tv Power Lunch CNBC April 7, 2014 1:00pm-2:01pm EDT
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november of 2011. it's the small caps that have certainly faired the worst. that's a place where there's been pain felt in this market as well. that does it for us. have a great rest of the day. follow me on twitter. "power lunch" starts right now. well, you know, scott was just talking about how rough a couple of days it has been for the bulls especially in the small caps. nasdaq down 3%. the s&p down 13/4%. why? well, the big caps have been holding in a little better than the others. and we're going to look at them today. do you want to own these big cap names right now or do you want to wait? we'll take a look at that. new information out today on mortgages. they're falling fast. what does it mean for the price
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of your home mortgage applications? we'll talk about that. and the great annual american airline report. who is on time, who is late, who gets your bags there, who loses them is anybody comfortable on those planes? we'll break down the numbers. first to sue. >> i know, it's good to be with you. let's take a look at some of the market indicators. take a look at the etf, the dia is down about 3/4 of a percent. the triple qs off almost a full percent. the spider is down almost a full percent. the russell 2000 and that's what a lot of people are watching is down 1 1/3%. take a look at the ten-year note. we haven't seen a dramatic move down in interest rates, but we have seen a little bit of a
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move. the yield now is 2.69%. and the gold market is not seeing as much of a flight to quality as you would think. we're off almost $7 on the trading session. the vicks as you well know tracks volatility. the vxx is an instrument that partially tracks it. it's up 5% in two days. with us now to talk about all this is our cnbc contributors. an gail, i'm going to turn to you. a couple months back, we were talking about the breakdown in some of the technicals. and you were expecting a decline in this market. as you look at the chart, do we have more to go technically in this market to the downside? >> sue, absolutely. friday was key in this likely breakdown to come. we've seen so much weakness relative to some of the safety of large cap broke so to speak
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on friday. i think this signals we're going to see a formal correction in the nasdaq composite. it's hard to think that the dow is not going to participate. the investors are really getting out of these growth names. the nasdaq 100 is down almost as much as the comps. they're clearly going toward the latter. that being said, we need to think about defense here. a falling tied is probably going to take down many of these names. >> kenny, if i can turn to you. if you are a longer term investor, this could be an opportunity to get into some of those names, maybe some the dividend players or some of the larger cap stocks that may be a little bit more resist tent. >> i think you're right. i do agree. money is clearly coming out of
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those high-growth names. but the large caps, the dou and s&p names are not getting pummelled. nor do i suspect they will. we're probably looking for an 8 or 10% correction. 7% would take us down to the moving average. we're almost at the 50-day, let's see if we really hold here. earning season is already expected to be negative. >> you wrote about that, about the fact that we're held hostage to earnings but that the expectations for earnings have been brought down and may already be in the market. >> i think it's been the case during this entire recovery to a degree. we're always looking at a low lowerilowe lowering tide of earning. numbers have really just been guided down in a strange psychological way.
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speaking about the 50-day, we look at the nasdaq and russell 2000, they've gone right through. i think it's difficult to think that the s&p and dow are not going to also make that slice down further. a lot of those charts look very vun neshl to me. >> if they miss, i think the broader market actually does not suffer that much. >> i got to leave it there, guys. we have so much news to get in this hour. ty, over to you. >> thanks folks. let's take a look at a one-week chart of the nasdaq. you see the big dive on friday. today, nasdaq enduring the biggest three-day drop since november of 2011. there you look at the past week. year-to-date, the nasdaq 100, year-to-date, it is off about 2 3/4%. we're in time yaur with what the numbers are telling us.
