We will talk about manufacturing when we talk with the ceo of walmart m america. Lets check in with dominik chu on what happened today. When will we hear from the nasdaq. Dom, walk us through what happened today. Lets get up to speed on the latest update around 3 41 eastern time. Nasdaq said all operations were back to normal. We head into the closing bell with things at least relatively stable. At least thats the initial impression. Earlier today, lets get you up to speed on what happened. As early as 12 or even before noon today we started to hear stories of trading anomalies around 12 20 they started to shut done stocks for trading p. This is taped c securities, one thing you might read about in the papers, Going Forward into tomorrow. Nasdaq listed security here in the u. S. There was a problem with the pricing engine. They werent able to get good date why out on prices so it affected the entire market. None of those nasdaq listed securities could trade. Later on in the afternoon, we heard the nasdaq was going to try to restart things. This time they are going to restart things with 15minute window where all they were going to do is aggregate and show prices. Not tradeable, just prices so that participants would know what levels those stocks were trading at so that 15 minutes later they could transact that they wanted to. Nasdaq said they werent canceling any orders in the system prior to this trading halt. If you didnt want to be part of the restart, you had to cancel those orders yourself. We did learn later on through call it 2 45 this afternoon. They were trying test security. They quoted for 15 minutes. Around 3 00 they started trading it. Again, 3 10, open all nasdaq securities to quoting in the hopes that 3 25 they open to trading all nasdaq securities p. Those things went off without a hitch. It appears for now. Again all Options Markets are now back on line at the nasdaq. So it has been a very eventful day maria. Those are headlines here. What we dont know is what exactly caused all of this particular action today, maria. Back over to you. Dominik, thank you. We want more on the trading halt. Bob pisani talking to traders today. What has bb the fallout from your standpoint, bob . Obviously this is a bit after blow to investors confidence. Again it doesnt appear to have anything to do with High Frequency trading, this appears to be a software problem. There are two possibilities. One there was a hack involved. And that is unlikely. The other is just a shot oftwar problems. There are Software Systems built on prior Software Systems that interact with each other and frequently have glitches. This was a big one. Not only do they have to interact with old Software Systems, they also have to interact with trading systems. More exchanges, more interact increases the possibility of failure. I want to point out that there is about 150 of them here and a lot of them, as far as i can see, all of them did reopen and things did operate normally. I do want to point out that at about 3 37 as reported earlier, nasdaq did say they stopped routing trades to arco, the platform here at the New York Stock Exchange. Apparently arco is not reporting properly on. Diamondbaon nasdaq stocks. It appears to me, maria, like theres a fairly normal close down here, i dont see any traders standing around. Im going to walk around and see if everything is closing normally. I will report back now a couple of minutes. All right, bob. Thank you very much. Covering the gap. Gap earning. Courtney has more. Over to you, court. Gap coming out with Second Quarterly result. In line with what analyst had expected. At the high end of the Guidance Range that gap had given. Sales of 3. 87 billion. Same store sales up 5 for the quarter. The company increasing its full year dividend to 80 cents from 60 cents. That also represent 50 increase from what they did get for the full year dividend in 2012. Also up their full year guidance to 257. Range of 257 to 265. Thats an increase in previous full year guidance of 252 to 260. All around a positive result here from gap. One of the standouts specialty retailers among a bunch of really disappointing results, you can see gap shares are higher after hours trading and response. Maria . Courtney, thank you so much. Want to get more on this nasdaq issue here. Trading problem causing, all nasdaq trading to get halted for three hours. Bertha coombs, what are you hearing from the exchange . We are waiting on a comment from the exchange. Do you think you will good get it soon . Im not terribly hopeful. But basically all day, few comments i have gotten from the pr folks who are working, the head pr person, thats part of the reason its difficult to get going quickly. It is really their technical staff put out about trading. So they are forwarding me those messages often at the same time they are going up on the website. We recall when we have facebook melt down with facebook ipo. We didnt really hear from nasdaq officials on the record terribly early. They dont tend to come out ahead of these things particularly when they dont know what exactly is going on. Or at least are not prepared to talk about what they know about what exactly is going on. It does appear this is some sort of software glitch, is what it appears on the quoting system. So that people couldnt get prices and so they felt that they needed to shut everything down in order to fix that. It took some three hours to get that back. Interesting, trading back here, the last 35 minutes into the close seem to be fairly normal