you're long. >> downtown josh brown, tell us your final trade. >> i like bank of new york mellon. it's going higher. >> that does it for us today. don't forget to catch more "fast money" tonight at 5:00 p.m. 5:00 p.m. "power lunch" begins right now. "halftime is over." "power lunch" starts right now. >> the second half is right now, ladies and yes nen. markets trying to break a four-day losing streak. the focus turns to the emerging market. stocks there have been tanking. currencies falling sharply. is bad news overseas potentially good news for stocks here? let's take you through the retail detail, folks. best buy knocks it out of the park with its earnings. jcpenney shares surging despite a wider loss. is best buy's turnaround for real? we're going to take a look at how and whether it really is. and can jcpenney learn from it? and while many americans struggle in this economy, our

millionaire lawmakers in congress are getting even richer. an you guess who the richest member of congress is? think about it. we'll tell you later this hour. sue is off today. simon hobbs is in at the new york stock exchange. hi, simon. >> hi, tyler. we've broken the four-day losing streak. it may be low volumes or summer action. we'll take a gain of 54 points on the dow. retailers are a clear focus. best buy is up. urban outfitters which trades on the has tanasdaq is helping to that higher. the reits are doing well today. a lot of focus is overseas. with the emerging markets, stocks there taking a beating and the currency selling off sharply because of the concerns of fed tapering and where that will run the currencies and trades. let's bring in bob and ken. director of o'neal securities and cnbc market analysts. before we get into the emerging markets, you were worried last night we lost the 50 day moving average on the s&p. by regained that. >> we're hitting our head right

on it. it's acting as resistance right now. it was supporting the way down. it's going to be resistance on the way up. we haven't folk poked through i gone through it with decisi decisivenedecisiv decisiveness. we're in the 1625 range. >> the range has gotten lower, as a result of the losses we had for 9 of 11 sessions. >> the day is still wruyoung. it's only 1:00. the market could end in a different place. >> the u.s. looks like a -- look at the crummy gain. .6% on the s&p 500. you know this is the best day for the s&p since august 1st, believe it or not? that's how rotten the month of august has been. >> what does that say? >> it doesn't say a lot. pointing out, suddenly now we look more attractive. europe closed rather -- >> we've been able to weather it for the moment. >> this could be a dead cat bounce off this move we've had over the last five, six days with the market down, down,

down. we could be bouncing, hitting our head here and trying to -- >> sunny disposition. we have to leave it there, unfortunately. take it -- let's drill down exactly on those emerging markets and bring in michelle caruso-cabrera who has more detail. michelle? >> go ahead. hello. >> tossed beautifully to you. there's nothing more i could say, michelle, to set it up for you on the emerging market. >> wouldn't you love to see the indonesian charts right now? >> i've been waiting all morning for this. >> we're going to roll through a couple of emerging markets. this are almost frontier markets, some of them. you're going to see them sharply declining over the last couple days for fears of rising interest rates. this is bombay, for example. why on earth if the u.s. federal reserve, it's changing monetary policy with the united states, to overseas markets sell off? they're setting policy for us, not for them, right? the bottom line, tyler, i know you know this, when our interest rates rise, guess what, everybody else's has to as well

because we're still considered the best credit risk in the world despite hemming and hawing about the deficit, et cetera, et cetera, still we're the best credit risk out there. >> though we're not aaa anymore. >> big deal. when our interest rates go up 1%, everybody else's has to go up as well. what happens when interest rates rise in a country? it restricts credit, et cetera, es. you see emerging markets sell off. take a look at the chart of the u.s. dollar versus the indian currency. the u.s. dollar getting much, much stronger. the indian currency getting much, much weaker. when you start to worry about an emerging market selling off and you're a hedge fund, you start selling your assets. when you sell the assets, what do they give you in india? r rupees. you go to the local bank and -- >> you can buy a tata. >> you can't -- you go to your local bank in india and need dollars. everybody and their mother is doing that, right? it's the tsunami of the local currency approaching the banks,

india, indonesia, all these. they start to see their currency sell off. we have to worry about whether or not there's systemic risk caused by this in other parts of the world like in the late '90s. unlikely. things are different now. back then, currencies were fixed so when deevaluations happened, they were overnight, bam, and -- exa exactly. now we can see movement overtime. >> you have to hand it to you. she tells a good story. let's check out how some of those popular ways of trading emerging markets etfs are. >> hi, simon. we're seeing a slight rebound in some of the emerging market etfs. keep in mind these exchange-traded funds which are a popular financial instrument used by investors who wan to get exposure to international stocks are vastly underperforming global markets this year, and over the last month india has become the biggest loser as the one top emerging market deals with a slowing growth rate and

