Whod thunk that six months ago, right . So a down week, but not a dull week, thats for sure. Josh lipton has been on top of it all there on the New York Stock Exchange floor today. What are you watching there, josh . Reporter hey, bill, yeah, we do finish higher today. The dow tacks on 46. The nasdaq is up 19. The s p up 6. 1,663. The dow intraday, i know you have been talking about this, you saw the drop after the disappointing new home sales data, but then we moved higher. It was microsoft. It was the ratesensitive sectors, also, right . It was reits, utilities, s p, telecom. And, also, big oil. Exxon, chevron, you know, thats been weighing on the blue chip, but they were working today. What was not working today, some of the homebuilders. You look at the itb, the Home Construction etf, you know, bottomed in 2011. We hit the peak in may. But youre down about 19 , 20 since then. Some of the homebuilders, they really lagged this week. Ryl, lennar, kbh, toll, all finishing the week lower. Also the teen retailers, some of women really got walloped. Rao, anf, rao guiding for the q3 loss. Remember, the street was thinking youd see a profit. Finally, how do we end the week . The major averages, nasdaq finishes higher. The s p 500 moves higher. The dow, though, does finish slightly in the red. Guys, back to you. All right, josh, stay right there while we bring in the market pros to flesh out the discussion. Joining us is ralph from altera, ryan, rick, and, guys, thank you for joining us. Al, i want to start with you to get the fundamentals going. Are you buying into this market . The short answer is, yes. In the ridgeworth allocation strategy, im looking for favorable entry points into attractively valued assets. Going back to some of the comments made earlier, i like what im seeing overseas, particularly in europe and our International People like germany in particular. So the latest trade that ive been doing is to add to the international space. My old friend and mentor, ralph, youve been the super bowl for a long time. The last time you were with us, though, you were starting to get nervous in the short term on this market. Are you still . Well, bill, we lost about 750 points in the first couple of weeks of august. Were oversold. The traders have a good time with this rally, investors sell into it. So youd still sell . Let me like im going to tell the master about this, but i ask the guys to build me a yeartodate chart of the dow, yeartodate. What im seeing is twothirds of a headandshoulders top. For the Dow Jones Industrials average. Do you see that . Well, thats a good point. I see something a little different. Okay. Bill, 60 of the components in the dow are either broken or very vulnerable. And the last time i saw that, with the market being soso, the last time i saw the dow hemorrhaging was in august of 1998. And that was about two weeks before the russian bond problem and longterm cap. Yeah. I think theres a problem out there, bill. Ryan, if thats the case, you also look at a lot of the charts. Why do you think were forming a bottom . Thats right, kelly. When you talk about the dow, the dow is breaking down, ralph is right. But what encourages me is the small caps. The small caps are over percent this week. The russell 2000 had the breakout in july above the 1000 level, came back and tested it and is now kind of leading again. Nasdaq is a percent off its 52week high. Look at cinnamon. We have the pullbacks, you know, 4 , 5 , and the fear is really spiking. Were seeing record vix call buying over the past 20 days. Investors intelligence poll, 35 looking for a correction, only happened 28 times since 1980. A month later, s p up about 2 and up 75 of the time. So to me, sentiment is getting skeptical on the minor pullback that could be positive in my view. Are we saying here, allen, if youre a longterm investor, not to worry about potential dips in the short term, go ahead and buy anyway . I would say that we are still accumulating in the allocation strategies. The important thing, i guess, for me is that we have had a couple of consolidations in here, and each time that the market has found its footing, what appears to me to be happening is that were seeing a gradual rotation back into the cyclicals, so were overweight the technology space, overweight financials. So i think the market is setting itself up for a good finish to the year. I still have some more dry powder, but i definitely want to be involved with this market. I think all of the naysayers all year long, i think, have are still waiting for that great entry point as we hit new record highs. Josh, picking up anything on the floor about what traders will be looking forward to next week in order to figure out where we go from here . Actually, kelly, you have a pretty relatively busy week in terms of economic fronts. You have durable goods. You have home prices. You have consumer confidence. You also have a lot more fed speak. William, lagarde, bullard, and i think traders are probably expecting kind of it to be relatively quiet here, depending on rates. Remember, then again, that could change september, then we get the jobs report. Of course, theres the fed taper or not tapering, and if they do, by how much. Last question, ralph, you had said, okay, we get a 10 correction. It wont be so big, not such a big deal. Is that what youre looking for . Are you looking for more . No, bill. Im looking for more. I mean, yeah, i just have to say one thing. Never fight papa dow. Those are the Largest Companies in the United States, and they have international exposure. You look at the emerging mark s markets, they look terrible. Something is wrong. No, bill, i think i gave you all a target of 13,333. Im going to low theyre to 12,000, bill. Wow. All right. Wow. All right. Youre on record again. Thanks, ralph. Thank you, gentlemen, all for joining us. Appreciate it very much. Thank you. To stick with the cautious theme, walmarts ceo is worried about the consumer, and he is explaining it exclusively to our maria bartiromo. 