tv Street Signs CNBC June 23, 2014 2:00pm-3:01pm EDT
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i'ming, always a pleasure. let's do it it against tomorrow. >> why not? thank you very much. simon and i will sue you tomorrow afternoon. sgro a slurredle on the road do dow. welcome to "street signs", stocks are stalled. plus, is it your town? we look at some of the bigger -- and the driverless car is here. a tine,start-up may beat google at its own game. hi there, mandy. >> come take a walk with me here, very minor moving today, but this is something to chew on. up our down, we are looking at the 46th consecutive day that the s&p has failed to register a
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daily percentage gain of 1 mrz or more. that is the longest such streak since 1995. still, the dow here and s&p, coming off the record closes. so what did the month did the small caps break out? >> it was march. march 4th, remember how they were going gang busters? peaked out, and now the s&p has been in record territory. let's get straight down to bob pisani. bob, give us something to chew on at the start of this trading week. >> one of the reasons that the markets are near new highs is because we continue to get this fabulous rotation that's been going on month after month, where one sector lags, another comes up and takes the space for it. so far month to date, here's the
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market leaders, in and financial stocks, they lacked for a while and now have come up in a big, bick way. now here's a bit of a worry here. we're all used to low volatility. there's been more volatility in the energy sector. remember we've had very low oil prices and very stable prices, but all week, that's because they're concerned this low volatility may by coming to an end with all the stuff going on in iraq. brent is near nine-month highs back on thursday. the bottom like is be careful about getting too complacent. low volatility doesn't necessarily stay low forever. >> bob, thank you very much, sir. three years ago on this show, we started talking about this idea of hope-ium, a made-up
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word. back then dow was at 12,500. we're nearing 16,000, folks, that's a gain of more than 35% in the hope-ium era. is this finally the end of the run? 17,000 not going to be hit for a while? joining us, one of our favorite guys, global strategies president. we are within a cat's whisker of 17,000. will we get there? >> i think we could easily get there. i think the fed is still provides the stimulus. so in the short term, it's difficult to see anything that stops you from getting there. >> if you're an investor buying and holding, whether it makes sense to stay there. >> is all well in the world? >> there are lots of problems in the world, but the main thin i worry about is you still have this stimulus from the monetary policy, initially from the fed, now the ecb is joins, the bank of japan is providing it.
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last week by the federal reserve, so if you talk about things that are not growing -- >> but the market doesn't seem to care. >> the market doesn't happen to care, the music is on, you want to keep dancing, the problem is there's this greater food theory you will get out before the others do. >> where would you put money that -- still at the same point, bonds could be an option, in you're at 260 on the ten-year, and you see it going to 2 or 225. >> some rate of inflation, the real rate of return is negligible. >> very fair point. i'm just saying be there until for six or seven months, the rate of return is quite good in. if you go in at 216, you get out at 225 or so, in three to four
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mont months. >> where would you put your money now? >>. >> very good question, and just as brian said, where else do you go? you do not want to become much more aggressive at this stage. i think to the extent the dash is being created in the "financial times" central banks reversing from putting money in bonds and putting into equities, that will help the defensive areas as well. so back to your point, brian, i don't see a quick reversal, but the reversal has to come, simply because you cannot run on monetary gas forever, though we want that at 15 thousand and now we're nearing 17,000.