weakening currency michelle just highlighted. now there's fear if the fed scales back on monetary support and raises interest rate, investors will take money out of high-yielding bonds in india. the other big worry is the indian rupee which continues to depreciate against the dollar overnight hitting an all-time low. in order for india to comeback, analysts say the government needs to implement policies that promote economic reform, though experts say this might be too little, too late, and there might be a certain level of hesitancy from india's prime minister since the general election is fastly approaching, so there's a fear of shaking things up too much at this point. >> i'll take it, seema. emerging market fears. what does it mean for the u.s.? is your money better off now in the u.s. dee spite the tapering everybody figures is around the bend? more than $200 billion worth of investment advise from northern trust chief investment officer. we'll have that for you a little bit later. meanwhile, two retail companies, one that is in trouble and one that was.

but isn't. out with earnings. jcpenney reporting a loss of $1.16, wider than expected but not as wide as some had feared. wider than expected but not as wide as some had feared. best buy, given up for dead last year and is now at a two-year high in the stock market, look at that. continuing its turnaround. 32 cents a share profit in the second quarter, and the second quarter is not usually their best quarter, folks. easily beating street forecasts. courtney reagan who talked with best buy's ceo is here with more. mr. jolie has done a very pretty job, hasn't he? >> that's true. isn't that fun to say? well, so much for that retail blood bat bloodbath. wasn't quite so bad. the retailers in the midst of turnarounds reporting results today. jcpenney, the bad, jcpenney missing on earnings, revenue, same-store sales plus poor consumer reaction to the home department. that was hugely cash intensive and big drag on the comps.

good, improving sales each month of the quarter in store and online. encouraging back to school sales. better cash levels than some analysts expected. commentary that supplier relationships are, quote, strong. the interesting. jcpenney restaging the home department now by category based on poor consumer response to those shops. and bringing back its tiered loyalty program and private brand inventory. best buy turning out a strong quarterly report thanks to cost cutting. slightly stronger than expected sales. online sales up 10.5%. the retailer revamps stores and invests in price programs. i talked to the ceo on the phone and he said he worries less about measuring the temperature of the consumer and focuses on providing competitive offers and services. he told me the transformation, quote, a journey and what keeps me up at night is being able to continue on our progress and ratio.

defining what to do is not that hard, it's doing it that's the hard part. >> absolutely. making it happen. that's where the rubber meets the road. courtney, thank you very much. >> thank you. let's continue the conversation on j krrcpenney an best buy. is this a turnaround for best buy? is there real hope for jcpenney or is it destined to be an also ran or maybe even worse? mary ebner is with retail il analytics. mary, let me start with you. take them both in turn. what has -- courtney gave us some idea. what, from where you set has best buy and huebert jolie done so far? >> they paralleled the genius bar that apple has and have the great information bar and have their geeks who are willing to help and can step up the service there as well. they've also done some nice shops and done good partnerships within the stores. they actually look very good for back to school. the challenge is going to be doing more with these exclusive partnerships so they help launch

with the respective brands and staying ahead of all the digital technology. so that's the first one. >> all right. let's turn to jcpenney. what do they keep doing wrong and what do they need to do right? >> so what they need to do right is similar to what the new management team is actually doing. and something that they're very good at. number one, they need to increase their penetration of private label brands to the total so they have no competitors in that space. and they are certainly doing that. second of all, going into holiday, they need to have a key item strategy and this management team and merchant team, again, will know how to do that. then third they need to offer compelling value and show the high/low differences in pricing and, again, we think for the short term that they should be good on all three fronts going forward. so we think that they'll actually -- they have the potential to outperform their dismal numbers from last year. the question is what happens once this get in the arena back with people like discounters and

kohl's who stole market share from them during their demise? >> mary, that's a wonderful prescription. kudos to best buy on both stores. let me turn to jeff killberg and ask you, do you think potentially jcpenney has hit its lows and potentially big capital "p" potentially, that this company two years from now could be best buy? i.e., a company that's turned around in a major way? >> well, ty, first and foremost, i do think it hit its lows. it is quite a different animal than best buy is. this is more of a retail focus on getting back to basics. one thing i like here, we just saw kyle bass, a very sophisticated poised investor come in and take a big bite. we saw the stock take another leg up today. i really think jcpenney is finding a bottom, but for those prudent investors like us here in chicago, we want to utilize the acronym jcp and just trade options. so just calls please is the way to call the upside.

