failure here, and there is a problem with the design and implementation of these systems. it goes back to the legacy associated with these. >> bob, i'm going to have to interrupt. as bob said, the sip failed, but when those stocks start trading, there is going to be a big gulp. it's 2:00. we're now an hour and 40 minutes into the nasdaq not performing. >> here is your top story. as they said, just about two hours ago we saw a halt in all nasdaq stock trading. it's an impact that has really been on about one-fourth of all nasdaq stocks initially, but it was enough to essentially bring all nasdaq stock trading to a halt as well as nasdaq listed stocks at the new york stock exchange. it is impacting options, it is impacting some exchanges, and as the wall street journal's front page, an article says right now, everybody, it is questioning, quote, the robustness of new

york trading systems. it's also the story in the "new york times." it is not just a market story, it is now a confident story. the "fast money" guys are still here. >> does it have a name yet? >> i think you should coin one. >> people can tweet and give us their ideas as well. >> the flash freeze. we don't know how long this will last. the nasdaq has said they will have a five-minute quote window before they open, but they don't know when they're going to open. as of right now, 2:00 eastern time, there was no set time as to when the nasdaq will reopen. you've heard our team earlier, if you've been listening to our coverage or watching all day, there is a belief it is important not only for trading but for confidence in trading systems for the nasdaq to open up before the close of regular trading today. we'll see if they're able to do that. >> there is money at risk right now, and again, i think that the nasdaq is at fault for not coming out and communicating

with the entire trading community. we've talked about this before. the bunker mentality in that type of situation does not work. in the past, we go back to the days of open outcry, john, that you and i were a part of, when the chair had an issue, you had the person down on the floor, letting the technicians work out what the problems may be. i don't imagine the ceo right now is inside the computer room pulling the plugs. >> in light of the fact there could be litigation on the back of this, and of course, this all comes after the black eye they suffered with the facebook fiasco when they had the record $10 million fine from the sec. maybe the lawyers are saying, let's wait exactly for what's going og before you start speaking. >> it may be we transferred on wall street if we're worried about lawyers first rather than the actual investors. >> there's two parties. as we heard from san.

you probably have access to other stages where you can conduct business. >> i am concerned primarily in terms of retail, original investors, about specifically the creation index process. all of these have nasdaq-traded stocks that encompass their makeup, and i don't quite know how this is affecting the price of the etfs, whether or not they can be bought and sold. so that's a liquidity issue, then, frankly, if this continues. i think it should. >> you were saying earlier this goes back to what you were saying about this being a confidence issue. if you're a retail investor, right, and we've been watching trading glitches accelerate, so you're probably thinking this market is murky.

it is not transparent. >> we don't know that it's high frequency that brought us here. but we do know, to joe's point, that high frequency plays a lot of games. sal talked about it, i talked about it. there are so many games they play with these canceled orders. when 98% of your orders are cancelling orders, bids and offers, just to clog the pipe and more or less mask what's really going on in the market to the rest of the world, there is an issue there. it's something that need to be addressed by the cftc. hopefully this will give that focus on it even though high frequently trading may not. >> it's something they put into the system that didn't work out as well as they had hoped. >> looking at the nork thork stock exchange securities, volume seems to be picking up for them. even though volume is not at

lower levels currently, there is a clear market. if there is any other stock trading out aside from these nasdaq-listed ones, you can get in or get out if you want to right now. >> and what about the confidence of corporate america? for example, if you are a company that wants to list, you're watching what's happening here, you're thinking, you know what, i really don't want to take my chances with nasdaq. >> he just moved two weeks ago to the new york stock exchange. >> if you look at the analyst remss on the nasdaq itself, i believe there is only one. on january 30, goldman sachs put the sellout on the nasdaq and basically said the probability of a transaction like you saw in december, with ice, with the new york stock exchange, happening with the nasdaq is low. i think it just got lower. >> guys, thank you so much. we have a special guest we want to bring in right now. david wield is former vice chairman of the nasdaq.

your take on this situation, what do you believe happened, when do you believe the markets a will reopen? >> i don't have a crystal ball, so i don't know. i'm not on nasdaq's side trying to get it figured out. they'll get it open when they get it open, and hopefully they can have an orderly open. while they're allowing people to cancel any orders, i think they're spot on, they're doing the right thing. i think what your listeners need to generally understand is that the market, because of the regulatory changes, have become ridiculously complex. i think there are about 15,000 bad news in trading right now. >> david, i hear on you that, but when our viewers and our listeners hear the former chairman saying our markets are ridiculously complex, this is another blow to confidence.