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so what happens when that botox-fed needle is pulled away from the face? how much do stocks go down? >> the sail thing that happens when a person stops taking botox and tailing that way for month, and then the natural skin shows up. the economic growth is not only going to slow, but you'll see bonds start to rise, and that would in return resuscitate a recession. so you have all the money creation which keeps -- i can't leave you a simly here, b simil here. but the analogy is you cannot judge how the economy is doing, and once that goes away, i think there is a correction coming. >> with this amount of botox, we should have much smoother faces,
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but good to have you back. sri. >> good to see back. the best monthly gain in nearly three years. jed, you put out a new bubble watch report showing where the housing market may be getting frothy. tell us where. >> even with those price increases, home prices still look undervalued. nationally prices still look about 3% undervalued. that's good news, because it means we're not at risk of being in a bubble nationally, but the bubble is local markets. right now we're? southern california. >> again? california. again? i'm yelling at the whole state. >> the biggest booms, some of the biggest busts, but it's more in southern california. that's where incomes haven't gone up as much as in the bay
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area. independents i want to pull you back to what you want in the first part of the answer. this is really good news -- the prices have a way to go to the up side without the risk of a bubble. >> three quarters of the markets, the largest markets, prices still look undervalued. without being at any risk of a bubble, and remember, prices have already started to slow do you think. you know, the price increase, the year over year increases. >> but that's a good thing. >> it's good, because those price gains are slowing down even before we're back in national bubble territory. >> ken, jed's a west coast guy, but he happens to be sitter here, ken, you're out west. you've been standardies the real estate market for decades. what should they be paying? is it xwubls dumb level?
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where should people look in the mirror and say i can't afford it? >> it's based on your mortgage and property tax payments relative to your income. you should be spending really no more than 35% of your income on the purchase of a single family house or condominium. >> gross or net? >> that's gross. you know, the rules allow to you do a bit more than that, but i would be very careful. i think the most important thing is to say interest rates have come down. the credit box is widening. some of the large banks and the government have basically said you could qualify with a somewhat lower credit score. but we're also see a lot of new inventory come on the market for sale. so i think jed is absolutely right. the rate of increases slowing down, our forecast is 4.5%, the numbers came in today at 5.1,
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but it's more affordable, so i think we have a second wave getting better here. >> i'm going to ask you, jed, i asked him more metphoricly than literally. is everything all right with the world in terms of housing? you have a recovery, in maybe the -- without the first-time homebuyer. does that bother you? >> we're shifting engines engines right now. that meant a lot of sales, especially distressed sales, and big price increases. we're not shifting to a recovery that's more the trade-in buyers and renters. we're now seeing a lot of people moving out of the their parents' homes and starting to rent. is the people who are now moving out of their parents as homes today and starting to rent, they're going to become first-time home buyers, but not where the recovery is today. >> and also we're saying we've had a surge in household form
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allegations in the last year. we're up to 1.4 million annual rate, which is just about normal. we have people back into the market. as those people move out, gets jobs and moves out. >> i think the real estate industry should latch on to that. have babies, america. >> that's what we're seeing. >> 18 years later, though. they'll be out there. >> you've got to start somewhere, ken. >> well, it was done back in australia in the day. our prime minister said, go make babies. thank you very much for joining us. >> so-called chamber of commerce establishment republicans are suddenly under siege on two key issues. one immigration, the other is a fairly wonky government bank that ge, boeing and caterpillar rely on. we'll hear from tim pawlenty and leading tea party voice. and time for today's mystery chart. it's a big loser today, but
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still the second-best performer on the nasdaq. there's your charts. we're back after this. thank you daddy for defending our country. thank you for your sacrifice and thank you for your bravery. thank you colonel. thank you daddy. military families are uniquely thankful for many things, the legacy of usaa auto insurance can be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life.
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financials for u.s. exports, it might have to go to the private sector to bridge the gap, because incoming house majority leader kevin mccarthy says he's opposed to renewing the charter. that is a complete 180 from soon to be predecessor eric cantor. take a listen to what he said on fox news on sunday. >> one of the biggest problems with government is they go and take hard-earned money so others do things that the private sector can do. i think xm bank is one that somebody the government doesn't have to be involved in. the private secto are can do it. >> here's the question. export will xwokt bank another product of bygone capitalism or vital component to our economy? governor, i'm going to begin with you the export/import bank is one of these things that probably 99% of our audience
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have never heard about until it hit the political front pages. why do we need it? >> we still have unemployment, and exports are a big part of our economy, and the charter says this -- to provide jobs for americans, number one, and two, to provide financing but only in those circumstances where private sector financing isn't available. so when we have those circumstances, the tough economy, a high unemployment, not is the time to be killing the bank. >> yes, they make the planes or heavy equipment, but the beneficiaries are the hundreds, if not thousands of small and mid-sized suppliers, supply change elements within those company that is provide a whole ton of job. so this has been a successful program. >> tom, do you agree or disagree? >> i this i what mccarthy is trying to do is send a message that there's a new sheriff in town in washington, but the republicans have to be very, very careful.
