big to wrap up the month of july. pulling the monthly returns for most of the barometers into negative territory. warren buffett told us, sue, play past the day's events. "street signs begins right now and they're going to pick up on market coverage, see you tomorrow. well the street is seeing more red today than early april. welcome everybody to "street signs" where the signs aren't clear today. you have the dow here, sitting at two month lows and all three industries here behind me, and now negative fort month. it is also broad weakness on heavy vol yups. something we haven't seen in a while. and here's the vix. it brings it to a gain of 38% for july alone. that is off a his or itically low base, and there are a whole pile of other things that just

do not make since in the so-called fearful market. >> that is exactly right, mandy. it is a weird day. nothing weird about stocks, a big sell off. selling across the board. but to your point on the vix. it was at 21 back in february. and 45 in august of 2011. so even with today's big move, it's hardly high. more unusually the bond yield generally goes up as stocks go down. it's not. it's not moved at all. and gold, the ultimate fear monitor if you will is actually down more than ten bucks today which brings us to this. jim wells, he is the chief investor strategist and we have two questions to start the show. okay. are you ready? >> i'm ready. >> here you go. question one, what is causing the sell off hero, russia, fed, argentina, or something else. and two, to our points of bond and gold are down.

where is the money going? >> well, i think all those factors play a role in the psychology, bryan, no doubt about that making investors skiddish. to me it's pretty clear that what this is about is really this, i think more than anything else, it's good news on main street, no longer good news necessarily for wall street. that is we crossed a line here where conditions on main are getting a little too hot for the comfort of both stock and bond investors on wall street. and that's really came to light yesterday with the gdp numbers and in particular, the hot inflation number that gdp report. and today with the claim numbers and then the eci going to six year highs. employment cost index, and i think we all know we're facing tomorrow, and that's payroll friday, and there's going to be two big numbers in there. if that unemployment rate drops into the fives, we get a five handle, and the wage number is

3/10 or 4/10 on the idea that the fed is going to have to move up expert strategies. >> isn't that sad that you have traders who are booing good news on main street. if indeed we do see a good number tomorrow for the payrolls, stakes are really high here. how much more fwoord do you think people are going to bring their rate hike expectations, jim? >> well, i think they'll bring them up pretty rapidly. i think if we really got a hot wage tomorrow number, mandy, and we drop that rate into the fives. i think you'll see people calling for rate hikes by year end by the fed. but you know, from the stock market perspective -- >> this year in? 2014. >> you could see people moving it up through that range, but to me, as an investor, it's not really that important when the fed comes in because look at the free market is already

tightening. that bond yield starting to go up. the two year yield backed up almost to 60 basis points this morning. that's the highest rate over three years and the two year. and that has had a pretty negative relationship with the stock market his or itically at other points in the cycle where will we first move away from accommodation towards tightening. just just to the inflection point. we've been rooting for good news, and now we're starting to change that tune. >> but this is the question, and really the statement that we have had on this show for a long time, jim. we know the fed will raise rates at some point. >> right. >> unless i'm a day trader, why do i care if the fed raises rates in april of next year or december of this year? what's the difference? dog gone difference. sorry. >> i just think that there always is a sense that the part of the cycle that the fed's starting to get behind a curve,

and what the investors are worried about is not that main street is doing well. it's more that if the fed doesn't come in to take away some of the overaccommodations soon, eventually we'll create even a worse environment in the future with more interest rate hikes and more inflationary pressure, both going higher than they would otherwise have to go. so the quicker the fed comes in, the calmer, i think wall street would get in some perverse sense. >> very interesting. >> that's a really counter, that's why we love you by the way, that's a counterintuitive thought to what we hear. earlier rate hikes may be better. >> uh-huh. get it out of the way. >> i think they would. i think in some sense if we moderate the cycle in terms of inflation and credit pressure, that could elongate the recovery eventually of ryan, and that's really more than anything what an investor wants a long to discount future earningings over. right now it's going to shorten up. that's what's bringing the fear. >> silverlinings, thank you for

joining us. we'll get you back on. let's get to the update on those markets. and also at the nasdaq, you were going back and forth and you've pinpointed down to five specific reasons. which one do you think is the most important though? >> europe early on, portugal, ukraine, argentina as well. very important, then there was numbers, the issues with the employment cost index earlier on. i want to show you there's a separate thing happening with certain sectors today because we've had disappointing earnings. i've been hitting very hard on the home builders. really disappointing numbers from beezer, down 6 and 9%. new lows on the home building stocks. then disappointment elsewhere. internet content names are weak, twitter, excuse me, yelp, linkedin, monster worldwide, and they're down a little bit today. another disappointment on the earnings. and then industrials.

