cede succeeded. >> were e have to leave it there, kenny. i'm afraid. >> ah! you're killing me. that does it for us. "street signs" is up next. >> nice to you have you here. >> nice to be here. >> "street signs." take it away. tech battles royale. amazon versus netflix and going's versus -- google? hi, folks. we'll explain. trust us. more on the positive signs the economy is showing. fight over negatives on yelp and one thing that's happening in real estate which may be the best news yet. fading away. that is what we have seen of the gains after the dow's very first record high of 2014. we'll keep an eye on what the markets are doing from here. >> all right. probably sitting at home or in a car or somewhere thinking, all right. so mandy told you record highs earlier today.

what does that mean for you? let's ask michael and tim courtney. michael, first off, before we get to your ideas, 150 of the s&p 500 stocks according to my screens are trading above 25 imtoos trailing earnings. is the overall stock market over valued? >> no. but fairly valued. you can still find opportunities where industry sectors and certain names have underperformed the overall market, but no questions. corporate earnings growth while still growing slowed. looking at mid and single digits thinking the s&p is trading on a plus poll of 15 to 16. no cheap. not a bubble. investors need to temper expectations but gains can be made. >> tim, actually this speaks volumes when read reading your notes. probably wouldn't sell at these levels, keep a investments in the u.s. markets as they are. new money to put to work, you've got to put it elsewhere. offshore? >> yeah. international valuations look much more attractive.

u.s. valuations still look fair i think. i agree with that. but international markets are trading at about a 30% to 40% discount to comparable u.s. companies. europe is coming out of recession, and at these prices, a lot of bad news already built in, and we think those are the more attractive markets and should provide higher expected returns than in the u.s. >> specifically what about the emerging markets? because they were really out of favor but have been coming back of late? >> yeah. emerging markets had a great week last week, and the first few days of this week have been very good. that's more of a imtooing issue. they're much more sensitive to asset flows in and out of those markets because they're smaller. emerging markets should come out ahead in the next three to five years. they were the most expensive asset class five years ago. now the cheapest. >> michael, some of the funds, some conservative. gold, real estate, et cetera. number one holding at least was in your portfolio facebook followed by two bio techs.

those are mow in meant um names hit hard. coming down or trimming? >> we like them. facebook, 6% of the for the follow yo. the other two, 3%, 4% each. brian, in our overall portfolio offset by other sectors they maybe underperformed. energy, natural resources, for example, as well as u.s. industrials. so that's a very diversified fund in terms of industry groups. so there are high fliers but also been some industries we think are going to continue to outperform that aren't maybe as high flying as those it appear. >> michael, brian mentioned the gold word here. what are you worried about that you like gold so much? >> we use gold as part of an overall wealth preserver and maintainer. our view is that while probably there's no inflation risk at the moment, there's plenty of capital kea, labor, you know, we have supply of labor, activity levels aren't high. we view there will be a day of reckoning down the road where rison market interest rates,

which cannot be controlled are going to have to reconcile with economic activity and monetary creation, liquidity creation, an uncertain process, because we've never done it before'sinvestors should have gold as a edge had, pasht of their portfolio planning to compensate for that. not the who el thing but part of it. >> tim, do you fundamentally disagree? >> no. i would agree. gold prices over the last decade have traded on the expectation we're going to have a massive inflation. it hasn't showed up. there's been reasons for that. the labor market has been weak. some of the emerging markets growth has slowed. that inflation hasn't showed up were ut it will eventually and if that starts to show up above 3%, 4%, 5%, we would probably introduce kmo thety exposure to hedge that risk. >> michael and tim. thank you for your commentary today. see you again soon. >> thanks. bring in a gentleman who happens to be sitting next to us now. his name is steve liesman.

