Apple actually losing the smartphone war . Well explain that. First to sue. A little nervous tone to the mark today. Investors nervous with wall street getting more negative about growth estimates, and super tuesday may be in danger, the s p 500 has risen 15 of the last 17 tuesday this is year. So right now were in danger of losing that. The Dow Jones Industrial average up 78 points, s p 500 off 7 3 4, the threeyear note, which is at auction today, the yield right in and out is at 0. 886 . We should get the results momentarily. We did dip below the 2. 6 mark earlier this morning when those jitters were more extreme. Bob pisani joins me here on the floor. Its a little tough for the markets, because were still held hostage by the tenyear yield. Sue is right. When we drift below 2. 6 , the market has no energy, were essentially there right now, but look at the s p 500, youll see what i mean. Weve got largely down all day. Weve been at that 2. 6 and below it. You can see it goes nowhere. If the yield would go up, the stock market would rally, i can assure you. Im not a geez union or genies. But working in an inversion relationship. Its as simple as that. The stock of the day is twitter. Folks were near 80 million shares trading shares. The lockup has expired today. It originally went public 26 a share. Forget that. The insiders own this at 2. 20. Thats the average price. Somebody is selling. Remember gundlact saying single house been was over. And thats really the only news thats still out there. Interestsly enough, he also said apple will go north of 600, maybe not much north, but were sigh that play out. Lets close with a bang. Weve some weakness in europe, largely back barclays came out and said they have the same problems as jpmorgan. With weak bond and occurrencely Commodity Trading trading a major part of the revenue stream for a lot of these banks, Deutsche Bank as well, and remember a lot of these banks are being limited now, even in the u. S. , they cant trade on their own accounts because of the parts of the dodd frank bill as well. So this may be a longterm issue. And some of the european banks report this week, too. Breaking news in the bond mark. The threeyear note is up for auction. How did we do, ricky . Im going to give this auction a b. I know i told the boys in the control room a bminus. First of all, 29 billion threeyear note. The one issue market was trading back and forth between 0. 935 and 0. 925. We somewhat came in right there in the middle. Even arguably better off. So that wasnt bad. The bid to cover, better than an ten auction average, it was a bit weak on the indirects at 28. 1 below the 34 , but direct is one of the best sin february 13. We always like to see when the dealers do not take a big jump. That means investor took the big, dealers about 47. 5 of this auction. A b, not a bad auction, one of the higher yields youll see in the threeyear note. Sue, tyler, back to you. Shoe investors be concerned or not . Art hogan is at oner lick securities, and cohead of fixed income. Art, nice to see you again. We saw each other last night at a celebration for larry kudlow. First of all, what do you think the bond market is tell you about stocks . Should we be worried about the stock market right now . I would certainly be concerned if the bond market was reflecting a prediction that the economy was going to continue the pace we saw in the First Quarter, and were slowing down, not speeding up. I think what the bond market, especially the yield on the tenyear is reflecting issee on politics. Were concerned about tensions, ukraine, russia acceleration. That rhetoric continues to pick up. Its hard to envision an easy way out of that situation, tarmt its reflecting dynamics. You know, defensive dead issuance, the government by and large a chunk of this. Youve got three dynamics that are going on. Unrelated to it being a barometer of the pace of the u. S. Economy. So i think thats less of a concern. The market is not going to rally and make a new high when the tenyear yield is sitting where it is. What can you add to it, the geopolitical risk, i certainly understand, but the bond market seems to be telling us a slightly different story that is the stocks are telling us. Well, i hate consensus, but i have to agree with a lot of what art said. We do think that the fact that the Federal Reserve has engaged in a policy where they bought up most of the supply or stock of the high quality assets out there is having an impact. We do think that theres a divergence between the long term and the short term here. I think the longterm effects of fed policy, keeping funding costs at zero for over five years has made risk assets generally overpriced. The short term, what we have been seeing going on theres big buyside firms, and i think that will have an impact and its going to make it look like the bond market is negative over the near term, but we certainly think the First Quarter gdp growth is not indicative of growth going forward. We would describe the employment report as the Rodney Dangerfield of employment reports. It was much better than people give them credit for. If you were to deploy capital into the market, what