Theyve been performing. Interesting crop. Includes avis, carmax, and many others tivo. That was one, wow. Other big winners. Anyway, largest Ransomware Attack in interpret history, and looking to protect yourself, a new industry of Cyber Insurance is booming, and theres a lot of Cyber Security names which are rallying today. Well get you details. People discover that etf today. Oh, boy. Hack is having a day. Best day of the year smart right now. Meanwhile, Charles Bronfman has a new memoir about the empire, talking the family business, and his tremendous efforts in philanthropy. We got a lot of Great Stories to get to with Charles Bronfman here. Playing bernie and ruth madoff, joining us, and why de niro did not meet with bernie in person. Michelle did, and i dont want to tell it dont give it away. But de niro did not meet with him, and unclear if madoff will see this, of course, being on hbo. I cant wait. Saturday night. That movie on hbo saturday night. A move up in oil, 2 move higher, but enough to basically ignite a stock market rally worldwide. You see the dow up 77 points. Wti crude as mentioned up 2 to just about 69 a barrel, a little shy of that. Last night, our time, saudi arabia extended output cuts until march of next year. President trump, meantime, meeting with the crown prince in abu dhabi this afternoon. Joining us now, aforementioned Rbc Capital Markets here at post nine. Do we believe theyll keep production cuts going . What do you think of the response . Rallying last week on the draw down we saw. Adds fuel to the rally. I think whats important is i think everyone expected extension, but now they are talking about extending into 20 system. Right. Going longer, question is, do we go deeper . Is that the surprise in the may meeting. Im honest, im not impressed with the 2 rally. It does not feel like, we know theres a supply issue out there. We also know opec cant control it at this point, so i understand that if they do especially being saudi and russia, they are in some ways geopolitical nemesis. If they come together, i get it, its a big deal, but why only 2 . They were already rallying at this point and the expectation was getting baked in that they were going to extend. So now the question is, will they carry through with march 2018 . I think theyll wait to see what happens at the may 25 thth meet because iraq could say, we want to bring on more production. We may extend to the end of the year, but not 2018. Details are not finalized yet. Two big players, but you have, you know, 11 other countries to sign on. Biggest slide as we know recently, where do we go from here . You know, people identified 50 as that it was a support level, now sort of the resistance level. Yeah. When i talked to the future stock looking towards 51. 51 on wti, could potentially go up to the highs seen earlier this year at 55. I mean, right now, we are in this sort of 50 55 range, but shale production is an issue, and so these are the pushpulls of the market right now. Leaving the question of, so, oil, looking at just below, 49 a barrel. What wti crude, brents 51, but below 50 in wti, lets say. What are the prospects for getting above that . Do we have to i mean, sounds like stories over the weekend how north dakotas experienced a boom in production. You know, pipelines connected and things so sounds like the u. S. Production industry is okay, but im not sure where that leaves everybody else. The permian is okay. One thing is its largely a permian story. A Million Barrels year on year, permian and eagle, right now, its a permian story, bigger, faster, stronger, but if youre saudi arabia, priority is vision 2030, you want to make sure that floor is in for 50 going into 2018. So, again, i think it will rally. Were going into summer driving season, but i think, you know, it is slowly grinding into the 60s, barring big geopolitical outage. Before you go, i mean, we just alluded to and pass it off, its russia and saudi arabia. What is going on there . Whats with that cooperation there . Oil order. I mean, we saw this in september. The russians and saudis had a joint agreement to Work Together on monitoring the oil market, keeping it stable. Thats been a long time coming. Whats interesting, the russians have friends on all sides in the middle east. They can back assad, but still with the saudis. Good relations with iran and ua. Russia has so filled the power vacuum in the middle east. So who is more desperate there then . Suggesting that saudi and uae need the oil prices badly they do a deal with the devil and enemy . They dont think of russia as the enemy. I talked to ahead of state who said, look, we not support russias view on assad, but he sticks by the friends and respects that. They were angry at the u. S. For seemingly walking away from the allyin allyings. Lets see what happens next week with opec. Thank you. Have a good day. Thank you, lily here at post nine. Closing Bell Exchange today, we just looked, the dow was up 104 points. At the peak, off levels right now, a gain of 77 points, joe from trust is joining us today in the closing Bell Exchange, thats peter costa from empire executions on the floor of the new york stock exchange, and we are in chicago at the cme with Rick Santelli as well. Peter, what did you think of the rally . Oil, technology is a big part of the game as well, right now. And the financials as well. Yep. I think between seeing the oil market rally the way it did, and then seeing the financials open up stronger and stay there, which is, you know, thats a feat in itself, i think thats what pretty much sustained it, but were a volume, and we said that before, but i think that, you know, its going to be more about out, but, you know, after they get to if oil hits 52, maybe 52 barrel, youre not going to see anything above that. Thats probably the top, and, you know, this smi can withstand a 52 barrel oil. I think its perfectly fine, and you have to remember the ka y canadians are involved as well. Sorry, go ahead. No, no matter what they want or think they want in production cuts, it doesnt matter much. Its more about the pricing and supply, and the supplys going to be there at levels. Joe, if thats the case, where does that leave you in the market, which, note my, is just off the alltime high, nasdaq at pretty much alltime highs here today. I think theres a lot of moving pieces heerk and a lot of things that support this market to continue to move higher. We have just finished almost done with earnings season as you know. Earnings season this past quarter has been quite strong. Guidance for the quarters ahead look good as well, and the underlying Economic Data seen here across the u. S. And around the world has also been encouraging. Youre left with an environment of very low interest rates, still accommodative monetary policy, and, finally, oil prices, which are well off the lows. I expect that all the underlying and fundamental drivers continue to help markets move a little bit higher. I just caution people from getting too excited in the sense that its unlikely youre going to have the first half of this years returns repeated in the back half of this year. Speaking of which, rick, with oil moving up here, what do you think the treasury market does with that . I mean typically oil is higher, treasury yields would be going up as well . Do you see that happening or not . No, i really dont. I think theres a lot of different channels opened up with oil issue especially since, in my opinion, the United States, United States technology, fracking technology, all of that is really defined the price structure, and looking at russia, saudi arabia, they pay a higher price than they talk about on a daily basis from the triple digit costs to basically half of what it is, less than half from the hay day prices. I do think that those dynamics should be interpreted in many different ways. They could be viewed in a supplydemand scenario, viewed in the notion that all the high yield, all the junk paper that financed technology is now moved from default into new hands. The price structure of break evens has gotten lower, so i think theres a number of ways. As it comes to interest rates, you know, the one chart i found fascinating today is the dollar versus the chinese concerny, the yuan. That chart looks like a chart of ten year, the same pattern for bunds and equity markets, and the distribution consolidation, low volatility small ranges is pretty much correlating to many of the large Financial Charts that traders look at, and i think that condition is going to trend for a long time. Until it doesnt. I dont see anything in the crystal ball in the immediate future that will challenge that. And go ahead. Peter, if rates go up, then, does that cause the equity pullback you waited for . Well, you know, bill, i dont think it will. I think that there will be some softening in the market, but i think the expectation is its going to happen, and i think a lot of that is its getting priced into the market, even though the markets been rallying. I think the bigger issue is looking at where the s p trades. Once it reaches a certain level, its back off with the three separate times, same with the dow. I think that thats actually a very short term strategy. I think its a good strategy to get the 2400, and then, you know, short it, and see the market come back in, the s p comes in, 23 , thats the traiding scenario that were looking at. I think as far as interest rates, i think people expect it to happen, and i dont think theres going to be any surprises unless they bump up rates by 50 points, which i think would be the best thing