That drone that Kara Swishers showing you. Does it have seven tamcameras or something on it . It is fascinating. Any anybody familiar with the Drone Industry knows about those cameras. It could really take off. A new report says jpmorgan could lay off 5,000 people by next year. Is this a broader issue for the Financial Sector . Many parts of financials have suffered the last couple of years. Is there normore layoff to come . Going to the front lines, we have the ceos of three major banks all here exclusive on closing bell. We begin with the markets. An hour to go to the close, the dow is down about 40 points right about the middle of the trading range today. Giving up. 2 . Caterpillar interestingly the big weigher there, down 2 on the session today. The s p weaker by 2 1 2 points. The nasdaq which yesterday closed at a record high today giving up a little bit of that. Down about nine just below 5,100. One featured market were following closely today, natural gas sinking like a stone around 10 30 when inventory reports came out showing a bigger build than anticipated. But it is not just this weekend. You can see today alone, natural gas is down 4. 5 . Just in the last month or six weeks. That commodity is down sharply. Wouldnt it be nice if that was gasoline prices that were coming down that much . You never know. We have seen it happen before bill. It wasnt that long ago. The good old days. On our Closing Bell Exchange this thursday Heather Hughes from sun america funds, rob more gone and our own rick santelli. Heather hughes where are you seeing opportunity right now . Clearly volatility is back in this market just this week. Does it present an opportunity for you folks or what are you doing right now . Yeah youre right. It definitely could. I mean i know the banks are getting hammered with excess regulations, fines and so forth. But if as we do see a rising rate environment, even if rates are rising very slowly that will fair better for it the banks Going Forward as of course it would increase their profitability profitability. Moab is looking at banks right now for the potential for upside in all the scrutiny theyre under and constant News Headlines regarding fifa doddfrank, et cetera. But as rates rise theyve underperformed the markets last year so as markets rates rise they may outperform other sectors and indices. We already saw that on rbcs results. Thats a harbinger for a lot of the big u. S. Banks here as well. Rob, what about the point about rates rising . What happens if there a he no rate hike until next year or what happens if we see a 25 or 50 basis point increase and thats it . Well i would tend to think that even if we push off the rate hike until next year were still going to be baking in the expectations of that. I think it is going to continue to cause the dollar to nudge up and building a little bit on what heather said, thats kind of my big theme right now. Investing more in small caps versus large cap multinationals that get hit with the rising dollar. Really underweighting a number of the u. S. Investors investing overseas. But i do like stocks in general and my favorite sectors are cyclical sector. Couple cyclical sectors, technology and consumer discretionary. Even if the rate hike has pushed off, i think we will continue to see this gradual nudging up and rates in the market. A weaker dollar would also help the banks, of course. And we havent seen that trend play out just yet. But eventually we had the cpi data last week and inflation looks like we might get an uptick here in the u. S. But again, it is all relative so on a global scale, our dollars very strong on a relative basis. Rick do you see that stream continuing soon from the dollar or do we have to wait for liftoff from the Federal Reserve first . I think there was a period when the liftoff was believed, and that was the underpinnings and reason why the dollar was improving. But i think what were seeing of late and i draw exhibit a, the dollar yen i think it is now more about other economies and other currencies being a bit more proactive. Yesterday, we were talking about why so much drama with the Federal Reserve. I offered the notion it is from within. So you have one person saying next year one person saying watch the data janet yellen not talking about Realtime Data and basically still promising were really serious about this. So the drama does continue. But i think were in idly mode. Everything im seeing in the market place, you can explain it any way you want certainly seems though nobodys anticipating anything aggressive in the foreseeable future. And interest ratsz, my rates, my opinion, reflecting that. The dollar yen in china is the rates buyers are paying most attention to. Rick what happens if they raise rates only once or only twice and were only talking about 0. 5 at the end of the day . I think the idea of normalization is going to be bumpy. We all know that. But i do think youve hit on a very important point. That this is just a little bump for a variety of reasons and i dont really think it is going to make that much difference. I think seven years after the crisis. The real issue is if were where we should be at 1. 5 . Would we be lowering . I would think the answer is no. So there is a lot to reconcile here. No. When else in history have we raised rates just one time though . Usually when they start, i know the consensus is as you said kelly, 25 basis points increase maybe throw out a trial balloon and maybe see what happens with the markets. Maybe theyre watching the markets, maybe we shouldnt be. And is that do you really think that they would then if the armageddon situation plays out and the markets drop dramatically would they then pull back again . You think of qe4 or would they just stop at one rate hike . Nowhere else in history have we ever raised rates just one time. Thats a great point heather. Thats what makes it so interesting. If conditions only really warrant doing it a little bit or a couple of times, the impact that would have relative to the stair step were used to in the past. I think rick hass the point there. Were in idling mode right now, everybody just waiting for that first shoe to drop or to rise as the case may be. But well see what happens when in fact it does happen. Thank you all. See you three later. Meanwhile, weve talked a lot about the rally in the chinese stock market lately. Chinas stock market opens in about six hours after getting crushed last flight. Shanghai index was down more than 6 . To put that in perspective, a 6 move on the dow would be about 1,000 points. Big, big number last night in shanghai. Guys 6. 