raving green flags. anti-herb. you wave green flags. he waves red. >> herb is only red. the data has behaved as expected meaning it bounced back from march. i want to give you seven data points that rebounded we've gotten all this week. let's go through them. ism, all there. i want to concentrate on only two. look at the ism service, one of the employment component and look at the vehicle sales. you'll see in there the pattern we were waiting for. also you see something else. there's the, which one is that? services component. there's the bounceback. the negative part of this, the little reddish flag right there is that it didn't come back to the level it was in january. maybe it's on the way back there, and we did have a little bit of weather in march. one of the things i want to show you, the vehicle sales number. do we have that next? there it is. there's the bounceback, depressed, january, february. roaring back above expectations. again, you might have hoped for

more, given how depressed it was those three months, but we did get the bounceback we were looking for. what's happened to the economic outlook, down below 2% now expected for the first quarter,wich we just completed. looking for 3% plus in the quarter we're in now. >> some are out there, you know who in e are, my friend, saying none of that matters. only the fed matters'sthe fed had a shake-up. jeremy stein, key member, resigned's what does that mean for the fed? >> depends on what the senate does. there are two nominations in front of the senate. they've been through committee, through hearings. sam fisher, and undersecretary for the treasury there to be approved. if they are not, when jeremy stein leaves may 28th, three vacancies on the board, and that enmoos the most vacancies since 1936, it will shift substantially the power away from the chair towards the regional presidents and to the extent those regional presidents are more hawkish than the board

or less inclined to align themselves with the chair, it could mean a more hawkish fed. >> okay. so talk to us about what that means in english in terms of interest rates? >> more hawkish fed might move for likely to taper and end up increasing interest rates sooner. however, i don't believe that's going to be the outcome, because i think the senate will approve those two nominees and then they'll be at least one more, maybe two more, actually. do my counting. to nominate. >> one, two. >> didn't get it all right. >> steve, coming back later in the show, to explain. >> right. >> this -- >> okay. mystery chart here. looks like egg gookg of an heal individual. had an affect on the chart today. i'll come back and tell you what it is at the end of the show. >> we will puzzle. >> i guessed it earlier. >> you guessed it earlier? >> can you keep your mouth shut? >> that has never happened, mandy. but i will not rezeveal it.

promise. >> should i give a hint? >> a little hint. >> those lines you see? they go up in july and february. >> july and february. that's the clue, guys. out there in the twitter verse or wherever you are. thanks, steve. coming up, new google shares hitting the market, but by now? is there something that maybe they know that we don't? we'll dig in ahead. and video you must see. tearing down america, to build up china. literally. let's say you pay your guy around 2 percent to manage your money. that's not much, you think except it's 2 percent every year. does that make a difference? search "cost of financial advisors" ouch! over time it really adds up. then go to e*trade and find out how much our advice costs. spoiler alert. it's low. really? yes, really. e*trade offers investment advice and guidance from dedicated professional financial consultants. it's guidance on your terms not ours that's how our system works. e*trade. less for us, more for you.

and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade.

a new group of google shares hitting the market today. dom choo is heu is here. not the first company to do something like this, particular willy in the tech path? >> right. going's certainly is not the first company that's making this choice to structure into two classes of stocks. lots of companies before it have done it. actually about one out of every ten stocks in the s&p 500 have a dual share structure and they're names we know. berkshire hathaway. class a and b share. so does broadcast giant cbs, and news corp. facebook even, only one of them is publicly traded. so why exactly do companies do this dual listing? one of the biggest reasons is it helps preserve the control by founders, insiders, controlling families of a public company. you can trade the non-voting shares all you want, but there won't be at much trafficking of the non-voting shares.

along the same lines, this structure can fend off activist investors who can accumulate stakes in the company but won't ever had voting rights associated with the voting shares. the new class of irsshares serv as currently without giving up control of the company overall. again, lots of controversy, and buzz about dual share classes and, of course, what's down the pike for other large tech companies as well. back to you. >> dom, thank you. what exactly prompted google to create this new share class? bring in tom forte from an adviser group. tom, a lot of companies do it's. right? nothing wrong with it, but it's kind of weird now. what's your opinion? >> looking at google nowened a looking at the internet space in general, there's a lot of acquisition activity going on. google itself bought motorola, facebook because it's what'sup. instagram. google wanted to arm itself with