if you don't have capitalism without confidence, you don't have capitalism. >> that's exactly right. you have to say what are stock markets there for, and they're essentially to support the economy and have working capital. i think we need to bring it back to basics, but this horse got back in the barn and then back in 1998, regulations work at that. you have to try to figure out how you're going to structure it in a way which better serves the american people. i think that's the part we have to get focused on. there have always been glitches in technology, so i wouldn't get too exercised about it, but the fact is we've had more and they've been bigger, everything from the securities debacle, the facebook debacle, the flash crash qualities and all the wild whip sawing that went on in the

financial crisis if 2007 and 2008. so i think we've got some work to do. >> i think a lot of people would agree with your sentiment, david, that it would be nice to go back to basics and make things less complex, yet how many problems like today's glitch do we need to see before that actually happens? because we've had a number of problems in the past, maybe not exactly of this scale but out of greater sale, whenever this happens someone said, we need to go back to basics and yet it doesn't happen. >> i think with the ex kurts committed to the betterment of the united states of america, and i know the congressman i dealt with are as well. it's a complicated market, and you have to worry when it starts to change things to get it right. >> are we seeing it's too

complicated? >> i believe it's too complicated. i talked to byside traders that head to the equity trading desk at invesco and hero, and i think both of them told me there may be as many as 2,000 different order types in the market today. you know, if there are 2,000 different order types, who can wrap their head around that type of complexity. we've created a marks that don't use our head for technology. they have a charge opening up all ipos going forward, and i think it might be a picture of what's to come. >> david, hold that thought. i would like to bring a new voice in here. katherine kelly, i know you have

more information for us. >> i do, and one of the traders i spoke to today is saying they're getting guidance that the nasdaq may open within an hour or so. that was somebody that i spoke to. basically this person told me that's sort of the unofficial word from nasdaq, however, nasdaq is building a lot of concerns from the industry whether or not a mass reopening. other traders are telling me they're frustrated. they're just not getting any information, or any clear information, rather. we're basically saying that open orders will not be canceled. earlier they thought those orders would be canceled. as one person put it to me, the worst night for a trader is uncertainty. i think they were just touching on this, there's a lot of disappointment in nasdaq. i spoke to one kind of senior-level person, and when i see a goof at that. so lots of cynical things i'm

hearing, though things seem to be progressing all right. . >> we're kind of not getting a whole lot of communication and clarity on the situation from nasdaq. if you were back there, what would you be saying to the public? >> well, i don't want to monday morning quarterback what they're doing. i know that right now they're scam p scamperring and they're trying to figure it out and they want to make sure when they open it again they don't exacerbate problems. everybody is under gun and under pressure, pressures you know, look, they have every interest in the world to get the -- i would caution your viewers that. this is just the kind of thing we have to sort through as we go

through. this is catastrophic. >> nobody is saying it's catastrophic, david. we understand when these things happen. the problem is it's happening with more frequency. >> they're more frequent, but i think they're also bigger many times. like look what happened with the night security debacle, it took down night trading. i think when you are in an environment where technology sort of amplifies risks and you don't have the controls in place. sometimes things go haywire that can cause some damage, and i think the best thing with the circuit breakers, so on and so forth, the sec is going back to a period when they had. . >> david, we really appreciate

your thoughts on this topic from a vice chair there at nasdaq it's on twitter right now, also the "new york times" website and wall street journal. the wall street journal is pointing out, this is a guy from kfgs earnings this afternoon? i know aruba. you're reporting earnings this afternoon. what do you do? >> i tell you what, what do you do? you've got an hour and 45 minutes to the close. do you decide do we delay earnings because we cannot risk numbers on the market if it does not open at 4:00 may not have the price. >> those are the names i rememberment i remember looking this morning, and before i left, there were about 10 or 12 nasdaq

reporters reporting. >> we'll try to get answers after this very quick break. do not change the channel. golden opportunity sales event and experience the connectivity of the available lexus enform, including the es and rx. ♪ this is the pursuit of perfection. ♪ [ 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. ♪ and choose from one of five lexus hybrids that's right for you, including the lexus es and ct hybrids. ♪

