down 31 points. stocks turning positive. among those in the green, intel, microsoft, chevron, boeing, exxon mobile. ge, pfizer, mcdonald's, dowel all to the downside. >> thanks, everybody. thanks for watching that will do it for this edition of "power lunch." >> have a great afternoon. we will see you tomorrow. street signs begins right now. tensions are up around the world, take a look at stocks, dom just told you, we are coming back again. hi, everybody, welcome to street signs. speaking of coming back, mandy, welcome back. all the way back from lake tahoe. >> thank you. >> in the shrug it off stock market, nothing seems to be able to hold the markets down. the high times of colorado's pot boom and true story on how to lose billions. >> ouch. off the lows as you say, down 126 points, low of the day.

but you know what, we could be even positive, not just by the close, could be positive during street signs, brian. plus all the major averages are higher for july as well. it is worth pointing out the r german dax did close. trader caution, keeping up demand with treasuries, 30-year yield, one-year low. earlier this morning, guys. back to you. >> you kept looking backwards because you wanted that nasdaq to go green. >> i really was. i was hoping for a green, baby. >> that's the bond market. >> i bet it does. world's attention focused on malaysia flight 17 and the fighting in gaza, it would be very easy to miss market and economic headlines. do not. that is why we are here around steve liesman here, these headlines lost in the geopolitical shuffle, steve,

good news headlines out there. economically. economically. >> the general story remains the same, not enough -- people aren't necessarily feeling that growth. but overall, brian, we have gotten decent headlines, the turn around and some of the manufacturing numbers that we got last week, even some of the housing numbers better, overall, housing remains the mcing link. optimism from the banks and lending maybe see a turn around in capital spending, high levels of the stock market should be associated with high levels of capital spending and investment. in general, a little bit more associated with share buy backs than people would like right now. >> what about the dialogue, the conversation we have been having about inflation? good news or bad news at this juncture? >> there has been quite a vociferous dialogue, but i don't think it's the debate that's the important one. the important debate we will have mandy, in the next several months or even years, that's this. if you look at some of the inflation data out there now,

what you see that it's pretty steady, up a little bit, you can see from that april report that we had, the cpi, upward shift expected inflation, not by much. s here the questi-- here is the if you get into a situation of rising wages, should the fed reverse policy just when average american workers are finally going to be making some progress when it comes to their standard of living? is that a reason for the fed to remove stimulus and do so in a very -- >> yes. >> why? >> because they are also forgetting about the retirees out there and the bond market has been decimated a little inflation might eat bonds, yields go up and folks, savers, retirees, might finally get a fairly risk-free return on their money. >> and so you're saying the right thing to do is to keep wages from rising too fast? >> saying no matter what you do you're probably going to injure somebody in some watch. >> you are. you are. >> there's no perfect solution. it if there was, do it all the time. >> not saying the right thing to

do as much as saying the debate is one that is going to involve democrats and republicans, going to involve the monitorist versus dick ken zee yans. >> in a way we haven't been. >> wage gains are one type of inflation, commodity inflation. double-digit percentage declines since may. how much might that take the pressure off the inflation conversation? >> i think that is an excellent question. this is the reason why when they are making policy, they tend to remove food and energy, at least when it comes to short-term declines or gains. now, over the long-term, if energy remains up and people who were critical of the federal reserve of this reason, energy was high a long time, kept energy high. right. >> so, and that kept inflation high for a while. but ultimately, those are going to help to ease the pressure on the federal reserve, mandy, i think that ultimate, what janet yellen wants to do is stay the

course and let the wage rise, to an area that is probably not so comfortable for some people out there >> steve, thank you very much. appreciate it, buddy. bring in now, john hailer, president of knit tick sis global asset management, manages $860 billion. john, i want to start off with jeremy grantham, the famed fund manager who wrote in this week's "baron's," "in early july, janet yemen made an admirably clear statement she is sticking to the bernanke, policy of what grantham calls extreme norral hazard. not use interest rates to head off or curtail any asset bubbles encourageded by extremely low rates that might appear. this is the key part. history is clear, according to grantham, very low rates will absolutely encourage extreme speculation. that's scary stuff, john. do you agree? >> yeah, i think it is.