a currency to use for acquisitions without diluting the voting control of larry serge and that's why i think they're issuing these class c shares of non-voting class of shares. >> end of the day, all. page and brim? didn't want to give up control or power, voting power, but free to create as many irshairsha sh as you like? >> a and b class shares from day one, one worth one vote, one worth ten votes. this is not new in that regard. the difference is, they're issuing a class of shares with zero votes. >> herb greenberg apparently is technologically ready, had to put on some pants. herb, thank you for joining us. normally you would be outraged by this kind of thing. right? if you're a small kpip afraid someone's going to take you over, influence you, i can understand it. nobody's taking over google. for the life of me i'm trying to understand what they're fear is? >> look at apple and look what

you have with apple with activists. a piece on the street saying right now as much as -- you side with kornt governance people on almost everything on this one it doesn't really matter and i don't really care and think it's okay to have no voting rights, because as an investor, nobody's sticking a gun against your head and saying you've got to buy the stock. putting faith in management. if you don't like the company, get out to another company. you're seeing because of so many activists now coming in and swooping in for short-term gain, or at least seeing an uptick in that trend, seeing companies like siozulily come out. because of the activist front, the down side, of course, you don't want management patty feather nests. want them it to look out for everybody. there's a take in that. honestly, a bunch of othering tos to bip if you don't like that stock. >> tom, to that point herb made, that the page and brin of google are looking out for shareholders

in this move? >> look at the share performance since the ipo, $42.50 now is the comparable number to say $ 600. investors done well. i've covered media companies for an extended period of time. john malone has control and his investments do well. i'm more interested in investing in quality companies rather than losing sleep over who's in control. >> and adjusted your price tag as a result down from $1,475 to $750. thank you very much. tom, stick around, herby. stock is down about 2.5% but could this be the result of amazon's tv? bring in senior editor. what do you think, peter? >> why do i think netflix stock is moving around? one reason for it to move around, we've seen it before'samazon compete with netflix several years, hardware

featuring its own, introducing the kindl tact. >> when amazon does something it tends to do it pretty doggone well. are they behind the curve? a lot of devices are already out there. apple, google. is there another wave to come? >> a lot of device, not that many. between the two of them looking at maybe, maybe 21 million, between the two of them. that's not really that mass. plenty of room. >> unless total demand is 22 million. >> it might be. most don't know what these pox weres are. not that mainstream. plenty of room for amazon to catch up and makes sense to want a box. decided to build their own. the main question everyone in the video industry has about amazon, when will they get serious about pushing and promoting the stuff to their customers? lots of people have amazon prime and don't know it gives them free video. go to their home page you can't escape they're selling a box and

pushing this free video. will they keep promoting it or shove it in a corner. >> back to the original issue, what does it mean for netflix? amazon needed its own box, it still has netflix on that box. doesn't it? >> you can't come out with a box that doesn't have netflix. no one would want it. you want the full functionality everybody else has. apple competes with netflix and google has an option where you can watch netflix. can't come out without netflix. that's a dominant position they have. a non-starter if you didn't. look, based on the reports we've seen, no one is coming close to netflix so far. they and hulu been with it quite a wail. showtime and hbo, both as well. >> peter, thank you for joining us. bring back herby. trying to talk to you about this a couple of days, because it's been absolutely jumping this

week. right? after it came out on monday announcing a new da vinci robot. following this in the various controversies surrounding it as well. what's your take on the new, bigger, improved version thereof? >> wall street's take is this is the late effort and greatest and they're pushing the stock up. at some point it may be. i wrote a piece in the reality newsletter, the key issue out is, is this really going to -- i don't think anyone knows. look at the, the real issues out there. it's are hospital purchasing budgets, still being constrained and how will this impact the company in the future? in the old days, came out with the machine. everybody hospital had to have one. now every hospital has a robot. the new machine can be used to are more complicated procedures, more general surgery. the question is, are they going to run out and buy one? when there that be? is this prematurely bidding this

up and the next quarter comes out, two, three weeks, show a trend on placements, herb that is not quite what the street wants to see. >> i have another company to look into. comcast and they're xfinity high-stream, gold, baby. put your 96 baud modem back in the drawer. you've got mail, herb. get some from viewers, by the way. >> which started this day in 1860, by the way. >> comcast? >> no. the pony express. >> all i can say is, if comcast buys time warner cable, perhaps we don't have this problem, if they buy them. >> we like seeing you, buddy. still ahead, the single hottest sector in housing now. >> plus, how you can make money off the most, perhaps, beautiful bubble that may burst.