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>> let's start off with today's number because it is getting a little bit bumpier here. down about a percent. both of these industries were actually in the green at one point in morning. we have seen the nasdaq lose about 4-%. that is the worst since november 2011. this is actually the type of action that traders do not like to see. the fact that we tried to rally a little bit this morning, by couldn't hold those levels. traders say, look, that's not a good sign. basically means there was no confirmation of the bottom. it's the same culprits that we have been talking about for the past couple weeks. so biotech stocks. a lot of those names down about 15% since hitting highs this year. momentum names, netflix is managing to hang onto gains. but take a look at tesla, facebook. all these names are in the red
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again. finally got to talk about google, amazon and apple. they are also down today. they have a big impact on the index. in fact, they are now negative for the year. we're talking about this rotation into value tech names. so microsoft, intel, are all higher on the day. we've been doing some digging. here's some of the technicals that people are talking about. we have sliced through both the 50 and 100 day moving averages. since hitting a 14-year high in early march, we are now down about 7% from that level. again, if you take a look at those momentum names and biotech names, if you look at where they hit their highs this year, so many of them are near or at bear market territory. a lot of people telling me that they think selling is going to continue. there's a lot of questions about whether this a trade or a trend. right now, they're telling me
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this feels like a trend. >> let's go to the original flash boy from market flash. >> take a look at some of the big losers in the nasdaq so far today. check out what's happening with trip advisors. you have them all leading the way to the downside. if you take a look at the momentum players that continue to get harms, price line, amazon.com, facebook, tesla, all of those names are finding some struggle today. where is the money going? it's utility stocks with their high dividends. look at duke energy, ppl corporation, southern company, all of those stocks are safely in the green. that is the single best performing sector in today's trade. >> all right. thank you so much. shares of quest corps up 15% on the trading special today.
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after they announced a buyer for $6.5 billion. joining us on the phone to talk about that, barbara ryan, managing director at fti consulting. nice to talk with you again. barbara? >> oh. sue. sorry. >> that's all right. you're working on the next big deal, i know. >> no, no. >> talk to me about the consolidation in this industry and why you think that perhaps there's more in the pipeline for specialty pharma. >> shire sure. >> so we have line the lion's share in specialty pharma as you just discussed. we actually hosted a webinar on this subject a couple months ago. they are growing rapidly, but haveportfolios.
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they're looking to diversify into a variety of other products and geographies. see a lot of them having done big transactions in places like ireland. and that has given them an accelerated cast low which strengthens they're ability to do future deals. >> what about the cost of capital right now? how much is that factoring into the flurry of activity? some of these deals are coming in at a nice premium. >> absolutely. i think it's a big factor. shareholders are embracing these deals. they like them. they like the diversification. they like the axccelerated growth. as i mentioned, the ability to lower tax rate on companies. announcing the deal with quest corps. all benefits that lowers their
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cost of capital. these companies have really been able to accelerate their growth portfolios. perrigo has done 17 acquisitions over the last five years. i think that strategy is now going to be super charged. >> terrific. thank you so much. always nice to speak with you. >> thank you, sue. have a great day. >> you too. ty? there you are right next to me. >> i'm right here. new mortgages hitting a 14-year low. where does the housing market stand with numbers like that? diana is in washington. we also have susan, a real estate watcher at the university of pennsylvania and robert frank is here to tell us about one zip code really in demand right now. on the mortgage numbers? >> like you said, not since the year 2000 have banks been doing so little morning lending. you can blame a lot of it in the plunge in refinancing due to the
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jump last year. refi applications are down 67%. to buy a house, those mortgage applications are also down, 17% from a year ago. i spoke to paul miller who's been revising his numbers down every month. he was at $1.5 trillion. now he's down to 1.1 trillion. compare that to 2013. besides those higher rates, what's the problem? credit standards. which usually come down a little bit. not easing at all. only about 30% of 2013 loans went to borrowers with a fico credit score below 720. they also note that nearly half of all transactions are in cash. banks are not willing to ease up despite what you may have heard
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about wells fargo. that is a very, very small subset. miller also says other banks have told them no way are they going to go below seven fico. we have lots more numbers of course online. tyler? >> thank you very much. let's bring in susan. she's a professor of real estate sf finance at the wharton school of the university of pennsylvania. welcome back. put those numbers into context. what do they mean for me this spring if i'm buying or selling a house? >> well, they reflect the slowing real estate market overall except if you are selling to an investor. typical owner putting their home up for sale is not selling to an investor. and the huge upmarket we saw last year is last year's news. this is a reflection of the demand for housing is off. that shown by this big plunge.
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>> is that demand being driven by a declining affordability, that the prices have gotten beyond the reach of many potential buyers and figuring into that is the rise in interest rates? >> yes. absolutely. a hundred basis points rise in interest rates. huge rise in prices. double digit. also credit standards which are not easing makes it very difficult for the first-time home buyer who's missing in this market. >> we appreciate you being with us. susan of the wharton school. one more big real estate story. it has to do with the big money moving in and out of one particular zip code. hi, robert. >> 90210 is still the star zip code when it comes to real estate for the rich.