5 certainly gets your attention but the context is key here. The market the chinese stock market, up 43 . So far this year. And up 140 over the last 12 months. That plunge overnight came on the back of a sevenday winning streak. Few factors being discussed as the trigger for what we saw. Number one brokers tightening margin trading it requirements. The central bank continuing to drain liquidity. And theres also talk in the markets of a state Investment Fund selling shares in big banks. But the real question here is is china in a bubble meaning has the market run so far ahead of itself and ahead of reality, which is actually a slowing, growing inging chinese economy slower growing chinese economy. Bubble or not, last time chinese stocks plummeted like this they bounced right back. Same goes for the china etf. In fact a number cruncher found that over the last decade every time the chinese etf dropped more than 3 in a day, investors would be richly rewarded over the next 90 and 120 days talking returns of as much as 30 if they stayed patient. So guys the lesson may be here to buy the dip if you follow history. Obviously if it is in a bubble it cant go on like that forever. Your results may vary too, by the way. Individual results. Thanks, sara. The Chinese Market has been quite volatile lately. Something fast money brought up with Dennis Gartman just last week. I would not buy klein herechina here. Not with the shanghai up from 2,000 to 4,000 in the course of six months. But i think this is kind of a circumstance that will send people to the sidelines, let prices go lower from here let prices go down 10 , 15 , 20 on the shanghai index. Tlen illthen ill be interested. Is dennis buying now . Dennis, is this enough to get you involved . Not yet. But certainly it has my interest. My interest is obvious piqued on this sort of correction. I think youve got another 3 4 , 5 on the most to the downside. The trend is clearly from the lower left to the upper right. I think president xi has really done a great job with the economy over there. Hes making sure that this economy changes from one thats export driven to one thats consumer driven. I think theyre doing all of the right things. The only problem that i have is their military adventureism thats taking place in the South China Sea which is also i think one of the reasons why i had a correction overnight. But giver prices another 3 4 5 to the downside, take me closer to the upward sloping trend line and ill be a buyer. I think things are changing in china for the better not the worse. But it still has to go down just a tad more. We had a bull and a bear on china the other day. The bull, whether he was in denial or not, said you cant fight the fed in china. The Chinese Government in this particular case. As long as they are still doing things to try and foster growth there and move chinese shares higher, why would you want to sell this market . You wouldnt, bill. You would not want to sell the market. Im sorry. A lot of smart people have tried to sell the market. Everybody wants to call it a bubble. I think this is just a change in the psychology after having a bit of a bull market move this is a very healthy correction. I dont think you want to sell it at all. I think the chinese officials are doing all of the right things. Some of my good friends will take me to task for this. Very sophisticated people will say that that is naive. But i think really changes are taking place. I think president xi really is doing all the right things of attacking corruption as he should be doing, and the monetary authorities are still going to be expansionary theyre still going to push reserves into the system. The trend is from the lower left to the upper right. Dont fight the fed. Dont fight the peoples bank of china. If it keeps going, dennis well have you back. Dennis gartman, for now thanks very much. Appreciate it. Thanks. 45 minutes to go until the close. The dow is down about 41 points. S p giving up 2 1 2. The nasdaq is down about ten. Weve seen unusually heavy volume in the final hour of trade lately. The pros will explain why it is. It turns out it is so crucial to pays tension to the last hour of trade. Thats coming up. Also the ceos of wells fargo, royal bank of canada and td bank are all speaking with us exclusively. Lots of territory to cover. The crazy markets. The housing recovery. Or lack thereof and jpmorgans potential layoffs. Digital wallets. Something royal bank of canada is very much into. Here come the gopro drones. The Ceo Nick Woodman talking about the action cameramakers pipeline. We have the cool cool latest developments on that coming up. And find out if gopro is a stock you need to own. It is popping today, up 7 but still well below those 52. Week highs and it is heavily shorted. A stock brawl after the break. Verizon say neversettle. Tmobile agrees. Never settle for verizons overpriced gimmicks. Try the uncarrier riskfree for 14 days youll love it, or well pay for you to go back. Female announcer through sunday its posturepedic vs. Beautyrest with up to 400 off. Serta icomfort and tempurpedic go headtohead with three years interestfree financing. Mattress price wars ends sunday at sleep train. Your ticket to a better nights sleep welcome back. The ceos of twitter and gopro headlining the conference in california. Josh . Bill today the talk was about the ceo of twitter. He was on stage with kara swisher. We know hes been the subject of criticism, even speculation about whether hell stay on the job. Swisher asked him very bluptly lyly lylybluptly. Youll be there at the end of the year . I have to focus on my job and what i have ahead of me. I dont worry about am i going to be working here on this date or that date. I focus on my job. You