making moves that would put an adult in the emergency room. yet all they really want to do is grow up. it's funny, everyone i know wishes they could go back and feel younger. sound familiar? then test drive one of these. current non-gm owners and lessees use your $1,500 allowance to lease the 2014 cadillac ats for around $359 a month with nothing due at signing. [ male announcer ] how did edward jones become one of the biggest financial services companies in the country? hey. yours? not anymore. come on in. [ male announcer ] by meeting you more than halfway. it's how edward jones makes sense of investing.

come on in. [ male announcer ] by meeting you more than halfway. ...return on investment wall isn't a street... isn't the only return i'm looking forward to... for some, every dollar is earned with sweat, sacrifice, courage. which is why usaa is honored to help our members with everything from investing for retirement to saving for college. our commitment to current and former military members and their families is without equal.

welcome back to "street signs." a quick update on anadarko petroleum, the justice department plans to announce an

agreement related to liabilities in a case, anadarko paying $5.1 billion in the claim. take a look, up more than 13%. >> courtney, thank you. if you aring whoing for big returns, close your eyes. click your heels together, and think, there's no place like -- a second home. diana olick is here to explain. diana? >> mandy, they are unwrapping the boats i swear there are some cherry clos blossoms coming out. spring is here and summer around the corner. last year we saw a big jump in jakz ho vacation home sales. the highest share since the peak in 2006. although we are still one-third off that peak. all of that activity bumped prices of vacation homes up 12.5% year over year.

of course, 38% of all buyers were all cash. so sales of vacation homes, of course, translate into more vacation rentals. i talked to the vp of home away, a vacation rental site. john gray said more than half of their vacation home owners say they are already booked up for at least half of the summer. better get moving. interestingly, he says vacation homeowners are getting younger, taking advantage of the lower prices and very low mortgage rates and buying to rent for now but renting for retirement. that is, they intend to use the homes later for their own retirement. we've got plenty more of the numbers online. realtycheck.com.cnbc. >> a question, how are foreclosures playing into the market, diana? >> would you wouldn't think foreclosures, need fixed up and not in vacation areas, but over 40% of vacation home sales last year were of distressed

properties. getting them at a lower rate, some could be in very good coastal areas. you might have to do fixing up. a great idea if you're getting in and at that lower price. >> all right, diana olick. thank you very much. appreciate it. by the way, take us out on one of those yachts soon. could the most beautiful bubble ever be about to burst? if so, can you make money off it? robert frank, what bubble might we be talking about? >> the famous short seller, jim, art collector, says the art market is in a speculative bubble. the best way to hedge this, short the stock of sotheby's. take a line what he said on "squawk box" this morning. >> looking to hedge it right now, though. the contemporary market is gone -- >> what do you short? sell these? >> easiest way to hedge a portfolio. >> art is not in a bubble. the rise will continue. sotheby's doesn't just sell art. the share price rises during speculative bubbles. the chart, see the dotcom

bubble, and now the central bank bubble. rising in all occasions. what makes this boom different is that these huge prices are often for living artists. these are still artists producing work. jeff coonce, selling that "balloon dog" record for a living artist. and garhardt restrictor, german painter frequently breaking the $20 million, a piece that sold in the fall. a big test of that market in the spring. cindy sherman photo about to sell at sotheby's for $2 million to $3 million. the seller, a hedge funder, a smart trader, known for this, in the art space. best way to play the art market if you can't store sotheby's art, sell your art. >> it could go up forever. be careful of any short. >> saying if you only a lot of art, the best way to hedge. not so go all-out and short stock. >> right. can delivering food dliv

profits for you? and's a new ipo. why teens are not the biggest threat, maybe, to facebook's future, and riddle me this, one nation's trash, another nation's treasure. the stacary answer from "street signs" returns. and sponsored by interactive brokers.

welcome back, everyone. "street signs" time. "daily rundown" top news and views you absolutely can use. take a look at open table. marginally high, from a buy to a neutral at citi. >> not a big pop. 4/10 of a percent. a recent pullback in the stock to make it an attractive point. average rating hold. average target price, $2 below open tables current price. >> also freeport, an upgrade to

outperform from mutual at mccrory. >> cite canning two things. bottom in copper prices and more confidence in a gigantic mine in indonesia. target increased from $40 to $36. 19% of upside seen. >> liquidity services, it's getting a down grade from mutual. look at the share price reaction. >> not only today. liquidity, down 11% now. also down 30% this year. also cut, by the way, by oppenheimer who lost a big contract. stock's crushed today and this year. >> first republic bank. frc, removed from the conviction list at goldman sachs. >> but their rating remains a buy and a price target of $61. they still see about $6 upside on frc, stock's already had a 40% run over the past year and think loan growth will outpace it. moving it from conviction buy, a saturday of buy now, i guess.