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bifrly hills -- beverly hills had 26 of those mega homes sold last year. that's up from 21 the year before. ranking second, was the zip code of l.a. following that was palm beach florida with 12. this house on mountain drive, let's see if we can see it there. it's a restored 1920s villa. yours for 24.9 million bucks. if you're looking for more affordable mega home, five-bedroom house, his and her walk-in close ets, yours for only 11 million buck. but you'll be on the same street where nancy sinatra once lived. >> ty, the world's biggest
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election is kicking off today. india is heading to the polls to vote for their next prime minister. that voting process is a long one, though. it will take place over the course of five weeks. results expected about may 16th. we're taking a look at what it means for investors. >> absolutely. experts that i speak to say that this will be a decisive moment for the country. because india is dealing with a a growing list of challenges from high inflation, lack of infrastructure and slowing growth problems. their incumbent party has been bramed. congress's lack of reform has frustrated some citizens. india's congress is not winning the race. who is? the representative of the opposing party. he has been using india's laundry list of problems for
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ammo for his campaign in hope his party will get india on the right track. he has a controversial past. allegations that he turned a blind eye in 2002 in a deadly attack resulted in the u.s. denying him a visa. s&p capital iq says a reformed government under the power of him could help indian stocks rally even further. and the chairman of india telling me in a stable government forms, we could see a rise in deal flow. there's a number of ways to play the indian market. there's the merging market index and then there's etx. power shares india portfolio all of which are up over the past one month. or if you want to play the
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indian rupi, there's the index. >> thank you very much. some of the best performing funds these days do not come from managers with wall street addresses. they come from places like tampa, nashville, reno. we're talking about public pension funds that are putting almost all of the big name funds to shake. we're going to tell their stores all this week on prurge. it all starts after this quick break. plus, what's it really like to fly these days? >> the data says that the quality of airline service has never been higher. so why are we got geting to where we go as quickly as we used to. and we'll talk about that when "power lunch" returns. mine was earned in korea in 1953. afghanistan, in 2009. orbiting the moon in 1971.
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welcome back to "power lunch." the small cap stocks continue to take a hit. the index is down about 5%. that of course being the russell 2000. for the year, though, it's still up about 23% for the past year. as for individual stocks, the big losers include wwe and sun ed son, all taking hits. so the small caps just the latest to at least see bigger declining on their particular issues.
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tyler, back over to you. new developments in the search for that malaysian flight 370. an australia navy vessel did pick up signals. authorities say it is the best lead yet in the month-long search for that missing plane. the pinger locator picked up signals consistent with those of a flight data recorder. they were heard at a depth of nearly 15,000 feet. could still take days before investigators are confirm whether the signals did in fact come from a submerged aircraft. >> results from the 24th annual airline quality ratings in. while few of us can say we enjoy flying these days, it's up 15% so far this year. phil is live in chicago. >> you don't enjoy flying? >> not really. >> you're not a loan. the quality of airline service, according to the report, has
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never been higher. but there's good news, bad news in this report. and we'll tell you which airlines did the best. overall complaints to the dot., they were down about 15%. and the quality of service has hit a record high according to the airline quality report. it calculates four different factors. the negatives, airlines mishandled a higher percentage of bags last year. and the on time arrival percentage dropped down to 78%. who is still struggling in the number one airline again virgin america repeating the same. it was number one two years ago followed by jetblue, hawaiian and healthcaalaska moves into t tooif. the worst, includes american
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eagle. when you look at shares of the airline index. look at this, you can't compare what they have done to the s&p 500. off to the races as i like to say. it's been a spectacular year. >> for those on radio, that's a 51% gain in the airline index. thanks so much as always. another rough day for investors. so which stocks do some of the biggest heng funds have on the figure money out there. .c dominic, you fill many shoes around here. >> i do. >> you've been looking at these stocks. >> it's always kind of fun to watch what the smartest guys in the room are doing, right? >> absolutely. >> so they have taken a look at the 50 biggest hedge funds out there. there's no surprise when you look at the stocks popular among them. many of these investments haven't worked out so well in
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2014. shares of gm given all the news around the recall, 18 of the 50 top funds held a position as of the end of last year. that stock is down so far 15% in 2014. then there's city group. 20 of the top 50 funds held citi shares as of the end of la year. amazon.com, one of those big momentum stocks we've been talking about so much, that stock has lost a fifth of its value just so far in 2014. here's one that's interesting. netflix, it turns out it was one of the most sold by funds between the third quarter and the end of last year. meaning they were already getting out of it and that stock has continued to slide with stocks down 8%.
