putting itself up for sale. herb greenberg, thank you for your e-mails. and mandy, you're welcome with the redo. i botched it the first time, but i made up for it. >> you're a great sport. "closing bell" is coming up now. and welcome to the "closing bell." i'm kelly evans at the new york stock exchange. >> and i'm scott wapner in today for bill griffeth. so, kell, the market was waiting for janet yellen's big speech, waiting for mario draghi's big speech, and you get the feeling as though the market is still trying to figure out what they said and what it means, because we're not really moving all that much. i don't know what your take is here, but i think people were looking for a little bit more. >> steven stanley i thought nailed it when he said this speech -- referring to janet yellen's -- was far less about making a full-throated defense of her personal views and offering a fair and even-handed survey of the issues to be discussed over the weekend about

the labor market. >> i heard comments such as wishy-washy, you know, maybe she moved back to the center, it wasn't nearly as dovish as it could have been. >> they don't knoech. >> they're saying it wasn't hawkish either. >> we've seen those before. instant reaction just ahead from pimco's bill gross. we're going to find out what the man they call the bond king makes of today's comments from the top two central bankers in the world. >> can't wait for that. and just when you thought your privacy couldn't be violated any more, comes word that if you have g-mail on your smartphone, there is a weakness that allows malicious apps to obtain your personal information only more than 90% of the time! you heard that right, more than 90% of the time. we're going to talk to a cyber security pro to find out what, if anything, you can do to protect yourself. >> right now, we're watching markets. with an hour to go after hearing from both janet yellen and mario draghi, the dow jones industrial average is off 27 points. it's hovering around the 17,000 mark. we'll see if that holds as we head into the close.

the s&p also negative on the session by 2 1/2 points. the nasdaq, though, slightly positive, helped by some strong earnings that we were first talking about here yesterday during the program. >> all right. joining us now in our "closing bell exchange" is jim kan from weather enhancement advisory services, rob morgan from v2v associates and kenny pulcari. also joining us from jackson hole is steve liesman. kenny, i want to begin with you. did you hear what you were expecting or had hoped for from either ms. yellen or mr. draghi? >> no, you said it, it was just luke-warm, right? it wasn't super dovish, but nor was it super hawkish. they both remain concerned. what did we learn out of it? not a lot. so, i think for the most part, i think most of the time, jackson hole is really used for more academic, broad economic discussion and concepts. and so, you know, rarely are you going to get something so market-moving, and if it was, it would have been, you know,

dissected and pulled apart and then redissected and reanalyzed. so, quite honestly, i'm not necessarily surprised that we didn't get much. i don't think the markets are necessarily surprised. i think the market still thinks it's steady as she goes, easy money going out for as long as we can see. >> you know, it's so interesting to contrast, steve liesman, how the u.s. is doing in this economic recovery with europe right now, because mario draghi sounds almost desperate for europe's politicians to help them out and get their recoveries back online. >> i think that's right, kelly. i think what he said here is i've got a bunch of stuff in train. i've got the ltros happening in september, we're working hard, fast on the abs purchases. i don't think there was any reasonable expectation that draghi was going to announce anything new. he did say, as he said before, they stand ready, if needed, to do other unconventional measures, including, he didn't say qe, but that's implicit in what he's saying. what he wants is for the fiscal side to step up. he wants to stop the deficit

reduction going on over there, and he compares and contrasts the u.s. with europe and finds that the u.s. backloading its fiscal deficit reduction had a much better effect on unemployment than they had in europe. so, he's exactly right. i think he's begging them to do more, because he says he's not really doing more beyond the substantial measures announced in june. >> steve, as people are reaching for their acronym playbooks looking for ltro, they have no problem understanding qe, okay? and if they wanted an announcement today or any sort of lead-in to full-blown quantitative easing, the proverbial bazooka from draghi, they didn't get it, yet. >> no, but that was silly, scott, because draghi is not going to come to wyoming and announce qe here. he would announce it at a meeting that would follow a central bank ecb meeting in europe. that's where and when he would do it. and he didn't even hint at it here in the sense that he just used language that they've used in the past. that was not coming today, and i

think it was wrong to have expected it. >> there is, rob morgan, though, a sense that just going back teach the people invited to jackson hole. remember, the list changes all the time. they even like to pretty much keep the itinerary close to the vest, because there may be discussions that bear fruit in the months ahead with regard to central bank policy. and look, there's an argument right now that perhaps there needs to be more global coordination. are you sympathetic to that at all in that sense? do you think there might be more to come out of jackson hole than we can sort of see on the surface of things? >> well, certainly, kelly, that could be the case, but even though draghi didn't mention qe explicitly, their unemployment rate is still attractively high. it seems obvious that they're going to have to bring out the bazooka. and even though no news came out of today, from a market standpoint, that implies that the euro's probably going to be weak, the dollar's going to be strong. that means u.s. small caps should do well and u.s. commodities in the energy and

materials space probably suffer. so, even though there wasn't a lot of news today, i think that underscores part of our investment thesis. and yes, hopefully there can be more global coordination. >> what is that thesis? >> basically, we like, we prefer small cap u.s. stocks here that are growth-oriented, and we like the cyclical sectors, but we would underweight some of the defensive commodity sectors, as i said, like energy and materials. >> hey, jim, love the name of your firm, wealth enhancement advisory services. so, on a day like today in a market like the one we're talking about with stocks basically at new highs, the s&p, what advice would you give me to enhance my wealth today? >> well, the best advice we can give you is to, you know, be smart with your tax planning and save, but besides that, we would tell you that u.s. large caps look relatively attractive. so, evaluations have gotten a little bit stretched. contrary to what the last guest was saying when we look at

valuations on small cap stocks, we think they look pretty expensive, and we've been rotating out of small caps. when we look more globally, we do think that a stronger dollar bodes well for emerging markets, and we certainly heard today that the dollar's likely to be stronger. that's going to encourage export-oriented economies like china and india, to some extent, that's going to encourage growth in those places and some of the malaise we've seen in emerging markets we think will come to an end as the u.s. strengthens and the recovery here gathers strength and the dollar strengthens relative to some of those currencies. >> and we'd also like to bring in sharon starks into the conversation from d.a. davidson and company. sharon, do you still think the 10-year is going to 2.35%? it's not a far distance from about 2.4% now, but do you still feel that way, like interest rates are headed even lower? and if so, what does that mean for investing here? >> i think there is a possibility, simply because there's still some buying that needs to be done of accounts that, frankly, were shorter duration than they needed to be,

and also, they need yield. you also have banks that need to prepare for the liquidity coverage ratio requirements that are going to be put in place in 2015. so, i think there is still some buying that needs to be done that could take it back down to that key resistance level. but then, of course, going into next year, hopefully as the economy continues to strengthen, we are looking for rates to rise through 2015. >> hey, steve, you know, we wrap things up from jackson hole and try and figure out what ultimately the biggest takeaway is going to be. and by virtue of the way that janet yellen spoke today, some saying that she moved back towards the middle, acknowledged certain views that had already existed within the fed. does she at least increase the debate, if nothing else, inside the room, as to the best course in the nearest term for interest rates, given real concerns over unemployment, whether the labor market is suffering cyclical or

structural issues? >> i might just tweak what you said. i don't know if she agrees to it. i think she reflected the debate that's going on, and we learned more about that debate in the minutes this wednesday, scott. i think what happened was i was a little bit surprised yellen didn't give more of a defense of the notion of labor slack in the economy, and i think it's somewhat significant she moved to the center. i think the significance of is that is it increases her flexibility to move if we do, in fact, get an increase in the reduction of labor slack in the economy. i don't think there is any plan to do that right now. we talked to a bunch of centrists. we interviewed five fed presidents here, including, you know, john williams, jim bullard. jim bullard's one of the ones that wants to go earlier, but john williams and dennis lockhart from atlanta, they're still in mid-2015. in fact, dennis lockhart's quote was "i'm still a mid-2015'er," so we get that. and ultimately -- go ahead, scott. >> i was going to say, steve, i heard you said, it could have

been six months ago or every month there out, that what the fed does is going to be data-dependent, right? and we leave jackson hole with essentially the same scenario in place. everything is data-dependent from here forward. nothing has dramatically changed. >> no, you sound disappointed, scott. i'm sorry about that. we do our best out here to give you the information, but -- >> no, no, i think the market is looking for a little bit more. >> would you have it any other way? would you have them be dogmatic about it, rather than be data-dependent? >> no, i'm not disappointed at all. i mean, i would expect -- i say it somewhat sarcastically, in that of course -- >> i'm joking. >> -- everything is going to be dat data-dependent, right? but some people were expecting her to be a little more dovish, there were risks in the market that perhaps she was going to be a little more hawkish and they really got a vanilla speech. >> look, what we got was follow the u-6. what we got was follow part-time for economic reasons. what we got was watch this debate internally about how much is structural, how much is cyclical. i mean, personally, i don't want