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, well get you that interview in full part two of her sitdown with the walmart ceo, next. A rare interview. He was called superman during what is sure to be a hall of fame nba career, and now Shaquille Oneal is delivering on the soup part of his nickname, it says here, as in the soup you eat. You know . Its big business, and shaq is in it. Hell join us later on the closing bell. [ marco ] im a student at Devry University. And this is my home team. This is my large lecture hall. This is my professor. And also my coach. This is my booster club. This is the guy whos graduating ready for a great career in technology. [ male announcer ] in 2012, 90 of Devry University grads actively seeking employment had careers in their field in 6 months. Join the 90 . Learn how at devry. Edu. Microsoft is a big mover today on Steve Ballmers announcement he will leave the company in about a year. Dominic is following that story and some of the other big stories for us. Dom . Reporter bill, lets start with steve balm other, the ceo. Hes retiring, not immediately, but sometime in the next 12 months. And ballmer has been ceo for over a decade at microsoft. The board of directors there has initiated the search for a successor. Shares did surge on the news to some of the highest levels since 2008. And then, hp, another tech giant. The Company Reported earnings earlier this week in a week that really underwhelmed investors here. The ceo, meg whitman, put a big damper on things when she said year over year sales growth in 2014 would be unlikely. The Company Faces a weaker environment for business spending, and the big downside mover earlier this week, Internet Radio company pandora, especially today, reported earnings and sales that topped analysts estimates, but for fullyear profit, the estimates fell short. A big reason for the profit pressure is coming from increased cost to acquire music content and expand the sales staff. Well end on a high note. Autodesk is on the way. The make irof Design Software issued a disappointing forecast for profits and sales but, and a big but, the company indicated it would shift to a subscriptionbased revenue model for its products which did send shares higher. Big movers here this week. Big movers, yeah. Thank you, dom. Well see you later. The New York Times expose into potential bribery by walmart to gain access into mention row mexico shook that company and its investors last year, we all know. Now an investigation is under way. And its costing that company tens of millions of dollars. Thats right, bill. Walmarts ceo mike duke addresses that and how the company, the largest employer in the u. S. , by the way, is preparing for the new healthcare law. This all in part two of marias exclusive interview. Take a listen. Let me turn my attention to our attention to mexico. Walmart, of course, reported higher than expected expenses related to the foreign corrupt practices act in the international division. This, of course, the bribery charges in mexico. 73 million in the first quarter. More than expected. 82 million in the second quarter. On top of the 155 million to implement the compliance program. A lot of expectations, more to come in the third quarter. Do you have any visibility on this, mike . What should investors expect . Should they expect these kinds of outflows for several quarters to come . Well, first, the investigation itself and the timing, i really cant comment on, because its an investigation under way. So it would be inappropriate to discuss that or the timing of that investigation. It would also be inappropriate to jump to any conclusions about the outcome of that. What i can say, and a portion of this investment is in the area of compliance, to do the right thing, in every market that we operate in. So we have invested in people and processes and systems to ensure that every market that we operate in, that we do it the right way in every aspect of our business, and im really pleased with the developments of improving compliance around the world. I think people are happy about that. But it was expensive, 155 million to implement this program. Youve got to have a model that youre anticipating. I mean, could this be a billiondollar fine . Are you going to be doing 80 to 100 million, putting aside for this expense for the next several quarters . Of course, as i said, i really wouldnt be able to comment at all on the future of the investigation or any future discussions about that. So. Let me ask you this. Mmhmm. Are heads going to roll . Is anybody going to get fired over this . I we will take the appropriate action. But it would be premature to discuss anything about the future. We do the right thing, and walmart Management Associates know that doing the right thing is just a part of working at walmart. So people just feel like this is also part of working and running a business in mexico, by the way. We do not have different standards anywhere in the world. We set the highest standard. We expect compliance with our United States law. But we also expect that standards of local law. But frankly, i like to say that our standards are