it gives you an opportunity to hop on. jcpenney has to focus on their cash, having the liquidity and cash by the end of the year. they have to get back from injuries. they're still healing from a blown out acl, ty. >> up nearly 6% today, so maybe the bottom has been hit there. who knows. let's turn very quickly, jeff, to best buy. that stock is up, what, 180% in the past year or so, if my numbers are correct. is it too pricey now to buy? >> you know, it's a fantastic -- we talked about this on "power lunch" last november when trading in the low teens. we really liked it here. it's gone too far, too fast. it's a great company. they did what they said they were going to do. just like facebook, they executed on their strategic plan. i want to buy it but it's got to be in the mid 20s. this is too rich of a price in the mid 30s. >> mary, thank you for being with us. good to have you with us. great prescriptions there for those companies. jeff, thank you very much. dominic chu now, retail stocks on the move. >> we begin with home depot,

home improvement retailer posting better than expected second-quarter earnings and sales and raised its gings for the full year as the housing market improves. also, urban outfitters higher. the teen apparel retailer reporting second quarter earnings that beat street estimates helped by fewer discounts and higher profit margins. positive results from tjx, the owner of t.j.maxx and marshall's chains. it upped its 2013 guidance which is bucking a trend of weak results from those discount off price retailers. on the flip side, dick's sporting goods hurt by what it says was a sluggish consumer environment. and barns & noble also lower after the founder, leonard riggio and chairman suspended plans to buy the retail assets, the bookstores if you will. a deeper quarterly last than expected. finally, light in the box

getting creamed. the retailer lowered its guidance on weak sales of its wedding and prom dresses. the company went public in june at $9 pb.50. those shares weaker, simon. >> big moves today. dominic, thank you for that. ahead on the show, shares of netflix jumping on a new content deal. we'll tell you exactly what it means for the company. plus it's the best performing airline stock you never have heard-. phil lebeau talking to the company's president about the expansion plans. >> simon, pay attention to this report because they're flying into the new york city area. going east and profits going higher. we'll tell you all about it when "power lunch" returns.

it's the best performing airline stock that you probably never heard of. allegiant up 36% in the past year alone. and more than doubling over the last two years. right now, you can see it trades at $95.10. another slight gain on the day. the day that it unveils new expansion plans. cnbc's phil lebeau has been speaking with the ceo objeaboutt they're up to. >> this expansion is targeting the eastern, northeastern part of the united states. fresh territory for allegiant. here's what the company announced today. adding. 18 new destinations including in

those new destinations will be flights into the new york city metro area for the first time. we're talking about flying in to long island as well as stuart international in the southern hudson valley. two airports that the president of allegiant says should attract customers from the outskirts of new york city. >> i don't expect thoseimarily people, let's say, driving north from manhattan, but i think we offer a very low price point, far less expensive than most other alternatives. people who are cost conscious will drive a good distance to get on our airplanes. >> take a look at shares of allegiant, over the last couple years, we're comparing them with southwest. allegiant now serves for city. primarily small markets but more cities in the united states than southwest airlines. but keep in mind, southwest carries almost 20 times more passengers than allegiant. simon, this is a case of a niche airline continuing to grow because those flights between the small cities and popular

vacation destinations, they are becoming increasingly popular around the country, simon. >> yeah. and the margins as well. phil, look, before we let you go, barely a day goes by that we don't mention tesla. but the news flow just keeps dragging you back. i mean, now scoring the highest safety test result ever by the government. amazing. >> yeah, i think this is going to catch some people by surprise. >> yeah. >> when you're talking about the crash test here, simon, we're talking about the nhtsa. national highway traffic safety administration crash test. they do this with every vehicle. they got a five-star rating for the model-s. that's the best score by nhtsa. what tesla sid is take a look at the subtests and measure the likelihood of injury and those scores show the model-s shows the lowest likelihood of injuries. take a look at shares of tesla. what you have here is a stock and a car that is, as jim cramer said earlier today, they're in

