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tv   Power Lunch  CNBC  April 25, 2014 1:00pm-2:01pm EDT

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transformation we're seeing at microsoft. i think asacha was the right pick. >> i'm impressed you can pronounce his name. thank you all for watching. "fast money halftime report." cat "street signs" 2:00 -- i had to get it in. "power lunch" and the second half of the trading day starts right now. >> thank you very much, folks. sell-off on the street. the dow right now, the s&p there you see the do you down 126 points, s&p down 1.5% and the russell down 1.6%, not a good day for amazon. that's one of the reasons why. ukraine's leader says russia's leader is trying to occupy the country, president obama threatening new sanctions, the whole sit in a week where
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goldman sachs says go global, are they right? russia, china, india and beyond. and how auto companies are trying to grab market share, as that company trying to recover after the recalls and investigations. first, though, let's go over to sue. ty, we're going to start with the markets on a very tough day. the dow's off triple digits, interest rates are moving to the lows of the week. we're going to start with bob pisani. what does it feel like down there, bob? >> a bit tentative, nervous. ever since wednesday, when the new home sales numbers came out, then thursday and fridays the ten-year has trashed just like the mark.
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when it hit the highs a tuesday, i want to emphasize some of the home builders. i want to put up some of these earnings stocks like pandora and masco, as companies came out. pandora beat is down, forward miss. amazon was in line, and you can see that visa beat, but the sales were on the light side. everything is trading to the down side. put up internet content stocks, trulia and zillow, both down 9%. right across the board weak necessary in every housing related. like litched in, twitter, yelp, obviously high beta names, they're also playing on the down
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side. when i come back in about 20 minutes, i want to talk about the ipo market. >> absolutely. >> i've seen signs of weakness there as well. back to you. >> all right. we look forward to that very much, but we're going to go uptown to times square and the nasdaq. hi, seema. >> we are seeing a sharp reverse at in the nasdaq. i'm hearing a lot of this has to do with the rising tensions between ukraine and russia, technology many times considered a risk-averse sector. tends to underperform when we see a rise in geopolitical. amazon is on the top of our list. big concerns article guidance, will amazon's cost expansion pay off soon. that's the big question that investors are trying to answer. other high-flying momentum stocks are considerableably underperforming. after reporting decent earnings, cooling off just a bit. expedia, the online travel
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giants, ahead of its report next week is moving lower. while history shows you we may der we see an outperformance in large-cap tech. that's not the case today. google, yahoo, internet giants moving to the down side. apple also cooling off a bit, so definitely seeing a change in this sentiment. the big question is, will this trend hole? >> seema, thank you very much. if you look at the s&p 500 for the month of april, it is little change, despite all the volatility. there you see it. one month down 0.77%. hugh, and john buckingham. he's also the manager of the
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morning-star al frank fund. welcome. how can i make money in this market or hang on to what i've got? >> hanging on to what you've got probably is your biggest challenge and should be your goal. the reason i say that, we've had heard a lot said about how utilities have done so well, how they're doing well today on a relative basis, but the defensive sectors of this market, tyler, having doing well all year long, so you take the top sectors, top performers, it's not just utilities, but consumer staples and health care. when you take that alongside the fact -- there's a shift of value in the market, there's a message all year long, and the message is, look, you better be a bit careful here, hold on to what you've got, and quite frankly, what i'm simply saying is exercise some patience. don't use this as an entry point. there would be a better entry point, it will be lower, there will be more pessimism, but you
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have to exercise some patience. wait a bit. there's a bit of vulnerable. that's the message of this market. >> john, do you think you agree, disagree? agree in part? or what? >> i think i agree in part, tie le. valuationses of stock in our mind are reasonable. we've seen a tremendous amount of increases in dividends. we favor dividend-paying value stocks, so we're actually happy with what we are seeing right now as investors are finally -- i don't want to say seeing the light, but finally paying attention to valuations. the fact that value has outperformed growth by 300 basis points thus far, if you look at the russell indexes, i they is a good sign. we had a tremendous rally, and it's nice to see some consolidation, if you will, and actually some common sense, and focusing on the stocks that are at cheap prices is where investors historically have made the most money. >> i hear hugh say, john, that he thought there would be a