higher, that the way of doing business the right way comes where the law is the starting point. We have much Higher Expectations of all of our leaders. Mike, let me switch over to healthcare, because this, of course, as you know, all of your colleagues in business keep naming this as one of the issues that are keeping them sitting on cash, not hiring workers, increasingly Companies Shifting fulltime workers to become parttime workers because of the expense of obamacare. You initially backed obamacare, but then last year, in december, you said you, too, would no longer insure parttime workers. How much of a burden is the rising cost of healthcare . Explain this to us. You know, ill clarify, back a number of years ago, we actually said before there was the Affordable Care act, that the Current System of healthcare was not sustainable, and we still believe that, that the path on healthcare healthcare in the United States needs revision and still does. But weve been working on this now for a number of years. So the Affordable Care act really doesnt have the significant impact, because we already meet the test for affordability, for quality of what the act requires. So not a big change for us. Have you been increasing the ranks of part time versus full time . That has not been a strategy related to healthcare. Were pleased that we give healthcare benefits. Weve always been one that weve been improving our benefits in the healthcare area. We also had Healthcare Plan for our parttime associates that now meet the requirements of the Affordable Care act. Mike, one of the issues that came up with some of the investors i was talking to, when i was preparing for this interview, is your succession. The company has identified two people that perhaps could be your successor. Bill simon, who runs the u. S. Who runs international, mcmillan. Have you discussed the issue of succession with your board . I think every responsible public board at every Board Meeting should be discussing succession. Of course, walmart has a very mature board. Our chairman, rob walton, and other members. So succession is an ongoing i think when i first joined the board of directors it was discussed then, and its discussed at every Board Meeting continually, as should every Public Company board. Will you announce your retirement this year . You can tell i love what im doing, so thats not the topic of todays discussion. I love being here with our store managers and being at a meeting like this and discussing our customers and our business. And im highly energized. Well, she tried. Well, she certainly did, bill. Lots of stuff to unpack there from that whole interview. And i loved his point earlier about the 40 a week that the payroll tax is taking out of peoples paycheck, the impact thats having. Exactly. By the way, impact of technology having as well for allowing consumers to shop smarter. Lots of good stuff. Yeah. Moving ahead, imf Christine Lagarde making news on the global economy. Coming up, shell talk about it right here on the closing bell. From lovely jackson hole. Up next, though, sports legends trying to be businessmen, as well. We have nba great and kelly evans idol Shaquille Oneal. Thats right. I loved him growing up. And Phil Mickelson and shaq both coming up. And also live outside the New York Stock Exchange, the cake boss. Well find out what hes got cooking later on the program. Dont go anywhere. If youre serious about taking your trading to a higher level, tdd 18003452550 then schwab is the place to trade. 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Tdd 18003452550 and learn how you can earn up to 300 commissionfree tdd 18003452550 online trades for six months with qualifying net deposits. Tdd 18003452550 our trading specialists are waiting to help you get started. Tdd 18003452550 so call now. Tdd 18003452550 [ male announcer ] its time. Time to have new experiences with a familiar keyboard. To update our status without opening an app. To have all our messages in one place. To browse. And share. Faster than ever. Its time to do everything better than before. The new blackberry q10. Its time. Well, bill, there are usually a couple of boards, investors watching. Theres the big board and then the scoreboard. Many athletes are not that much different. Looking for investment opportunities, playing off the pleaing field, because they know those opportunity dislast a whole lot longer than their careers do. Jackie deangelis has more on that story. I like the spirit juice. Reporter Atlanta Falcons star quarterback matt ryan has a big offfield investment. Signing on to be an Equity Partner in smoothie company, liquid nutrition. Very much the way i live my life is very much what this brand is about. Reporter ryan plans to bring the Canadian Company to his hometown of atlanta where hell open several franchises. In the nfl, your second career is constantly talked about, no matter how long you play when you retire, youll be a young man. Reporter ryan is just one of a growing roster of athletes joining the franchise business. Other big names include 22time grand slam winner venus williams, whos the face of jamba juice franchises, to former nba player and franchisee, jamal mashburn, owner of 73 restaurants. A lot of athletes do have that access to capital. And are looking for secondcareer investments, and i think the franchisers are looking for franchisees that can develop into multiunit franchisees. Reporter prime candidates not only for their wallets. These athletes have all been used to dealing with a playbook, following, you know, kind of rules and regulations. And