the sweet spot. it adds legitimacy for the broader market, as they look at whether or not they eventually buy not only a model-s but other tesla models in the future. combine this with the consumer r reports' glowing report earlier. you have people on the fence saying this is not an interesting, funky, cool car, it has gravitas. >> it's an exciting beat at the moment. thank you. >> it is. >> it pains me, guys, to watch them crash a tesla. they're such beautiful cars. ruining that, $85,000, man tharks a mess. netflix, right now shares are up 3.73%. $9 and more. julia boorstin on the case. >> tyler, netflix is becoming more like a premium cable channel with a new deal inked today with oscar winning weinstein company. netflix will exclusively license the weinstein company's movies starting with its 2016 films,

bringing content of makers from award winning "silver lining's playbook" as well as the recent hit from this past weekend "the butler," in the same window those movies were previously only available on premium cable. no deals of the term were released. netflix's gain is the loss of cbs' show time which has a deal with the weinstein company for its films. last year netflix got that window for documentaries and foreign films. today's news is far more important to elevate netflix to the level of hbo and showtime. tyler? >> thank you very much. new episode of "the prophet tonight." star, marcus lamonis is going to join us. plus one small businessowner in new york needs his advice. he's with us. the owner of that business, going to ask marcus a few questions of his own. that comes up next on "power lunch." we'll be right back.

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all right, folks. tonight an all new episode of "the profit." marcus lemonis is going to roll up his sleeves. he's going to get dirty and clean at the same time. marcus joins us from chicago. we'll talk to him in just a minute. first, let's take a look at what's upcoming tonight. >> you didn't want a lot of bright colors but didn't seem to mind to throw up all over your bottle. >> i don't take it as throwup. >> you out of the gates said -- >> i said primary colors. >> so this is okay because it's pastels? >> i wouldn't say those are pastels. i feel like these primary colors

scream mass market, too extreme. >> does that mean because it's not your idea? robin, i don't give a crap what it looks like. what i care about is it sells and that isn't selling. no company is about one person. my business would be better without me as the base because i get in the way, micromanage, control things. sound familiar? i want to remind you i'm in charge and during this process, your feedback isn't any more important than anybody else's. we're a team. we're going to function together. we are going to make a change. >> do you have a room we can go clean right now? >> yes, of course, we should do that. >> we're willing to go clean toy toilets for you right now. i didn't come here to make this my sales presentation, but if jen won't ask for the sale, i will. i'll do whatever it takes to make sure we land this order including get my hands dirty. housekeeping. all right. i'll take the shower. jen, you take the toilet.

>> i don't do the toilet in my own house. really? >> so you're really going in there. >> heck yeah. because if i don't believe in the product, you won't believe in the product. >> love it. >> come on, jen. you're like the supervisor or something. >> does it leave streaks? >> i'd like to have a chance to finish my job first. >> okay. >> this gives you a chance to bl be enthusiastic and excited about your product. any time the consumer can see that, their confidence builds. >> marcus will do anything in the name of art. won't he? marcus, welcome to you. two questions here. i want you to sort of give us the sense of the show tonight, but do you try and make women cry every week? >> you know, i don't try to, but it seems to be happening. but at the end, they'll be smiling. >> they'll be smiling. they'll be happy. well, that's a nice way to think about it, marcus. all right. what's the pitch here? this is a cleaning products company. it's trying to make -- get major contracts and so forth. how important is it for the ceo or the main guy like you to go

out and actually do something like you just did, literally get your hands dirty? >> so, tyler, whether it's a $500,000 company or $2 billion company, i think one of the things that vendors and customers want to see is you believe in the product. one way to do that is actually get out and show people. in light of all the earnings releases we're seeing from the big box retailers right now, one of the things i'm noticing particularly with best buy's numbers is that's a ceo who's out in the field, out in the stores making a difference. you'll see it in the numbers. >> all right. marcus, let's move on because you're not busy enough. we've recruited a bunch of small businessowners who are seeking advice from you. we started off with a hamburger joint last week. i actually went there and enjoyed it. the burgers were very good. the service was very nice. this time -- >> thanks for inviting me. thanks for inviting me. >> well, we just went after going to target on saturday night. you wouldn't have liked that part. this time, marcus, you're going to talk to the owner of gus soda. but first here's their business in a nutshell.

