A share. 113 here. Can it keep marching higher . Well take a closer look coming up. Nba commissioner adam silver shocking and i do mean shocking the sports world in support of gambling. Joe torre joins us with his thoughts later on in the program. Looking forward to that, tyler. I think some of the guys might be able to stick around for it. Thats next hour w. An hour to go, heres the dow off 34 points. S p giving up about 2. Nasdaq slightly positive. Apples performance, of course, is helping today. And joining us, sal caltrinni, christine short and rick santelli. Welcome one and all. Sal, lets begin with you. Sure. You sound like a lone voice out there insofar as you think energy could be a good play right now at this these prices. Why and energy is a big broad sector. Why specifically . I speak to pms and the smart ones, many underperforming and looking for some way without taking too much risk into the end of the year for a catchup trade and basically if you look at this year whether you look at the semis or the bio tech or the number, some of the retailers, this years been characterized by false hopes of like a selloff, you know, a black swan event. Right now energy, the whole complex is sold off. It feels in energy like the Financial Sector felt in 2008. You know, the high yield market i spoke to those traders today. It is trading off 20 to 40 . Crude is 75. Saudi arabia and opec want it to be 85. Just to meet their budgets. So im thinking at this point and im not making a call on energy but im seeing investors step in, do the work and theyre looking at the Energy Sector. Its interesting, rick, yesterday we were talking about the risks that may still be in the system. I want to raise a point with you thats kind of on the opposite side of that. We were arguing that this is fundamentally good for consumers and arguably for the macro economy. Lets posit this. The Federal Reserve couldnt come up with a better scenario an this drop in oil prices we have seen. Do you think this is equivalent to an easing of Monetary Policy . Is there any chance, rick, to surprise us with a real early rate hike . I guess anything is possible. Its hard to comment because, you know, it is not like theres a book that says this this happens, this is what were going to do. Because they move the goalposts quite a bit. Think about the Unemployment Rate and looking for, you know, two years ago, a year ago, a month ago and where the Unemployment Rate is. But one thing you hit on that i think is significant. You did bring up that high yield with a lot of that financing that was done by the energy areas is going to be in jeopardy. I dont have a problem with that. But think about how the Federal Reserves very easy money policies enable that condition to be used. So in a perverse sort of way, may be helped the industry to get along. Investors may not thank them but its electronic trading in chicago. The first firms to invent the process lost out because they spent so much money they couldnt make it. Everybody else bought it for pennies on the dollar to this day are successful. And i think thats whats going to happen with a lot of technology and pricing in energy. Christine, lets turn to you because i know youve been looking at the consumer and obviously rick and kelly just making reference to what the fall in oil prices means for consumers. What do you see as you look across the various sectors and what does it imply to you about the kinds of companies that might prosper . Well, from a fundamental point of view, retailers do phenomenally well this earnings season and you have to think its having to do with the drop in oil prices. Gas at a fouryear low and encouraged the consumer to spend more. We look at Consumer Sentiment at the highest level, 89. 4 back to july 2007. Thats one of the favorite leading indicators for the consumer and telling us, mid november reading. Thats telling us consumers feel confident in the Holiday Shopping season and big for retail earls which have done well for the third quarter. Theyre up 14. 5 with earnings and lower at 4 on the revenue front but some saying that the Holiday Shopping season could be the strongest of three to four years so i think you have got a lot of reasons for this. The job market is improving and lower gas prices and seeing consumers go out and take advantage of that. Steven, we should mention if steven bolts from set here, twins due any moment here. Congratulations on that. If we could, ask you to talk about whats happening in the credit market and how people have been making reference to it as we just heard from sal, we have some of the paper, especially High Yield Energy stuff trading off significantly. What happens next . What we are seeing in the credit market is positive sign for the markets and seeing energy in the sector and still elevated, the broader high yield sector is up. Seeing spreads come in. I think one of the things worried about this year is technical pressures. Seeing a selloff in the credit market, would it feed through and mean . The fact that Energy Stocks, Energy Credit can be weak and other credits are strong, thats a positive sign. That differentiation. And some of the smart credit managers were talking to these days are finding opportunities selectively in some of those Energy Credits. Great point. Mark, lets ask you why you like growth oriented stocks right now s. That largely because theres not much value left in the value stocks . Think theres been a real premium placed on the consumer cyclicals and the consumer stocks and you see the Impressive Technology stocks of google and Facebook Trading at reasonable levels given the economy and i put apple in the bucket, too. They point to the retailers. I think a lot of money could go to apple and upgrading the iphone 6, the ipad aye coming out and where we are putting the focus for reasonably placed based on the accelerated growth rates the companies have. That would explain the trading action today and ties together. We have crude oil rising today but still in the 75 range. Lets bring in Jackie Deangelis at the nymex. Jackie . Hi, kelly. Happy friday. Lets review the prices for you. It was another wild day in the pits. Technical buying taking us higher. We were up 2. 