that could happen for the rest of the year. Right. May hurt that day. It will not hurt the rest of the year. I think that would be, to me, ideal. Dont hold your breath. It wont happen. Joe, before we go, what do you do on a day like today with the Cyber Security names because of what happened over the weekend, is it a chance to fade them, do something else, look for value elsewhere, run with it, or just finding different ways of playing the theme . What do you do . Well, i think, broadly, looking at the technology sector, one area that appeals to us, but i think this is just a prime example of certain areas and niches within technology that can benefit from, you know, various events taking place for crisis around the world. We continue to look at technology. We continue to look at financials. I think when you have strength in the market on days like this, some cases, it does make sense to trim and take profits, but beyond that, of course; its looking at the overall themes in the underlying trends, and if we believe markets continue to move higher from here, i dont necessarily its a time to take risk off the table. All right, very good. Thank you, guys. Always enjoy chatting with you about the markets. Thank you for joining us today. Thank you. Heading into the close, a little more than 45 minutes to go, dows up 72 points, just about 30 shy from 21k, floating up and down here. The s p below 2400 now, ninepoint rally, a good gain, but pretty average, the russell up seven tenths today, and nasdaq, as mentioned, i think new high territory at the moment, 6144 . Yep. Wow. Had it earlier, s p and nasdaq. Wow. Charles bronfman is here to talk about his memoir and biggest regret leading to the collapse of the family secret empire. I want to hear you keep saying memoir. Memoir. Memoir. Later, Robert De Niro and Michelle Pfeiffer talk about playing one of the most infamous couple the world has seen. Youre watching cnbc. Clvp welcome back, dow up 77 points, movers today, jcpenney is low, another alltime low at ratings downgrade from neutral to buy, outperformance at jcpenney did not play out, citing recent lackluster same store sales figure and p the stock could face pressure from Institutional Investors who say 5 as a key threshold for them. So many investors cant hold a stock when it trades below 5. Its at 4. 34 now, down another 4. 75 today. Cisco among the biggest gainers in the dow today, Morgan Stanley upgrading overweight from equal weight. Its trading at 34 now. The firm expects management to boost market share gains and software and to improve replacement cycles, cisco reports earnings after the bell on wednesday. I feel like its dicey for upgrades before the earnings release. You know, its i know its par the course. Good point. See what happens wednesday with cisco, leading the dow today. Right. Security stocks rise in the wake of friday. Heres what we know. Attackers used a cool allegedly stolen from the nsa to exploit flaws in Microsoft Window systems to spread. Hackers locked files on more than 200,000 computers in more than 150 countries. Victims so far include narc Britains Health service, fedex and sooe san. Hackers only made 50,000 as of this morning on ransom demands of bitcoins. Download the patch if youre able to if youre still vulnerable, windows xp in particular. The attack is shedding light on what could be the insurance industrys next cash cow. Morgan brennan has that part of the story now. Morgan . Bill, thats right. So Cyber Insurance, now that market is estimated to be about 2. 5 to 4 billion in premiums, but growing fast, expected to potentially triple by 2020, so if its like this ransom ware attack, help fuel the growth, and, in fact, some insurers say they are already experiencing more demands. Weve got a lot more calls today, and i think well see more through the weeks and months to come, particularly in industries that have underserved Cyber Insurance for manufacturing. The cyber experience portfolio grew by 25 last year, and other insurers, the two biggest in the market, cite similar growth numbers. More International Companies expected to take out policies now as europe implements new regulations next year, and because right now, nine out of ten policies are actually state side, meaning Many Companies affected by wannacry do not have coverage. Also, whats included in the policies . Thats changing, becoming custom to include coverage for business sburp interruption, and interestingly, as more Industrial Companies digitize floors and connect machines, theres coverage for Property Damage tied to hacks. Thats become a component as well. You got Companies Like aig working on that. Guys . Yeah, sounds like its, you know, been a huge area of focus, morgan. The question is, how Many Companies have Something Like this already, and how many realize after this weekend that they better get Something Real quick . That, i think that is the thats the big question, right . When you are talking about in terms of companies, you mean clients, looking for Cyber Insurance i presume . Right. 2. 5 to 4 billion in premiums annu annually. Thats not a lots. Not a lot . I spoke to folk, and earlier today, and they said about 30 of Companies Across industries, across sectors have Cyber Insurance policy in place. Its a very small number, and when you break it down further, the vast majority, nine out of ten of those policies, are state side. When you see an attack like this, affecting so many International Companies, Many Companies do not have coverage, and presumably, you see an increase in demand now that some of the companies have been affected the way they are. Also worth noting, more traditional insurance policies out there they do have aspects of coverage in. Some of the companies, they dont necessarily have Cyber Insurance. Might will be able to find coverage in the traditional policies, but all in all, they are not necessarily going to mic up for all the lost cost and Business Productivity secretary of stated with this. 300 for ransom is not much. Seeing an entire network thought for hours and days at a time, thats where the real impact is. Quickly, before you go, kelly mentioned the patches that microsoft put out there, fixing and things, if you do not keep up, does that invalidate your insurance or ability to get insurance . I talked to experts about this for several days now, and theres no direct answer to this because so many Cyber Insurance policies underwritten now are more customized for the client, so some of these policies are actually going to be able to cover the Companies Even if they did not do that patch. Some of the other more traditional ones, not so much. Okay. It depends on the policy. Got it. Thanks, morgan. Thank you. Very important story there. We have 38 minutes left, dow up 75 points right now. Believe it or not, 20 years exactly since amazon went public. Up next, how much 10,000 worth of amazon back then would be worth today. Oh, brother. Also ahead, because i know how much also ahead, two of the biggest hollywood stars say what its like to play most of the most notorious people involved in a wall street scandal. I cant wait for this interview coming up on closing bell. Are you ok . What happened . Dad kinda walked into my swing. Huh . Dont you mean dad kind of ruined our hawaii fund . I thud go to the thothpital. There goes the airfair. I dont think Health Insurance will cover all. Of that. Buth my fathe without that cash from aflac we might have to choose between hawaii or your face. Hawaii what . Haha. Hawaii you might have less coverage than you think. Visit aflac. Com and keep your lifestyle healthy. Aflac its a fraud. The Investment Service is a lie. What do you mean a lie . All the papers, lets go. Its a ponzi scheme. Bernie, bernie, bernie they should let you rot in here, you liar. Welcome back. A lot of madoff movie, a bumper crop of them. If you missed abcs last year, its on cnbc tonight. Hbo shows the latest one on saturday. We have that straight. Exactly. Heres the markets in the meantime. Well, it is a rally day today, gains four tenths a percent, pushing s p and nasdaq into record intraday territory, russe russells up more. Snap regaining ground lost l. A. Week. Stock up 7 today, best day since march 3rd. This after the company rolled out a new augmented reality ad mori mat enabling users to see images or words overlaid in the world they see through their phones camera. Its gotten people excited. Who does the better madoff . I have not seen you have not seen the de niro one. Right. The two truman movies that came out at the same time . No. You have to. Well talk. Who which was the better one . If i have to watch one ill explain. Happy ipo anniversary to amazon. 20 years sense the Company Became public, i think that the correct terminology. Stock soared. Get this. Ready . Almost 50,000 since it came high, trading at an alltime high now, hitting the intraday this morning, but pulled back now. History for you, back in 2007, there were other companies that came public. That should be 1997. 1997. Talking twenty years ago. Taketwo interactive, up 1600 since the ipo. Tivo up 700 . Maximus up 600 , osi systems up 400 , and syntel up over 200 . Not to say thats how you would have done with the typical dallas class of 1997, but heres the would have, could have, should have. I know you should have bought 10,000 worth of amazon stock back in the day in 1997. According to the wall street journal, that original investment would now be worth about 4. 