co-host didn't go to another football power house. this is a problem. right now, this is virginia tech, my alma mater. here's a virginia tech hat. hello, my ears stick out. i want you to say go hokies. >> go hokies, roll tide, yawl. have a great weekend. >> "closing bell" starts right now. ♪ and we welcome you to "closing bell" for this friday. >> kelly evans returns on monday, but if she were here, she'd also be saying go tar heels. >> yes, she would. no, she wouldn't, but that's what you would say. >> it's okay. we did have a weak jobs report this morning, but is it good for the stock market? that seems to be what happened today. futures turned around first thing this morning when that number first disappointed, making many believe janet yellen's fed could go even slower in its quest to raise rates. the hawks had been saying maybe first quarter, but you have to

think that argument doesn't exist anymore. >> it's the old bad news is good news. >> we thought we heard the end of that, maybe we haven't. even so, markets near a record. >> august, too, consistently bad the last few years. speaking of the jobs numbers, were they real? some noted economists are openly saying they don't believe them. they feel things are much better out in the economy than that report suggests, so we'll try to separate fact from some fiction coming up. also today, think a gop victory in the senate will be good for business? the conventional wisdom, but think again. at least that's what barney frank says. he wrote about it on cnbc.com and he'll be here to make his case, but he's not going to be alone. larry will also be here and i have a feeling things might heat up, so stay tuned for what should be a fun debate. >> we'll stand back and let them go at it for a little while. >> yes, we will. >> you saw the dow open lower

this morning on the disappointing jobs report, has come back in the afternoon session here. the nasdaq did the same thing. it's up 11 points right now at 4574. we're watching the s&p 500, it's very close, in fact, it is in record territory right now, just by a fraction, but right now it's up six points at 2,000. monica from seven capital, rob morgan from bbt associates. here at the new york stock exchange. john rutledge, you're the man who taught me about economics those many years ago, you've been my mentor. so tell me, what did this jobs report tell you today about the economy? >> well, the truth is, i think the economy is stronger rather

than weaker, job reports a little bit of an anomaly, but the fact is, you can't make a lot of jobs if the small companies can't get loans. small banks are not lending because they've been killed by dodd-frank, so slow job numbers help the feds stay loose, loose means a lot of liquidity for the market, and the market's up. so i think strong market is what you would expect and not very impressive growth numbers. >> are you saying you don't believe the numbers this morning? you call it an anomaly. >> no, i don't think they are not believable in the sense that somebody made a mistake, i just think there's variation in the numbers and this one's weaker than we thought and the next one might be stronger. no news there. >> monica, jim cramer says august is the month that he trusts the list. diane schawn said if that number is the only number that we're talking about then pigs should be flying. then again, we did have a downward revision for june and july, too, 28,000. is this part of an ongoing trend

going forward, or do you think we'll have a new revision to august and forget we had this conversation? >> august is the least reliable month when it comes to the jobs numbers. i think between the first report and the third report, third revision, there's a 77,000 swing, historically, but all of that said, there's a lot of economic indicators that have not kept up with this idea that the economy is better. gdp, for example, the last time that we had consistent job growth of 200,000 plus for, you know, a long stretch of time was the '90s. back in the '90s we were seeing gdp of 6.5%. first of 2014 gdp was 1.14%. if things are so sunshine and butterflies, why is gdp so stagnant? and we talk a lot about consumption and people just aren't out there spending, but at the same token there's another side of calculating gdp, which is the supply side.

there's a less number of people working, that coupled with low productivity also impacts gdp, so i think this idea that, you know, this is a blip and, you know, we're on the right track and things are great, it's not supported by gdp. >> rick santelli, when we were asking the forecast today, you said 199,000. >> i gave them a hard time, too. >> but you were optimistic as it turned out. so what did you guys make of it on the floor and what did you think of the market response to it? >> first of all, do me a favor, please, bear with me, read mrs. schawn's comment again and what jim said. >> jim said august is the month i trust the least. >> diane said if that's the number we're taking at face value, then pigs should fly. i'm paraphrasing there. >> so they knew this was an

august number, and where were their calls for the number? see, the problem with that argument is, if they understand that, why weren't the estimates much lower? all the estimates i saw were much larger than mine. i rest my case there. as far as the market, actually, the bond market tends to be looking at this number like it might be revised. here we are again, bill, 246. if we start to settle this market above 245 and it's murphy's law, i'm out next week. that's when the selloff's going to hit. settling for a weekly close above 245, a lot of technicians will be turning over to the sell side. >> rick, do you think any part of that move to the upside came from the president speaking? because when we were only dealing with the jobs number early on in the day, the market was down. then when we heard a stronger tone from the president about new sanctions and the fact there was a strategy to deal with isis, it did seem like people started buying again after that speech ended. >> well, you know, it was dark last night and it's light now.