it is helping consumers, it is helping economies at the same time could it be creating a bubble? >> you guys started off the hour talking about wages, employment, employment stronger, 300,000 new jobs this month but wages are still not growing. how do those two balance out? where there's this growth gonna come from? wages aren't growing, wrest the growth in consumer spending come from? >> i guess here's my thing, john, and i'm certainly not an economist, but if something was always good, you'd always do it. in other words, if low rate also no downside, we should have 0 to 1% fed fund rates for the rest of our lives. the problem is stimulus ultimately, at some point, will have a downside. when do you think that will be and what will it be? >> well, i guess when you look

across the board, a lot of people, the managers are looking at, 12 to 24 months of managing these rates, they do not see that increase coming and i think one of the reasons for that, you talked about commodity price, you talked about inflation, all of that hasn't risen up. and so when investors or managers are looking at the marketplace, they are saying, my gosh, they just had the ukraine, i have issues around the globe, i have got the middle east, i have got problems in certain economies. yet at the same time, people are still acquiring stocks, people are still investing in riskier assets and i think that's because of the low rate environment. where are they gonna go? don't go to equity, go to bonds, bonds are supposedly overvalued and been that way a few years. where will they end up going? i think that's the big debate going on now. >> you mentioned overvalued, d you see potential for bubbles in

any asset a class right now, john? >> we don't feel like there's any asset bubbles, nothing proven factually. a lot of speculation about it and can you look at this as a -- as a bubble? can you look at certain real estate around the world? can you look at certain price and certain areas? i mean, stocks, you could say are overvalued, but if you look at them, we still feel there's valuation there is. and if you look at where interest rates are, then you figure that into account, you say stocks are still pretty decently valued in the u.s. so, we don't really see anything proven that he is there a bubble out there, that doesn't mean you shouldn't be cautious though and is the difficulty investors are facing today. when is that bubble gonna occur? we will build a for the toll yo that helps you get through the bubble, build a portfolio that helps you manage the risk and volatility could be present in the marketplace very quickly? >> john, thank you very much for joining us, really interesting conversation and thanks again to steve as well. israel's ground operation in

gaza continues and the fighting is getting even more intense. going to have a live report next, plus larry kudlow explains how the u.s. can hurt putin and russia and get around the chinese interference much his take on the malaysia jet shootdown. switching back to the markets, it is mystery chart time. all right, can you name this stock? it's been on a rather quiet tear these last couple of weeks and here's your mysterious first hint. air jaws. the answer coming up. with all the opinions about stocks out there,

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the marget is keeping a very close eye inat bloody situation in the middle east. the israeli military announcing today that seven more israeli soldiers were killed in a firefight with hamas, according to the ap. this brings the death toll in the two-week conflict to 27 and at least 550 palestinians have also been killed. nbc's amman mow held dean joins us live from gaza. give must the latest on the ground, amman. >> reporter: the very latest is that operations are still ongoing throughout the courses of the entire day. we have been hearing repeated shelling, particularly artillery shelling that seems to be concentrated in the even part of the gaza strip. the more significant developments, a gaza hospital in the central part of the territory was hit according to palestinian medical sources. at least four people were killed in that israeli attack on the hospital. it's not yet clear why the hospital may have been targeted or even if it was intentionally targeted by the israeli military but we do know, hospital officials were forced to

evacuate parents from there, bring them here to gaza city to the main hospital here that has been overwhelmed by the number of casualties and victims, this as the united nations says at least 85,000 palestinians have been displaced from their homes. they have now taken refuge at u.n. schools that have been converted into these makeshift shelters, that's in addition to the thousands of other palestinians that may be living with family or relatives who have fled the frontlines. it is a situation that is going to be very dire in the coming days. already, health officials and aid organizations are warning hospitals and shelters don't have enough basic needs to meet the demands of the people. short arms of food, shortages of medicine and hygiene products, you can imagine the tremendous amount of stress that the u.n. and some of the palestinian health organizations here in gaza are coming under to try to cope and alleviate the suffering of the people. the first time, the death toll in the israeli soldiers that have been killed has now climbed up to 25, 25 israeli soldiers have been killed. those sold yours have been