i think theres lots of comparables to franchising. Reporter while franchises maying an attractive investment for athletes, experts warn that everyone has to do their homework. Athletes may lead with their checkbooks as opposed to really doing the Background Research and being prepared to become a franchisee. Reporter for cnbc, im jackie deangelis. Now, one athlete whos carved out a successful pro sports career is the nbas original superman, Shaquille Oneal, whos now in business as the soup man. Thats an offshoot of, yes, the soup nazi franchise made famous, bill, on seinfeld. And he is also a student analysis on nba on tnt and is betting big on soup as an equity advisor in the original superman franchise. And shaq joins us from, where else, orlando, big guy. Good to see you. Thank you for joining us again today. How are you . Doing well. You know, i know you have so many possibilities of businesses to invest in, to endorse, and all. Why soup man . Well, ive always tried to be a first mover. I was an early investor in google, i was the first verified account on twitter. Its all about doing things first. You know, soup man, you know, the very innovative they have a new pack coming out, green package, nierks butce, beautifu packaging for the people. And their product is very good. My favorite is the lobster bisque. The lobster bisque. Yes, its just fabulous. Its all about being a part of something good. Kelly . Yeah, no, im actually trying to get my hands on one of these boxes, shaq that dont you have lobster bisk there or something . I do. I have the lobster bisque. Okay, were showing some images, as well, that theyve brought in of the new boxes. The mugs there. And the lobster bisque here on set, because i understand its one of the better should i give this a try ooh, all right. What the heck. Yes. Its really good. Shaq wants you to try shaq, while im trying this, why the lobster bisque . Well, i mean youre about to find out. Growing up in louisiana, played in boston, lived in miami, lived in california, i love water. I love seafood. But, you know, this lobster bisque is because i couldnt believe how many chunks of lobster came out of this little package. Hes counting the chunks. Yes. Theres a lot of lobster in here. It is. I think we added some to this. I dont think it usually comes with this much lobster. No, it actually does, trust me. Wow. Thats ive got to say thats pretty good. Yes. A lot of sodium. People are worried about sodium levels these days. Well, im not a sodiumologist, but im a tasteologist, and it tastes fabulous, i know that. I love this. You know, i see you doing car commercials, and every time i see another car commercial with shaq in it, i think, what youre such a young guy. You had such an incredible career in the nba. What do you do for a second act . I mean, where do you go from here now, shaq . Well, you know, again, its all about being the first mover. Superman will be the First National brand to have a food truck. Weve seen food trucks around the country. This is a great thing theyre doing. For me, its about maximizing my potential and just creating good partnerships, you know, just having fun. Arent you still going to be a cop in newark, new jersey . Yes. What happened to that . No, im a detective in florida, but i cant talk about that, because im undercover right now. I dont want to blow my cover. Shaq, i have a feeling people know its you when they see the no, they dont. How tall are you, eight feet tall . 71. They dont know . No, they have no idea. Im curious since youre involved in many business ventures, are you in florida because of the tax advantages, or what other athletes, like phil, who said hes suffering because of high taxes. Whats the shaq take . Well, i mean, it is what it is. You know, we as athletes and entertainers, we get charged we get charged tax by playing in states. I remember when they passed that i think it was ten years ago, i had a meeting with my accountant, and i had to pay taxes all over. You know, its the american way. So if a regular person can pay tax, i can pay tax, also. I dont complain about it. You miss the game, dont you . No, i do not. Come on. Not at all. You dont miss the adrenaline rush of being on the floor and getting beat up by the other team . No, because i been playing since since the age of 13 years old. I was playing a long time. And my body wasnt wasnt allowing me to play at a high level anymore. So it was it was smart for me to do something else. You know, you guys said you guys said something very interesting before, athletes that, you know, turning into investors. Right. Ive never looked at myself like that. Ive always been a businessman who was athletic. Hey, shaq, theres actually a debate right now in the ncaa over whether athletes should be able to take advantage of their fame to sell their autographs, for example, and people arguing for it, saying, look, the guys wont be in sports that long. It could be a huge income stream, a huge opportunity for them. Whats your take on that . Do you think growing up throughout your career, the way that sports has become more professionalized, people should have the opportunity to take advantage of their own fame and success, even at an early age . Well, the issue would be, for example, lets take the college lsu, who brings in a lot of money from the football program, and take rollins college, who dont bring in a lot of money. So my take on that is that every athlete should get paid the same thing, maybe 200 a week. Every school in america, 200 a week allowance, plus the free food, plus the free books. And then they are