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there's an old political adage, if you're explaining, you're losing. it's a lot easier for democrats to try and explain in political ads this fall that republicans killed the program that either creates or maintaining government jobs. while there are very legitimate concerns about chronny capitalism here, about the taxpayer back stopping high-risk loans, the republicans have a very, very tough line to walk in how they're going to message this and explain this should it not be reauthorized. >> tim, why do it? i mean, the gop has already had egg on its face the last couple years, why get into this fight and bring up an issue that, as you said, the other side can just -- you hate jobs. you hate people working, how easy of a message is that? >> certainly i applaud the idea that if the private sector can do something, the government shouldn't do it, so that's exactly a principled position.
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however, the text here is whether these things would actually happen in the private sector, and the charter says they shouldn't do those things, so, again, with high unemployment, just coming off a recession, exports being so important not just for the big names, but the medium and small suppliers, this is not the time for having this debate but in the wake of the eric contactor situation, they're going to have it. >> apparently there are some companies in some sectors that sigh they are not benefiting from this. for example, you have airlines like delta, which have said because the xm banks supports companies like boeing, to be able to sell planes, you know, big ticket items to foreign airlines that compete with u.s. carriers, it's unfair there are others mike miners who say the same thing.
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caterpillar is -- that -- what do you say when some companies say it's not a level playing field when it comes to the xm bank? >> it really isn't. when you look at who they're actually doing business about, they are very well financed, very well connected companies in washington, and this is what leads to this -- this debate. is this the proper role? is this the proper role for government to be having? and, you know, the gao of a couple years ago said they're not creating jobs. they're maintaining jobs, but let's be fair, it's important to may tain jobs in a down economy, so that demonstrates just how tricky an issue this considerable. >> -- can be. >> thank you both so much. cnbc continues to uncover new allegations of fraud cover-ups and intimidation at the department of veterans
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welcome back to "street signs." groupen shares are trading more than 6% higher. that stock bolstered by a piper jaffray analyst report that knows that the number of deals on groupon's website are increasing. that's a sign that groupon is moving closer to achieving its goal of being a local deals marketplace, really being the place to go for those local deals. groupon along with yelp have both gotten a boost sin priceline announced its acquisition of open table. c has been uncovered more. around how they manipulated patient wait times and what they did to allegedly retaliate against those who would not play along. cnbc's deana complaint oskovksy has the story. >> he made it clear to me that they were absolutely out to get
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me. >> larry little and lisa lee were hired to schedule doctors' appointments for veterans at the ft. collins v.a. clinic in colorado, part of the larger cheyenne wyoming v.a. medical center. >> they didn't show us the policies or documents, this is just like how to do it. >> reporter: they say they received very little training and unknowingably violated the v.a.'s policy that ensured veterans receive medical care within 14 days of requesting an appointment. instead many veterans waited months, not weeks to see a doctor. >> i was trained from day one that this is how you did it. nobody ever told me that was fraudulent. >> reporter: the v.a. policy clearly states that veterans are supposed to be asked when they want to be seen, not told when the next available appointment is. this document provided exclusively to cnbc shows that supervisors personally went into the v.a. scheduling system and changed at least 2700
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appointments. >> we were going about it incorrectly. >> cynthia mccormick runs the cheyenne and ft. collins v.a. facilities. >> that's her policy, that's the cheyenne v.a., she created that document. she signed it, she dated it. it specifically says the scheduler needs to ask the patient, what is the first day you would like to be seen? i don't know about you, but i don't find that too difficult to figure out. >> reporter: a v.a. spokesman 208d cnbc that dr. mccormick gave strong direction for all employees to following v.a. scheduling directives, and that no direction was given to manipulate wait times. when lisa and larry figured out what was happening and started scheduling the correct way, they had their pay docked and were transferred to another hospital. >> there was no lisa, we see a distinguishes or lisa, we have a problem, or lisa, people are complaining. there was none of that. >> reporter: they even laurgeed v.a. police to launch a criminal
