partners. >> vsx. >> thank you so much for bringing us this. good luck. >> thanks, richard. >> who is driving me home? >> power lunch starts right now. halftime is over. "power lunch" and the second half of the trading day start right now. well, we don't have whiskey, but we do have a lot more for you on "power lunch". the r word, recession. this five minute, one top money manager will explain why he's so worried and what he's doing about it. but then we'll bring on the bull who says recession, no chance. he is long this market. it's a bull/bear battle for the ages. former federal reserve board member out talking today, he says the fed is stealing from the poor to give to the rich. t. you'll get your chance in 20

minutes at cnkrchlt nbcnbc.com/. and their device is responsible for shooting some of the most interesting video of the world. today we have the most sgens expensive ever shot. it is up 30%. all right. tyler is out today. simon is at the nyse with bob s market day. >> and ali baba will trade under bhchlt ba bchl b baba. bob, blooder market led lower by philip morris, bed bath & beyond. >> and they're all watching the world cup. we've been laughing about it. normally they have cnbc on the monitors behind us. . they all have the world cup.

0 0-0. but a little cheer went up while we were here a few minutes ago because it was now confirmed, as you heard from simon, ali baba is choosing the new york stock exchange saying we part at a timed in a comprehensive process and pleased to welcome ali baba to a new york stock exchange. this was a very, very hard-fought battle for a gigantic perhaps the biggest ip opt of them all. we doe dochbts knn't know the s. symbol baba. big victory for the new york stock exchange. we have an ipo, no, not gopro, it's service master. they priced 35 million shares. $17. trading above that. a little below expectations, but you can see it's above that. hole furnishing stocks having an

ugly day. her man miller hurt by a price increase. and the suit the new york attorney general brought against barclay, all european bhanks are down. they all have dark pools themselves or internalizers like ups. ba. and "wall street journal" reporting u.s. banks with dark pools, also are down side.and " reporting u.s. banks with dark pools, also are down side. >> definitely an exciting day here at the nasdaq. go sd gopro has traded over 32 million shares already. experts say much more than just awarable camera maker. it's about discontribute bhtrii

generated across other platforms. gopro shares up about 30% on its first day of trade. by the way, take a look at some of the other high profile ipos that also saw big pop on its first day of trading. you can see most of the names are trading higher than its offer price. care.com trading -- gaining about 42% on its first day of trade. has since moved lower. back to the overall markets, nasdaq down on the day. consumer spending money weighed on investors today. back to you. we have breaking news in the bond market. it's been a very iffy week for the treasury auctions. 7 year note went off the board today. rick, how did it do? >> i havity week for auctions, growth and real income and spending. and what we end up is a d for dog. a lot lower yield.

it was offered at 213 bpt.5, so tailed rather badly. lowest since november of last year. indirects were a bit below average at 40.6 versus ten auction average at 42. directs just like bid to cover, smallest since november of last year at 16.7. i guess the good news if there is any is that dealers only took 42.7, but no matter how you slice it, this auction was below average in pretty much every way. let's see how yields look the rest of the day. >> we will check in with you in a bit. thank you. take a look at those happy faces. those are the employees of gopro celebrating today. who is mr. wood sdman?

what is the culture like? josh lipton was in san mateo, california. you went to high school with mr. woodman, right? >> that's right. i can tell you the party at gopro headquarters is in full swing as employees celebrate the cub's public debut. they were busy skateboarding in the company's parking lot. but that is actually the normal gopro. most companies know they skate. nick woodman, he's responsible for setting the high energy tone. >> he loves to eat mcdonald's mcgriddles on his way to yellow phone park skiing. he races cars, flies airplane. but also a perfectionist when it comes to the product. >> i graduated with him in 1993. so i asked old friends what they remember about woodman from those days. our classmate, chris clark, who

shared these photos with us used to surf all the time with woodman when we were in high school. even back then, woodman tried on capture their surf sessions with a cheap waterproof camera. that was the only technology available. clark shared a house with woodman in moss beach, california after they graduated from college and it was there where woodman first created the low prototype. other friends of mine remember woodman's high energy, his passion, his drive, all qualities he'll now call on as gopro's ceo. >> robert frank is host of secret lives of the super rich. you've seen a lot of gopro recently. >> yes, that's on a lamborghini