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maybe it started at the fourth quarter of last year. >> i think you're right. we'll see you on the "market flash". >> absolutely. a major move this week sparking fears about using your bank atm. we're in new york. >> yes. sue, i drew the long straw today on assignments. if you're wondering who's using old software, in all likely, it's your bank atm. that story coming up on "power lunch." [ bagpipes play ]
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you are feeling powerful with a 4-cylinder engine. [ male announcer ] open your eyes... to the 6-cylinder, 8-speed lexus gs. with more standard horsepower than any of its german competitors. this is a wake-up call. ♪ welcome back to "power lunch." earlier we told you about the sell off in small cap stocks. that's bleeding into the mid cap stocks. it's now below it's 50-day leading average. the mid cap still up about 20%. american eagle, 3d systems, also bob evans form farms and alo.
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back over to you. >> thank you very much. now, if you have windows xp, you might want to get rid of it. microsoft no longer sending updates. every day you are less and less protected. we'll get to john ford for more than that, but first to kayla on why this is a big problem for atms. >> that's true, ty. it might surprise you to know that 95% of the atms in this country are run on the soon to be outdated software. it will be phasing out its support of windows xp, banks will be rushing to upgrade to keep their security systems up to snuff. now, here's the risk, criminals have long targeted independent third-party atms to put a skimmer on the back and put your money at risk. bank atms will pose a lucrative
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software risk because of them running on windows xp. these run on an older system. this is a fear highlighted by the ffiec. that's a council of bank regulators which say, we expect financial institutions and their technology service providers to identify the operational risk to ensure that safety and soundness and the ability to deliver products and services are not compromised. of course, big banks have deep pockets. they can pay to keep this service extended. most of them have. they'd paid money to keep the support of microsoft until they can transition. banks have had at least six months to prepare for this. the last-minute rush certainly should not have been the case here.
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ask whether your bank uses windows xp. back to you. >> what this means for anyone who has xp on their home computers. what percentage would that be? >> i don't know exactly what percentage. we know there's 300 million pcs out there running xp. probably not a lot of people using those. xp is so old it came out in october 2001. kids born then are getting ready to go to high school. it came out a couple days after the i pod came out. if you still insist on using xp, just unplug it from the internet. you can still do word processing, print on your dot matrix printer. >> can you use a modem? >> if you get that aol dish net, maybe you could still get use out of it. >> let's say you wanted to
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upgrade, is that hard to do? >> 350 bucks for a desktop. there are options for not a ton of money. >> or maybe buy a new computer. other to you. >> gold prices getting ready to close right now, ty. given the selloff in the stock market, we're not seeing much of a flight into the gold market today. silver is lower as well. we do have a gain in copper. but the biggest loss is in palladium. let's get a check on the bond market where we have seen a little bit of a flight into bonds which has pushed the yield down. in addition, we have supply coming to market this week. we have $64 billion worth of new bonds auctioned off this week which starts tomorrow with $21 billion in three-year notes tomorrow. the yield on the ten-year note right now is trading at about
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2.69%. a lot of questions being asked about what next hot gadget apple might unveil next. but what about it's $1599 billion in cash. what do they plan to do with it? we'll talk about that next. >> announcer: next up, a public pension fund far outperforming wall street. and the birthplace of rock bandband len nard skin nard. kind out why they're doing so well. o well. [ male announcer ] this is joe woods' first day of work.
