yahoo, maybe the earnings results not all everything thought they were. plus more on the bitcoin. mary thompson with our excellent documentary. and why a $50 million challenge to the national rifle association may result in more gun sales. a bit of a paradox of coming out and speaking out against guns. we have breaking news. the beige book and steve liesman is here. >> the beige book, the collection of anecdotes from the renalants is chronically a rebound from weather-related declines in the prior months. what we've been telling you about the data. economic activity sis the beige book was modest or moderate in eight districts. it picked up, though, in chicago, philly and new york, three places affected by the weather. it declined, however, in cleveland and st. louis, consumer spending was up in most districts because the weather improved. allo sales were up in seven districts. manufacturing continued to improve because weather affects

faded. steel production was also up in several districts. we also heard it was down because of issues. housing was mixed. loan demand was -- this is something important. it was strong especially in new york and dallas. another part of the loan category the fed follows, credit quality, which improved in four districts. labor market conditions were mixed, but generally positive. wage pressures contained or minimal. price pressure stable or slightly higher. janet yellen just speaking in the last hour, saying it could be up to two years before the federal reserve meets its goals. here are three yellen dove-iisms. the fed will remain at zero for pretty much as long as inflation and employment goals are not met. she's word worried more about low inflation than high inflation, and here's what janet yellen said about inflation

risks. >> with inflation running at around 1%, at this point, as i mentioned, i think the risk is greater that we should by worried about inflation undershooting our goal and getting inflation back up to 2%. >> there it is, guys. your beige book and your yellen summary in about a minute and a half, which is what i promised your producers i would do. >> perfect, steve. >> i like that. >> in terms of the reaction, not really any reaction. but pretty much the status quo, though. >> i think the market is forgets that six-month period. >> they've only been walking that back since the words came our her mouth. they realized that was a big fauxpas. >> you looked more troubled, my friend. >> this is a business question not a personal question. [ laughter ] >> fair enough. >> here's -- glad for in a.

>> economic activity xwro of in most regions we have a strong beige book yesterday the fed chair saying, okay, well, the risk is actually disinflation. i'm trying to piece them together. stronger economies should put pressure on wages in a good way. i don't know what the fed is looking at. >> you have nailed it, because the way to bring those two sides together, reasonably strong growth, but a wide-open fed, the gap is resolved by slack. you have a long way to go to get back to wage levels, employment levels and growth levels that would cause the fed to worry about inflation. that's the key. if you don't believe there's a lot of slack in the economy, brian, you cannot make this make sense. if you don't believe it -- >> good. >> and you noted marty feldstein was asking a lot. he thinks there's less slack.

alan kruger -- >> using what sort of data? >> it's a conceptual question. >> okay. >> let me put it in its context. there are millions of americans unemployed for 26 weeks or longer, the big debate is do those folks come back to the workforce when the economy improves, when the employment market gets stronger? or are they gone forever. >> the parts railings -- >> did tick up. >> one of the biggest jumping in years. >> so you're a slack believer. there's some out there -- i'm not saying there. >> what's the argument for the nonslack then? >> benefits rolling out and people rolling back to work. i'm not making that argument, it's politically charged. alan kruger before working in the white house was a leading economist, says you cannot count on long-term unemployed coming

back. janet yell ensaying if they went from 20 to 40 hours -- >> i want to bring in danica and dan, i want to go to you first. we're having this debate. >> can i interrupt? >> yes, please. brian is missing a really important point. >> not the first time. shockingly. >> go back, record it on your dvr. >> you're focusing on growth rates and not levels. so when you say -- not incorrectly, because a lo lot of people do this, when you say i don't now hoe to reconcile rates with a fed that's remaining accommodative, steve hit the nail on the head, the square peg, so to speak is the economy is operating below a level consistent with the mandate. because you're below where you should be. that's how you solve that problem irges i like it. let's bring you in as well,