the fed to do anything but that, rather than stick to the ideas they've said. fact is, she's ready to change hir her mind if data changed. that doesn't appear to be the case right now. and remember, scott, these guys have been burned by predicting this turnaround and backing off repeatedly. they don't want that to happen again. >> i agree with you, steve. >> quickly, we have to go, but let me ask you about this. steven stanley raised it in his note this morning. he says "at least a handful of bank presidentepresidents," and includes bullard in this is statement, saying we should forget about the labor market and focus on u--6," they're as agitated as i've ever seen anyone on the fomc. he thinks there's actually a lot more internal unrest here than meets the eye. >> i think there is unrest, and i think that's part of the reason why janet yellen has moved a little bit more towards the center of the debate, giving a very even-handed discussion here. but i don't know how much that's

going to change policy. remember what they've said, that they're going to wait a considerable period after the end of qe before they raise rates. i just don't think they're in a position now, or even that the data support going back on that pledge right now. >> right. >> but that considerable period, maybe it's march as opposed to june. that's a distinct possibility. and i walk away from this meeting thinking march is a possibility and june's a possibility, whereas maybe before i gave less probability to march. >> well, i hope you got some good hiking in, too. thank you, steve. thank you, everybody, we should say, this hour. we've got about 45 minutes to go here into the close. look at this, the dow trying to make a comeback here, only off about six points now at a level of 17,033. at the highs of the session today, we were up 25. we'll keep an eye on it. >> s&p is down about half a point. any positive close for the s&p, kell, is going to be another record high after hitting that mark yesterday. there is a look at the picture. s&p's virtually flat right now with about 45 minutes to go.

up next, pimco's bill gross gives us his exclusive reaction to the jackson hole speeches just delivered today by fed chair janet yellen and european central bank president draghi. wait until you hear what the head of the world's largest bond fund is reading between the lines. also coming up, what will the changing of the guard at home depot mean for its stock? the home improvement giant naming u.s. retail president craig menear, who i interviewed a few weeks ago, as the next ceo. we'll hear about that and whether home depot is a must-have stock. and later, what can you do to safeguard your e-mail account, which researchers say can be hacked? your e-mail account. what did i say? >> g-mail, e-mail? >> your e-mail account. isn't that what i said? i don't know. e-mail, g-mail, everything. it can be hacked with a 92% success rate. 92%. there's like a voice in my ear. e-mail, g-mail. we're back after this. once there was a girl who never settled for ordinary.

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welcome back. the big event of the day, federal reserve chair janet yellen speaking in jackson hole, focusing much of her commentary on the labor market, which she says still isn't where it needs to be, but an economy that is getting closer to where she

wants it. >> well, the bond king himself was listening intently today, and pimco's bill gross is here with his reaction. bill, welcome. good to welcome you back to the "closing bell." >> thank you, scott. nice to be here. >> all right, so, you heard from ms. yellen, mr. draghi. what'd you think? >> well, i think, you know, we've heard talk about two-handed economist and vanilla. i think the best description in terms of today is all hat and no cattle. i mean, they're out there on the ranch, and i've been out to jackson hole, not at the fed meeting, but riding horses at the grohan river ranch, which is close to steve. and so, today's discussion from draghi, from yellen, you know, basically all hat, no kettle. they talked about things they've talked about before. it doesn't mean that the fed and the ecb aren't in a position to do additional things. they are. but at this point, we didn't learn much that was different relative to what we knew yesterday. >> you know, it's funny, bill, i hear a lot of people, and

obviously, you do as well, that the fed is behind the curve. and i just wonder if we come out of mr. draghi's speech and i'm already hearing from some people that the ecb, in fact, they're the ones who are actually behind the curve, that maybe people were looking for mr. draghi not to announce any sort of thing here. we know that's not the forum. but do something more than just urge fiscal lawmakers to do more over in europe. >> i think so. again, the market wants to hear quantitative easing. it wants to hear deimplementation of the ltro. they want to see something that in effect, scott, drives the euro down and the dollar up and makes euroland more competitive on a currency type of basis. i mean, there are limitations in terms of what draghi can do. the german 10-year's at 0.98%. the u.s. 10-year's at 2.4%. and so, you can see the room

that draghi has to move, and in terms of the margin relative to zero. so, what draghi can do in terms of quantitative easing is not necessarily buy a lot of bonds but suggest to the marketplace that the ecb will be where it is for a long, long time. while they've done that with the ltro and basically, you know, guaranteed financing for three to four years going forward, but what's really needed here is a policy to drive the euro down, and you know, perhaps structural reform can do that to some extent, but i would think it involves more of a longer-term promise that financing will be kept really low for a really long time. >> and long-term refinancing operation is what ltro refers to there, for people who are following along. bill, so, i wonder, we've seen this massive compression trade in european government debt as a result here. we're seeing, as you said, they would like the euro a little bit weaker. that's been accomplished here on the back of a stronger u.s.

dollar. i mean, is janet yellen the new face of the strong dollar? >> i think she could be. and of course, as steve mentioned earlier, you know, it's down to whether it's march or june. and then there are arguments for either one. i think most important, though, and many would agree, that it's not just when the fed starts, but it's the slope of the increase going forward. i mean, we know that the sun will rise in the east, and usually it's around 6:00 in the morning, but we don't know in exactly what season it is, whether it's summer, fall or winter, and you know, the slope of the sun over the horizon. and so, that's the critical element. that's where pimco believes that with our new neutral, which basically says the fed, yes, will increase interest rates, yes, will strengthen the dollar, as you mentioned, but you know, will stop somewhere around 2% as opposed to 3.5% to 4%, which many fed officials --

>> which is different. we asked whether it's goldman, where they still think it's going up to 4%, we asked dennis lockhart about this. he says it's probably 3.75%. i mean, nobody else really has this view that you guys do. >> well, they don't, you know, except for -- and let's insert mr. carney at the bank of england, who suggests that their longer-term new neutral is really 2.5%, as opposed to 4% to 4.5%. in other words, he says half of what it was. and so, we have some academic and policy-maker, you know, coordination with the pimco view that, basically in a highly levered economy with structural headwinds as the fed has submitted, that it's more appropriate to approach real interest rates and to approach the fed fund's nominal rate at a certain percentage of what it was historically. it's hard to believe to our way of thinking that, you know, given the leverage that we have

and the sensitive nature of unemployment and consumer purchasing power that the fed could really raise interest rates to 4%, which would mean mortgage rates at 5.5%, and we could have a thriving economy. that's the ultimate debate. >> bill, ms. yellen could have been more dovish today, right? she wasn't. she moved more towards the center, people say, not that she was hawkish in any stretch of the imagination. but at what point does the market start to react from a bond perspective and yields, that it perceives her to be moving away from this uber dovish tone that she delivers on a fairly regular basis but chose not to today? >> well, she will get closer to that. i mean, if june 2015 comes closer, and that does every day, then janet yellen will move to a more neutral stance relative to that point in time. but to my way of thinking, to pimco's way of thinking, her ultimate focus is on wages, it's

on main street as opposed to wall street. and going forward, you know, the interest rate trigger for her is the level of wage increases. she and other fed officials, such as john williams of san francisco, you know, they need to see compensation approach or exceed 3% growth rates annually before inflation poses a threat. and we're currently at 2%. so, you know to my way of thinking, it is a considerable period of time, and that is, you know, at least six to nine months before, you know, yellen and others at the center of the fed, at the center of policy-making are willing to take that first step. >> you know, bill, you're always good at the naval gazing stuff. and as we head back to school here, i just wonder, what did you or what did we all collectively learn this summer from the behavior of these financial markets? >> well, i think we learned, and i think it's an affirmation, at least to this point forward, of pimco's new neutral thesis, which basically says that, yes,

prices are artificially high, interest rates are artificially l low, all assets, you know, are in those, not the stratosphere, but in the, you know, at a certain elevation that isn't normal. but if interest rates can stay relatively low, can stop at 2% to 2.5% in terms of fed funds, as opposed to 3.75% that you mentioned, then pes can be supported. and we've seen that with the stock market, despite the, you know, the slowdown in terms of retail sales and the growth rates of the consumer, which buttresses the main part of the economy. so, i think the new neutral really is taking effect not just in bonds but in all asset markets and sort of stabilizing volatility now and going forward. >> thanks so much. we appreciate your time exclusively today with us on cnbc. >> you're welcome. thank you, scott. thank you very much. >> all right. 35 minutes to go before we close

it up here. dow's still down 15 points. remember, any positive close for the s&p, which is currently off a point, would be a new record high. >> yes, it would. up next, the market may not be moving much right now, but some big-name stocks hitting record highs today, and morgan brennan will round up some of the movers. plus, home depot names a new ceo. we're going to hear from him in an interview that kelly did earlier this month, and we're going to take a closer look at the stock as well. the pros tell us where they see it going with craig menear at the helm. with all the opinions about stocks out there, how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today.