all underperforming, particularly the transports road runner below expectations. that's affecting all of them. the bottom line here is remember, earnings have been good, but occasionally we get days like today where we get disappointing in your opinions and that affects the markets as well, back to you. >> thank you very much. let's get out to the bond pits and find rick as we were explaining, we have a pop up in the ten year, benchmark, after the employment cost index came out hotter than expected. but apart from that, not that much chaeng from yesterday, what's going on considering the sell-off in stocks. >> i don't agree with that. we closed at 246 on tuesday. up nine basis points yesterday. we opened up and saw the employment cost index and went up to 261. from 246, straight away to 261. then, stocks sold off. and there is no alternative, the whole tina thing gets wiped out the window because when stocks go down, there is another al tern pif. it's called being long

treasuries. don't find a lot of sew lis in that. wrp i do agree to some extent is if stocks level off, what's changed is rates will creep back up. let's say up to 260, stocks crash again and go down. they're going to constantly break and reconnect at different points. and if the market settles above 266, the may 129 high yield -- may 12 high yield, i think all bets are off and remember, we're talking about no response in the market. 244's low close of the year. we're at 12 points above it. >> did you, rick, hear jim paulson's comments now. sort of an uncommon view. counterintuitive. >> a lot different than his view two weeks ago. >> people can change their views. >> the thing they change the most is raising rates is a good thing. haven't heard that all day. >> no listen, people have to change, if you find me -- >> the markets are in denial.

does everybody die -- >> you have to change your views. >> everybody has to die. but how many people have wills out there? see the problem is, seems so easy to say, we know that the tapering goings to complete, we know that the fed has to normalize rates sooner or later. but knowing that and watching it play out in the marketplace are two different things. >> and i would advise everybody to have a will, otherwise the state will have a plan for you. legal advice for the day. >> and rational thinking. we could see emotion in the next couple of days. >> yeah, i'm surprised you don't agree with the views because you've been screaming about inflation. his point was given -- >> i have not been screaming about inflation actually, no. >> you have not? >> you've warned about it. >> when the velocity of money picks up, inflation's going to grow because the seeds are in the ground. >> and as i point was velocity is picking up, get ahead of it. that was his point. >> i don't think it's picking up much. things are getting better, i agree with that. and you know, i think that the

fed has found a six year cure for three year flu in terms of -- >> or inflation's the cubs. there's always next year. >> yep. i'm a cub fan, i get that. >> that's why i was jibing you a little bit. lightening the mood a little bit. thank you. >> okay. >> thank you. let's get to the nasdaq and find out what's happening there. what are you watching. >> plenty of negative headline bhps you have a certain level of fear in the market, we tend so' investors sell assets, and that's exactly what we're seeing today. tech specifically internet and social media stocks, more defensive sector, as well as biotech, despite positive earnings trading lower. in terms of which stocks are weighing on the nads dak the most. it's mostly large tech, trading to the downside. internet stocks, again, growth oriented sectors selling off today in trade. also want to the point out that

expedia. it has doubled since going public. first earnings report coming out in a couple hours, back to you. >> thank you very much. we're going have more on today's market sell-off and perhaps with the bigger threat to stocks might be. what is happening abroad or good old american inflation. as we head to the break, we found winners out there. we're going to bring them to you. >> not many of them. little slice of green at the s&p 500 right now. we'll be right back after this. in india we have 400 million people 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.

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all right the fear on the street coming on two fronts. what is happening abroad. putin, ukraine, you have comments by the ukrainian prime minister today that have people a little more nervous than yesterday. second, the fears of inflation creeping back in here. joining us now cnbc chief correspondent and senior economics reporter is here, michelle, first to you, all right, there's two stories really coming out of russia and ukraine. you have the increased russian sanctions. some people pointing to that, but some others have been reading are pointing to some rather obscure comments from a ukrainian prime minister about crimea and redrawing the map. what's going on. >> i would argue that it's actually something slightly different than either one of those things which is today for the first time we are hearing companies say that the geopolitical situation in russia