anika. feel free to say you agree or not, as most might say. what's your take on this beige book? >> on the beige book, it's largely a lagging indicator. i think the most important part to follow is what do most of the districts say? they continue to show an improvement. and their outlook is also positive. this beige book, of course, was a closely watched one, we needed to see if weather faded to the background. we saw that. with weather fading to the background and more information coming out for march, it looks upbeat, so that continues to be good news. >> anika, do you think that the federal reserve is a bit behind the curve here? we need zero percent, right? we need to keep stimulating the economy, yet at the same time have their own regions say things are getting better. at what point do they say things are getting better and therefore

we can pull back? >> yes, that's the tricky question. i think it's important for the federal reserve to remain accommodative. i think what's already baked into the markets is a wind-down of qe, and most folks are thinking, what is going to happen at the short end of the curve? i think it's an orderly winddown and more forward guidance would be helpful, as we continue. i would say that the fed is doing a good job. we continue to think that the short-term rate will likely not start to increase until somewhere around mid 2015, so we have a long way toward continued accommodation toward the fed. >> i just want to throw something out from a good friend of mine, he says the long end doesn't care about growth at all. the on this think it cares about the inflation, the extent to which the long end has decline in yield, it's more and more believing that there will be less inflation.

that came after janet yellen made that six-month. so the long end will go up, he says, when the market thinks there would be more inflation, but not -- >> so that won't happen for a very long time? >> two years or that's a long time. >> if the market believes in janet yellen, it would -- >> i'm sorry. inflation exist foss real people who eat and send their kids to college and occasionally need medical care. >> is that all they do? this whole argument about there's inflation, if you ignore eggs, let's say. listen, if all you do is consume eggs and drive around in your car in circles, there's inflation. >> there's nothing wrong with that. it's normal behavior. it's a sunday and i had clothes on. >> we do need to point out for some people when those prices go up, it has a greater impacts that for others. what the fed needs to figure out is what's happening in the aggregate, and in the aggregate -- >> the fed needs to figure out who they're trying to help, all

right? >> it's not just the fed. if you think about economies more generally. when you design a cpi, or even a ppi, but when you design a cpi, you're doing it for the whole kung, and threading that needle is extraordinarily different. invariably when prices move in certain components it will fact some more than others. >> i have to go drive in circle and eat eggs. >> enjoy yourself. it's a wonderful afternoon. anika, dan, steve, good to speak with you. let's get a check on the markets. as we mentioned, not too much of a reaction in the equities market, at least, to the beige book. bob and rick standing by. let's get to bob first. >> i think the key thing is the headline is a good one, economy sees rebound, but how big of a rebound, and the suggestion here is this is a fairly modest rebound that we're seeing. you can see the stock market really not doing much in reaction, but the problem is

with a backward-looking indicator here, you try to look for anything that can give you forward spin. comments on credit availability. here's where it gets cautious, i think. they came out and said demand for business credit showed little improvement. demand for business credit showed little improvement. there it is. how about consumer credit? there's a line here, too. consumer credit grew slightly, okay? what does this tell you put together in terms of demand for loans, things like that? it shows me a somewhat slowing growing plodding economy, not an economy that's really ready to take off yet. i think that is the rather conservative take. you can see bank stocks not moving in relation to this. >> let's check in with rick santelli. rick? >> we didn't get much movement over or on the beige book, but we did have, and i'd like to show these charts a rather

interesting move when janet yellen was first talking about. the yield curve moved very slowly, and it's usually difficult to pick out intra-day moves, but clear oy five and tens, fives and 30s, you could see a rather dramatic flattening about the time she was talking about promising to keep rates low. this in my opinion, in the market's opinion, i'm the when is when i whisperer here. and how much efficacy federal reserve can really have. >> is the long end, rick, only, only about inflation? >> no. absolutely not, and listen, i heard that argument. first of all, if these numbers were created for the whole country, the median income is about $50,000, i don't see it. yes, inflation is not big for people that make lots of money, but the long end is about growth. how can we tell it's about growth? show she the ppi or cpi index.