but you probably add lot of participants who sort of sat back. It is thursday in august. Volume not very high. A lot of folks may have sat back to see how this turned out. Nasdaq stock itself, down just over 3 , about 3 1 2 percent. Not terribly impacted by the news. It went back and looked about how the nasdaq traded when you have that big essentially pr fiasco when the facebook ipo couldnt open and we saw so much complaint about that. And that day it was down a little bit more than 4 . But the stock from may 18, 2012 is up. It is up some 13 even with todays pull back. So in terms of the nasdaqs stock, it hasnt seemed to have impacted them to have seen these kind of glitches. To your point a lot of traders are talking about the fact that why arent they out here front. Why does this continue . Why are they dissatisfied with the threehour shut down . Yeah. Absolutely. And that was obviously the big debacle. We want to find out what was learned from that debacle. Pandora out with earnings. She is out with that angle of the story. Over to you, maria. Reportinging a slitly better revenue than expected. Maria, to go out there numbers. Nongap eps revenue coming in at 162 million. Wall street was expecting 156 million. Nongap is 4 sent. Looks like that compares to expectations of 2 cents per share. The real concern here is about the third quarter. The Company Guides to nongap diluted eps between 3 and 6 cents. Wall street had been looking for as much as 8 cents in third quarter. That seems to be what is riding on pandora stock. Despite growth. Nongap total for pandora, 92 . Obviously mobile is key to pandora and many other company a growth. Now back over to you. Thank you. I want to bring in scott cohen now. Reaction to the sec and scott, the last time we had Mary Jo White on, she said she is going to look at Market Structure. What can you tell us in terms of the secs dealings with the nasdaq leading up to this . Nasdaq and all of the other exchanges maria. Some of the rules that exchanges and everyone that our operating under are upwards of 25 years old. So the sec back in march, before Mary Jo White came in proposed changing all of that. And with a big upgrade of the regulations called regulation sci or systems compliance and integrity that was supposed to update everything to the world of High Frequency trading and all of the advanced technology. The nasdaq and all of the other exchanges three weeks ago pushed back on that. They said they like the idea of the rules. But they complain that many of the rules are too vague and they complained about the cost. Particularly the reporting thats involved. All of the notification they have to give to sec. Sros the letters said, that many of the economic and cost assumption by commission will generate greatly by analysis. They run the risk of reallocating resources and the sci and comply ins entities, including the nasdaq and again the nasdaq, nyse, bats and all of these other exchanges, saying, wit a mint, lets pull back a little bit. Meantime, weve had this debacle happen today and these rules with Public Comments now closed. It is still in the rule making process. Perhaps could be next year before theres any other update. All right, scott. We want to we want to slip in another earnings report. Aeropostle out. Reporting an eps loss of 34 cents. Analysts expected a loss of 24 cents. On revenue of 450 million. They did tell us that before. Sales including ecommerce down 15 . A loss of over 21 to 26 cents. They are closing between 30 and 40 aeropostale, they are closing between 15 and 20. Thats a change that they have updated us to at this point. Maria, back to you. Thanks, court. Now joining me is Heather Hughes from sun american funds. Rod smith from riverfront investment group. Also with us, our own rick santelli. Good to see everybody. Thanks for joining us. Rod smith, give me your thoughts on what went on at nasdaq today. Did this impact your investing or trading at all . It did not. And i think this is important. It did not affect our investing at all. I think this is a very frustrating day for traders. But it was a good day for investors. Markets were up. And they were up for some good reasons. Particularly i think some of the reasons coming outside of the u. S. The numbers out of europe are very encouraging this morning. And European Market add nice day. And numbers out of china, not so bad. Thats what i tend to focus on. No doubt this is a very frustrating day for traders and particularly people trying to trade nasdaq stocks. But i think that from an investors point of view, it was a good day. And encouraging that nasdaq managed and very important for a lot of people who need closing prices that we got a close on the exchange. Yeah, you make a good point. Heath Heather Hughes, what about you . Of course you could do nasdaq futures and another exchange. But it was certainly frustrating for a threehour period, a real black out. Yes. For the mutual fund side, Retail Investment side, i spoke with some of the largest financial vo voizors in the country. They are not traders. They received more calls on rising rates, not necessarily the nasdaq being halted. However, i can see how this would not affect Investor Confidence in future days to come. Certainly. So it is a confidence issue at the enof the day. Michael, how do you see it . Look, the markets have become an extension of the machines that control them. As those machines break down as inevitableably they will, even the most sophisticated machines break down occasionally, have you to be prepared for that. What worries me is the nasdaq didnt have either redundancy in the systems they were using or parallel system this he could move into, in the event there was a break down. Good news about today is the market didnt seem to react from their down side. Thats a very positive sign for the market. Normally an event like this would spook the market. Definitely spook confidence longer term. But the market showed real underlying strength. There seems to be some type of i agree with that. But nasdaq of course was down the nasdaq owner of nasdaq was about 3. 