9 million. How nice. Wow. Wouldnt that have been something . Amazon was below the ipo price after it went public. Acted like the dotcom companies weve been talking about, and social media platforms right now. Up 67 on ipo day, but then it fell back again. Yeah. Im sure thats what People Holding on to snap hope for. Please, let it work out the same way. Few people could foresee the impact amazon had on the retail world, now with the Cloud Computing thats going on. People couldnt live without their alexa, you know, all those things. Only person who saw it coming, jeff bezos, right . Go back, look at the letter to shareholders, figure one, says says, focus on raw free cash flow. A lot of the principles they followed ever since, he laid out there. This is never going to be about the Quarterly Earnings and revenue, and, by the way, amazon as a stock, had drawdowns of, like, 20 every year. Right. 40 half the time. It was an incredibly turbulent ride. Reflects skepticism of the Company Since becoming public. You think of google, you think of tesla, this is another kav example of that. If the skepticism now, so are the big opportunities. I dont know. Well have more in the next hour of the show talking to tom alberg, one of the First Investors of amazon, serves on the companys board, and, perhaps, he can tell us how much more is in store. Wonder how much he invested. Yes. Right . I think we can guess how well good for you, tom. Time now for a cnbc news update. Sue . Hi, guys. Heres the news update at this hour. The International Red cross says a cholera outbreak affected yemen. The countrys ministry of health said it declared a state of emergency. Philadelphia is suing wells fargo accusing of it intentionally steering minority borrowers into high interest loans more than white buyers. They seek to halt lending and get a variety of damages. They called the allegations up sub stanuated. Spanish Police Seized ed 5,000 s of cocaine. Seven crew members arrested. The operation was carried out along several drug agencies. Much of the food wasted in the u. S. Is full of nutrients. It found Healthy Foods like fruit, vegetables, seafood, and Dairy Products were likely to be thrown away. Which is a shame. That is the news update this hour. Bill, back to you. All right, sue, thank you very much. We are heading into the last half hour of trading for this monday with the dow up 75 points now, and joining me on the floor, steve grasso, and im having a deja vu here starting with oil. Right. Its always back to oil. Doesnt it . Ever since we did this, it was always oil that felt, to me, as if it led the overall market. So were a couple days into this trade basically, on oil, off those bullish inventory numbers. Now, what do we have . We have the russian statements, the saudi arabia statements talking about production. Thats been going on. We know that story. We know the original opec story that boosted oil up, but not above 55, and now we have the second leg of the bullish story, and oil cant get above 50. So, okay, well leads me to say sets up negative. You are skeptical about the move until it gets above 50 . No, no, i think you need a breakout of that 55. 55, okay. Or else you have lower highs that are setting in, and that, to me, is bearish indicator, mean Global Growth in is question. Look at the rally, turn it on its heels and say does the rally in the s p hinge on oil . I dont think it does. Weve seen oil have a massive amount of head winds. Throwing at you the Health Care Vote that went down, the tax reform, thats not making any real progress. We had syria. We had russia. We had north korea. Nothing seems to really stagger this rally. Until it does. Thats the one thing with the ability to do it. The Trump Administration threw a massive infrastructure plan at it. Right now, path of least resistance, still remains high. All right, thank you, sir. Thank you, sir. Kelly . Charles bronfman discusses his familys empire next. Later, Robert De Niro and michel Michelle Pfeiffer discuss next. Theres nothing traditional about my Small Business so when it comes to technology, i need someone that understands my unique needs. My dell Small Business advisor has gotten to know our business so well that is feels like hes a part of our team. With one phone call, he sets me up with tailored products and services. And when my advisor is focused on my tech, i can focus on my Small Business. Baseball may be the past time in the country, but it was the business that offered opportunity for canadian born Charles Bronfman. Talking about the montreal expos, the first team, Major League Baseball allowed to begin life outside the United States. It brought life the importance it brought to his life as well as the ruin of the family business, which he writes about in his new book call distilled, Charles Bronfman is here now at post nine. You know, we usually begin we usually end our interview with distinguished guests like yourself by asking what your biggest money mistake was. But we can begin the interview with that, right . I dont think thats a mystery. It im intrigued you are talking as openly about it. You have for years, nothing new, but its very much laid out in the memoir here, the impact of selling dupont, shares held in dupont, a huge moneymaker for the family for heres, and then selling to vendi, a huge fiasco for the family, right was cha t that it was a terrible shame. We had to move forward. You have to move on and say, okay, it happened. Now what am i going to do . You know, i felt badly for everybody, including edgar jr. He, himself, made a mistake or two like everybody. Whats the relationship today . Clear the air about it . We talk to each other. But, not with any degree of intimacy for sure. But thats life. Yeah. You write a great deal about the montreal expos, such a great story. I mean, you were approached by the office of the mayor of montreal back in 1968, i guess, to be an invester, one of the investors, and not too long after you found yourself the majority owner and the executive leading the charge to get the montreal expos going. It was the wild and crazy summer. Here we are in montreal canada, trying to have a major league team, we had a Aaa International League team, we were next tot dodger, and my brother and i used to go to sunday afternoon seven inning double headers and had great time, knew the dodgers before they were dodgers. Jackie robinson. Not only him, but snider, you name it. But i thought it would be a great thing for the city, for the pros, for my country, which i hoped would get closer culturely to the United States, and, fortunately, the mayor wanted to have it, and Major League Baseball led by omalley of thement menwanted us to have it. It was it was up and down, and, oh, then go to the chairman of the executive committee, and the man, oh, who had the finances, and hed say, oh, definitely not. Do you think that something has been lost in the game now that so many of the baseball games are played on sunday evenings because its better for the tv audience . Its the length of the games. Amen. I mean, heck, sunday evening, you can still take a family if it started early enough and ended quickly. What do you do . I watch on tv. I mean, what do you do, rolling out a few things seven inning games . Well, you know, its like golf. Golf now takes four, five hours. Right. And most young people want to be with their kids, play with their kids. They dont want to do that anymore. So im all for having 12 holes or 14 holes, increasing the size of the cup, and why do you want to go out and play golf . Why do you want to play baseball . You want to hit, swing hard, get the frustrations out. Not just standing there. Or increase them. What about relations between the United States and canada now . Tradewide . Where do you think thats going . Would you want to see revision of nafta . No . Well you think its fine the way it is . From a canadians standpoint, its just fine. The president was talking about its been on the agenda for over 30 years, and every time the administration says, well, were going to punish canada because their dollars too low, and they got subsidies and so on, and impose a tariff, then canada goes to the international court, wins, and we go back an forth. Itll stay for another 30 years. Youre sort of reluctantly a u. S. Citizen now, correct . Not reluctantly. I was happy im a political junkie, i wanted to vote where. I thought i could ask what you think of President Trump and the hopes for the administration . We all hope that the president of the United States and his administration do well. Its imperative for the world. So far, so bad. Hopefully, hell learn. He has good people around him, certainly on the international side. And lets hope. Let me push back a little bit on your answer on nafta. The fact that you like the way things are now in some degrees prove the president s point that maybe and a hanafta worked too the advantage of canada and mexico and not to the United States . I dont know about mexico, but, look, the trade balance between canada and the United States is on the United States side. Its a little bit their i shouldnt say their, its our side against our side, and i think thats fine. The one thing i think very few people know is that the largest foreign supplier of oil is absolutely canada by a Million Barrels a day. Realizing that with all the pipeline disputes lately. Ensuring our viewers are aware of your philanthropic activities. I didnt know it was you and mike call coming up with the birthright israel trips that are so popular and important. Those are the kinds of Creative Solutions that i feel like, perhaps, we can use right now. I dont know if its for the sake of americans or if theres a Domestic Initiative you could launch, but, you