stocks or sectors still hold value for you . I think that this transsis from momentum or growth to value is going to continue. I think we want to look at the energy sector. Gulfport is one of our favorite names there, certainly the regional banks in the south. And theyre all doing a great job of increasing loan growth. Were seeing demands for growth, thats indicative of what could be a pickup. All right, guys, thank you very much. Art, a pleasure. Larry, come back and join us soon. Bubble trouble, red flags being waved on a number of stock that is have soared well ahead of their valuations. Dominic chu naming names. What do we mean here . Theyre injures selling at high p. E. S . Theyre selling at high p. E. David einhorn made allusions to this. We talked about smell names in the amazons, the netflix, heres three names, theyre larger cap names, but ones you may not have heard of in terms of the bubble talk. Bushelitiousness. Heres the first one, tyler. This is a mystery chart, october . This particular company has a price to earnings ratio of 351. This is a hollywood company, but its not netflix, and it deals with original content on the animation side. It is a studio. I will give you that much. It looks a bit how to train a dragon . Is it dreamworks . It is dreamworks. The chart looks a bit like batmans headdress right there. So dreamworks one of those companies that some investors may think of as bubblicious. You think . Heres another one. This company has a pretty decent up side. And just as art said. Some are moving out of growth into value stocks. This company deals more for certainly parts of the market 1,237 times earnings. Thats a little stretch. It could be. This stock in particular deals a little in satellite communications. This is a company that does more along that line, so make its not dish, is it . No, check out what it is. Tab tab lo software. Thats the problem. You threw me off. I would have gotten that. Absolutely right. This ipo just last year in may, about 1200 times earnings. So here is the one is that forward earnings. Trails earnings nchts i thought it was forward. Heres the next one. 1500 times earnings, satellite communications. Its not dish, but it operates satellite and has a Broadband Service as well. It was a huge name back in the late 80s, early to mid 90s, echo star. Think hughes, echostar. You told me. All right. Got it. Its up 50 , but it trades at a lofty valuation. These are all companies in the mid to large cap range. Its not just the amazons and netflixs. Dom, thank you very much. Always worth looking at those valuations. Sue, down to you. Thanks, guys. Major news from the auto industry. While gm trying to navigate the recall crisis, rival chrysler unveiling the fiveyear growth plan. Phil lebeau is here with details. Hard to believe five years ago fiat took over chrysler. Well, they have done something with it and no sergio is now laying out the next five years, revolving around the jeep brand. They are on track to sell more than 1 million jeeps worldwide this years, and theyll be expanding production over the next four years to six countries. Look sales of jeep sales from 2009, to. Almost 2 million vehicles expected to be sold worldwide. Thats the positive story. For fans of the minivan, well, this shouldnt come as a surprise, but its not great news. The Dodge Caravan will be going out of production starting in 2015. Now, the town country will still remain around, so that will le chryslers only minivan. By the way, the chrysler brand plans to double global sales by 18. After the bell today, Fiat Chrysler reporting First Quarter numbers. As has been the case for the last severity, most are expecting the positive news to be from the chrysler side of the house. And there will definitely be a lot of questions, tyler regarding the Fiat Chrysler ipo thats expected to happen later this year. Tyler . Phil, hang in there with us. Were going to bring in senior ander jessica carwell, from edmunds. Com. Good to have you with us. Phil detailed how chrysler has been doing. I want to get your view on it. We know about the ram trucks. Weve just learned theyre going to stop making the Dodge Caravan. What else is working for chrysler right now . Theyve had 49 months of year over year sales growth, so thats good. I think what they have done is theyve tried to expand into different markets. There still is pentup demand, theyve been successful there. That will not work forever. Theys only need a brand renaissance. The jeep has been compared to chrysler doing doing very well. The world really wants suvs, places you wouldnt expect want suvs. Jeep is primed to take that here in the United States and abroad. Im curious to why jeep is doing as well as it seemsingly is. Youve got new models, tyler, but my recollection is on some of the measures, they dont score particularly well. Theyre better than they used to be. Thats the bottom line. They used to be really, really down at the bottom when it came to reliability, and frankly in terms of styling, you would get into a jeep about five years ago and say, i like it from the outside, i dont like it on the inside, and i dont like the way it drives. You look