as you can see, we have a full percent move in the dollar/yen today and interest rates are holding steady. >> and look at the ten-year which has come off the highs of last week off about 228 i believe and thereabouts, about 15/100. >> that's all today for "power lunch." >> a special edition of "street signs" now. and welcome to the special edition of "street signs." brian and mandy are off today. you know what happens when the cat's away. throughout the next hour we'll have an all-star panel of cnbc's finest lined up for you with kelly evans on the global markets beat. robert frank will talk high net worth and influence, josh lipton is all over stocks, money and investing and kayla tauschy is our wall street insider. so we tried to be different today. we weren't going to begin with the markets, but how could you not? stocks are on fire. the nasdaq is now positive for june once again. take a look at this. gains of more than 1% across the

board. josh lipton, is there a reason for this rally or only excuses? >> it's big. look at the blue chips that are up. triple digits right there so a big day to start a big week. three headlines to touch on. the japanese stock market which is just making headlines for all the wrong reason, right, and you saw a rally there that had the reports and had reports that the doj would increte crease its reit purchases and subcomponents weren't as compelling and the ahb, ripped the highest level since 2006. lennar, itb, and the backdrop is bernanke and the fed and fomc and i bet that bernanke will ease some of the concerns we've been hearing about near term. >> when he speaks on wednesday. >> that's right. >> people are already saying who is sick of talking about bernanke already and it's monday? still two days to go or years.

>> years. >> it's the same story over and over and over. >> you have to give some credit to the bulls who all year have been secret service agent first half of the year -- the market will be moved by the fed and the second half by fundamentals and you have, you know, the two-pronged approach. you have the home builder sentiment which was the highest since i believe 2006, but you also have this expectation of what bernanke will say on wednesday so perhaps it's going to be the fundamentals that keep us riding out the rest of the year. >> housing is hot, right? >> fundamentals in his world. >> just a whole lot of money. >> yeah. housing is just so hospital we talked last week about the mansion shortage. we're going to look this week at what's happening with the big auctions in london, so, again, whether the wealthy still have confidence in these volatile markets, what's happening globally to buy millions and millions of dollars. >> art auctions? >> big, big art auctions in london. spring season here in new york. in london it's this week and next week there's a monet that will fetch maybe $40 million. >> wow. >> believe it or not, markets

and confidence really affect these collectibles market so i think -- >> today is a good day for it. >> all most same. >> like asset prices. >> exactly. >> we were talking about this a little bit this morning and the extent to which we've seen. everyone talking about how we don't have inflation and asset prices are increasing again, the staple story we saw last go round, is it not? >> a big development in the nsa leak scandal. eamon javers following the late forest our washington newsroom. eamon, big story today. this guy keeps talking. >> you know, toys incredible. he said he doesn't want to be the center of the attention here. >> and yet he is. >> wants the attention on the revelations, and yet he is holding a live q&a with "the guardian" newspaper watched in realtime by millions of people around the world and i would guess every intelligence agency around the world also at the same time. he talked about a whole wide range of things. let me bring in a couple of key points from edward snowden's live chat just this morning. mentioned the name dick cheney. cheney called snowden a traitor.

snowden's response says being called a traitor by dick cheney is the highest honor you can give an american and the more panicked talk from him, dianne feinstein and peter king, the better off we all are. snowden had a word or two for the technology companies pointing out some similarities in their response to all this. here's what he said. their denials went through several revisions as it became more and more clear they were misleading and included identical specific language across companies, and then finally on his own next steps and where he goes from here, snowden with kind of a dramatic note here saying all i can say right now is the u.s. government is not going to be able to cover this up by jailing or murdering me. truth is coming, and it cannot be stopped, so, guys, clearly edward snowden suggesting here that more revelations are to come in all of this. he also, by the way, brought up the possibility here that he himself is a chinese spy. he didn't necessarily deny that he was a chinese spy, but he said if he was one, wouldn't he