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welcome back. let's take a look at the dow as we wind down the week, and what a week it was. we've seen the dow now climb back above 17,000 for the first time since late july, closing at that level yesterday. today wasn't quite clear a few minutes ago if we were going to hang on, but so far, being off only 18 points leaves us at 17,020, down about 0.1%. same for the s&p 500 at 1,990. the nasdaq is again bucking the trend, up about 0.25%. >> morgan brennan rounding up today's movers for us. morgan? >> thanks, scott. we begin with carriage green mountain on news it signed a deal with kraft to sell coffee packs with its brewing machines, up about 14%. deere moving lower, laying off another 460 workers due to weak demand for its agricultural products. mcquarry also downgraded them from underperform to neutral and cut its price target by 10 bucks to $75 a share. so, deere is trading down about

1.5%. meanwhile, foot locker gaining ground after the athletic apparel and footwear retailer posted stronger-than-expected second-quarter results. foot locker is trading up a little over 3%, nearly 4%. and we end with three big names, apple, disney and macy's, all hitting record highs. apple's up about 0.75%, disney up just about 0.5%, and macy's is trading 2% higher. kelly and scott, back to you. >> all right, morgan. thank you so much. >> thank you. meanwhile, home depot's stock today moving fractionally, but investors are still buzzing about the announcement that its u.s. retail president, craig menear, will become ceo effective november 1st. i spoke with menear at a home depot fulfillment center in atlanta earlier this month, and here's a reminder of what he told me. >> the future i think is incredibly bright for the home depot. we look at the interconnected retail world as a growth opportunity for us. if you think about 2013, our company grew $5 billion in

total, and about $900 million of that came through homedepot.com and our interconnected retail opportunities. and i think as you look forward in the future, that's really an enormous opportunity for the home depot and its shareholders. >> well, for more on the future of home depot and the outlook for the stock, we're joined by laura champine and cnbc analyst stacy widlitz. laura, should investors expect home depot to miss a beat without blake? >> you have the team in place, carol tomei backing craig up. there is a new head merchant, ted decker, and has tough shoes to fill reporting to craig. hopefully, craig menear can help him on the merchandising front. ted is more of a numbers guy. we'll be watching that role very closely. >> and stacy what do you think craig's biggest challenges are as he inherits this mantle? >> yeah, as laura said, really

big shoes to fill here. expectations now for home depot are extremely high, as high as they were coming into the quarter now that they blew away the numbers, you know, also considering that there have been some mixed numbers in housing out there and from some of the retailers, you know, that, again. but we look at a two-year trend in the comp. it was the highest in over a decade. it's phenomenal. >> laura, what did we learn this week as we heard from both home depot and lowe's? >> home depot just continues to take share, and they're taking share in some key categories, like appliances, where they don't have a history of being a leader. so, home depot getting better and better at what they do, which is accept reasonable margins and use those excellent price points and good cost structure to put pressure on everyone else in the space? >> because let me flip it around, stacey, then ask the which, which is, what are the biggest risks here in a strategy that right now is paying off quite well? >> so, again, it's the expectations are incredibly high, and also, it's the transition here.

there is always transition risk. obviously, craig has been around a long time, since '97, but you know, we'll see what happens with the culture. there is a lot of investing to do here to keep the momentum at home depot and also think about lowe's. lowe's has really been a big laggard. they've undercomped home depot by about 2% for about five years here. so, if they get their act together and nip at the heels of home depot, that's a risk. but also, don't forget, sears is under intense pressure. will they even be around in five years? and they have a big appliance business, so. >> laura, moving beyond just the immediate issue of a ceo transfer, which stacey accurately obviously says is fraught with risk at some point. is there one area at home depot that they really need to watch out for where lowe's is looking and saying now is a real opportunity for us to pick up some lost market share or anything? >> lowe's seems to be working hard on an e-commerce strategy and becoming more of an omni channel retailer. frankly, i think that can be a

distraction to what's happening in the stores. home depot's been very successful online, and it's still 4% of revenues, just not enough to move the needle. so, no, i don't think anyone's nipping on home depot's heels in any real way. >> but you have a buy on lowe's or what's your rating on lowe's? >> we have a accelerating on lowe's. >> you have a sell on lowe's and a buy on hd? >> we have a neutral on home depot. they've had a great couple of years. i think frank is going out on top. >> wow. >> stacey, you want to just echo that, lowe's versus home depot? >> yeah, i mean, i would stick with home depot here. you also have to remember that they have that probe business, the high-ticket business, a much larger percentage versus lowe's. and the big-ticket business, the comps were up about 8%. so, that's really driving the stock here, too. >> great point. stacey and laura, thank you both. good to see you this afternoon. have a nice weekend. >> you, too. >> you, too. 30 minutes to go. dow's off three points, the nasdaq's positive by nine. >> and guess what, home depot is the biggest leader for the dow this week. it's up more than 8%.

up next, it's vegas, baby, not atlantic city. jane wells hits up sin city, where she'll speak with hotel king sam nazarian, who's opening a new property, very different from south of here in new jersey. we'll find out why vegas is thriving while ac is dying. stay with us. financial noise financial noise financial noise but parallel parking isn't one you do a lof them.ings great. you're either too far from the curb. or too close to other cars... it's just a matter of time until

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welcome back. all day our very own jane wells has been living it up in las vegas. she joins us now from the new sls las vegas, which is the first hotel casino, in fact, to open on the strip, scott, in five years. >> jane chilling in a cabana earlier today. jane is out of the cabana. now she's in a casino, joining us alongside sam nazarian, founder and ceo of sbe, the group behind the sls chain. guys, it's great to see you. mr. nazarian, i'll ask you first, does vegas really need another casino? >> well, did you hear that? >> well, i think, you know, vegas is coming back stronger than ever. and what we've done is we've taken an old casino, a historic building, and really brought it back to life. we've infused it with over $314 million of true equity.

we've on the other hand wned it. and the fundamentals of vegas are stronger than ever post 2007. unemployment's down, the local economy's up, and we're also delivering a connectivity of southern california and l.a. and new york, miami, that really is unrivaled. with the hotel brand and a company. >> you know, you got in here in 2007, the worst time. you're on the north part of the strip, the worst place. things are changing, but there must have been a time when you thought, i'm out of here, this is not worth it. >> you know, i've got to tell you, there were many times where people questioned why we're still here. our partner, capital partners out of san francisco, held on, we held on. we held the hurricane that came through las vegas, the north end. but you know, i've got to tell you, what's happening now and the good news on the eve of opening up 1,600 rooms and 2.5 million square feet is really the convention business is up, spend per day is up. people call it the north end of the strip, but we're in the center of las vegas, and between

the connectivity of summerlin, downtown vegas, the revitalization they're doing there and also ultimately downtown, the strip south. so, we think we're in the heart of it. we love our position, we love the economy, we love our product. we couldn't be happier. >> you know, you are expanding all over the world, but you're such a believer in vegas, you are now a nevada resident? >> yep. >> tell me why. >> well, i think for me, more importantly as an entrepreneur and as our company now is international, we're in the middle east with our restaurants, we're in china with our hotels, you know, nevada really brings a quality of life to our employees that really, i can't, you know, bring employees on board, you know, executives on board. vegas is exactly the epicenter of what we do as a company. you know, we're a campus-type effect. all of the brands in this building are ours -- >> plus, the taxes! >> the taxes help, and also, it's a much more pro-business state from governor sandoval down, earlier today, we had governor reid here today. across party lines, everybody wants you to do really well. i'll give you an example.