it always goes straight up? none of it holds water. >> i know we have to go, but you're hitting on a point. i sort of yelled at nobody in particular, as i normally do -- >> no, that you did a good job. >> the fed needs to figure ute who it wants to help. >> those with lots of money, that deflation hurts, because they own everything. that's the way i see it. can the fed accomplish both goals? is it possible for the federal reserve to benefit everybody, right? >> i don't think the federal reserve is benefiting anybody anymore. it would be like giving me a city map of d.c. and i live in chicago. i'm sorry, i think it's outlived its usefulness. the taylor rule dictates about a 1.25 rates and keeping rates too low will have negative consequences. >> rick santelli, good discussion. thanks very much. appreciate it. on deck, yahoo surging. as the clock ticks towards that

big ali baba ipo, could this be the perfect time to sell yahoo? >> the biotechs have been taking a beaten. could a bound-back be around the corner. first there, smarty-pants melissa lee, can you guess -- this is the mystery chart, this is the top performing biotech. it's up about 13%. i do not believe we told you prior. >> no, you did not. >> so let us know. hit up melissa on twitter. guess. we're back after this. for what reality teaches you... firsthand. s.ce. in the face of danger, and under the most demanding circumstances. experience builds character. experience builds confidence. and experience... has built this. the 2014 glk. the engineering, and the experience, of mercedes-benz. see your authorized dealer for exceptional offers through mercedes-benz financial services.

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yahoo have been quite a good day. the question is, when do you get out? that is, if you're riding the stock just to be in ali baba, when do you sell yahoo? let's bring in kneale doshi. i know this has been on the mind of many investors. yahoo has seen strong gains of the the thinking is basically the yahoo by is is free, you're buying ali baba, and gettingia hue. >> that's primaries the case. a lot of the up side has been from ali baba. we're still buyers of yahoo stock for three primarily reasons. one, when the ali baba ipo actually takes place yahoo! will

get about $12 billion in cash, we think yahoo will repatriate that back to the shareholders. secondly baba is one of the most highly anticipated ipos, so when it takes place, there will be high demand. so yahoo! will be a great play to play. >> that's about another 16 to 17 bill xwron of potential value that yahoo! will probably get back. >> plenty of runway. >> so what's the stitching point? is it $45? is that the price at which investors -- is the the peak the plus 1%, plus 2%, at some point you've got to think it's time to cut bait. >> sure, our $45 price target is

based on a five multiple on the core yahoo business. this quarter we saw yahoo actually improve its display business the if yahoo can continue to show improvement, that multiple should go up, so, you know, we try to build in some conservatism. we think there's probably another potential leg up, if yahoo can turn its core business around. >> neal, thanks very much. what a week already for twitter. then surging after it agreed to buy gnip, but was this deal of a company that probably few of us have ever heard of really worth such a reaction? >> what did you find out? >> thanks, brian, i think this is the question that investors are trying to answer. we saw the stock move up yesterday. a number of analysts say this is good for twitter, but the stock

is still overvalued. so first let's talk about data. here's why twitter's purchase is good for the longer term, by buy the gmt nip, it absorbs the infrastructure to package and resell the data generated. that makes it easier for twitter to expand the relationships with the clients, and the hope is grow revenues, which twitter needs, but while analysts are still really positive, there are other risks to keep in mind. pivotal research groups notes the company may have to make more acquisitions to remain competitive in the key source of revenue, which is advertising. in addition to ipo proceeds, that may have further cash needs. also, another issue analysts are keeping an eye on is the slowing user growth. experts are hoping that brand-new product will help turn around.

so sterne agee anticipate improvement there, upgrading the stock today, but still only just to neutral. lastly, one more thing to keep an eye on, uncertainly about a lockup that ends in may. tell regulators they don't plan to sell shares. back to you. >> morgan, who by the way, is also on twitter. >> we all are. >> i know. >> we're getting a lot of tweets on this, the mystery chart actually. lots and lots of guesses, all wrong. >> i don't know by "fast money" viewers, but "street signs" viewers are -- >> again, disparaging comments. >> time to reveal today's mystery chart, as we teased it. it is myriad genetics. mygn.