killed in the past four days, since the ground offensive began, gives you a sense of some of the intense fighting that is taking place along that eastern border between gaza and his real. >> amman mow held dean, thank you very much, be safe, buddy, appreciate it. turn to the malaysian plane crash investigation. nbc news reporting malaysian officials are expected to receive the black boxes from flight 17 some time this hour. a short time arc the malaysian prime minister announced the planned handoff, adding that independent international investigators will be guaranteed safe access to the site to begin their full investigation. all this as u.s. officials say there is mounting evidence that russia did contribute to the efforts that brought down the jet. now, earlier today, the president firmly reiterated that belief. >> russia has extraordinary influence over these separatists. no one denies that. russia has urged them on. russia has trained them. we know that russia has armed

them with military equipment and weapons, including anti-aircraft weapons. key separatist leaders are russian citizens. so, given its direct influence over the separatists, russia and president put opinion, in particular, has direct responsibility to compel them to cooperate with the investigation. >> leaders both here and in the uk are calling for new sanctions, the goal, economic isolation, but lending from china may blunt those attempt. is there a way around this? joined now by cnbc's own larry kudlow, who says yes. all right. tell us why. >> look, first of all, i think the chinese loan business is vastly overrated, we can talk about that later, a thought from former federal reserve vice chairman, i want to appreciate the currency and lower the ruble. he has a plan. use the exchange stabilization fund, esf, got a lot of money,

we have use wassed it before in the past to deal with currenc s currencies, mostly to rescue currencies, we could control date a downward draft of the ruble, a significant reduction of the ruble, people would be selling rubles would once they see this get happening, the central bank have to jack up interest rates, the already weaker russian economy go into recession. the oligarchs and everyone else selling rubles. if you create a run on the ruble, in my opinion, and vice chairman dave williams, former chairman dave mullins said this, game over, set over. putin is left with nothing. >> how likely is that gonna happen? >> i want to put it on the table because i think it's snag should be discussed and i don't know if the treasury department is looking at this. the treasury career staff knows exactly what to do and how to do it and how to do it efficiently, but the exchange stabilization fund is a powerful weapon. look -- >> what's been holding them back so far from doing that? >> i think that the downing of the plane is a huge -- a huge

change in the whole thing and i think that what off get here is putin is a state sponsor of terrorism. putin is waging a proxy war around he's not gonna stop. this is not just -- >> how will, larry, with all due respect -- >> we have to deal with him. > how will pushing the russian economy into recession impact that? you think putin cares? >> oh, sure. ffrnl the economy goes into a recession? he is going to get his billions from his oligarchic friends, regardless. >> as the ruble starts to decline, they will be the first to sell. in effect, you are pulling the plug on putin's whole water bathtub, you are just pulling the plug of the bathtub and he will be stuck. he can't move. he has been lucky so far. actually, because the sanctions haven't worked, both the stock market and the ruble have come back. lately, the ruble has fallen by about 4% and the stock market has fallen. i think people in the markets are waiting for the united states to make a move using you the exchange stabilization fund, but you want to go after putin?

use the exchange stabilization fund, weaken the ruble. and by the way, last point, oil prices will go down, strong dollar, you get yourself $80, $75 oil price, that's great, like a tax cut for the whole world, that's killer for putin also. those are his only revenues, he needs $100 to survive. not going to get it. >> back to the issue of china quickly, you say number one, the sanctions aren't working anyway, number two the sanctions mitt fate gated by the fact a number of key russian firms, like the energy firms already receiving bank loans from china. you say that is overrated? why? >> think these energy firms will get bank loans from china but talking about fairly small amounts, the kind of currency attack i'm talking about against ruble is very substantial and china's not gonna spend money like that. you can't use bank loans to prop up a currency. this would create a wave of rubble selling. by the way, you almost had it during the crimean situation, the ruble was really under

pressure and then all of a sudden, everybody backed off and we let it go and we didn't do much with sanctions. sanctions are great. i would like to sanction sectors of the economy, particularly the financial sector, but what i'm saying is you want an immediate weapon, an immediate weapon, use the exchange stabilization fund in the treasury department, drive down the ruble, all hell will break loose, russia's economy will collapse. >> understood. i still think we haven't heard the last of the china story, russia and china just announced the creative of a new international development bank to side step the western finance system. it's potentially something -- >> they couldn't stop a run on the ruble at all. can't do t happened too fast. >> russia's economy is like smaller than ohio. >> they don't want to give them money. anyway, give former vice chairman david mullins credit. >> no offense to ohio. >> yeah, no offense ohio, very nice people come from ohio who, hello, courtney reagan. >> ohio, not just ohi.