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welcome back, everybody, to street signs where we're continuing the developing story of nasdaq trading. what are you hearing? >> the big question is where the market stands on all this. they match trades on behalf of retail clients who want to be involved in the market. i spoke to a few of them,

citadel, bats, the former capital. the only information they are getting is from the publicly available nasdaq trader alerts. they have done what was told them by nasdaq. they have stopped trading nasdaq securities on behalf of nasdaq. a trader is hearing they're saying it will reopen in an hour or so, but as far as these market makers, they're saying they haven't got any information in terms of when the nasdaq will start trading those securities. other information i got, i spoke to david seaburg who is in charge of the accounting, he said they're watching the nyse volume very closely, because what happened is people who had planned to sell nasdaq listed stocks and buy nasdaq listed stocks on the nyse cannot do so because they're not doing any selling. you could do nyse stocks to get nasdaq stocks, but there could be a varied volume today, which

could mean there would be volatile trading on the stocks and it could be widened if the nasdaq does not reopen. >> thank you very much for adding your voice, and i've got another voice who just sat down next to us, and that, of course, is jim cramer. you've been through the markets, you've been through the ups and downs. what do you make of what's happening today? >> i think that if you had any confidence in the system after facebook, after the flash crash, you get reminded immediately that that's misplaced and these are pieces of paper and they're much more frail than we think, and the system is not set up for individuals. it hasn't been set up for individuals since arthur levin was chairman. i could hear him coming out and saying, you know what, we're going to shut down anybody who does this, because we find out it's high frequency trading behind it, we find it's something just making a buck on the individual mom and pop, we're going to come after you. think about the response.

how has the nasdaq response been so far today? >> they haven't posted an update on their website. >> what's that? we're shaming them. shame, shame. >> there's not much communication right now. >> you feel like you're in school. >> what's troubling, jim, is we have had a number of guests on -- >> you've been covering it fabulously. >> thank you. they've effectively said, well, these things happen. we're getting used to it. i'm sorry, we shouldn't be getting used to it. >> we have a new chief of the sec. this is mary jo white's first -- this is her first one in her tenure, so we'll see how it's dealt with. we really don't know. >> in the nfl, they told you at sp the superbowl something was wrong. someone came out and said, we don't really know what's happening. we're doing our best. we have contingency plans if we don't open today. here's our battle plan because we know this can potentially

happen. when the etfs link ends -- >> there is a separate problem we addressed earlier. simon brought it up, which is the idea that the nasdaq and the new york stock exchange are themselves publicly traded companies. do you see a conflict sometimes in a situation like this between their goals in their, quote, brand protection and what they have to do as a platform for millions of traders around the globe? >> i think i remember when they were a mutual society, they were viewed as being -- they were like colleges, okay? colleges are supposed to do what's right for the students, and everyone decided to make money, and obviously, no, it would be better, but they wanted to raise capital, they wanted to tell you they need the money to modernize, they have to be faster than europe. but the fact is there is a government, and if the government were tough, then even these profit houses would have to do the right thing. but look at the government today. i mean, look at the government and look at nasdaq right now.

maybe they're going on a retreat somewhere or something, you know? >> when something horrible happens and we create the transportation safety board and/or the homeland security, that's what they did to make us safe on airplanes. there is not somebody like that. mary jo white is not doing that right now. >> what do you place the revenue with? >> i think mary jo calls rick deogan and says, look, i want to come on air. i want to explain to you what we see happening. i want to tell you about your money. >> how do we prevent things like this from happening again? obviously the sec is trying to get to the bottom of it and they think a full investigation is going to take up to a number of weeks. >> another backup system that is by hand so you don't have this. i just wonder if boeing got hit by lightning, there is a backup

system. >> we now have an update and resumption of trading time. trading time is expected to resume within the next 20 minutes. the nasdaq says it stands to reopen trading with a 15-minute quote period. they initially said five-minute. that 15-minute quote period will begin at 2:30 with trading beginning at approximately 2:45. so it looks like here in the next eight minutes, they'll start taking quotes. a number of traders had been saying they were seeing individual halts reported on the nasdaq trader sites of individual stocks. i don't know how you do that on 5,000 stocks, but at this point they are looking to resume taking those quotes starting at 2:30 to 2:45. what's interesting is this is a bit controversial among traders themselves. i had some traders who say they really do immediate to reopen before the close today and others who think that maybe there is more downside risk to reopening here because now you have all these market participants with pent-up demand