>> goldman consulteding another name from their conviction list, also today's under the radar pick. >> as the same implies, extra space through storage. goldman sachs doing the same thing. knocking them off the conviction list, but keeps the buy rating intact with a $55 price target. 12% upside from here, a positive call in a way on exr. now, to our other daily segment, "talking numbers." hitting a stock be fundamentally and technically, shares of citigroup trading lower today. citi down 1.5% now. thoughts over mexico, could it impact the stock? talk numbers on the technicals. welcome to you all. andrew, what say you? bad news for citi or can they get above it. >> it's dus appointing they got a qualitative sale. if this was last year's stress

test for citigroup as well as the rest of the banks, would have gotten a conditional non-objection, allowing them to still deploy capital. they clearly have enough capital when you look at their balance sheet as well as what they asked for. $6.4 billion buybacks what most anticipated. quell tav quell t the qualitative, able if not similar in magnitude. the fail was probably linked to the timing of the mexican fraud issue that imka up. that's unfortunate. it does happen. it's banking, don't forget that. but seemed that really, my sense is that probably pushed the fed over the edge to basically fail them on a quealitative versus a conditional. >> you still like citi, bottom line. bring up citi's chart.

what's that telling you? >> mandy, citigroup has been a disappointment on the relative and absolute basis ill traing both broader market and its peers in the banking sector. when we bring up that chart you see the technicals are under significant stress as well, if you will. after a furious rise from late 2012 to the middle of 2013, we see that the stock settles into this well-defined trading range for much of the last 12 months even as the broader market pushed out to fresh all-time highs. late last year, early this, a false breakout from the range. the false break leads to a fast move down as it often does. in the process, take out that 200 day moving average, mandy, first time since september 2012. an important warning shot. since then, that 200 day a ceiling of resistance, now testing critical support at the low end of that range. i think there's enough to break through the range and i see a down side target of $39. it's not just a sell for me here, it's a high conviction sell. i would no the own it, and if i

were an aggressive trader, i would be shorting the name. >> not touch it with a barge pole. thank you. two completely different views fundamentally and technically. if you like this kind of thing, check out the online edition of "talking numbers." a lot more with brian sullivan. >> a quick market check. down 29 points on the dow. not big but come down a little. session lows actually. biggest loser on the dow is home depot. the nasdaq by the way also at session lows. up next, a researcher we're calling the teen tech whisper. we'll tell you if facebook is really in big trouble with the next generation of userers. later on, undoing the entire business model. what's coming up in the "closing bell." >> a big show ahead. three exclusive interviews coming your way. >> first up, reacting to congressional criticism drug prices are skyrocketing out of

control can. also, coca-cola reacting to activist reactor david winter's call to separatehis chairman and ceo role. not happy about executive compensation. you won't believe what he has to say about the latest salvo in this battle. and sheila bair weighing in on the high frequency trading debate and whether she thinks this stock market is rigged. all that and, oh, by the way, the stock market today. yes. opened higher, heading lower. we'll find out what happens in the last hour of trade on the "closing bell." see you at the top of the hour.

performer on the s&p 500, etf. down 7%. not 77. in fact, 70% less than 77. there you go. etrade down 7% to 22.07. make sure i got that right. >> let's check out twitter as well. it issals a down today, but some good news for it. turkey lifted a two-week ban on the site after the constitutional court ruled the block breached freedom of expression.