boat. >> well, his team used it who shoot all sort of tools for the rich. a great tool. you can see that obviously in robert's face. it's like you're in the cockpit, or parachute, whatever, giving the viewer a new perspective. but the executives are doing something a little bit up heard of these days when it comes to initial public offering day. robert is here with me with more. you have the best beat in the business. >> it is fun. and gopro makes it even better. nick woodman had a great day. his fortune grew by $400 million in one hour this morning. his 56.6 million shares now ort over $1.7 billion based on this trading rice rigprice right now.

but he's selling 3.5 million share, so an $84 million cash pay day for him today. this ipo is unusual in that half of the shares were about 8.9 million of them are coming from executives investors and other current shareholders of the company. woodman told cnbc this morning that his 800 employees have sacrificed a lot over the years and it's time for a reward. let's take a listen. >> they deservely liquidity. they deserve an opportunity to realize some of the benefit of the hard work that they have done. there is some concern over me selling. but i'm still going to own roughly a third of the company when this is done. >> woodman is keeping some of the wealth in the man. his dad has some shares. and his sisters both selling over 100,000 shares for over $3 million. gopro executives and sharehol r shareholders only selling about 10% of the shares. so still very vested in the company. but most tech ip chos have lock.

so this could be as woodman put it, a concern for investors. >> we'll see what he does with that money. >> new skateboards. >> all away, i guess. >> lots of mcdonald's. >> the golden arches. thank you very much. shares of gm down today. mary barra speaking out about her recall crisis on the "today" show. it comes as news that gm is halting sales of the cruze due to problems with the air bag. phil lebeau, yet another blow for barra. >> and for general motors, this is a somewhat troubling one. it's due to the fact they found problems in about 33,000 chevy cruze models, they will identify them and should have it all worked out by the weekend.

but if does reinforce the problem for general motors and in the case of in particular issue, the maker of the air bags in question, it was a part put into the air bag incorrectly. today because takata has had so many recall, the ceo in japan apologized to shareholders. there is a look at shares over the last month. down about 4%. this morning on the "today" show, mary barra was asked whether or not any former gm employees who were dismissed because of the ignition switch recall crisis, whether or not they should be charged criminally. here's what she had to say. >> that's for the courts for decide. i can tell you i've taken action in the people that i don't think should be a part of the company aren't. >> would you be surprised if criminal charges were filed against anyone who worked for general motors while this was all going on? >> again that is for the courts to decide. i don't think it's right for me to speculate on that. but clearly there were mistakes made and we're dealing with the

situation. >> the next step for general motors will come early next puig. in fact on monday, attorney ken feinberg will announce the victim compensation program for general motors when it comes to those people who were hurt or the families of those who were killed this recalled gm models. back to you. >> phil, thank you very much. we'll bring in our market guest today. paul, i'll start with you because we're staying in the auto sector. ford is one of the companies that you like right now. why? >> well, i mean i think the recalls are a big deal. but we have to look at what the industry is going through. and we're still above a 16 million annual selling unit rate. so i think the industry is quite healthy despite the recalls. and what we like about ford is it really fits into the theme of companies investing into growth. the street was a little concerned about their profits if 2014 being lower than 2013, but

that's because they're investing into new products, expanding production and capacity in china, aggressively restructuring the european business which is going to return to profitability. soo we thi so we think the stage is setting up nice for ford longer term. >> and paul, you were bullish. but john, you decidedly are not and you think we might slip back into recession. tell me. >> that's correct. well, first of all, that is interesting on ford because i think just in general the auto sector has moved up to about 60 average days in terms of inventories and that's the number of days a car sits on a lot before it's sold. we think that probably goes to 90. but i think the real theme is two fold. gdp number yesterday negative 2.8, everybody is brushing that aside. that's a bigs can disappointment appointment and we're seeing the ten-year and 30 year headed to flat curve.