let's watch. >> gus is a line of natural sodas. gus stands for grown-up soda. we're sodas that are not too sweet, all natural, made with real ingredients, real juice, real cane sugar that are 30% fewer calories than regular soda. we are a natural less sweet alternative to mainstream sodas. people enjoy them straight and actually are great as mixers. we sell in specialty food stores, natural good stores, cafes, eateries and fine dining such as eatery, french laundry here in new york. places where people are looking for healthier, natural alternatives than mainstream sodas. we do sell nationally and also internationally, particularly in asia. we are growing and we are always looking to expand. our plan is to find the right markets and the right geograp geographies that make sense for

our products and really penetrate those markets for growth. >> all right. steve hirsh is is the proprietor of gus soda. i'll ask you why you didn't call it steve soda. it's gus. be that as it may. you have a question for marcus, so far away. >> marcus, if you were in my shoes, what would you do as a businessowner? >> there are three things i would do with your package. get a focus group to look at your packaging. i've had your soda before. it's fantastic. i don't get the sense it's all natural and the things you talk about. two, partner with somebody like unfi, they handle my distribution. you may be doing that already. three, i'd temper my growth, really make sure i understood the markets i was going to and i understood the price points and i could stay competitive. >> do you think, and marcus, i'd love to hear your thoughts on this, it sounds like you're in specialty food stores, have gone to very high-end restaurants, per se, french laundry and so forth. where do you think your biggest growth will come from? will it come from in restaurants

or getting a contract at whole foods? i don't know whether you're there are already. >> you're in some of those stores i mentioned. a lot of growth is going to come from food service. these restaurants turning away from some of the big sodas with a lot of sugar that are not natural are seeing the trends. sort of the craft beer trend moving to soda. people looking for better quality, lower sugar, all natural. >> i'm going to try one here in a few minutes because i haven't yet. >> great mixers. >> i bet they're good mixers. >> steve, thank you very much. i don't know why you didn't name them steve soda. gus soda. catch you tonight. catch "the profit" with marcus. the over/under is eight minutes on how long it takes him to get a woman to cry. 10:00 p.m. tonight, cnbc, "the profit" on cnbc. >> save one of those drinks for us down here. thank you, tyler. gold prices closing now. sharon epperson is tracking the

action at the nymex. >> gold prices up just about $7 or so right around $13.73 an ounce. keep in mind many traders are waiting to see what's going to be inside the fed minutes from the latest meeting. that will come out on wednesday. we have seen a rise here in gold prices today ahead of those minutes being released. we're not at yesterday's high a the close here. many traders are wondering what the next step will be. any information about the plans for tapering, of course, are going to be watched very closely. back to you. okay. let's bring in bob pisani with the action on the floor. >> believe it or not, up .06% on the s&p. put up the s&p here. that's the best move we've had in the s&p since august 1st. it's been that kind of month generally to the downside. there we are. important thing here. stocks are up. bonds are up. we're getting a nice bounce in interest rate sensitive stocks. utilities and telecoms. utilities have had a bad month. home builders trading lower on lower interest rates and home depot helping as well moved the

group to the upside. one group not participating, a small group of industrials have been down all day. deere, danaher, ge. emerging markets are up, or down overall on the month. i want to point out, simon, china is on the upside. and there are a number of chinese stocks doing very well. here's sina, online mobile and media services. that's doing very well. not all emerging market stocks are down. be careful about that. there's differentiation. >> the industrials are down because so much of the profit stream is from emerging markets. currency moving against them. it's going to hurt the likes of ge or deere. >> there are oath stocks trading to the upside. g.e. hasn't bounced all day essentially. let's check the nasdaq with seema. >> we digest the latest movements, check out the tech names that make a significant amount of their regular moves overseas, specifically in asia.

intel, qualcomm and apple on that list. speaking of apple, according to factset, apple's institutional share value experienced its third consecutive decline in the second quarter. however, it's still one of the top tech holdings held by institutional investors. google, microsoft also on that list. simon, back to you. >> thank you very much, seema. big news in the bond market. we've had some sort of rally. the yield on the ten year backing down. rick santelli has that and more live from the cme. hi, rick. >> yeah, not a huge rally but i guess everything has to start somewhere. think about it. if your emerging markets are breaking down, where's flight to safety coming in? well, as you look as a ten year, simon is right, we're down a half dozen base points. we're still at 282, 283. let's look at everything from may 1st when the selloff began. look at our ten year, or look at the eurozone ten year, or the french ten year, whether you look at the uk ten year. none of them, to me, look like a flight to safety is ensuing even