>> ohi. larry, thank you. >> thank you. another big issue in the malaysian crash investigation is how the victims' families will be compensated. joining us now is aviation and transportation attorney mark dom brof. great to have you with us today, mark. i know you were involved in legal proceedings after the shooting down of korean airliner, also after 9/11. so you've had experience in this area. what do you think is going to happen in terms of the liabilities that are involved here? >> well, i think the principal party that everybody is looking to initially, mandy, is malaysian airlines. and international conventions, as much as they have been disregarded in other areas, clearly come into play with respect to compensation. each ticket, each passenger had a contract with the airline unrelated to fault. under that contract, the airline, all international airlines, have an obligation to deliver the passenger from point a to point b. the contract was breached. the responsibility in terms of dollars, under the international con ven, the montreal convention, is $100,000 sdrs or

special drawing rights, and that's equivalent today to approximately $154,000. this is an absolutelibility. over and above that, if malaysia airlines can demonstrate that they were not negligent and/or, in this case or, the downing of the aircraft was due to the actions of a third party they would have no additional liabilities. i've heard a lot of media reports with respect to speculation that they shouldn't have been flying that route or putting economics over safety. the fact of the matter is there's absolutely no evidence of that. that was a well-established, well-accepted commercial airline route. they had all the appropriate clearance, they were the appropriate altitude. air traffic control in this case, euro control, knew exactly where they were. the fact that other airlines, the fang that other airlines, mandy, may have chosen not to fly that route and many airlines were flying it doesn't make

malaysia airlines negligent at all. so, right now, i think it's going to be an uphill battle, not to say that lawyers won't try, but right now, it's going to be an uphill battle to try to establish liability over that contractual amount of $154,000. >> thank you very much. great insight there, mark. the earnings squad is back in action with three names that need to be -- before they report. >> how does a three-day workweek sound to you? tell you why the world's second richest man wants to slim down the workweek by a lot. coming up. my mother made the best toffee in the world. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and make your business dream a reality. at legalzoom.com we put the law on your side.

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we start off with netflix, chipotle and united technologies. the scorecard, 66% eps targets, 12% met estimates. we got to start off with netflix, a big mover after the bell, as it usually is, guys. >> fireworks. >> we have got the biggest bear on the street, underperform rating, says that netflix should be, why the stock is doing well

into today's session, a few things to look for, "orange is the new black" to drive domestic subscriber growth as well as a recent price increases that we -- and also just discipline when it comes to spending ahead of the international expansion in the fourth quarter. >> interesting to see if subscriber growth for the quarter will be down year-over-year, do they beat that or do they not? if they don't, how does the stock react? >> dirty math is $10 a month, 50 million paid subscribers. hbo trades more like netflix or netflix like hbo.

>> that is a lot to pay for 25% revenue growth. i like the company, i don't know if at these levels makes a lot of sense. >> another one, chipotle mexican grinch >> the reason we talk about this is because we are expecting fireworks here, too, over the past eight quarters, this stock up or down by about 12% after earnings day. so this time around, the options market pricing a 6% move but more importantly, a company that's, forget about top line, has grown profits, net income, about 33% a year over the past five years so maybe someone saying valuation is justified. looking for $3.08 on earnings, 990 million on revenue also. if you look at the overall picture for this company, some stock but loved to hate and again, they have passed -- they have a price increase. >> exactly. right. >> see how that affects their customers. they seem to have taken it in stride. so far, people will pay the extra money to eat at chipotle. >> 8.5% price increase in new york city paying 8.5% more for your burrito, dom, you pay that

8.5%. >> i pay it and my wife loves it, i will continue to pay. >> they need to do those price increases because of the input costs, right? going up. we will have to see how that pays out. >> look at one tomorrow before the bell, united technologies. >> yeah i like it because we own t and i like it because it gives you a good read on aerospace but also on the h vac construction environment. >> elevators, too. >> elevators, that's right. what was interesting today, lenox international reported earnings, very good double-digit and midteens growth in residential and non-residential construction markets a good precursor, if you will, and the stock is down 5% from last quarter, from the first quarter, expectations are low and i think getting good data points, think should be pretty good. >> as long as you have that sort of construction component catching up, aerospace has been on fire, been laggard versus boeing, get that component of it that could be a catalyst for the stock? >> exactly. what i'm thinking. >> thanks, guys. mandy, back over to you. >> melissa, thank you very much.