at the other models, theyre a huge improvement from where they were. As jessica mentioned, the world wants suvs, and when you look at the growth plan for china, that is the key here. They have very little presence. Theyre going to grow like crazy. Their remake of the grand cherokee i would call aggressive styling, either you like it or dont. Yeah. I want to play some tape from last night, jim cramer, talking about gm. As much as gm keeps getting hid with bad press. With highprofile resignation, in the original recall, i think this is one of those crucial moments where you have to be a buyer, not a seller. Thats right. Im telling you to buy. Do you . Yeah, i think so. I think that theres so much a lot of negative press, but theyre still selling cars. People are still looking at General Motors vehicles across all of the brandt, so it looks like a disconnect. So i think if thats the kay for the full, i dont think what there is not to like. Always good to see you. Dominic . Pfizer moving to session lows, over the next decade, this after a shortterm drop, plunging into a disruptive merger. What the heck is going on down here . I dont know. All of a sudden we started hearing screaming buy buy buy. That was four years ago today, the flash crash of 2010, which rocked the u. S. Stock market. The dow plunged almost 1,000 points in a matter of minutes before it turned. Are the markets safer for investors now than they were four years ago well debate that when we continue on power lunch. On with fidelitys new active trader pro investing platform, the information thats important to you is all in one place, so finding more insight is easier. Its your idea powered by active trader pro. Another way fidelity gives you a more powerful investing experience. Call our specialists today to get up and running. What is this place . Where are we . This is where we bring together reliably fast internet and the best in entertainment. We call it the x1 entertainment operating system. It looks like the future we must have encountered a temporal vortex. Further analytics are necessary. Beam us up. Thats my phone. Hey. [ female announcer ] the x1 entertainment operating system. Only from xfinity. Tv and internet together like never before. Everyone else is watching and seeing these big numbers and their confidence gets affected. They are pingponging back off each other. People are seeing this and the memories of fear are coming back. What is going on here . All of a sudden we are hearing screaming buy buy buy. Dow jones industrial average dropped more than 900 points. The markets didnt work. Fear came back in the market in a very big way. The general public has not been willing to get what a moment that was. Today marks four years sinces the big flash crash. Have things changed . Are the markets any safer . Lets bring in bob pisani and kenny policy c p. M. Olcari. Has anything fundamentally changed that leads you believe from your work that things are fundamentally different and or safer . The s. E. C. Has put in a lot of reforming to try to prevent this thing from happening. But many flash crashes all the time. And since then what have we seen. Weve seen the facebook fail, weve seen the bats cave in, weve seat the night capital nightmare. All these things have clever names now, even the terrible tweet from that hoax a. P. Tweet happened and the market dove on that and then bounced up when people realized it was a hoax. So weve kind of gotten used to these. I know how you feel about this, but has anything fundamentally changed . I think from a fundamental point of view, the s. E. C. Has fixed that problem, right . Dont forget we had two rule sets when that happened. And it was the failure of those two rule sets that caused or exacerbated that problem. Today once the primary everyone stops traiting so the stocks can no longer trade. In that sense they fixed that problem. As eamon said, we have a lot of Technology Glitches or mini crashes, call them what you want, and the risk the failure. Listen, the route that were implemented, the Circuit Breakers have been tremendously successful in keeping volatility down, i think. Eamon is right. There are many flash crashes that occur, a number of reasons they happen. You can tighten the collars. We have collars that allow stocks to trade within certain bands when theyre halted. We could tighten those collars. You could also change the Market Structure. Theres 13 exchanges, 40 dark pools, a lot of points of failure. But thats to kenny ace point. You think thats going to happen . Seriously . The best we can hope to is go to 13 exchanges and eliminate the others. On capitol hill, eamon, and within the s. E. C. , is there the appear tide to fundamentally change Market Structure . You know, right now ply political instincts say no, and the s. E. C. Says its doing an overall review of Market Structure, but doesnt give you a time frame of when thats going to come out or what the work product will be. Whats going to come out of that. That is ongoing right now. Whether it leads to any actual changes is an entirely different question. Your question about political appetite is a good one. Does Congress Want to do