tv Power Lunch CNBC August 2, 2013 1:00pm-2:01pm EDT
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was recovering a lot of its losses. if you buy it, i'll sell it. >> what's the bottom line? >> so i'm stretching. >> hello. i bought more. >> now we're out of time. >> "power lunch," meantime, starts right now. >> "halftime" is over. "power lunch" and the second half of the trading day starts right now. >> so are the economic and market landscapes becoming more confusing than ever? some would say yes, bad is good. strong data doesn't stick. makes markets go up, other times go down, the fed, the taper, consumer confidence, where do we really stand in this economy and what does it mean for the markets? >> a lot of questions, and we aim to give you answers this hour, and dude, you're getting a dell decision, well, sort of, almost. the board has agreed to a new
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offer from michael dell but the question is will shareholders agree when that vote is taken, now schedule not from today but for a month or so from now and escaping the group. a now "power lunch" production profiling men and women who have had it with their day snobs. they are instead finding ways to to cash in big time. a great story, ty. can't wait to sayre that. >> let's look at the back of the not so super jobs report and what it's going to the market. dow jones industrial average off about 17 points, s&p 500 down a fraction trying to edge towards the unchanged level. nasdaq positive and the russell 2000 down just a fraction. the gold market last i checked turned mildly positive. brent crude trading down half a
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percent and the yield is 2.62% but the yield has been all over the map. let's explore the benchmark tenure. lots of ups and downs, traders committing and taking it back and recommitting. let's see what will happen over the weekend starting with bob pasini right on the chart. >> it's amazing. >> we were 2.75 yesterday so if you're trading that it's -- it has been a frenetic week. >> and i think a lot of people got caught because the whisper number on the non-farm payroll was 200,000 and above and i'm surprised the market is holding up so well. take a look at dow jones industrial average. if it wasn't from chevron being down we'd be well into positive territory. big disappointments in the oil names. refiners, problems with the refiners, refining capacities in the last couple of earnings
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reports, so all the refiners are to the down side. big oil is disappointed simply because there's been refining problems and royal dutch and exxon and chevron and bp have all missed and missed notably in the last couple of days. semiconductors, downgraded the whole sector to neutral. and not just pc demand. they say high end smartphone sales may slow down so some of the big chip names, downgraded broadcom and everybody's favorite qualcomm on the upside and finally, sue, you'll notice, the vix is collapsing here. >> right. >> down 12, the lowest -- >> almost 7%. >> march was essentially a six-year low so we're sitting right near the bottom. >> makes me a little nervous. >> the value of that vix is not so great anymore. >> i know, that's what i'm saying. i don't think it's reflecting what the market is really
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feeling so that's a whole other discussion. let's talk about the weaker jobs report that pushed the stocks lower. is the economy being overrated? are investors expecting too much and james bullard, st. louis fed president, said the committee needs to see more data on macro economic performance for the second half of 2013 before making a judgment on the taper. let's bring in kenny polcari along with tyler, and in washington bill rogers joins us again, a professor from rutgers and former economist at the labor department. welcome to you all. kenny, i'll start with you. i want to take off on mr. bullard because that's really the newest new peg to the market. >> goes right to the point. he's right. need to see more data. as much as we continue to think it's starting to turn and in some points it's starting to turn but this was a big number and big miss. the whisper number was plus
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200,000 so plus 160,000 is not the worst thing in the world but not the number the fed needs so once again it pushes that whole september conversation back which is why you said the market is not collapsing a little bit more because people are once again security ben is not going anywhere. >> fed chief is here to stay. >> i'd like to git get professor rogers into the conversation here and lay out a hypothesis and that is the economy is roughly stuck in the monday. as i look at the jobs numbers this morning i see sort of two economies, one that is -- that is thriving reasonably well and another that are having to take part-time jobs, low-paying jobs in retail and food service and a lot of people dropping out of the labor market and in and economy where you have so much of our shared prosperity depending on all consumers having money to spend, this doesn't feel like what we're seeing. what do you think? >> i agree with you.
