Confide essant. First we have some breaking news from Steve Liesman down in steamy washington. Steve . Thanks very much, jeff lacquer, the richmond fed president making some of the since that strong jobs report. He cease saying the jobs report is more representative of the economy than that negative gdp number, talking about an issue that weve been discussing, between strong job growth and weak Economic Growth overall. Lacquer, however, saying he does not see growth over 3 likely in the near future. Thats not his call. He sees an economy that continues at this 2, 2. 5 gdp rate weve had over the past several years. Both have slowed since the great recession, and its thats a suggestion that he doesnt see the need for huge still lug from the federal reserve. He does say its going to be hard to see a speed upin Consumer Spending on the hidesen, and households remain cautious on spending, on real estate, and it could be a while before Housing Construction returns to normal. The latest data on inflation, a big concern of lacquer is that its bottomed out, he says moving towards the feds 2 targets. He is concerned about inflationary pressures building up from the 4 try wrong Balance Sheet that the fed has amassed through quantitative easing. Inflation, however, is what will behave, but the fed will need to withdraw stimulus at the appropriate time, lacquer says, he will also need to raise rates before the fed hits the 2 inflation target. Sue . You know, that last statement, steve, i think is very interesting. Before we hit that 2 target. If you look at some of the pressures we have seen in the food area of inflation, theyve been pretty dramatic. What are the odds well get towards that 2 rate sooner rather than later . Well, the three month weve already been running technically on a 2. 5 rate over the last three months, so were there on the headline cpi number, which obviously the fed follows, another indicators which tends to run lower than the cpi. We could be there, but the question is whether or not a spike up in food created, for example, by the death of piglets is something that Monetary Policy should respond to. I think even lacquer would say that a disease running through certain meat supplies is not something that the fed should responsibility to. All right. Fair enough. Thank you, steve, very much. To rick san tellei because 27 billion just went up for sale. Lets got to rick in chicago. How does it look, ricky . Not too bad, but not like the old days, but cplus on the grade, and lets go through the internals, 27 billion new bouncing threeyears hit the street. The yield at auction, dutch auction, 0. 992, which is lower than the over side was of the one issued lower yield, higher price, so that was one of the only positives. That gives it the plus. If we look at bid to cover, thats basically the ten auction average. The indirect is 38. 2 or a little above the ten auction, but 9 directs were a bit below it. After we cut through all of that, it is a charlie plus, and well move further down the yield curve, much more insightful as we get towards 10s and 30s. Sue, back to you. Thank you so much, rick. Were also following another breaking story that could be impacting stocks right now. Hamas has just fired missiles in the tel aviv area for the First Time Since this weeklong escalation began. 40,000 reservists have been called up for both came off of their lows today, but they ended the session nonetheless lower. Israel is massing tanks on the border. This is in case israel calls for a ground invasion. The 40,000 reservists will also stage on the border. This is why israel is getting ready. In the last two days theyve now firing, as we had as tel aviv in the central part of the country as well. This missile was feared, from the the israeli arm released this video a short time ago. It is unclear how many of those launchers, which are easily hidden in homes, schools and mosques have been hit. Unless, the rockets keep on coming. Seema mott,is at the nasdaq. These are high beta names. Everybodys concerned about things lack pan doro pandora 2. 3 beta theyre divorced from a lot of the fundamentals. They get marked around all the time. Recently on an up swing, all of a sudden the markets what worries me more, seen, we are not seeing the follow through. He came out today, thats not terribly helpful. That worries me a bit. This worries me a little bit. Another one, a proxy for the oil industry in the united states, flow tech, this is a hedge fund favorite. They make chemical. This is a real darling. A real darling for the Hedge Fund Guys who theyve huge problems. Youll be back in just a bit. Hi, seema its a tough day for the nasdaq. The high flying growth sectors that have led the nasdaq higher, starting to show signs of weakness. Lets run through some of the biggest loser. Saying apple could face pricing structure, something now earnings will be a focal point for investors over the next couple weeks, the Technology Sector is expected to see a 12. 