the stock is, however, down about 30% year to date. it is up 63%, however, since its ipo in november of last year. some studies say teens simply are not that into facebook anymore. 3 million left it over the past three years. bring in dana, author of "its complicated." social lives of network teens. we'll calling her the teen tech whisperer, because of her ability to spot trends. she was mobbed by fans at south by southwest. i love your comparison with e-mail. when e-mail came out it was the thing. checked it obsessively. got e-mail. facebook starts the same way. is facebook becoming the next e-mail, and i don't mean that in a good way. >> i think the challenge for e-mail is that, it is now become infrastructure. the back end thing we know we can rely on it to communicate. true for facebook. does mean the company is in the same position.

est tring, there's facebook, the destination site and facebook the company. certainly teenagers love instagram, a good indication of the fact, the story there's more complicated than we might think. >> if it is indeed as you put it becoming a utility and not a place to go for that passion or excitement anymore, where are they going instead? where are the teens going to? >> an interesting time for teenagers. they're fragmenting sow to so many different places. there's no one obvious place. we see them on snapkmat, on instagram, tumblr, twitter, a ton of apps and they come and go. that's a more reasonable place we'd expect young people to be. you don't necessarily want to hang out with everybody you ever met. don't want to hang out with your parents or all your friends at the same time. >> used to be a one bar town. if you wanted to see your friends, you went to the one bar. now a lot of cool places to go. does that necessarily spell bad news, though, for facebook? >> doesn't spell bad news for facebook. it's a matter of them innovating

in light of the fact they're going to be one of many and already finding new ways to address this. we've seen them acquire different places extraordinarily popular with young people around the world. i think that part of it is to realize that social media has done different iterations and there was an iterations, the goal get everybody at the same place at the same time a. that isn't where the future of social media will be. >> can you put my mind at rest? i have two young boys nottiest teens. nonetheless, i suggest go out to the park and play ball. no, no. we want to be on our kpunt playing "mind craft" whatever. are the kids okay? is technology destroying their little brains as people suggest? >> teenagers, and people in general turning to technology to hang out with their friends, socialize, gossip, flirt, joke around. the things we use to do in the public park, not with our moms. they're trying to find a place of their own. we've done a good job restricting them's from having that place off-line.

we have to question why we've done it as a society? why we think it's so bad for young people to roam free and be on their bikes and come home by dark. they have so many ikz arerestri three looking for a place to have of their own. that's technology. >> so we're the problem. mom is the problem. thank you very much. bad reviews on yelp. i'm just bad for small businesses, they aren't. and turning america's trash into china's treasure. incredible stories are people literally tearing down america to help build up china. capital to make it happen? without the thinking that makes it real? what's a vision without the expertise to execute it... and the financing to make it grow? whatever your goal, it can change more than your business. it can change the future.

that's why, at barclays, our ambition is to always realize yours. beautiful day in baltimore where most people probably know that geico could save them money on car insurance, right? you see the thing is geico, well, could help them save on boat insurance too. hey! okay...i'm ready to come in now. hello? i'm trying my best. seriously, i'm...i'm serious. request to come ashore. geico. saving people money on more than just car insurance. just take a closer look. it works how you want to work. with a fidelity investment professional... or managing your investments on your own. helping you find new ways to plan for retirement. and save on taxes where you can. so you can invest in the life that you want today. tap into the full power of your fidelity greenline.

call or come in today for a free one-on-one review. these days, everything is done on the internet. and tomorrow you'll do even more.

that's what comcast business was built for. slow dsl from the phone company was built for stuff like this. switch to comcast business internet. then add voice and tv for just $34.90 more per month. and you'll be ready for tomorrow today. comcast business. built for business. will investors were hungry for grub hub? a wall street debut. stock expected to price between $25 to $23 a share, valued at just under $2 billion, making its nyse debut tomorrow under the ticker grub. small business owners giving bad reviews. stock falling the second straight day after telling the "wall street journal" it received more than 2,000 complaints about yelp since