and ukraine is hitting revenues. up until now, most companies have said we're watching it, maybe, nothing yet, that's what pepsi said. but today we hear from adidas, their stock is getting hammered, in part because they had to warn, in part because of russia. an anheuser-busch said beer volumes are down 10%. ukrainian down 27%. okay beer volumes aren't a big part of the revenue, but it's telling that they are seeing a revenue hit there, and says they are seeing fewer people fly to that region. big companies in addition to bp yesterday, today we're hearing from huge german company saying when the sanctions are imposed, we could really see a hit to the german economy he warned, then in just the last couple of hours, we've been waiting to hear from exxonmobile that has a big oil project there. they want to see the details and the written stuff coming out of europe and the united states. then they'll know whether or not they're impacted with their

russian investments. >> it's a good point. when you start to see a material hit to the guidance or the actual earnings of the companies, that's when it really starts to hit home, doesn't it, and it's not rhetoric that you're hearing. michelle, thank you very much for that side of things. let's bring it a little closer to home. we've been talking about the fact that inflation fears are back. even though you could argue it's a good type of inflation. you're talking about people having higher wages. i guess people are starting to think about the implications from under the policy. >> i think what happens, slack in the labor markets. two pieces of data we have today that point to improving conditions in the labor market. all of these raises stakes and the potential impact on fed policy on interest rates and stocks. here's the data we're talking about. these are good numbers. don't get me wrong, thaer very good numbers. just 302,000 people applying for jobless claims. the four week average, 297, the lowest since 2006. the second quarter employment cost index up 0-.

. that could be a snapback from the first quarter. here's what bob says. while the fed keeps hope alive that there is a deep, dark pool of labor that comes like batman at the flash of the appropriate spotlight. others say that is a fanciful belief. remember now, on the show, it was yesterday, just yesterday, the fed giving, putting a new sheriff in town. new mettic when it said a range of labor market caters say it's significant of labor resources. so how do you gauge labor resources? we call up a princeton professor and he gave us yellen's slack dash board. here are things that are doing way better. the number of layoffs, job growth, job openings, here's a bunch of things that are not doing as well. it's a mixed picture is what you see here. the unemployment rate before the recession. the u 6, broader measure of slack and participation rate as well at 62.8%.

that is lower than it was. the debate, it's going to heat up. pressure's going to build to give markets a fuller sense of how much slack is out there in the labor market and how quickly could it be absorbed. that's where we are right now. i don't think there's going to be a headlong rush here to raise rates. what i think is going to happen is people right now, they reassess the risk. what does it mean if the end of next year, i have a one and a quarter funds rate as opposed to the built in one. i think those are the parameters of the discussion there. it's a quarter point, what happens if they move in the first quarter of 2015 rather than the second quarter or the beginning of the third? that's the kind of parameters that's being discussed. and i'm hoping places like jacksons hold the fed speech by janet yellen. we get some sense of the parameters. >> you'll be there. >> absolutely. >> front row seats. >> sometimes i want to take a porcupine quill and poke myself in the eye. i know we have to go, but you

know when mortgage rates went down six, everyone said when we hit six, it's going to be a gold mine, gold, jerry, gold, now we're at four, and if we go to six, we're dead. now 1% fed funds would have been a gold rush a number years ago. now we're look at 1% as if it's going to destroy the economy. >> brian, if all you did today, and any day is come into work and lean against the hiser it ya, you go home with your head up and tell your kid you did a good day's work because there's plenty of people out there that are try, that's why i'm saying the risk of fed going up is higher maybe because of the better numbers. pointing out that the numbers are better and it doesn't mean the end of the world, but it is something that a prudent person would put in. get up, have a cup of coffee, go home with your head held high. >> thank you very much for putting it all in perspective for us. >> i feel better now. >> take the quill out of your eye, dude.