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the way i've been describing this economy or recovery since february 2010 when we began to have private sector job growth it's a pothole recovery, if you have education and the strong networks and live in the right communities you can prosper and do well in this kombu if you're in a community where you're seeing large suits in education and training and other social investments and jobs aren't growing you're hitting the pothole and also we're stuck in the mud. like a 5050-mile-per-hour economy. a little bit of rev up that we might continue to accelerate but clearly that's -- that wasn't the decision this month. >> there's a lot of talk from guests that we have on that say the economy is fundamentally changed, that the jobs market has fundamentally changed, that
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we're not going to see a large number of the jobs that were lost ever come back and we need to get used to a higher rate of unemployment bows those who are not skilled are not get jobs in what's eventually, you know, a changed economy. think about that for a second as we go to a market plash. >> we're watching illinois toolworks. we have a nice intraday pop. giving more back to its shareholders, declares a dividend of 42 cents per share. >> the board also authorizing a $6 billion share repurchasing program and you can see the move in the stack. itw up about 20% this year. >> i'm going back to the professor because you got an extra 30 seconds to think about that but what do you make of that hypothesis?
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>> i think it's interesting. we've been into 20, 30 years of the structural change where, you know, technology and globalization have basically -- they rewrote the rules of how we work, where we work and with whom we work and we've had the recession where i think, you know, players had really ramped up and pulled back and now waiting for the consumers, 70% of the income to take off again to where they are willing to raise hours of employees and also instead of hiring temp workers andport time people and move them back to full-time, but you are right. i do a lot of work with the free landers union out of new york and their membership, the fastest growing union that there's a structural shift and we're seeing more and more people into this economy. >> does it mean we need to
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reright the social contract, workers used to share in the growth but in the last 20, 30 years, that is broken. getting productivity growth but not wage growth and that's part of the resentment out there. what do we do about that? >> to answer your question. >> sequestration and hitting the budgets with a big hammer in across ott board cuts, that was wrong-headed. the national council on non-profits, they have canvassed and surveyed the 50 states and looked at sequestration, and one of the programs that's taken the biggest hit is head start and nobel economists in chicago have found and done research and showed, that you know, amazing economic returns. head start is a program that
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provides early childhood development for low minority children. have cuts, lower jobs, and you'll lower productivity in the final and the final of the other piece is it centers around institution, public policy and even the federal reserve said fiscal policy is contributing to some of the slack in the economy, that, yes, we can have rages growing but we need the federal government and public policy to help al gate those rages. >> thanks very much. professor, kenny, bob and sue. we'll see you in a couple of minutes and when it comes to jobs. one key sector we're watching is defense. >> in a year it's up about 53%, but what about the jobs in that sector? half. on pearson with more live in washington? >> you have to go inside the
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numbers but we're starting to see concrete xemples of the sequester impacting private sector jobs. non-auto transportation equipment manufacturing, which includes aerospace and ship building, was down 7,000 jobs last month. now, remember, private employers don't have the luxury of furloughing workers. we've been in contact with defense contracts who have had contracts cancelled and had to lay off highly skilled workers and risk losing them to competitors and part of their revival strategy also includes hiring more part-time workers to control health care costs. >> starting to see the imprint of both obama care and the sequester. the people moving from full-time employment to part-time for furloughs are really picking up right now, all kinds of anecdotes in the contractors to the defense try. >> economists and analysts who track defense-sensitive try bay
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beginning in the spring we started to see a slowdown in job growth while the rest of the economy was in fact trending upward. tyler? >> thanks very much. let's go to the story that keeps on giving. dell's stock up today after the board approved a better offer from michael dell and his partners silver lake. the stock is up 5.5% over the last week but is it really now a done deal? josh lipton watching it all from the market desk. >> an agreement has been reached with the buyout group led by ceo mike dell to purchase the company for 1375 per share, the group tacking on a one-time shareholder payout of 13 cents per share which michael dell is personally purchasing.