i don't know who made that happen, okay, and as far as the president's stand on isis or isil, tell me what it is and tell me which person in government to listen to. i really can't answer that. >> phil, what do you make of this and are you putting money to work now, are you waiting? this is traditionally the worst month of the year for the market. we know what spooks are out there in october for wall street, so what are you doing with money right now? >> honestly, putting money to work. historically it's a rough month, but only going into september has been a down year. this hasn't been, it's been an up year, so it's really not a bad month. that's number one. number two, i don't understand the negativity, i don't. there are so many positive things. we've got a massive energy renaissance, more manufacturing jobs than any time in the last 30 years. we have a consumer that's a healthy balance sheet. look at the consumer today, they've got significantly, almost a trillion dollars less in debt than a handful of years

ago, put those together, solid third quarter, earnings doubled what we expected. i don't understand how you can't be bullish in stocks here. not that you shouldn't be diversified, absolutely, you don't want to be 100% in, but so many positive numbers on the consumer, the growth of our economy, and the jobs number, one quick fact, every single job that was open, seven people were looking for that job. today for every single job open there's two. that's significant, that matters. at the end of the day, more people at work, more contributors. >> and 152 million people that aren't in the labor force. >> people not looking right now, they've given up. that's a big part of that, as well, too. >> demographics in there, remember the baby boomers leaving the workforce. >> what are we doing about it? low interest rates, fixing that demographic issue, alan greenspan told us about 20 years ago was coming? >> listen, at the end of the day, we have a country that's changing. you've got 10,000 people

retiring every single day. that's going to have an impact on the participation rate. >> i'm sure the fed program's going to alter that, right, that's why we're riding this horse. >> you want to spend like your economy, you have an economy starting to grow again. >> fed can't make jobs. they are stimulating big balance sheets, big companies. 7 out of 10 americans think we're in a recession, what does that mean? >> why the number of people taking government pediments going down? >> i don't know what you're reading. it's not what i'm reading. >> absolutely, going down. >> only the benefits that are cut like jobless claim benefits, yeah, they were extended. they were called emergency benefits. crisis policies. >> with all these numbers, down to 12 and the market keeps going up. as long as there's $3 trillion of undeployed bank reserves, the big banks are going to put them to work and that's going to make the economy grow some, not a

lot, because the little banks are not letting it. >> you've been a very patient guy. give us the bottom line here. are you like phil, putting money to work even at these lofty levels here? >> bill, i am like phil, i am putting money to work and i do like stocks here, but i'm worried going into next year for a couple of reasons. number one, the fed will start raising rates and eventually push us into some form of slowdown or recession. i'm worried about that. number two, the retail investor is going to play out, of course, that's usually a contrarian indicator. i am concerned going into next year, but i'm like phil right now, no reason not to be bullish for at least until the end of the year, i would think. >> all right. we have to go at this point. thank you, though, for a lively conversation, as always, on this friday edition of "closing bell" exchange. before we go to commercial

here, though, we have some sad news, a person, familiar face and voice to cnbc viewers, was often with us on the "closing bell" exchange, matt mccormick, a long-time partner and portfolio manager at ball and gagner, i'm sure you recognize him, tragically passed away yesterday of a heart attack. he was only 44 years old. >> devastating. >> out for his morning run, his normal routine, and he fell ill and died tragically of a heart attack. just can't believe it for a lot of reasons, and we send our greatest sympathies to his wife susan, two children aged 11 and 13, just a sad, sad story for the mccormick family and the family here at cnbc. we'll be back with more "closing bell" after this. cute little guy, huh?

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one of our next guests has issued a warning to wall street and it's a contrarian way of thinking. in a piece that's been burning up cnbc.com this week, barney

frank, former house democrat and mastermind behind financial reform says a republican win in upcoming congressional elections might not at all be a win for business. >> as would be assumed, you would think. barney frank joins us now, along with our buddy larry kudlow, who i assume is on the opposite of that there. in brief terms, you're saying republicans assume if they get a majority not only in the house, but the senate for midterm elections, there might be a rollback of dodd-frank and other things that go on. you disagree, why? >> well, i was just reading "the new york times" yesterday, a quote from the new majority whip, mr. scalise, asked who wall street would be talking to in the new republican leadership, he said i don't know. i talked to wall street, it's very important. i had disagreements with the financial community, but it's important for them to be able to talk and have information. first of all, if the republicans controlled both houses, there would be no reform of immigration and maybe a cutback