trying to figure out what to do with the volume that we see here at an unusual time. there may be more downside risks to reopening. but again, at 2:30, the requoting will begin. >> you should be shoring up some futures, buying puts on listed stocks. it's not happening. i think this is about confidence. i don't personally think this is a directional issue. i think this is an issue which people say, you know what, you complain all day why we're not in cds, why haven't we taken advantage of the soft market? you guys have been sitting there for two hours. >> jim, this will abe story on the "nbc nightly news" tonight, this will abe a story on the general news channels tonight, and people at home who maybe don't watch cnbc will be saying, oh, my gosh. >> mom and pop that are watching this at home, no offense to anyone, they're all putting their money in index funds. this probably doesn't affect

them right away. the second thing is what are you going to replace the revenue with if you get rid of eft? >> we can sit here and say, well, it was me. >> listen, we do talk a lot from the institutional point of view. i want to bring in right now thomas miller. thomas miller is an independent options trader. he's calling in from the bay area. probably a typical cnbc viewer. sits at home and trades tefla and options traders, among others. what are you seeing on your screen? we are hearing and getting screen shots on twitter saying their rkaccounts are literally showing a zero balance and a 100% loss. what are you seeing? >> good afternoon. thanks for having me. on the tape, what we're looking at first to come back is bids and offers. i imagine we're seeing the same thing as those investors. some of the offers are bid at zero, offered at 200, and others

are just zero across the board. first thing i'm looking for is for bids and offers to come back, then everything will normalize. right now i have the same issue. some are massively up, others are massively down. >> what were your thoughts when you first saw this happening, tom? what did you think was happening to your money? >> first thing, we trade options. we see a lot day to day, but today things were up and down and huge, and when we took a closer look, we immediately saw there were no bids or offers, and as a result, volume has dried up. first no one had been reporting it, so we reached out to social media and started picking up snippets from cnbc. >> were you scared you had been hacked? >> it's definitely a consideration. we had a discussion here in the trading office where i'm working, and our impression is that's not what's going on, but it's still up there in our

concerns. >> tom miller, thank you very much for joining us. an independent options trader. >> even if they said that, though, if they came out and said, look, we think it could be that we've been hacked. that's better than not saying anything. not saying anything is kind of stupid. >> living in a vacuum is when you don't have any clarity or any communication. we're going to be back right after this. don't change the channel. you're with "street signs" on cnbc. 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. ♪ suddenly, faraway places anbe a name and not a number?tor scottrade.

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the quote period for nasdaq stocks begins in about 90 seconds. the nasdaq hopes to resume some stocks at 3:00 eastern. 40 minutes from now is when they hope to start trading. it's been frozen for nearly two hours. we've got more, and all you need to know on cnbc. another short break and we're back with that.

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welcome back to "street signs." i'm don chu and an update on what we know about the nasdaq trading outage. around 12:20 p.m. today we learned that trading on all nasdaq securities were halted. 12:14, we started to see some issues. this was due to an issue in their information system for pricing securities. options on nasdaq-listed securities were also halted for trading as well. nasdaq intends, again, to reopen trading in securities, just

certain securities, with a 15-minute quote-only period, not able to be dealt on, not able to be traded, just prices only, meaning prices only available in streaming. again, not able to be dealt on. the latest update from nasdaq is that it will reopen just a couple of symbols for quotes only beginning at approximately 2:30, so just about now. prices only for these securities. 15 minutes later they will start to trade on them or attempt to trade on them. all other securities for nasdaq, nasdaq-listed securities will be released for quotation only, just prices, at approximately 2:55 p.m. eastern this afternoon. and then a 15-minute period of just those prices before trading approximately starts again at 3:10 p.m. so most securities on nasdaq are slated for quotes only starting at 2:55 p.m. eastern time with trading anticipated to resume 15 minutes later at 3:10 p.m.