have gone straight to beijing and in his words now be petting a phoenix? so that's what you have from edward snowden today and a lot to parse through here and companies, technology aficionados around the world and intelligence agents around the world are going through the transcript with a fine-toothed comb. >> another thing he brought up, snowden raised the question why didn't the companies commit civil disobedience, what would have happened if they said no, so powerful they could have told the government no, and what could they have done, shut them down, no? >> this goes back to that "frontline" documentary talking about routing the internet through room whatever it was in san francisco. was there actually a yes or no option for them or was this more a rerouting of internet traffic generally. that's what i don't understand. >> over the course of the last few days we've seen specific responses by these companies but interesting how detailed facebook got in detailing the multiple thousands of requested. as long as ale, microsoft and

facebook has specifically long been complying with local law enforcement agencies that there's a missing child, if there's a suspect in a murder. they have been looking that the person's facebook account and how can you comply with local law enforcement and tell the federal government, no, we're not going to comply with you. >> the serious criticism is if you think the law is one that is unjust and not right, then you should try to break, it right? we have a history of civil disobedience in our country. >> look at what google and yahoo! went through in china. google said we're not going to play by your rules so we'll exit. i think the u.s. is obviously a different market than china for google. >> sure. >> so i think they had stronger incentives. look around the world and say you refused to play by their rulesand did you accept it here in the united states. >> that's what's so interesting about stoweden's decision. >> eamon, go ahead. >> the question is whether companies should be picking and choosing which american laws to follow and not follow. >> right. >> you raised the question of whether or not there are laws here you think that are fundamentally unjust.

companies think a lot of laws are fundamentally unjust. they don't like the tax rate or a lot of things about what u.s. regulators tell them that they have to do. do we want to have a system in which companies pick and choose the things that they disagree with and which laws they are going to follow and not follow? the companies suggest we don't have a choice here. we have to follow american law. >> another interesting point that he made is this whole debate of americans saying, look, i'm willing to give up some of this meta data for the safety of not being attacked by terrorists and addressed this in the q & a that say bathtub falls and police officers kill more americans than terrorism but we've been asked to sacrifice our most sacred right for giving this up. >> raises the question of the risk-reward. is it worth getting all of this data for what we've achieved? >> i'd be interested to hear from eamon whether you saw any polls throughout the weekend that showed that americans really -- getting back to facebook. i haven't seen any polls, any reason to think that shareholders think differently than the american people.

i don't see an outcry. >> it's a different issue. it's an issue about financial performance in facebook's trying to maximize what they are doing for the sake of shareholders. the extent to which your privacy is being interfered with by forces beyond your knowledge. >> facebook back to eamon's point, facebook's responsibility in the sweeps week we don't like this law so we'll disobey it. >> the companies could have chosen to make a stand if they wanted to do. >> that's the question snowden raised ultimately, should they have drawn a line in the sand? >> does this cause any harm? the first question, why would you expose this program if what the nsa is true and it's caused great harm, that persons of interest have been encrypted their e-mails. >> he said i did not reveal any

information against legitimate targets. he wanted to expose the program writ large but not necessarily any specific data. >> another big story this hour. federal agents raiding nearly a dozen 7-elevens on long island as part of an investigation into human snuggling. andrea day has more on that story. andrea? >> reporter: yeah, michelle, talking about dozens of illegal immigrants forced to work at all the 7-elevens you were just talking about and even more than that, forced to pay their bosses big dollars for represent the, sometimes living in deplorable conditions. here's the u.s. attorney, loretta lynch. >> i'm here today with our law enforcement partners to announce result of the largest criminal immigrant employment investigation conducted to date as well as the largest criminal immigration forfeiture so far in history. we are announcing the indictment of nine individuals in two separate indictments on charges of conspiracy to commit wire fraud, identity theft, harboring

and concealing illegal aliens. >> all right. this was no small scheme. lynch saying the 7-eleven owners made more than $182 million during that period. here's how it all worked. the owners allegedly employed more than 50 illegal immigrants, used stolen identities from kids and even covered up payroll. workers were paid only small amounts even after some of them worked more than 100 hours a week but it didn't stop there. the workers were forced to pay rent and living in boarding homes. check out what you're seeing on your screen. early this mornings federal agents raided 14 7-eleven stores all over long island and arrested eight men and one woman, now facing serious charges including identity theft. here's more from the same press conference. >> these nine defendants created a modern day plantation system with themselves as overseers with the immigrant workers as subjects, living in their