take the quill out of your eye. >> okay. >> thank you. so fun managers hopefully don't think about day-to-day, about long-term and making money for their clients. sop let's talk to a few of them. joining us global managering district, also chase midcap portfolio manager. brian, i'm going to begin with you, you get our point, i think steve makes an excellent point which is you can't buy into the day-to-day, you guys look three, five, ten, 20 years out, are you using a weakness to add more or you truly are nervous? >> well brian, i'd like to borrow your porcupine quill sometimes. and i agree with you completely. i think we tend to focus and get worked up about the day-to-day data points and sure, some of your other guests pointed out, these incremental data points, is it more likely that the fed moves sooner rather than later? sure. there are a lot of things going on in the world, instruct by the fact that people are struggling

to explain exactly what's going on today. and you know, part of it is just that we've been in a bull market, it's a rather mature bull market. optimism, we needed to crack some of that and we're doing that. and there's some legitimate reasons, but it's not a reason to run off the cliff. >> and patrick, i think you're in the brian doing it a second ago when hitting the zen, you're in the world too. you said, if we get sort of a 1% day to the upside, no one suddenly says oh my god, this is the start of something massive. if we get a downside, people say is this a correction, how much bigger could this be? it's out of whack, isn't it? >> it completely is. i mean the reality is, nothing has happened in july. the s&p 500 may be at the end of the day is going to be down a half for the month of july. nothing happened. yet, a lot of times investors react and say it's doing this today, going to do this tomorrow, nothing has really

happened at all. and so you have the earlier guest who said does it matter if the rates get increased at the end of of this year and next year. it really doesn't. the timing, if you're thinking as a long-term investor really doesn't matter what other people have been saying. we know interest rates are going to rise. we know how much. we don't know the exact time period, but unless to your point earlier, i think day trading, it doesn't matter and the job of a stock investor or stock analyst is look for good companies at decent prices, tuck them away. >> here's the thing, patrick. if for example we do get a couple percentage dip, so what? we haven't had a proper correction in a couple of years. the problem is there aren't that many cheap sort of safe defensive play places to hide anymore and gold doesn't seem to have kept its safe maven roll that it used to have. what would you do? where would you put your money? >> yeah. no, it's true that a lot of the stocks that when i start in the business, we used to talk about telephones and utilities and

those are the widows and or fan stocks, tucked them away. the problem is many of the utilities are expensive right now. so the defensive names don't look like a good place to hide. so i think, in a case like this, and maybe it's easier for me because i'm genetically meant to be a value investor. you know, there's companies out there that have problems, the stocks aren't at all time highs. i'm thinking of companies like bep which are down because they're scared of russia and gm which everyone hates. you can find companies that have problems right now, and the odds are again if you think out a couple years, those problems aren't going to be as big in the future. you have the opportunity where you can take advantage of other people's short term focus by being a long-term investor. >> you're the same way, so today, hey, maybe stocks you like are a percent cheaper than yesterday, what are you doing today? >> similar vein. i think we're growth investors, so we focus on good growth

opportunities. and those that in this case just reported very good earnings, three of the stocks we ligsed, sky works and all had great quarters, nice moves up on those great quarters. you're getting an opportunity here too buy them a little bit cheaper and we think that's something investors should do. >> do either of you own t-mobile? tmus? >> we don't. >> brian, do you? >> no, we do not. >> thank you very much. the reason i bring that up, t-mobile has been halted. remember, earlier reports out that a french cell phone company that probably nobody here has heard of. >> iliad. >> making a bid for t-mobile. tmus are halted right now. obviously, something going on with t-mobile. >> where there's smoke there's fire. >> what happened to sprint? now the french guy coming out of the blue. making possibly a bid for t-mobile. >> wouldn't than be a surprise? we'll wait and see.

>> well, sometimes you say it given t-mobile's branded color. now under the country that is seeing its second debt default in 13 years. the eighth time in the country's history, argentina. here's haley cohen. >> this is a serial offender. what are the options now for arng tee in a? >> i think we're at a point where the dust has really yet to settle. at the time that i walked into the studio, there are a lot of rumors swirling around that private banks might be trying to negotiate with the hedge funds, the hold out hedge funds, elliott capitol and mml to actually buy their court order off of them and in so doing clear up thises me. -- clear up this mess.

you can expect a lot of dynamism. >> how much anger, haley, is there towards wall street and one particular hedge fund? elliott. >> you know it's funny. i'm american, i'm an american writing for an english source, and i got into a taxi cab this morning and we were chatting in spanish, and you know, they were talking about the default on the radio and my cab driver asked me, you know, have you heard about this? and i said yes i'm a journalist and i have to follow this closely. and he noticed that my accent was foreign. and he said where are you fro from? and i said i'm from the united states. and he clearly kind of tensed up and wanted know explain what interests the american justice system had with the hedge funds. why they had sided with them. what the hidden motive was. he was searching far hidden motive. that is the main reaction i think. if you look at the streets, the reaction that you would expect,

it's a lot more muted than you might expect after a default, because as you've said this is the second default. exactly. been there, done that. so this is not as worrisome to argentina natives as to their natives. . it's also a much smaller scale default than in 2001 and also because of the rumors i mentioned, people are still hoping that there might be a quick resolution to this. >> haley cohen, we hope number one that you have more enjoyable taxi rides in the future. and number two, and number two, by the way, as you probably know and we'll show viewers, since the 2001 default, mandy, the arch tin yan stock market is up 4,000%. complain, maybe rightfully so who knows about hedge funds. all the stock market there has done is boomed.