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better entry point as the pessimism takes a bigger hold. do you think now is a fine time to buy some of these value stocks that you identify, and go ahead and name some, if you want. >> i do think -- if you have a long-term time horizon, i think it's an excellent time to be buying. of course apple just had the big pop. we like ensco. we like deere in the agricultural pace, a p.e. of 10, and i would even look at some of the names that have been hit hard on the earnings spectrum. the newsletter, we will have a new recommendation of one of the high-flying names that have come down, so there are opportunities. we do have a little cash ready to pounce. >> john, thank you very much. hugh, thank to you as well. you'll be back with us in a couple minutes to discuss your
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perspectives, so we'll check back in with you meantime, sue, back over to you. >> we'll focus on ford, trading lower today. its profits falling 39% in q1. however it did raise guidance for sales in china. dave wisten joins us. the numbers not great today, the ceo is about to walk out the door, but you still like the company and the stock? >> right. for a couple reasons. you know, in the short term i think 2014 is the transition year, but 2015 looks extremely attractive for the u.s., europe and china. they're just setting the stage now. higher launch costs as they go into december at an analyst event, but europe will turn a profit starting next year. they'll have the new what is known as the fusion here, and then the new generation f-series pickup truck, so you can cut
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back on -- and china is growing like gang busters for them. >> they guided higher on china, but cut estimates of sales in south america. how worrisome is that? >> it's concerning. south america is a big problem for everyone in the auto industry, though, this is not unique to ford. unfortunately it's probably not going to get any better any time soon. but, again, most of the earnings are coming from the united states, as china grows, that i equity will get better, but they can offset the headwinds. talk to me, though, about ford and its ability, or if it has the ability, to take market share from gm right now? gm obviously is under the gun because of the various stories that are swirling around this company, the recall, the hearings on capitol hill, et cetera. is ford positioned to take market share from gm? if not ford, is there another company that might be poised to take market share from gm?
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>> market share in the u.s. market will probably be a continuation there here from what we've seen already, which is taking share, mostly by, if i remember right, chrysler and nissen. ford, too, they're gang shares in pickup trucks, but mostly the less expensive packages. you saw that in the very favorable pricing tailwinds that gm had in their quarterly results yesterday. to your question, though, the auto industry is so viciously competitive. everyone makes a great car now and great truck, you can't think of the old days when your paying -- and detroit made ugly small cars, but great trucks. >> currency problems for ford, how much did that factor into the decline that we're seeing? >> currency was a major issue, particularly in south m.a.s.h., about 75% of the loss, according to management on the call today.
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it's a major problem, in particular venezuela, brazil, and on the other side of the ocean, i believe russia was mentioned, too. >> dave, nice to have you with us. we'll see you soon. >> thank you. ♪ darling you've got to let me know ♪ ♪ should i stay or should i go one everyone gently telling clients go global, and don't miss out on what could be a big run outside of united states. here to tee it up for us isdom nick chu. >> the market movement today, the downside draft, it shows how int interconnected our global markets are. so let's take a look at where the hot spots are for today in the global markets. if you look at russia, they have a big stock market, an index there, the rts, down nearly 2.5% behalf those tensions with ukraine, crimea, russia, all of
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that having a big effect. here in the u.s. you can play it with an etf, one that tracks it is the rsx. down about almost 3% there today as well. so you go towards the ripple effects. germany, check out this trade. the dax index is down 1.5%, one of the big losers in europe today. germany is a big trading partner with russia. the ishares german etf is down on the day as well. then you go across to china and what's happening over there. the shenzhen index of their makes stocks is down 2%, and conversely, you can take a look at all the other parts of the world. here in the u.s., the fxi tracks it down 1.5% as well. the ripple effects there? korea, here you can see the cosby down 1.3%.