a flat curve generally is a leading indicator for a recessionary type environment. so it is our view that our recovery is pretty much we're done with the recovery and that was primarily driven by the fed. so as the fed backs away and the curve flattens, i think we're beginning to go the other direction. and that is our view. so we're looking for a lower market here. and we definitely are defensive. >> you're defensive and you're in corporate bonds. things that are not tied to government paper. >> correct. as a matter of fact, our latest, we put 5% of our money in russia. so we're not doom and gloom. we continue to see opportunities out there. we're mostly investment grade and all dollar denominated. you're right, we're staying with corporates, avoiding government paper. >> thank you, gentlemen. appreciate it very much. let's bring up to speed.

ali baba is going for list on the new york stock exchange. that's a big victory for the nyse and i.c.e., its other than. the interesting part is its ticker, baba, also the ripple effects if you will if any in the stock market for some of the other names. yahoo! which owns a stake in ali baba and will be selling shares during this particular ipo is on the rise here today in the session. also looking at shares of nasdaq and i.c.e. as well because of course i.c.e. is getting this particular listing. nasdaq losing out. although having a nice pop on the heels of the very successful gopro ipo. back to you. if you live in one of the ten cities we're about to show you, you're much more likely to say dude where is my car. we'll show you the top ten cities for car theft next. nine of those cities are in one state.

morgan brennan on the winnebago beat. >> thanks. well, did you know motor home sales are closely correlated with consumer confidence? we'll tell you what winnebago's earnings have to say about the larger economy. e

financial noise financial noise financial noise financial noise

welcome back. take a look at elizabeth arde nmt shares. near the lows of the session. lg household says it is no longer interested in buying the beauty products company. the news comes just days after elizabeth arden announced a sweeping restructuring deal due to mounting losses. shares down over 50% in the last year to levels not seen in the last 3 1/2 years. so here is a question. where is your car most likely to be stolen? california gets the unfortunate honors. it's home to nine of the top ten cities where you're most likely to have your car or truck stolen. that is according to the new data from the national insurance crime bureau. for the last year for 2013, here is the list from 20 to 1. san jose, vallejo, spokane,

redding, stockton, san fran, fresno, number one, bakersfield. yikes. winnebago is out with its earnings. also an interesting indicator of the consumer. earnings rising almost 50% from a year ago, revenue at its longest level since 2005 rising 14%. however, despite those good number, it just missed analysts estimates. the stock overall down about 14% this year. it's bupup about a quarter of a percent today. is winnebago turning itself around? morgan brennan is live in new jersey where i actually bought my motor home. >> you'll have to tell me more about that later. winnebago's fiscal third quarter earnings coming in mixed, but the bigger story is the year over year growth. we did see earnings rise about

50% and we did see revenue despite the miss coming in at its highest level since 2005. now, why are we seeing this? because retailers are ordering more motor homes. even though it's a small cap stock, market cap only of $50 million. recreational vehicle market considered a proxy to consumer confidence. for rvs, it's been a slow recovery and that's picking up speed. take a look at this. u.s. motor home shipments across the u.s. fell to 10,000 per year in 2009 after peaking at 70,000 in 2004 and now we're on track for about 40,000 this year. also, while americans are beginning to make more of these big ticket purchases, winnebago's run anywhere from $80,000 to over $400,000. it's newer less expensive b and c class models are enjoying the biggest demand around the country. now, here in new jersey where we are, camping world says it's actually a class a vehicle.

it is the 2015 fortsa one of their best sellers. and that retails for about $210,000. if you're wondering who is buying these, it's largely baby boomers. analysts telling me about 60% of all u.s. motor home sales are going to people ages 55 and over. simon, back to you. telecom one of the worst performers this year in the top ten s&p sectors. but is that when to change in the second half of the year? a top analyst will weigh in on telecom next. and american student debt crisis, get ready to pay more for your loan and what you probably don't know about the government's loan forgiveness ram. it's our live vote question. is a federal student loan forgiveness program a good thing? go to cnbc.com/vote.