4 jump in earnings, so the par is being said high for tech, intel, ibm, ebay all said, of course, forward look gangs. Sue. Back up to ec for dom any chu and a market flash. How about another group . This is the airline stocks. It was pressured on that news that Air France Klm issued a if you profit warnings from lufthansa last month. If you look at names like delta, american airlines, spirit, jetblue, southwest, those are the biggest losers in the industry, but a great year for the Airlines Overall up until this point. You can see they had been on a tear, and airlines within the s p 500, sue have been one of the Top PerformingIndustry Groups so far in 2014. Theyre taking a bit of a breather. Still a noteworthy tray. Back over to you. If youre just tuning in, the stock Market Selling off of it today, down for a second great day. Off about 124 points. Dan genter is the chief Investment Officer at rnc, and dave ellison is chief Investment Officer and Portfolio Manager at hennessey funds. Good to see you, gentlemen. Dan, let me start with you. Were basically going into earnings season later this afternoon. What kind of a season is it going to be and what do you make of todays Market Action . So i think the fact well have 3 to 5 here was baked into the cards, and we were ahead of ourselves with the market up about 9. 5 , and its probably what were going to see for the full year. If we pull back here, i dont think its very surprisingened and frankly probably a buys opportunity. Dan, do you agree . I think generally the companies that i follow look at, i look at a bunch of them, theyre doing reasonably well, so i think the quarter will be pretty good. On balance, and so the market generally will follow that. I dont see anything thats going to i dont see any real big negative energy out there that will drive the market down a lot. Dan, where would you put new cash . If you said its a buying opportunity, the dividend play has been hot for the last year or so, does that continue . Is that still a viable trade . Where would you put cash to work right now . Ivities i think it continues to be viable. Well probably have another 3 to 4 this year, probably track earnings next year, evening though earnings will be 8 to 9 nest that plus the dividend. 8 potential next year, if you can capture 3 1 2 to 4 you continue to have some run on the in side. Certainly a company like totality is a perfect camp. I think its probably vulnerable. So stay away from that. David, i know you like the financials, some of your larger positions in your portfolio, suntrust, pns, do you continue to like that . And does it matter to you if the fed starts to move up on interesting rates sooner rather than later . Well, i think generally these companies are benefiting from in a sense general Economic Activities picking up lone demands. Theyve got a lot of dry powder to lend into. Thats the real value here. These are traditional american depository lenders. Thats what im investing in, sort of the growth in america, coming occupy this long recession theyve had. I think rates going up is generally a positive for banks, yes, there is some negative mark on bonds that they may have, but generally higher rate, so when people talk about rates, you want to find out why rates are going to go up, not if they go up. If they go up, then youll have loan demand on top of rising margins. Thats a double positive for the group. The group is generally cheap now relative to historical averaging, because price to book on p. E. Gentlemen, well leave it there. Dan, david, thank you very much. Ty, up to you. Sue, thank you very much. Al coalsa, biotech getting hammered. Morg brennan. Yeah, its a rough day for biotechs, down more than the broader markets. A couple, though, down 8 to 10 more than the rest. Down on potential competition so hydro, are e. R. , bluebird, thats a gene therapy company, also down a bunch, yesterday making a secondary offering about 100 million. That one is down as well. Another one were looking at is surepta, theyre working on muscular dystrophy, also down a bunch, but on a positive note, bioteching actually had a pretty good year, up about 11 , continuing a trend from last year, and people are looking forward to some potential good news from earnings. Meg, thank you very much. Morgan brennan fresh off her successful performance from the casino in Atlantic City yesterday. Shes back with us. Alcoa has been doubling down on industrial products, manufacturing parts for airplanes, autos, heavy trucks and construction materials. Much of it is made out of limb news, but also nickel and titani titanium, why . Products are high margin and could benefit from lower commodity prices. It used to describe itself as the worlds large now its rebranded as a Global Leader in lightweight materials engineering. Its this shift that investors will be watching for closely in earnings later today. The Business Model breaking down into four segments, mining and smelting, which have been cut back due to depressed aluminum prices, and the two products division, those have been steadily growing over the past three year, accounting for 57 of the companys revenue in q1, and 76 of aftertax operating income. Alcoa is expanding the facilities in virginia and indiana, and of course acquiring jet engines parts maker for 2. 