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>> so bakley what i'm hearing is this is a global sell-off, no major mark, but some been affected worse than others. when there's chinese economic growth, when there's russian issues and germany talking changeses, maybe, that will have an effect on those markets and the ancillary ones. that's a big thing to watch. >> dom, thank you very much. sue, over to you. so picking up on that theme song, should you stay or should you go? back with us is hugh johnson along with drew kanelly, chairman of the kanell truth. drew, i'm going to start with you. you recently added to your asia pacific positions, correct? >> correct. yeah, what we're seeing there is, you know, if you're buying earnings, right, and you're looking at express and price earnings ratio, you're looking at about a 25% discount to the s&p 500 to invest in asia
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pacific. that looks like a pretty good valuation for us. despite the fact we're big investors in what we believe of the middle america theme, you can't ignore valuations, so it look like we needed to add to that area. >> if you had to deploy cash globally, first of all, would you, and second of all, is there appear area of the glob that looks perhaps safer than others, and ripe for the picking? >> you always want a bit of a foothold internationally, but if i look at non-u.s. international investments, for some time, based on the relative performance generally of both of developed countries, the relative performance tells me you want a low exposure to international, you want a high exposure to the u.s. if you sort of pick that apart a bit and look generally at
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emerging versus say developed, which is europe versus the rest of the world, there you see emerging clearly has more problems. i think china quite frankly is starting to stabilize. i think growth rates of 7.4, 7.3 this year and next are probably good. but if you look at things like brazil, if you look at india, if you look at south africa, if you look at turkey, we still have significant problems in those emerging countries, so underweight emerging, overweight the developed, but you want to stay as a whole overweight a international and underweight on the u.s. you get the idea. >> i do. drew, talk to me about what we're seeing play out in the market. you talked on the valuation effort. your group has done extremely well playing middle america, but things are getting a little risk. as you look at a sell-off, the transports, interest rates were
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supposed to go up this year, they're not, they're still low, do you think we have more to go? does this market need to retrench a bit more? >> oh, sure. this is great stuff, right? you're seeing a rotation from growth to value. this is all very healthy stuff. the money is moving from more expensive stocks to less expensive stocks. that's a healthy market. this looks fine to us. we are expecting a pullback this year. things have gotten pricey, but this all looks right, but as far as interest rates go, the year is not over, sue. we have a lot of way toss go before we see how the interest rates play out. >> that is very, very true. it seems as though for a while the stock market was telling us one story and the bond market was telling us another story. i'm still kind of on the fence about which one is going to ultimately be right. >> right now when you start to see the bond market, interest rates have been relatively low, going down just a bit. at least you see it today, but
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if you look at the entire year, you've seen that, interest rates have come down. the stock market really has not performed well, particularly if you look at sectors. the message there is consistent and very clear. that is be really careful right now. we could have in down side here. i recognize it's really great to see stocks cheap, to see value, but quite frankly, if you're looking for an entry point, you want the market overall to be undervalued. it's not undervalued now. we need a decline of 5% to 8%, and you want to see more pessimism in the street, quite frankly. >> both of you, thank you very much. ty, over to you. big trouble in china could make for even bigger trouble in beverly hills. jane wells, you're up. >> tyler, kim kardashian, eat your heart out. this is a pure chocolate diamond ring. they're making a big hit for the 100th anniversary.