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so can telecom bounce back and which names will lead the way if it does. joining us now on the news line is quarter quarry securities. kevin, which l. telecom bounce back? >> we think it can perform better in the second half of the year. we saw aggressive pricing from t-mobile and price responses from at&t, verizon and sprint. reach we've seen a rebound of sub kribers for at and this. and verizon and more benign environment for the remainder of the year. i think given some of the underperformance, we position that at&t and verizon can did

relatively okay plauarticularly the low interest rate environment continues. we can concerns from the industry going to four competitors as prisprint turns its network. there will be spectrum auctions coming up in the fall which will be quite costly for all the carriers and we think that will be a long term drag on the share price. >> kevin, good to talk to you. thank you for the advice. kevin smithen joining us there. let's get back to the bond markets. a seven year auction. big day for fixed income rallying. >> weak getity markets playing a big part. but the seven year wasn't a great auction. you look at the intra day chart, yields were lower. but post auction, a little bit

of selling coming in, maybe nervousness. a couple average auctions and one below average auction. month to date, hovering basically close to one month low in yields depending on where we close. at this level, this is the flats that tens to twos have been in 12 1/2 month and that isn't a good sign for the economy his tore bei historically. >> let's have a quick check at gold. slightly lower today. no doubt the comments from skrajames bullard has taken some steam out of gold. jackie deangelis has more. >> certainly a lot of factors impact the gold price today. but a couple of the headlines out of china a little bit concerning caming traders to step back and take a little bit

of a pause here. the first would be that chinese imports of gold from hong kong are down 17%. that was for the month of may. and so that is spooking traders a little bit because china is a huge consumer of gold. and also a concern of reports of illegal gold backed loans in china offering a second reason for traders for move to the sidelines right now. according to the report, chinese officials have uncovered about $15 billion of loans tied to illegal gold financing deals leading back to 2012. and analysts are saying that this could be bad for bull i don't know, but they're waiting toi don't know, but they're waiting to learn more. they say shoot first, ask questions later. but dennis gartman telling me we see these headlines all the time and not to get too concerned about it. one final point, indian gold demand, india is the world's second largest market for gold. you've got a lot of people this

work in thinge ing agriculture are l. have will have less money to spend on gold. we'll talk more about mrk's student debt crisis.will have l to spend on gold. we'll talk more about mrk's student debt crisis. interest rates are expected to jump july 1. nationally, the average earned about $30,000. so in our live vote, we're asking, is a federal student loan forgiveness plan a good thing to do? you can go to cnbc.com/vote. but first, how much more will those rising rates add to that debt burden? sharon epperson dives in to the numbers for us. this is obviously your beat, you're so good at it. but these are scary numbers. >> and borrowers will actually see the impact in the rise in treasury yeeields because the federal student loans tied to the ten year treasury note will go up, too. let's look at the rates. for stafford loans, rate will go

to over 4.5% from its current fixed really of just under 4 also. there will also be an increase for graduate students. from 5% to a little over 6%. for plus loans, those rates will jump to over 7%. now, these rate changes are for loans that are distributed between skruljuly 1s of this yed june 30 of 2015. student loan experts anticipated it, but a lot of new borrowers may be caught off guard. it can add up quickly. new borrowers will pay about $4 more a month for every $10,000 in federal student loans. now, that is based on a ten year repayment period. that is the most common type. it's not the first time borrowing costs have gone up and likely not going to be the last. we'll have experts warn that rates will likely to increase over the next few years until they hit their mandated maximum

rate cap which is could go as high as 10.5%. so even with these increases, th though, federal student loans are generally cheaper than privateed rate from sallie mae go perhaps as high as 13%. >> sharon, theobama administration is putting in caps in certain places. and there is also the loan forgiveness program. so with those two factor, what else do people need to know? >> there is a program called pay as you earn. and the obama administration has set that out saying you will only have to pay 10% of your monthly income based on your monthly income. it will slide depending on that income. and you'll have to make pavements over t payment over 20 years. if you go to n. to a public

service job, ten years. and after that, it's for given. >> put it on auto pay. it's important to look at the different type of income driven repayment plans because a lot of folks don't know about it. but one in four could be eligible. so as people find out more, that's how they're growing in popularity. >> good. we'll lock in the vote. is a federal student loan forgiveness plan a good thing do? let's take a look at the percentages. right now 28% say yes. 72%, that's fascinating, say no, it is not. so the nos carried it. >> and even asking around the office, a number of people said why do we want to help in this way. it is interesting. but there are still some unattended consequences, if you say after ten years your loan can be for given, will you take

out more money than you can really afford. >> thank you, sharon. simon, down to you. >> down 37 points on the dow. next, we will get a trader's take. plus the fed stimulus plan, who is it helping the most. the rich, the middle class, or the poor. one former fed governor is weighing in. we want to you do th you to do well. ♪ ♪ ♪ ♪

