doctors digitally. Joining us is chris penrose, Senior Vice President of at t internet of things. Welcome to you, chris, and explain how at t got involved in health. Its great to be here. Again, at t has been doing health for a long time but today were opening up an innovation center. Were taking a lot of the solutions we learned from the internet of things and were figuring out how to take those things into the system to help patients communicate in more realtime with doctors and caregivers with the way Health Care Experience is being delivered. Explain how you put connectivity into a wheelchair . This is a pretty cool thing. We worked with a kpep that had a wheelchair. They wanted to get diagnostic material off it on how it was performing. We put our connectivity into the wheelchair so we could tell if not only the wheelchair was operating appropriately but if it would work with the consumer so they could know in real Team Emergency notification if the chair has fallen over, or in a place it shouldnt be. By taking our platforms and connectivity we were able to advance from both prototypes to take it to production. I see you are also looking at opportunities around aging in place. Which, of course, is a huge priority for people as they get older. What can at t bring to bear there . Absolutely. I think people want to stay in their homes as long as possible. If we can Bring Technology into the homes, you can begin to monitor in a safe and secure way the status of an aging parent, or someone in need, and transmit that information in realtime back to doctors and caregivers, so they know the status of which theyre at and how they can actually perform their daily activities. This is a real way we can bridge together what youre doing in your home with the Health Care System to provide a better experience for that patient. Just to knit it together, chris, the ultimate goal in making for more efficient delivery of health care, reducinging office visits, or making sure you dont have to do more tests than the necessary . Where do you think this is going to be applied . I think in all those places. I think the ability to actually allow patients to be able to interact without having to go into the office, interact on their terms and be able to share information in realtime across the home, or the office. Its huge. I also think hospitals can completely transform the way that that clinic experience is happening by giving more realtime information to the doctors and nurses and help the hospital operate more effectively by knowing where all the assets are at all times. What is the best way to help the business, at at t overall . By getting customers to sign up for at t broadband or those kinds of things . Is it kind of Platform Software subscription models . How does this contribute to improving the Business Prospects overall . What at t is doing is working collectively with startups and established Health Care Entities to bring new Innovative Solutions to the marketplace. With the foundry, were hoping to prototype and bring these products into production. You just need to be on the lookout for the things at t is going to help generate in the ecosystem as the private Services Come to market. Well be able to do that not only domestically, but across the globe. Which kind of brings up this issue that is starting to swirl around more. The internet of things, and its security. You know, how much are you guys Building Security into all of these Innovative Products and services and when you roll them out . At at t we really design our Iot Solutions with security in mind. Its absolutely important that we keep the data secure. So we look at it in a multilayer approach. At the device layer, the network layer, at the application layer. And we see all the traffic going across the at t network. So we can provide realtime threat protection if were seeing things happening that shouldnt be happening. By taking all those assets together, at t is able to differentiate our services in the marketplace. We wish you and everybody in the space much luck in solving some of these vexing health problems. Thank you, chris. Thanks for having me. Check out much more about this at cnbc. Com the spark. Tiny toast cereal, the newest kid on the breakfast block. But is it a winner . Well discuss and discuss some of our own ideas about new cereals. Using 60,000 points from my chase ink card i bought all the framework. Wire. And plants needed to give my shop. A face. No one will forget. See what the power of points can do for your business. Learn more at chase. Com ink see what the power of points can do for your business. In a world held back by compromise, businesses need the agility to do one thing another. Only at t has the network, people, and partners to help companies be. Local global. Open secure. Because no one knows like at t. I love this song. General mills unveiling its first new cereal brand in 15 years. It is tiny toast, shaped like small pieces of toast sprinkled with either blueberries or strawberries. That got us thinking, if we created a cereal brand today, what would it be . Rob, what did you come up with . I came up with something, its tongue in cheek. 420os. The first hemp based cereal. Lucky charms, but like little roaches or joints or whatever it is. That are made of oats and hemp. There you go. And marshmallows that are in the form of, you know, cannabis leaves and that kind of thing. You want your kids to eat them . No, i dont want my kids to eat this. Its only available in oregon, colorado, and washington for now. But the idea is if youre thinking about the business of cereal, people are not eating it the way they used to eat it. Its down 10 in the last few years. Im sort of thinking about the old 1979 ad, you remember, for orange juice. Its not just for breakfast anymore. So cereal, 420os, not just for breakfast anymore. Right in tune with the culture right now. There you go. Well see if any of the major distributors take you up on it. Its already trademarked. They have to come to me first, kelloggs. Looking at you. Michael . I think sweet cereals are well overrepresented. I have bitter coffee crunch. It will make a coffeelike beverage with the milk. Maybe ill do dark, but coffee, some fennel. No, i think its just also kind of, you know, sort of a cleanse type which really gets you up in the morning. Out the door quickly. Without a doubt. I dont know if this will catch on with 8yearolds out there, but there is a Healthy Living push. My cereal idea, and i had to get some family help on this. First, i asked my dad. He wanted something with bacon. My sister wanted something with coffee. My brother wanted something with cornballers. It has the essence of cornbread. That is not bad. So you could also throw some bacon in and call it a corndog. What didnt get out of the lab at general mills, look at the history of failed launches in the last couple of decades. Its really difficult do get out i dont get the tiny toast thing, im going to be honest. Cinnamon toast crunch is sweet. I think they feel like if youre going to have something new, it has to appeal to the sense that its healthier than whats already out there. I thought toast was on the bad list, because its bread. Its hard to figure out whats appealing. Youre trying to crush all competitors to cereal. Pretty soon theyll be like, bacon and egg cereal, or, i dont know, gogurt cereal. Tiny toast sounds so british. It seems like if they said we developed this in the uk, were bringing it over, i would almost get it more than if it was just developed here. Cereal i dont think is one of the products that travels globally very well. No. Nor peanut butter, which was my other idea. Lucky charms, the International Standard in cereal. And standard for 420 as well. Rob, mike, thank you both so much. That does it for us on closing bell today. Fast money begins right now. Fast money starts right now. Live from the Nasdaq Market site, im melissa lee. The trade errs are here. If you missed the rally, dont worry, because we may have identified the ultimate catchup trade. Plus, stocks have surged 17 from their lows in february. But a number of widely held names are below the february lows. And later on, well tell you about the rumored mega merger that had savvy traders in a downright frenzy today. But we start off with what could be the ultimate momentum trade. Oil trading above 50 bucks a barrel for the First Time Since july