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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. welcome back to "power lunch." now, it's the dow large caps. investors are continuing to sell. we're down towards those session lows for the dow. among the individual stocks purchasing the blue chip index you take a look at pfizer
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helping to push it down toward second low as soon as a lot of big losers there. bob? >> yeah, i think what you want to do here, i want to show you some of the big caps. what you want to look for is signs that the selloff in the bioteches is spreading. not yet, but there are early warning signs. goldman has broken down. it just fell apart. we're at the lows for the year on goldman. not quite on morgan stanley. i think people should stop on saysing about biotech and look at the real market leader which is energy. drillers, baker hughes, neighbors, these docks have
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been -- stocking have digits. then there is weakness in groups that are already weak, frankly. the multi industry names. they were already negative coming into the day today. but you can see all of them are also down 2%. i watched these for indications of global growth. don mentioned the big caps. there's a good point to be made here. retailers sit in the mid cap group. a lot of immediate yim sized tech companies. then there's like entertainment names, amc networks of the world. they're all weak as well. so it's a bit of a selloff in small caps, but it's really not. there's weakness right across the board right now. >> bob, thank you very much. >> 2013 was a very good year for
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the market, but it was also a stellar year for public pension funds. at the top of the list is the city of jacksonville retirement system with returns of 22.3% last year. joining us right now is the director of finance and chief financial officer for jacksonville, florida. nice to have you here. >> good afternoon to you. >> you did have a very stellar year last year. a lot of it was because of your exposure to the we can weties market. let's start fist of all with the clients for this retirement system. >> we are investing for the general employees of the city of jacksonville and the correctional officers. we have another pension fund i'm not involved with. that's what this one represents. >> go ahead. >> i was going to say we've got 28 managers, 11 different
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investment strategies to cover this $2 million portfolio that we manage. >> let's talk about your strategy or formula, for lack of a better word. you have a large exposure to equities. how would you break that down in terms of the percentage that is in large cap, small cap, mid cap, et cetera? >> in fact, the percentages right now is 63% in the equity side of the market with the majority of it being large cap. about 28% of that is in small caps. another 20% in mid cap and the rest in large cap. we think that that's the key. what we've done is taken profits and sold out of our corporate bond portfolio and taken those moneys and overweighted the equity side of the equation. >> so you've reduced your fixed income.
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that stands about 20% is that correct? >> probably about 18% right now, sue. we think there's a play there in international. >> what part of international do you like? do you like the emerging markets after the selloff they had or looking more for northern european exposure? >> on weakness, we're buying into the emerging markets. the other thing, if i may, the other important ingredient that we've done here is we've concentrated on our managers. we've got 11 new managers in the portfolio over the last five years. and all of them have had performances above 16%. we concentrate on who's managing the money for us. that's where we do a lot of our concentrating on. >> well, they're doing very well, obviously. on a day like today, do your investment advisors and the people managing your money, do they stick their toe into the
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market on a day like today because you tend to be longer term investors? >> on weakness, you will see us do that. >> i know i'm putting you on the spot here. the question is whether or not this market is still going to sell off. you see value there? >> we still see value there. we think it's a little overweight right now in terms of the large cap. we're going to take profits there and take those dollars and put them towards the emerging markets in stocks and bonds. that's the strategy we're using going forward. in the manager and master limited partnership, we've got a little money there. it frankly returned 20% just in between alone. bread and butter so far has been in the equity side of the equation. we know that won't last. we're also looking to take profit sdps moving them to areas
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that we think are under value. >> continued success to you. you've done so well for your employees. >> thank you. and our mayor thanks you. >> all right, thank you folks. apple's cash question, is a big spending spree ahead. the power rundown is next. we'll be right back. ♪ [ male announcer ] when fixed income experts... ♪ ...work with equity experts... ♪
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between, the nasdaq gained 37%, so perhaps what we're seeing right now is a healthy pullback. the nasdaq since march is down about 7%. so getting closer to correction territory. several of the names now are officially in bear market territory. this is the trend that traders do not like to see. once leaders, now laggers. not a good sign. traders doe think this will continue. nasdaq down right now 1.2%. back to you. all right. check out what's happening here with another big name in technology. no one's immune from the selling pressure today. check out shares of google. investors shed high profile names in this kind of a selling environment. class a shares down another 2%
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today. sue, a big deal, not just for some of the momentum names, but big cap tech as well. how has friday's market selloff impacted your strategy this week? 24% say it's a buying opportunity. 38% say i'm waiting it out. 3% say i'm loading up on index funds. and 34% say this market is going to go down. setting you up for the rundown, ty. >> time for the monday edition of the power rundown. you just did a market flash there. >> on google. >> apple's war chest, what could they or should they do with all that cash? >> apple, take advice frof your peers and make some acquisitions. rates are low right now. apple is facing height nd
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competition in the smart phone space. maybe it's time for them to make a smart acquisition. >> a lot of investors will say they don't like seeing companies will big amounts of cash because they're afraid they'll use that cash to make unwise acquisitions. you have to wonder if they have a reason for holding onto that cash. maybe they can do something more, maybe just not the wrong acquisition. >> that would be -- >> a smart acquisition -- >> no acquisition for acquisition's sake is the best way to put it. >> mid caps, fallen to the 50-day moving average. should we be concerned? >> there shouldn't be panic about it. these technical indicators, they happen every once in a while. it's a trend line. we watch it. overall, remember, it's not that we're being cheer leaders in the
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market, but since 2009 every single time there's been any kind of pullback, it's been bought. the question you have to ask yourself right now is, what has changed between then and now to make you think that is the case that we're going to rollover. >> let's turn to the small caps chl russell 2000, nearly 2 1/2 times the drop. down more than 6% from their all-time high about a month ago. >> i actually had a report in late march highlighting that. there might be warning signs here. it was late march when the russell 2000 started hitting new highs every day. that was a warning sign. you also have to remember that the small cap index has a lot of domestically oriented names. some say the u.s. economic recovery is already priced into these names and that might be one of the reasons we're seeing this underperformance.