know, its a really great example of out of the box thinking with a big impact on peoples lives. I recall birthright the venture philanthropy. Sometimes you get very lucky, get very good people to work with you, and things happen. Thats the case with birthright. I dont think nor michael or i was a genius in doing it, but, by gosh, a great success. Out of time, but i have to ask, you signed on with Warren Buffett to give away your wealth. Yeah. Do you favor, then, not getting rid of the estate tax in the United States as talk about . No, i think it should be gotten rid of. It supplies very little money. Yet, it makes succession difficult. Why do that . All right. Mr. Bronfman, what a pleasure to see you and meet you and thank you for joining us today. Thank you so much. Great to be with you. The new memoir called distilled out in stores now. Good days ahead for the likes of home depot and lowes with new housing numbers in the country, the eyeopening data shared with you after had this. You always pay your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Stay with me, mr. Parker. When a critical patient is far from the hospital, the hospital must come to the patient. Stay with me, mr. Parker. The at t network is helping First Responders connect with medical teams in near real time. Stay with me, mr. Parker. Saving time when it matters most. Stay with me, mrs. Parker. Thats the power of and. Millions of americans worked this weekend or people were working on the home for them. We are here to explain theres more going on than some kind of fixer upper fad, right . No, absolutely, kelly. Its the tight real estate market. So many people now are choosing to stay in place and renovate, that is, maybe like double the size of your home rather than fight in the very tight market where home prices are rising. Thats why theres remodelling spending up 7 from a year ago and expected to be higher in the coming year. So, i mean, i have a neighbor, this is i have a neighbor who wanted to move to a bigger house, but they couldnt find anything because of the tight market out there, so they gutted the house they are in right now. They are moving moved out, gone seven months, and they are moving into a brand new house until its done. My apartment complex, when people move in, i asked, when is the renovation done . They will move out in six months. Thats the trend exactly the trend. People dont want to stay in place, but baby boomers, downsizing into smaller condos they want to renovate, but they are ageing in place. A lot of renovation experts say that they are going to do renovations that help older people age in place, changing where the bedrooms are, maybe changing the counter top height, changing the lighting throughout the house so people grow old in place. Right. All right. Cool stuff. Thank you very much. And the Housing Stock in the country needs it. Thats part of the problem. Its like, 40 years old on average now. Way behind. Need more construction for sure. We have a market flash. Whats going on . Bill, kelly, look at shares of laquinta, Hotel Operator says they are exploring a sale, were not sure who are the bidders, but the stock is spiking by 8 . Over a year, though, the stock a winner, up 24 . Watch this one as we head to the close, bill . Only been public for a year and a little bit more now. Thank you. Thank you. Happy belated birthday, by the way. Thank you. Happy birthday thank you, guys. It was yesterday. 12 minutes left in the trading session, moving higher, dow up 91 points now. Growth outperformed value so much this year. Its not lost on closing bell. The tide may be turning, and our dynamic duo explains next. Welcome to holiday inn whether for big meetings or little getaways, there are always smiles ahead at holiday inn. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. Eye opening market on close orders from art. A big star with that, a rebalancing, i guess, after the on the close, so sales are coming out as well. The sales risie 90 points on th dow. More on the market towards the close, and we bring back the dynamic duo of zok and block. Welcome back. Good to see you. Time to look to value stocks . Thats right. The dynamic duo is in sync now. Oh . We are. We are because im looking value here. Growth outperformed value, and zoks wheel house is value. Its a tough month. Well turn around and see financials lead a fsector i hav not liked, i like it. Cheap stocks there. Cheap names in retail, and technology, coming to the floor, so theres some of the high flying names, rotation time, value time to shine. Joe, asking, do you categorize value by sectors or are you talking about individual names when you are looking at places you think do well . We are a traditional value manager, concerning value, looking at sectors that are viciously out of favor. There have not been a lot of them after the trump election, so we looked at some communications companies, advertising companies, some in the United States, some nonu. S. Names. I can think of Department Store stocks that have been taken down in the last few weeks here. We have not had fingers burned on those, although, we were tempted by ralph lauren. Well, after the blood bath seens is it time to get into those, you think, right now . Im not sure how the dust settles there. Okay. As long as amazon keeps invading their space going where others have not gone before, i dont know how you buy your clothes, but i just read they can fit a suit for you, bill amazon . Online. Online. Ralph lauren, part of the class of 97, by the way, so when you look at the performance so far this year, the fact that apple and amazon and even names like visa up trael ltremendousl thats a move . Running out of buyers here, some of the names, some of the names from the chip equipment sector, ship names, we have supply materials reporting later this week, and expectations are sky high. With expectations high, go in the other direction. We talk about Department Stores, names like kohls and macys, target this week, walmart, t. J. Maxx, value to be found there. Look there and think about the names. I dont think they are left for dead here or going away. There is value there. Lets go find it. All right. They are the guardians of the galaxy of the stock market. Zock and block. Milking it, joe. So were number one for the week . Another 66 million there. Go king arthur. Thank you for joining us. As always, a lot of fun. A quick break, dow up 91 points. After the bell, two of hollywoods biggest stars make take down one of wall streets biggest scandals. Talking about the hbo drama of the Bernie Madoff scheme. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. 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. Okay. Two minutes right now as we head to the close, dow up 85 points. Two trends moving the market higher here. First, oil, thats a clear winner today with russia and the saudis announcing to announce production cuts in place until march of next year, and wti crude continuing its march back to 50 a barrel. Brent above that. The other trend this morning . All the Cyber Security companies that have boomed with what happened over the weekend. This etf, ticker symbol, hack, saw a gain, up 4 much of the day, up 3 right now. Some of the companies have pretty good gains today. The nasdaq moved higher. Intraday was in alltime high territo territory, likes of amazon and others, by the way, congressmen rated 20th anniversary of the ipo, higher for a time as well today, and the nasdaq up about 27 points on the close, and bob, the dow was up 104 points at one time. Off the highs now. The important thing in the market the constant rotation we see. Losers come forward. Winners fall back a little bit. What is the laggard this year . Energy stocks, retail stocks, bank stocks. What was the leaders today . Energy stocks, bank stocks, and retail for the most part fell down a little late in the day, tech did okay, thats a Market Leader holding up throughout the year, Consumer Discretionary did not do well today. Oil stocks, now back towards 50. Its been a real roller coaster on oil, 55 to 45 to 50 to 45 and back again. Last week, they are better. You can see the move. Point is, the rotation keeps the Market Holding up well. That is fur sure. Thank you, robert. Dow up 83 points on the close. Rebalancing now. Stay tuned. Kelly, i cant wait for the interview with Robert De Niro and Michelle Pfeiffer. Thats coming up in the second hour of the closing bell, see you tomorrow, kelly. Thank you, bill. Welcome to the closing bell, everybody, im kelly evans, and for the first time, the s p closes above 5400 today. A couple records here. 2402 for the s p. Thats above its prior closing high of 2399 from five days ago. The nasdaq also hitting a new high on the close here by 20 points, by the way, closing at 6 is 149, compares with 6129, and the dow and russell are a little bit below their record closing highs, and the dows case, still has not surpassed the 2115 closing high set on march 1st of this year. The russell about 20 points, 30 off the high, and interestingly, the dow transports, what its worth, 300 points below the closing high of march 1st this year as well. A lot to digest here and history made in the s p in particular. Its been 20 years since amazon went public. Talking to an early investor and board member about the tech giants wild ride. Robert de niro plays in the new movie, and i sit with him and Michelle Pfeiffer to discuss their roles, feelings about the movie, and much, much more coming up. Joining us today, our cnbc market commentator, and cole, and mark from alpine funds to kick it off. Mike, how