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we are pleased to have won another battle in the dell war, said carl icahn, but the battle itself is over. more to follow, says mr. icahn. shareholders were scheduled to vote this morning on a lower offer to buy the company for 1,365 per share and now shareholders who only stock as of august 13th will be eligible to vote at a september 12th special meeting on the new deal. >> brinkler international bigger on the week and the gains came own though the company missed on revenues. >> if there's no deal in about
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three and a half house, cbs and showtime may be turned off to the millions of people who subscribe to twc, time warner cable, and the bear so many people are talking about today. see what this i go's been up to when "power lunch" rolls on. these are smart animals there. golden opportunity sales event and choose from one of five lexus hybrids that's right for you, including the lexus es and ct hybrids. ♪ this is the pursuit of perfection. [ male announcer ] come to the golden opportunity sales event
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green. its customers in 36 markets were blocked by raycom media from accessing various local television channels. this is all over a dispute in transmission fees and dish accounts for a full 15% of raycom's viewers. dish stock is up 22% for the year and raycom is privately held and the cable space is moving on some takeover talk. we begin with reports that charter communications ant privately held cox communications have held merger talks. that's moving charter to the upside by better than 4% today. time warner has been losing ground on the perception that it will be left out. previous reports had liberty media, which has a 27% stake in charter, interested in merger. >> speaking of cable, problems of its own, time warner and cbs
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still facing a following. >> reporter: 3 million subscribers in new york, los angeles and dallas could lose access to cbs and showtime. now, cbs shares have shot higher since its earnings report on wednesday. during the earnings call ceo les moonves defended the company's position saying, quote, we think he who has the most eyeballs should get paid the most saying, quote, there are hundreds of channels but most people are watching 10 to 15 of those and we're one of those. in many homes we're number one. on time warner's cable call, the incoming ceo rob marcus shot back saying we're very focused
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on assuring we obtain reasonable pricing for the programming our customers value so that we can ensure that they can pay reasonable prices for our video services. now while cbs wants to be compensated for its ratings, time warner cable is afraid that passing along higher prices would send subscribers running and higher prices hurt time warner cable's results this past quarter so, sue, if there's a blackout nobody wins and the block is tick. >> it sure, is julia. thank you. hot ipo to tell but today. control4 shares up almost 23%. this helps turn your humble home into a smart home. are you turning your home into hackers? control4's ceo joins us and if a piece tur was found liable for defrauding investors. what this big win for the s.e.c. may mean for hedge fund titan steve cohen and then there's this guy, the bear.
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otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ welcome back to "power lunch." i'm josh lipton. we were just talking with carl icahn on twitter giving his views on dell. now mr. icahn is out with a more full statement. let me read it to you. mr. icahn saying in every war there are many battles. we are pleased to have won yet another battle, but the war regarding dell is far from over.
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through its actions today mr. icahn is saying the special committee has finally acknowledged publicly what we've been saying all along, that michael dell's value substant l substantially undervalues the company. mr. dell's previous characterization of his offer as best and final was neither. however, icahn saying we are not satisfied. the annual meeting will be held on the same date and time and record date for both meetings. tyler, back to you. >> so the war indeed does go back on. josh lipton, thanks very much. the bulls have been in charge on wall street and.