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. jetblue shares taking a big hit. flight attendants at the carrier taking steps toward a union vote following a successful effort by the pilots to unionize earlier this week. kellogg 6.5% beginning in the third quarter of this year. and nokia completing the sale of its handset unit to
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microsoft separately there are reports that the company, nokia, will name a new ceo next week. sue? ty, the threat of china's fall constantly on the mind of retailers. what is bad for the chinese may be really, really bad for beverly hills. jane wells is live on rodeo drive. >>itis at the guittard chocolate company. beverly hills is increasingly dependent, as the still prepares to sell the 100th anniversary. the visitors bureau says receipts are up over 10%. stores claims 60% of revenues come from chinese visitors. what about spending outside china? >> well, we're not seeing any impact from the slowdown in china. i think part of that is because it's such a young market.
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so people are just starting to get their feet underneath them to travel longer distances. so we continue to see growth. we continue to see a shift from people who come and don't stay. to people who are now starting to stay in our hotels. >> meantime, let's talk about the cake. pace ri chef donald ressel is busy, 700 pounds of chocolate, almost 1700 eggs. he elh estimates the recall material will cost around 25 grand, and it will be built in pardons. sheets of cake, layered sheet cakes with ga gnash and white chocolate buttercream. >> they're expecting 15,000 people out eating this this weekend. we will be there later on "closing bell" to talk about room rates and australians. ty? oh, it's good! >> you have the best job in the
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world. >> um. >> she even looks good eating on camera. nobody looks good eating on ram that than janie. >> halftime for earnings season. among the companies that reported this week, what should you be keeping an eye on next week? >> 124 companies in the s&p 500. large-cap earnings season, we'll tell you what's coming up next week and which ones you will want to pay attention to in the coming weeks. dom, we'll be back in just a second with that report. nd with. make it happen with fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today.
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we are halfway through earnings season, believe it or not. colgate pal mold live among the big names. profits dropping 16% from a year ago because of a one-time charge, but colgate still managing to meet street estimates. burger king higher, earnings at the fast-food chain surging almost 17%, and whirlpool seeing strong global sales, but missing on the bottom line due to currency fluctuations and higher material costs. ty, i don't think we'll heared end of that for a while. >> no indeedy. dom has the big reports we need to watch for next week. >> not nearly as many as this week, but still 124 companies. they're big names we're going to
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want to focus on. even investors, that will be big. on the consumer side, buffalo wild wings and norwegian cruise lines, all shows signs -- big pharma starts reporting. the big one that everyone will be watching for is twit ter als yelp on the online internet 2.0 type of companies and then comes big oil, right? links in mastercard. more again, leveraged in.
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and a volatile trail. then on friday, it doesn't stop there. that's the 124 companies just this week. remember, we still have a slew of companies we haven't even seen yet. >> i want you to get in touch with your inner santelli. >> i got it. >> real zen here. how do you grade this earnings season so far? >> if i was to assign a grade to it, i would say it's probably around a b-minus or c-plus. it's not like the earnings season is failing at all, but showing signs things may not be as good, but the bar was set real low to begin with units basically flat. >> so the bell curve says we're about arch right now, but what could propel to an a or d, could be this coming weeks. you've got other names, hewlett-packard reporting. also disney, that's a big name for consumers, cisco, whole
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foods, even nike, and tesla, still one that we care about. so now the retailers. the nordstrom's. >> they're later. >> they're very much later in the season. so we'll get a better view of the consumers with those reports. you want to pay attention, this is company stories will still matter in the bigers picture. >> so these are deeper after next week. >> thank you very much. >> sue, over to you. >> the gold market moved higher. on the escalating -- and instead much of the global community. as we go into the close. palladium continues its march higher. russia is a leading exporters, and any interruption, if those tensions do escalate would move it pretty dramatically. the ukraine fears playing out in
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the markets all the way across the board. let's get the trading acfrom bob pisani. i'll be back next week, i promise. >> i hope so. it's a little lonely down here without you. and few weeks ago, i said signs of cracks showing up. now it's unmistakable. then all of a sudden, everything popped big. this is what happened. if you were a retail guy, you -- at the end of the first day, this is where you were. these are only five, six, seven, eight weeks old, what do you think people think in the ipo market now? this is castlight, priced at $16, went up to $40 on the first day, and then look at it since
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then, now at $14 essentially? that's, what, 12% below the ipo price? what happened? the first thing, is the market up trend the higher risk wayned in general. i do want to show you the i ipo etf. that is the white line, you see the big move up in the middle of march, now the big move down, that green line is the s&p 500, so the bottom line here, sue and tyler is the i want po market is now underperforming the overall market for the year after being red-hot just a month ago. back to you. >> thank you very much, bob. we're going to focus on the nasdaq, which on a percentage basis is the biggest loser of the major averages. negative for the week, so let's check bulk in with seema mody.