>> that is the complete opposite, thoughs of the biotech e teismt f, as a whole is down 13%. let's bring in sam eisley for what he's looking at. with the big pullback, what should i by? >> it got positive comments, initiating it, citing the cholesterol drug. what are the catalysts you're looking for? >> in respect to regeneron, we are looking to the introduce of a cholesterol-reducing drug later this year. it will replace some things that go in front of it. longer haul, however, their pipeline is really sound. they an antibody for intractable skin disorders, an antibody for rheumatoid arthritis. there's a lot coming along. we think they'll be earning $20 or $30 a share down the road.

they have good cash flow generating capability. this is very, very good outlook. >> and also may see some demand from diabetic patients. i'm curious, though, amgen recently released results of its cholesterol drug, which is sort of in the same class, and analysts we are mixed about that. if it proves that make amgen has an edge. how do you interpret that data? >> both candidates showed remarkable reduction of cholesterol, in the range of 40%. actually the administration of the regeneron product seems to be easier. both of injectable. we think there's a market for both of them, for sure, but we don't think that amgen is better.

we see a slightly different side. >> i want to maybe flip it. maybe ask why they were going up so much. biotech i don't want to insult any of our viewers here, but are too many inexperienced people gambling/investing on biotechs? >> there are probably some inexperienced people there. so, yeah, it goes up. it depends on where you top and start. four or five of them, they're profital, big predictable growers. is ittic with those, you're in

good shape. they are bothly binary stocks, sometimes you get stung, sometimes they go up 100%, so it's risky, you need to put together a portfolio of them, and surely don't own a ink isle biotech stock, own a couple of them. >> sam, thank you. were you referring to hedge funds, using the etfs? >> i'm not singling out any investors. i'm saying if you buy them because you trade them, sell them because they're falling, you won't -- you're not investing, you're gambling. fair point. still ahead, the earnings squad. all of that after the bell, we're giving you the headlines to watch for. michael bloomberg planning to shell out $50 million for a new gun control group. could he and ever other antigun politician by the actually the best gun salesmen?

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welcome to the earnings squad. i'm joined by dominic chu and kate kelly. so far 9% of the s&p 500 firms have reported this quarter, 57% have come in above estimates, 17% have smelt estimates, 26% have come in below forecasts. let's get straight to the report. pepsi before the bell tomorrow. what are you watching? >> 75 cents a share earnings, those are the key numbers. the options market pricing a 2% move up or down, not too bad for a large cap consumer products company, but this is under siege, if you want to call it that from activist investors xw whether or not they should split off the beverages from the food. they get more than half their revenues and profits come from the food side of the business.

>> and kate, banks, big story. we had sort of a mixed sort of series of bank, jpmorgan bad, citi good, wells fargo good. >> we're looking tomorrow at goldman sachs and morgan stanley. i focused on goldman sachs. you know, they haven't had an earnings miss since 2011, so they're pretty consistent in terms of beating at least by a small margin. one analyst pointed out they may actually do better now than the market expense, because we heard so much negative news. they prepared in february, we've seen the results. goldman's fixed income unit the cornerstone really of revenue, is more volatile than it its peers, so we could almost see anything tomorrow, but in terms of depressed expect aches think may do well, their visiting and lending unit is kind of new and improved version of proprietary

trade in a volcker rule world. whether it will remain -- >> i'm also watching ibm. analysts on the street largely don't like the stock, but this is a stock masses moved up 8 percent or so in the past month, so it's taken people by surprise. it's one of those steady eddy growers, but we're watching for what they say about the pc business. seeing pockets of strength, and also this is the first time that the cfo is actually taking the reins. he took over the reins at the beginning of the year. so it will be interesting to see what the cfo actually has to say about it. >> i've been talking to long/short folks, they're looking at the sort of value names. ibm is kernel one of the older-line names are they in that pack, though? >> they were underperformers in the dow, so remember if euro at a timing out of the certain

stocks maybe it's one of the once -- >> maybe an old-line growth story. that's it for earnings squad. brian, back over to you. right on deck, the double bacon cheeseburger edition of street talk. the reason airline stocks have been falling. and politicians pushing for gun control, are they best catalysts for the gun stocks? controversial, may be true. stick around. [ hypnotist ] you are feeling satisfied without standard leather. you are feeling exhilarated with front-wheel drive. 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.