version of a company town. >> however, the franchise owners seized upon this and repeatedly and without remorse exploited the very employees who toiled for long hours to make their franchises profitable. these employees were also forced to enter into agreements, as i mentioned, with the franchise owner to be harbored for rent in residences owned by the defendants and were paid for only a fraction of the hours that they actually worked. >> all right, and i just spoke with a representative from 7-eleven. for its part the only thing they say is they are cooperating full we this investigation from the start, and this investigation is still going on. they are checking into 7-elevens in other states to see if they are still involved with the same scheme. i'll send it right back to you. >> thank you so much, andrea. what does this say about the state of the american economy when we're talking about this story? >> one of the things that hasn't come out, the analogy of having a modern day plantation scheme. the perpetrators were pakistani

and filipino and the victims were pakistani and filipino, that's number one, so it's very interesting intracultural thing going on, and also i think there's -- this sort of speaks the whole problem of immigrat n immigration. these are people who we have haphazard immigration system, there are people here that the black market sort of takes care of and handles rather than -- >> or abuses. >> or allows people a path to citizenship. >> more clarity less likely to be abuse. >> i'm unclear about the role of fear versus choice. you're saying that the people who were perpetrating themselves were the pakistanis and filipinos. >> correct. >> what does that tell us about the scheme? who started it, what's the chicken and what's the egg here? >> my guess is they had some program with relatives and friends back in the philippines and pakistan saying come work for my uncle, and it seemed like they know so and so and they would come and all of a sudden they take your passport or not

passport. >> just like a company town, paying rent, handing over -- >> i guess what i'm saying that's a very different thing than saying 7-eleven was going out and recruiting. >> sure. >> i don't think anybody suggests that. >> but way the story is portrayed, it seems to be 7-eleven. >> i don't think it's that clear to. kelley's point. reportedly the parent company is in charge of the store payrolls. >> they were mislead. they were getting data from these dead people and -- >> from the stories i've read, the "new york times" saying there weren't even internal controls so some social security numbers were being used more than once. that's a failure, if true. >> i can't wrap my head around the $182 million. schemes much more sophisticated than this that are much smaller. >> maybe like a cocaine bust where they quote you the street value rather than the wholesale. >> we're just getting started on this special edition of "street signs." a mega deal in hollywood and did vladamir putin really steal bob

kraft's super bowl ring? first though a big story developing out of middle east. msnbc's thomas roberts has been digging in. thomas, what's coming up? >> reporter: well, that is a great question about that super bowl ring and vladamir putin is the subject of a lot of breaking news this afternoon, especially concerning the private meeting he's having with the president right now concerning syria. putin backs bashar al assad. the president now saying he'll send weapons to the opposition. we'll break down that meeting, and what else is going on at the g-8 summit in northern ireland? ♪

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welcome back to this special edition of "street signs." let kick it over to msnbc's thomas roberts for a look at what's making headlines at this hour. thomas? >> reporter: hi, michelle, following breaking news for the last 45 minute. we got word that president obama has been meeting behind closed doors with president vladamir putin in northern ireland right now. both leaders there to attend the g-8 summit. this is their first face-to-face meeting in over a year. the last one, you may recall, was in mexico. the descriptions that came out of that meeting was that it was awkward, and it was a little bit tense, so now you can only imagine here we are a year later, and both men have the hot topic of syria on the table and how to deal with the civil war that's taking place within that country. bashar al assad is the leader of syria and has the backing of russian president vladamir

putin. president obama and his administration just last week made the decision that they will be arming the opposition right now, and basically what that means, according to the "new york times," that small arms and ammunition, possibly anti-tank weapons, will be sent over to syria and the opposition but not any anti-aircraft weapons. that is a big deal because that really doesn't -- that makes them more, you know, a david against a goliath, the weaponry that syria has been getting from russia, but it remains to be seep exactly what will come out of this meaning we do know both sides have been willing to work and arrange a syrian peace conference, but michelle, both men when they come out of this meeting are expected to give statement, we don't know if awkward and tense will be the first two things that come out of their mouths. >> i bet we'll know by the body language. don't move. if we were a fly on the wall in that room, what do you think is being said? >> obama better check for his watch when he leaves, make sure he still has t.seriously, what's interesting to me is this already harkens back to the cold