though some of these markets that normally cause that are still not looking good. and the dollar index, no flight to safety here. as a matter of fact, the only thing that stands in the way of more selling, say technicians, is that 80/60 low right in the middle of the page from mid june. that's a level a third of a percent away you want to watch. back do you. >> thank you very much. the one and only rick santelli. stands as a statement of the obvious. many americans are still struggling. but the richest of the rich in congress are getting even richer. we'll name names and tell you how much, or by how much their wealth is soaring. it is a jawdropper. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less.

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welcome back to "power lunch." i hope you're hungry. we're looking at casual dinings restaurants. jeffriess is making ratings changes. upgrades red robin from buy to hold and increased price target to 72 bucks from $53, citing margin improvements. jeffries also upgrades chipotle from hold to underperformed and increased its price target citing accelerating sales trends

and lower food costs. finally, it downgraded panera bread to hold from a buy keeping its price target at $195, saying it sees a pause in momentum as the company reinvests into its business. a lot of food for "power lunch." tyler, back over to you. >> when they raise the ratings, raise it from whole to eat, actually. in that sector. bad joke. the dow, nasdaq and s&p holding steady despite the selloff in the emerging markets. there you see maybe reversing this four-day losing streak for the dow and s&p. is the u.s. the place to be for investors? katie nixon, chief investment officer for wealth management in northern trust. $200 billion in assets under management. welcome back. >> nice to be here. >> my question on this move away from the emerging markets is, is it a trade or a trend? is it a tactical moment or is it something deeper, more strategic? >> well, tyler, we reduced emerging markets to a neutrallatineutral la

rating in our tactical model. there are near-term headwinds. we have the growth slowdown in china having an interesting knock-on effect in pan-asian emerging markets in terms of bringing down their growth. at the same time, we have the fed taper talk which is clearly having a large impact on some of the emerging markets with big current account deafficideficit. india comes to mind. we see what happened with their currency and stock market. >> michelle caruso-cabrera talked about this point. talk about in simple terms why the stock market in india or stock market in indonesia would react as violently as they have to talk of a taper in the u.s.? why? >> you know what, tyler, these are markets that greatly benefited from the rush of liquidity driven by our own fed policy with zero interest rates and quantitative easing. at that liquidity is perceived to be pulled away, investors flee those markets which apparently has a great impact on their currency, as they have to sell the rupee to buy other assets. and these are countries that

rely very heavily on foreign demand for their -- >> look at the emerging markets. down 11% year to date on that particular chart. let me come back to the broader, maybe even the more important point. and that is that this is a tactical change that you've made. over the long run, you still have exposure in your portfolios to emerging markets. you're basically market weight in those? >> we are, tyler, and it's a core exposure for us. recognizing that over the long term, when china gets its rebalancing act in a steady state, and we do see that transition in their economy, and we're through the taper talk, we'll see much more stability in emerging markets. >> so if i were to mimic northern trust's recommended portfolio, how much of my money would be there? >> 13% of our equity rating. >> all right. let's talk about the larger markets. the u.s., japan, and europe which are the areas where you're a little more strongly represented now. why? >> we were overweighted in u.s.

we've been overweighted in the u.s. for quite some time. >> and right. >> and right. recognizing that the u.s. growth trajectory and obviously monetary policy were very conducive to risk taking. we recently upgraded our growth outlook for europe including the uk, recognizing we're starting to see the recovery happen in europe driven by france, germany and the uk. europe will be out of a recession next year. >> maybe little better to be early than late on europe. is your view. what about japan? >> japan is a fairly nuanced story. we're positive on japan insofar as they'll have a recovery on the growth rate. they're still out on massive quantitative easing program. >> if you're overweight on the u.s., that suggests to me you're not overly worried about the fed and tapering. >> we're not overerly worried about the fed. i think it's been interesting to have this dress rehearsal for how the market will react to taper talk. it's been a wake-up call i think

for the federal reserve insofar as they may reconsider the magnitude and timing of tapering. the economy here just doesn't feel strong enough to withstand any significant change in fed policy. >> or change at the margins, maybe not a big one. >> indeed. >> katie, great to see you. >> nice to see you, too, tyler. >> nice to be with you. all right, simon, down to you. ahead on show, call it the part-time economy. more and more people are working part time or freelance. more exclusive data on which sectors are being affected the most. plus, while many americans still struggle in this economy, the richest members of congress continue to rake it in. we have the startling new numbers. (announcer) at scottrade, our clients trade and invest