we have 3,400 employees that we put to work today, well, a couple days ago. we had 117,000 job applications. in context, when city center opened and jim, my mentor, told me this, city center with 12,500 applications, about 62,000 applications. >> wow. >> so, right now we're very excited where we are. the whole north end is changing. there's already new capital coming here from malaysia, to australia, from mgm. so, we're cautiously optimistic. we're hat in hand humble and excited to open. >> sam, is the cocktail, so to speak, for success in las vegas still has to include much more than just the gaming, right? i mean, i'm looking at the list of the kind of restaurants and the kind of celebrity chefs that you've involved yourself, some very well-known chefs, very well-known concepts. you're obviously well known for the nightlife gig and that you've brought to various

casinos around las vegas. is that still the key to success? >> well, it's a great question. i think, really, it's become kind of polar opposite. we're now most of our total revenue, if you look at a project this size, 70% is coming non gaming and coming from hospitality, which is your main profitability driver at 70%. food and beverage, entertainment are huge. one of the things we do, we are known for entertainment and food and beverage. these are all our brands, so we can bring these brands that are well known, that are approachable, affordable, more importantly. we have a burger for $10, we have griddle that's $10. we have unbelievable food known around the world, but we own them all. from an roi standpoint, we have 4 kitchens delivering 14 restaurants. so, from that standpoint, it's helped us grow our company around the world, but from an entertainment standpoint, nightlife, vegas is the center

of nightlife. we don't have to outsource anything. there's nothing in this building outsourced. it's run from one group from an roi and a customer perspective. >> sam, if i could, kelly here, i want to ask you a little something unorthodox, but as you talk about the nightlife and the restaurants and all of that, i wonder, especially as you get older, do you have any qualms ethically about being in charge of a huge hospitali hospitality-entertainment, sort of face of las vegas kind of company and brand? >> it's a great question, and i don't go to nightclubs anymore, very rarely. >> oh, come on, you're not that old. >> it's not about my age. literally for me, the way i run my company, i have presidents that run each vertical, and entertainment is one. the guys who run that division have been with me for 14 years. and it is, you know, you've got to stay relevant. you've got to understand trends. nightlife and entertainment to us, whether it's on sunset boulevard or on collins in south beach or a new hotel on park avenue, gives us really a view into the future.

so, as we're building these billion-dollar projects, we have a little context of what this next generation likes, wants, likes to communicate, socialize. but to answer your question, you know, it is a fine line to walk. compliance is a big issue. we're probably the only l.a., vegas and miami nightclub company that has a full compliance team, and, you know, we've got to be very conscious of that. >> for all the development on the north end of the strip, there is one big, empty building right out front, the fountain blue, which carl icahn really won't say what he's going to do with. what's going to happen with that? it's just sitting there. >> i can tell you that, obviously, the fountain blue is the tallest building in nevada, 57 stories. and around it, the good news is, the skeletons around it, the old echelon now is going to be resorts world. across the street, it was going to be a $6 billion project, is going to be a crown hotel by packard. both announced since we started

construction. and they're all going to be between $1.3 and $1.7 million at key. another was acquired by blackstone. the old hilton was acquired by westgate. >> all right. >> so, my point is, that's next. our friends over with icahn say that they bought it cheap and they're going to do some good stuff with that. >> scott, ask carl that next time you talk to him. back to you. >> sam, real quick before we let you go. atlantic city. if you were a consultant, can it be saved, fixed, or not? >> i think, you know, we're the king of adaptive reuse and, really, we're like the dance team in neighborhoods. we went there in hollywood when hollywood was nothing in 2004. now it's the center of l.a. and here, obviously. you know, it depends property specific and your demographic and loyalty-based system and also the integration of the flow. we're talking about revel, and revel, the one big issue with revel was everything was outsourced. so, the continuity of really trying to cut costs, cut labor,

some of the rooms online. we have 50% of our business here in las vegas is the convention business. convention business is up. 41 million people came here last year. it's going to be higher this year. you know, i'm not an expert on atlantic city, but i think really it's a property-by-property conversation, and i think, you know, maybe we'll look at that down the line. >> thank you, sam. >> sam nazarian and our jane wells, we thank you both so much on the eve of opening that hotel-casino. scott, are you going to be paying a visit? >> i wouldn't mind. >> be sure to tune in. >> believe me, he knows -- >> i think we have a reservation for you for tomorrow night. scott, you're coming in tomorrow night, right? >> yeah, him and aaron. >> i may have been to hyde before. he knows what he's doing. let's put it that way. >> thank you both. be sure to tune in to "closing bell" on monday when keith smith, the ceo of boyd gaming and the pioneer of the borgata real money online gaming site will be joining us here on the "closing bell." all right, 15 minutes before we close it up here on this friday. s&p losing a little bit of steam

here, down about 4.33 points. the dow is moving the negative way as well, down 40.5. coming up, a wall street pro gives us his back-to-school list of grade-a stocks that could score high marks for your portfolio. and don't miss diana olick's list of the hottest real estate markets for home flipping. and you may be surprised, but homing is not only back, it never left. we're back in a moment. where the reward was that what if tnew car smelledit card and the freedom of the open road? a card that gave you that "i'm 16 and just got my first car" feeling. presenting the buypower card from capital one. redeem earnings toward part or even all of a new chevrolet, buick, gmc or cadillac - with no limits. so every time you use it, you're not just shopping for goods.

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welcome back. the dow here trying to stay above that 17,000 mark, but art cashin just telling us, dom chu, athat it looks like we've got more selling orders coming in on the close here as the dow's off 38. >> yeah, as we head toward the close, there is at least a bunch more in terms of sell orders to try to match off at the close, so you might see a little downward pressure. but still, again, it's been a light week of trading so far. a lot of vacations happening right now. and despite the fact that we had both yellen and draghi both speaking, the central bank doubleheader, it didn't give traders that much of a reason to really, really pull the trigger on any kind of sell orders that they had. so, again, we're drifting kind of just off the lows of the session. but let's be honest, guys, it's been a nice run so far this week for the stocks overall. if you look at where the action was on the winning side of things, industrials, tech and financials. that's a nice thing to see if you're bullish in this marketplace to see those

particular sectors doing well. in terms of the laggards, you saw energy because of oil prices still near their six-month lows, material stocks, also telecom stocks, the relative underperformers this week. but overall, again, lighter volume trading. we can move things around a little bit. generally, the tone's been to the upside. remember, we're just maybe four or five points away from all-time highs on the s&p 500 and still hovering at that 17,000 level. so, guys, it would be tough to say that this is a down, down day. we had a lot of catalysts that could have forced it lower, but we held up pretty well in today's session, guys. >> sounds like the theme year to date, dom. thank you very much for now. only ten minutes to go. dow's just lost that 17,000 mark. later, defense secretary chuck hagel with a sobering warning about the terrorist group islamic state or isis, the same group which murdered kidnapped journalist james foley. how worried should the rest of us be, from main street to wall street? we're going to talk that out with defense experts coming up.

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all right, welcome back. there's your picture on the street.

about six minutes to go. it has some work to do if it's going to get there. let's bring in david darst, our good friend, of course, an independent investment consultant. what's on your mind? pretty good week for the markets. >> excellent week, scott, and an excellent month. and a lot of the things the dow transports have done well this month, mass limited partnerships have done well this month. many investors are looking for yield right now, would like to get some yield out of the portfolio. and i've said and many of the people i've talked to have said mass unlimited partnerships are yielding 5% right now. telecoms 4.5%. europe 4%, okay? utilities 3.8%. consumer staples 3.5%. china 3.4%. and real estate investment trusts, scott, are yielding close to 4.5%. you put that together, you get those seven little groups together, you get a 3.8% yield

out of all that. >> are you still pretty positive on the market? right? jackson hole's now out of the way. >> market wants to lift. market wants to lift. next week we'll get the second quarterfinal number for the gdp. >> yeah? >> you're going to get the case-shiller earlier in the week. you'll get two measures of consumer confidence. basically, people are now going to start looking into the second half of the year, the profit picture. i was amazed 12% profit for the second quarter. nobody was looking at it. basically, the cylinders that are not hitting right now -- china, europe, japan and the consumer in the u.s. manufacturing's doing well, china's exports are doing well. china's real estate is not doing so well. so, you've got a very, very -- the market wants to lift. look at the way these transports look. >> i want you to save some of your best material. they say you're coming back for the closing countdown. >> thank you so much. >> you're going to hang around? >> i'll be right here. >> we'll be back in two. and after the bell, what can you do to keep your g-mail account safe from hackers? according to a new report, not much. we'll fill you in just ahead. d with a new volkswagen turbo.