on flexibility we've seen. terrorism risk insurance, important if you build anything in the big cities. the republicans are against it. i believe the export/import bank is a very important self-defense for american jobs and companies against foreigners. housing finance. the fannie mae, freddie mac, i helped abolish that, at least put them in conservativeship, but do you have any way by which people thinking of extending a 30-year fixed rate mortgage can purchase an interest rate hedge somewhere with government framework? not like currently a share holder one. the republicans nominating the house say, no, that's why there's no legislation on that. then the most important is, the republicans talking about passing legislation to have the gao audit the open market committee and federal reserve, terribly politicizing that, and finally when i was chairman, we had to stave off an effort by

some of the republicans to get the international monetary fund not to participate with the rest of detroit to try to help europe. i think there's an absolutism there that goes against many of what i know business wants specifically. >> larry kudlow, do you think that if we did not have a republican majority in both houses, that the issues that mr. frank just brought up, we would have some progress there? >> well, i don't know. chairman frank is a good man, sometimes we agree, sometimes we disagree. i just want to say, one thing a republican majority will do is immediately launch corporate tax reform. they will want to slash the corporate tax rate and pay for it by getting rid of loopholes and enhancing economic growth and jobs. that's something the chamber of commerce wants and that's something that's high on the gop priority list. mr. frank mentioned a whole lot of things here. let me just say a couple quickly. on immigration, republicans do want a compromise. it must include, however, border

security first and then we'll have legalization, and then we'll have worker permits, and then we'll have visas. on fannie and freddie, i'm so disappointed in my friend barney frank. you were on "the kudlow report" in 2010. you told me that day, i believe late summer, early fall, that you wanted to abolish fannie and freddie over a period of years. you said that, barney, you and i totally agree, you said the same thing the next day. but fannie and freddie is now being expanded by the democratic administration and i think -- >> larry, here's the problem, larry, i was planning to do that with legislation in 2011. the republicans in control never touched fannie and freddie. they got fannie and freddie alone for 12 years when they controlled congress and only when i was chairman we worked to put restraints on them. and since then the republicans of the house have done nothing. yes, i think there should be some replacement. the other thing i want to say is

this, i agree about corporate tax reform, but i'm afraid that isn't true. when dave camp tried to talk about getting rid of loopholes, he couldn't get them. loopholes are hated in principle and loved in the pacific, and if the business community thinks they can get a republican in congress that's going to get rid of loopholes to cut the rate, i wish, but there is no evidence that the political support is there to take the tough positions on the loopholes. >> i think, look, dave camp did the lord's work, he created a project, some people agreed, some people disagreed. paul ryan's going to take over the ways and means committee, orrin hatch is going to take over the senate finance committee, and you'll see major tax reform. i know they are going after the corporate code. that's going to be number one. >> if dave camp was doing the lord's work, then the devil had a lot of votes in the republican caucus. >> that's a tough sell, i agree, but i think it's a lot of

momentum. the other thing i want to say to you is, i'm so disappointed, barney, you, of all people, should oppose corporate welfare. i don't understand why the democratic party has hopped in bed with the xm bank, which is making loans that we don't need. let me just finish. they are making loans to saudi arabia, russia, china, venezuela, what is that all about? >> yes, to buy -- because we have to do it in self-defense. years ago, representing massachusetts, they were bidding on a project in brazil to help with deforestation, using some of the military techniques. they had the best technology, they were being outbid by subsidies from european countries through their export/import. and i got the export/import bank to neutralize that, not give us an advantage. i wish we had no such export subsidy anywhere in the world, but this is a matter of unilateral disarmament.

i must say, i have a class to teach at 4:00 and i have to leave. >> i was going to say, you said 3:20 and we were wondering if you were going to hold to that. we do appreciate your time, barney, as always, thank you, and we appreciate the op-ed. >> next time you can have me and larry on for as long as the audience will listen. >> mr. chairman, it's my great pleasure, my great pleasure. >> are you a tough reader? >> i don't know, it's my first class. >> well, good luck. see you later. >> thanks, guys, see you later, larry. appreciate it very much. guy's got to teach a class. 4:00 on a friday? >> that's a legitimate excuse. i would love to know which students are showing up for that class. >> if it's a class taught by barney frank, i'm there, i'm there. on we go, tragic story, small plane that had been flying unresponsive for hours through the united states, into the caribbean, has now crashed in jamaica. aman jabers has the very latest for us on this story. aman?