war when russia and the united states were fighting over proxy countries. then it was about capitalism and communism, and now what is it about, so much more complex, and yet here we are back against russia fueling a proxy war, and i don't think americans or russians really quite understand why and why so much is at stake. >> from what i can tell from russia their only position is what could come later could be worse. that's about their only defense in this entire situation. you want to get rid of assad and then what? >> what happened to the reset, the u.s.-russia reset. this even goes back. i can't even remember the case recently earlier in the year, was it hacking or something, working with the russians and all this talk about -- >> it would be the second reset. >> bush looking into the eyes of putin. >> seeing his soul. >> seeing his soul. are we foolish to believe that there i.c.e.'s any truth to any of that, or has it been to your point a real strained relationship coming down to critical middle east and geopolitical issues? >> and i think, look, i think russia has become, you know,

widely known in the authoritarian state. putin has imposed his will. >> how wealthy is putin? >> there are some who say he's wealthy. there are those who would deny he was more wealth than his salary is. >> billions. >> putin has been practicing his english. do you think he's using his english? >> now that he's divorced i'm sure it will come in handy for a number of things. is this affecting the markets at all? >> the thing that would come in handy is i didn't steal the ring. the u.n. has come out very forcefully about the numbers, the humanitarian crisis, that no one can say doesn't exist in syria right now. 93,000 have been killed since the conflict began in 2011, and the biggest -- the biggest deal is, guys, and you all have heard this language about the red line being crossed with any type of, you know, weapons, such as gas, sarin gas being used against the

people of syria, and the administration came out last week to say that 100 to 150 people had been killed because of a nerve gas that was -- >> thomas, you're so right to highlight the enormity of the situation, just how serious it is. the impact for the whole region, josh, that's why i'm so surprised, except for the oil market, we see almost no reaction. >> i think what's interesting, maybe thomas can address this, is that the reasons you get involved i think are explained, thomas, you have a red line crossed. chemical weapons used against civilians, 90,000 dead, but a lot of americans might question thomas, you know, what the end game is. you want assad out? what exactly -- >> this is sunni and shia, right, sews once we get involved in the civil war between sunni and shia, what do we then gain? that's really the issue and you make it about something else. as soon as we go in we make it about something much bigger than what it really is, sunni and

sheenia. >> long-term consequences, short sighted to send weapons and now two years after this conflict has begun to send weapons in or are some people considering it too little too late and i think there's a very cautious approach by the president. >> what obligation do we have once we go? >> in terms of the mission it could be as simple as preventing civilian deaths. >> and then what? >> and then we're in. there's no halfway in the pool on this case. >> the greatest hope would be a peaceful transition of bashar al assad out of power, and you're right, then what? who comes in next. >> looking like a pipe dream though. >> and what does it mean under their type of leadership? it is great that vladamir putin certainly has a direct access to bashar al assad and the president is in front of vladamir putin as we speak so that they can talk about what really is at stake here. though vladamir putin does not accept the evidence of the west. >> no. >> saying that the people have been -- have been killed by the

use of chemical weapons at the hands of bashar al assad. he doesn't believe it, so until he can cross over to believe that there is that problem that exists with bashar al assad, i think the president is up against a rock and a hard place. >> i'm not sure he's a man who wants to be convinced. thomas, thanks so much. >> absolutely. >> just ahead on essigns, the real story about all the ring talk, plus a blockbuster blowout this weekend as "man of steel" proves to be made of teflon. we'll be right back. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪

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price of oil is lower, even thought the markets are higher. can you see it's at session lows. talked about whether or not it was moving higher because the situation in the middle east. but right now it's pulling back intrasession here. you guys see this big story in the gm suv recall. gm is recalling 221,000 more suvs because of a fire risk. this is an expapgs that gm did back in august. the car-maker has received 60 reports of vehicle fires related to the issues. no serious injuries in relation to the incident.