2 on wti. Finishing at 75. 82. Brent, 79. 41. Not able to get through that 80 mark there. I do want to point out wti down more than 3 for the week and actually it was its seventh weekly loss we have seen, longest losing streak since 1986. Significant here. Technical buying driving us higher. Really, the fundamentals here in terms of oil supply situation havent changed. And of course, the big question out there is have we bottomed . Consensus seems to be, no. Traders think we are going lower from here and seeing this Technical Movement to the upside before that happens. I just want to point out that the deal between potential merger talks of halliburton and baker hughes. Some people are saying that the talks could have been in the works for sometime and that may be indicating that even the companies are now forecasting steeper Oil Price Declines and why theyre looking for consolidation. A theory to consider. Back over to you. Thats true. Thanks. Sal, what is your reaction to that . How big a deal of this potential tieup . Its very, very big deal. I think unexpected. And, you know, if you speak to smart Energy Investors and theyre expecting more consolidation in the e and ps and the oil service, whens interesting is if stocks come down, if youre the acquirer and acquire a stock coming down more than your stock has, you are doing a transaction. Thats another predicated on Oil Prices Stabilizing or rising . Just the stock price. A stock investor, thats just stocks. Thats what youre buying. So the stock market can clean up this mess. If youre a stock investor, the stock and market and companies clean up the mess themselves and consolidate back to prosperability and where the theyre going to look to year end. Seeing the same thing on credit side . No. You know, i think regardless of whats going on in the credit markets we are looking at an environment of companies to feel confident. The fact seeing the big acquisitions, first stage stock buyback. Dividends. Now we are starting to see m a rainy then cap x. Its confidence of the corporate sector and a positive for risk assets in general why you want to be in equities today. Kelly, one more thing. Jackie brought up a great point. We havent seen losses like this in the Energy Sector since 86 which is as we talked about yesterday the last time u. S. Domestic Oil Production was at or above 9 Million Barrels a line. Its a reality. It is a nice pretty picture there heading into the weekend. Rick, thank you. Thanks, everybody, for being here in afternoon. Have a great weekend. Good luck, steven. 50 minutes to go into the close. The dow off about 28. S p negative. The nasdaq still, though, tyler, slightly positive. And speaking of the nasdaq, apple flirts with record highs on a prestock split basis. The tech giant now approaching 800 a share. Bank of america, Merrill Lynch says the market cap exceeds that of all eurozone banks combined. The pros will debate whether apple is too toppy right here. Thats coming up. Also a wild ride for Intercept Pharmaceuticals this year, basically. The ceo here to speak with us exclusively about the volatility and new drugs in the pipeline. Stay with us. Ameriprise asked people a simple question in retirement, will you have enough money to live life on your terms . I sure hope so. With healthcare costs, who knows. Umm. Everyone has retirement questions. So ameriprise created the exclusive confident retirement approach. Now you and your ameripise advisor. Can get the real answers you need. Start building your confident retirement today. Where the reward was that what if tnew car smelledit card and the freedom of the open road . A card that gave you that im 16 and just got my first car feeling. Presenting the buypower card from capital one. Redeem earnings toward part or even all of a new chevrolet, buick, gmc or cadillac with no limits. So every time you use it, youre not just shopping for goods. Youre shopping for something great. Learn more at buypowercard. Com welcome back. We begin here with dominic chu rounding up the big movers of the session for us. Kelly, start off with hertz moving lower after the rental car giant said it would restate the 2012 and 2013 earnings continuing the accounting review and stock down 5 . Harleydavidson is moving higher as Goldman Sachs upgrades the shares to a buy rating from a prior neutral citing expected growth driven by new Product Innovations at the motorcycle maker. Shares up by about a on the days trade. Petrobras the splum meting. Amid a widening Police Investigation of corruption in the company. Shares down by 2 and moving to the downside after the watch maker warned that the third and Fourth Quarter results beyond wall street expectations and cut the fullyear outlook as demand decreased overseas and ending with pandora up big here on new it is chairman and ceo purchased 25,000 shares of stock. The shares up by about 16 so far on the days trade. Thank you, dom. Now, while intercept pharmaceutical up 130 , more than doubling, pretty wild ride for the stock, look at where it was in march. 462. Now 160. 