nasdaq has said, and this is important, that it is not cancelling any trades on customers who do not want to be a part of this restart of trading should cancel their orders prior to these times. so, again, we do know that they are going to try to start quoting again starting again at 2:30, 2:45, they'll start trading just a couple of names with full lists of stocks starting at 2:55 for nasdaq-listed stocks for quotation only with trading anticipated to start at 3:10 p.m. that's the latest what we know. we still don't know exactly what happened, but still, that's the anticipated timeline, brian. back over to you. >> it seems like the nasdaq is currently testing its system. it wants to see if it can withstand a load. jim, we were just talking, a lot of us at the commercial break, about etfs. i know you have to hop to do ""mad money."" if the etfs that has a

nasdaq-traded stock in its underlying basket, those are still trading. >> right. >> how? >> there's no price discovery, people are just trying to get a feel for it. it's funny because the campaigns always say these are exact. it's completely not exact, right, it's trading billions. again, if someone would come out -- we just got a statement from nasdaq. who is nasdaq? someone gave a piece of paper to somebody. was it a minion, was it despicable me that got -- they have a studio. they should go in front of the studio and say, here's the story, even if the story is we don't know what the story is. all we do is think of what a bunch of jokers, right? what a bunch of jokers they are. >> bob reifelt got a raise, made $8.9 million this year. >> he should come out. >> can we get that chart of apple back up? almost every trader that i talk

to is pointing that apple breaking the level seems to have coincided with the halt. i'm not saying they're related, who would even know at this point, but i think it's interesting that that many people are looking at that one print. >> if they were related, what would be the information? >> i can't tell you. i just think it's remarkable about people. >> when goldman went for 17 minutes after the opening basically sold things down to $1. same sort of thing could have been happening in apple there. as the systems backed off because they couldn't see, in other words, when the systems go blind, when the efts go blind -- >> what if you had a stopgap there? >> it could be. but once they start feeling the pressure, they all back off their bids and it all falls at once. >> you don't think they would come out and say, look, we have a technical problem and it was triggered by apple, if it was? >> you would think they had some

reason. they watch -- everybody there watches cnbc. i think they're sitting there saying, wow, these guys are really going on and on. what do we do? and the answer is you pick up the phone and call brian sullivan and say, look, here's what we're trying to work on, we're doing our best. we really apologize to all the american people. there's nothing wrong with an apology. >> i think there was about an hour and a half gap between statements to the public. our former friend, colleague, and cnbc contributor herb greenberg. i assume you've been watching this all as well. >> he's a former friend? >> current friend, man extraordinaire. is that better? >> i think the key is when you're sitting back as i am working out of a home office 50 miles away from wall street, you have a little different perspective, which is just going back to what jim just said.

the market is broken, why do i trust it, and it gets back to the old issue of machines. you guys may have been discussing that earlier, but again, you've got to get away from the street and see how this is being perceived by the regular guy. >> herb, agreed, but don't forget, during this entire time, new york stock exchange listed stocks have been trading just fine. >> even if they're token specialists down there on that floor, i think you have to look at it and it really asks the question, you know, they don't know. the fact they're not telling you, they don't know. >> i want to know as well. we've been discussing how are they going to do this, staggered, just put their toe in the water and it's probably going to start in about seven minutes time from now. do you think it's important for them to reopen today? why not try to sort it out and do it tomorrow? >> i think they have to show some effort that they can try to get the thing fixed and going, absolutely. >> and as we pointed out, too, jim, we've also got names that are reporting earnings tonight.

you've got news that will come out. you've got opportunity, then, if you're a company if you're not trading tonight to dump some bad news into the market. they've got to get the price discovered today, correct? >> like the superbowl, okay? we'll come back tomorrow and finish this game up. some things are serious enough to figure it out. maybe they should be open to 6:00, maybe to 7:00. but us just sitting around talking is unimpressive. >> there's a lot of commentary, too, about we're lucky it's a low volume day. give me a break. what if it was yesterday pre-fed? what if it was google earnings, apple earnings? what if it wasn't a slow day? by the way, to quote you, by the way, carl icahn a moment ago tweeted out, spoke to tim, having dinner in september. he believes in a buyback, the question now is magnitude.

