in a decelerating market today. we are seeing long em, short tech, exactly the opposite of the beginning of the year. >> yep. there it is. thank you so much for watching "street signs." have a good weekend. >> "closing bell" is next. join me again in two hours. hi everybody and welcome to the "closing bell" on this friday. i'm kelly evans here at the new york stock exchange. we've gone to well off to gainsville. in fact, the nasdaq flirting with potential lly turning negative here. >> it's great to have you back. >> i'm sorry to be so tall. >> she's back. i'm bill griffeth. some were calling this a short

rally. there was real vigor to it that suggests that maybe people were caught on the short side of this market. does the fact that we're fading this afternoon really enforce that idea? those folks are looking like they might have the market right as we enter the final hour of training. >> meanwhile, russian troops massing at the border a week after vladimir putin promised he wasn't going into ukraine. you know who's not worried? apparently the markets here. what if anything is that telling us? what message does it send to vladimir putin? we'll follow the latest as this story develops. >> lately, friday afternoons have been tough for the bulls. something we'll talk about. oscar winning actor gwyeneth paltrow telling e she has it tougher as a working mom than

those who go to an office every week. turns out most in offices who don't have their own trailers and a team of assistance don't agree with her, believe it or not. one wrote an open letter to gwyeneth paltrow. that mom will be us with later on "closing bell" today. >> the dou is now at about 47 points. it started out as much as 53 points earlier today. the nasdaq is one of course to watch this week. it's trying to hold onto a small gain of about 5 points. meantime like at the s&p 500. it was up 18 earlier today. bill? >> let's talk about today, maybe look ahead as well with our "closing bell" exchange panel debate. ken ma hoeny and from wells

fargo advantage fun and our own rick. rick, i'm going to start with you as a representative of the trading world out there. what do you make of today's action? i know you're in the futures pits in chicago, but do you sense this was a covering rally this morning that has now faded into the afternoon? >> even though i'm not in new york, we have lot of future pits that trade, s&ps and dow futures. most traders believe that the discriminating investor is going to be much stingier with their unrealized gains this point in the maturity cycle of the bull market of equities. and i think i would agree with that. they also believe that the issues today in their minds have very little to do with geopolitical forces. >> if that's the case, what are

they following here? what is the paradigm for markets? >> just the choppy markets we've been going through. march madness is not just reserved for basketball tournaments and brackets. have to say the market's been pretty resilient. considering all the cross currents that we're dealing with, from china's slow down to russia's continuing aggressions. but we did see a sea change last week. we've seen some of these high beta names take a pretty hard hit. we've seen solar take a hit. i think -- we hope here in new york we start to fall out and we have pent up demand for autos. better economic numbers be

supportive of stocks. >> ann, your view is, what is concept, right? >> we are. bill, you're right and i think your other guest was correct too. it's a market that is more focused now on fundamentals because the momentum game seems to be a little bit over. it's really about what numbers can you put up in the future. and, you know, peas can't expand forever. the market's realizing what it should be at. it's a good marketplace for stock pickers to go out and find companies trading at reasonable prices. >> james, where do you guys see value? next friday, we get the jobs report. this is a huge one with regard to what the fed does from here. what should investors do? >> we're at an influx point

especially with the weather. it's going to be above 30 degrees this time for the weekend in chicago. if you look at what people look at for the market, we are at average valuations for a lot of measures. i think because we're in the middle of the market cycle, these measures are going to be much more ambiguous going forward. it's important to keep in mind market valuation measures have almost no timing ability over any short time horizon. >> so you think we're at the middle of the cycle, james. michael, you think we're at or close to the end. >> it's so artificial. i'm -- >> what i disagree about -- what i -- >> can i -- can i say something before you disagree with it. i'm the most embarrassed i've been since 2007.

i have sold everything i own except for gold stocks. i did that in january. i'm very worried about things like japan. it's debt to gdp ratio is 442%. food prices are up 13% year other year. so it's the end of de fact and that is -- deinflation and that is unsustainable. >> how long are you staying in cash? >> how long? >> how long are you going to? >> i'm 75% cash. i think the fed is tightening. they want us to believe we're going to have a 5% nominal gdp prohib print. how can you have that -- >> know to get back in, that's the question. >> we have a huge correct of 25%. that's what i'm waiting for.

and i think that's going to happen before the fed's taper goes to zero. >> i guess you disagree? >> my point more is that we can't make these absolute calls. really what's happening in the market today is correlations have been lowers. you can find technology stocks that are -- may be down 20% this year. there are others that are up. so the absolute game is over. but where we can benefit is really through stock selection. there are companies that still have improving fundamentals. i'm not making a big call on japan. >> michael, you're looking at the market as a whole and ann, you're looking for a market of stocks. >> the answer will probably be somewhere in between them. . the only reason we haven't made progress this year. at the same token, i think the biggest culprit is 2013.

the s&p's up 30%. we're still trying to work off that consolidation and that giddiness. i think you hold onto two-thirds and you kind of trade around. i think investors have to be a little more active. >> james, one of the big questions globally is when is it time to get back into the emerging markets. we've had a few come through saying, yes, they think it's time. >> they have started to pop a little bit. >> so is it time? >> i would definitely still take a weight and see approach with the emerging markets. it's not that we don't like emerging market fundamentals. they will grow faster. it's not that we don't like the fundamentals. if you have the time horizon, you absolutely should be there.

i think the short time volatility, i think that's really the problem and i would wait to see how that shakes how. >> how do you play a u.s. consumer when all the data shows all the health care spend or health care spenders crowding out other forums. where do you see opportunity. >> where we see opportunity still is within the retail sector. urban outfitters is a good example of that. sales have been hurt. somewhat weather related, somewhat internal issues. we think the internal issues are under control. rick in chicago finally get warm weather, we'll get sick of the weather clothes and go shopping. >> pretty soon this weather excuse is going to run dry. maybe it's obamacare. maybe it's the fact that my insurance costs have gone up