>> we have phrased this point many, many times on our show. that when you default and you look at the market performance afterwards, frex, russia, 1998, up 3,000%. greece, up 150%. when there's blood on the streets, you buy. >> thank you, that's a good tease. because my piece just went up on cnbc.com live about this. if all the market action is making you hungry. we've got a heap in helping labeled the most unhealthy single meal you can order in america. it's made by publicly traded restaurant, and it is not a fast food joint. we'll tell you who's guilty. >> and he's started eating by the way. reminder t-mobile, we'll have it for you as soon as we get it. stick with us here on cnbc. toffee in the world. de tt it's delicious. so now we've turned her toffee into a business. my goal was to take an idea

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welcome back to "street signs." i have more breaking news on

t-mobile u.s. we are getting confirmation from the company that they did receive an offer, a proposal from french telecom startup, iliad. t-mobile says it has no further comment at this time. currently shares of t-mobile have been halted. we have seen it moving higher on the news today while sprint, verizon and at&t moved lower. as you'll recall, we told you that french telecom iliad put in confirmed that it has put in an offer for a majority stake of t-mobile, valued at $15 billion all cash or $33 a share. we will keep bringing more news as we get it, back to you guys. >> all right. morgan brennan, thank you very much. iliad does trade, ilb is the ticker for that company. named after some fine greek literature no doubt. i think we're going to take a short break. short break and come back, more on the market sell-off when we come back. >> yes. >> the dow is down 220 points. more to do, we're back right after this. don't just visit new york.

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all right, let's hit talking numbers today. and let's talk. the vix hitting the highest since april on the market's sell off. let's talk members of grayson. dave, we're going to start with you. listen it is up today. however, his or itically it is very low at 40. couple years ago, what's your take on the move today? >> look, i mean, first off, i want to make sure he's very clear. vix is a measure of volatility, not market direction. sop look, i think that it's going to grind higher. if you look back when it was around ten and a half, 11, let's say. we are during a period of you know real concern. people were come place sent. sitting on their hands. investors were in trading because they were worried about the economy, they were worried about the direction of jobs and what have you. so, they kind of stepped back and let things ride. it made people a lot of money

last year. so, now we're in a period of change, right. we're seeing the economy pick up, we're seeing change from job's perspective. look at the gdp numbers, it's forcing investors to think about little bit. when you're forced to think, there's a lot of change and volatile city going to pick up. it's probably going to revert back to the 16, 17 level and kind of hoover around here far period of time. >> does the chat say the same thing? hover around here, 16, 17 for a while, rich? >> actually they don't, mandy, it's worse than that, in fact stocks are in grave danl here. and i'm looking for volatility to surge higher, not to grind higher. let's bring up that eviction. i'll show you exactly why. we see this well defined trading range that we've eluded to. in may, we break below that trading range, but we establish a nice rounded base of support which provides the spring board for a move back above the

trendline. that was around 21 in the short term, but if we can, let's look at the longer term weekly chart. that's the chart that should have equity investors concerned. i want to focus on the average, comes in around 1775. we haven't had a weekly close above the 200 week in over two and a half years. the last two times we did close above that level back in 2010. it corresponded with a 17% decline in the s&p 500. 2011, a 21% decline in the s&p 500. that could take the s&p down 1560. that's a 19% decline from current levels. break above the 1775 level. you want to watch out for stocks. >> wow. very scary that you just painted. >> i have we have to go. >> yeah, quickly. give you two cents on that one. >> i love these pullbacks. i love them. bip the weakness here. argentina stuff, short lived. i think you buy the tape here.