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>> they don't have the exposure that some of the larger cap companies do. great video of a fedex driver chasing his runaway truck. look at this. >> ouch. >> there it goes. >> you got to love the dogs. >> the dogs are going after it. >> they're wondering what's happening, though. >> this is just -- >> that is wonderful. >> oh, no. >> oh. there it goes. man. >> poor driver. >> the dog's got a front row seat. >> it was filled with pet food, right? >> maybe that could be it. >> there it goes again. that's a bad day for that guy. >> i don't know. i think it's a good show for the dogs. >> sue? >> oh, boy. that's really not a good day at all. we all have bad days. that goes right to the top, i think, though. the markets are having a difficult day. it began last week. let's take a look at the dow
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right now. down 145 points. the s&p is down 20. that's more than a percent move to the downside in the s&p. last three days for the nasdaq, that's an ugly chart. down another almost percent and a half in today's trading session. back in a moment. back in a mome. peace of mind is important when you're running a successful business. so we provide it services you can rely on. with centurylink as your trusted it partner, you'll experience reliable uptime for the network and services you depend on. multi-layered security solutions keep your information safe, and secure. and responsive dedicated support meets your needs, and eases your mind. centurylink. your link to what's next.
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all right. welcome back to "power lunch." another day, another selloff in facebook stock. the stock is down more than 20%. that's bear market territory. to keep things in perspective, the stock has more than doubled over the course of the past year. that's also weighing on the global x social market etf. >> you mentioned etfs. this chart tells the whole story. all in the red. some of them by almost 2%.
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the dow jones suffering a triple digit loss of almost 150 points. jeff is at the cme. ken kenny's laughing. >> i love jeff. >> that's good because we do too. what are you doing in today's trading session? >> we're sticking with some of our protection trades we talked about last week here on "power lunch." a lot of thought that treasury range was going to break out. boom. back under 27d. we have seen all the crutches be shell. so we have our shopping list out. we're really excited about buying some tech. the s&p 500, i think there's further selling going into the close. >> do you agree? >> i think it's going to right to 1839 which is the 50-day. i think jeff's right. >> thanks, guys. >> love you too kenny. >> all right. a little bit of levity on a down
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day. that's it for "power lunch" today. >> let's go to mandy and see what's going on on "street signs." >> high growth tech stocks, this is just hold your knows and buy the winners. he's also said it created really ripe conditions. also, do we really need more stimul stimulus? the arguments for and against. lots more coming up at the top of the hour. in fact, it is beginning right after this very quick break. see you then. see you then. you need a permit... to be this awesome. and you...rent from national. because only national lets you choose any car in the aisle... and go. and only national is ranked highest in car rental customer satisfaction by j.d. power. (aaron) purrrfect. (vo) meee-ow, business pro. meee-ow. go national. go like a pro. e
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stocks sink again as bigger appears better once more. the latest on the continued market selloff ahead and why what was once hot is not. a hot debate on whether we need another round of stimulus. and why yahoo has netflix envy. the nasdaq hitting a two-month low today. it hit a 13 plus year high back on march the 6th, but it is down 7%
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