2008. mostly small businesses talking be a unfair or fraud reviews. and covering the internet sector, gene, you don't think it's a problem? >> i don't. it will clearly be a problem over the next few eck wweeks af investors get their arms around this. more about defamation or trash talking, is what it's more about. it's been set up since the communications decency act, companies like yelp, google, not liable for defamation. ultimately, that's going to be the crux of it. and hundreds of thousands don't like negative or manipulated reviews but this is something that is not a yelp issue. it's more about ethics issues. >> but at the same time there are a lot of suggestions that up

to 25% of the reviews on yelp are fraudulent. i think even yelp itself, september of last year suggested that, yes, up to 25% are not real or are written by fake people. whatever. they said of course they tried to vent them and sift them out. apartment t at the same time, going forward, why would yelp go to there if there's a problem like that? >> because the reason is you want as many reviews as possible to try to defend against that. so you know, as you look at yelp, typically people gravitate to businesses with the most reviews and the general thinking, yelp has the most reviewing and, yes, an industry problem about fraudulent reviews. the reason you go to yelp is more reviews to defend against some of that manipulation that goes on. >> gene, to me the most potentially damning thing in the article of the "wall street journal," don't know if you saw it, some guy or somebody, some business owner, redacted the

name, made the claim they were approached by yelp to advertise and when they said, no, they felt like the reviews got more negative. could have been random, whatever. one random person. do you think that impacts the way people look at the company at all? that article is what i'm talking about? >> yes, definitely. i think that's the investors i've talked to today. the likelihood that that happened is slim to none. if it did happen, that would be toxic and nuclear for yelp. i would be shocked if they did that. i think there is something that they, they can do, where if you are an advertising on yelp, they won't show competitive ads. so there might have been some miscommunication between the sales person and i wouldn't be surprised if some rogue sales person probably tried to say if you advertised with us, you'd have less negative reviews. the reality, the platform, they don't do that. that would be, as i said, a nuclear event for yelp if that

was, in fact, true. >> we're leaving it there, gene. highlighting the good reviews can make a big difference as well. a harvard business school study says it can sales by 5% to 9%. so it works both ways. but gene, thank you for your input on that topic. >> yep, thank you. >> all right. there's a new kind of business that is booming in some american cities. scrapping, breaking into old buildings or homes and ripping out anything of value. steel, brass, copper, you name it. for more, let's bring in the host of "vice" on hbo. he was with some of these so-called scrappers in detroit and cleveland, watched them work. david, you sent us a preview. it's fantastic. i love "vice." one thing that really scared me is you talked to a guy named dez. okay. dez turned to scrapping because the pawnshop he worked at had shut down, which itself says a lot about the state of maybe detroit or america in general. did you get the sense that these guys felt like they're doing something wrong, or they were doing what they had to do to

survive? >> oh, no. i mean, as a former criminal, like, they justify all their behavior. dez, i mean, there's horrible people out there in this world full of horrible. they're robbing and raping. i'm just scrapping. that's all i'm doing. he's like, i don't rape people, i rape life. in this world full of horrible people, thank god for us, people like us. we recycle. we're literally recycling. i didn't get any sense of remorse orring anything like t. >> i don't know, david, if you're from detroit. i've been to the place, the old packard plant where you were. the magnitude and scale of the urban decay and destruction, at least to me, was mind blowing. what was your take seeing these urban ruins? sometimes schools just a couple years old after being shut down. >> it's easy to pick on detroit or cleveland or all these cities that you could obviously see it, but it's happening in new york.

it's happening in florida. it's happening in los angeles. it's happening all across america. it's not just detroit. i mean, it's easy to pick on detroit because it literally looks like the set of a zombie movie. it's like a post-apocalyptic sci-fi movie driving through ther there. >> and we've been trying to push the point that what's sad and ironic about this is it's basically china benefitting from this so-called decay and the scrapping going on in once great american cities. but is it actually, like, better financially for a chinese trader to say, come here and buy that scrap metal and ship it all the way back to china than somehow finding it on that side of the world instead? >> i mean, the chinese guys i ran into, they literally -- they have their route down. they get their rental cars and just drive across america and hit every scrap yard. they find the nearest chinese

foot massage place and chinese buffet. they have the money. i mean, they have more money than anyone in the world. no matter how expensive the metal gets, it's still cheaper to buy it scrap instead of mine for it. so for them, i mean, it's just a tremendous amount of money. the guys that buy it, they get a huge commission. you know, people don't think about it. they see the guy with the shopping cart down the street just with like door hinges and it goes to a scrap yard, but they don't know what happens after that. it goes to china. then everyone's like, oh, it's literally ripping the infrastructure out of america and rebuilding china. but a lot of it actually goes to china and then all they do is make cell phones and tvs and other stuff out of it and it just gets shipped back to america again. so, you know, it's this insane cycle. >> david choe, the show "vice" airs on hbo fridays at 11:00. thank you for coming on. >> i like yelp.