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lock at that stuff. he can sit down for a table of two and sit mrs. bear down. this is a very enterprising bear. home startup control4 began trading on nasdaq under the ticker symbol ctrl. 64 million raised, offering 4 million shares and pricing at a mid-range of $16 per share. the company makes software which connects lights, door locks, video cameras, security systems, and right now you can see the stock is up 23, almost 24%, 1982. first on cnbc from the nasdaq is control4's ceo martin plane. welcome and good to have you with us and congratulations on your debut. a very exciting day for you, i'm sure. >> thank you, tyler. it's a very full day for the control4 team. we're excited about the big opportunity that we have to bring the connected home to tens
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of thousands of consumers throughout the world. >> what do you use the money for? >> we're the leader at bringing the operating system of the home to the market. we are continuing to invest in our platform and our distribution. we see a big opportunity ahead and improving our products, expanding our product line and expanding our distribution channel are all priorities. >> are most of your products in newly constructed homes and if so at what price point do the products usually sell? >> well, our business today is largely existing homes for existing families. we do have about 30% of our business that is driven by new homes, and they range from custom homes of mid-range to very high value, and we're also seeing national and regional builders building homes that are for middle class mainstream couples and families in which they are putting control4
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equipment into them. >> some people, you know, love these systems. i imagine many more of us will find them as part of our futures as we -- we try to become more energy efficient and want to operate our devices off of one central control and maybe by our cell phones, but there are some individuals who are worried about security, that hackers could actually break into the codes that operate these systems in the home and come into your home and cause mischief or steal things. how do you answer that? >> well, security and privacy are very high priorities for the control4 team, and we publish best practices. we have a secure service so that consumers can access their homes via a very secure mechanism. we're constantly looking out to make sure that our customers have been safe with this experience. >> congratulations again on the ipo today and continued good fortune to you. >> thank you very much. >> you're very welcome. some dovish remarks from the
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st. louis fed president james bullard about the tapering and economy. steve liesman has some details. hi, steve. >> tyler, the first fed guy out of the box since the meeting to give remarks, and he's suggesting the fed needs a little more data before it starts tapering. i wanted to read you the quote from his comments, quote, the committee needs to see more data on macro economic performance for the second half and before making a judgment on this matter, the matter being tapering so no immediate action. james bullard urging caution based on policy action based on forecasts rather than what the data is saying right now. many factors are slowing the u.s. economy, and he says he had been too optimistic in the past and so a little reluctant to be too optimistic now.
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tyler? >> let's go down to the nyse. sue is down there talking to traders. but let me ask you a question, steve. does the data that came out today suggest that the fed may not start tapering until later in the year? there have been all kinds of talk it would be september. what's your thinking now or the thinking you're hearing from your sources? >> i don't believe it was definitive either way. there was hope threat be plus 200 or minus 900. i peel like it's in the netterworld. you have the declining unemployment rate that gets the fed closer but relatively weak job growth and the internals were not encouraging, wage growth and the hours per workweek was not terrific. >> sue? >> i'd like to pose the same question to you that i did to the professor that we had on earlier and that is we've seen a lot of changes in the economy
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since 2008. companies are doing more with less and the job structure seems to have changed. people working one or two jobs instead of one better job, you know, with benefits. are we looking at a fundamentally changed economy and does that mean we might never get back to those better employment numbers? i hope that's not true. >> i don't think that's the case, sue. first of all, recessions tend to accelerate trends and i think we're at a trend of more efficient companies, companies doing more with less, so i think the recession accelerated that. we cannot know, and it would be an amazing amount of hubris to suggest that you know what the jobs will be in the future. it would be like being in the 19th century and saying at the end there's no more horse and buggy business. we're in a very particular time, sue, where we don't understand
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the impact of productivity on job growth. we used to think it created jobs but it might not. >> having such a minimal impact and some have said the halt in the rise in the rates is why markets aren't rising more rapidly. i think we need more data points for august until people think there's an economic slowdown going on and most of the traders i talked to say the data is getting incrementally better. what do you think? >> if you put that chart back up, that 160 to 260 move, that's 100 basis points, and that's telling me the bottom market is priced in with some movement pretty soon by the fed so i'm saying 2.70 the taper is on. show me 2.25 and i'll show you a
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attorney-year that's priced out to taper in december. >> good place to leave it. thanks, everybody. appreciate it. >> all right. to the gold market right now. prices are closing and bertha coombs is tracking the action at the nasdaq. >> gold is closing pretty much flat and did back up around $1,300 overnight low and the jobs report being weak and while fund get back into gold. gold's etf is at a four-year low in terms of holding. the commodity of the week is copper. we've got the good pmi numbers out of china. china now with its first weekly gain in four weeks. back to you. >> what a wild, wild week it has been in the bond market. rick santelli tracking the action at the cme. ricky, over to you. >> wild is okay sometimes, sue, because the market is trying to handicap what's going on in the economy. many could argue that the
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market's been taken over, but today you would have never known it. we get a weak report and yields moved out. makes perfect sense, whether you look at the intraday or open it up to about mid-june, the key is still the same technically. remember, a couple of points. the lump side of that chart, the one high, a 261 yield close. right where we're at, a key technical area. on the bigger picture. well, the bigger picture, still up on the weekly close last week. the dollar index moved down and rates moved down. that makes sense and if you look at the technicals and the dollar index, still rather spongy, especially under 81.50. tyler, back to you. >> actually, rick, i'll i'll take it so much. the case against s.a.c. capital may hinge to some extent on richard lee who was hired by s.a.c. after being fired from a new job at credit dell.