anything. Maybe in the way of the Michael Lewis book there would be interest. Mary jo white was testifying last week, a lot of members of Congress Asked her about the book and whether the markets are rigged or not. My bet is youre going to be very limited action. I think youll see a limited toward a trade at rule. I think they will likely do some kind of test pilot for that within the next few months. Other than that, i dont think youd see massive moves. I think theyre very afraid of making any wholesale changes. Very quickly, kenny, and i got to go. Until such time that maybe they realize theres something going on that shouldnt be going on. Goldman is already considering it, they dont want to be associated. A trade at rule might be makes some changes. Big changes. Thank you so much, guys. Appreciate it very much. Sue, thank you. Two big stories were watching. Twitter shares tumbling, and the rich just got richer. Dominic chu and Morgan Brennan on those stories. Dom, you first. Theres rich and then theres the rich list list. Next well reveal the top Fund Earnings hedge fund managers, find out who made the cut and how they made their billions. Of course, twitter is a huge stock on the move, morgan has more on that, dont you . Reporter i do. What happened to a stock when more than six times as many shares could be traded than the day before . Well give you the answer to that, after the break. At, after. Its simple physics. A body at rest tends to stay at rest. While a body in motion tends to stay in motion. 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Vo get up to 795 miles per tank in the tdi clean diesel. The volkswagen passat. Recipient of the j. D. Power appeal award, two years in a row. All right. With the Dow Jones Industrial average off almost 100 points, lets look at the gold market. The ilver, copper so very mixed bag in the medals today, ty. It may not be the best times for hedge funds. That doesnt mean there arent winners, and i mean big winners. If you look at what were talking about, this is Institutional Investor magazine, right . The 25 highest paid managers took home a whopping 21 billion . Earnings in payout. How many . 25. 25 Top Hedge Fund managers, according to Institutional Investor. Its pretty decent this is the afternoon rich list that comes out every year. First of all, john paulson. Paulson company, of course, he had a huge bet on real estate back in the day, you name them, remember, he was also big in the wireless side of things, also some involvement in leaf wire homeland securitwire, but a lot of they companieses at least in 2013, which is when this particular study or survey covered, so thats big moves there. Next up, s. A. C. Capital advisers, steve cohen. 2. 4 billion in terms of his pay out, his earnings. Cohens final year on the list and theres a reason why, he was at the center of a criminal Insider Trading charge last year. Hes agreed to shut down, convert his hedge fund into a Family Office operation, managing his own money as well as employees. Hell still be very rich. Yahoo, myron, zoweta, you name it, he trades a lot of these names so thats a big one. Coming in at number one, this is interesting, 3. 5 billion, david temperaturer from, since 2010 thats liesman money since 2010, hes returned 5 billion to investors. He made his billions last year in airlines, banks autorelated companies, citigroup, goodyear, united, delta, hca holdings, a lot of these companies are concentrated bets for guys buy david temperaturer. One of reasons he tops the list is also this is the third time he and the second year in a row hes topped this list. Airlines are a great call. There have been times when theyve been anything but a good call. All the contrary this past year. Thank you very much dominic. Treasuries were probably not a big investment for any of those traders, but well get a check on the bond market. Hows it doing . We have seen yields coming down just a bit. You can see were down a couple basis points. Open the chart year to date, and ill keep showing this chart. We havent settled below that 257, but its just a matter of time. That will give us a november comp, but heres an october of 2012 comp. Look at the dollar index, a lot of distortions created by the strength in the euro. Their central bank, theyre manipulating a lot of rates pretty low. The last two charts are investment agreed and high yield. Credit is pretty cheap, hey, we know some entities can borrow in the cap markets and rather cheap. Sue, back to you. Rick, thank you very much. Were watching shares of disney at this hour. The media giant getting ready to report earnings after the bell. Disney has manage to do Beat Estimates every quarter for the past year. Morgan brennan with what investors need to know ahead of those numbers today. Hi, morgan. Reporter hi, sue. Dont expect disneys number to be, amillennium, frozen. The larger Media Networks including both cable and broadcast expected to pull in 5. 2 billion. Espn by far the biggest single money maker for the company, so keep an eye on ad revenue and how much the Winter Olympics pressured that number. For parks and resorts division, 3. 