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investigation on larry, which law enforcement ultimately dismissed. a new team of schedulers eventually replaced larry and lisa, and as this office report shows, ft. collins was suddenly meeting close to 100% of the two-week wait time threshold. >> larry little still works at the, she trevor to a job with a navy in hawaii. a v.a. spokesman told cnbc this is the subject of the investigation and, quote, we are fully cooperating with the agency while they were at the cheyenne v.a.mc. >> who is responsible for making sure the whistle-blowers are not punished? >> they are tasked with investigating these whistle-blowers, and the osc sent a her this morning to president obama saying nearly 3,000 veterans could have been
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affected by these scheduling schemes. the v.a. saying it's still looking into the allegations, but a lot of what was substantiated is exactly what you saw in our report, which is what lisa and larry said, that schedulers personally manipulated wait times, at least 2700 veterans. >> and the special counsel, is that being funded by congress? >> it is being funded by congress, so we're essentially funding it, and a spokesperson said they've soon an up tick of complaints, which essentially means they'll probably need more finding. they've asked for $21 million next year. >> first off, we have to introduce you, dena is a member of the "street signs" folks, people only now me as the person who drinks vodka and goes to bathhouses with you, so you appreciate a little -- >> which remind me, when do we go next? that's part of a special for the olympics. >> context, people, context. >> so dina, great job, by the
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way, and veterans, which my father is one, thank you. so thank you. what ticks off americans, so many americans have not had raises. not only is this going on, but some of these administrators are getting bon uses, big bon uses. >> as we reported in 2012 alone, nearly half a billion in bon uses were given to administrators. one of the last things that former secretary of the v.a. eric shinseki did was eliminate bon uses nationwide, but even this year, the top executives got about $3 million in bon uses alone. >> is congress addressing this in the right way, do you think? >> there have been many hearings. there will be one on july 10th about specifically the issues el so in the full report is at cnbc.com, and our documentary is on investigationshisk.cnbc.com.
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>> dina s. great work, as always. we're about to enter the shark tank of weed. a big group of startups trying to cash in on the cannabis craze. >> and don't forget about our mystery chart today. i know that's not a big help, but this is an under the radar name. look at that performance, and by the way, this is not a deal stock. we'll give you the name, coming up. ♪ [ female announcer ] we love our smartphones. and now telcos using hp big data solutions are feeling the love, too. by offering things like on-the-spot data upgrades -- an idea that reduced overcharge complaints by 98%.
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that's enough time to record a memo. idea for sales giveaway. return a call. sign a contract. pick a tie. take a break with mr. duck. practice up for the business trip. fly to florida. win an award. close a deal. hire an intern. and still have time to spare. check your speed. see how fast your internet can be. switch now and add voice and tv for $34.90. comcast business. built for business. glee in the street talk, recommendations and rundown. home work and pain getting -- >> that's right. in fact it's a drilling company. they said it was a valuation call based on a price, be careful. the average target of analyst that is cover the stock, the
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ticker is $108 a share. that's about eight bucks less than the stock is trading now. united rentals rated at overweight. >> from 115 to 123, so they have about, they meant with manage from toronto was week. >> also got stock number three. fti consulting. >> fti consulting, the ticker is -- it's a different company, they believe the structuring and turnaround for fti services, target is about 42, about 10% up side, but stocks up today. >> and rhymen hospital, a tennessee-based reit, getting an upgrade to buy. >> quick trivia time, what legendary venue -- don't read
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it. >> you just read it. >> grant olympic opri. this is the owner of the grand ole opry and other resource. rhp is the ticker. nice up side there. now to talking numbers, where we look at one stock fundamentally and technically. we talk numbers, literally. >> we do. >> today pfizer, a dow laggard. guess what? mark licken felt, mark, any reason to buy shares of pfe right now this. >> i don't think so. i mean, i'm not a raging bear on the stock. i'm kind of just mer. meh. >> that's basically the stock performance the last couple years. impgts there's nothing to be excited by, especially from an innovation standpoint. just better stocks out there.