5 . Rick santelli, what was the buzz on the floor today . The big discussion and this is something i havent heard anybody else say and its been a debate not only for nasdaq but for issues regarding the cme. And that is, was it a good idea for the exchanges to go public . You think about a couple of comments. Scott cones nailed it and so did bob pisani. Legacy software on the nasdaq and many exchange, which means it is owned. Users that are very hightech. The goal of the exchange to maximize Balance Sheet is an entity reporting quarter it quarter. Maybe to spend more money on connectivity to the High Frequency guys because thats where their bread is buttered. Quickly to fixed income market, think about this. We have flattening of 5s to 30s by about 10 basis points. Fiveyear yields up four and down five basis point in 30year bond. You want to watch the fiveyear note that continues to fall in price and rise in yield. It is now comping back the furtherest to the first week of july of 2011. Hi, everybody. Final word here, heather. Sure. I was just saying that rick has a good point rising rates and investors continue to be short duration and defensive on a longer date of mature its for sure. Thanks. Thanks everybody. We want the fallout from the nasdaq. Threehour traysing freeze. It is still being tallied much much more on this. Stay with us on the closing bell. Customizable charts, powerful screening tools, and guaranteed 1second trades. And at the center of it all is a surprisingly low price just 7. 95. In fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and etrade. Im monica santiago of fidelity investments, and low fees and commissions are another reason serious investors are choosing fidelity. Now get 200 free trades when you open an account. Welcome back, big story of the day today and that is a trading halt at nasdaq. All nasdaq stocks, halted for three hours. Rejoining me right now, Michael Crofton from philadelphia trust company, rick santelli, and new we are joining the conversation with former sec chairman harvey pitt joining us on the telephone. Harvey, i want to kick this off with you. We have talked a lot in the past about Market Structure. Do you think it is partly Market Structure. We are waiting on the nasdaq for answers. But have you seen anything like this before . Nasdaq shut down for three hours . No. This is unprecedented. And this may be a question of nasdaq structure but not about overall Market Structure. This goes to technology. And it brings to bear the wisdom of the ancient chinese axom of fool me once, shame on you. Fool me twice, shame on me. So nasdaq has issues and they are fooling everybody . Nasdaq, in my opinion, has two serious issues. There are two particular problems here. The first is, is their technology up to the task. Thats number one. Then the second is, that when Technology Goes bad, do they have an established Crisis Management program. What happened today with nasdaq is really inexcusable. Some stocks were shut down longer than others. Some stocks opened ahead of others. And no one knew what was going on. It looked like nasdaq was clueless about how to deal with this emergency. You know, it sort of a deja vu with what happened with face book. This is a different story, i recognize that, but is bob greifeld going to make it as ceo of nasdaq . I mean, whos in charge. Thats exactly right. While this is a different entity, problems reflect the fact that technology can create problems. And there has to be mechanisms for people to deal with it. Nasdaq has spent more time protesting the secs rule making about Technology Rather than coming up with effective solutions. Okay. So the rulemaking, you know, Mary Jo White, new chairman of the sec, says they will look at Market Structure. Harvey, what needs to be looked at to avoid these mishaps . Because it seems like they are happening repeatedly. Remember last week, we have goldman sachs. Itll cost them a hundred million dollars. They add trading glitch. There was a trading glitch in hong kong a couple weeks ago. What is the problem, putting nasdaq aside. I think the problem is, first, requiring the use of technology to be continuously tested and updated. Testing will start to reveal problems. It wont catch all of them. But it is required now to have a continuous stream of testing and not once every quarter or once every half year. The second thing is to have redundancy platforms so that when Technology Creates problems, you can get feeds from other places. But that orders dont get sacrificed. The third is to require every exchange to work, to prevent the kind of crisis situation that arises and the confusion that gets created when theres no coherent plan of reaction and response to a technological glitch. Let me bring bob pisani in here. Because bob, you know, it brings up the issue of human beings trading stocks versus the machines. Now i recognize that the majority of trading at the New York Stock Exchange is electronic anyway bp