the earnings parade does not end there, herb greenberg is in the house, really in the house, live, kicking, herb greenberg, payments and all, here he is, coming over, fired up over one ceos comments on earnings. hint two for mystery chat. fatah feet and revision three. back after this. e financial noise financial noise financial noise financial noise

after more than 100 years, it's still a family-run business, just a little bigger, but not much else has changed. the stro family still makes it the way it always made it no skimping, no shortcuts, no compromise and as long as their name remains on this bottle, that's the only way they will ever make it. >> well, do you remember when stroh's was one of the dominant beer company in america? the strohs' family was very powerful and very rich. well, now, strohs is brewed by somebody else and the family

fortune is basically gone. the shocking story of the collapse of stroh's beer and the family fortune is coming up. >> first, time for street talk, darely rundown of stocks, news, views and analyst recommendation. ibm is the first stock, cut to sell. >> yes exit goes to our discussion about ibm on friday, which they were not happy with, based on an e-mail they got. soc gen believe it is based on tax rates, shares and buy backs. their price target, 190. where is the stock, mandy? >> 190. >> there you go says it all. >> apple getting an upgrade to market preform -- market outperform, let's get this correct, jnp securities. >> i don't know why jpmorgan is up here, nothing to do with the story, it's apple and jmp securities, jmp say it had is optimistic apple is in a position, there you go, to enjoy resurgent growth and margin leverage through new products, new markets and new application.

price target at 135. folks, that is 40-plus% above the current trading price for am, now on the board. >> we have also got monster beverage a downgrade to equal weight from overweight at morgan stan lakers lot of headlines surrounding this stock. >> the analyst notes concerns about u.s. sales growth, stock do down 6% the past six months, down, what, i don't know, 4.25% right now, so the call is taking some hits. >> and gopro a lot of attention, many love it including jpmorgan, but not everybody loves it, for example, barclays, they started with just an equal weight. >> story of conflicting calls kind of, okay? go pro up 2.8%. so, barclays hits a target of 45 bucks, not much upside, but jpmorgan differs they start with an overweight and a $51 target. about a 20% increase from go pro's current trading price. more bullish. >> an underrated name, like under the under the radar name, materialize. where are they based? belgium.

the university town is a provider of manufacturing software and 3-d printing, getting initiated to buy bbt capital markets. >> a great song by the spencer davis group, "give me some lovin'." >> really? >> no, 80 yard, a company that builds stuff with 3-d printing, this is real, a smoke dress and a fake knee for a cat. okay. >> everybody needs one of those. >> 3-d. me would yow meow. ing $19, almost a 50% increase, the stock is currently trading, ipo less than a month ago, the ticker there mtls. all right. let us go from street talk to talking numbers. today, we are talking visa, shares of the credit card company in the red after it lost a court ruling on friday that involves credit card fees, shares down on the year. is the company masked out? aaron gibbs of s & p capital iq on the fundamentals, ari wald of oppenheimer on the technicals. ari, i will start with you on the technicals. how does it look?

>> looks okay, doesn't look great. we like it, we don't love it. stocks had a great run over the past couple of years. we are seeing some moderation in its tread now and it's in a sector we really like so we think there is a floor here, we think could do well the overall technology sector but really not one of our top i.d.s in that space. looking at the charts, what i do like about it the stock is stair stepping higher off its march lows from 220 support. i think that rising channel does continue. i think you head back to 235 resistance. you can buy these little bit of a pull back, good support around 215. so, it is an absolute buy, relative to the sector, we are seeing some breakdowns, so we do see some better ideas within the technology sector, which we really do like. >> okay what but, erin, what do you think about visa? >> so we don't have portfolio in any -- we don't have visa in any of our advised portfolios and we are not looking to add it any time soon. even though we love their business model, obviously, non-cash payments, there's a secular long-term growth story

going here. my real problem with visa is valuations. historically, it's traded between about 20 1/2 times to 23 times forward earnings and right now, at 22.8. so really close to the top of the that range. i think if we see some more stories about losing lawsuits, fees, there are also some stories about, you know, would russian sanctions affect its business, if we see sort of that near-term volatility come in and we see anything pulling back closer to maybe something like a 210, i think that would be a great place for an entry point. but right now, given its earnings outlook and where it's trading, i think there are much better opportunities out there >> understood. thank you very much, guys. and also, you can check out the online edition of talking numbers, that is with yahoo! finance. well, it's that moment, the special home of the day, we are gonna bring in cnbc contributor, herb greenberg, he is back. good to have you with us in person, herbie. good to see you there you have been flagging lots of things.