85 billion. This added product push is super anthony razuto said more fundamental value and longonly investors have been buying the stock, this despite its exile from the dow. Meg, thank you as well. To dom knick chu, the market flash. Check them out today, its the only sector in the s p 500 thats in the green. The sector hit hard over the course of the last week, but they are coming back in todays trade, or maybe a safe haven trade at risk here. If you look at dow jones utilities up about now leading the way higher, names like first energy, agl resources. Aep, and of course duke energy as well. The bick utility stocks are the leader so far this year and continuing to catch a bid in todays down market. Dominic, thank you very much. Gim shares off their lowing of the years, but still down almost 9 . The recalls a big problem, but so is luxury and cadillac. Phil lebeau is live in chicago. Phil . This is a noteworthy, when you look at the luxury segment for the entire auto industrial, one of the best years that youre going to see, except for when you look at the cadillac brand. In fact, cadillac is the only mass market luxury brand that has had lower sales this year. Everybody else is up. Well show you the numbers in just a bit. Part of the number is its facing increased competition, but look at the numbers for all of their competitors. Theyre up not just a little bit, but significantly year to date, audi leading the way up 14. 3 , bmw, mercedes, lexus is also up, but cadillac the only one thats down. I mentioned this increased competition and theyre noticing it on the lower end segment. They had a nice year last year, now they have competition from the audi a3. Also the mercedes cla class. Combined they have outsold the ats this year, thats cutting into the ats sales, as you look at shares of general motors, something to keep in mind is increasingly were hearing from cadillac dealers theyre not happy with the brand direction, theyre not happy with the extended range electric vehicle that nobody is buying, near not frankly happy with the leadership they are seeing within the cadillac division. Dont by surprise if we see some changes coming for cadillac once they get past all of the problems theyve had with the recalls, that will be a focus for mary barra and her leadership team. She has an enormous amount on her plate. We have a lot happening right here on the floor of the New York Stock Exchange with the sell outnot only in the Dow Jones Industrial average average, but pretty much right across the board, with the nasdaq down 1. 3 , the dow is off 110 points, s p is off 12. More on the markets on this down day, coming up next. Plus Julia Boorstin is with us on social media stocks. Hi, sue. Theres a massive social media stock selloff. Well look at whats behind it, after the break. Youll find the works its a complete checkup of the services your vehicle needs. So prepare your car for any road trip by taking it to an expert ford technician. Because no matter your destination good maintenance helps you save at the pump. Get our multipoint inspection with a Synthetic Blend Oil change, tire rotation, Brake Inspection and more for 29. 95 or less. Get a complete vehicle checkup only at your ford dealer. Welcome back to power lunch. Its a bloodbath for social media stock. A reversal after a rally in internet stocks pushed the nasdaq to new highs, twitter shares down over 7 , linkedin down nearly 7 . Yelp off about 7. 5. Facebook shares down nearly 3. 5 . The social media etf, socl, is also down about 4 . Well have to see if they can turn things around when earnings season starts. Facebook is reporting its earnings coming up on july 23rd. Lets get a market flash from dominic chu. Over to you. Julia, you might be looking at some of those app. S on the apple smartphone. So lets look at apple. Now were in the red here, just off by about a percent after briefly hitting a fresh 52week high not helping matters is a weaker than expected forecast for samsung, on both their higher and lower end smartphones. The growth will slow to around 19 . Now, that anticipated slowdown is something to add Downside Pressure to competitors like sonny, like nokia, theyre all down today, and smartphone flir stocks are being hit as well. Theyral moving to the down side in todays trade. So the Ripple Effect certainly playing out today. Boy, it sure is, dom, thank you very much. That leads us back to our top story, a selloff in stocks with the nasdaq. The Dow Jones Industrial average off 0. 