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[ whispers ] get eight hours. ♪ [ shouts over music ] turn it down! and, of course, talk to farmers. hi. hi. ♪ we are farmers bum - pa - dum, bum - bum - bum - bum ♪ and this is my home team. this is my large lecture hall. this is my professor. and also my coach. this is my booster club. this is the guy who's graduating ready for a great career in technology. [ male announcer ] in 2012, 90% of devry university grads actively seeking employment had careers in their field in 6 months. join the 90%. learn how at devry.edu. in today's yahoo! finance question of the day, we asked would best buy and home depot reporting higher profits, are you buying more online or in store? 15% say that they prefer buying online. 35% say they always prefer

in-store, and 50%, half, say they shop evenly between online and in store. now let's see what's coming up next on "street signs." >> hey there, simon. okay. yeah. coming up top of the hour, we watch many emerging markets melt down, we invite the ceo of tezsla fitzgerald to tell us whether or not the united states is still the safest and best play for your money. and also we're fast approaching humanless airports? we're going to talk to one companies hoping to make that reality and a very cool, fun toy. the ceo is taking us to the skies. well, at least in our imagination. all those things and of course lots more coming up, guys. top of the hour. 2:00 p.m. eastern. back to you on "power lunch." >> looking na ining forward to unemployment rate seems stuck around 7 %, 8% give or take. people are wondering where the new jobs will come from. one area seeing growth is freelance work. swro joining us for an exclusive look after the latest trends is the

ceo of the global online platform, the employment platform elance. welcome to the program. your job basically is connecting people for job work. what are the solid trends you're seeing? >> yeah, simon, we're seeing the freelance economy booming in sharp contrast with full-time employment. research shows that small businesses are hiring freelancers and they're making them part of the core strategy now to extend their workforce in hiring specialists mostly with technical skills and creative skills that work on a freelance basis. >> interesting. what sector -- i didn't mean to interrupt you -- what sectors are you seeing that most evident in? why do you think they're doing it? >> the benefits of hiring a specialist are obviously significant. most small and medium-sized companies cannot afford to have full-time employees for every

sps specialized skill. we see heads of i.t. and heads of marketing in smaller companies extending their workforce with freelancer and choosing the just in time specialist. hiring on our side is up over 50% annually, and demand for s.t.e.m. skills which are science and math and research are up 150%. a huge surge. in other driving factors for this model and the adoption of freelancers is they can't just find full-time employees with the appropriate skills. we talked a lot about the talent gap. we're actually seeing that talent gap. if we could fill all those positions, these businesses would possibly hire full-time employees but they just can't find them. >> it's fascinating. every time the employment report comes through, the nonfarm payrolls number, there's this question about the quality of the jobs that are being created. are they full time, are they paying benefits? are they highly skilled? are they manufacturing jobs? what would you say to people who

worry that while you're doing -- i'm sure it's a great business -- but in general, we're not delivering the sort of jobs that even these very highly skilled people that you're talking about might want. >> well, i think the issue is one of employability. the economy works on supply and demand. jobs are about having the right skills. the big mismatch we see is in supply and demand. people be the rigwith the righte getting more offers, highly sought after. if you have the right skill sets, you're most likely getting multiple bids for you to join a particular company. we certainly see that in parts of our economy, like silicon valley and new york. if you have a certain kind of skill set, you're actually in a very good position. at the same time, if you don't have the right skill set, you're experiencing the exact opposite. so it's a story of feast and famine, depending what kind of skills you have. >> i'm sorry. we're out of time, fabio. finally, if you could give a child advice as to what to studty to accelerate their career, what would it be,

briefly, if you would? >> today i would focus you on technology, technical skills like software and engineering. or creative skills. be really good technically and be really good at creative. you can't lose in either case. but i would also tell you, remember, the most technical skills have a short life span. >> you have to retrain. sure. fabio, great to see you. thank you very much. fabio rosati from the west coast. ceo of elance. simon, meet the millionaires of congress. who's bringing in the most dough? who has the highest net worth? republicans, democrats? eamon javers is in washington with new and staggering surprising numbers. >> hi, tyler. the "hill" newspaper is out with its list of the most wealthy members of congress. i'll bring you the top five when we come back. who's the richest member up on capitol hill? i'll give you one hint. he has to pay the new millionaires tax out in california. more in a bit. [ male announcer ] at his current pace,