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pet peter lattman joins us now to tell us more. >> he's had a significant impact, sue. what happened here was not so much what he did at s.a.c. but before s.a.c. at citadel on his first day on the job running a trading desk he went into the accounting system and mismarked his book and improved his p & l by about $4.5 million. they caught him and fired him the next morning. what's interesting about that. a year later he was hired by s.a.c. capital management. he was employees by a sit sell employee that cook was the a bad
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game. the "now" know that steve cohen will be liable for the charges brought by the government against him so that will strengthen the government's case against him. >> it's interesting. every bank is still trading with s.a.c. capital, very much? business. it's a solid trading partner even though it's operating under indictment and yesterday the ceo made an announcement and this came on the same day that fabrice tourre was found guilty of stealing from investors. >> peter, a great article. really enjoyed reading it. thanks for joining us today. >> ty, up to you. >> the u.s. on high alerts. a slew of u.s. embassies will be shut this weekend because of terror threats. a new and pretty scary warning to any american, any american
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traveling anywhere abroad but especially in the middle east. and a huge volcanic eruption happening right now. look at those pictures. more incredible images next. a quarter million tweeters musicare tweeting.eamed. and 900 million dollars are changing hands online. that's why the internet needs a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this ...is going to be big. it's time to build a better enterprise. together. that's not much, you think. except it's 2% every year. go to e-trade and find out how much our advice and guidance costs. spoiler alert: it's low. it's guidance on your terms, not ours. e-trade. less for us. more for you.
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welcome back to "power lunch." i'm josh limiton. we are watching the did i injuriesified manufacturer now near session lows. reports disappointing quarterly profits and also cuts the top end of its four-year earnings outlook, talking about slower market growth and eden down more than 6% right now. tyler, back to you. >> josh, thank you very much. eruption in mexico, the volcano, 40 miles south of mexico city spewing ash, gas and steam and scientists monitoring the volcano and calling this an eruption of moderate intensity. hate to see one of large intensity. volcano has been active for 500,000 years and here she goes again. sue? >> wow, amazing video, ty. >> we're following a developing story. the state department issuing a worldwide travel warning for u.s. citizens, namely concerning travel to the middle east and
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north africa. this as the state department shuts u.s. embassies in middle east countries due town specified threats. a report now from cairo with the very latest on this story. good evening, yousef >> reporter: worldwide travel alert coming on the back of concerns that attacks would intensify and possibly some attacks in the month of august. again, that comes on the back of the closure, the decision to close several u.s. embassies. in fact most embassies this part of the world on sunday. there's still a working day but not shower we know how long the threat will last.