getting paid, and then we can eliminate the conversation of whether athletes should get paid. Everybody, across the board, gets 200 a week, 800 a month. Thats it. I mean, you know, part of the issue was this ed obannon suit where they felt like they were being taken advantage of by the companies putting their images on videogames and things, and they werent being compensated for that. Are College Athletes being taken advantage of in what has become a huge business, and that would be College Athletics . Well, i mean, i wouldnt say theyre being taken advantage of. Its a whole its a whole athleticseconomics thing we could always go through, we could always debate. You know, we bring in money. The fans pay money. You know, its the whole thing that, you know, we could talk about for a long period of time. To eliminate the conversation about whether College Athletes should get paid, every athlete in college should get 200 a week, 800 a month. Im a big lakers fan. But kelly, you are you are kelly i played basketball growing up, yeah, back when i was a shrimp, played point guard. I got taller. But it was too late. I never really made it. Shaq waving at kelly. Thats a moment for you, kel. I know. Thank you so much for joining us, we really appreciate it. Thank you. Good to see you. And for sending the soup. Yes, thank you. Good stuff. There you are. From shaq attaq to lefty. Thats Phil Mickelsons nickname, still riding the high of his spectacular british open victory as he plays in the barclays tournament, bill. I love how youre moving on, you just med our idol, and youre moving on. Ill have a moment later. Very professional of you. Maria had the chance to sit down with Phil Mickelson. They had the chance to speak about the controversial comments about tax rates but maria started out on how phils golf game is right now. Ive been playing really well, maria. Its been a great few months. Its been a great summer. A great winter. A year for me. Ive really enjoyed playing golf right now. What an amazing year youve had. British open. Did you feel it, it coming on, you would take that . What was amazing about the win is five weeks prior was one of the hardest losses in the history of my career. Losing the u. S. Open in a tournament at merion where i believed i would win, i felt like i had control until the tournament i wanted to win so badly, to go from that low and to come back, have the greatest high of my career, winning the cleric jug, ive struggled with links golf over there, and to come out and play that event and play what i thought was the best round of my career on the last day, it feels amazing. Im still on a high. Amazing. Do you feel pressure to win next year at pinehurst . You know, what are you feeling now . To complete the grand slam would be the greatest accomplishment. Yeah. I think any golfer could achieve, and im one leg awayment im going to be focusing in on the u. S. Open. The challenge for me is to not get overly excited about the open and put too much pressure to where i inhibit my play. Because i have to play great to win it. And ill be focusing in every year for the rest of my career. Hopefully, next year i do it, and if not, ill go to chambers bay and grind it out. Congratulations. What a fantastic year. Now, i know you caught heat on the tax burden, and then apologized, but the truth is, it is extraordinary, the fact that its more than 60 of your winnings that youve got to pay to governments. You know, its its an interesting deal that its tough to talk when, because i dont nobody wants to be insensitive. Nobody wants to be insensitive. Its a tough time where a lot of people are having a hard time with work. I have a chance to spend time with ceos. A lot of them who are quality individuals having a hard time hiring right now, because of so much uncertainty going on in the financial world with whether its taxes, whether its the healthcare, whether its all of the obligations placed on the employers. I dont want to be insensitive. I understand and get it. But its not its not making me want to go out and work harder. Would you actually leave the country . Oh, no, no, no i i love this place. Its the greatest place in the world. See, when i was 8 years old, okay, a lot of people thought i grew up in a country club. I didnt. I grew up in a family that was lower middle class. And we did fine. I wanted to play golf, and i didnt have the opportunity. I didnt have a club to go practice. You know what i did . I went down to the local municipal course, got a job picking up range balls three nights a week, picked up trash in the parking lot, picked up the pins. For that, i was able to play in practice. So i was able to do what i love, and if i had a Strong Enough will and desire to achieve it, i was able to fulfill my dreams of playing in the pak tour. I dont know what other country allows those great opportunities. Yeah, its really extraordinary. America, it really is. Do you think we still have that fire in the belly in younger generations, given these some of the issues we talk about . Are we still that, you know, ever Productive Society that we always have been . I can talk more specifically for golf than i can universally, but in golf, i see different cultures have a very hard work ethic at a younger age, and i see these Different Countries developing Young Players at a faster rate. And so, i dont know if thats why that is, if its a cultural thing or if its just the desire or what. I do see some other cultures working harder and ultimately theyll pass us if we dont get after it. So you do a lot of corporate stuff, right . Youre always