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[b♪ll rings] time and sales data. split-second stats. ♪ its so close to the options floor, you'll bust your brain-box. all on thinkorswim, from td ameritrade. , we're back on the floor for the closing countdown, having way too much fun down here. dow had a pretty good week. dow was up about 2% for the week, and there's home depot, the best performing stock this week within the dow. had pretty good earnings as well. david darst, independent investment consultant, adviser, is back with us right now. let's talk about the financials,

david. financials one of the best performing sectors this week. if you can get some juice behind the financials now that you've got some more of the risk out of the way, the bank of america settlement, right? $17 billion this week. is that the group that's going to take us? >> the financials have always been, you and i have discussed for years and years, scott, the bodyguards of the market. and if they are underperforming, it's very hard for the market to do well. they've been aided quite a bit by this tremendous performance of the real estate investment trusts, which are in the financials. they've been benefiting from these low interest rates. that helps the valuation of the underlying properties and those stocks have been lifting. these low interest rates are a very, very good boom for financial stocks -- >> if you want financial stocks to do better, people have been waiting and waiting for the pure financials, the banks to start doing better. >> well, the regulatory cloud's beginning to lift. what you just said, with settlements out of the way, that helps the financials. the european financials, on the

other hand, have had a hard time of it this month. >> you still like technology? >> yes, i do. apple. buy apple. >> what about microsoft? >> i don't have a positive view, the same view -- >> all right. have a great weekend. >> thank you, scott. >> second hour begins now. and welcome to the "closing bell," everybody. i'm kelly evans. it's 4:00 here at the new york stock exchange, and the dow jones industrial average is just barely going to hang on to that 17,000 mark. let's take a look as we wrap up. it was in the end a pretty good week for wall street, all things considered. dow off 38 points. similar decline for the s&p 500, which yesterday set a new high. the nasdaq bucking the trend. let's talk about it with the panel. larry glazer from mayflower adviser, christopher wayland from control control bond rating

agency. our own robert frank and to wrap up the action on the markets, "fast money" trader guy adami. welcome, one and all. >> kelly! >> hey! >> hey! >> guy, you're always rearing to go. i mean, look, it was a pretty good week for markets, all things considered, right? >> yeah, it was a fine week. i mean, the s&p impervious to everything. you've got the fed, you've got janet yellen, you've got their dual mandate working, making sure the s&p and the nasdaq go higher. and they've done that really well. and if you don't think that's really what they're trying to do, then think again there, folks. >> let's dwell on this for a second. their dual mandate making the s&p and the nasdaq go higher, fair? >> it's been that way for a long time. >> hold on quick. i say that somewhat tongue in cheek, but actually pretty seriously. >> i know. >> because consumer confidence is key. and to me, the only thing that consumer confidence is driven by is the performance of the market. if you go back and look, the market goes higher, consumer confidence does well. >> robert frank, you're shaking your head.

>> consumer confidence is high, it all makes a lot of sense. >> the wealth effect from the market has been very limited. the top 10% of americans own 80% of stocks -- let me just mention one thing. >> i agree with that. it's not about that. it's about people feel richer when the market goes higher, regardless of whether or not they own the stock -- >> if you don't have money. but there was some amazing numbers this week from the census. very little people reported it. but get this, 60% of americans have a total net worth of less than $68,000. that's a net worth. that's not income. by the way, only the top two quintiles experienced net worth growth between 2000 and 2011. so, we talk about a balance sheet recovery? it's really just been in the top. we talk about an income recovery, unemployment. so, we're just waiting for the rest of this economy to pick up, and it's not happening from the

stock market and it's not happening with help from the fed. >> and consumer sentiment numbers did take a step back there, larry, lately. >> certainly. look, today was the single biggest economics feature of the entire summer, and in a word it was disappointing. this was an opportunity to get clarity, insight, get conviction on what's going to happen on the balance of the year and we got none of that. >> that's only the case because we made it the case. janet yellen never promised to do that. >> our expectations were simply too high going into the speech. everybody had stars in their eyes, going to pop the champagne corks, and of course, we're disappointed because of it. but contrast that to draghi, who said help is on the way, i'm going to rescue everybody. >> no, he didn't! what are you talking about? >> they've got big problems in europe and he's going to bail them out and she's going to pull away the punch bowl here. where would you rather be? >> he's done a good job of saying he's going to to do it, whether he actually does it -- >> like a good european! >> all these old-fashioned metaphors don't mean anything. >> he solved the national government's -- this is

basically draghi saying austerity doesn't work. >> no, look, all the central banks are still working to prevent deflation to avoid restructuring, and that's why there's no growth. the economy's running at half the leverage it was at before the crisis. that's why there's no job growth. very simple. >> on the flip side, though, there does seem to be messaging from our own steve liesman and from other fed members that there could be a bias toward earlier rate hikes than the previous bias. i was a little encouraged by how well the market took that. i mean, yeah, we didn't have a big run-up today, but on the flip side, i was expecting a little bit worse from the market, given that all the indications now are earlier, rather than later. >> yeah, but we've been through this before. it's not going to happen. >> look, gradual is good. anyone who's building a bond portfolio in this market knows you want gradual rate increase, visibility, certainty. what you don't want is a sudden leap in rates and everyone's caught basically chasing their tail. >> let me bring chris into the discussion. i was going to to just raise the question about the fundamentals,

because the u.s. economy in light of all this has looked more resilient lately, although to robert's point, it's pretty uneven out there. >> well, absolutely. look, there was a lot of good signs of things that are happening in our economy, not the least of which, of course, consumer credit's expanding nicely, you see wages continuing to grow. of course, you have good data coming out of those labor markets. it's pretty clear that the consumer's going to be i big source of growth in the second half of the year, and it looks like even housing's starting to do a little better. candidly, it's the rest of the world that's the problem and we have to look to the european central bank and hope they get that stimulus going over there because that's going to make a huge difference for our economy in 2015. but for the second half of this year, i think the u.s. economy will be close to 2% growth -- >> are you talking about quantitative easing for europe? >> i think they have to go that way. the banks aren't lending, they're perilously close. they need a kick. it's the one central bank out there among developed economies that hasn't actually done it yet. it'd be very surprising to me if

they didn't get into the game right now. >> well, look, but they've been bailing things out in europe for how long? for years. i mean, they've been printing money in europe for a long time. >> doesn't that mean a weaker euro as a result of all this, which would be good for european exporters? >> that would be one of the consequences. and of course, that would tend to lift everybody at some level, but germany's going to gain the most from that. but again, ultimately, i think it's really about getting the credit markets moving. far more reliant on banks than we are, and the banking sector is clearly more at this point in time. >> but chris, why do you think housing's improving? i see housing prices starting to fall. >> oh, no, absolutely not. >> really? >> look, we're coming off the whole wave of the first bounce in the market really coming from investors, but what you're starting to see now is the return to what i would call the retail buyer. remember, housing equity in the u.s. right now is about $14 trillion. compare that to 2005, when it was $16 trillion. they have all that money. you're starting to see credit conditions start to loosen up and you're starting to see the first sign of the retail buyers

moving back in. we're looking for decent numbers in the housing market next year, and we think 2015's going to be a great year for housing. >> and we've actually seen some movement, and we'll talk more about housing, but i want to bring dominic chu into the discussion, because the home-builder stocks have been stirring this week. >> they have been. and they're not the only place where you're seeing some kind of action. what you have overall is a week that we've seen over the course of this past week where a lot of traders here on the floor, at least, have discounted some of the price action. now, we can pretty much say safely right now that when volume starts like they have now, the bias has been to the upside. stocks have drifted higher. today was a bit of an anomaly, but even then, the s&p is down 4 points, the dow 38, 40 points on the day so far? so, we've had a nice bit of a run, almost 1.5%, 2% for the major indices, at least the dow and s&p. ironically, you talk about the homebuilders. yes, they have been a focus. another place of focus has been biotechnology stocks, one of the best performing all day today. and it wasn't long ago, and i

say this tongue in cheek because i love guy adami and we talk all the time, wasn't it janet yellen who said biotechnology stocks may be overvalued? yet, they're some of the standout performers -- >> right on d. chu. you got that right, brother. >> i don't know. janet says they may be overvalued, but they still push stocks higher. i don't know what this market's saying. what you will want to pay attention to is after the labor day holiday, when more participants come back, art cashin always tells us, right, you don't want to see an election won with just a couple hundred people voting. you want to have an election that's won decisively with a lot of people participating. after the holiday happens when people start getting back to their desks and trading volumes tart to expand, that's when you will see perhaps a more definitive view on what the real bias of this market is. remember, light trading, bias upside. wait until september and see what happens. >> guy, what do you think happens come september? >> i think janet yellen doesn't know the difference between biotech and biodegradable, that's what i think. how about that? >> what happened to fight the fed, right?

what happened to that? >> listen, biotech -- and i'll say on a serious note, there are patches of real strength. i think biotech continues to show you that. valuations to me are not stretched at all, and there are obviously some really interesting single stock stories, but if you don't think most of this market move has been driven by actions of global central banks, then i think you're just not paying attention or you're choosing not to pay attention. >> but i'm going to take issue with that, because -- >> go! that's what makes dialogue. >> i don't mind people beating up on me. i understand from the get-go, if you want to go back and say that the u.s. recovery was helped by the actions of the federal reserve, that the fed has still supported the recovery in contrast to europe. i mean, it's pretty easy if you just look at the central bank balance sheet to draw that conclusion, fine. but it's not to say that there isn't a fundamental improvement in the u.s. economy. i'm not saying it's game over or mission accomplished by any stretch, but you'd be crazy not to look at the jobs that we have added, the momentum in different parts of the economy, the size of the economy and say that nothing's happened. >> depending on your dogma -- and this is just fact --

depending on your dogma, you can make numbers look like whatever you want them to look like. you know that because you have people on all day long -- >> well, month to month -- >> statistics, right? >> so, i think we are all recovering, but not nearly to the extent that we should be recovering five years down the road. >> when you look at this week's data, so much bullish economic data points, jobless claims, leading economic indicators. across the board, housing data it was all really strong, but don't you attribute, at least with housing, a lot of those asset price increases are driv by the fed. and it's made housing less affordable for middle and lower class people. >> but half of the buyers are cash buyers. they don't use credit. i agree with chris, we're not going to see a housing recovery -- you'll probably see negative prints in case-shiller by the end of the year. >> chris? >> no way. >> sorry. yeah, chris. we have two chriss here. >> chris one and chris two. why don't you think home prices are going down?