6 , how do you trade this market . Jeff kilburg, and warren is here with me. Warren, we are talking during the break and you said you think this market is priced to perfection, so any down day is greeted with a bit of shock. Z. Over the last few months we certainly havent seen any. As some people appear to be. This is par for the course. Weve seen it time and time. Just havent seen it recently. You think earnings season will get more scrutiny than in the past . I think so. One is the level to the. If you owned volume material, is that still a good trade for you . I think it is, sue. Its very important. To lawrences point, we have to wait for the followthrough. The s p 500, there are some sellers representing anxiety. The treasury pits behind me, there are some buyers representing anxiety, but theres not panic, as long as volatility is under 16, that reps a 1 daily fluctuation. I think owning volume activity officially is a great mitigator for any type of downside move. I think jeff has an interesting point. There doesnt seem to be panic, but there is nor tension in the market today, than there has been in the last couple days. There certainly has been. When youve had this low volatility that weve seen, people get complacent, and now weve had a couple days in a row we were asking for volatility. And now everyone seems to be so worried about it. I think theres still plenty of room. Go ahead, jeff. Had the needle on the record. They have not stopped the music. Remember as a kid, you crouch down, get ready, secure your seats. As they see the fed stopping purchasing at the end of september, i think its a game of musical chairs. So where does that put us on the tenyear yield . Lower. Absolutely. How much lower . Theres some out there looking at about 2 . Do you seize 2 . Is that too extreme . No, when you look globally, you see the german bond lower, i think there could be some parity there. 230, 240 is the low end, i think folks will find yield. That safe haven change, which we havent seen in quite some time. Thats absolutely true. Gentlemen, thank you very much. Warren, jeff, thanks a million. Ty, over to you. Typhoon weve been telling you about, approaching japan for days. It has now struck. Heres video from okinawa. You can see the damage. Theyre looking for 140mileanhour winds, 45foot waves in pardon of okinawa and the southern mainland of japan. More than 100,000 people have been evacuated and all airports, as you would expect, are closed. Lets look at the markets right now, dow, s p and the vix is spiking, the dow and s p and the nasdaq certainly not spiking at all. Down about on. 6 of a person. More than 1 off the lows for the nasdaq composite. Three dow winners right here theres the tenyear note as well. Three dow winners, walmart is up three quarters of a dollar, and exxon mobil up 23 cents. And three dow losers. Lets so you some of them. Nikes, Goldman Sachs off nearly 2 there, 1. 7 at 164. 94. Boeing down 2 a share, or 1. 6 . Power lunch will be right back. If you have moderate to severe rheumatoid arthritis, like me, and youre talking to your rheumatologist about a biologic. This is humira. This is humira helping to relieve my pain. This is humira helping me lay the groundwork. This is humira helping to protect my joints from further damage. Doctors have been prescribing humira for ten years. Humira works by targeting and helping to block a specific source of inflammation that contributes to ra symptoms. Humira is proven to help relieve pain and stop further joint damage in many adults. Humira can lower your ability to fight infections, including tuberculosis. Serious, sometimes fatal events, such as infections, lymphoma, or other types of cancer, have happened. Blood, liver and nervous system problems, serious allergic reactions, and new or worsening Heart Failure have occurred. Before starting humira, your doctor should test you for tb. Ask your doctor if you live in or have been to a region where certain Fungal Infections are common. Tell your doctor if you have had tb, hepatitis b, are prone to infections, or have symptoms such as fever, fatigue, cough, or sores. You should not start humira if you have any kind of infection. Take the next step. Talk to your doctor. This is humira at work. Welcome back to power lunch. Coming off the lows of the session. The solution expected to be launched as early as the end of this quarter, Fungal Infection affects about 30 Million People in the u. S. Alone. Its about 3 off the lows, the approval comes about a month after the agency cleared a rival drug, and valuant shares are down about 1 . All these biotech stocks, tyler very much fog in focus. Celedon group upgraded, Stifel Nicolaus cites valuation, and lights out for solar stocks, though, a big momentum movers to the, but sun edison and sunpower all moving lower today. Utilities, one bright spot in todays selloff, as investors look for safe havens, some include edison international, and american electric, all higher right now. Matt mccormick is with ball gainer, he joins you by telephone. Tyler, i think this is a natural reaction to strong returns in the momentum, names that have worked, basically since early 2012 i think many people are questioning the jobs number, at least the strength behind it, and i think people are worried about earnings coming up. Thats what i was going to ask you. The market is priced, some would say, for perfection, some would say fully priced, amply priced, some may even say highpriced. So the earnings have to come through . I think theres a particular sector of the market with the nondifferent portion. Whether it be p. E. Or booked, and these names i think are priced for perfection. If they come in light. I really like the high quality different space, particularly technology, if you look