50%. everybody that has to purchase private insurance has gotten killed this year. >> it's a combination. >> the fed has been monday advertising trillions of dollars of worth of payments. asset bupblees like real estate and stocks. that's going away. >> i'm not buying biotech or high multiple stocks in this market. unperforming stocks that have room to perform. >> i'm going to tell you, if we have a huge selloff everything is going to go down. if you wait until the summer, you're going to have a much better entry point. >> so you said you would get in if you had a 25% selloff? >> i think the fed is going to have to end tapering and go to qe 5. when they do that, then i'll get

back in. i wish we would just let markets work, but we've decided that's politically unpal pable. let's play the artificial game and the feds are going to come in and save the world. >> let's not forget about interest rates everybody. it's not just that the u.s. has a flattening curve. it's hard to find an interpretation of that that's really optimistic about the economy. when i see the artificial low yields in the southern economies. this doesn't paint the picture -- >> exactly. >> central banks say it's okay we're going to have negative rates, i would be very, very nervous. >> we got to go. we got to, mike. we got your point. is. >> good to see you. >> go badgers ann. >> how about the fliers.

we've got about 45 minutes to go until the close. the dow is up 28 points. the nasdaq slightly positive. the s&p 500 has to close above 18 to be positive for the quarter. much more ahead on the markets as we wrap up what has been a pretty volatile week. we saw candy crush maker get crushed this week. now any round of ipos trading today. we'll take a closer look at that and what's going oncoming up. >> blackberry is also gaining ground. we've got someone here saying it could be the beginning of a big comeback. don't miss where he says the stock could go from here. and as thousands of russian troops amass at ukraine's border, why isn't wall street more concerned? that's been a question we've

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here's a look at blackberry. it is off session highs off about 4% on the session today. it was green earlier despite posting another quarter of losses. >> what's going on there? >> blackberry actually beat expectations and posted a smaller than expected loss for the fourth quarter. they say, look, john chen is doing an excellent job. blackberry's quarterly revenue did decline 64% year over year. blackberry has been putting more focus on its services and mobile device management businesses. now going forward, peter from jeffreys says blackberry's transition is still very early. now shares of blackberry were up in early trade. but other the course of the day,

shares have declined. now down about 4% on the day. shares of blackberry, though, have been in rally mode this year. double digits on hopes he can help turn them around. >> if they are experiencing potential turn around, should you be a buyer here? >> let's talk about that. on the cnbc news line is avi silver. an analyst who upgraded blackberry from under sell to under perform last week. why the upgrade in the last week or so? >> as you said, you know, a sell is basically we hate it and under performance is basically that we hate it less, but that still was a change for us. we upgraded primarily for two reasons. first after all, we thought the losses would be lower. so for context, we think their

ability to succeed in services will depend on android ios not blackberry hardware. we were impressed. we think it is far better than good technology solution, that's their main competitor. there's still bugs they need to work out. it's early. based on our testing, it looks good. >> right. >> so all of my colleagues that use good hear asked if they can have ip actually switch them. there's reasons that we went to under performance and not more than that. we don't think the market is big enough and we don't think they can charge enough to justify up size. we need them to get to 20 million enterprise subscribers from 10 million today. achieving those milestones will be very difficult for them. >> this is a key part of the reason why people say

blackberry, a, has a future here. enterprise software. you still don't like the name? >> i don't like the name. i don't like the business. you're looking at a company that is so far dead and so far gone there's no market share left. now they're trying to get in the enterprise business. the problem with the enterprise business, they have such a bad name nobody's going to start upgrading and buying from a company that's on the decline. the only reason they're still around is to get a billion-dollar cash infusion. the reason they're staying around is to get bought. if you get into this thing, you're looking for a value trap. microsoft should be buying this company hands down. the reason -- >> to do what? >> they should be buying it for the enterprise service software. >> then you're saying that there is value, not that it's a value trap. >> here's the thing.

they should be buying it if it was good. technically you would look at it and say, let me get the enterprise service software and the patents. it's probably so ugly that it is a value trap. i still think anybody coming here would be in the five to 7 range j. >> the fact that nobody's swooped in a cautionary sign for investors that would otherwise get involved. >> it could potentially be a strategic assets at some point. if ultimately they're going to sell it, they want to restructure it first and not have the buyer deal with it. >> they keep earning cash. 2.7 billion in cash. it's nothing. they got to continue in r&d. we just saw today it go down by half a billion dollars. how's it going to continue?

>> they still have enough cash. and all of the losses that they have are really on hardware. they need to invest in software. so the deals that they announced, that's going to -- that's going to take the gross margin from negative 30% on hardware to up to zero or positive territory. >> it's too late. >> i think they're still in the business and i think the market moves very slow. 70% of the market is still on blackberry at the end of the day. if they can come out with a better solution later this year, and i do think their solution is much better than what we see on good and some others. >> got to go, guys. >> i'd stay away from this. >> we get the point on both sides. well done. >> thanks, guys. >> opening day is music to my ears. i can't wait. that means spring is here. about 40 minutes left in the trading session.

now we're holding steady here. we'll see what we do. do they sell ahead of an uncertain weekend or do they maybe think of doing a little buying here? >> or do they buy bitcoin. bill miller telling me yesterday here that he personally owns the virtual currency. stick about for the heated discussion on this one. >> also, gwyeneth paltrow taking a lot of heat this week. we want to know if you think she has a point here because of long stretches away from her family or is she simply out of touch. tweet us your thoughts at cnbc "closing bell." we'll put the best ones on the air. stay tuned. stay tuned. ♪

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markets holding on -- is that still working? it's the same number it was when we went to commercial. >> i know. and volume hasn't been that strong today, bill, either. maybe it's just in regard to the options expiration we had a week ago, but it feels quiet around here. >> now, as we head toward the close of the dow, it's still up 33 points, but we are down for the week. the dow, the s&p and especially the nasdaq. >> five companies going public today. ipos after king digital stumbled

earlier this week. a look at how they're performing on this day. bob? >> not as good as we had yesterday. look at cbs outdoors. this is a build board company. priced at 28, opened at 30.10. to you, that's a cloud-based online provider. opened at 13. up 5%. that's respectable. the big gain today was energous. opened at 9.50. look at that. up 71% right now. a couple are down. aerohive networks. it just went into positive territory. it's been down throughout most of the day. that's a bit of good news for them. and then everyday health, priced

at 14. there's a disappointment right there. look at yesterday's three ipos. they were at double digits. the bomb tom line on all this is fair but not fantastic. it looks like king was the out liar. let's talk about bitcoin, shall we? >> it's got the wise men of the investing world divided right now. you have them thinking that the currency is nothing by trouble. on the other side, you have venture capitalists like richard branson coming out in support of bitco bitcoin. >> you can also add this man. here's a reminder of what he had to say. >> it's like a venture investment. many of them don't work out.