why don't we start with some of the auto nation comments that were made on cnbc last week. first of all, before we get your thought on it let's have a listen. >> the reason why we don't give guidance is when you do, you give up a lot of flexibility as to how you do certain things and i don't want to be nailed on the cross on a quarterly basis that every decision i make i says, well, what's that going to do this quarter to our results and what we told street? >> he kind of says it all. >> dose. i was sitting at home in san diego, i saw that, i immediately sent an e-mail over to cnbc to one of the desk guys here, nick dunn, who sort of runs the newsroom, i said, you got to do more on this, because this whole concept of guidance, i never understand why ceos give guidance, because they will get nailed up on the cross. it forces you to sort of pull every single lever to make a quarter and we know that you know, making a penny or -- it's really -- >> damned if you do, damned if you don't, because if you don't give guidance, people might

think, well what are they hiding, too much uncertainty they are not able to give guidance? >> google doesn't give guidance, any number of companies don't give guidance. >> what ever they do must be right, because they are the greatest company in the history of the world. please note my sarcasm. >> why should a company put itself out there, three-quarters forward? some give it a year and a half forward? >> they are supposed to benefit the investing community? to mandy's point, trust in a company that has, what's the v-word? visibility into their results. >> yeah. >> sometimes when the company says we can't give guidance, people might get spooked and say, wow, they have no idea what's gonna happen in their own market. i'm just playing to the defense. >> i know you are and we just happen to disagree on that one. >> always disagree. i always disagree automatically with what you say, even if i agree, i'm going to disagree, just because it's fun. >> when this they give guidance, great for me, great for you. >> what happened with michael kohrs, upset with you, called your speculation false and unfounded, i found the whole thing a little bit silly if i get on the show and say the

oakland raiders are going to go 1-15 this year, they shouldn't call me up and say your speculation is unfounded, it's just my opinion. >> it wasn't actually they, it was their outside counsel. >> at their behest. >> at their behest. a piece i wroten at street.com, where in my blog where i basically said, you know, you had one day last week, four analysts came out with negative earnings, earnings, earnings commentary on no news. whenever you see that and we see it or mon than kors, you start saying amongst yourselves, on social media, if we were just standing here, why is that? in other words, who did they get body language, company comes out and says no way, we take very seriously. they said they didn't do that. >> why didn't you call them before you put the piece out? >> good point n retrospect, i suspect i should, this was the news cycle, it was happening in the moment and this was a commentary blog where i just basically give you my opinions and may -- >> editorializing. >> which is all it was. so we -- and i was just wondering, i wasn't stating it

as fact. by the way, i should point out, several other analysts the next day came out with negative commentary, then an analyst came out saying the company told her that's the no the case and you've had several other reports saying so by the way, saying it's no the a problem, you're going to see some real potential when earnings come out, august 5th, because you have got two distinct opinions on wall street over the stock. >> you should have called them f you would have called them, would have said no comment. >> always that possibility. >> 100% guaranteed. reverse my dinner with you if they don't. >> said they -- vehemently. >> got go. >> thank you, herb. thank you. that was your last chance to tweet us your guesses for today's mystery chart. this is your next hint. you should not be using this company's products between 2 and 3 p.m. eastern on weekdays. >> hmm. and can you smell that smell? to quote skynard, it is the smell of money. reefer madness coming up. tdd#: 1-800-345-2550 trading inspires your life.