at qualcomm and apple, down far less than the nasdaq or s p today. When you look at names that have been that have had high pes, questionable fundamentals that are given up some of the gains, the market is telling you something. Particularly if volatility picks up. Matt, thank you very much. The Vice President and Portfolio Manager at ball gainer. Ty, we had that auction a bit earlier, rick san telle is back with us. With the stock Market Selling off, we were sealing a bit of a bid in the treasury market this afternoon. Is that still intact . Its definitely still intact, and obviously theres some correlation there. When the it comes to the vix, a lot of traders find humor. If youre bullish, just admit it in public. As we look at the aftermath in front tomorrows tens, look at the intraday, down one basis point, thats the old guy, were down five basis points on the ten, down six basis points on the 30, which means theres flattening going on everywhere, and every subcomponent. If you look at the dollar index and its an interesting day, because basically the only place the dollar has a lot of volatility is the yen. Its doing worse against the yen, but all things being equal, very eurosent rick, you see it just hovering, just a couple whiskers above unchanged for the year. Back to you. A check of the metals markets, the dow is coming off the worst levels of the day. Lets look at how theyre doing. The gold markets is down a fraction. Sill have i market has a bit of a bid until it. Sue, swim at your own risk, shark sightings within the past week. How about your investments . Troubled waters ahead there . A look at possible risk this is summer, when we come back. [ girl ] my mom, she makes underwater fans that are powered by the moon. She can print amazing things, right from her computer. [ whirring ] [ train whistle blows ] she makes trains that are friends with trees. My mom works at ge. He cadillac summer collection is here. My mom works at ge. During the cadillac summers best event, lease this all new 2014 cts for around 459 a month or purchase with 0 apr and make this the summer of style. In a we believe outshining the competition tomorrow requires 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. The dow is experiencing tripledigit losses. Theyre just off their session lows, but you can see now down about 96 points, so decently off our session lows. Leading the way to the down side, Goldman Sachs, also boeing, nike, jpmorgan and american express. Well have more on some of the nike story later on this hour, sue. Back over to you. Dom, thank you very much. Bob pisani is back with me. Dom pointed out the fact we are down almost 150 points, now down 96 points, so bering our position. Interest rate sensitive group, today second day in a row utilities have been strong, gold miners also on the up side. Also seen a move in the base metals name as well. Thats very interesting, because interesting commodities, that really aluminum, zinc and copper. Weve seen stronger volumes, havent seen interest in commodities in a long time. Not for a while. Thats something im keeping an eye on. Im not seeing a lot of buying for inflation. I know people are concerned about t heres your treasury interesting protected securities, you would expect the volume to go up on that if there was a lot of concerns about inflation. I dont see it yet. I know its up today, but i dont see that as very significant overall, so im not worried about that. So i was talking about stuff that would worry me. Shale plays have had enormous moves. Up theyre down a bit today, but they stocks such a big run. Necessary are small ser shale names. If i saw this Group Starting to fall apart. In other words, im looking for things that worry me. Not biotech or solar stocks, bigger stocks, broader moving in the market that i would think bigger players are starting to get up, not just momentum guys taking profits. I dont see it yet. Believe any, ill sound an alatch. Youre good at that. Hell let you know. Seema mody . The nasdaq off its lows, investors basically taking some risk off the table after what has been a strong second quarter, especially for the nasdaq. Outperforming the s p 500, but in todays trade, the key underperformer, at least when you take a look at the major inadditions. Right now on track for its worst twoday drop in three months. Thats the also a topic of discussion on trading floors, the s p 500 trading at 16 times earnings, nasdaq at 27 times earning, a strong debut, shares now selling off. Same story for go pro. Blackberry also cooling off after gang about 40 in the month of june. Sioux . Entitled to a bit of a pullback, perhaps. Thanks, seema. Is this the summer of risk . Thats what some people are saying. Take a look at these pictures, a shark sighting in cape cod, and just this weekend a great white attacked a swimmer in manhattan beach, california, right where my husband used to serve. And on wall street, the focus is on the unknown. And cnbc. Coms jeff jocks joins the conversation. Is this perhaps the start of a Market Correction . Everybodys been looking for that 10 correction. Is this it . Go to vote at cnbc. Com