0 dropping 9 this week alone. This after the safety of the companys liver drug called into question. Now, tyler . Lets dig deeper. Meg terrell joins us with mark, the ceo. Thank you. Doctor, thank you for joining us. Thank you for having me. Kelly touched on the wild ride of this year. Looking at the data and just before this big jpmorgan conference beginning of the year, do you think given the volatility the market understands your story . Look. We have been pretty surprised by the stock move. I think the fundamentals of the company are stronger than ever with the results of the two drugs. With any company tackling neglected Liver Disease and the first indication of filing for approval for first half of next year and then starting up with a Large International phase three trial we hope to get approval of in nonalcoholic hepatitis in. You talk about the opportunity in nash. It is a huge disease and kind of a silent disease and not diagnosed in everyone who has it. Thats true of a lot of chronic diseases but nash is a disease out of nowhere to become an epidemic Liver Disease around the world and really tied broadly to western diet. Just too much junk that were eating. High fructose corn syrup and soda and so on. Over 10 of the u. S. Population is thought to have this disease at this point and just looking at patients with the most advance disease and need treatment where none exists its thought to believe 6 million or more u. S. Adults. This disease is going to become very soon number one reason people need a liver transplant surpassing alcoholic Liver Disease and hepatitis. One of the tests or trials of a drug that you have is promising showed as you pointed out an amazing improvement in the condition of the individuals livers who had this nonalcoholic Liver Disease and side effects strong and disturbing to many, namely elevated bad cholesterol in people who already might be prone to Heart Disease and creating some severe itching. Do you think that has to do with the drug itself or potentially more with the dosing that you were using in these trials . I think any drug has side effects and what was observed in these patients, we have known for sometime, are transient cholesterol increases. You mentioned ldl cholesterol as bad increased less than 10 at the end of the treatment at about 18 months. We believe that standard statin cholesterol management should be used in most of the patients. A lot of these patients were not on statins at initiation and that most of these patients will respond well to Statin Therapy taking our drug. Frankly, as i mentioned, most of them should be on it. Itching was not severe, actually. Weve seen this before in primary cirrhosis patients and if you start at a lower dose and then slowly bring them up, and frankly, just treat them over time you will see an adaptive response where the itching returns to the same level as seen in placebo patients. Thinking about comments elon musk and others and you outdistance even them. And were talking about an impact beyond just what you see on the screen. This changes your market cap. Arguably changes the dynamic of suitors and the place in the market. What can you tell us about how distracting if it is the term that you would use for the roller coaster ride your shares have been on. Its an exciting year. Thats true. And weve benefited greatly of being a public company. Going public in 2012, i think there were less than ten ipos. We raised hundreds of millions of capital and well belonginpos where not just one but two programs and well capitalized to do that. Yes, its been a little bit of a distraction. Frankly, we have our nose to the grindstone and keep going. Soldiering on. Thinking about that, you guys have been mentioned so many times as a potential acquisition target. You have got this potential drug for huge market. And just tell us about the pathway to market from here. Does it involve partnerships . Potentially involve being acquired . Yeah. Well, we have partnered the drug in asia where theres a separate Development Path with a great part innocent and thanks for bringing that up because they have another large nash trial thats fully enrolled and reading out towards the end of next year and compliment the flint trial results. What we have stated is that were very happy to go it alone here. We have the muscle and the talent in the company and the expertise to launch this drug, projecting in 2016 for the treatment of primary cirrhosis in the u. S. And europe and then following that building for nash. Just a real quick one before you go and maybe because i dont fully understand this but i think about the companies that really have come in and solved pretty severe liver problems in this country. Why double down in this area when there are drugs that have proven now efficacy here . Great question. Gilead is hugely successful primarily in chronic hepatitis c and a cure for the large majority of patients. But this is a cure for hepatitis c and we are going after Liver Diseases. Pbc, nash and others with few or no treatments available to these patients whatsoever. And, you know, again, ill mention that pbc is rare and fifth leading indication for transplant. Nash will surpass hepatitis c. The need is there. Thank you. The need is there. Meg terrell, appreciate it rvelgts as well. Thats the ceo of Intercept Pharmaceuticals. To see a roller coaster, look at the share price. The chart didnt do it justice. It kind of leveled out that drop of about 280 a share from the 400 down to where it is today but any ratd, the stock nevertheless up significantly year to date despite. There you see it, actually. All right. We have about what is it . About 38 minutes before the closing bell. The dow down 30. The nasdaq really not moving particularly highly there. S p 5 nasdaq up a little bit more than a point. Elizabeth warren is a wall street foe and one also now to president obama. Shes planning to oppose the president s nomination for a senior treasury post. Well discuss a whats behind that move. Utilities versus financials. Someone here says sell the youty tills and buy the financials. Well debate this one. Air condig im starting to sweat. Ill just do i