>> i think they're going up. look, from a long-term standpoint, affordability in our housing markets is still very good. if you look at say the percent of income you would use to buy a home today, it's about 30% of the median household income in the u.s. compare that to 35% -- >> if you can get credit. >> but you can't get credit. >> that's just it, credit's starting to loosen up. look at the numbers. say for example the average fico score for loans made through fannie, they're actually starting to come down. >> what's also happening is that -- >> we're not going to do a trillion dollars in origination this year. >> isn't that good news in housing, if you have to bring on more supply? when you look at d.c., they say inventories are way up year over year, phoenix, some of these markets. isn't that a concern down the line, that good news is bad down the line for housing? >> i can't imagine how inventories would be getting bigger when they're not building anything right now, and we know overall number of households -- >> robert frank? >> so much of it now is multifamily housing. and if you look at some cities where the rents have just gone up double digits in the past year, i mean, we talk about a lack of inflation, but the things that people pay for, like rent. i mean, even places like memphis

and small cities around the country, the rent increases are staggering! and you look at a lot of the housing activity now is multifamily homes being built for owners who are then going to rent. so, i don't see -- again, we have sort of a dual speed recovery here, even in housing, where the renters who can't buy a house are taking on big -- [ everyone talking at once ] >> guys, just hold that thought because we're going to pick up on this very point about some of the bifurcation in the housing market after the break. christopher, stay with us. guy adami, we'll let you go to prep -- >> right on! robust conversation. i enjoyed that. >> you start it off well for us. coming up at 5:00 p.m., guy and the crew will be talking about apple, asking a top analyst if the iphone 6 delay rumors are true. don't miss it. and coming up here, higher prices cooling off home-flipping for most people. i can't talk today. high-end home flipping is still extremely profitable in some markets. coming up next, diana olick tells us where investors are finding the best returns. and back-to-school shopping

is officially in high gear. which names will be winners due to back-to-school shopping mania. one pro will give us his top three picks. and if you have a g-mail account, pay close attention. researchers showing g-mail can be successfully hacked 92% of the time, if you have the account on your smartphone. find out how to protect yourself later on the "closing bell." you are watching cnbc, first in business worldwide. ade ideas th spark your curiosity tdd#: 1-800-345-2550 can take you in many directions. tdd#: 1-800-345-2550 you read this. watch that. tdd#: 1-800-345-2550 you look for what's next. tdd#: 1-800-345-2550 at schwab, we can help turn inspiration into action tdd#: 1-800-345-2550 boost your trading iq with the help of tdd#: 1-800-345-2550 our live online workshops tdd#: 1-800-345-2550 like identifying market trends. tdd#: 1-800-345-2550 now, earn 300 commission-free online trades. call 1-888-628-2419 or go to schwab.com/trading to learn how. tdd#: 1-800-345-2550 sharpen your instincts with market insight from schwab tdd#: 1-800-345-2550 experts like liz ann sonders and randy frederick. tdd#: 1-800-345-2550 get support and talk through your ideas with our tdd#: 1-800-345-2550 trading specialists.

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welcome back. it's not 2005 again, but home flipping or buying a house and reselling it within a year, it's getting hot again in certain pockets, that is. and our diana olick has the surprising details. diana? >> well, kelly, you're right, house flipping was huge during the housing boom. it was gone during the housing crash. then it came back again about a year and a half ago, as prices started to jump up. now the price gains are easing, so house flippers are focusing on this, the million-dollar flip. this house was a total gut job. it was basically a disaster area, but it was in the right d.c. neighborhood, where demand is high and home prices are still rising fast. so, real estate agent crystal getz and her contractor husband, eric, paid $535,000 and then put

about $250,000 into it after that. a high-stakes risk that paid off. >> it's like any business, really. do you go after, you know, the small, individual clients, where you have to do 100 accounts, right? or do you go after, you know, as i used to say in the business world, the white whale, right, where you're getting five or six clients, but your profit margin is higher? >> now, house flipping, which is buying and selling within one year is actually dropping nationwide as home prices ease and the margins get tight. about 31,000 single-family homes were flipped in q-2, according to a new report from realtytrac. that's a bit less than 5% of all sales and down from just over 6% a year ago. but high-end flips priced above $750,000 are up 20% year over year. and the markets with the highest dollar amount of profit, san jose, washington, d.c., san diego, los angeles and seattle,

all have an average gross profit of more than $100,000 on the flip. now, obviously, you hear all these california markets where you can make the most money. california, though, realtors there tell me it's tough to do the flips because there's simply so little on the market. now, if you want to see what home flipping will get you in your area, go to cnbc.com to the realty check page. we have this fabulous, interactive map of all the markets where you can see what the average home flipper gets for their home. kelly? >> wow. i feel like these guys are already going to be looking at it. diana, stick around, because i want to bring back in our panel. beacon economics' this is hornberg is here still for his reaction. so, just starting out with this phenomenal, rob, i feel like -- is there something -- what does this say to you? you know more about this segment of the market than anybody. >> diane's right, on the top end, it's gotten frothey. 10-10-30. buy $10 million, put in $10

million and flip at 30. that's the formula. when people talking about it being an automatic thing, it's scary to me. >> who's the 30? >> the 30 is the foreign buyer from china or russia who wants a trophy home. >> cash buy. >> and i guess i have a question for diana. the key to a successful flip is buying at a great price. what is the success at the top determined by? >> oh, we lost diana. we'll try to get her back. rephrase that question. >> at the bottom, it's all about buying it the a cheap price, and at the top, i'm just curious, is it convenience? is it just getting a good property that you know a foreigner's going to want in a year? but the timing of the flips at the top, it's like six months later! it's 12 months. it's not that they're not waiting two years anymore. >> but you can still make money in the top. that's the point. >> yeah, like every other market. >> the rest of the cohort has slowed down. it's interesting. if you look at weiss research's data, he's one of the founders of case-shiller, he would tell you that home prices generally

peaked last summer. now, the high-end markets are still going up because those are the most desirable properties. >> it's all cash. it's foreign buyers. >> you're always going to have an opportunity there if you buy astutely. but the whole point to me, watching the market, is inventories are up, volumes of sales are down, and lending volumes are falling. we're not going to do $1 trillion this year. that's a quarter of where we were a decade ago. >> the more i hear about this, i wonder, we talk about the housing market with such a broad brush, is that even relevant anymore? >> look, it's a local market in all cases. it's always been. but to use washington, d.c., you buy a house inside the beltway for $500,000, you're definitely going to make money. no question. >> also, investors are looking at the high end as almost a place to park capital. it's not even for utility value -- >> it's safety deposit box. >> it's like, those houses aren't for living, those houses are for trading or flipping. and when you hear that, it's always very frightening. it's also benefiting in florida, it's south american money that's hiding. in other places, it's money from china that's hiding. >> like "new york" magazine said the other day, it's the new

swiss bank account. >> it's like a t-bill. you put your money in a class-a market. >> here's the flip. in miami beach, there was a strip of commercial property that was purchased for $195 million two years ago, just flipped for about $350 million. >> wow, that's amazing. >> so, that's a flip of commercial property in, look, miami beach is great. >> sure. >> but that's all about foreign money. it's all about -- >> chris thornberg, let me get you in here before we have to wrap up. first, reaction to the high-end flipping phenomenon, but is this partly why you think the housing market generally does well or what do you even mean by that? >> living in los angeles, we don't have too many $30 million transactions, so i think that may be a little bit missing what's happening out here. >> i'd say a lot. >> not too many. >> enough. >> be that as it may, again, what's happening here, the slowdown in overall flipping occurred because there's candidly very few foreclosures left and that's what people were buying and flipping. but most demand has shifted to