the thing that's so interesting is the addressable market here is as big as there has ever been in the history of the world. gold alone is an $8 trillion market value. bitcoin has a $7 billion market value. >> will they get big returns? joining us is steven perry. also cnbc contributor ron who is no fan of bit down is that right, ron? >> that is correct, kelly. >> is it because you have aversion to it, almost like a moral aversion or is it because you don't think it's a good investment? >> i guess we have to separate it into two arguments. it's already proven the volatility and highs and lows we've seen are very much speculative. i think the question is whether

or not it's currency. it usually requires some sort of backing. >> but that's not the argument biller is making. he is saying it's like it being like gold. >> i would certainly as an investment it's not my favorite thing in the world. no, i would shun it in that regard. >> steven, i'm on that dual track idea that ron's on. we're talking about a concept of a virtual currency. but then at the same time maybe clouding the issue is this complicated history that bitcoin has been through on the various exchanges, the wild price rings. has that gotten in the way of the concept of this virtual currency do you think? perhaps to a degree. i think people tend to focus too much on the price and not on the utility of the technology.

while the price movements tend to be indicative of an early market, people need to remind themselves of what you can actually do with the technology. >> a great note today weighing on this thinking through what bitcoin actually is. one of the conclusions he points to is maybe there's problem with bitcoins itself, but technologies that will ultimately be adopted by a number of players. how much do you think this is about bitcoin specifically or this innovation that's happening with online currency generally? >> it's about both. i think a lot of people make the argument that there will be something that comes after bitcoin, but i don't know what that is. is it light coin. is it io coin, solid coin iix coin. i don't see any of them rising to the challenge. >> there is this issue

especially with regard to the merchants steven. it's difficult to understand sometimes. correct me if i'm wrong. there's a ten-minute gap between the time you make or buy something and it's verified by bitcoin for a merchant. during that window, that merchant is assuming the counter party risk unless i stay in the store and who wants to stay in a place for ten minutes to make sure it all gets figured out. >> that's what services like bitpay address, managing the risk and closing that gap between the transaction first appearing and the confirmation on the network. >> ron, before you go. this is the conversation you and i would typically have other a glass marinating ice. don't you think we would see a virtual currency without borders? >> in some sense, we already have one. it's called the u.s. dollar.

it's not always frictionless which is what a lot of the bitcoin folks' want to have. you do have -- direct deposit is a frictionless moment when you get money de positive ted in your account. i think the real question is not so much about bitcoin as an investment, but bitcoin as a currency. i think that sovereign entities will be very slow to allow bitcoin. >> steven, i know we got to go. what do you think it is? is it a commodity or a currency or do the distinctions matter? >> it's a protocol and a lot of people don't realize you can actually issue dollars on the bitcoin network and use that network to transfer dollars. >> thank you, steven. thank you ron. >> heading toward the close, dow up 43 points. forget about broad band connectivity deals.

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welcome back. a bit of an up and down day here on this friday. but the dow is holding onto a 35 point gain at the moment. we're going to watch closely. and the s&p 500 adding 6 this hour. >> meantime, president obama issuing concerns about russia amassing troops. >> yeah. that a ominous. president obama traveling in europe today on a way to a trip to saudi arabia. sat down with cbs news. take a listen. >> you've seen a range of troops massing along that border under the guise of military exercises,

but these are not what russia would normally be doing. and, you know, it may simply be an effort to intimidate ukraine or it may be that they've got additional plans. >> that's prompting tough talk here in washington earlier today. senators john mccain and lindsey graham issuing a statement. writing that the assistance should include small arms, ammunition and defensive weapons. so here in washington, that's another ratchet up guys. very intense moments in the ukraine and washington. >> through all of that, the markets appear to be unphased. they don't seem to be paying too much attention to what's going on. >> joining us now is heather

connolly along with vice president of grow ball analysis. welcome to you both. like to ask a little bit more about where you see this going, how significant this buildup is along the ukraine border. >> yeah, this is a major escalation. we are seeing potentially a russian invasion of eastern ukraine. it is shocking to me that the markets have not reacted to it. this is power with 4,000 tactical nuclear weapons and they are blowing through every international law and treaty that we have. where is the western military response to help support ukrainian sovereignty? >> why isn't gold skyrocketing as it traditionally would at past geopolitical issues.

stocks should be going down, bonds going up. that's not happening right now. why do you think that is? >> let's get a bit of a reality check. yes, russia is arching up -- amping up its pressure points. president obama gist said that he speculated that maybe russia's trying to intimidate ukraine. he's trying to intimidate the u.s. and nato in particular. you can hope for the best al you want, but you plan for the worst. while we don't think russia is going to follow through, the costs do outweigh the benefits, they're certainly militarily capable of doing so. the reality of the matter is, i don't think russia will follow through with the threat. >> why not? >> you have -- if you do a sober military analysis of what's actually happening here, it

would take a lot of resources to go beyond crimea, anchor yourself there and there's talk of going beyond to moldova. but we are going to see other types of pressure points come into play where they're going to focus more on tightening the economic screws on moldova. that's a difference between following through with the threat. >> that seems to be what the markets are saying, that this is nothing more than a power play between russia, vladimir putin, and the nato nations and also this land grab for what has been a strategic location for him in the crimean pe innocence la.

he needs an unstable ukraine. we're not listening to him. and this massive troop buildup is -- is not only to de stabilize ukraine but ensure that they cannot go west. so i think we have to make an assumption that it is likely that russian forces will cross into eastern and southern ukraine which will require an enormous escalation of sanctions which will target financial assets, business assets. >> if that happens, if the sovereignty is breached -- it's already been breached with regard to ukraine, but if further intrusion et cetera, what does that in terms of an international response require? >> it will require enormous unity between europe and the united states. europe is a very fragile economy. it will require shoring up european energy resources if mr.

putin decides to take energy resources away from europe. it's illogical of what he would do, but the stakes are enormous here. the uk that hold russian financial assets. this would really have important implications. >> we'll just have to see, bill, as they work through these scenarios whether markets do have more of a reaction. >> thank you very much. they may not be reacting much, but they are watching very carefully. the dou is still up 41 points. couple times we were up 150 points in what many believe was a short term rally. >> we'll round up today's movers next. after the bell, legendary lawyer telling cnbc that activism is bad for shareholders.