that brings the number of recalled vehicles to 440,000. most of those made in america. >> this was an especially scary recall. some recalls are saying if you drive at high speeds, they could catch fire. >> someone like your seat belt might fray. >> you could be sitting in a car and it's not even on and it's catching fire. >> which would be a cool move stunt except then they advise if they have one of these cars and you can't turn it back in. don't park it in your garage. park it outside. >> don't want to catch your house on fire. it's terrifying, absolutely terrifying, but just the sheer number, 440,000. >> biggest car recall ever was ford between 1970 and 1980, cars and trucks of all various models unable to be put into park. >> oh, problem. >> and they had to recall 21

million vehicles. >> do these things really matter. toyota's massive recall came at the worst possible time. they still haven't fully recovered from. it looking at gm's share price, town 0.9%, they are still up. people still like the story about getting back to their ipo level and the general improvement in auto demand. >> the general public understands that as technology advances things happen and, of course, you don't want the car lighting on fire in the grj at night but stuff happens. >> stuff happens. >> a garage implosion. >> stuff happens, consumers, sorry. >> you're right. we have -- >> it has been a while. >> we are immune to them. food recalls and medicine recalls. they have become so common. >> how different -- compare the u.s. with china. what's so interesting is we have confidence that regulators -- in china, certain foods they

completely avoid. still go to hong kong to buy milk powder because of what happened a couple years ago. here we're so trusting that people pran people practically don't care. >> stock price? >> you don't see investors reacting at all, flat on the day and up 20%. >> falling along with the price of oil which is counterintuitive. all right. >> the story this morning, the fact that it's now down, a big about-face. >> coming up next on "street signs," is america losing its entrepreneurial mojo? robert frank's been digging in on a big red flag for u.s. innovation, and we're all over this market. the dow is sitting solidly in the green. we'll go around the horn and get everyone's take on today's rally when essigns returns. [ male announcer ] when gloria and her financial advisor made a retirement plan, they considered all her assets, even those held elsewhere, giving her the confidence to pursue all her goals. when you want a financial advisor who sees the whole picture, turn to us. wells fargo advisors.

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about the 0 minute left in the trading seg. markets are off the highs. fed likely to signal tapering movement that's the headline on the ft right now, and traders krooigt that, talking to kelly evans and people on the set about why the market is off the highs. let's go off and get everyone's take on this. the battle of the headlines. >> maybe i'm excited about the

fed after all. got a little bit of uncertainty. if i can generally oversimplify, the point being, look, if there's still going to be a somewhat hawkish message tomorrow, i do not think that's currently priced in. >> talking to some traders about the move in the financials and they were saying the tape was pretty much the opposite in the morning with the broader market saying the fed was likely to signal continued easing. why didn't you have the banks up and why didn't you have a lot of the more cyclical names? instead it was the brokerages and exchanges and that was real just a short squeeze so the financials market wasn't giving signals. that's what was expected. >> look at intraday slide here. once again it's very clear. beholden to how many sugar they will inject. >> listen, you talk to traders and investors, and they will say aside from this article, you want to see what they do with the growth forecast, right, and you piece that aport and take it apart and make sense of where they go with the qe, maintain or

got their high gut forecast, qe changes direction and if you take it down doesn't even happen in q-4. >> michelle, you say we're beholden to the fed. i think it's worse than that. journalists put out a headline to interpret the fed and it's so fundamentally unhealthy for this market to disregard earnings and disregard what's happening in housing and the economy, and i'm not saying these things justify the market highs but the market moves on what are journalist blogs or what a headline puts out. not saying they are wrong. >> what if it's a plant? what if it's a plant? >> they hope it is a direct line to the fed. >> you never know who the journalists call or what they are really hearing or whether a blog post or article and how to read it and whether there's anything there. >> officials believing that the market was misinterpreting how soon they would actually be willing -- >> that wasn't even a big story for john. it's a blog post. >> to that point and who they are talking to, there's so much communication at this point,