but will this bring up once again that you have a backup. That you make a market so you can have the investor at the end of the day can have liquidity . There might be a small group of people done here, that oh, you have a problem at nasdaq. But anybody who watches this realizes that it is not a matter of the humans versus the machines. It is a matter of technology. Mr. Pit has got it exactly right. There have been attempts to upgrade standards for technology testing. Scott was telling us earlier, we have been talking about it for a while, that would require more uniform technology standard, uniform testing standard. Thats what we need to do here. I want to make another point here maria. That is that the stock trading business is terrible these days. Awful. There have been layoffs all throughout the street. Layoff at nasdaq and at the New York Stock Exchange as well. Remember, they are in a deal to be acquired right now. It is quite possible that staffing is thin here. You might need to have more people. The point is, you wont eliminate technological problems or issues but when you have systems here that are so complicated that you get frequent break downs you need some way to figure out how to upgrade the systems. Michael crawford, would you address exchanges today . I was surprised that nasdaq didnt drop further than it did this afternoon. You mean the nasdaq composite. The composite of stocks. If you look the at overall parent company, nasdaq was down. Didnt go down much is what im saying. Didnt go down much, 3 to 4 . It should have had a much bigger effect on the stock. Had the stock dropped more significantly, i would have bought it. But in front of finding out what happened today, i wouldnt touch that stock with a tenfoot pole. This is an indication they dont have systems in place to protect the investors against outside occur ens. They havent tested their systems properly. Whether it is integration with old plat frms and new plat forms, i dont know. But it is something they are not addressing probably. They need to create some redundancy in their hardware and Software Systems to pick up slack if this happens again. But they havent addressed that or investor concerns that they are addressing it. Yeah, scary stuff there. We really need to hear from nasdaq. Ive said it through out the whole program. But we are waiting on a statement. First off, we have breaking news right now. Want to get to washington and eamon javers. Over to you, eamon. Jack lu is speaking in front of an audience today. He was asked to talk about todays nasdaq outage. Here is what he said. I can tell you that it was over and nasdaq is up and operating when we came out here a few moments ago. The Securities Exchange commission, which regulate the markets and nasdaq have been working all day on this. Ive been kept informed through the day. And im glad to report that markets are up and running. Maria, treasury secretary also said there are sometimes inherent risks to technology and bringing in enormous benefits. Sometimes the machines simply break. He said there is a need for real redundancy and they need to practice for contingencies. And he also brought up there may be some kind of cyber attack or cyber crime. They are very aggressive on the issue of cyber threats. But so far from what he knows of right now, theres no reason from what i know right now to believe that todays incident has any of the more frightening aspects to it, but we will wait and see all the facts. Guys, back to you. Thank you very much. This has gone all wait to the top. The president was briefed on what happened at nasdaq today. You just heard the response from treasury secretary. We will keep digging into this and find out answers, why did trading at nasdaq get halted for three hours early. Want to check on systems and why systems have perhaps not been tested as we just heard from our last guest as well as harvey pitt. In the meanwhile, a short break. More on this developing story at nasdaq and more with the head of walmart america. Bill simon talks about two thirds of the company signs. And more on the connsumeconsume. Schwab. 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To experience the precision handling of the lexus performance vehicles, including the gs and allnew is. This is the pursuit of perfection. Welcome back. This coming from moodys. Moodys putting six of the top six Bank Holding Companies on review. Their Credit Rating specifically for banks goldman sachs, j. P. Morgan, Morgan Stanley and wells fargo on review for down grid. Bachk of america and city group on review direction uncertain. The reason moodys is signing for this review is that government is seemingly less willing to bailout banks again. That would mean in the future anyone holding bank bonds could be suggest to default in the case of another crisis. Now part of this policy is the Resolution Authority or the living wills that banks have submitted, meaning if they get into trouble in another crisis, they will just be dissolved completely in bankruptcy. Moodys is saying that is bad for bond holders. Maria, back to you. Okay another focus on the banks may very well set the tone for tomorrow on down side mp more breaking news on a different story. Kate kelly with sec capital. Thanks, maria. Now the u. S. Attorney for Southern District of new york is announcing a super seeding indictment of the former sac capital analyst indicted last november for charges of Insider Trading on two pharmaceutical stocks. The main revelations is that there was a second