working with barclays, among other companies. What are you hearing when youre messing around with Business People and getting together at some of the events . We all know business is done a lot on the golf course. What are you hearing from ceos . Well, i love having the opportunity to talk to some ceos, because first of all, theyre brilliant people. Theyre the best at what they do. I can ask kind of prodding questions. Sometimes they cant answer it, because its a little too proddy. But when they can answer it, ive asked. And its difficult. Were all going through a tough time. You know, right now, with the financial markets. And theyre having a hard time hiring because of the uncertainties of their actual financial obligation to the employees that they would hire. Phil mickelson talking with maria bartiromo. Nice sunglasses, too, m. Imf Christine Lagarde making news an hour ago on the global economy. Thats right. Coming up, shell talk about that and explain what exactly her concerns are. Dont go anywhere. Closing bell continues right after this. 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. [ kitt ] you know whats impressive . A talking car. But ill tell you what impresses me. A talking train. This ge locomotive can tell you exactly where it is, what its carrying, while using less fuel. Delivering whatever the world needs, when it needs it. After all, whats the point of talking if you dont have something important to say . Well, as we all know, Federal Reserve chairman ben bernanke may be missing the Central Banks annual monetary conference in jackson hole, wyoming, but other economic luminaries are attending, including Christine Lagarde, the managing director of the International Monetary fund. Shes now there with our steve liesman. Steve, all yours. Yeah, bill, i think Christine Lagarde gets the leading luminary title here with the absence of ben bernanke here. We do have the managing director of the International Monetary fund, Christine Lagarde. Thanks for joining us. Sure, its a pleasure. You gave another interesting speech, like you did two years ago, raising a few eyebrows. Youre warning essentially, as i read it, of the spillovers from the exit. Mmhmm. How concerned are you about that . We are quite concerned, because we believe that unconventional Monetary Policy is very much navigating a new world. And entry has been one thing, exit will be another thing. But certainly what is done in the u. S. By the fed in the u. K. By the bank of england, in europe by the European Central bank and in japan by the central bank of japan is having effects elsewhere in the world, not just at home. And those effects have been, you know, largely positive. Theres been a lot of capital inflows. Theres been, you know, increase in credit. Theres been certainly the markets have recognized the positive aspect of it. But as there is talk of exit, and there is a bit of uncertainty about when it is, how much of it there will be, there is also uncertainty that is translating into emerging market markets. Weve seen some pretty violent reactions in currencies and in bond markets. Right. And so, the kind of stability you could see the instability that you saw on the way in, we could see that on the way out . Correct. Which is why we are clearly advocating here in jackson hole as much coordination as possible between the central bankers of countries that are doing unconventional monetary policies and the central bankers of the nonunconventional monetary policies. Because they are all tied together. Thats a sort of new thing for the central bankers who are normally doing their Monetary Policy for domestic reasons, and now youre suggesting did they talk to you on the side and say you were crazy . What did they say in. They havent said i was crazy yet. Yet. But they said you were crazy two years ago when you said european banks should have 2 billion of capital. They didnt like it. Thats true. They didnt like it at the time. So ill wait. Lets talk about Global Growth right now. Where does it feel like we are in the cycle here . The first half has disappointed here in the United States s there hope for a second half, or for 2014, for better numbers . First of all, we are on a path to recovery. Our estimate for 2013 is slightly in excess of 3 . So 3 is recovery. Not enough. There could be more. And it could be better spread around the world. In the u. S. , were concerned about the effect that the Fiscal Consolidation has and will continue to have during fiscal year 2013. 2014 is going to be, in our view, better, because that fiscal conservation will have been digested, in a way, and priced in. But certainly the u. S. Growth could have been better this year, and will, in our view, be better next year. You also did something i thought was weird. You were talking about market intervention. Mmhmm. And im relaxed in the standards not standards, but a recommendation, that its okay to do capital intervention, and to have countries smooth out the capital flows. When we say there is massive capital outflows, as there is likely to be in some of the emerging markets, those poli policymakers have a range of tools that they can use. They can use macroprudential actuals, microprudential tools. They can use a degree of market intervention by where theyre using the reserve, if they have a lot of reserve. What we have said, as well, ultimately, they can use some capital flow management. That should be a last resort. Last resort. I have to ask you one other thing. The local story here in the United States. Our nasdaq shut down. Does it raise some red flags about potential