high-end markets, the core inner city markets, a lot of foreign money, no doubt. but in general, people are looking for good neighborhoods, and that's the beginning of where i would say the retail surge in demand is starting to occur. eventually even these properties will start running out and that's when you'll see more construction activity moving on. again, from my perspective, the housing market has a whole second wind ahead of it. i think 2015's going to be a good year. and candidly, if you're in this market, doing this kind of property, you have a bright future for a couple years. >> chris wayland, do you think the second wind is not coming or is it just the prices you take issue with? >> in town, yes. speaking with bankers, that's where they want to lend. it's the suburbs that are soft. that's the story that really hasn't been fully talked about in the media is that people are moving into town and the smart bankers, they don't want to touch the sprawl. they're running away from it. >> good point. guys, thank you for now. chris thornberg, thank you for sticking around. we appreciate it. diana olick as well. defense secretary chuck

hagel telling americans how concerned he is about islamic militants in iraq. >> isil is a sophisticated and well funded as any group that we have seen. they're beyond just a terrorist group. >> up next, find out how worried investors should be about a possible islamic state attack on the west and the impact it could have on the markets. we'll be right back. rapid prototype a lot of ideas.o being able to pay as we go was crucial for a start up. having to fork out a lot of money up front was risky. you can launch a feature really quick, and if the feature doesn't work, we haven't lost anything and we can have something up and running in days. and this would not be possible without the cloud. we are now supporting over 25 million users each month. ideas can be tried and tried again on the ibm cloud. the ibm cloud is the cloud for business.

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sounding the alarm on the terrorist group who beheaded american journalist james foley. >> and they're beyond just a terrorist group. they marry ideology, a sophistication of strategic and tactical military prowess. they are tremendously well funded. oh, this is beyond anything that we've seen. so, we must prepare for everything, and the only way you do that is you take a cold, steely-hard look at it and get ready. >> joining us now is frank anderson, former chief of northeast and division of the cia and david, studying with human rights. you say we need boots on the ground in syria, why? >> there is a kurdish militia there, the pyd, which has been the point of the sphere, rescuing yazidis from mt.

sinjar. we should be working with them, arming and equipping them. we can't do this from air strikes alone. we're going to need to have ground forces. the kurds are there. they're capable, committed and ready. >> so, why are you drawing a distinction between ground forces and the military? >> i'm only drawing a distinction between airpower and ground forces. we don't want to have boots on the ground. we already had a torturous war in iraq. there are kurdish peshmirga there. there are syrian kurds that are very capable. we need to work with them, spotting targets and let them go after the isis fighters, doing battle in the field. >> when you say ground forces, you don't mean u.s. troops? >> i don't mean u.s. troops. i mean kurdish peshmerga militia who are motivated and with the right weapons have shown they can take on isis and roll them back. >> okay, thank you for clarifying. frank anderson, what do you think is the best course of action here? >> well, i agree with david that

the peshmerga are motivated and capable and people with whom we should work. i think i certainly agree that we shouldn't have american boots on the ground. i caution that we need to make certain we're working through the iraqi kurdish regional government. the relations with syrian kurds are very complicated because of their ties to what the turks and nato and we for a long time regarded as a terrorist organization, the pkk. but i think that the kurdish -- iraqi kurdish regional government is quite capable of balancing that a lot better than we can. >> and isn't it precisely because of the relationship with turkey that the u.s. didn't do more to support the kurdish peshmerga in this region previously, and that being the case, has anything changed to allow us to do so now, frank? >> there were a few restraints

related to turkey, but other restraints were that the peshmerga were, as far as american policy, which is developing rapidly into agreement with them, we're a lot more interested in independence or autonomy from the government in baghdad. the kurds, and their friends and our friends in the region, have described their determination to work for independence as something that they've put on the back burner for a while, while they deal with isis. >> yes. david, same question to you. does turkey stand in the way here? >> turkey hasn't been helpful. but turkey is a nato ally. we have an interest in good relations with the kurdistan regional government. there's a lot of commercial contact. there are energy flows from iraqi kurdistan to the turkish port of jahun on the eastern mediterranean, and the kurdistan region can be a security buffer

between turkey and these isis fighters. so, there's a strategic partnership that's been established between the kurdistan regional government and turkey. now that we're in a crisis mode, turkey needs to step up, cooperate more fully. the u.s. needs to support the iraqi kurds and other kurdish groups so they can do the fighting on the ground. >> and as we already see the battle of words between, for example, hillary clinton in some ways and barack obama with regard to the policy the white house did or didn't pursue at the time being more aggressive with air strikes in syria or other operations, david, you know, against this back drop already and knowing what we do about the possible intransigence of turkey here, what's the biggest obstacle towards moving forward? do you think it's likely that this scenario that you outlined is now one that the u.s. pursues? >> so, isis just ignores borders. they've demolished the syrian and iraq border. their goal is to roll back the sykes pico agreement from 1916 that divided up the region into

mandates. we can use our airpower to strike isis forces in iraq, but they can always retreat across the border into syria, where they control territory. that's why it's important to recognize that this is a transnational conflict, and the kurds in iraq and the kurds in syria can both play a helpful role working with u.s. airpower to take on these isis fighters. >> and frank, last question to you. under what circumstances would you support ground forces again, even if they were kurdish ground forces in syria? >> they're kurdish ground forces? the circumstances under which i'd support is if they had the technical advantage. our strategic objective should be to support kurdish and, once the iraqi sunnis get their act together again, as long as -- any forces in iraq or in syria who are battling isis should become our allies and can become our allies. >> we'll leave it there.

gentlemen, for now, i appreciate it. david philips of columbia and frank anderson, formerly with the cia. if you or anyone you know uses g-mail, you need to stay tuned for our next segment, because researchers have found a way to hack google's mobile e-mail app with a 92% rate of success. find out how worried you should be about your privacy and how this can be fixed. stay with us. the world has gotten you far, but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running.

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welcome back. here's a pretty scary stat for you. google's mobile g-mail app can be hacked with a 92% success rate. our josh lipton has the details. and the g-mail account, josh? >> well, kelly, this one is for all g-mail fans. this is news you can use. a team of engineers, including professors at the university of california riverside, say they have now identified a weakness believed to exist in android, windows and ios mobile operating systems that allows them to hack into apps up to 92% of the time. now, among the apps they easily hacked, g-mail, chase bank and h&r block. amazon, though, with a 48% success rate, was the only app they tested that was actually tough to crack. now, here's how the attack works. the user downloads a seemingly

safe app, such as one for background wallpaper on a phone, but the app is actually malicious. once that app is installed, the hackers can control your operating system without your knowledge or permission. in other words, they have basically taken over your phone. there are two doeyz the attack to make it work. one, the attack needs to happen at the exact moment the user is logging into the app. two, the attack needs to happen in an inconspicuous way. bottom line for viewers watching, what can you actually do to protect yourself? don't install untrusted apps. that's what researchers say. but how can you actually tell? well, rob enderle of the enderle group says if you're paying for an app, it's usually safer than a free one, and make sure it's supplied by a bona fide company. by the way, google had no comment when we reached out to them. kelly, back to you. >> josh, thank you for now. for more on how likely this is to happen and how to protect yourself, mcafee's senior chief

of security, gary davis. welcome. >> thanks. >> first of all, this did focus on android, we should say, but it's something that everybody who is familiar with apps or everybody that uses apps or a smartphone is familiar with, which is asking if you can have access to your contacts or to other features like that. so, are you saying if you're asked for that at all, you shouldn't download these apps? >> well, you know, as the gentleman said before, determining which apps are good versus which apps are bad takes a bit of work. for example, one of the things that we recommend is look at the performances the app is looking for. if you're downloading a wallpaper app and it's trying to access contacts or call members, there's something malicious in that app. >> what if g-mail asks for your contacts, as it frequently does? >> again, if you look at this particular hack it was a transa transactual hack, and they're trying to get your g-mail credentials and use that to

logon to your g-mail account. once they have that access, they go to g-mail, regardless of whether or not it's an app or a pc. once you have the username and password, chances are, that's going to get you into the g-mail app. >> i see what you're saying. if one of your other apps basically isn't asking for access to g-mail, don't give it. >> correct. >> g-mail itself is very robust because google has created a self-contained environment, which security vendors hate it. that you can't stand between, chrome, for example, and g-mail. but the apps are obviously a major point of vulnerablity. >> sure. as someone who works with client data every day, you have to safeguard where this information is housed. aren't there logical things people can do, like encrypting data, changing their passwords on a regular basis or even looking at biometric passwords to sort of safeguard this information? won't those help? >> gary? >> gary, will those help? >> yes. in essence, there are a number of different things you can do.