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the state department said they should initiate preliminary steps as a precautionch the worldwide travel alert expires on august 31st and you can see a flurry of activity from the u.s. state department and there's a question of whether there would be any disparities in the way they deal with this from country to country, and, remember, that these u.s. embassies are very heavily fortified, be it in riyadh, bahrain or here in cairo. of course, investors will have a very cool sign on this, the region as a whole, very important oil producers and oil exporter as well, and perhaps keep in mind that sunday is president obama's birthday and also we have the event of the inauguration of the iranian president. those are some events we'll watch out for and, of course, protests continue here in cairo. >> a lot of cross currents this that part of the world. thank you very much. local governments gone while.
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you won't believe some of the words on the list and a good old-fashioned debate on the floor. and while many americans can't wait to return, it's seems like the rest have to sided to stop working. >> this is actually not about the money but something else. we'll tell you what it is that keeps the wealthy working coming up after the break. including the es and rx. ♪ this is the pursuit of perfection. ♪ (announcer) scottrade knows our and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help.
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rumor, but we are here to tell you that is not true. from sources cnbc has learned icahn does nat in fact share stock of hewlett-packard. >> coming up on "street signs." >> thanks very much. after stock is up, housing up and is it fingto smell like 2006 all over sfwen? >> the millennials, they love to switch jobs, and we'll tell you just how much those changes are costing your company, and the hottest smartphone maker in the world right now is not apple or google or motorola, it's not nokia. we'll you what it is. >> democracy at work in taiwan this, morning a debate on a
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referendum to build a new power plant went haywire. there you see them duking, water, there's the water. they are argue the now. one said thailand is prone to earthquakes and building a new plant could be dangerous and the other said eneed the choice. >> the wealthy say they want to keep going, why? >> we're hearing all the time americans can't akois they can't afford to. >> nearly a f-- 15% of the top earners say they never plan on retire but most of those earners
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less than 100,000 and they plan to retire before 65. why aren't the rich retiring? after all they are the group that can afford to stop working, but most of these top earners are entrepreneurs. they are more likely than any other group to credit hard work for the success and they like to take risk. as entrepreneurs, however, their life is their company and their company is their life. to them it's really not work. it's fun, what they love to do. >> let's think of john malone trying to shake up the cable industry at 72 and steve wynn overseeing his giant casino at 71. nobody at braurs the 0 is the new 60. >> rupert mur do, all of them up in years. they don't have much life beyond the company. the great part is they lost company so much which is great for jobs and the economy. >> robert, have a great weekend. >> thank you. >> robert frank, great
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reporting. >> sue, down to you. >> speaking of jobs, if you're job hunting while at work you're not alone and soon you may not be able to say a lot of things in seattle. plus -- >> from lawyer to legos, how a man who could not read another legal document took a big risk next on "power lunch." the premiere of "escaping the cube," stories of professionals who left the cubicle behind.
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well, if you hate your job, you're probably not alone. what are you doing about it? answers in a new "power lunch" production, "escaping the cube." >> i had to go up to the 42nd floor in the corner office and tell the partner i work for that i'm leaving the practice to go play with toys. hi. i'm nathan, and i'm a lego brick artist.
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♪ but i used to be a lawyer. i was doing corporate law, m & a and securities, very exciting stuff. i was working on billion dollar deals. these were huge transactions which to some very exciting, but i wasn't -- i wasn't fulfilled, and i needed something else, so i started creating, you know, little sculptures here and there at night while i was still working as an attorney. >> i'm outlining this one for actual bricks. i put a website together that had really got attention around the world from random folks who enjoyed lego art, and that's what led to people actually paying me to create artwork out of legos. when my website crashed from too many hits i realized it's time to make a change. i worked in the metlife building and i had to go up to the 42nd floor in the corner office and tell the partner i worked for that i'm leaving the practice to
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go play with toys. >> it really was a result of making the transition in my life. i had a lot of people who were telling me no, you're crazy. you're making a mistake and it frustrated me. it was a bit liberating and also a bit scary because i was going from a six-figure salary to a lifestyle that i didn't really know how it was going to work. would i be able to pay rent? i let my legal license expire so that it would be kind of a kick in the pants to make sure i gave all my effort to this new endeavor. it's surreal at times when i see people lining up at the door to get into the exhibition. >> the way he creates three dimensionality with lego is mind-blowing. >> the whole goal in what i've done is really pushing where a lego can go. where else can we take lego? now i'm experiencing with photography and these days financially i'm doing better than when i was a lawyer so it was the right decision.