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from the chart, it looks like we're almost on the lows of the day. >> we are. there's a lot of individual stock movers contributing to the nasdaq moving lower. let's walk through them. the first one, of course, is amazon. one of the big underperformers on the nasdaq 100. remember the q4 earnings also disappointed the street. similar concerns around earnings growth. that's what seems to be playing here, and why the stock is underperforming the nasdaq right now. in terms of where we're seeing some bright spots, why is 86% are trading lower, but you look at microsoft, thanks to a big jump, focus turns to mobile computing. so a lot of focus on microsoft, then there's baidu, a chinese
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internet players other chinese internet stocks are trading lower. you're seeing weibo, and two ipos here, lombard medical, quotient, both trading lower on their debut. >> thank you so much, seema mody at the nasdaq. well, they're selling stocks, but they've been buying bonds. investors are looking for safety. that's where we find rick santelli. >> thank, sue. viewers and listeners, the analysts must be getting smart to be able to parse a couple basis points and say it's from the ukraine, or $10 in gold and say it's from the ukraine. margin call a. $30 range, yes, there's an influence. it's highly overstated. a two-day chart of ten, but we're only two basis points lower on the day. half a dozens basis points, and
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in the last two weeks, three sessions have closed lower than this. you open up the chart to february, it's a pattern well established. i think it's more interesting to look at the backyard. it's actually up a bit. dollars versus the yuan, yesterday it was 12, 12, 12, now the third week in -- and every day we come in, it seems to weakened. have a great weekend. >> you too, rickey. thank you very much. we have a developing story on elon musk's space program. eamon? >> that's right, tesla and space-x ceo elon musk is speaking right now where he's just made a couple pieces of news. let me give you the big headline first. he is says his company is going to sue the federal government for the right to open up to competition of bidding process for what they call national security launches.
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that is air force launches of high le technical programs lie spy satellites. elon musk saying he doesn't think it's right for that business to be done on a sole source contract basis. he was space-x to have the ability to bid for some of those contracts as well. the second headline so far from elon musk is he as confirms that space-x's falcon 9 space vehicle completed a reusable flagt over the pacific where they could reland the rocket, and for at least eight seconds, it deployed, and then was destroyed by wave action. so that development of a reusable space vehicle is something that musk and spacex are pushing for. that could put them in an enviable position financial listen.
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>> let me just ask you, he is going to sue, but what are the odds that he will be successful in this suit? he's also raising the spect are that the current situation involves russian flights that may represent a sanction violation with the air force using any russian components. >> you know, everybody underestimated mr. musk at the beginning, and did not think he would be successful with tesla. he has made believers out of a lot of doubters. it will be fascinating to see how this progresses. >> it's one thing to take on they challenges, another thing entirely to take on the procurement bureaucracy. that has been an insurmountable
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climb for other companies. we'll see what happens. >> ty, over to you. cnbc just turned 25. in celebration of our anniversary, we created a list of the 25 most influential and transformative people in business. we profiled the new face of african. when we come back. plus forget about the fierce of the decline of manufacturing in the u.s. why the u.s. is actually going to be potentially a rising star. power will be back in two-ish. today is friday today, we greet you. treat you. care for you. today, you can come to cleveland clinic for anything, everything or just to get that "thing" checked out. big, small, and yes, the best heart care in the nation. it's here everyday, for everyone. that's the power
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don't forget about the new xfinity my account app. you can troubleshoot technical issues here. if you make an appointment, you can check out the status here. you can pay the bill, too. but don't worry about that right now. okay. how do i look? ♪ thanks. [ male announcer ] troubleshoot, manage appointments, and bill pay from your phone. introducing the xfinity my account app. cnbc created a list of the 25 most influential and transformative, maybe even disruptive people in business over the past quarter century. next week we are going to reveal the list in its entirety and how they rank, number one through 25. we're going to tell their stories one by one. here's a sneak peek. the new face of africa and its wealthiest man. he is on that cnbc first 25 list.