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more news on the ipo front. gopro not the only thing on investors minds. ali baba will list on the new york stock exchange under baba. and we want to take a look at some other stocks making rim he will ripple effect news. dwra hugh up 1.5% on the heels of will news. at least a bit of a tail went

for it. also exchange in focus. nasdaq and i.c.e.. also up towards on the sessions so far today. so again, very much a big story for ipos today. >> another day, another fed speaker prepares to have confused the market. one reason why we're in negative to territory. james bullard suggested rates could rise in the first quarter of next year. it's difficult to work out exactly where they are. he's not a voting member. >> but still a conflict coming out of the fed. voting members are saying one thing and bullard gets out on a different interview and says something completely different. in fact talks about rates rising in the early part of 2015 which is very different than what investors are really expecting. quite honestly, after kind of a mixed macro data we're getting, people are hoping that rates won't rise.

janet says rates will stay low and then bullard said not so much. >> and barclays suggesting people go defensive because they're not factoring in where inflation will go. kenny, nice to see you. well, more fed speak. former fed governor earlier today with harsh words with the stimulus program saying it's helping the rich and hurting the poor. robert frank is here. and while he's reporting, you can vote. go to cnbc.com/vote. who has the fed helped the most? cast your vote. robert, you're here to lend some perspective. >> the fed has become a reverse robin hood, taking from the poor and giving to the rich. take a listen. >> if you have access to credit, if you have a big balance sheet, the fed has made you richer. and so i would say this has been in some accepome sense reverse ,

a way to make the well to do even more well to do. >> is he right? yes when it comes to the wealthy. this recovery has skewed toward those at the top. top 1% have hit new highs. the population of millionaires an all-taime high of 9 million. let's remember the top 10% other than own 80% of the the fed has also helped those who own homes. housing values up # #22%, wages a little bit, only about half a percent, but they are up. so bottom line here, it's not

that the fed has taken from the poor, it's that they have given more to the top. >> all right. well, i think the poll, let's lock it in, the vote seems to agree. who has the fed helped most? here is the vote. 86% say the rich, 4% middle class, 10% say the poor. >> if a n fairness, the fed did intend -- gopro shares soaring. this shock takes a bite out of one startup's product, the mind blowing 360 degree images. there you go. we'll show you how it works. plus -- >> the city feature this had today's powerhouse is the birth place of wonder woman. actress linda carter.

petsmart is headquartered here and home to over 200 golf courses. you can name the city. care what age you are.

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dow jones saying deutsche bank severing connections to its staff pool. second largest to credit suisse. all after eric snider man accused barclays of lying to clients.snider man accused barclays of lying to clients. caesars ceo says the company will likely strike a debt restructuring deal with its bond holders and finance apn expansin in japanese market. and elizabeth arden losing lg as a potential suitor. over to you. it's powerhouse time. we've been giving you some

hints. the birth place of wonder woman and petsmart is headquarters there. you c can you name the city? it's phoenix. here a snapshot. median sales price for all homes nearly $182,000. with inventory p about 24,000 homes. properties are on the market for an average of about 97 days. gene, good to have you here. we'll focus on the area of scottsdale. let's get right to it. it's 11601 east cortez drive. $600,000. two bedrooms, 2 1/2 baths, 12400 square feet. tell me about it. >> we've found a home buyer for this place. a classic exam ple of a second home buying opportunity or someone wanting to down size. i asked a man why do you choose

scottsdale. he said you don't have to shovel sun. this is a golf course home like all the ones we'll show today. two bedroom split, gracious living area. and i think one of the big things about these homes are the backyards. gorgeous views. >> second listing is 7705 east doubletree ranch road number 2. listed just under $900,000. taxes about $5800. two bed rooms, 2 1/2 baths again, 2500 square feet. this looks beautiful. spanish style. >> it is a beautiful home. sits in gainey ranch. it's a split bedroom design, as well. so if you have guests coming in from out of up of town, they ca their own suite. the master bathroom was