>> and josh lip tton who actual told us about icahn's tweets last week. tell us what we're hearing about this one, josh. >> we know you can't trade apple because of this nasdaq glitch, but that doesn't mean carl icahn isn't working this out. he pointed out on twitter he spoke to tim. he's planning dinner in september. tim believes in the buyback and is doing one. what will be discussed is the magnitu magnitude. so carl icahn on twitter. >> we're going to take a very quick break on cnbc. do not go away. jim cramer, thank you so much for jumping in. thank you for your time. see jim on ""mad money."" at cognizant, we help forward-looking companies run better

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that the nasdaq will come up too quickly, and i've heard this from other traders as well, that nasdaq will rush to fix this issue, reopen markets before they're really ready and more problems will ensue and you'll have a cascading series of issues, sort of like on facebook. i've heard that comparison a lot today. apparently there is a lack of liquidity in these nasdaq listed names. that's not a surprise given the nature of the problem today, but that issue is even trickling over to nyse stock options, because some can't always distinguish between the two. so it's unclear what the impact will be when these exchanges reopen, and we're obviously waiting for more details any minute now, assuming that process happens in a timely manner. >> yeah, and there's been some question, kate, thank you very much, about which stocks will get this sort of test price discovery as well. we've got the tickers here. they're very odd. they appear to be more test stocks than anything else. the tickers i've got here, an

itt, the other one appears to be almost a phony ticker, the abzzz. it looks like the nasdaq is going to do some test names, if you will, before the 3:10 rollout of all the nasdaq stocks. >> that's not dumb. i mean, it's not dumb to do a test to make sure you can handle the traffic. certainly those names that brian just described, which i haven't heard of, are going to be interesting because bids and offers on those won't be quite the same as some of the ones that josh and i are looking at here. >> by waithe way, there was an on the nasdaq today. had a pretty good day before the halt of 20%. i'm sure they're happy. >> i also want to mention we're watching the tape, obviously, because trading that was set to begin at 2:25. it's just after that. we're not watching any movement as of yet. we will keep an eye on that. >> because these tickers that

they're testing don't trade. the zzbzt is a phony name. >> i'm buying it. >> hold on, at 5:00 p.m., threet of -- the three of us are going back to "fast money." we've got 800 pounds of persuasion between just three three of us, it would be 120 if mandy were there. that's a compliment. these tickers we've got, phony tickers here possibly, so 3:10 will be the real test. >> it will be the real test, yeah. >> we're waiting on that trading here. zzbzt, very nice. we're wagts fiting for the real ticker. what we don't know yet, guys, is this. what happened? everything else, as we try to analyze the day and we'll begin trading again, i know, josh, you pointed out the steep drop, the sharp drop in apple today. that's just sheer speculation.

speculation of every kind has been running rampant on social media, et cetera. >> that's the problem, that's the problem, when there is that hacking situation, and when you talk about hacking, obviously it's not a very conducive way forward. but i think if the nasdaq themselves had been more communicatin communicating, we wouldn't have had the issues. paul, what do you think about what's going on today? >> it's just one of the really frustrating problems. i think what jim was saying earlier that you don't hear boo from the nasdaq, the day of the facebook deal, they flew out there to open the nasdaq out there. so when everything is good, they're very quick to go in front of the cameras. and when everything is bad, it's a bunker mentality. i think back in the late 1990s when dick grasso was there, he was in front of the camera when things were good and when things were bad. he was right out there in the front. even when you don't know what's

going on, i think it's helpful to get out there and show there is actually people working and not on vacation. >> paul, this is crisis pr 101. all you can do is ask for people to continuously communicate. >> you know there's an account they don't use? everybody could get their broadcast on social media. they don't use it. >> we hear all this talk about all these rumors going on. if there was some point person talking and not just spokesmen issuing pr statements, i think a lot of that innuendo would quiet down. >> unless, of course, everybody really is on vacation and they're gone. >> androids and even a few nokia phones out there people could use, herb. get my point? don't go on vacation. it's a crisis. >> these days no one goes on vacation. you of all people should know that, herb greenberg. there's an update from the

nasdaq saying the full open will be resuming at 3:25 p.m. eastern now. herb, i want to get your thoughts on this. i'm trying to throw this out there because we mentioned the ceo bob grasso received a pay raise last year, signed a new contract in 2012. do you think his tenure is going to be, let's just say, in question in light of all this? >> you would have thought that after the facebook fiasco and it wasn't. >> that was the first black eye. this is another black eye. >> but this is sort of -- appears to be a very bureaucratic organization, and while it is public -- look, i don't know. i would hope the board of directors right now each one of them is picking up the phone and calling and trying to raise a little bit of hell. >> he did get facebook. so it was a blunder, but he did bring it to the nasdaq, so i guess there's that. 3:25, mandy, i think you said is the new time? >> 3:25 is the new time for the