feel youre in sync with the board . Well i dont feel like im in with my board. I know im in sync with my board. The bord and i communicate very regularly. One of the things i probably do is overcommunicate with them and were thoroughly in sync. Now besides costolo, the biggest news had to come from the gopro ceo mick whitnick whitman. He introduced two products. One is the gopro drone. A red hot market. Analysts think that drone could generate nearly half a billion dollars in revenue. Also introducing this new sixcamera spherical array. Allowing users to shoot footage for virtual reality. It could set stage for new partnerships between gopro and all those tech titans involved in virtual reality, from facebook to google. Gopro not yet announcing the price of those two products. Guys, back to you. You wonder how long dick costolo will keep answering that question. Are you going to be there at the ends of the month. Are you going to be there at the end of the year. I guess josh couldnt want to answer that question either. Im sorry, bill. I didnt know that was directed at me. She certainly pressed him on that point. It caught up with him a couple times but he stuck to his guns and said listen he believes in the strategy theyve laid out. He believes in order to get wall street on word theyre going to come around to that recognizing the breadth of that platform right now focusing on that strategy and focused on remaining very much in sync with this board. Josh lipton there in california, thanks. Only marissa myer has to answer that question more often at this point. Should investors be getting on board with gopro, and now their drones . Love this story. Joining us Brian Hamilton from stage works. Hes bullish. Jason rodman whos bearish. Welcome to you both. Do you think the drone business will be as big for gopro as nick whitman is saying . I dont know to be honest. This company compared to when it went public they were three times trailing sales then. Theyre five times trailing sales now. Theyve got products. Theyve got cash flow. Theyre buying new things. Theyre selling internationally. I still like the company. Jason, why dont you like it . Well listen. Let me count the ways. I guess i could start with first of all, gopro is not a bad company, clearly. But to keep this short and to the point, there is a company out of china called dji innovations. Heres an interest region gaktfact. Gopro has a 7 million market cap. There are gopro is a baby in the drone world. A baby. Dji innovations, 10 billion private valuation. They sell a fanphantom 3 quad copter which is onethird of the price of gopros. Gopro is a great company. However, i still believe they are a baby in this new space, that dji is going to crush them. Is this a zero sum game . Well no of course not. Of course not. I think the overall trend in sales over the next several years in these drones is clearly going to be higher. However, thats not even necessarily good for go pro because right now the major factor in go pros growth has been their high margins. I think as the competition gets more stiff, their margins are going to have to come down. It is just not good for gopro. Jason, staying on this theme about them getting into the drone space. Bills point is an important one. Were in a nascent stage here. This is probably going to grow quite a bit and goprotechnology, the cameras, are always involved in the dji drones. If theyre just going to get more involved in it, isnt that ultimately going to be better for their Sales Outlook than if they just stuck to the cameras . Better for the Sales Outlook . Probably. However, an interesting counterpoint is that the most recent phantom 3 from dji comes with its own camera. So i think dji is extraordinarily competitive. The ceo is crazy competitive. And hes known for squashing prices and squashing competition. So again, djis dangerous. Jason, i guess thats my point. At some level, if gopro is at any risk of dji, the biggest player in the space elbowing their technology out of it all together, arent they making exactly the right move by trying to punch back and try to get in by developing their own drone in this case . I dont really see that. I think theyre devoteing too many resources to a space in which theyre not too proficient. Brian you had some audio problems. I guess youre back. Im back. Jason, jason, jason. Look. It might be true lets say that what you say is correct, that they dont make it in that market. I give the guy credit for going out and trying new things. This is the problem with the ipo market. We keep getting distracted. This company grew 54 so far this year over last year. Theyre profitable. They have cash flow. Take some chances. If you bomb in the drone plashth, i dont wantn the drone market, i dont want to say so what but Tech Companies need to try Different Things and while theyre doing it theyre still generating cash. So Many Companies are out there in this realm that are not making money. Lets go for those easy targets. This is definitely not one of them in my mind. The last word is that thats a very weak argument. In my humble opinion, the stock does not deserve to be up 7 on trying new things and taking chances. No. They should be on cash. On cash brian, since the ipo, this has been an incredibly volatile stock. Its been both a big winner and a big loser. So market cant decide which way it wants to go on this one. Yeah. So we have to look at whats actually happened in the company. Bill, you are exactly right. But remember the stock has doubled since its ipo debut. Again, the company is doing what it needs to do. Lets go after easier targets. They are growing revenue. They are going international. Thats a really big and very important point. I give them credit for taking advances. Theyve got to do that. Letsthanks for joining us today. Heading to the close with, we got 37 minutes left in the trading session. The dow down 47 points. Transports have been a big part of this day as well. Been testing support and a lot of triggers on the floor here have been watching the dow transportation average for some guidance today as well. Transports year to date are down 9 while the nasdaq is up about the same am