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♪ >> his's one of the richest men in the world, yet many in the west have never heard of him. aliko dangote. his name is omnipresent. bosch to a prosperous muslim family. dangote got his start. in 1999 he changed his strategy and decided to invest in his own people, switching from trading to manufacturing. he built cement factories, flour mills, sugar refineries, sometimes in remote and dangerous areas.
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today dangote group is the largest employer in nigeria. >> he came from great privilege, but he worked very hard. people says he's an absolute workaholic, so he has earned this success and reputation completely off his own bat. >> his products may be prosaic, bus his reach is anything butt. consider when the coca-cola companies named the names of top three cane sugar providers, dan dangote is more. >> hits latest gamble, a $9 billion refinery in nigeria, the leading producer of oil in africa, but ironically imports most of its fuel. the fact that plenty of crude is just 7 miles offshore makes the investment a pretty good bet.
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so far betting on nigeria and africa has worked well for the contine continent's richest man. >> and whatever happens in african over the next decade or so, you can bet he will be in the middle of it. >> if not on the forefront. we have such a frisk week for cnbc 25. a lot of very high-profile guests that are on our list. >> we hope mr. dan dgote. >> i would love to meet him. >> as we rereel the list. i promise you, no one will agree with this list. not only no one will agree who is on it, but you're not going to agree with our ravening of it, but we went out and here's what we see as the most transformative people, so tune in all day on tuesday and prepare to get angry. >> and surprised. why don't we leave it as surprised. >> i'm supposed to read this no.
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>> yes, you are. i'll go through it anywhere. find out where aliko dangote and the rest raven on our list. next tuesday, all day here we're going to call it tnbc that day, because i'm going to be on all day. plus why the u.s. is the place to be in manufacturing. also northwestern football players voting today on whether to form the nation's first-ever college athletics union. they won't get the results for some months, it appears. fuls buffalo bills cheerleaders hanging up their pompoms. we'll tell you why when the power rundown occurs next. ndown.
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sue are on the rundown today. let ache check the scorecard. what do you say, bob pisani? >> i think it's a b-minus as well. up 3% this quarter, that's pring anemic. if the trend continues, it will end up about 3% to 4%. that's still weakness in a year and a half. i'm not terribly impressed. >> new report by boston consulting group names u.s. number two on the world of top countries for manufacturing competitiveness. it says america is a rising star and cites rising worker product activity and lack of upward wage pressure. i think this is a good sign for
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the u.s. >> i think it's a fantastic sign for the u.s. i also think the fact that labor costs have been going up in many parts of the other parts of the world has played to the u.s. favor, because we have not had that much pressure to the up side. whereas places like vietnam or china where manufacturing had been done aggressively, those wages have been rising. so a lot of companies are bringing their manufacturing back home. i think it's terrific. >> certainly not an equal number of jobs. >> absolutely, because of technology. so much more of it is automated. northwestern football players voting today on whether to form the nation's first-ever college union. should college athlete be represented? >> well, look, noting to legalistic, but they are not employees of the university just because they're on a scholarship. by the way, that was the legal basis of granting them this ability to vote. they're not. that's a silly idea. what if i get a scholarship
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because i'm on a math scholarship. can i unionize? >> but bob, the universities make mills onoff of the performance of these athletes, and they market them and they reap the benefits of their talents. that's absolutely a fact, but i still don't think they're employees of a university. i think it opens up an enormous can of worms. >> that's true. another can of worse kind of story. the buffalo bills cheerleaders, known colorfully as the jills. they have suspended operations, this after five of the former cheerleaders filed a lawsuit this week claiming they were underpaid and mistreated, and in some cases subjected to cruelty behavior on the part of individuals within the organization. do we have any thoughts on this, sue? >> i think actual be interesting to see how it plays out, no pun intended. there may be some basis in truth