vote. Fundamentally were going into earnings season, the market does feel a bit like it is priced for perfection. So therefore this kind of still back that you and i have been talking about, its almost like they bought the rumor and now its sell the news. The story in the journal today about the banks, jpmorgan, and all the banks are down 1 today. So its almost ahead of schedule. Theyre going to put out this negative news, and then when earnings come out people will say theres a screaming buy and boom, were off to the races, because they get it all over before the earnings come out. Well see. Well watch it. Jeff cox, you have a couple things on your menu of risk, led by the fed . Janet yellen in particular, some of the rhetoric coming from her. Her recent remarks hooks something asset bubbleses, and talking about macroprudential policies. The market wants to hear that the fed is on the case, not that theyre totally in control. Weve been down that road before. Two other things, one is overconfidence, a note out from citigroup, saying this rally could go on for years. Thats the kind of talk you hear, and finally just overvaluation, the times today a very good piece, talking about how basically everything is overvalued. Dom, weigh in on that, and kenny, im going to get you to do that, too. For those of you who didnt see it righthand column, front page of New York Times basically saying that everything is overvalued. The bubble word was in there as well. What do you think . Theres so Much Negative talk, and we tend to do that at market tops. Im not saying i agree or disagree, but the other side of the argument has been made for quite some time now. The market still continues higher. The real risk for investors over the course of the past five has actually not being in the market. If you hadnt been in the market, you missed the biggest bull run, so as you look at markets of record highs, there is this inclination you want to perhaps take money off the table. Thats specially legitimate, but oftentimes traders will say 52week highs are ones you want to buy, not sell, because the trends have been in place. Its not until that trend gets bucked. You get the last word, kenny. But until i think theres a change in either global make rho policy or Global Central Bank policy or a real change in the earnings psyche, i think any pull back will in fact be an opportunity. Thank you, gentlemen. Lets lock in the vote, do you think this is the start of a Market Correction . Thats interesting. Basically right down the middle 45 said yes, 55 said no. That, ty, is what makes a market. Sue, thank you. Crumbs bake shop is closing up shop a week after it was delisted from the nasdaq. Crumbs is all thats left. Just three year after going public. We take a look at what made that business crumble. About speeds and feeds. Its all about latency. Its all about how fast does it run. I often sit with enterprises who ask me about how Mission Critical and hows the performance of the cloud. And i tell them, if you can make gamers happy, you can make anybody happy. Speed is made with the ibm cloud. Your studied day and night for her drivers test. Secretly inside, you hoped she wouldnt pass. The thought of your baby girl driving around all by herself was. You just werent ready. But she did pass. cause shes your baby girl. And now youre proud. A bundle of nerves proud. But proud. Get a discount when you add a newlylicensed teen to your Liberty Mutual insurance policy. Call to learn about our whole range of life event discounts. Newlywed discount. New College Graduate and retiree discounts. You could even get a discount when you add a car. Call Liberty Mutual for a free quote today at see Car Insurance in a whole new light. Liberty mutual insurance. When the world moves, futures move first. Learn futures from experienced pros with dedicated chats and daily live webinars. And trade with paper money to testdrive the market. All on thinkorswim from td ameritrade. Manchester united gets an average of from the current deal, but make man u fired nike. Dow jones said adidas offered to sponsor the team. Thats a lot of money, around 90 to 100 million. Man u and nike down today, but interesting headlines in the world of soccer. Back over to you. Lets gut you some headlines. Guess upgraded at piper jahvid ray. It says the southern European Market is showing signs of stabilizing. Apartment investment upgraded, that firm citing valuation, to 36 from 32 on that reach, up better than 1 . Other direction for fresh market, which was downgraded to sell from neutral at 2k3w08d man sax. The firm also cutting the price target to 27 from 36. The stock is down almost 3 . Ty, up to you. Sue, thanks. Dont miss cnbcs only reality series restaurant start uptonight at 10 00 eastern and pacific. The premiere really catches fire. Fire in the kitchen. Oh, my god. About whalen on hand to sample the menu, a fire breaks outs. Shane, thats not going to do it. You just dont hit the. Hold on. Weve got it, weve got it. If you use a fire extinguisher, the kitchen is closed, you know, you have to hire a hazmat stream. Anyone have salt . I didnt want us to be out of