doctor. You know the doctor that allegedly tipped him off. Now we know there was a second doctor involved in the Clinical Trial who allegedly passed on illegal information to mar tomorrowa on which he trade ped. So interesting new details. One other thing i point out is they are seeking forfeit youre of bonus he received the year of these trades which is was 9 million in addition to other assets. Wow, all right, kate. Thanks very much for that. We will keep following that and come back to you as news develops. On this extraordinary day where the nasdaq was halted for three hours, i want to mention im here in orlando today for the walmart manufacturing summit. They brought together governors be ceos, talk about manufacturing in the u. S. These are challenging days for americas retailers including number one retailer washington mart just ahead joins by walmart chief executive bill simon. We will get his view on the economy next. Stay with us. The world is changing faster than ever, creating new opportunities for those who stand ready to seize them. In a time when the biggest risk is playing it safe, we believe outshining the competition tomorrow requires challenging your Business Inside and out today. At cognizant, our flexible, collaborative approach helps forwardlooking companies not only run better, but run different. To give your customers every reason to keep looking for you. So if youre ready to see opportunities and see them through, we say lets get to work. Because now more than ever, the future belongs to those who challenge the present. Top story of the day. Trading halts for three hours at nasdaq. Any word when we might hear from nasdaq in terms of what was behind this threehour halt . Radio silence, maria. Thats what weve got right now. Still no real word from nasdaq about what happened. What could have gone wrong besides this. We do know, of course, that this trading halt lasted for three hours. But things appear to be operating normally again. So with nasdaq, its going to be about the response now. Ceo bob greifeld, a very public face for nasdaq, and including the facebook ipo issues, will bob greifeld come out with any kind of explanation . We will watch closely for those details. All right. Dominik, thank you. Meanwhile, walmart plans to buy 50 billion more in u. S. Made goods over the next ten years. We are here today at worlds biggest retailers kicking off its first twoday made in america meeting. They are bringing together retailers, suppliers, government officials, all in hopes of bringing manufacturing to the United States. Walmart has the u. S. Consumer to worry about. This is a challenging time. Recently cutting profit in Sales Forecast for theier, saying consumers are reigning in the spending. U. S. Business accounts for two thirds of walmarts overall sales and we are talking to the man behind that. A huge portfolio that he runs. Joining me on a cnbc exclusive, is bill simon. Bill, good to have you on the progr program. Thank you for having me. Good to be here. I want to hear what you are trying to achieve. Before i do, lets go back to the Second Quarter earnings call. You said it is challenging. Can you explain that . I am amazed at the resilience of the u. S. Consumer. The economy is challenging for them and they continue to figure outweighs to cope and adapt. Their buying patterns change, buying more private label instead of national brands. Trading proteins from beef to chicken. Small are pack sizes. Consumer figures out how to deal with a difficult economy. Certainly they want the lowest price. Of course. You are offering lowest price. Productivity loop that you and mike duke have talked about. Buying things at low prices, allowing you to sell things at low prices, are you able to do that in such a challenging environment. We are not even growing 2 . We are. Thats what we do. When we operate for less we have the ability to create space and invest if price with lower price possess. We drive customers to our store and thats the productivity loop that we talk about. We have managed our expenses very, very well. Despite the difficult top line, we were able to leverage our expenses. We know international hasnt leveraged the expense as well as u. S. Has. Do you need to cut costs further . We all focus on expenses. It is not about cost. More about productivity and improvement. As we sell more, we are able to operate better p. A great example is our supply chain. Over the last six years, very havent had to add a distribution center. Regardless of what is happening with the top line, we still we are still able to take our entire system and leverage expenses because we can spread them over a larger base. One of the issues is how does it impact on the cost size. Can you generate the kind of profitability by selling at when prices while you make things manufacturing things in the United States . Tell me why were here today at this manufacturing summit. Then i want to ask you, are you still able to offer the lowest prices if youre not producing this china. Were here because the economics of manufacturing around the globe are changing. The model that resulted in manufacturing, leaving the u. S. , decades ago, are different today. With the incredible rise and emergents of the middle class and asia, their desire for Consumer Product are able to change their wage and their demand over there. Creating the opportunity today, now. With the increase in oil and transportation costs for manufacturing to migrate back to the u. S. And weve seen that. We have seen that. Thats why we