about some thoughts on the records . You know, the market is not doing anything in a hurry. Its just low momentum. Its starting, but its still in this up trend, deaf in thely, when you sort out the positives, negatives, it has seemingly a slight positive bias. Again, today, really low volume. Look at the vehicle you in the big etfs, the spider and diamond, way below average. The default mode is upside. I think its mildly encouraging. You have to get more distance between the old high and the new one over a couple days in the s p before people say, yeah, somethings changed herement we are broken out of the range. Feels like its a floor more than a ceiling for the time being. Mark, your thoughts and composition matters. We talked about this year being 2015, theres a lot of gains concentrated among the biggest names that have done well. What do you think . Thats mostly in the last of the week, the faang phenomena came back. First quarter earnings, are good, cash flows good. I will tell you the truth, amazed how much we have just ignored the political and the, you know, the background noise. Volatility is an amazingly low shocking. Political noise in this country, but also this weekend, you thought north korea, another missile launch, industrial data missed, retail sales like there were plenty of things to look at and decided its a nervous attitude. Been a terrible long, you know, anybody who is seller made a lot of money, but from an investors stand point and what we did at alpine, is its so cheap right now, foolish not to take implied volatility of the s ps now long volatility . No, no. Oh. On the market to protect the portfolio. So inexpensive, foolish not to because of the things. The trump domestic agenda is delayed next year, thats the biggest risk to the market right now. If that were to happen, you have a problem. Cole, do you agree with that . Biggest names in the market now have the highest prices, and thats the big problem for the market. Its getting narrow, as you guys talked about, and thats just to the detriment of past invester. Were coordinating amson, a big market cap today on your guys programming. We coordinated jack, benefitting from the rise of the biggest cam names in the index. Thats a problem because the scarcist bet now is the tenyear is at 4 . The problem is, whats the opportunity cost to broad companies . It just doesnt look like a great setup. Theres so much excitement in the interim. Connect the dots. Why is it a problem from your point of view that you have, you know, high price, big cap names doing so well if youre an index buyer . Because things dont go up in a Straight Line. This idea that you go up in a Straight Line and you do your encore again, what are you going to leave for the next act, okay . Thats the biggest problem for the market, whats the next act when they written biggest cap names narrowly in the six to 18 months, it does not set up well. In comparison in the notes i mention lenar, housing could crush it. Like weeks ago, you guys, its under remitted index. Its a huge opportunity for the group that wants to fight back against the empire. Or, mike, for people in the index, you know, okay, it might rotate, but if you told me years ago the Oil Price Fall the by more than half, geez, its bad for the performance of the overall market, but there are other levers to pull, and so his point about housing, thats one of them. The absence of a recession, when you are not having huge financial stress, the market finds a way to support itself. Its not nearly as narrow a market as people have been talking about with the faang stocks. Its reasonably okay. Majority of stocks going up all the time. Im not saying its a wonderful, broad, allinclusive bull market, but its not as narrow. Can i jump in . Cole, just one second. This plays into the discussion were having, continued disclosure from the biggest investors about latest stock purchases and sales. We have a roundup, leslie . After a rough few years for hedge funds, they are turning around in the first quarter. Now, were getting a little insight into what they bought and sold in the first three months of the year. According to regulatory filings, were seeing a variety of trading around nasdaq 100 components an index that gained 10 during the quarter. More capital took a new stake in apple ip tell, microsoft, and increased stakes in alphabet and facebook. Tiger management, though, dissolved stake in apple and decreased that in google, facebook, and my icrosoft. Global took some money out of tech, increasing stakes in alibaba, amazon, and etsy. Financials are a big play, but, again, mixed trades here. Tiger management took a new stake in jp morgan, but decreased position in bank of america and dissolved that of citi group. They called both citi and bva and a stake in Morgan Stanley. We look forward to more filings of berkshirehathaway, and persing square, guys . Big news from value act this afternoon. Its not about the stock picks this time. Its not. Its about a change in management there. Jeff ubben, fearless leader for years now, decided to step down from the daytoday oversight of the investments and handed reigns to mason who will be cio in july. Thats according to reports in the Financial Times and dow jones, and its interesting because we heard jeff ubbens speak at a roiter roiter rio ease, and said this is a young mans game. I was surprised, lely, thank you. What do you think of it . Seems from the excerpts of the letter i saw, seems orderly. About cultivating the next generation of leadership, not about performance or anything else. I dont think i think its a challenge for a lot of hedge funds, a lot of partnerships to goat to the next generation. They really are founder driver. Especially with markets al alltime highs, getting back more than a Million Dollars of capital, higher cash levels for years now than ordinary, bringing the question mark to you, what are you a buyer of . Buyer of dividend stocks raising dividends at exceptionally high rate. What that does is help the inflation protect your income. If rates go up, right now, the big dividend yields we dont think are as attractive. Rising dividend fund, we look for lowes, executing very well, raising dividend by more than 20 . Same said for t. J. Maxx. A high flying group last year, by the way, uncomfortable with the valuations, do you screen anyone out . You know, we are not bullish on utilities, a group that typically has little to no cash flow, raising dividend to 3 . The names, again, even phillips 66, the name of the 3. 5 yield, but double digit consistently. With wage inflation, reflags trade, thats going to be the best place. What about the upheaval space, doing funded by borrowing, do you screen that out . Yes. I would think so. Exactly. Checking on the Balance Sheet because you want to see, dividend investing does not start with the dividend, but starts with cash flow and free cash flow. Thats where it starts and go from there. If you generate a lot of free cash and increasing, that means you can increase the level of dividend you pay off. Thats a good harbor for stocks going forward. You liked lenar, Housing Stocks generally, but where else is smead a buyer of now . We like insider advisorieadv wells fargo, talked about home mortgages on the earnings call, and talking to the street, they dont care. Its a nonmeaningful business to them, and scratching heads why they talk about it. To follow on inflation, inflations a missing conversation today. The beautiful part about banking, or talking about the real economy is we can make a lot more money off the economy being too strong or too much money finally sloshing around in u. S. Capital markets. Thats the kind of thing that housing and banks make money from right now. Yeah. Gentlem gentleman, thank you for joining us here. Appreciate your viewpoints. Thank you. Thanks so much. Shares of Cyber Security companies also rallying today after fridays global Ransomware Attack. Should Companies Pay ransom to hacker rather than risk reputation . Find out next. Amazons skyrocketing since going public 20 years ago today. Coming up, well hear from an early amazon invester, and a board member now on just how much the stock can keep going. Youre watching cnbc, first in business worldwide. Finding time to get things done isnt easy. But weve got the Digital Tools to help. Now with xfinitys my account, you can figure things out easily, so you wont even have to call us. Change your wifi password to something you can actually remember, instantly. Add that premium channel, and watch the show everyones talking about, tonight. And the bill you need to pay . Do it in seconds. Because we should fit into your life, not the other way around. Go to xfinity. Com myaccount welcome back, fridays global Wannacry Cyber attack affects 200,000 computers, issuing a ransom of 300, equal to 1781 bitcoin, according to the department of Homeland Securitys computer readiness team. Ibm security found companies paid 54,000 so far. The u. S. Government is discouraging paying the ransom, but some companies see it as the fastest solution. So for more on how it handled the quandary, we are joined by the cnbc contributor, and former assistant attorney general for the National Security division, and caleb, Vice President of ibm Security Threat intelligence. All right, gentleman, thank you to you both. What is the best advice from the policy point of view here, especially with the ransom being so low, should companies simply pay it . Well, when it comes to this particular attack, and its a good lesson in general, companies should not simply pay the ransom. There