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who don't have electricity and i just figured that it's time i do something about it. what we're doing right now, along with ibm, is to actually transfer data through a satellite from our wind farms directly onto the cloud. i think we could create a far more efficient system across the whole network where we could actually draw down different kinds of energy based on when it's needed by the consumer. a smarter energy system is made with the ibm cloud. the ibm cloud is the cloud for business. we all knew there would be great demand for legal marijuana in colorado but i think few people knew just how strong it might be. jane wells has more on the

reefer money madness. jane? >> well, yeah, we are going to get in to the money in a minute. colorado is.coulding to grips with demand and it is much larger than we thought. the department revenue estimates total demand this year will be more than 130 metric tons that includes medical, recreational, illegal, legal, this, that the other, what is 130 metric tons? somewhere in the neighborhood of 300 million joints, give or take, throwing growing part of the market is made up of he hadibles and oils. human users? the state says 485 colorado residents use marijuana monthly that's 9% of the population. 686,000 say they used it in the last year at least once and more than a quarter that have group is younger than 21, which would only be legal if they bought it for medical reasons. like booze, you have to be 21 to buy pot at retail stores. 130 metric means the state is rolling in dough, right?

no. colorado has only collected $17 million in taxes for recreational pot through may, way below estimates. tax collections lower than expected, demand higher than expected. why? most people are still buying medical pot, which is taxed at about one-tenth the rate so they are not transitioning over to recreational cannabis due to sticker shock. the report summarizes, producers around retail letters need to decide how much of a markup will be feasible to maximize profits and operate product to market at a competitive price. it's a new world for many budding entrepreneurs there, guys. >> oh, budding entrepreneurs. gout to go to the weeds to get that joke, jane, we appreciate it thank you very much. >> welcome. >> all right, now time to reveal today's mystery chart. and by the way, your final clue was fatah feet and revision three. those are the names of channels that discovery communications owns. julia boorstin, you're not allowed to guess.

she is watching this, she tweeted in, man ditch >> why isn't she allowed to guess? >> employees and families of employees are ineligible -- >> did not put that in any like -- there was no disclaimer. >> you are becoming a true american. >> i am becoming a true american. legalize everything. >> legally for the plane crash, now it's like where's the fine print? >> you didn't say the fine print. >> officially an american. >> yeah. yeah. >> congratulationses. >> oh, thank you. wow. >> passed your citizenship test. where was the fine print? doesn't say. >> really did not. julia, tweet away. guess away. everyone once faster broadband speeds to stream from netflix and upload to sites like youtube and it's that upload time, the latest battle in the broadband wars is being waged, right, julia boorstin? good for you. you can guess any single mystery chart you like of ours. >> thanks so much. no that's discovery. now we are talking about verizon. now, imagine a five-minute hd video uploaded in just four seconds, down from a minute. that's how fast verizon says that it's highest-end

subscribers to fios will have their upload speeds. that's as much as 14 times faster than cable upload speeds. now, verizon has announced it is going to make its upload speeds match its download speeds as it battles slowing growth. this will make it much faster for subscribers to not only upload videos to youtube and facebook but back up files in the cloud and do higher quality video chat and faster online gaming and down the line, it could be a game changer to handle more internet-connected device around the home. this is all part of verizon's push to compete as google fiber starts to offer symmetrical upload and download times and to differentiate its services from cable offering ahead of comcast acquisition of time warner cable. now, verizon is taking advantage of its all-fiber network, which enables faster uploads than cable, whose systems are more designed for sending video to homes rather than having consumers send video from homes. verizon's earnings are tomorrow morning before the bell. i'm sure we will hear more about

the strategy then. guys, back over to you. >> all right, julia, thank you very much. well, 25 years ago, the strohs' brewery was valued around $700 million and the family behind it was worth millions, if not billions. well, not anymore today. strohs owned by company else and a family fortune almost gone. cautionary tale coming up. >> stroh's, fire brewed for smooth, consistent taste. ♪ now you're talking stroh's, now you're talking beer ♪ ♪ now you're talking good times ♪ ♪ and stroh's is spoken here

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the fastest pencil sharpener. the fastest elevator. the fastest speed dial. the fastest office plant. so why wouldn't i choose the fastest wifi? i would. switch to comcast business internet and get the fastest wifi included. comcast business. built for business. the stroh family was the embodiment of the american dream. an immigrant came to this country with nothing but a few bucks and a family beer recipe in his pocket. he turned it into a huge, $700 million corporation, providing wealth for many generations of the family until it all went wrong. joining us, kerry dolan of "forbes" magazine. her article "how to blow $9 billion: the fallen stroh family" appears in the current issue of "forbes." it is a fascinating read. thank you for joining us. this has got to be one of the greatest family wealth destructions in the history of the united states, if not the world, correct?