market instability and need for oversight of some of the markets . I think it raises two points. One is that Technology Matters enormously. And the quality of the platform, the investment in Technology Matter enormously. Second, it says that there has to be coordination, and there has to be coordination on a crosscountry basis. You know, sort of central platforms, whether its in the derivative markets or otherwise, are critical important. Some work has been done on the Financial Sector reform in that regard. But centralclearing platforms need to go, you know, a long way into being smoother, more coordinated, better articulated, and, you know, more transparency, as well. Christine, thank you for joining us. Hope to see you again here at jackson hole. Bill, back to you from jackson hole. I think thats our last broadcast from here. Good job, steve. Enjoy the view there, as well. Thanks. Wow. What a busy day its been a busy week out there, frankly, at jackson hole, bill. Yeah. I just finished the lobster bisque. How was that . Delicious. Time for dessert . Yeah, now were on to cake. So even Steve Ballmer loves change as he jumps out of one here at a microsoft meeting. What . Well be checking out the baking business with the cable tv star, the cake boss, coming up in a couple of minutes. Yes, hes here, and thats st e ballmer who jumped out of the cake. Some call those the ferraris of cakes that the cake boss meets. We have actual ferraris on the program today. We have everything. The cars youre looking at at the New York Stock Exchange, selling the hundreds of thousands of dollars, and the ceo of ferrari north america joins us, coming up on the closing bell. Celebrate [ indistinct shouti] [ indistinct shouting ] [ male announcer ] time and sales data. Splitsecond stats. [ indistinct shouting ] its so close to the options floor. [ indistinct shouting, bell dinging ]. Youll bust your brain box. All on thinkorswim from td ameritrade. And then another. And another. And if you do it. And your friends do it. 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. Grab your friends and family and start a team today. Register at alz. Org this man is about to be the millionth customer. Would you mind if i go ahead of you . Instead we had someone go ahead of him and win fifty thousand dollars. Congratulations you are our one millionth customer. Nobody likes to miss out. Thats why ally treats all their customers the same. Whether youre the first or the millionth. If your bank doesnt think youre special anymore, you need an ally. Ally bank. Your money needs an ally. So how will yesterdays nasdaq freeze affect shares of the operator itself of the exchange, the Nasdaq Omx Group . Lets ask Brian Stutland to get his take on it. Hes manager of the stutland volatility group, and happens to be down at the Nasdaq Market site today, getting ready for a broadcast. The stock has bounced back today. Do you think theres any further downside . Actually, i would probably sell todays rally in the stock. You look at the stock, the technicals over the last few weeks, its been on a selloff. Add fuel to the fire, what happened yesterday, combined with light august volume numbers, i think as the dow sits around this 15,000 mark and tries to figure itself out, well probably have light volumes all the way up until the fed meeting next month. So earnings picture doesnt look great for stocks in general in terms of those that are companies. You know, having stocks on their exchanges. So now add on that, probably regulatory coming down the pipeline, somehow a way to improve the system here, to make it better, will add costs to probably the nasdaq. Its only an assumption, but i have to assume theyll look and see what can be done to improve that. That means money put into the sis techl. So that ultimately impacts earnings costs here. I would wait for nasdaq to get below 30 a share. Looking around the 28 level, thats wed id be a buyer. Until then, i think some of the exchanges could be under pressure. Im long cboe stock, but certainly a chance to buy on some sort of dip, but wait here. I think there will be selloff on some of the names. All right. Got t well see you at 5 00 eastern on cnbc. Thanks, bill. Its getaway friday. Wouldnt it be great to get away in one of these babies . Yes. The ferrari will get you home in a hurry, thats for sure. The ceo put it is into gear next to talk about the latest in fast cars. Stay tuned. Golden opportunity sales event and experience the connectivity of the available lexus enform, including the es and rx. This is the pursuit of perfection. Ive been doing a few things for playing this and trading. Ove tdd 18003452550 and the better i am at them, the more i enjoy them. Tdd 18003452550 so im always looking to take them up a notch or two. Tdd 18003452550 and schwab really helps me step up my trading. Tdd 18003452550 theyve now put their most powerful platform, tdd 18003452550 streetsmart edge, in the cloud. Tdd 18003452550 so i can use it on the web, where i trade from tdd 18003452550 most of the time. Tdd 18003452550 which means i get schwabs most advanced tools tdd 18003452550 on whatever computer im on. Tdd 18003452550 its really taken my trading to the next level. 