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heading toward the close, if you are just joining us, it looks like just another anemic day. it wasn't. the dow was up 150 points at one

time. we have seen since a fade in this rally. looks like if we hold, the market averages will finish negative for this week. >> we're tracking some of the stocks driving the action today. >> kelly, let's pick it up with bio teches because they are continuing to fall. a screen of red there all moving lower. tough day for netflix if this stock ends in the red today. 16th time in 18 sessions the company has fallen. tesla is selling model s cars with the underbody shield to reduce fire risk. the year governor andrew cuomo cut a deal to keep the customers store.

the stock up on cbs outdoor at 28 bucks a share. >> we have 13 minutes left to go before the close here, bill. it's the second to last trading day of the quarter. you know the best performer. >> what would that be? >> coffee. ko. >> much more ahead on the markets and what you should be watching out for next week, especially on monday. could be a very interesting day as investors set themselves up for the second quarter of 2014. >> also ahead, gwyeneth paltrow has been getting a lot of flak saying working moms have it better than she does. does she have a point? tweet us your thoughts on the subject. subject. ren't. why? because selling their funds makes them more money. which makes you wonder. isn't that a conflict? search "proprietary mutual funds". yikes!! then go to e*trade. we've got over 8,000 mutual funds

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nine minutes left. really, the market -- it's like the traders went home early chl. we had tremendous volatility early in the day. it faded. now, we're just kind of sliding into the close here with the dow up 41 points, nasdaq up a fraction and s&p up six. joining me david the senior

manager. good to see you both. >> good to see you. >> this was a critical week for the momentum stocks, david. that was a critical piece of the gains we'd seen at this point. >> they were the number one acting group after the airlines which were up 81% last year. they were up 66% and they had a big new york rise this year. it's actually a good thing. when something flies up, it's good to have it settle down a little bit. this week we were very heart nd by the five cs. purchasing managing index still up. new jobless claims down 10,000 to a six-month low, 311,000. consumer confidence and personal consumption. five cs are offsetting. china, too low inflation and

profits for the first quarter are going to be a little bit small. >> what do you have? >> well, i have -- let's see. i have 13 is going to be my number. $13 trillion to u.s. equities since the bottom of 2009. given that, the market has lost a little bit of direction. it's looking for another reason to move higher. we have the fed pulling back stimulus. we have an indicator that shows that, as far as we're concerned, data slowed down in february. maybe it picked up again in march. right now, it seems like a pause in the data. >> why hasn't the market responded to what's going on between russia and ukraine right now? that's a classic geo political concern that the markets in the past have run for cover on. >> very good point. i think they're -- germany is

the lynch pin, how germany reacts. today, we're much more enter linked than we were even in the 1030s. a week from now, i hope we're standing here and looking at 250,000 jobs next friday. >> that's for sure. gentlemen, stick around. we're going to come back. we'll look to next week and get to the closing downdown as we head out for this friday. mark zuckerberg grabbing headlines again. facebook thinking about using drones to bring internet service to every person in the world no matter how remote their location. creepy? cool? we talk about that coming up. you're watching cnbc, first in business worldwide. business wor. [ indistinct shouting ]

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it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ just inside the three-minute mark. here's a definition of volatility. this is the dow this week. the trading pattern we saw most often was a rally in the open that faded in every end. happened monday, tuesday, thursday, thursday was a slightly different animal. the dow virtually unchanged. how ironic is that? previously high-flying biotech

stocks falling out of bed. we started last week with gilliad sciences. that took the wind out of their sales for the week. this the measure of the nasdaq biotech stocks. that would be king digital, maker of candy crush, just been trading for three days and down 11 1/2% in those three days. we come to the end of the first quarter, which has been a pretty tough one after such a great year last year. what do you think the themes are for the second quarter coming up? >> i think the theme that we're playing out right now with churning in the market, i think you're going to continue to see that. value investors looking around and being more selective about the companies that are put in portfolios. we're going through looking at lots of companies. and we are now five years into a

bill market. it's getting much harder to find really good turn. >> more grinding as we go. >> not necessarily a bad thing. you have a market that's selective not just throwing money at any old investment. >> march came in like a lion and it's going out like a lamb, just like you said. you want to watch profits and you want to watch china. these are the things to keep your eye on for the second quarter. that profit margin was supposed to be 6% up for the s&p 500. now the estimate is for it only to be up much less. >> and of course the fed has put us on notice of some sort of a timetable they may have in mind for raising rates. it all depends on jobs numbers. next friday will be key for that. thank you for joining us. have a good weekend there. we go out with a gain of about

50 points, but a very volatile week for the market and a lot to talk about and what it means as we head toward the end of the next quarter. a very good panel coming up. have a good weekend, kelly. i'll see you monday. thank you, bill. welcome to the "closing bell." we'll try not to get hit by any of the bumblebees around here. here we are finishing the day. the dow jones industrial average, all the major indexes managing to finish in the green. dow adding about 50 points and the nasdaq adding five. joining in on the panel is the washington post and sarah ison. do the bio tech names know that china might have more still am allows coming and so we're all

safe? >> we're all glycemiaed to -- glycemiaed to these -- glued to these names. i find the action really interesting going into the close. starting strong, coming off throughout the day. here we are with monday the last day of the first quarter. we're barely up 1% so far this year for the first quarter. >> it has been a mirror image to some extent to the end of the year. what do you make of it? >> the one step back is clearly more like two steps back in the biotech. what it feels like to me, and i could be a hundred percent wrong, i think the etf has been leading the individual stocks. there's still some real stories last night. talked about amgen. talked about their pipeline and balance sheet.