are important questions to ask first, such as, if i pay the ransom, will i get my information back, will it be decrypted . What we heard in the current attack, ransomworm, ransomware propagating automatically from computer to computer is that people who pay are not getting their files decrypted. One lesson i think every Business Today can take from this current incident is do you have a policy in place, a corporate policy in place that explains what the factors are . What to do if ransomware hits tomorrow, contact Law Enforcement, pay automatically . All right. Cale caleb, whats your suggestion or proposal to the marketplace when these attacks happen . Especially if, like, john said, they do not unlock even if you pay the ransom . John had an excellent point, and one of the things that companies around the world are learning today is preparation matters, so, you know, think of a few key things, do you have a response team, are they on retainer . Do you know your local Law Enforcement contacts . Do you have a plan, a team in place to help you respond . You know, Many Companies, as this hit over the weekend, realized they did not have Contact Information for their i. T. Teams as hay headed out over the long weekend. So, caleb, by the way, do you have an updated sense how much this pulled . . It was 54,000 this morning. Yeah. At the current time, those numbers do appear to be accurate, and, honestly, this is one of the head scratchers of several in this particular attack. Thats not a whole lot of money as ransomware goes. I mean, weve seen some cases where a single payment of ransomware amounts to money in a similar domain, so, you know, this is an oddity in terms of what we are dealing with. Caleb, one more question. I agree. The worrisome thing is the next group of hackers will dmoemand more. Cyber stocks rally today, but is Cyber Security effective if companies are still this vulnerable . In other words, is there a way to tell, you know, everybody who would have had some kind of contract with a secure provider would have avoted being vulnerable to this attack . Well, keep in mind, this particular attack was grounded in a Microsoft Windows as a result as a result neshlt. They had layers and immune security wrapping around them were well protected. In the case of our clients, we had very few instances where people had problems. Thats just a testament to the fact they had thought through their preparation, planning, and in in cases, actually rehearsed it. You know, one of the things we do at ibm securities is a live cyber range where people come and actually practice responding to breaches in incidents like this. Yeah. Sounds good. Shooting range, you know, for cyber basically. John well, yeah, no bullets or guns involved. We, byes, but weapons of oth sorts. That there are. What are the issues in this, microsoft indicated its dangerous to stockpile this, but the point of them having some edge in Cyber Intelligence is to know what the vulnerabilities are, and is it bad policy . Well, i got to tell you, interesting issue for another day, but it causes you to lose focus a little bit on what actually happened here. Just as caleb said, what happened here was this was a known vulnerability. Microsoft issued the patch for this in march 2017. It was a fully a month later shadow brokers released what they claimed was a vulnerability taken from the nsa. The fact of the matter is what were seeing out there these days a over90 of the cases, according to the department of Homeland Security are bad guys, be they crooks, terrorists, nation states, taking advantage of vulnerables known. Whats that mean if youre a business . Means focusing on patching, things like preventing phishing. You know, johns absolutely right. We got to go. Caleb, john, thank you so much for joining us. Really appreciate it. Cale caleb, john, companies grappling with how vulnerable they are. Thanks, guys, appreciate it. Count for ten oscar nominations, made 140 movies combined, and for the first time, robert and michelle star in an hbo production taking on one of the biggest scandals in wall street history. Yes, Bernie Madoffs ponzi scheme. Thats coming up. First, talk about, yes, this is it. Slimy. Mike, you cant wait to touch this. A social media craze for this stuff is helping sales which makes elmers glue, office depot, and own home made slime. We have glitter glue here. That story when we come back. When you booked this trip, you didnt know we had over 26,000 local activities listed on our app. Or that you could book them right from your phone. A few weeks ago, you still didnt know if you were gonna go. Now the only thing you dont know, is why it took you so long to come here. Expedia. Everything in one place, so you can travel the world better. First up today, something i did not expect to see, mr. Mike, hedge funders releasing quarterly holdings, and they are buyers of snap. Its amazing. Obviously, a lot in the ipo, big investors influential get any seemingly busy ipo, but, yes, now continuing to hold it, maybe even adding to it now that it pulled back. This is teppers take on it. Take a listen. Im not jumping through the hoop to buy the 2180, but should it go down closer to the original offer place, i would love to buy the stock there. Im a believer in the company. Its a valuation question to me. Were in for me, im in nowhere land of valuation right here. Im still surprised. I think its a very picked over market. Its an area of the economy nobody really feels comfortable handicapping just exactly how its going to go, and you have the muscle memory of facebook. And dan loeb. Facebook, a fiasco five months after the epo. Then twitter. Taking a shot. Not necessarily the whole portfol portfolio. Snap up 8 today too, by the way. Next, skinny bundles. The rage in the video game revolution these days. Whats the end game . Thats the question for users and districters. How do you expect advertisers to respond . They are just hoping that skinny bundles kind of slow the decline in the overall numbers, right . They are paying a premium per eyeball for tv viewers, feel they find people. In terms of the networks, i do think its a calling process. After r obviously, first of all, skinny bundle ares not skinny. They are not. 40 channels. They go higher. Where the price point is not cheaper. I know. Its going to be the same old thing on new technology and youtube is the lost leader. I think nonnews, nonsports is an uphill battle if youre discovery, and background cable nexts. Well see. Timely, a bull market. The stuff ive been playing with and kids make from glue and soap and whatever else is a bull market for these brands and office depot, another earnings call, selling more glue and q1 than in all of last year. Its amazing. You know, theres a staples near our place, and i noticed they have a full display. They are not even pretending the big half gallon size elmers glue is for arts and crafts. When is the etf rolled out . I have a feeling its a short life span. Its not even about the that thing anymore. Oh, lordy, its about this. Explain. This is the next new thing. Spinner. Yeah. How . Ball bearings in there, first of all. I dont mean how its satisfying to spin. It starts out as being something of a therapeutic for kids who are distracted, concentrate, they are already ban in schools. Do i sell this . You probably want something more to office depot thesis than just glue. People buy snaps for reasons i cant find much more of. Sure. Everyone snaps pictures of slime. Thats the connection. Thats social media play. 20th anniversary of amazons ipo, understam to say the stock has done well since then. Up next, hear from one of the earliest investors in amazon. Also happens to be a board memberment find out which companies today remind him of when amazon was still in the early stages. And, Robert De Niro and Michelle Pfeiffer, and why attention to detail and preparation, robert chose not to meet with madoff before production. burke at farmers, weve seen almost everything, so we know how to cover almost anything. Even a coupe soup. [woman] so beautiful. [man] beautiful just like you. [woman] oh, why thank you. [burke] and we covered it, november sixth, twothousandnine. Talk to farmers. We know a thing or two because weve seen a thing or two. We are farmers. Bumpadum, bumbumbumbum welcome back, a strong day today on wall street, the dow closed up 85 points at 25981, but it was the s p and nasdaq setting records on the close, in fact, first time the s p 500 closed above 2400, 2402 to be exact, and nasdaq at 6 is 149, and russell 2,000 shy of the High Water Mark of 1393. Time for a news update, sue . Kelly, thank you. Heres whats happening this hour. A still developing story, moments ago, a leer jet 35 crashed on approach to teterboro in northern new jersey. The aircraft went down a quarter mile from the airport in a residential area. Local police say it crashed into a nearby warehouse. We are awaiting a report of injuries. The airport is currently closed as a result of that crash. President trump welcoming Abu Dhabis Crown prince to the oval office for talks daying ahead of the president s visit to saudi arabia. After a photo opportunity, President Trump said the search for a new fbi director is going well. Thank you. Thank you. Shaking up the staff . Very good. Thank you. Well be wrapping it up. Thank you, all, very much. North korea state tv releasing video of the countrys late education missile launch. Analysts say its apparently successful launch of a mid to long range missile indicates a significant advance in its strive for intercontinue tental ballistic missile. Youre