5 billion and how attendance compares to pricing. Remember, orlandos disney world raised admission prices in february. For the studios, were expecting 1. 5 billion. Thats largely thanks to frozen which topped the billion dollar market at the end of march to be the top grossing animated film of all time. Thats going to lift studio retch, but also the consumer division, because disney cant keep those frozen toys on the shelves, and update on the Shanghai Disney expanse, all things marvel, and of course star wars. Back to you, sue. Thats what everybody is waiting to see, morgan. Talk to me about twitter at this point, shares hitting an alltime low, the lockup expires today, and we are seeing some heavy selling. What are you hearing about whether or not this will pick up more momentum . Reporter well, to be fair we have seen in general, the trend has been to see on the day the lockup expires to see the stocks come down, even trade down into the following day. Now we know from our sources at twitter that Something Like 50 of the shares that are held by insiders are expected to keep being held by those insiders, but that being said, the big thing is how much twitter stock has fallen today. Im not saying that twitter is going to surge on the next stock lockup expiration, but what i am saying is weve been expecting this, this is on top of lofty valuations, on top of an Earnings Report that despite a technical beat didnt come in line with what investors were expecting in terms of your growth and engagement. Short term i see risks, long term analysts are saying theres still a lot of promise in twitter. Morgan brennan, thank you very much. Lets go to dominic chu, shall we . So tyler, check out whats happening with netflix. Its getting hit again, the only news out today is sudden communication said it reached an agreement. What you can see here, one of those stocks, the momentum names, down 3 today. The stock has lost about a quarter of its value since hitting the record high back in march, so netflix shares again the momentum to the down side still continues, tyler. Back over to you. Dominic, thank you very much. Apple may have won the latest round in court in sam suns, and the stock may be back any 600 mark, but our next guest that says while apple is winning the battle it will still lose the war. Find out why, when we return. [ female announcer ] theres a gap out there. Thats keeping you apart from the healthcare you deserve. But if healthcare changes. If it becomes simpler. The gap begins to close. When frustration and paperwork decrease. When doctors are better connected. When grandparents get to live at home instead of in a home. The gap closes even more. And you begin to live a healthier, happier life. So lets simplify things. Lets close the gap between people and care. Welcome back to power lunch. We want to bring you a quick check on whats happening with the Dow Jones Industrial average. Its down toward session lows there, just about 9 points, so almost a tripledigit decline. Among the biggest decliners on the average so far, names like perc and pfizer on the drug side. Home depot, ge, morgan chase rounding out the bottom five, the leading decliners. Target, it continues to get hammered following the resignation of the ceo yesterday. Today mpm partners downgrades the stock. Their stock down over 3 , down about 8 since it announced its credit card breach back in september. Sue, back over to you. Dom, breaking news on google and intel. It looks like theyre getting more involved in chrome books. Hi, jon. Yes, sue, this is happening out of the san francisco, intel and google saying that intel has new chips, and take a look at some of these names that are involved, acor, toshiba, the core i3 chip, it is more powerful than you typically find. For those who might not remember, chrome books dont run windows. They run what looks like just the browser, googles chrome browser, lets people access the web. All the work is scored in the cloud. Just a few weeks ago we had microsoft coming out with office for the ipad, now intel bringing out more chips on googles chrome operating system for chrome books, the old wintell partnership not what it used to be. It looks like theyll have up to 11 hours of battery life. So more op options for people out there. Thank you very much, jon fortt. The epic patent fight between samsung and apple ends with kind of a whimper, not a wallop in a Silicon Valley court yesterday as a jury ordered samsung to pay, thats a far cry from the 2. 