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street talk time. analyst views and recommendations, so let's get straight to it. nimble storage, shares off an from a neutral to a buy. >> i call it 9% gain jumping. that still indicates an upside. stock needs it down -- also initiated -- this is a tech and hardway company based out of san jose. >> another one we're watching, precision drilling. wow, two notches at morgan stanley. >> big jump here. stock up nearly 5%. up 1236. canadian-based company.

and moren stanley increases that are targets. so still seeing about 30% up side. >> j 2 global. >> yeah, getting an update as well. california based company, one of the tech names i fully don't understand what they do. >> cloud services. >> what does that mean? see the article in the journal today about pricing pressure in the cloud? >> yeah, cloud price cuts from microsoft, google. >> they don't seem concerned. >> and let's look at sonic, up to a buy from neutral, a target of $25, which is, by the way, 25% higher than where it is now. >> yes, stocks at $23 -- by the way, they say higher sales and margins in upcoming quarters. revenues did drop last conveyor, but they outperform almost everybody else in that fast for a/as they like to call it

quick-service -- >> qsr, in the industry. initiated over at open hyper. >> they unveiled just the first ethernet stack for the level 4-7 net -- >> the slayer 4-7. >> whatever that is. >> i got one already. >> i have no idea what i just said. time for talking numbers. this is a company i do know. bank of america, shares down 2%. but included a one-time loss of $6 billion. stock down 2.4%. what to make of this? let's talk numbers. joins us is ari wad,. >> and mark. first fundamentally stock down, people are concerned, what's your view? >> i would not touch the stock

here. the fundamentals were weak, but you know, aside from unimpressive numbers, bank of america has an incredibly complex business model. you have hands, arms, tentacles reaching every direction. also regulators and lawyers breathing down the company's neck, and these every quarter one time litigation expenses, tens of billions set aside for litigation, for borrows assistance, to buy back bad mortgaging. there are 6,000 other stocks out there. i think you could throw a dart at that list and find a better opportunity. >> there's been a lot of one-times. >> set aside is sort of big. >> and pretty consistent. >> where do you see the charts here? >> i'm not getting a strong message to be a buyer, either. i'm neutral at best. i think the weight of the evidence is mixed. first let's start with the good.

bank of america does have a good trend in place. i think this is indicated by the rising slope of the 200-day moving average. i think that will lend support for the stock at around $15. on the other hand, i'm a bit concerned a lot of formidable resistance around $1. that was the stock's 2010 peak. i prefer to play the banks already above those 2010 levels. a lot of the regional names in particular pop up on my screen. regions financial. >> so far to call that a technical meh, and fundamental don't own the stock, not a boost of confidence. >> and he took over for your buddy carter wirth. be sure to check out the online edition part of our partnership with yahoo financial. coming up, they are redesigning the s.a.t. questions again. we will give you a sample question and tell you why

they're doing it. airline stocks did great in bad weather. why are they well off their highs in good weather? before we file or flight plan, let's go over to kelly and bill on what's coming up. >> yeah, we're looking at stocks rallies for a third straight day. should you be worried about a deeper correction? >> also detroit now auctioning off abandoned homes online for as little as $1,000 a pop. could it be a dream deal or nightmare, especially for real estate investors. google, ibm, american express, all on tap, all going to release their earnings. we'll have instant analysis as they hit. >> before that, it's the final hour of the trading day, which can always be instructive. we'll see you at the top of the hour for "closing bell." tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads...

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sfla if you have a child in high school, we want you to listen up. we have a sneak peek of what they can expect on the new s.a.t. they comprehensively refurbished the test. words like refurbished are probably now on the.