i do think there's names out there that got caught up in the maelstrom. i think people are waiting for an unfavorable ruling coming down the pipe that i don't think is going to happen. i think now's the time to do it. >> all right. let's talk a little bit going into next week. the main event is going to be at the end of the week. well, we have a couple of things. april 1st on tuesday. that means we're going to get the manufacturing pmi. either everyone thinks that number's going to be great or that's the talk but no one believes it. there doesn't seem to be that level of conviction. >> look at the consumer spending numbers out today. i think it's a perfect example of how the data remains and may have fallen. now you have the affordable care act thrown in. people are receiving increased medicaid payments actually bumping up spending as opposed

to people spending more on clothes and appliances. it's going to be messy into march. it's really going to be midway through the year before we get a clear picture of where this economy's going and before the fed can truly make a decision. >> scott cone, one of the viewers i correspond with sometimes during the program. look, no one's talking about obamacare. the impact is huge. we've seen it wipe out or kroid out a lot of the other spending otherwise that might have been happening while also seeing an increasing in hospitals spent in the fourth kwar. no one can really explain as to why that popped. and to what's really happening with the u.s. consumer here. >> i think it all remains to be seen. we'll see the beginning of these people now with insurance. we'll see if that's actually a boost to the economy as they

start spending. look at what we've been through now. we're coming to the end of the first quarter. a first quarter after a huge year in 2013. we could be setting ourselves up for something when the fed ultimately starting to tighten possibly during the next quarter. but we've come through this pretty well, all things considered, considering what we're coming off of. >> robert frank, people are trying to figure out what does the fed do next here and how does it matter. so the guys came up. they said look, we think we've figured out just about gellen's -- yellen's dashboard. it's the u6 the broader gauge of unemployment, it's the labor force parps rates. all of those things are well shy of where we'd like to see them. so she's really not going to be in any great hurry and everyone should just relax. >> from where i sit, i'm getting

really worried about it across all asset classes. i look at the 100-million-dollar homes coming across the market. these are asset classes that go way beyond stocks. and there's just so much capital around the world chasing these world assets. >> did you see -- >> did you say violas. >> he's actually a stamp collector. >> robert, the -- with regard to financial speculation, we've heard from a couple of fed officials. we've heard from jeremy stien who's really concerned about it. while others out there saying he doesn't really think it should be prioritized over the fed. so are you saying that they're

being too complacent right now? >> i'm not going to set policy recommendations. all i can say is what we've seen way beyond the stock market. we've focused so much on stocks we can't see the forest for the trees. a huge amount of speculation going on in these markets that there shutdown be $45 million violas being sold. vergely it's going to -- eventually, it's going to correct. >> that's too bad for that guy. where is the leverage? >> i think what you saw this week was actually the fed sort of flexing its regulatory muscle in terms of accepting citi's plan. we're not going to fall asleep at the wheel in terms of putting in place things we need to do.

>> my point is, the viola is sort of a rare extreme example. so many assets have been overinflated by the supply of money in the world -- >> you say the correction -- >> it's going to be much broader than just biotech stocks and ipos. >> or this is money that's fleeing equity and just in a frantic search for something that's going to get you some yield. we could be seeing maybe the start of that correction in equity. >> how much of this, though, is russian-buying, chinese-buying for reasons that are completely different and separate from what the u.s. is doing and why should the fed, if that's the case, respond to it? >> i'm not directing policy. and those overseas investors are fleeing to safety. they are fleeing to equities. that's why i think the market

has actually done pretty well this year considering what's happening overseas. when these things start to correct, when the fed starting to really taper down toward the end of this year, these very liquid markets -- that's what people are not looking at. >> that's been a big story this week that we haven't talked a lot about. really, a comeback. if you've seen brazil. it's been absolutely on fire. we've seen it in turkey and chile. it's just when everybody's low expectations start to set? >> guy, what do you make of the emerging space. do you see this as just kind of a -- pardon the phrase, but like a dead cat bounce? >> tim can speak to russia a lot more intelligently than i can. i thought when the press secretary said you don't want to

invest in russian stocks, i thought that actually might have rung the bell on the bottom. i think the rsx is really interesting and you're going to get bounces along the way. back to the fed. they're painted themselves in the corner with that 6 1/2% unemployment race and unpainted themselves when they took it away. i don't think it's coming any time soon. and i'm more inclined to believe they'll add to this program before they even start to taper something. >> guy, you mentioned the rsx, that russian etf. the best performing etf so far this quarter, coffee, some of the gold exploration company. the top three losers are the russian etfs. i'm curious with the news flow heading into the weekend. we just had a great panel with a couple saying no one's taking seriously enough how far this

could go. does it make you ners at all? >> in terms of what's going on -- >> yeah. >> i think you're fooling yourself if you don't think they're going to take more steps. they're going to continue to move forward -- and i'm not trying to get political. they're going to continue to move down that road until somebody tells them to stop. all the jawboning is not going to stop these guys. so i do think it's going to escalate. our equity market has looked past every single piece of negative news now for the last 18 to 24 months. why would you believe it's going to be different now in terms of the market? >> the rest of the panel sticks with me. you can catch guy coming up on "fast money." up next, much more. plus -- >> activism which is an aspect of short termism is in the long

term very bad for not just shareholders, but bad for the economy as a whole. >> marty lip ton, best known as the guy who invented the poison pill. is he right? and gwyeneth paltrow says moms that have an office job have it easier than moms in hollywood. we have one mom firing back. her open letter to paltrow has gone viral. we want to know whether you think she has a point. we'll be right back. 'll be righ. make it happen with fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity.