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and i think management has a bit of a reputation problem right now after kind of bugling the astrazeneca deal. and i think the deal was really kind of born out of a place of financial engineering and that's what's really matters in the biotech and pharma sectors. investors want to see true innovation. so i don't see -- >> that's a no. >> we've meh, carter wirth, a competing adjective from a technical perspective? >> things like blah do come to mind. it's not exciting situation. in fact it's worse than that, but let's look at three charts. the long-term chart is very telling, in the sense we know
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stocked peaked in '99 or 2000, and then made any highs in '07. pfizer never did that. pfizer kept going down. the recent bounce with this bull market, all it did is return it to the retracement level, where it's now started to struggle. not good action, and then of course the relative. relative strength matters, and no reason to put money here. >> on the same page there for pfizer. thank you for joining us. if you want more talking numbers check out the online edition in part with yahoo finance. >> the host of that show is really handsome. >> who is he? >> my evil twin tloo up next retail founders gone wild, the big fight to the top of two iconic clothing brands. >> easy for you to say, last call for today's mystery chart.
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i'm bill griffeth. coming up at the top of the hour on "closing bell", we will be talking to the former president of shell oil, now heads the association of affordable energy -- citizen for affordable energy. he's going to talk about what the u.s. can and should do to reduce the damage of higher oil and gasoline prices, especially in light of what is going on in iraq. he says now is the time to approve the keystone pipeline, to approve drilling five miles off the coast of the united states, among many other things. we'll talk to him about that. we'll see you then. kelly is back with me then, guys. >> bill, thank you very much. let's have one last look at today's mystery chart. i gave yale, because the company's based in new shaich, connecticut. tell them who it is. >> it's achillion
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pharmaceutical, it's up 174%. over the past month. >> a lot of optimism abthe hep-c drug. a lot of optimism around this company's hep-c treatment. >> all we've talked about many, many times, just to be fair, you can see a gain like this on hope it's a positive trial and then it isn't and it can drop as much. so you have to be careful with these things conclude check out this amazing video. it was taken sunday afternoon by a group of fishermen, you can see the great white. it's swimming up, and then ripping off a bait basket, a chum bucket that i think it is known, and of course a lot of headlines around the world saying great white attacks, it didn't attack at all. it was hungry. it wanted some chum. you went swimming out there.
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>> no, i was in the ocean, but don't show it to my kid. for some reasons she's already freaked out about sharks. if she sees that -- >> she's in way more danger getting into a car each day. cashing in on cannabis. nearly 200 investors are -- start upthat are looking toss in on the green rush. our very own josh lipton is there. give us the skinny. >> those investors to 8500 annually, and they commit to putting $50,000 to work in this budding industry. so today in denver, investors are gathering. they want to hear pitching from various start-ups. it's sort of like the shark tank of pot, but a much more mellow version. there are 11 start-ups in total
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making their pitches, and they have put about $10 million to work in the 14 companies over just in the last 12 months, so really the first angel investors in this new industry. basically, you know, you talk about this industry does face its challenges. selling marijuana is illegal on a federal level, but you see mirns gradually warming up. the start jurps are becoming more sophisticated when it comes to pitching investors. one start-up has an interesting idea. he says his company is an online bud-tending service. take a listen. >> jane smith is sitting in boulder, colorado, she may have a headache. she wants to figure out what product is right for her. through or application she can find a bud tender online near her, have a session and find out what products will suit her need best and reserve that product for in-store pickup.