the sample questions, the eisai portion is now optional. >> what? >> yes, out. the new test will apparently include more real-world questions. for example, one sample question, melissa sksh what would it cost an american traveling in india to convert dollars dao rupees. they also takes the maximum score back to 1600 -- it was 1600 when you and i took it, right? >> yes, old school. >> then it went to 24. back down to 1600, officially rolled out in 2016. some people are saying they've made it a lot easier. >> well the vocabulary section has changed to use more commonly word, but i thought it was to tell not necessarily commonly used. >> uncommon. how much are you digging in. >> extremely commonly used, everyone will get those questions right, but they're also adding data. you have to analyze charts and graphs, which i think is much

more important. when do you go a day without looking at a chart or day. >> well, i can't. it's not that i don't -- >> average everyday people -- >> i'm a nerd with charts. >> i am too. but everyday people, you look at rising food prices, you look at charts. >> and a great song by sly and the family stone "everyday people." mean time, airline stocks not flying quite as high but look at, all down double digits. hunter. >> there should be a lot of reasons to continue to like the airlines first and foremost, the fact that capacity is squeezed. there just aren't enough seats out there. >> you're right. the demand trends are very strong, airlines continue to visit respectal restrain.

>> a lot of tracks, so even though stocks are on the the recent highs, getting a lot of questions for investors whether anything fundamentally has changed, and the answer is no, it has not. >> among the legacy carriers, you raised delta's estimates most recently, correct? >> we did. >> which one is your top pick? i'm asking this, because we've seen some outperformance by some of the lower cost carriers, and i'm wonders would you you have underperforms on some of those names? >> it's more of a balance sheet cash flow call. it's difficult to pick losers, if you will in this industry, given the sector fundamentals are so strong. that's really our third best idea. it's really a very -- pure growth. or best idea, delta is right up

there, too. i think you're looking at 80%. the stock is still only up 30%, which means if we're right on the earnings estimate, the multiple has to contract. >> low-hanging fruit in your note you write southwest, along with jetblue. jetblue has been an underperformer within the sector. what's going to turn this around? . jetblue, they have so much low-hanging fruit available to them. the management team just decides to not pursue it. net promoter score is a very important metric to them, one of the drives of the compensation. that's effectively code for brand loyalty. socially a strategic decision to be nice to your customers in the hoping of driving a fair premium. we believe customers buy specifically on choice, buy specifically on price, is driving the vast majority of choice, so it's really a strategic difference between

what we think drives value and what they think drives value. >> thank you very much, hunter. coming up forget the moon we're going to delve into the dark side of bitcoin. mary thompson looks at more. and michael bloom better has a new antigun effort, backing it with $50 million of his own money. when a politician does this, do they encourage people to buy guns? stay with us. ♪ ...work with equity experts... who work with regional experts... that's when expertise happens. mfs. because there is no expertise without collaboration. afghanistan, in 2009. orbiting the moon in 1971. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection. and because usaa's commitment to serve current

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former new york city mayor michael former new york city mayor michael bloomberg mayor announcing he's spending $50 million of his own money to create a gun safety group that would rival the nra. noble cause from a man who really does truly care about the topic. the problem is that gun sales often go up when big announcements like this about gun control are made. remember our documentary, "america's gun, rise of the ar-15." as part of that, i went out to seattle and spoke with the president of a gunmaker called olympic arms about just this topic, and i asked him whether orders go up after tragedies involving guns. here's what he said. >> as soon as there's a mention that somebody is going to possibly ban the weapon, yes,

definitely. >> all right. look at the performance of one gunmaker, or another, smith & wesson. those stocks have been hot the last couple of years. let's bring in brian raffon, his firm a institutional top 20. it's a politically charged topic. i worked for mike bloomberg, melissa lee, we did on set, a good guy going after the gun industry a bit. does that change your views on investing at all? >> no, i don't think so. the mac row, certainly the president with some of his nefarious activities, with the irs and the nsa hacking phones, i mean, there's enough between that and mike bloomberg, enough to fill ten tom clancy novels, so that type of thing i think provides an overall macro on the market relative to that. again, as i said, the confiscation of 400 million guns, the largest arsenal on the planet. if you took the combined military and police units of every nation on the plant,

you've got about 227 million guns. the u.s. consumer has about our estimates about 360 to 400 million guns. i've seen estimates as high as 600 million adding 15 million to 20 million guns a year. >> okay. >> i don't see that. there's nothing to that. >> fine, fine. >> whenever you talk about guns and investing, it can be unsavory in certain situations and it becomes politicized. let's try to take all of that, brian. when you look as a smith & wesson as an operating company regardless of the product, is it good or some sort of political play? >> you asked me that last year and i'll it's ena year later. the mike rose on the market, we look for a company that creates a vitality, and that vitality is measured by trailing 12-month sales to. look at new products developed within the last two to three years, regardless of the company, whether it's a consumer