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welcome back. once again, the major averages finishing well today. the dow needs to gain about 250 points monday if it wants to finish higher for the quarter. the s&p 500 however will enter monday about nine points higher for the quarter and have to hold onto that. the nasdaq will need a rallying 21. i want to bring in the senior analyst with the nasdaq. bob, look, let's talk a little bit about what we've learned so far in the first quarter and to

the point we were talking about guy with last time is this three steps forward and one step back? >> what i thought was very interesting and i think important, we've really got a group of stocks now, diverse market situation. last year at this time, everything was up five, six, 7%. china got killed early on. it's coming down a little bit, but still largely down. social media stocks were hit. some of the energy stocks have come back a little bit. we've got some real uneven markets right now. that means you have to be smarter in on you you play going on. >> that's why we call these momentum stocks because they have a lot of momentum and that's exactly what we saw play out today. earlier today, it was interesting. it did seem as though we would see a rally in the social media

names. as we saw throughout the day, those stocks did not hold onto gains. the big question is, when can we call a botttotom for these momem stocks. most of these are listed here on the nasdaq. that's why we've seen so much volatility. i'm hearing that valuation is the prime concern. that the fundamental story for a lot of these momentum toks is still intact. will investors see this still as a good-bying opportunity. >> what signals that from the dollar? >> i don't think it's mixed at all. let's say someone is from another planet. we talk about a taper. we're maybe halfway there. here's what you have for the first quarter of the year that

it's occurring. basically, stocking unchanged on the quarter, which is the year. you have two and three-year maturities have higher yields, but fives are unchanged. sevens, tens and 30s are lower years. dollar index is a lateral move. we haven't even imbarked on zero rate interest yet. we're doing a taper this year, haven't even really begun to really seriously discuss raising rates. i think it's really obvious it's taking its toll. >> we've been talking about the momentum. you buy these stocks, growth stocks and pay a lot of money for them in periods when there isn't a lot of growth elsewhere. now we're going into a period where hopefully other parts of the economy are going to start picking up. some people are starting to say, we've paid a lot of money for

this growth. >> bill miller made a similar one yesterday. that does not jive. if that was the message, that's all the more reason for the ten-year to go from three to three and a quarter. >> i personally believe the economy is going to pick up in the second quarter and we're going to see 3% gdp growth toward the second half of the year. >> what i kind find of frustrating is earlier this year, strategists were betting that it would be the cyclical that would outperform. it's the telecom stocks that are actually leading this market higher. >> yeah, right. and those names as well that you thought might get hit. nine trading days by the way to go until the first quarter earnings period begins. . we're going to get out to sheila for a market flash.

>> check out king digital. that's down for the third straight session after going public just on wednesday. talk about a candy crush. idera pharmaceuticals rising in heavy trading after they said its drug was found safe in a mid stage trial. zogenix falling after massachusetts blocked the sale of its fda approved pain siller. they criticized the movie as an -- move as an unprecedented action. >> wow, that's a story we actually have been following on this show. this was the painkiller where -- the drug anyway that people said was far too powerful. he's a frequent critic of wall street. up next, he says they're good for companies and shareholders

straight ahead. and facebook announcing it's building drones, satellites and lasers. ceo mark zuckerberg has something less sinister in mind. we'll tell you what it's all about. keep it right here. ep it right . ...work with equity experts... ♪ ...who work with regional experts... ♪ ...who work with portfolio management experts, that's when expertise happens. mfs. because there is no expertise without collaboration.

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is investors. >> it's in the long term very bad for not just shareholders, but bad for the economy as a whole. >> bad for the economy, bad for shareholders. joining us now is andrew, a shareholder advocate. and he disagrees with mr. lipton. welcome and why? >> management seems to continue to think it's their company and it's not. long term it's good for the company if you have people that have skin in the game that are holding management's feet to the fire. that's a good thing. a lot of the management teams seem to want to keep the shareholders in the dark and that's improper. i like the fact that these guys are pushing for changes in the company that makes it more profitable. >> bring in the panel on this.

robert, do you agree that this is all about the shareholders really owning the company? >> i think it depends on the activist and the company. you made a point that these shareholders have skin in the game. so do management, perhaps too much skin. you got to include management there too. there is a study that supports this idea. they found that those that add activist investors outperformed and especially toward the end of a five-year period, did very well. that shows that they do do well and do make good investments. >> sounds like you two actually would agree then? >> yeah. and i disagree with marty lipton. >> go ahead. >> kelly, i think the problem is some of these activist investors, they're just not a

pretty package. the guy's worth $10 billion. he uses heavy handed tactics. >> and he insults people. so he bricks it upon himself. >> that's all he's ever done. >> beyond the style, some of the things they're pushing for are really short term moves. instead of using that cash to hire in the business. >> exactly. >> talking about. >> but it depends on the case. look at dan. it's an interesting case that very few people focus on. now he's calling for much broader changes in a company that arguably should do better. so a lot of these guys are calling for much broader changes. it's unfair to say that they just want the cash. >> do we need to make a programming note that he's a stamp collector?

>>. >> carl, i've covered him for years. one of the first storied i did at cnbc was when he was trying to break up usx, 1990. he had different tools available to him back then. he was a shareholder activist. ultimately, you could say that that deal was good for the shareholders, not necessarily so for the workers. now, he's going the same thing. he has a great mouthpiece here and on twitter. >> the companies always say we can't stand the extent to which these guys were able to use the media. >> you say that he's just bad for the company, bad for the economy is this sort of generalist statement. he's part of the company and the company. if apple, for example, can fight back and not do $150 billion stock buyback, then the system's working. >> or maybe it's just the nand

environment -- demand environment that we're in. we're seeing a lot of the bigger companies underperforming because gdp has been lackluster on a global scale and they're demanding short term moves to keep the share prices up. if we were in a very healthy environment, it wouldn't be this way. we'd get the more productive activist investors. >> yeah. look, i realize that management likes the lifeless units. >> are you talking about the new traditional fund industry there, andrew? owns 35% of the fortune 500 companies. >> i hear you. i think these guys provide a jolt of adrenaline that's sorely needed. >> we'll leave it there for now. thanks andrew. >> thank you. >> he just bought a virtual

reality headset maker and now mark zuckerberg says he wants to build zones. find out what that's all about. gwyeneth paltrow says being an actress mom is more difficult than being an office mom. send us a tweet. a tweet. (announcer) scottrade knows our clients trade 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. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) ranked highest in investor satisfaction with self-directed services by j.d. power and associates. [ chainsaw whirring ] humans -- sometimes life trips us up.

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welcome back. the internet, it's all other the word. now facebook founder mark zuckerberg is looking to take the internet out of this world, literally. >> i think it can best be summed up in three words, drones, satellites and lasers. that's according to a blog post where he unveils the social media giant's newest product. it's on top of the $2 billion purchase of oculus earlier this week. they say they will start developing and building zone drones and satellites to deliver internet to the world's two-thirds of the population that doesn't already have it.

facebook started just last yeek with partners like nokia, that to spread the internet to under served areas. a uk based company which builds high-altitude, long-endurance aircraft. costs rumored to be less than $20 million. this is being seen as a aqua higher. is facebook moving away from its core business? company sources telling me that's not the case. their stated goal has always been to connect the world digitally. the company sees these moves as part of that long-term plan. >> for more on what zuckerberg is up to, let's bring in bruno. welcome. to morgan's point just now, is facebook moving away from its core business? and if so, as an investor, do you care?