remodeled. pure onyx countertops that just dance. >> it's beautiful. >> and a nice backyard for entertaining. pool, and it's overlooking one of the three of the nine hole golf club. >> let's go pot pto the powerhouse of the week on bloom field drive. 1.195 with taxes just officer $6800. respect five bed rooms, 4300 square feet. sizer. >> this is a party house. in the great room, it has its own wet bar. so you know there have been epic parties there. the kitchen has the subzero decor oven, gas grill, large center island. five bed rooms, so plenty of room to spread out.

master suite with a huge walk-in closet. and the backyard has a staircase that goes up to a rooftop patio that you can look out over the course. >> perfect for cocktails. gene, best of luck to you. thank you very much to joining us. >> thank you. scottsdale, here we come. the gopro ipo makes waves. shares up 30% at the nasdaq. plus this shark really likes it, too. this new device seen here is riding the gopro economy. we'll show you how it works. tdd#: 1-800-345-2550 trading inspires your life.

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. sfi nanfinance question of , gopro, what is your take. 17% say i'll buy the products but not the stock.

18% would buy both. 56% say neither. that is very bullish. you have 27% almost a third saying they would buy the stock with or without the product. >> i think you're right. but investors are indeed gobbling up shares. the stock up almost 30.5% on its first day of trading on the nasdaq. even this 18-foot great white shark couldn't help himself swallowing six in a single bite. those gopros were mounted on device, 360 heros. mind blowing videos. first on "power lunch," investor and ceo, mike kinter. this is a fascinating device.

basically you printed this device from a 3d printer, correct? >> yeah, it's actually 3d printed nylon material, so extremely flexible, strong and durable. >> and discovery network photographers are using this device for their shark week to get some amazing footage. and basicallyyou do in this device, you can put it in six separate gopros. so you're basically shooting at 360. hence the name. >> exactly. it allows you to take full speerry cal video in hd. it's an incredible type of experience that you can get with that. >> and i would assume that it really lowers cost as well in terms of editing and things like

that. >> there are different packages that we use. this one here which uses 14 gopros, you can do 3d 360 video. >> how much does for instance the device that i have, the one that you can put six gopros in, what does that retail for? >> that unit retails for about 4 $495. and you have to put in your cameras and interfacing software. >> so what are your hopes for this company? obviously you want to grow it. but what in direction, what other uses do you see for the technology that you have? >> what is really his about the name 360 heros, it's about the people that want to get involved with it. they're heros in atheir own

selves. and we're creating that community of 360 video content and using the power of the gopros to do that. they have great resolution and the cameras are so light weight, you can hang it below a drone or uav and you get stunning kept. and experience exactly what the athlete experiences. >> did you get on the gopro ipo at all? >> a little bit. that's a tough call. but hopefully when it opens up full-time for the public, i'll definitely be in there. >> i bet you will. mike, thank you so much. really appreciate it. >> thank you very much. it was a pleasure being here. >> and let us know. i wouldn't be surprised if somebody approached you about buying up your company. >> well, investors are always welcome. >> keep power lunch in mind. thanks so much. three big winners after the short break now as we're off the lows for the day, down just 25

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we're now down just 29 points on the dow. let's check some of the winners. iron mountain clear standout. that is after they got permission from the irs to incorporate and cut their tax bills moving forward. nabors industries, some chat about m&a. as we head toward the close. >> and we may actually be able to pare our losses considerably. we did not have a good auction week. most did not do well.

and that has pushed people back into the ten year note as had the jitters in the market earlier this morning. we're at a yield of 2.257% and transports are a little lower. >> that's it for street signs. -- that's it for power lunch. thank you so much for watching. >> and street signs begins now. welcome to the world cup post-game special. what a day. u.s. advances by losing. still it's fantastic and awesome. if you're just joining us, stocks are not fan fast titastf. and whether college really does pay off about and a comeback story of the year. >>