>> there you go. >> and i'm not a teenager, but i'm still on facebook too. >> make sure your mom is not watching what you're doing as well though, david. >> be sure to catch "vice." co-founder shane smith on "fast money" tonight. that's sure to be a five-star interview. >> at least someone's listening. that's nice. coming up next, we're going from gold in the nerd olympics. [ male announcer ] this is the age of knowing what you're made of. why let erectile dysfunction get in your way? talk to youroctor about viagra. ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pain. it may cause an unsafe drop in blood pressure.

side effects include headache, flushing, upset stomach, and abnormal vision. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hours. stop taking viagra and call your doctor right away if you experience a sudden decrease or loss in vision or hearing. this is the age of taking action. viagra. talk to your doctor. if your doctor decides viagra is right for you, you can fill your prescription at your pharmacy. or, check out viagra home delivery, a convenient place to fill your prescription online and have it shipped at no additional cost straight to your door. viagra home delivery. get started at viagra.com. ♪ ...work with equity experts... who work with regional experts... that's when expertise happens. mfs. because there is no expertise without collaboration. find yourself. in an accomodation... where you get to do... whatever it is that you love to do! booking.com

booking.yeah! but with so much health care noise, i didn't always watch out for myself. with unitedhealthcare, i get personalized information and rewards for addressing my health risks. but she's still gonna give me a heart attack. that's health in numbers. unitedhealthcare.

i didn't know we had an animation for that. >> we do have an animation for nerd alert. >> it's gotten that serious. >> yeah, you're special. >> when you get an animation, that's up there. >> we don't spare any expense, my friend, when it comes to you. >> except for the music, which was terrible. >> it was bad. can we get better music on that? >> all right. earlier in the show, we ahad a mystery chart and gave you a clue. i think we're supposed to show the chart again and you tell us what it is. >> where is the chart? there it is. so what this is, is the effect of the olympics on international trading in the united states. this is imports of services, of royalties and fees. every time we have the olympics,

we pay a foreign company. i guess it's the ioc, international olympic committee. every july and february, every four years, we have this huge spike in imports of a service. which in this case is the broadcasts we paid for. we made a payment overseas for it. that's one reason why the trade deficit this morning was bigger than expected. the economists did not expect this effect. i don't know if there's any model that can put in every four years this is going to happen. same thing with, like, spending in networks for advertising in a presidential election. we get an effect from the census. you have toed adjust for that. i think it has something to do with our parent company, brian. don't you think you're smirking on that one. and you got a piece after that because you were in russia. it's not a payment to russia, though. i believe it's a payment to the

ioc. >> i think it goes to switzerland. >> something like that, exactly. >> it's going to switzerland, then every place else. >> and you have your accounts there, as i understand it. >> yeah, $6. my swiss bank account. >> that's brian sullivan right there. >> that's the most recent one. then obviously it comes back and goes back the other way. >> are there any other events that have this kind of effect? >> that's a great question. it's very rare a sickle payment affects it. >> the dividend by microsoft. i forget what year it is. it shows up in a huge spike in personal income dividends because -- first of all, the data is annualized. boeing every month, its shipments and orders affect the durable goods data. >> what about the world cup? >> i'd have to see -- >> that's as big as the olympics, but i don't know what

the broadcast transfer fees are. >> it's possible. we have seen apple products affect the retail sales electronicingselectron electron electronics data. >> we could talk quadrenially all day. great word. we got to go. >> "closing bell" starts right now. and welcome to "the closing bell." i'm kelly evans here at the new york stock exchange. >> i'm bill griffith. the dow still chasing its all-time closing high. we thought we had one yesterday. there was a little bit of late selling. we still do not have a new all-time high for the dow in 2014. >> yeah, we probably would have had it this morning as well. we were above the 16,600 mark. now we're negative. >> even if we were to make an all-time high today, my dear friend ron will be here to throw cold water