>> thank you very much rich, dave, be sure to check out the online edition. so we have talked enough about stocks that are down. there are a few, not a lot, but there are a few winners today. we'll show you a few coming up. and also into our crystal ball to see what retail is going to look like in 25 years. we have the lady for you. right over there. stick with us. tdd#: 1-800-345-2550 trading inspires your life. tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 ...you see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we have intuitive platforms tdd#: 1-800-345-2550 to help you discover what's trending. tdd#: 1-800-345-2550 and seasoned market experts to help sharpen your instincts. tdd#: 1-800-345-2550 so you can take charge tdd#: 1-800-345-2550 of your trading. we do? i took the trash out. i know.

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in a sea of red today, there are oil stocks moving higher. >> primarily, marathon, apache, and tesoro. crude oil is going down. it just closed at more than a four month low as somebody e-mailed me with, more bad news from mr. putin. >> indeed, bad news for putin. in honor of cnbc 25th anniversary, we are breaking out the future of retail. what did you find? >> over the past quarter century, we've seen a number of iconic retailers fade. many others were born. so we surveyed a network of retail experts. their predictions on which will be around in 25 years and join

comp usa in the history books. here are the retailers that indicate will have a better chance of making it to 2039. we'll be living in homes and condos, home depot and lowes will exist with merchandise shifting towards home device. the cnbc top 25 list for a reason, the level of investment and enshoeing innovations may be what keeps it around for 25 years while pushing competitors to extinction. fast fashion will grow in importance for consumers who will continue to expect more options faster and for less. many are better that zara, top shop and h and m will grow at expense of specialty players. including ann taylor and all three teen retailers sooner rather than later. and our survey responded to dinlal downloads and internet access will finally close the book on barnes and noble and

gamestop as consumers access entertainment from home. now online retail in general will likely shudder radio shack, office depot and staples door within the decade if not sooner. staples founder isn't convinced, but points to others in their final days. >> if i were advising anybody, i'd tell them to have smaller stores, get out of furniture, yet have the convenience of having a broad selection close to the consumer, and be gosh darn sure you're really good on the internet, and staples has been a strong competitor on the internet. i think jc penney and sears won't be with us. i think there's a best buy roll that's not going to stop. the secondary players, companies like sports authority or many of the second tier apparel retail lers fall by the wayside. >> so a lot of predictions who have will and won't be here.

probably won't take 25 years for many of these names to disappear. >> i'm interested in what kind of things we're going to be buying in 25 years. when you think about the things, mobile phone in our hands, we have headphones on, carrying plastic water bottles. 25 years ago, absolutely not. >> wearable devices, thins like the earrings could make purchases for us. everything will be smart. computer chips are so small, earrings, watches, anything. >> personal spacecraft. winning lottery tickets. >> everybody be 7'3". >> hey, got to catch up. >> you'll be teeny-weeny for once. the dow is down 241 points. we have a couple of experts with some portfolio advice coming your way. call the cardiologist. this has been called the single most unhealthy thing that you can eat and order normally off a chain restaurant menu. that's it. who's making it coming up. it looks delicious though.

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that's why i always choose the fastest intern.r slow. the fastest printer. the fastest lunch. turkey club. 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. office picking up steam, dow jones industrial are at session lows. the dow is down 258 points. to 16,621. s&p 500 is down about 1.6%. this would be the biggest drop for the dow in about four months

time. mandy, sell off picking up steam with a just a little bit over an hour left until the close. >> yeah, unusually heavy volume and broad weakness is what we're seeing. underarmor investors are having a good year. stock is up about 56% since january and making a big bet on women. the to drive future growth. let's go live to the ceo of underarmor, over to you. >> thank you very much, mandy. and we're here today at one of the biggest marketing events ever for underarmor. and it is focussed on women. kevin plank, i do want to get to some of the concerns out there right now. we are seeing the steep market sell-off. but first today, women. you have a $500 million business on women, why now, especially at the start of football season? >> well it's certainly not a launch, absolutely when you have a $500 million base that we've pain stakingly built over the last, not 18 years, but women have been coming since we started back in 1996. all the way up to the first women's line in 2003 that didn't

make it to market to where we are today with women of note like misty copeland, the -- >> ballerina? >> absolutely which is unique. lindsey vaughn whose been with us for seven or eight the last or eight years. also kelly o'hara from the u.s. soccer team. we have them i think articulating for us and making this transition from under armor being just about the female athlete to being a story about the athletic female. we really want to embrace that conversation saying don't just think about us as sport bars and compression shorts. there's much more, much more style, style is cool and style is incredibly important for us. >> but there aren't a lot of big players. nike already has $500 million women's business. gap. lululemon even though it is suffering. you aren't scared off by the competition here? >> we've never been scared of anything. i don't think anyone else controls the destiny of under armor. we have this opportunity to build really a great business. not talking about size but something where our women's