>> they're not moving away from the core business. he has clearly stated that his goal is connect the world. this is a way to expand his potential user base, people that do not have the internet, that perhaps in the future will be facebook customers. he's looking to really ax accelerate potential growth when you look at the user base today relative to how many people are actually connected to the internet. you know, he's had a pretty large penetration. this is an alternative way to potentially expand the potential user base. >> it still seems like the luxury of someone who has a lot of cash to throw around. does that worry you at all, the money he's using again to try and diversify the company? >> yes, you have to be skeptical. clearly, this is a company that has fairly rich market cap. so it gives them the ability to purchase a lot of businesses

and, you know, what's the reality of those purchases. but, you know, they have a very significant advantage which is over a billion users. you can bring in capabilities that you can plug into this network and market to over a billion people. >> maybe more. >> they have the ability to pay much more than other people because they ke connect whether it is something like social gaming and new acquisitions into new areas. but you have to be receptacle and they have -- skeptical. they're clearly paying a significant amount of money for these companies. >> i think kelly put it well. this does feel like a guy having a good time playing with other people's money. >> did you just use the phrase other people's money for the tech world? >> yes. >> interesting. >> he's gone from solving very company specific problems which is converting to mobile to how

can we connect the rest of the world's poor to the internet. >> and they'll jump right on facebook. >> other a billion people in the world don't have electricity or water. there are fundamental reasons why people cannot connect to facebook that go way beyond the ability to have drones and lasers. i worry that he's lost focus. it's the money driving some of these irrational purchases. what do you think? >> we would definitely be very concerned if the specific metrics of the firm in terms of growth in revenue, growth in profits slowed down. that's certainly not the case today, but we'll keep an eye for that. one of the things that zuckerberg has been clear about and he wrote about this in the letter when he brought the company public, is that he has the mission to connect the whole world. at the very least, there is a consistency to the message. i think it creates a legitimate

point that investors have to be concerned about the usage of capital. >> you know, for a social purpose, he should be a b corp. not a c corp. >> how do you measure the return on these investments, these acquisitions that he's making. it's a great goal to expand his user base way in the long term. few you as an investor, how do you measure whether these are valid investments from that standpoint? >> i think when you look at -- you know, let's look at the different investments. when you look at the investment to connect the world to the internet, those investments are not significant, but they're not huge relative to the size of the firm. you could argue just from a marketing perspective that is positive for people around the world that are not connected to the internet. you know, that may pay for itself from a marketing perspective if it has the

additional benefit of increasing the potential user base, that's great. this is a user base when the ability to monday advertise those users is obviously -- >> if you want to talk about the digital vibe those, you don't have to look globally. 51% of -- 15% of americans don't have access to the internet. is there actually still market potential for facebook in the u.s. in terms of growing its user base? >> absolutely there is. there is a very large part of the population in developed markets that are in areas that do not have connectivity to the internet. so that's a great market for facebook to go after. paying $2 billion for a company that doesn't generate any profits, not many revenues, it's a big deal. but again, they have the luxury of bringing the technology into a company that has 1.2, 1.3

billion users. you want to think that they have a business plan that they're executing again. the burden of proof is with them. >> all right. bruno still likes it. have a great weekend. >> thank you. michael lewis is ready to rock the business world again. the author behind liars poker is taking on the world of high-speed trading. a first look at that book is just ahead. actress gwyeneth paltrow not having a very good week. she tells me that being a movie star is harder than working mothers. it's inspired an op-ed piece and she will join us next. plus, tweet us your thoughts on this. does she have a point? we'll be right back. 'll be righ. our clients need a lot of attention. there's unlimited talk and text. we're working deals all day. you get 10 gigabytes of data to share.

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welcome back. gwyeneth paltrow in the spotlight today, but not necessarily in the best way. the actress telling e news, i think it's different when you have an office job because it's routine and you come home in the evening. when you're shooting a movie, they're like we need you to go to wisconsin for two weeks. i think to have a regular job and be a mom is not as -- of course there are challenges, but it's not like being onset. my next guest is a working mom that penned a letter that has

gone viral. she writes, as a mother of a toddler, i couldn't agree more. thank god i don't make millions per year as i'm about to begin my 45-minute commute into the city. she's here with our panel. we did reach out to paltrow. didn't receive a response. welcome to the program. you say the grass is always greener, right? there's no way that you have it easier. >> no. i mean, you know, i think gwyeneth is a little bit tone deaf when she's making those comments for sure. >> what is it in particular you think is being lost here? is it how long you're working? are you saying, look, we work just as much or the fact that just because it's a routine it's no easier? >> for one thing, i'm definitely not taking issue with the fact that i'm sure it is quite

grueling to film a movie and that there are long days involved. i think that when she's referring to an office job, she may be assuming that most jobs are 9:00 to 5:00. there aren't a whole lot of those out there anymore. >> ain't that the truth and here onset with us, we know a little bit about what it's like trying to be a working mom. >> i got to say, amen sister on this piece. i have a 1 1/2-year-old at home, so i totally feel you. what got me about the comment, it's hard for any mother, the fact that she kind of hated on everybody else. why does this have to be a competition of who works the hardest and who has the most out of control lifestyle. it's not a competition. >> do you think that generally speaking, the glamorous lifestyle perceived that someone like her seems to have, isn't

the reality, it probably is extremely difficult, especially for people not making money at her level? you're still talking about a schedule you have almost no control over. it's something by the way that working dads have complained about for decades. >> absolutely. like i said, i think it's hard for everyone, including gwyeneth paltrow. i just think she needs to think before she makes those kinds of comments. >> i think it's really hard to defend her in this. tone deaf is the right word. it's enough that women deal with gender issues in terms of pay and other things with men to do women versus women, working mom versus working studio mom who's paid millions of dollars to work for a few days. it's crazy to me. >> i want to know what's so bad about going to wisconsin for a couple weeks. >> people in wisconsin should be

offended by this statement as well. >> they should protest. >> i guess i always say there are two kinds of people that should never complain in public about their life, rich people and celebrities. her life, to kelly's point, is probably a lot more complicated and difficult than most of us understand. don't you agree it is kind of difficult to have a kid and to shuttle around the world at last minute notice to places that don't have places for your kid, you have to take them out of school, don't you agree that that part of her life, no matter how much money you have, a more difficult than having a steady routine? >> i absolutely agree with that part. i'm sure that it's difficult. then again, she also has financial resources that a lot of parents, even with steady jobs do not have. the cost of child care alone -- >> she's not -- >> it shouldn't be about the money. okay, she's rich, so we shouldn't feel sorry for her.