bullard one day, plosser the other, taper on, taper off? >> some call it the federal open mouth committee and this is more reflective of the broader environment we're in. this is the fundamental argument all over again. are we at a point where the economy is strong enough not to care about the fed, and the answer this week is no. >> and also it reflects whether or not there owes division in the fed inters of the open mouth committee. >> right. >> vladamir putin, patriots owner bob kraft and a super bowl ring are big buzz again today. first though let's get to bill griffith with what's coming up on the "closing bell." bill? >> easy for you to say, michelle. coming up, we'll discuss what investors are all talking about this week, what in the world is person bernanke going to say that will keep this rally going? and also, one of our guests says its stocks are heading lower regardless of what the fed does later this week. the ultra bearish group coming up and eurasia group saying

we've not fixed the causes of the last financial crisis and it could end up sparking a new one. all that and the happy news coming your way at top of the hour at post nine of the new york stock exchange. maria and i look forward to seeing you then on "closing bell." meantime, more "street signs" coming your way after this. man: how did i get here? dumb luck? or good decisions? ones i've made. ones we've all made. about marriage. children. money. about tomorrow. here's to good decisions. who matters most to you says the most about you. at massmutual we're owned by our policyowners, and they matter most to us. ready to plan for your family's future? we'll help you get there.

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robert frank has been digging in on a big story about entrepreneurs who some think get their money for nothing and work for free. >> oh, they work. they work. so there's a really interesting work out from barclay's today that looked at how wealth in the world is changing and becoming more entrepreneurial, and it's also moving to developing market so they looked at what percentage of the millionaires in the world make their money from being entrepreneurs and how many make it from saving and investing. turns out the u.s., which we think is leading the entrepreneurial world, actually lags far behind. this is a little bit troubling. let's take a look at the numbers. the united states, 21% of our millionaires made their money

from selling a business or from profits from that business. that's versus 68% in south africa, 58% in latin america and 57% in asia-pacific, so we're less than half of the number will millionaires. >> how much -- >> now, let me finish. >> yeah, yeah, yeah. >> two schools of thought. one school is that this is basically the wealth cycle, right. >> yes. >> wealth in these countries is newer. >> it's catching up. >> so they don't have many years of saved income. >> right. >> don't have many years of investment so naturally a higher percentage would be entrepreneurs. but the other -- it does dovetail with other research that shows despite the fact that we like to think that wealth in america is entrepreneurial and the recession created all these entrepreneurs, actually we're at a five-year low for the number of entrepreneurs and new business creation, and the number of jobs created from new companies is actually lagging, too, so i think you put all that together and there is an argument for saying like where is our moj sno what happened to the great country? >> what was the jobs act

supposed to do is create jobs in entrepreneurial spaces? >> no way they would price or give funding to ipos and make it easier for more small businesses to be created. >> and then you ask, well, what is holding us back. we have great technology and still some of those creative minds. >> too much regulation. >> that's it. >> when you were speaking there, thinking about if you look at the nfib small business optimism, a survey of the small businessmen and women, what's their number one complaint, red tape, regulation and taxes so your question makes me -- have lawmakers created the conditions where that kind of business can really thrive? >> here's the rebuttal to that because it's a narrative a lot of people promote. some with -- because they say that's what's happening and they can't real get the capital, blah, blah, others because there's a political objective behind it. the other argument is the recovery has been so weak the economy fundamentally is not strong enough. there's not demand out there and this is something going back for a couple of years now, we've seen. a lot of business groups will

come out and say it's regulation, about but if you really press them there's a sense that there's not enough demand. >> and banks haven't been lending to small businesses. they have been buying treasuries and holding their money and not lending to businesses that would grow and hire. >> to your point, looked at numbers. actually been falling since 2010, so when the economy was worse, we were actually creating more new businesses than we are today, so that issue >> or was that because the balance of wealth and the stock market all of a sudden came crashing down and then what everyone had left was basically theiricity and their startup which was private. >> when you look at the wealth cycle, a lot of the countries are for the first time liberalizing their economies, and i'm talking in terms of economic speak, not in terms of political speak, but suddenly they have unshackled these economies by getting rid of a lot of labor laws and stuff that made it much harder sews it's logical and wonderful. >> that is to say this is america's downside. i agree. >> this is about everybody else