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Sales rose by 9 first half of this year, delivering over a thousand cars in the first six months. And you have a few of them outside the New York Stock Exchange. Here to tell us more and marco, president and ceo. Welcome. Thank you. A lot of us have been spending time trying to figure out whats going on with the u. S. Consumer. What are you seeing among your buyers . Theres a higher confidence. Customers coming back after 2008, 2009, tough years. And this year we have 9 compared to last year. It was the best year ever for ferrari. Our line is really unique for our segment. Are those buyers here in the United States . In the United States, the geography has change a little bit. Largest market is california. Second largest market is florida. Florida has an unflux of capital from south america. Then we market like canada, calgary, canada, vancouver. So its a different geographic distribution of wealth. Youre making a hybrid car, but ferrari is about performance. Does a hybrid engine affect the brand or reputation of your company . Do you worry about that . If youre not 120 sure that the delivery in driving the speed, definitely one of the commitment of ferrari in the last three years has been to cut by almost 40 the emission, definitely we Pay Attention to technology and these represent utmost integration between street car and the formula 1 department, the Kinetic Energy recovery system, two three years, so i think its not affecting the driving experience, but instead is proving that ferrari is pioneering technology. Thats our mission. You mentioned california as well. I cant help but wonder about tesla, if you think about the buyers for tezula, a lot of them have got to be potential buyers for ferrari. Its a luxury item. Are you seeing any impact of that, from people who would otherwise perhaps buy one of your cars . Not really. The purchasing price of tesla is 100,000. There is some because tesla has been positioned like a luxury brand. But we deliver a unique driving experience and we do not believe that an lek car today can deliver such opportunities. So is an electric ferrari in the future . No. Youll leave it to tezula . At the moment, our road is hybrid technology. Appealing to consumers already. Thank you for joining us. Thank you for bringing these cars out here. People are all taking a look. Love to be here with you guys. Next up, hes a cable tv sensation who is reportedly making 2 million a year just making cakes. Its the cake boss who joins us live with his latest creation next on closing bell. I take scottrades free, inbranch seminars. Plus, their live webinars. I use daily market commentary to improve my strategy. And my local scottrade Office Guides my learning every step of the way. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer scottrade. Ranked highest in Customer Loyalty for brokerage and investment companies. Always go the extra mile. To treat my low testosterone, i did my research. My doctor and i went with axiron, the only underarm low t treatment. Axiron can restore t levels to normal in about 2 weeks in most men. Axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. Women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. Report these symptoms to your doctor. Tell your doctor about all medical conditions and medications. Serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. Common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. Ask your doctor about the only underarm low t treatment, axiron. Finally, our next guest is a fourth generation baker whos turned his Family Business into an empire. Get this, he makes 500 birthday cakes and thousands of cannolis every week and he loves it. Plus hes an author, fill an tlopist and a television star. Im talking about the cake boss. We were thrilled when we heard you were coming today. Thanks for being with us. Thanks for having me. What were you making there . Were trying to get away from the old clunky cash registers, trying to get people on more of a newer pos, cloud based and easy to work with. So this is literally, death to the cash register. So whats is this initiative is what state do you have with pay pal . I use pay pal on my bakeries. I just feel that it offers such an easy solution for Small Businesses like myself to be able to grow. Its giving you cutting edge technology. Theyre running a program right now, if you sign up for pay pal you get a cup cake . Thats a good one. Ill make a note of that. But what theyre doing, if you get a cash register, theyll tailor the software for your business and give you free transactions from now until the new year. I can smell the sugar. What is your net worth, roughly . Youve been so successful . Wow, shes going there. Im just curious. I dont want my wife to know. Youre just mega successful. Im just curious. I dont know. Im working on it. Do you really make a thousand cannolis every week . We definitely make probably even more than that. Im asking you if you make it. Me personally . No, but i can. If i was going to work a week straight, i could make 10,000 cannolis. Do you get requests from wall street for cakes . We definitely do. Corporate clients, whoever wants a cake, if you can dream it, i can make it. Its always good to see you. Thank you. We appreciate it. And the cake is a delight. Its a masterpiece as always. We wouldnt expect anything less from the cake boss. Appreciate it. I can smell the sugar coming off it. I think there are a lot of people who might enjoy a taste of that. Thanks for joining us. Fast money is up next. See you monday. Some friday music for you, live from the Nasdaq Market side in new yorks times square, im sitting in for melissa lee. And our traders tonight are guy ada adami, lets get straight to the big story today. Microsoft ceo announcing he will step down within 12 months. Stock also adding 19. 7 billion on the back of that news. The question that we ask
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