2 billion that apple sought. He says no matter what the financial outcome, apple may well emerge from the billion dollar legal battle the clear los loser. He joins us now. Welcome to power lunch. Thanks for having me. As i understand it, thats because this is one of samsungs tactics, they basically keep appealing, there are more suits, more appeals, and in the process of all of this, they use that time to gain market share. Is that in a nutshell kind of whats going on . Yeah, i mean its sort of like a military tactic. You lure people, you know, into a battle that theyre destined to, no matter what happens, theyre destined to pay huge amounts for. I mean, samsung has a history of violating patents. Its a pretty aggressive history. When they do, and when they get sued, they countersue, saying oh, well our patents were violated, and many, many times those claims are thrown out as being, you know, pretty irrelevant, but it drags out the case, and while the case is going on, they bust through the market. Thats exactly whats happened in the apple case. So what is apple to do as this point . Steve jobs, when he was alive, move aggressively to try and punish samsung for this behavior. I would assume it would be hard to change the Corporate Culture at apple to just let this go, move on, and keep innovating and making big products, that samsung can then copy. What is apple to do . Its actually different than you think. Tim cook never wanted to bring this. Steve jobs successor never wanted to bring the lawsuit. He tried to convince jobs not to do it, but failed. And so theyve been engaged in this warfare now for many years. I mean it actually started in 2010, if you talk about when they had their first discussions its going going on all over the world in courtrooms everywhere you can imagine. Nobody in the end is going to win legally. Yeah, samsung is going to have to pay a billion the really good case was the first one. That was about copying the iphone, the original device, and they did. Now this new case is about copying later features in the iphone 4 and 5, not as strong a case, not as valuable a case. But one to watch . Eventually Everybody Needs to throw in the towel and get back to business. Its a great real. I really enjoyed it, curt. Thank you for joining us. Thanks for having me. Sue, cnbc that is compiled the first ever millionaire surv survey, and the hot topic of inequality. Other wealth editor robert frank is here with us. Up next well tell you who american millionaires really are, that you are occupational, Political Parties and most importantly marital status. The deference between millionaires and the rest of america. Thats up next. Thats up next. In a world thats changing faster than ever, we believe outshining the competition tomorrow quires challenging your Business Inside and out today. At cognizant, we help forwardlooking Companies Run better and 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 the future belongs to those who challenge the present. Were talking about financial millionaires. From the outside there are a lot of differences between millionaires and the rest of america. Were going to show you some charts from this survey. The main thing, the main difference is they tend to be more caucasian, higher percentage of caucasian, more likely to be married, and 87 of millionaires have a College Degree or graduated from college, compared to 24 for our allamerica survey. Whats also interesting is that they when you look at their occupations and where they made their money, about highest number were professionals, so thats accountants, lawyers, a large number of teachers. Thats the third highest category, senior corporate execs, not many investors down there. The split between men and women that tends to be a male group, 68 are men versus, of course, the rest of the country, which is more half and half. Theyre also likely, this is very interesting, to view themselves or define themselves as republican or independents. 38 say theyre republicans ver 30 democrat. That compares with about 24 of republicans nationwide. So we dont know the cause and effect of all of these things, but we do know from other studies, staying married and graduating from college definitely helps your wealth. In that case, the millionaires really are different from the general population. Yes. Those are distinguishing traits. Steve liesman will join us. He has looked at how the rich think differently about how people reach millionaire status, and confide some people are constrained to poverty. So robert and i many months ago conspired, asked the same question of average americans in our allamerica survey and of millionaires in the millionaire survey. We ask people why do you think people are wealth . And why do you think theyre poor . Ill show you the differences first of all. If you see here, the blue is the millionaire survey. Theyre less likely than the average theyre more likely to believe its family or circumstances than the average american. And both sides are equally likely to say that its a result of poor education. One more chart i want to show you, what about reasons on for wealth . Here the wealthy are more inclined to believe its their hard work. 44 of our millionaires in roberts survey people are wealthy because of their hard work, only 36 of the general public. About the same on family circumstance, but here again, wealthy less likely to say its good education, and the general public just 24 say that, just a little bit more. Theres some interesting differences there, but robert were going to bring you back in, because theres another difference. Its not really wealth or poor. It has to do with political party. This is one of those big aha moments we wouldnt have found had we not sort of teamed up. Look at the response. This is just the millionaires between the republicans and democrats. A huge spread there, 63 of republicans