coming up. >> upside. >> and i think that's right. >> there's an asterix and this, if latt town, the middle east, all of this is happening because the entrepreneurs are securing assets for themselves because they can and because they have got some buddies in government or whatever. >> exactly. >> not the kind of healthy. >> our definition of an entrepreneur is different from china. >> are you seeing different policy prescriptions in different parts of the world. >> right. >> that make it more likely. >> does this dovetail into the immigration debate? are some of those people otherwise creating businesses in the u.s. going to their home country. >> exactly. >> coming up next, big news out of hollywood, e news coming here to talk about what's hot in hollywood. ken, what's on your radar? >> everyone is talking about the big deal between netflix and dreamworks and whether or not that's a good thing for the consumers and "man of steel" had a big weekend at the box office.

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all right. netflix has struck its largest original content deal with dreamworks animation providing more than 300 hours of programming based on popular dreamworks characters from the likes of ""shrek"" and "kung fu panda" and e news correspondent here with the breaky news, ken baker. ken? >> it's a major deal. sending shock waves through the industry and i'll tell you why that is. this deal will allow netflix to stream 300 hours, that's a minimum, of original programming from dreamworks animation starting next year, and it's a win for net. ics -- for netflix because they are trying to compete with cable networks with similar kinds of programming. it's a big win for netflix. a huge debut with "arrested development" that was very well received and that was just the

beginning. this is really seeing the beginning of internet television really coming to fruition. everybody has been talking about it for a long time. a major deal. if you don't have contempt, you don't have a lot of people coming. the other thing is this. this is also a good thing for -- for dreamworks because mostly they have been focusing on two movies a year and if one busts, then they are in a real difficult time financially. this is going to provide some content in between movies to keep their characters and content out there. it's a win dash win for both entities. >> any scuttlebutt on how much netflix paid because what's dogged the stock forever is how much they would have to pay for content, and their costs have been rights year after year after year. it used to costing in to get stuff, and now it's getting more expenseive. >> building "house of cards," the big question from investors, we don't know how successful this is going to be but in the meantime you spend a ton of money on it. >> and how do you know what the return is on this? any scuttlebutt on what they

paid, or is it impossible to know? >> not right now. the important thing to remember is this is really where consumers seem to be going. young people in particular aren't doing appointment viewing on cable television anymore. sitting in front of the computers and use the streaming devices watching netflix, younger programming, a lot of animated characters, and it makes sense. if it's not the platform for distribution in the present 100%, it is for sure in the future where it's going, and for that reason i think that people think that this is a really smart move. >> ken, the last time we are reed hastings, the ceo of netflix on cnbc he was asked about his ambitions and content. he said i idolized hbo both on the hardline and hbo go. is that what netflix is becoming? >> that's what it feels like. >> feels like they want to become an hbo. >> they want to be high end. want to have original content that is cool, that is compelling and that is going to attract an audience that's enthusiastic about the product, and in that

sense they are like hbo. but in terms of just the distribution platform, look, amazon is in the space. hulu. we saw microsoft with xbox studios starting to try to get into this. so it's a hot space and definitely where consumers are gravitating. >> speaking definitely where consumers are grav gravitating. >> speaking of hot. let's talk about "man of steel." it did great. >> it did great numbers. almost 120 million domestically, 200 million nationally. it made all its money back for the budget in the first weekend. it was critically well received, and i think it's definitely time to announce that superman, whether or not it's in the title or not, is definitely back. this is really interesting because this is just going to further embolden and solidify studi studios' mentality that they need to focus on major

blockbuster tent pole advertisers, and they're going to continue to be marginalized in this space and they can continue making money on this. >> they could have made 0 dollars at the box office and still had 160 million from the ads. >> there's accounting and there's hollywood accounting. the hollywood accounting from this weekend started thursday at 7:00 p.m. i don't know about you, but my weekends do not start at thursday at 7:00 p.m. and end monday morning. i wish they did. but i think, again, okay, it had a record weekend. it had a great weekend no matter how you slice it, but to say we had a record weekend, if you start on thursday, now the hollywood studios will start them on wednesday and tuesday. suddenly a week will count as a weekend. >> the price of going to see these movies is going up, and we know attendance itself is down this year. ken, i don't know if you want to comment on the way this has been knocking around hollywood at all, but they were talking about a hollywood implosion the first