business an not do this event tomorrow. Well get back to work as soon as i clean up all this salt. After an uninspired first pass, the Graphic Designer returns with a revised logo. In the team doesnt like it, they might be feel as if theyre being ignored, and that could hurt their chances for investment. Check it out. What do you think, erbil . Shutting all its stores, one week after it was delisted. Mary thompson is at one location in upper manhattan. Hi, mary. Reporter hey there, tyler, open war outlets into existing stores are falling. Thats did opened its stores in 20303, and went public in 202011. It gave birth to tv shows like cupcake wars and other gourmet chains, including magnolias and melissas. There were disappointed moments here looking for one last bite, but nogo there. Crumbs cakes of course were huge, just about 4 inches high, and a hefty 780 calories each, including flavors apple cobbler and caramel mac ato. It went public in 2011, by merging with a company, lost money every year. After expanding initially, began Closing Stores last year. This month it defaulted on a loan and now its out of business. No surprise to bruce benton, who has been tracking the stock. I always buy low, sell high, so i was watching it go down, and i was like, how low can it go . The firm changed up the original recipe, selling different size cupcakes, look with other treats. Recently it had partnered with firms, including pelican bay, and dipping dots, whose Parent Company extended a line of credit to crumbs. They declined to comment on crumbs, a craze thats left a bad taste in investors mouths. So many puns you could have used there, but you didnt and i respect you for it. Reporter yeah, it was an effort. Im sure it was. When i was a student i lived in a room not bigger than a jail cell, in fact it probably was about that size. I had to walk up several flights of stairs. Thats not the case anymore, diana olick is live in the home of the terps, college park, maryland. The world has gotten you far, but what if you could see more of what you wanted to know . 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. In todays realty check, some students in private housing may need a reality check. You wont believe how some of these kids are living these days. Diana olick is at the home of the terps. Its a huge opportunity here across the country and around the world, the Student Housing play, but they arent the cinder block cells you and i know and love. Theyre swavgy dorms from private developers meteorology in and right into campus. We bring a private sector core competency and can deliver much better product on much accelerated time line at a lower cost. Its a sector thats been ignored for the past 40 years, getting a modern makeover. Is it a dorm or day spa . American campus commutes swooping in, putting up swanky new dorms like this one in dreckle in downto philly, suites, a fullsized fitness center, a multiseat movie theater, a business center, and all for a comparable price to the old dorms built for the baby boomers back in the 60s. Universities want to focus dwindling funds more on academics. Thats why theyre bringing in private developors who are spending billions to build the swanky dormitories. Whats driving the interest . Well, you have a lot of International Students coming from across the world who want better, bigger dormitories the we also have baby boomers retiring to College Towns like this one, eating up all that apartment space, and pushing the students back on campus. The dolphers are building right here. Much more online at cnbc. Com. Diana, thank you very much. Hopefully it will help them study better, too. That does it for us on power lunch, with the dow dramatically paring its losses. My last dorm built in 1826. Oh, my gosh, wow. On the lawn. Best place i ever lived. Beautiful place. Mandy is next. We have another down day, though we are off those lows. Those who have been calling for a pullback are feeling smug. Well find out if this is a case of huhuh, not so fast. But herb really did call it on corinthian colleges. Hes going to be joining us, as we ask, who will be next . Make sure you join us on street signs that begins right after this. 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He thought it was the endn for his dof the conversation. D. She didnt tell him that her College Expenses were going up. Or that she maxed out her card during spring break. When the satellite provider checked his credit, he found out his daughter didnt pay her bills. But hes not worried. Now he checks his Credit Report and score at experian. Com, allowing him to keep track of his credit and take a break of his own. Experian. Live credit confident. He cadillac summer collection is here. During the cadillac summers best event, lease this all new 2014 cts for around 459 a month or purchase with 0 apr and make this the summer of style. Well come to street signs, everybody. In the everything boom and maybe the everybody bubble, yeah, thats the cover story on New York Times today. So were asking, how much might that headline be driving stocks lower . Or could it be this . Lets look at the video of