products company or not, the gun industry has been growing at about 19% a year. we look for the ability to have at least 20% of sales on a 12-month trailing basis to be sourced from new products developed over the last two to three years. two things get you there. one, property, plant and equipment, capital expenditures as a percentage of depreciation and am saimpingortizatioamortiz. the s&p companies are 75% of every dollar they charge off in amortization. the gun market, with respect to a sturm ruegger is doing a little over $2 in property equipment and xap-x, input for every dollar they are charging off. the new products developed within the last two or three years has been somewhere on the offered 28% to 38% of trailing 12-month sales. >> brian, it was a $13 stock five years ago, $64 stock today. are you trimming it at all, taking some profit, quickly,

please. >> no, we're not. adding a little to our position. we're a little different. probably one of the longest duration shareholders in sturm ruegger. our average holding period is five to seven years. in our portfolio we have stocks going on 25 years, one of which is sturm ruegger so we're a little bit on the edge in terms of that type of investing. >> brian, got to leave it there. thanks so much. >> cnbc has a new documentary on the web called "the bitcoin upraise iu uprising." a look now at the dark side of bitcoin. >> cnbc did take a deep dive into the digital currency to see how it works to meet the bitcoin believers and nay sayers and understand its promise and its peril. in the last year, bitcoin's grabbed headlines, as much for the meteoric rise in its price as for its link to the online

underworld and crimes, including fraud, ponzi schemes, and outright theft. >> the character web is full of vendors who accept only or exclusively bitcoin. >> former assistant attorney dawnia perry is talking about an online haven for criminals that's rarely seen by everyday users of the internet. the dark web shining unwanted light on bitcoin last fall. when the fed shut down the notorious online black market bizarre called silk road. over a two and a half year period it allegedly sold $1.2 billion worth of cocaine, lsd, fake credit cards, licenses and other illegal goods, all paid for with bitcoin. now, the bitcoin uprising also explores bitcoin's promise which is fully embraced by one computer whiz kid who we profiled who is paying for his groceries, trips, all with the digital currency.

watch the full documentary on investigationsinc.cnbc president come. >> mary thompson, twice today. >> first on "morning joe" and now on "street signs." >> i'm nicer now. >> you're always nice. >> go ahead. >> let's send it over to bertha coombs for a quick market flash. cbs and cbs outdoors both spiking after its outdoor subsidiary was currently trading up there, about 7. -- that's cbs outdoor, up 7.8%, cbs outdoor was spun off back on march 28th, cbs also gaining on the news. guys? >> bertha, thank you very much. the movie "frozen" just continues to print money for disney. we'll tell you though about the one thing that parents are now willing to pay ten times the retail price for. . ♪

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for what reality teaches you... firsthand.e. in the face of danger, and under the most demanding circumstances. experience builds character. experience builds confidence. and experience... has built this. the 2014 glk. the engineering, and the experience, of mercedes-benz. see your authorized dealer for exceptional offers through mercedes-benz financial services. the "frozen" phenomenon continues. this costume, the elsa, is completely sold out and parents are paying $1,000 for it and there's still six months before

halloween. >> it's the number one producing animated feature of all time now? >> that's great, but you shouldn't pay for a costume, i don't care what it's made out of. >> as a parent, kid wants stuff. i don't give my kid either. >> i don't either. >> dow up 140 point. another good day, melissa. we'll see you tomorrow. see you tomorrow. "closing bell" is next. hi, everybody. welcome to the "closing bell." i'm kelly evans here at the new york stock exchange where markets are in rally mode. >> i'm bill griffith. the third day of gains we're looking at, but don't count this in the win column just yet because we've had a lot of volatility lately, especially in this last hour, so we'll keep an eye on this. could go either direction, and what we've had rather positive news today, janet yellen's rather dovish speech earlier and the beige book was rather constructive as well. >> a huge day for