>> but she said it's harder for her. >> part of the gar ban in any -- bargain in any job is what they're paying you for it. >> beyond that. just to tell you how tone deaf she is, according to a study last year, america's working mothers are now the primary bread winners in 40% of households with children. the american family has completely changed. that is why she is so off base here. >> she had -- >> should not -- >> she had a conscious uncoupling from reality. >> we can agree on that. >> a lot of working moms don't really have a choice about working. you could argue that gwyeneth paltrow does. >> absolutely. i think it's all about choice. we all want flexibility and time with our kids. i think it's mostly just -- in she used like a little bit of self awareness and self

depositionry occasion, i think we'd all be totally behind her. it's more just the tone that's -- >> how much time do you get with your kids on a typical working day? >> on a typical working day, you know, maybe about an hour when you piece together the time in the morning and then the time at home before he goes to bed. >> and what would you say? >> i would say maybe an hour and a half to two hours on a good day. i haven't put my baby to bed for three nights, so i'm really looking forward to tomorrow. >> thank you for joining us. >> thank you. >> michael lewis' new book looks into weather the stock market is rigged. you won't get these anywhere else, by the way. then off to wall street. find out why two men traded the

new york stock exchange for nairobi. we'll be right back. 'll be righ [ male announcer ] this man has an accomplished research and analytical group at his disposal. ♪ but even more impressive is how he puts it to work for his clients. ♪ morning. morning. thanks for meeting so early. oh, it's not a big deal at all. come on in. [ male announcer ] it's how edward jones makes sense of investing. ♪

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so call liberty mutual at... today. and if you switch, you could save up to $423. liberty mutual insurance. responsibility. what's your policy? welcome back, so is the stock market rigged? this is what best-selling author

michael lewis' new book is looking into it. we just got a first look at some of the experts, what does he have to say? >> a classic michael lewis book. he's taken very complicated financial topics and boiled them down to where it's easy to understand. that's what he's done here in "flash boys." it's a very critical look at high-frequency trading. one excerpts from the excerpts we obtained today. talking about hft. more places there were to trade stocks, the greater the opportunity there was for high frequency traders to interprose themselves between buyers on one exchange and sellers on another. the irony here, computerized trading was to rule out that was

inefficient. computers were supposed to be bring about great reform. ultimately, they didn't. another way for middlemen to extract $10 million to $20 million on tax on traders. a very tough look, here, some heroes, sol villains. lot to digest. >> eamon, we know everybody's going to be talking about it. look, one of the interesting things, one of the reasons i want you to read it, because he's taking issue with intermediaries in the markets. shouldn't the discussion really be about how much they cost? >> yeah, i mean, what michael lewis is so good at doing in addition to taking complex stories and making them into great narratives is taking something that we don't understand and simplifying them and i'm curious how he does that without oversimplifying.

the need for an intermediary, you need somebody in between these trades. it does seem like they fulfill an important role with volume and liquidity. >> one of the ways he does just that in the book, from the excerpts i just read, is good form of trade. he paints a picture of the old wall street that we all nknew ad love. now it's been replaced by humming black boxes. >> eamon, would the holy grail being some way to connect them? like bitcoin. if we effectively move from a system where the people in the middle, the floor guys down here, making a pretty good margin, to a system where it's much more spread out and it's

much more computerized, that's a change in nature, but it's still not driving that thing out of the market, can that thing ever be driven out of the market entirely? >> that's the question that he's grappling with in the book. lot of what htfs are doing is positioning themselves between buyers and sellers and sniping off a little percentage from the profit in each of those trades. they're able to impose a trading tax on everybody else in the system. that, he says, is something that ought to go. >> reck lay or thes should be trying to figure this out for a really long time. it will be interesting to see the reaction. >> exactly, once they all read. thank you. have great weekend. up next -- changing the world, some people quit the business world to open cup cake shop, two people trying to bring solar power pumps to parts of

the economy in africa, their story's coming you next. be sure to watch the final episode of "the kudlow report" is tonight. special guest is steve forbes, mitch mcconnell. join larry for his final show. it starts in two hours. remember, one of the first places that i ever popped on this network. we'll have to get larry on this panel soon. we'll be right back. latte or au lait?

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welcome back. we're continuing our off the wall street series today. our next guest seriously went off the wall and off the grid, they moved from new york city to nairobi kenya to start up a company for solar power. welcome to you both. first of all, this is a premise a lot of people have tried to chase in africa, how did you actually get to make this happen? >> sure. so, we started the idea for sun culture through new york university's business competition about two years ago. i studied mechanical engineering, we were doing

large-scale solar power. we put our two backgrounds together and made this happen. >> you had a local connection to kenya sf. >> yeah, my family is african as soon i started, you worked really hard to get here and i'm working hard to get back there. i mean, they are operational nuances that you don't have to solve. knowing people there helped us get going. >> i spent some time in kenya as a rt roer. lot of gnos and americans coming to solve what they thought were problems and the locals were like, that's not our problem, our problem is more basic or different. did you confront a moment where you say, you know what, we came in with the wrong idea or we have to change it to adapt to the realities on the ground? >> so, when we first came in, we

decided we wanted to make a pump. keep it simple. but we wanted to make it an acre or larger, but then we decided a lot of farmers want to start smaller. we took feedback from the them. >> thank you so much for being here. congratulations. an inspiration. we'll throw it over to "fast money" with maddie. it starts right now. we're live from nasdaq marketsite in new york times square. we are closing out this friday with another late-day reversal in the books. . the dow up 150 points at session highs. dropping sharply and then rebounded to finish 152 to the good.