>> huh, well, it's interesting. i think it depends how you look at it. we put together a list of the richest families in the country, and a couple of families that are well known, like the vanderbilts are missing. so, there have been -- and the carnegies, who gave away all their money. so, there certainly have been other large family fortunes that disappeared. this was a different story because they had to sell the company because they couldn't keep it going. >> how much of it was mismanagement and how much was just bad luck, kerry? >> i think it was a combination of the two. peter stroh back in the early '90s told "forbes" when he was alive that they tried to do too much when they bought first schaffer and then schlitz in early '80s. the mystery, though, was they went on to add to their holdings in the mid-'90s and took out a lot of debt to do it and i think that was a big mistake. >> as you write about, you talk about the midwestern values, but the company operated with two basic principles -- respect your employees and respect your customers. and it sounds like they lost

that, both of them, along the way. >> well, you know, they tried at one point to upgrade the image of stroh's brand beer and turn it into a premium brand. they brought in hal rini, this ad guy and they changed the label and upped the price. and the market share for stroh's beer just tanked, almost 50% in one year. so, you can't fool, you know, your customers. and you can't change the price on something where the recipe hasn't changed. >> and what about the family itself, kerry? was there one generation -- what do they say, first generation makes it, second generation grows it, third generation ruins it or something like this? is there one particular generation that blew it? >> well, so, this was an unusual company, because usually it's family companies are good to last for maybe three generations. peter stroh, who is the last family ceo, was a fourth-generation family member, so they outdid the average there. and a couple of fifth-generation family members worked at the

company. some of whom have gone on to be entrepreneurs in their own regard. greg stroh, faith-generation family member, co-founded izzie soda and is now on his third start-up. but yeah, i'd say it was the fourth generation that lost it. >> kerry dolan, fascinating article in "forbes." kerry, we appreciate you coming on. thank you very much. >> thanks for having me. well, when a billionaire speaks, we should pay attention, right? well, the world's second richest man has a great idea that i think maybe we should all follow. we're going to have that for you next. 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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well, many of you are probably experiencing a case of the mondays right now, but what if you had a four-day weekend coming up this weekend, and, well, every weekend? well, billionaire carlos slim says we should all work only three days a week, but he says we should work longer days, 11 hours, and then work later in life until 70 or 75. slim says that would create a healthier and more productive workforce. i don't know about you. i don't think it will be productive at all, because you come back from a long time off and you've got to try and get back in the zone. no? why are you looking at me? you're all zoned out. are you trying to get back in the zone still? >> listen, i can understand it in a way. i don't even like to take time off because i like work so much. that's true. you know me, i'm e-mailing on vacation -- >> is the boss listening? >> no, yes, nights, you know that. but slim, i don't know. i understand working later in life. my parents are in their 70s and

they still work, in part because they have to, but in part because they want to. so, i understand, but a three-day workweek? i don't know. what do you do the other four days? i'd be bored. >> i'd be bored, too. i don't want to retire, either. we'll be 95 and "welcome to street signs" -- >> if this show is still on the air when we're 95, we have major problems. >> should we look at the market? >> let's look at herbalife, down 10%. bill ackman coming out 10:00 a.m. tomorrow morning with a presentation he says "will be the nail in the coffin" of herbalife, but he's a good guy, was at the conference last week, but he's losing his bet. when he shorted this in 2012 or at least announced the short, it stopped at like $46. so, he's still under water. herbalife's still winning. winning. >> #winning. and just quickly -- >> remember that? >> we were down 126 points at the start of the day on the dow, but the dow and s&p alternated between weekly gains and losses for i think seven straight weeks. isn't incredible?

just like, you know -- >> sorry, i'm thinking about slim's three-day workweek. >> you're already on your four-day weekend. thanks for watching "street signs," everybody. >> "closing bell" is next. have a great day. see you tomorrow. hello, and welcome to the "closing bell." i'm kelly evans down here at the new york stock exchange, where it's been a wild day on wall street. the dow off as much as 125 points. we're down 37 at the moment. >> volatility is definitely back. i'm bill griffeth. also here at the big board. stocks staging a late-day comeback after geopolitical turmoil sparked that steep sell-off earlier in this session because of the situation in gaza remains deadly and unsettled. we'll hear about that in just a moment. and international posturing about the downing of malaysia air flight 17 in ukraine has gotten trickier. china now inserting itself and telling the west not to blame russia so quickly. but we should point out, you probably have heard that they have made some inroads in all of