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who are the richest members of congress? eamon javers knows. he's in washington. >> i was going to do a big reveal for you here. let's start with number one and count our way down to number five. darrell issa from california is congress' richest member according to the "hill" newspaper in their annual rich list with an estimated net worth

of $355 million. he made the bulk of his fortune with the viper car alarm company. early on in his career. now a member of congress. number two, michael mccaul of texas. he's a republican. $101 million. he's married to a clear channel heiress. number three, mark warner, former technology entrepreneur, democrat of virginia. $88.5 million estimated net worth. number four, go to number four to see a rockefeller on the list. senator jay rockefeller, $83.8 million. blumenthal, democrat of connecticuts, $76.6 million. a couple other notable members of congress. names you might recognize from past and possible future presidential and vice presidential campaigns. elizabeth warren worth $3.9 million. congressman paul ryan, $2.3 million. senator ted cruz has been in the news a lot this week, $1.5 million. senator rand paul, $455,000 net

worth. and senator marco rubio a negative $190,000 net worth according to the "hill" newspaper in their annual list here, tyler, of the richest members of congress. marco rubio might want to go out and hit the speaking circuit. >> do we know why his net worth is negative or do we not? >> we don't. he's been in politics from very early on. very young guy. you know, in politics you just don't make all that much money. you know, as compared to some of these guys who were investors and having -- >> so issa, how -- what does he own with that $ 355 million? >> he owns a lot of the same stuff, tyler, you might see in any upscale investors port folio. he owns a lot more of it than anybody else. he has a lot of investment funds. goldman sachs. jp morgan. oppenheimer. he owns commercial real estate. he owns a property at 1 viper place listed on his disclosure form. a neat address there. >> thanks very much.

eamon javers. for that report. simon, down to you. if you're looking to cash in on the movement to legalize pot, be careful. your profits may go up in smoke. a new alert on marijuana stock scams. we'll tell you all about it next on "power lunch." [ male announcer ] it's time. time to have new experiences with a familiar keyboard. to update our status without opening an app. to have all our messages in one place.

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are you hungry for marijuana stocks? buyer beware. the financial industry regulatory authority, thinra is issuing a new investor alert called marijuana stock scams. marijuana stocks, they were probably -- when they came up with that one. mary, what do you got? >> medical marijuana is legal in 20 states. this is tied to this. finra says scammers are blowing spoke about the pot-ential of stocking. warnings come via e-mails and faxes aimed at pumping up interests in and the stock prices of firms linked to the pot industry. the scammers then sell their shares after the price pop, leaving duped investors holding the bag. no laughing matter. finra's vice president says when there's a next new thing, you see fraud sters swarming like

vultures to get in on the action. 2.4 million current users, estimated revenue of the medical marijuana industry, reaching $1.5 billion this year. making marijuana the next new thing for scam artists who on websites and chat rooms falsely claim it can among other things clear the common cold along with the lost appetite. while the medical marijuana industry is -- finra reminds us their stocks are thinly traded and the stocks have little revenue and few in any profits. not that they might have them someday. read the s.e.c. filings and many say they're in the development stage making scammers claims of doubling profits and storing stock prices a bit of a pipe dream. >> weed can't cure the common cold? >> weed can't. it cannot. >> i've been wrong all these years? that was a richly written little piece, mary. >> oh, yes. >> i want to go back and listen to it. >> obviously, i didn't -- >> let's get simon's final

market update. >> a quick check on the dow. we're up 40 -- i like that. we're up 48 points. so far, united, bank of america, verizon, intel and cisco. that basically does it, tyler. >> that's right. >> for this edition of "power lunch." >> remember, simon, weed does no cure the common cold. that will do it for this edition of "power lunch." "street signs" starts now. >> well, apparently the death of the american consumer has once again been greatly exaggerated. retailers everywhere are soaring today. we've got your full roundup of the winners and even bigger winners ahead along with what's old that seems to be new again. we'll explain. so what is the safest place for your hard-earned cash right now? the ceo of one of wall street's biggest firms brings you actionable advice. plus, left for dead stocks. should you take n