are able to assemble so many of the u. S. Manufacturers. We had 500 manufacturers here. As you said earlier, representatives from 36 states, eight governors thought this was important enough to be here along with the secretary of commerce. We are making it happen. We made an announcement earlier today that three announcements actually that with about 70 million investments, some great folks here, manufacturers, will bring a thousand jobs back to the u. S. Television, ge bulbs and two great apparel manufacturers. So what about the average job today . Can you talk to us about the liquidity about the consumer . Are they healthy . As i said, consumers are resilient. They are filli they are figuring out how to deal with what important to them. They understand how much money they have. The prices in the market. Thats why theres an increase in demand for lower cost goods and you have seen growth in our business as well as some of the lower priced market at the dollar stores. What are the industries, lowhanging fruit, that are poised to bring jobs here. First things that come to mind are those things that require a lot of one of the two components where costs are increasing. If there is a disproportionate about of transportation cost in a product so a large item that doesnt require a lot of labor, transportation costs are now upsetting the labor benefit that exist in asia today so we are able to do that stuff. And the announcements today, to be quite honest, we have taken iconic product and things you wouldnt think were able to be manufactured in the u. S. Like televisions. And were now able to manufacture and assemble them here in the u. S. And that announcement was made earlier today. They will open a factory in South Carolina that will provide 500 jobs. Thats element electronics. Working with the great governor of South Carolina. I was surprised looking at the consumer and buying patterns that the tvs are on the buying side. Consumer doing well. Apparel doing well. Fewer and fewer electronics. Not the hot sector we thought. You have to separate dollars from units. Because of improvements in technology and change in demand cycle, average price of a television has been declining for several years. We are selling fewer units of television but the demand is still there but it is a unitdriven issue. We are doing great in produce. It is really paying benefits. And we use Third Party Audits for our business and our competitors. And i feel very confident the freshness of our business and competitors are responding. Bill, lets face it. Walmart is the largest employer. The largest retailer. You cut profit expectations. Part of the busy see doing well like produce. But what is holding that consumer back . I think the consumer, as i said, is figuring out how to deal with the difficult situation worried about jobs. Worried about jobs. Thats why this is longer than the next quarter. If we can build a vital Manufacturing Base in the u. S. Through investing in those products and putting them on our shelves and, by the way, to answer your question earlier, doing it at a cost the customer doesnt have to pay for, every one of the announcements we made today and the initiatives in the marketplace, dont cost more. They dont cost more to the customer and dont impact our margin. By working together with the suppliers, manufactures and states who have the need for the jobs, and our part making longer term commitments, we give manufacturers economic certainty this they need to invest in the u. S. And it is really paying benefits. Real quick, well talk to mike duke. Your colleague. Tomorrow. When we talked earlier, we talked about succession. He says succession is always a discussion point in every board meeting. Are you the next ceo following mike duke . I have a day job. Come on. Break some news, bill. Here is an announcement, i love my job. I goat go to work tomorrow. I appreciate the question. Thank you for being here. Thank you for having us at the manufacturing summit. Tomorrow you wont want to miss my exclusive interview with the boss, bill simons boss, ceo of walmart, mike duke. Here is a portion of the discussion as he discusses the hiring opportunity he sees for the opportunity. We are a company with a purpose. And the mission, the things that we work on to help people live a better life. The big initiatives about sustainability and about the vet vans and other things that walmart is involved in. I find this is the best time in my history with walmart in terms of recruiting talent. Recruiting Senior Executives down to recruiting all the associates that want to be a part of the opportunity to grow themselves and be a part of the walmart story. And you ask why we were sitting amongst Christmas Trees . Thats because we got a prediction from mike duke in terms of what the Holiday Season is going to look at. You can catch the entire cent view with mike duke tomorrow 3 00 p. M. Eastern on the closing bell. We will talk more about bill simons manufacturing summit as well as mike duke and bill simons job at walmart. Much more opt nasdaq trading freeze halted for three hours. Weve got more up next. Stay with us. [ agent smith ] ive Found Software that intrigues me. It appears its an agent of good. [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] a lot can happen in a second. With fidelitys guaranteed onesecond trade execution, we route your order to up to 75 Market Centers to look for the best possible price maybe even better than you expected. Its all part of our goal to execute your trade in one