up to date. Thats the news update. Back downtown to you. Thank you, sue. Sure. 20th anniversary of amazons ipo. For more on the companys growth over the years, this is tom alberg who now is on the board of amazon, an early investor in the company, atom joins us by phone. Appreciate it, mr. Alberg, thank you for joining us. Caller happy to join you. What was the first, you know, hint or moment that you realized that amazon was something you needed to invest in . Caller well, i was introduced it was 1995, two years before the ipo, and a friend asked me to meet with jeff bezos, and look at his new company. He had not launched his website yet, but i met with jeff, and i was, obviously, impressed with jeff. He was very smart. He was very focused on launching the worlds biggest bookstore onli online. He was a strong believer that the internet was going to be very big, and so was i, and so i kind of invested partly on his personality and partly on the fact that a looked like tinternt was going to be large, which not everybody else seemed to agree. Tom, mike sontolli here. After the initial faith put in bezoss vision here, i imagine the harder thing would have been to stick with it along the way . Obviously, hes executed multiple transitions and broadened out the business so much over the 20 years, yet, the stock had periods where, really, just tested peoples faith. Ongoing basis that you said, okay, somehow this story remains in tact . Caller well, the company was always growing rapidly. Jeff always had this very strong focus on how do we satisfy the customer . How do we use innovation to improve . There were rocky moments. Certainly, 2000 when the whole, you know, technology, global recession happened, but, you know, we had a lot of faith, and we were making progress. Yeah, which you would have had to. Tom, several media reports say how choppy amazon traded. To the point mike made, pretty much all years public theres drawdowns of 20 or 40 . Again, what made you think not only that, you know, the initial investment was a good idea, but how did you realize, like, did you realize at the time, for example that Amazon Web Services was happening, or like other people, did you realize afterwards and just thankful for the fact he was able to, you know, encourage businesses internally . Caller yes, well, i mean, you really have to look long term. The, you know, amazon is never managed the company just for sort of short term stock market movements. Its really been focused on long term growth of cash flow, and so you have to quite a bit ignore, really, you know, the monthly and weekly stock movements. But you have to look under line, and the focus on innovation, being anyone to constantly going from the worlds biggest bookstore to the everything store, adding prime, inventing, you know, the echo and alexa, i think you need to, you know, look at the substance. Yeah. Now, of course, Everybody Loves it. So does that make you nervous . Being through the period of people being doubters, how do you think amazon can do from here . Can it, you know, i mean, its obviously cant perform like its done since 1997, but can it continue to grow at very rapid rates, even as big and loved as its become now . Caller well, it certainly has a lot going on on multiple fronts. I mean, id be the last person to try to predict a stock market, but i think well continue to see a lot of innovation, and it seems to be executing well and across a lot of different businesses. Absolutely. I guess we now heard plenty of people come out and say they think amazon is a 1 trillion company, a 3 trillion company. Do you think that is hyperbole or reflect realities that you, a board member, can kind of see . Caller i really dont think, you know, we ought to be focusing on that, you know, those goals, but more, you know, to me, long term is how were going to do the next year in terms of growing the business and coming out with new products. Final question, tom, any company on the horizon look as exciting as amson did back in the day . Caller realm, weve got a couple Consumer Companies in seattle. Red fin, which is changing the real estate industry, a lot like jeff changed the book business. Rover. Com, both private companies, but rover. Com is building, in effect, an air bnb for dogs, dog sitting, dog overnight, so its a good one to watch for. I love that. Red fin and rover. Roof. Thank you, tom, a pleasure. We appreciate your insights. Caller okay. Thank you. Tom alberg. Looking back on amazons performance. Did you know about rover. Com . No, i was looking at it right now. Makes sense. A lot of sense. General motors is getting into the gig economy. All those details coming up, but, first, Robert De Niro and michelle fi Michelle Pfeiffer, what it was like to work in the movie and what they learned. Youre watching cnbc, first in business worldwide. Menu app re. Menu app re. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. 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. Stay with me, mr. Parker. When a critical patient is far from the hospital, the hospital must come to the patient. Stay with me, mr. Parker. The at t network is helping First Responders connect with medical teams in near real time. Stay with me, mr. Parker. Saving time when it matters most. Stay with me, mrs. Parker. Thats the power of and. You were my bookkeeper. Maintained records the first year. That was 1960, just you and me, and you were not a real bookkeeper. I pitched in, i came back. Then we hired a real bookkeeper. Right. So why are they making it seem like, like, like im involved . That was a scene from hbos new film, wizard of lies, and its based on the book, premi premiering saturday, and i sat down with the two recently ahead of the films premier and spoke about why they think its important for people to see it. For me, personally, i think that the family, the boys and ruth were really villainized, and wrongly convicted in the court of Public Opinion about their involve mement and their knowledge of what was going on, and it was not until i got into it and learned more about this character, i felt a tremendous responsibility, honestly, that her truth be told. Did you meet ruth . I did meet with her. Is that how you mastered the accent . No. I was not going to meet with her, but i worked on the accent, talked to people who knew her, and there was some Television Interviews she had done that i was able to watch. What about you and bernie . Any dialogue there . Any conversations that you had . Did you meet him . No, i did not meet him. I met andrews wife. Bernie was harder to get to, though. Yeah. Hes in prison. Yeah. Yeah. And i just thought, well, i wont do that, though, it would have been great to meet him, but i watched whatever there was of him speaking and being there was not much. When you say it would have been great to meet him, because it would have helped you understand him or be able to emulate him better . Always something you never know what youll pick up. If the persons alive, you want to meet them. Did he say no or just i didnt i just didnt per sue it. It was talked about. I thought, well, maybe its too much of a thing to make it a thing, i go to the prison, this, that, and ene dodorsing him. Did you worry making the movie endorses what happened . I dont think so. Its about as very its about the family. Its like a shakespearean tragedy. The sons were deeply betrayed. Neither are with us anymore. Ruth, people felt she was guilty, and ive always felt before i was involved in the project that the kids and the wife were never why . Because i felt he was not that i just got i felt that he was protecting them, and then you see that theres nothing, you know, theres certain crime families where the kids are but not this case. You know, and im just thinking it was a culture. Thinking that wall street, the famous gordon is good. Supposed to show, you know, the spoils of wall street, and inspired a whole generation of people to go work on wall street, is there any danger of Something Like that happens when, you know, people its the effect we talk about all the time with criminals and things like that. I think what people come away from with this is just beware. You know, pay attention. If it sounds too good to be true, it is too good to be true. Do you have experience with being conned, whether its, you know, something that, Financial Way or just otherwise he was a conman. Thats what people say, so charismatic, like, i got this people people they look for evidence to back up what they want to believe. That can happen in many instances of life. Exactly. Of course i should be making n constant 810 returns. You dont want to believe its not possible. The power of selfdenial is always it never ceases to amaze me how, like, even, you know, at the end of the film, you know, just the denial that bernie is in. One of the favorite questions to ask when we talk to big shot people like you guys is whats some of the biggest money mistakes youve made . Ive been conned by someone who was a really great person. I liked them. But they conned they took money from me in a situation. And i dont i always felt sorry for them in a way, feeling they did not realize they got themselves in over their head in what they were doing. They did time for it. Wow. And i still like the person, you know. If they are not intimidated by you they do it in such a way that its like a i have food this to pay them, cover it all, enthey get swept up into it, and they just cant they finally get overwhelmed, and then they got to which is what happened to madoff. Money mistakes you made that comes to mind over the years . Or small . Or something youve lemarned . A number of small ones like shopping sprees, but other than that i think i lived pretty conservatively in terms of investments and things like that. You make the movie for netflix, right . Does that just become a great opportunity, the fact theres more people out in the market able to buy a project like that . Yeah. Im happy we are getting it made. Do you have any issue with it going to netflix versus anybody else . No. I think this particular type of project needs the support that netflix can give it. So thats all well all good with that. Going ba ck to this, first time youve done something for hbo . I think so, yes. First for me, yes. Any bias, im not doing an hbo film made for tv . No. They had such an amazing reputation, especially the material that, you know, thats available for actors, and its a wonderful place to work. Yeah. Theres now they are doing so many great made for tv mini series, not just hbo, but everybody. Is that stigma gone . Yeah. It is . Yeah. Its been gone for a while. Yeah. Better stuff on tv than there is in film. Quickly, snapchat is one of the companies thats getting into more of this area whether its twitter, facebook, all now putting a toe into video. Now snapchat lets you watch certain things. Do you have any experience with really experimenting for these newer platforms, seems to be where the younger viewers are . No. I mean, i know about snapchat and what happened with it. Im aware earnings, you mean . Somewhat, im just aware that its gotten a lot of play. I did it once with somebody for the tribecca film festival, and it was interesting, it was fun, but i dont im youre one and done . Yeah. Michelle . Same question. Any attraction to some of that if thats why the eyeballs are, do you feel the need to go to where the younger audience is . No. No . No. I probably should. But no. Final question, then, when people see this film, what do you want them to walk out thinking . I dont know what theyll think. Some people feel one way, others feel another. I dont know. I mean, its not like were preaching, feel this, what i feel strongly about is i say in the film, says that, is that i felt this way, as i said before before i got involved in the project, that the sons were not involved, the mother wasnt either. Robert de niro and Michelle Pfeiffer, and playing herself in the movie, he did not meet with madoff as he talked about or sit down with him, she is able to bring some of the experience, having done his first interview, and kind of he said sounded like, treat me the same way and i play from that. Interesting. I would have half thought he would have run across bernie or some of the victims over the years just being around new york and society and things like that, but really resinated with me, actually, this whole affair did because so many people who work in finance, they live this oh make professional life, family knows they make a lot of money, they do something on wall street, they dont know the details. Its plausible to have denial the, and, kelly, 10 a year, steady, for most of the time, he was committing the fraud did not seem an extraordinary premise. The market was up 20 a year a lot of the time, right . Thats how you fly under. Charles bronfman, our guest in the last hour, was going to invest with madoff. He was going to invest. His financial advise every sent him a questionnaire, and he was not satisfied with the answers, and they didnt go with it. This is on hbo may 20th, 8 00 p. M. Value act capital confirmed ubben is stepping down as the hedge Funds Investment chief, replaced by, and you know, its clear that hes passing the baton. Clear. I mean, thats one of the issues that person who is number two, and lies in waiting, you have to give the reigns. See how they do, especially in the market, giving money back. Concentrated portfolio. Oh, yeah. You have to be. Own it. General motors expanding the Car Sharing Program to target. The gig economy. Whats it mean for the bottom line . Thats next. Ahead, steve eisman of the big short fame will be joining fast money in an exclusive to deliver one of the most bullish calls ever. More closing bell right after this. The shows about to start how do i look . Like a bald penguin. [ laughing ] show me the Billboard Music awards. Show me top artist. Show me the top hot 100 artist. They give awards for being hot and 100 years old . Well take 2 [ laughing ] xfinity x1 gives you exclusive access to the best of the Billboard Music awards just by using your voice. The Billboard Music awards. Sunday, may 21st eight seven central only on abc. General motors 2yearold car program is branching out to serve the gig economy. It launched a maven gig in new york city today with 80 vehicles. Phil le bea is here to discuss whats going on. This is part of maven expanding into new york city overall. The gig economy, or maven gig is essentially a General Motors and maven marketing fact that people who may be an uber driver, a lift driver, maybe somebody who is a courier, who wants to do their job, can now get a maven vehicle rented for several hours, maybe for a day, a couple of days. And this is part of them trying to expand their Car Share Program as much as possible beyond people who you traditionally think of those in the car share economy. Maybe somebody in their late 20s who needs to get a car for two or three house, or a day or two. Phil, what are these maven vehicles . Are they just General Motors cars with a maven tag that use an app . Yes. Do they have anything to do with selfdriving . Im so confused by all the trends going on here. Well, youve got car sharing, ride sharing, and pretty soon autonomous ride sharing. Car sharing, they believing will eventually help the company if they decide to go with autonomous drive vehicles that people will have a Comfort Level with. And cities and regulators say, sure, were okay with that. Consider maven to be a competitor, to, say, a zip car. Unless has blue indy. Its not ride sharing, its car sharing. Also, it sounds like for longer periods of time. Right. Not just that i need the car for a weekend. By the way, i dont hear maven without thinking of yahoo is it just me . The mobile video ad what was the e . Sort of the lower case e. Phil, in any case, if General Motors is doing this, could i go right now, open an app and basically rent a maven car for, you know, up to a month if i wanted to, right now . Yes. You could do that. Theyre in 13 cities. Theyve got about 38,000 members. They believe there is a helply appetite, particularly those who they consider millennials, you know, 21 to 34, 35 age range in metropolitan areas. Yeah. And i guess that im squarely in that demo. We dont own anything. We dont own cars, we dont own houses. Everything about sharing. All sharing. Sharing is caring, if ill fill. Thank you very much. You bet. Tjx. How theyre bucking the downtrend in retail. Earnings tomorrow morning. Well be looking at whether its climb can continue right after this. I count on my dell Small Business advisor for tech advice. With one phone call, i get products that suit my needs and i get back to business. Its not just a car, its your daily treat. Go ahead, spoil yourself. The es and es hybrid. Experience amazing. shouting more power tools. More power suits. shouting more power. Chords. With customized Loyalty Programs and datadriven insights, Synchrony Financial can help bring more. Power to your business. Welcome back. Sort of the biggest of the big here. Warren Buffetts Berkshire hathaway is out with their filing. Kelly, a bit of portfolio rebalancing for mr. Buffett. He increased his stake in american ice and southwest, but decreased his stake in delta airlines. Apple, we have a figure now on how much he owns of apple. How many shares. It looks to be about 129 million shares. He increased that during the quarter by 72 million shares. He also increased the stake in bank of new york melon by 11 million shares. And dissolved his stake in 21st century fox. Kelly . Thats interesting, leslie. Thank you. I was just trying to do the math on 129 million apple shares. Thats a big position. Pretty big position. Though not a big percentage of apple. Apple shares 155 bucks today. He got out of 21st century fox, too. Tomorrow morning, im still playing with the slime here. It is very therapeutic. Its one of the few bright spots in retail as a whole category right now. Its kind of the acclaimed place to hide, along with ross stores. A similar model. I do think the trend is probably still there. The problem is, its now valued like a grow stock. 20 times earnings company. The stock has gotten a little more jagged. I wonder if people have to look more closely to see if the story is still intact. My first place to go, when ive got an hour between gigs down here. Its in a good spot. I know. I still wonder, i watch myself, i go, i love tx maxx, but im not buying much there. First of all theres an interest in the industry to have the designer stuff show up on the shelves at tjx as opposed to online. Theres a structural reason why kind of the other retailers and the designers like it. I like nordstrom rack. The trend is still intact there. Michael, thank you. See you tomorrow. Fast money begins right now. Fast money starts right now. Live from the Nasdaq Market site overlooking new york citys times square. Im melissa lee. Tonight on fast, steve eisman is here for an exclusive interview. The man who called the mortgage crisis and hes back to tell us whats keeping him up at night now. Why one uber bull is getting cautious on the carmakers big run. Shares of the cyber stock soaring. The one