time one of these movies doesn't work. >> and 25 and $50 tickets. it kind of goes back to dreamworks where they say they have the movie "turbo" coming out next month. if they all generally start showing that return, forget about it. >> if people want to pay $50 to go to the movie, let them pay it. >> the studios are highly leveraged with these big blockbuster movies. they have over $200 million sunk into them. yes, they do have to work, but they figured out a formula with these franchises. >> it's not that the blockbusters can, it's the same franchise over and over. how many times has superman been remade? >> but it's what goldman sachs learned a long time ago. if we build enough of a france chi -- franchise, the actors will become more disposable.

the franchise carried it, and i think that's what hollywood has realized. >> world war z, number 2 or 5, at that point, i'm sure we'll be doing great. >> the wonderful things to look forward to. >> if we had a new superman movie every weekend, would it actually do $100 million every weekend? i bet it would. >> every weekend? >> the point is the novelty. that's all it is. it's a new version of the same story. >> spiderman, et cetera. >> i don't know that people would go every single weekend to see -- >> who went this past weekend? we're hearing about "world war z." that's the next big test, isn't it, to see whether it will fail or not? >> brad pitt has been hopscotching the globe promoting it, doing surprise screenings all over the world. the reason why? they're worried. the reviews have not been roundly positive. they've been tepid at best, and

i think this is something they could lose money on and it's a very big budget movie. they're banking on the fact that people are into zombies and will go out and see it, but this is a high risk movie for them. >> but i would see a brad pitt movie any time. >> thanks, ken, it was great having you on. i love having somebody from e-news. we do have to go back to the markets, though, because we're losing steam here. dow industrials are now only higher by 48 points, well off the highs. 15,118. >> we're at 216 now. >> the fed is going to say later on this week that the tapering may start. coming up, to russia with love. lots of love. [ male announcer ] we've been conditioned

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your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. ♪ i fell into a burning ring of fire ♪ ♪ i went down, down, down >> that's a song to highlight the craziest story of the day. hanging with bob craft, telling a story from 2005. he was at the waldorf the other night and he said he showed vladimir putin his superbowl ring, and vladimir putin said, oh, i could kill somebody with this. put it in his pocket and walked

away. >> and the handler said, i think it would be in the interest of u.s. soviet relations if you just said it was a gift. >> which he did. and a lot of people think that russia is a kleptocracy that starts at the top. so this ring is actually displayed in the kremlin library along with other gifts that putin has received. so i was looking at what else is in the kremlin library. it turns out rembrandt's "storm on the sea of galilee" was given to him in boston. and then millions of dollars in jewelry that was donated by the cannes film festival this summer. that is in light braethe librar. amazing what you can find these days in the kremlin library. >> and now bob craft and vladimir putin have something in common.

>> they're both bachelors, so ladies of the world. >> is bob officially single again? he had a fox of a girlfriend for a while. >> she was twice his height and half his weight, right? i think they're still together, though. >> they're together for love. >> sure. he has a great personality. we have him on the air all the time for that very reason. he's great. the markets, we have to talk about the markets. we're talking lows of the session right now. >> this has been the taper talk, that they've been cutting back on the qe going back to march 2009. we seemed to get away from that. there was a great deal of optimism among traders and investors that maybe ben bernanke was actually going to leave some of the concern about imminent tapering and now we have heads dropping. >> that was the pattern before sort of the end of last week, is that we would see the selloff picking up during the day, remember? that was that first friday when

we got down 200 points? it's absolutely the thing to watch. >> and don't miss the ten-year yield as well, which is also climbing at this hour, as you might expect. thanks so much for watching this special edition of "street signs." we hope you had fun because we did, too. "closing bell" is coming up next. don't miss it. hi, everybody, we're into the final stretch on a volatile day. welcome to the "closing bell." we're quicking losing altitude on this outcome. >> first of all, the rallies seem to be everybody is expecting ben bernanke to say something dovish about tapering this week, but about an hour ago, the financial times came out with an article saying he was more likely to talk more positively about tapering starting sooner rather than later, and the dow has fallen