second. Im derrick chan of fidelity investments. Our onesecond trade execution is one more innovative reason serious investors are choosing fidelity. Now get 200 free trades when you open an account. Welcome back. What an extraordinary day today. Reaction still streaming on the unprecedented threehour trading freeze happening today at the nasdaq. Joining us right now, two former enforcement attorneys for sec. Ron gefener and phillip akenda from step ford and johnson. Ron, let me kick this off with you. What does the sec need to do tomorrow . They need to go down there and figure out what actually happened. Im not sure how much we know has happened. They should sit done and get some explanations. Have you ever seen anything like this . Trading halted for three hours and nobody hears anything . No. But we have the flash crash, the problem with facebook and now this. Major concerns with problems with nasdaq as an exchange. Part of the issue here are the systems. They are not being tested to handle a lot of volume, which is the case for the facebook debacle. Or you know, to handle the fracturing of this market. Do you think debacle or to handle the fracturing of this market. Do you think its the systems . Is it a failure to test . I dont want you to speculate because i know were waiting on answers from the nasdaq, but what should be done in terms of Market Structure at this point . Its the same answer as the last question which is the s. E. C. Needs to step in and say not just what happened but how do we make sure it doesnt happen again. If its testing, more redundancy that has to be explained. Its an s. E. C. Issue. They need to step in and take the lead. I feel like thats what we said the last time after the flash crash, we need to step in and make sure this doesnt happen again. Can we do it . We have been saying that about the s. E. C. For years now, havent we . Yeah. Theyre taking a considered judgment now, a little bit of time to reflect on what they say before giving us the fumbled arod answer is i think the better course. I dont think you can necessarily blame the s. E. C. For this. This is a nasdaq gaffe and you have to look at the exchange participants. No doubt about it but you have to police this stuff. Chairman, thank you very much. Were waiting for ownership from nasdaq by the way. Guys, appreciate it. I know its abbreviated. Please come back soon. Up next the fast money traders make an early appearance with me. You will want to hear their take on the nasdaq mess. And their friends do it. Soon well be walking our way to awareness, support and an end to alzheimers disease. And that . That would be big. 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Since it wasnt, the market was able to somewhat shrug it off but i think investors are going to demand accountability out of the s. E. C. And the nasdaq but this is something to accommodate very fast High Frequency style traders i believe. Im not saying theyre at the root of it but this is an issue that the nasdaq probably put through some software to address some issues like the goldman issue and others, maria, and i think thats one of the problems. Theyre not looking at it from an investor standpoint but maximizing revenue through the nasdaq standpoint. You have to believe that they recognize that there is got to be accountability here. Somebody has to say something. Greg, how do you see it . I think the bigger issue, maria, is what impact its going to have on Investor Confidence. Investors have strong memories of the flash crash and the facebook ipo last year, and i think the question prompts how are the retailers effected versus the large institutions and do they have as much control over their outcome as they once did. This is a reminder of the great complexity we have in Financial Markets and the dependents on technology and are they as well buffered as the big institutions when things like this do occur. I agree. Thats the problem. The big institutions are getting all the breaks and the joe and jane investor are not having enough protection. Yeah, no wonder the Retail Investor left the party a long time ago. Guys, thank you. Were going to see you in a few minutes on fast money, top of the hour with more on this. We will be watching. Thank you guys for joining me. We will take a short break. Stay with us. Cottrades free, inbranch seminars. Plus, their live webinars. I use daily market commentary to improve my strategy. 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I think the concern about fuel prices, about jobs, employment, all of this puts a little bit of a cloud on the consumer in the United States right now. Yeah, we want to get what hes expecting from the fall back to school as well as the holidays. Thats all in there tomorrow. You can watch the entire interview tomorrow 3 00 p. M. Eastern on closing bell. Have a great night, everybody. Ill see you tomorrow. Thanks for joining me. Fast money begins right now. Stay with cnbc. Live from the Nasdaq Market site in new york citys times square im Brian Sullivan in for melissa lee tonight. We are at the focal point of the biggest story of the day across the country. The nasdaq shutting down as a major Technical Glitch halted trading for hours. What does this shutdown mean for the structure of the market and most importantly the safety of your money . Were hitting the story from all angles from the exchange, the stock market to the fallout to etfs, investors and the role of rapid fire trading, High Frequency trading in the markets themselves. We have our traders,