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very similar to standardized cvs. >> reporter: the bill hopes to raise -- private equity, vcs, hedge funds, all looking to cash in on the booming industry. guys, back to you. >> josh, thank very much. rocky mountain high. google may be in the driver's seat for mass-produced driverless cars, but one start-up is beating google to a different game. converting your car into a driverless one, at least some new audis. liz gaines joins us, very cool story. tell us about cruise. >> it's a tiny start-up. they're taking an incremental approach. there's a lot of reason people agree that they're a good idea. they don't make stupid human errors. they don't get angry. they don't get tired. sure there's problems with giving control over to computer, but a lot of people think it's a
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good idea. all the automakers and sgoogle are working on long-term plans, but one start-up, this cruise, is working on short-term plan to, to an advanced stage of autopilot on specially approved freeways. cruise has gone and predriven them, so they have very detailed maps, so the cars can handle them, stay in their lean, brake and accelerate based on what the cars are doing around them. >> we're talking about only a smart area in the countries, right? the bay area, because they've mapped out those roads. about you what happens to google's driverless cars? does this undermine google's driverless cars? or are they complementary? >> google cars have allowed something like this.
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so cruise is kind of creeping up behind google. it's only in specific areas only on specific cars. i think google has grander visions of bringing cars to markets that don't even have steering wheels or brakes. >> you're talking about a real car, like a newer model audi, so you just tweak it out. what is required, liz? we know google's maps are great. how much mapping is needed for this? >> google's self-driving cars don't drive on regular google maps. >> they're like super maps. >> yeah, mapping the streets down to the the paint has a different opacity than the pavement. they know where a stripe is in the pavement, but that is the limitation, if you think about it. google's cars and cruise's cars especially are not going to be able to be rolled out wherever you want to and give over control. i think what's interesting. the reason i picked out this start-up is because someone's
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trying it just bit by bit, because the technology exists on a my level. it needs to be more reliable to give over control completely to cars, but they're saying it's pretty straightforward just to drive on the highway and it sucks to do that. you get probably mad in your car on your -- >> just very quickly, even technology exists, but not necessarily the regulation do at this stage. with this cruise kit, you you can't just snooze off in the back? >> no texting while driving -- or not driving in this case. >> liz gannes, thank you very much. >> she's fired up. she must have commuted to the studio. >> installation starting 2015. nbc is a minority
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calling your portfolio's best friend. check out the shares of petsmart, ticker petm, moving better than 5% today after a positive mention in "barron's." if you already own the stock, you may have been busy this year, because year to date, petsmart is down 17%. let's call this tmz meets the ceo. two founders of retail stores who were forced out are now both fighting to take back their companies. courtney reagan is here. >> so, brian, it's at least two founder at odds with the company boards, let's say that. but for vastly different reasons. so, i can report that lulu founder, board member and 28% stakeholder chip wilson is evaluating his strategic options and talking to bankers. a source familiar with the situation notes no bank has yet been hired. it's possible wilson could be considering selling his stake or looking to partner with a pe firm to take the company private. sources aren't listing what
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options wilson is considering at this point. now, american apparel founder dov charney was ousted by the board after refusing to resign as chairman and ceo. in a regulatory filing today, charney says he is in talks with supportive shareholders about the possibility of making changes to the company's board and management. he owns 27% of the company and says he was fired without merit and intends to contest vigoro vigorously. american apparel's board has been investigating charney since march for misusing company funds in addition to allegations he helped arrange the release of naked photos of a former employee who was suing him for sexual harassment. >> courtney, stick around. i want to bring in our cnbc contributor. you do know dov, you've talked to store managers who also know him. what do you think about all this and whether or not what's happening is justified? >> well, i think, you know, if i'm called to serve on either of those boards, i'm going to turn them down. >> right. >> working with dysfunctional boards at retailers is really difficult for the company to do well. do i think that dov is a very
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creative guy? do i think the first american apparel store was fabulous? they were the first to do rfid, their display was great. i thought their edgy website and advertising stuff was edgy, wasn't really suitable for parents, but kids like it. i thought it was interesting. that doesn't mean you're going to be any good as a ceo. so, absent any other problems and rumors that went around about dov, you know, the company's lost 270 million bucks over the last few years. >> bingo! >> it's trading at -- >> once again, sir, this was a $15 stock in late 2007. it's now a 70-cent stock. >> right. >> so, all the other stuff around dov charney, his crazy antics, right? he's driven the company's stock into the ground. >> right. >> that alone. >> so, why fire him for the things that they're talking about? why not just fire him because the performance at the company has been horrendous for the last three years? >> that's what i'm saying, the board is foolish for not saying, hey, the stock stinks -- >> not working. >> this was his job and thank you and take care. >> courtney?