resumption. >> and i think everybody agrees that this is something that needs to be done today? it's not a just let's wait until 4:00? this is a confidence issue. let's get this thing going before the real close. >> some of the traders are actually concerned maybe they'r move this too quickly and it'll be too early and might -- >> after listening to kate's report, i thought that made a lot of sense. that came on the heels of the apple's news with icahn. and you wonder what kind of pent up demand comes after that. >> there are a lot of weekly options, herb, that expire tomorrow and there is people that may want out of the positions today and if they are cancelled, they need to be cancelled. nasdaq hasn't addressed how they will handle the trades. >> will the entire nasdaq open by the end of the day? can they do that? >> let's take a break. herb, we got paul, we got efb

here. we will continue the story. 3:25 full market trays. nasdaq has a lot of questions to answer. agreed? >> oh, yeah. >> we will try to answer them for you when we return right after this breaking news day. big day at cnbc. we're back right after this. [ male announcer ] i've seen incredible things. 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,

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welcome back, everybody. we originally were going to talk about various stocks. but in light of the news today with massive halt going on at nasdaq. it will momentarily resume. about 3:25. we will watch for the ticker aame. atlantaing american that is going to be the first one kicking off there at 3:00 p.m. in light of what happening, sandy, switching topics completely from what you were originally going to talk about, how do you feel about this? is it going to change your confidence or do you just barrel along with the long-term and focus? >> you do, you want to find the companies you're in love with, make a laundry list and find things at a discount. turnover is probably 20%. just to use a warren buffett quote, you want to buy companies, not stocks.

he feels comfortable to own a stock and even at the exchange close for five years, would you be comfortable owning that company. and i do with my companies. i don't think flowers foods is going to stop making bread and people will stop eating bread, that type of thing. so my companies are going fine. >> just hold that thought for a second. josh lipton, i believe you've got news for us. what are you looking at? >> mandy, as you guys are discussing, the largest intraday shut down, halting trading in all securities. what that means for the company and its bottom line. speaking of analysts, pointing out that u.s. equity and options, counting for 13% of revenue for the nasdaq. in a quarter, 64 trading days in the quarter. so two hours out of 64 doesn't amount to too much. no fundamental worry. what is the issue, potential fall-out here. penalties, liabilities, does the sec take action. do companies want to list on the nasdaq? all big questions.

here is another one. what this means for ceo bob greifeld. nasdaq cutting 132,000 from greifeld's bonus last year. saying he does enjoy the support of the board, enjoy's the board's confidence. but does that last. back to you. >> thank you very much. don't go aby, everybody. we'll be back in a just a couple of minutes. what you wear to bed is your business. so, if you're sleeping in your contact lenses, ask about the air optix® contacts so breathable they're approved for up to 30 nights of continuous wear. serious eye problems may occur. ask your doctor and visit airoptix.com for safety information and a free one-month trial.

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all right, welcome back. big national news, the nasdaq hasn't traded cents about 12:20 eastern time today. a glitch, but we don't know what caused it. the nasdaq handed traded in 2 hours. they are hoping to resume trading at about 3 p.m., mandy. >> we are wanting answers, specifically from the nasdaq. there's been a netable lack of communication from them. we do need a lot of those answers. we really, really do. in the meantime, thanks everybody for watching street signs. we will turn you over to the "closing bell." >> john and i and josh are heading down to the nasdaq. we haven't gotten any information remotely so we will see if we can do that in person.

>> hi, everybody. good afternoon. welcome to the "closing bell." coming to you from wal-mart's manufacturing summit in orlando. as cnbc continues coverage of this remarkable story and bill it is good news that things are not busier today and it is a thursday in august because this would be complete disaster if it were a lot busier. >> we've been talking about it. it is a good thing it wasn't yesterday. a fed day or jobs day or god forbid an exploration day of some kind where you expect, where trading has to happen. let's bring you up-to-date here. i'm at the new york stock exchange. as maria mentioned, the story is at the nasdaq, starting around 12:15 eastern time. trading has halted due to a technical glitch. we areti