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>> fantastic story. president clinton, andre agassi and donald trump have all had lego sculptures made for them, and some of these works of lego do go for six figures. ty, i'm going to pay real good attention to when my son daniel plays with his legos whether or not we can train him to do that. >> good idea. power rundown, jane wells is on board and in seattle allison lynn who wrote an article called "job hunting at work, you're not alone." you wrote that more and more people are looking for jobs while they are employed on company time. >> yeah. >> i guess can you look at this two ways. one, it's really rude and a faux pas, and the other is people feel more confident about their job prospects. >> exactly. more jobs out there and more people are saying i've been here five years, maybe they haven't had a raise, natural more people
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will start looking around when the job market gets better. >> jane wells seems to be taking a call there. i want to send my resume to the lego artist guy. kidding, okay. here's the deal. when are you supposed to look for a job? the hr department, and by the way, ty, when is the new boss looking to find your replacement, after hours, no, i don't think so. >> >> interesting thing. i guess a lot of people look for jobs in their time at work. let's move on to another one. the united states post office wants to deliver booze. the cash-strapped agency thinks it would make up to $50 million a year on such a service if it weren't illegal. jane 1234or? >> finally a reason -- finally a reason to have the mail -- the post all service what. took so long? fedex delivers booze. i get my wine club stuff from them. at 90% of what i have in the mailbox, i throw away. the only things i kept this week were a couple of bills that haven't gone papererless and my
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drink coupons from southwest. deliver booze and it will help all of us. >> why not, allison? >> you know, i feel like they are losing billions of dollars a year, all this competition, amazon, fedex, who doesn't want a little wine delivered to their doorstep. on a friday afternoon like today i wouldn't mind it. >> mailman, ding dong. seattle trying to ban some potentially offensive word, an internal memo suggests that government workers should no longer use words in your town like citizen or brown bag. they have come up with some alternatives. >> unbelievable. >> resident and in lieu of brown bag lunch and learn or perhaps a fact lunch. penmanship is a no-no and hand writing a yes-yes word. freshman. what is going on, man? >> what? >> this is why people make fun of us here in seattle and it is sad. i do think they are probably coming from the right place, but, you know, it's too pc, and i think a lot of hr people would
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tell you don't put out an edict like this, your employees will grumble and everybody else will make fun of you so it's, you know, one of those things that went too fire. >> speechless in seattle. i blame hr departments for this. here's how ridiculous it is. i've come up my own ideas, instead of profits, we should say words on a piece -- a number on a peeves paper. instead of ceo, job creator, but so make it eight hour a day pastime or passion, and stinlly steven cohen, a lot of people find him offensive so i'm going to call him an awesome party thrower instead. he's an awesome party thrower and his company has been indi indicted. >> folks, thanks very much. have a great weekend. >> what a week it's been for stocks. the dow all-time highs, the s&p 500 all-time highs, above 1700 for the first time ever and nasdaq some 13-year highs. key earnings next week.
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above the two-year 7% mark at various times, not only in the week but during particular trading days. like now the ten-year is at 2.61%. lots of earnings next week in the media sector, disney, time warner, 20th century fox, dish media. rest up, ty, going to be a busy week. >> that does it for this edition of "power lunch." see you when you get back here. >> "street signs" begins now: >> another trading week nearly in the books, another week where stocks move higher. retail investors piling in. housing and car sales are hot, and there's even talk of mansion shortages. this is dangerously looking like 2006 all over again. a huge week for social media. facebook and linkedin soaring and buzzfeed's ceo on why and what may be next and why all the 20-somethings at your office may be costing yourpa
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