say its hard work, only 21 of democrats. Look any allamerica survey. Virtually the same. Republicans have more in common with their fellow republicans and democrats the same than they do in explaining why people are wealthy. The republican pollster of our democratic Republican Team for the allamerica survey has long argued that everything in america from how you feel about the color orange to how you feel about politics and taxes is filtered first through politics and then through everything else. This proves it, that politics here trumps the purse. We also know political philosophy. We also know that wealth makes you more of what you already are, as opposed to ink chaing your whole you had a great thought, robert, people have their politics before and they carry the politics before their breakfast. Thats a great line, tyler. We have to run. Fascinating stuff. Were going to dominic chu for a market flash. The reason why is take a look at whats happening with the Dow Jones Industrial average. We want to highlight this. We are at the lows of the session. The do you is down about 113 points or about 0. 7 , leading declines are merck pfizer and home depot, but the dow is down. And also whats happening with twitter, facebook, also a session lows. You can see the stock down about 3 . Its down 18 since hitting highs back in march. Were going to continue to follow the decline in the Dow Jones Industrial average now at the lows of the trading session. Were also going to talk about a sport thats been struggling golf. Its been struggling to find a new crowd to pick up the sport. How does the industry plan to grow . Callaway is meeting with its investors today, finding ways to booth sales. The stock is up more than 30 over the past year. Callaways ceo joins us first on cnbc. Cnbc. At delta were investing billions of dollars, improving everything from booking to baggage claim. Were raising the bar on flying and tomorrow well raise it yet again. Because you cant beat zero heartburn. Woo hoo [ male announcer ] prilosec otc is the number one doctor recommended frequent heartburn medicine for 8 straight years. One pill each morning. 24 hours. Zero heartburn. Investor day just finishing up. Callaway has return to profitable, to a commanding place in the business. I assume that means hybrid clubs. President and ceo chip brewer joins us for a firston interview, and also joining us is dominic chu. How did you turn it around . The secret sauce is great people and wonderful products, the same recipe that got callaway started in the first place. Billing berth ra was as transformational club. Is there in that bag now . There is a brandnew big bertha, just brought back, and it is making a world of difference. An iconic brand we brought back with breakthrough technology. Its good for the game, a great product to play. When i a lot of folks tweeted in asking me questions. One of the questions was you were a success at adams golf, you turned that company around and essentially sold it to taylor made adidas. Is this a company that youre looking to get better in order to actually just spin it off and sell it to somebody else . Dominic, great question, but what we are really focused on is turning around this company and making it great again. If you look at all of the metrics from the outside. To brand strength, were headed in the right direction. Theres no master exit plan, other than to restore the brand and business to greatness, driving outstanding product will make that happen. Were confident well be able to delight investors. Mr. Brewer, we alas have to leave it there. Hope to see you on the links sometime. Thank you very much. That will do it for another del addition of power lunch. Dow down 107 points. Sue, well see you when you get back. Ill be there in just a bit. Well see you tomorrow. Street signs is after a quick break. K break. Th their electrical vehic. But you cant take a trip from lisbon to stockholml vehic. If you cant plan and recharge along the way. The European Commission is using cloud to make this possible. Creating a single charging and Billing Network across 28 countries. So drivers can travel as far as they want to go and when they want to go. At your ford dealer think . They think about tires. And what theyve been through lately. Polar vortexes, road construction, and gaping potholes. So with all that behind you, you might want to make sure youre safe and in control. Ford technicians are ready to find the right tires for your vehicle. Get up to 120 in mailin rebates on four select tires when you use the Ford Service Credit card at the big tire event. See what the ford experts think about your tires. At your ford dealer. Became big business overnight . Like, really big. Then expanded . 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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 axiron. Welcome, everybody, to street signs on the fourth anniversary of the flash crash, and still that is how many down tuesdays weve had so far this year. The top two reasons that millionaires give to how they get rich, and one scary creature. Were on session lows, mandy. By the way, how many times have you heard its a stock pickerss