business frankly has been outpacing the growth since our ipo in 2005. our women's apparel business is clearly growing in the right way. >> i want to talk about another strategy -- international. i know you have high hopes for international growth. this coming on a day when we've seen an argentine sovereign default. chaos in the middle east. russia sanctioned. is now the time to be going international? >> with less than 10% of our sales coming from outside of north america today, we think there is a huge opportunity. last two quarters our international business has been up 79% and 80% respectively so there is an incredible amount of demand. we see it frankly only growing. the brand is in a really unique place right now. we have growth drivers coming from everywhere. men's apparel, women's apparel, fo footwear. our definition of a global brand, which is our absolute goal, is where we say half of our revenue should come from

outside our home country. without question, if you think about the opportunity, do the math. just see how big we think it can actually be for us. >> you see domestic consumer. we're going into a jobs report tomorrow. wage growth is expected. does that factor in to your forecast? >> one thing about under armour certainly we have our own vision. there's been difficult tape and good tape. we sort of reporting our 17th consecutive quarter of 20%-plus growth. something we're incredibly proud of. under armour has a lot of momentum right now, not to be tied to anybody else. we are a pretty unique story. >> kevin plank, founder and ceo of under armour. not dissuaded by some of the

disturb lens out the turbulence out there. keeping a very close eye on the sell-off, the dow down 250 points right now. selling just continues. let's join the cio of hennessey hundrefunds. mike holland. we don't want to make too much of a 1.6 drop but what is your take on today? >> it is news because over the past pretty much three years we haven't had had too many days like this. i think the last hour is pretty important today. it is the end of the month. most of the time when we've had these kinds of sell-offs over the last couple of years we've had a come-back very quickly. my friends who are bearish or out of the market or even short the market have been very unhappy with this. if we can get a breakdown for them at the end david, maybe we'll have a few weeks of real correction and they'll make some money. >> neil, what do you think is going to happen? >> i think you might have a little bit after sell-off here. most of the hype has been in the social media and biotechnology

sectors. and those companies are from a price to sales ratio, pe ratio, earnings ratio, whatever you want to say, they're completely way out of whack. we minds me in back of the late '90s of the dotcom book in that sector when people were saying the plashmarket is overvalued. when you look at what companies are doing and have done, on one side productivity and earnings are up. cash is rising. you have debt on the other side going down. you got costs on the other side going down. so companies are very well positioned to go forward. but people are just looking for a short-term correction. i was telling somebody in my office today, it is sort of like watching a dog eat breakfast. it is ugly sometimes but it is short. it's over. >> it's ugly but it is also very broad-based, neil. i totally hear what are you saying about some of the overvalued sectors like biotech and social media which have had their routs. but today it is pretty much broad selling across all

sectors. where do you think that money is going. as we tried to illustrate earlier today, it is not going into traditional safe havens like gold. it is just going into cash? are people saying the run's been good, i'm okay to just pull a little money off the table here. >> i think it's going into cash. i think some of it may go into dividend paying stocks but not on a day like this when you're down 250, 300 points. when you can go out and buy a chevron and exxon -- and i know oil is down today -- you're going to get approximately a 3% yield which is better than what you'll get in a 10-year treasury, why not buy them when they're down here? plus we have $3.4 trillion sitting in mutual funds, fixed income products, that's got to go someplace at some point in time, mandy. >> neil and mike, thank you for your opinions. always great to have lots of different opinions on a day today. if all the market action is making you starving, and if you would like to eat two or three days' worth of calories in a

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crazy about a sharp dressed man. >> i would agree with that. also, thank you very much to all of our viewers. thanks for watching "street signs." "closing bell" is next. stocks rocked here to close down the month of july. welcome to the "closing bell" on this july 31. i'm kelly evans at the new york stock exchange. >> i'm bill griffeth. depends on who you ask if you want to know exactly why stocks are down. there is a number of reasons. we will get into all the possible scenarios. but the bottom line is, stocks are now negative for the month. a major averages are. first time since january. the global uncertainty feeding in to those red arrows looks to be continuing into the month of august. as we stand here, we're at the lows of the day right now for the dow. >> the trading across europe, we saw a lot of those