as you mentioned, going to multifactor authentication will be a big step in preventing an attack on this type of application from having from the more dire effects that it could have. so, yeah, this industry's evolving quickly. you know, one of the things i saw in the article was that they did this on android, which, arguicallabl arguably, it's been the most exploited mobile operating system, because it's been the most open, whereas windows and ios have been more controlled and it's harder to do this in an ios or windows mobile phone. >> i was more concerned about chase being the number two. i mean, fine, people can read my g-mail. it's really boring. you're welcome to read all you want. but chase, you know, that's where you're talking people are stealing money. >> right, right. >> how vulnerable is the chase app? >> well, it's hard to say from the article, but it looked like it had to actually do the deed when the app was being used. so, you had to have some way of

stalking user to know whether or not they're using their blinking app or something like that. so, the transactional nature of the hack would appear to make it somewhat difficult to do. then you have the added complexity of actually getting the mall weware on to the devic and that's not a trivial thing to do. you really need to give considerable thought to how you can embed malware on to an advice, be it coming from an app store or a website or other means. >> if they found out this can happen in a couple of cases, understood, but 92% of the time, doesn't that tell you that despite everything you just mentioned, this is apparently a pretty easy thing to do? >> yes. it looked like this was a very easy thing to do, but they're probably doing it in a laboratory setting, right? where they had both apps running at the same time, so it was pretty easy to do in that environment. when you're getting into the real world and you're trying to, "a," get the malware on the device, then "b," try to have these transactions, that's not

necessarily very easy to do. >> meantime, what are the steps we should take at home, gary? >> well, you should, again, make sure when you're downloading apps that you're looking at the performancmission s for that ap make sure you're applying all system and application updates when they're made available. those are the two things consumers should most be doing to prevent these types of attacks. >> duly noted. gary davis, thank you very afternoon. mcafee's chief security evangelist. back-to-school shopping season is in full swing. which retailers are making the grade? next, the back-to-school stock picks you can't afford to miss out on. and how about this for an alternative investment, wine? coming up, the head of the big wine club giving us his take on this tasting investment, and the panel might get to sample some of his goods.

welcome back. back-to-school shopping season in full swing. the malls and stores seem crowded, and all this, after all, is the biggest shopping season of the year, next to christmas. joining us with three picks is sam poser from stern ag. welcome! >> thank you for having me. >> let's cut right to the chase. what are the three names you think we should be buying? >> foot locker, ginnesto and skechers. >> which is? >> journey stores, they own a company called shoe in london, a retailer, and johnston murphy. >> what do you guys here think? >> these are all shoe companies. the only thing you need for

school are good sneakers? what is this? like for gym, i get it, but what about books, bookbags, clothes? >> computers, ipads, phones? >> i'm a footwear analyst, so -- >> got it. >> let me ask you this, though. i have two daughters, and interesting going to target, some of the other places. it doesn't seem like there is a season as well-defined as it used to be. people are kind of shopping for this stuff all summer. is it earlier or is there as much of a season as it used to be? >> there's actually more of a season than there used to be. >> is that right? >> we're seeing basically three events throughout the year -- easter, back-to-school and christmas. what's happening, though, when your daughters are shopping and let's say they're not looking for sneakers. unfortunately, in women's or girls' footwear, outside of sneakers, there haven't been a whole lot of trends this year. so, it's sort of, oh, stlz nothing there, there's nothing there, but that's happening across the board. i just came back from the shoe show in las vegas yesterday, and i mean, there's just really no direction. but in athletic, in this

casualized product, there's some -- >> sparkly sneakers with lights, those are big in my house. >> and that's skechers. >> skechers, yeah. >> his daughters are another story. >> don't lower oil prices benefit the consumer going into back-to-school? >> yes, they do, but i mean, we can talk about macro events all we want. >> sure. >> but i mean, i'm the kind of person, i hold these companies responsible for doing what they've got to do for their own customers. >> sure. >> so, when we look at those three companies, they've really changed, they've evolved over the years, they're executing really well. the trends happen to be in their direction. but just from being on target with the product, on target with delivering the product on time, having the right stuff in stock and being where the consumer is, that's what it's about. and those who are not doing that will struggle. >> and i'm seeing here in your notes, on foot locker, you like, again, the basketball, the retro running, the jordan shoes, skechers. you're talking about the appeal of $50 to $70 price points and

offerings across more categories than we've seen. and then with regard to journey's benefit potentially from dr. martins, timberlane and ugg, all of which chris owns. >> what do you think about the volumes this year compared to the last couple of years? up, down, flat in the shoe segment, especially for children? >> well, in athletic, it's going to be up. i mean, it's climbing. you saw foot locker with a 7% comp and the u.s. business was significantly up more than that, and they're running up high single digits quarter to date. so, i mean, they're ripping. but in athletic and athletic-inspired stuff, it's good. i mean, trends are sort of casual, comfort, retro. and so, on one side, you have like birkenstocks doing exceptionally well, going through the jordan shoes, vans and converse. and then on the other side, you have like the gowalk shoes from skechers. it's sort of, it's crossing all of those categories. >> we've got to hop, but just a

last question here, because a lot of these companies, especially foot locker, which did note a really strong august, what's the biggest risk in owning these names right now? >> they've all had a good run. i mean, i guess the lease expensive one is genesco, but they've all had a really good run. just continue to watch their execution. i think the trends are in place and they're all -- but they're all continuing to improve the execution. >> all right, sam. thank you. appreciate it. good to see you this afternoon. sam poser from stern ag. tensions between ukraine and russia heating up again. russian president vladimir putin's actions are worrying investors, but is it dominating the action on cnbc.com? the "hot list" is next. and tune in to "closing bell" on monday when i sit down for a cnbc exclusive interview with boyd gaming ceo keith smith. we'll be right back.

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welcome back. you'll just have to wait and see why we're outside right now. we're going to go back to allen. >> well, a surge in high-end

house flipping. we have a neat graphic, you can check everything out, very cool. and our regular column by ben white. looking at why obama needs to pay attention to his critics, because it could start to hurt his base. finally, a neat little feature on north dakota fracking. releasing all this natural gas, flares all over the place. missing at least $100 million in profit there. back to you. >> appreciate it. have a great weekend. in the meantime, i'm out here because we're going to be doing a little wine tasting.

>> a little wine tasting? there's six bottles here. >> you guys better be careful, all right? this is a family program. we're going to ask them about wine in cans. coming up. 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. with all the opinions about stocks out there, how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason

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welcome back. a lot of us know about drinking wine, but how about investing in it? is wine investable? no one better to ask than these guys. let's hope the rain holds off. you know about the wine club industry, how is the business and how is it as an investment? >> well, any well-balanced portfolio should consider wines. they perform remarkably welcol compared to gold and stocks and bonds. >> it's the very top. the ultimate liquid asset. hot chinese money, that wanted a

place, a safe deposit box, a bottle of wine. we had a correction in 2009. >> it was mostly in bordeaux. and china, getting up to speed in fine wines. >> what's the most ever paid for a bottle of wine? >> drc could go for as much as $80,000 to $100,000 a bottle. >>wealthy? >> well, there is a certain amount of capital that is involved. >> is this a ten-year, 30-year trade? >> well, you do have to pay

attention to each harvest and the global trends. >> and the bordeaux, how long do you keep that? >> well, it depends on the vintage. they could store for decades. >> can we just start drinking? >> what do you have here? >> well, we have five clubs, starting at $15, $17, $20, and up. 100% chardonnay here. >> i'm not even holding the glass right, am i? >> that's all right. >> some apple, some fruit. >> here's to liquid assets.

>> what do we have here? >> well, roset sales have been phenomenal for five or six years. >> well, what i'm holding is a can of wine. our squawk box viewers will be familiar with it, made by union wine company. >> what about the cork? >> kegs. >> wine in kegs is the newest thing. >> would you ever drink wine out of a can? >> well, the better perspective is, think about the level of access the consumer can have to the proteduct. >> "fast money" coming right up. i think that's the nice way of

saying no. time for "fast money" and melissa lee. we're talking about wine in a can. talking about apple. are we all in a tizzy about all the possible iphone delays? "fast money" friday starts right now. i'm melissa lee. here's our traders. tonight's story, tech on a tear. the nasdaq hitting a high today. plus, apple hitting another all-time high in today's session. what did you make of apple? >> well, you look at big cap and small cap tech, there's a di