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>> i agree, and they probably should have let him go for a variety of reasons earlier than he did, but he holds 27% of the company. that does make it a little bit hard. it's hard for an entire board to stand up against the person who founded company, but the company is a shell of what it was at one point. >> what happens here to the company? >> there's a big fight and i think it's hard to own a stock of the company where the board's in a huge fight with the founder. i think the same about lulu. it's been a great company up until now. it's had issues for the last year and a half and now there's a fight between chip wilson and the board, or somebody. >> they're evaluating options. >> that can't be good. >> what do you think is the kbest optibest option? >> well, i don't think the best option is for him to raise enough money to buy enough stock to take the company back over, because i don't think he's part of the solution now either. yes, he was the great creative genius that started it, but it's been having operational problems and i doubt that he's the solution. >> yeah. i was deciding whether or not i was going to chide you about
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jcpenney, but i don't know if we go that route. >> i say we put that to bed. dinner's been had, put that to bed. dessert's to be. >> they announced it today, it went really well. so, they're in better shape today than the day before yesterday. >> i will say this, last night when i got back, i went to a best buy. terrific service, and there was a big sign, "we're hiring." so, that's a positive sign, courtney. >> there you go, we're hiring. so, if you need a job, we know where you can turn. >> with my mouth, you never know. >> just kidding, ryan. >> no, i'm not. >> men's wear, children's wear or furnishing, brian? up next -- >> thank you, guys. thank you very much, courtney, as well, for sticking around. it's been a long day for you. up next, sting's kids will not be singing "fields of gold." that story next. >> they'll be driven to tears?
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with a fidelity investment professional... or managing your investments on your own. helping you find new ways to plan for retirement. and save on taxes where you can. so you can invest in the life that you want today. tap into the full power of your fidelity greenline. call or come in today for a free one-on-one review. all right, when you find yourself in a hole, the first rule is, generally, stop digging, right? someone might need to tell that to hillary clinton. mrs. clinton already took serious heat for claiming she and former president clinton were "dead broke" when they left the white house. but now she's done it again. in an interview with the british newspaper, she said that people don't see her as "truly well off." okay. so, with all due respect to the former first lady and secretary of state, obviously, very accomplished person and accomplished family, they're rich. >> yeah. >> right? i mean, they're wealthy.
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>> yeah. how rich are they? well, they're worth around $120 million, so that puts them in the top 0.01%. so, they're fine. what she was talking about -- >> fine? that's better than fine, my friend. >> really fine. by my standards, she's doing really fine. what she was talking about is she pays ordinary income tax, not income from capital gains and investments. >> got it. okay. let's talk about sting and his inheritance and his poor children. >> yeah, sting's worth around $300 million, so he's also really doing fine, but he's not going to give money to his kids. he recently said to an interview in the british press, "i certainly don't want to leave them trust funds that are albatrosses around their necks. they have to work. all my kids know that and they rarely ask me for anything." this comes with a new study saying people with money's top fear is their children don't think they have to work. >> i think it's great. good old sting is all i'm going to say. >> it is really good.
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>> spoil the little sting brats. okay. thank you very much. >> that was a little harsh. you took that up a notch. >> i kind of did. that came out from nowhere. thanks for watching "street signs," everybody. >> "closing bell" is next. and welcome to the "closing bell," everybody. i'm kelly evans down here at the new york stock exchange. >> welcome back. >> well, it's good to be back. i just wish you were down here. >> if you're real good, kids, kelly's going to speak portuguese for us today, too. >> no, that was butchered spanglish, unfortunately. >> i'm bill griffeth at cnbc headquarters because i'm back on "nightly business report," but we'll talk about that later. last week's rally sent the dow into record territory, as did the s&p, but we were on dow 17,000 watch on friday. looks like that's going to have to wait at least another day here, kelly. oil
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