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of that. i'd like to see where it goes. >> these young women are asked to do lots of promotional appearances, beyond just appearing on sunday. >> on the sidelines. >> if they're mistreated in any way, that should be investigated. underpaid, well, they can ask for more pay, and they are certainly independent contractors. >> they need to form a union like the folks from northwestern. >> this wee, ty, is earth week. the pros and cons of going green is on our agenda. morguing brennan is on the case. >> a caribbean paradise trying to power itself without any fossil fuels at all. no oil, no gas, think wind and solar. i was just there. while it's a beautiful place, it's also becoming more dangerous. that danger ran smack into me on the recent trip. i'll have the full story in two minutes. back on "power lunch." on "powe" so she could take her dream to the next level. so we talked about her options.
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mfs. trwith secure wifie for your business. it also comes with public wifi for your customers. not so with internet from the phone company. i would email the phone company to inquire as to why they have shortchanged these customers. but that would require wifi. switch to comcast business internet and get two wifi networks included. comcast business built for business. in you haven't had the accomplish of being aruba, it's absolutely lovely. and now the small nation made the nation totally green. the island of aruba is the
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most -- in the caribbean, and it's prime minister mike eamon is focused on a visionary approach that's striving for sustainable prosperity. >> we import a lot on fuel and oil in order to produce our energy. and economic growth and social well-being, to require a lot of investment. the government has invested $1 billion in a complete island revitalization, it are through wind power and 2500 solar powered, on the natural resource. we definitely have, with the forces that are freely available. the carbon war room backed by richard branson teamed up with aruba to give to is 00% renewable energy by the year
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2020. aruba could be the first -- that's 100% nonreliant on fossil feels. >> morgan brennan just came back, recently saw perhaps the darker side of green. >> yes. so aruba is one of those places i've been vacationing for years. part of what i've loved about it is it's always been a safe place, but i ran into some issues on this particular trip. we actually got burglarized. one of the things that was said to me. we spoke to a dozen different detectives, and the oil refinery owned by valero, and it's closed down, causing a big wave of people to be unemployed and you're starting to see more petty crimes. >> you were renting a vacation home. >> yes, a home several blobs from the beach, but they stole our rental car as well, which markeds's tourists, but yeah,
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one things that keeps coming up is this oil refinery. like you said there's a report from the imf from last year saying there have been two major financial crises in aruba. one was the global financial crisis, the second is the oil refinery closing. so it's interesting they're moving into green sustainable -- >> with unintended consequences. thank you so much. let's see what's coming up next. >> obviously much more on this market sell-off, as we now push two hours to go into the weekend. will the market to continue to sell off because of threats of russia and ukraine. we are all over that. speaking of ian brzezinski is here to why the threat of military force might be a must which dealing with shall lad mir putin. a new test to cervical cancer is out there. is there may more risk involving your dna? more on the markets. that's in a couple minutes. cars are driven by people.
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1.5% lost for -- and we're seeing the yield on the ten-year drop to the lows of the week. >> it will be an interesting two hours between now and the close at 4:00 p.m., as we round out the week. >> have a good weekend >> you too. >> well will see you on monday. \s. we highlight the hot earnings news you're not hearing anywhere else, and what grateful dead and streaming radio now have in common, but for now let's keep on trucking. >> geopolitical tension is coming to the forehere, along with a number of

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