>> bill, here's what we know as of now, the faa is confirming the small turbo prop aircraft carrying real estate developer larry glazer and his wife, jane, has crashed in the ocean about 14 miles off the coast of jamaica. we are told that search and rescue teams are on the premise at this time and the u.s. coast guard is on its way. meanwhile, nbc news has learned a little bit more about just what happened here. nbc news is saying that the pilot of the plane, possibly larry glazer himself, radioed air traffic control while at 28,000 feet saying that he had some type of problem and asking for a clearance to a lower altitude. air traffic control did that, cleared him to 25,000 feet, and he was asked if he wanted to declare an emergency, but the pilot said, no, not at this time. after that, he was cleared to 20,000 feet, but at that point, that's when contact broke off and the plane began the straight trajectory, taking it over cuba and into the ocean just off of

jamaica. just within the past minutes, a statement from a spokesperson for the glazer family. take a listen to that statement. >> i can confirm for you that larry glazer and his wife jane were on the plane that we've all been following and tracking and apparently has crashed. we don't believe anyone else besides the two of them were on the airplane. as you can imagine, incredibly difficult time for the family, we're getting information realtime, and we hope everyone will have their thoughts and prayers with the glazers. >> now, guys, as you understand and so many of our viewers do, as well, in this day and age, an unresponsive aircraft moving across north american airspace did sound alarms at norad. they scrambled two f-15 fighter jets to track the plane. the fighter jets had to break off when they reached cuban airspace, but we're told they were able to go around cuban airspace, what you have to

imagine very high speed, and catch up to the glazer aircraft on the other side of cuba, presumably just before it crashed into the ocean off of jamaica. guys? >> it's a moot point now, aman, but do you know what u.s. protocol would have been if populated areas were in danger, if it was still in u.s. airspace? >> it's a good question, and what we know is even on september 11th itself, that an aircraft that appeared to be a threat to some civilians in the united states, whether in a major populated area or elsewhere could conceivably be shot down by the u.s. military if that call was made at the absolute highest levels, but that call would be situational. in this case, the f-15 pilots were able to get up to the plane, close enough to have eye contact. the pilots reported that they saw the pilot of this aircraft slumped over and unresponsive over the controls, in that situation you'd have to imagine they might use more discretion,

unless they thought this was going to impact a major densely populated area, but it would be a very, very tough call for somebody to make. >> obviously, aman, thanks, appreciate it. >> you bet. all right. we are still watching the markets. just about a half hour before the closing bell on this friday afternoon. we are seeing the dow and s&p still in positive territory. the s&p near that record level. the dow holding on to gains by just about 41 points. >> it's not often you hear a ceo say his company's stock price is too high, but that's exactly what tesla's ylan musk said. listen. >> i do think people sometimes get carried away with our stock, you know, honestly. and, you know, i think our stock price is kind of high right now. >> it's up 90% this year, at least until today. why is ylan musk talking down his stock, you ask, is he right? we'll talk about it coming up.

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job growth in the u.s. cooled off in august, but there is one industry that needs a lot more hands on deck right now. >> mary thompson is in california for a look at where the jobs are. mary? >> hey, there, kayla. tug boats like the one i'm standing on are critical for the smooth flow of global trade. these boats and their crew help to guide in tankers, as well as cargo vessels through these channels. i'm standing on the deck, but some day mark mcdonnell is hoping to find himself in the

wheel house of a vessel like this. a divorced father of two, veteran of the war in iraq, he's currently at a three-month training program in maryland. mcdonald is being trained in firefighting and other basics needed to launch what he hopes will be his last career. >> i've done military, i've done retail, i've done i.t., but this is my last go at it, and i think this is going to be where i'm going to fit in the most. >> welcome words to an industry facing what one report says is a shortage of 40,000 officers in the next few years. growth in global trade and aging pool of officers and new regulations mandating added training and time on the water for their replacements all behind the shortfall. mcdonald hopes to reach the rank of captain by the time he's 50. over that 20-year period as skills increase, so will his pay. when he starts he'll make around

$40,000, but if he reaches the captain's chair, he'll be earning in the six figures. back to you. >> mary, good stuff. mary thompson there in los angeles. we're heading towards the close with 30 minutes left in the trading session. dow's up 31 points, nasdaq up 12. it's the s&p we're watching, because if it closes right there, it's at a new all-time high. >> and we have broken even again for the week. as of this morning, we were set to have a negative week, but that turned around about midday. the question still remains, bill, will today's weak jobs report make janet yellen rethink the timing of that all-important interest rate hike? we'll discuss that next. plus, the u.s. and its allies forming a coalition to destroy isis, or isil, which has been wreaking havoc in the middle east. more on what the president said just ahead on "closing bell". tdd# 1-800-345-2550 [announcer:] your love for trading never stops. tdd# 1-800-345-2550 so if you get a trade idea about, tdd# 1-800-345-2550 say, organic food stocks, schwab can help. tdd# 1-800-345-2550 with a trading specialist just a tap away.

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the same and shrug this number off, you wonder. >> i don't know. she did have very specific language last month in jackson hole, basically saying the labor market is nuanced, so, obviously, there's going to be a lot to discuss. we have dee mackey from barclays and our own steve leesman joining us. >> can i just pipe in a second, bill? >> sure. >> it's 142,000. there weren't enough jobs to leave out the 2,000, okay? >> i hear ya, i hear ya. >> let's be more precise today. >> or thereabouts. >> dig in deeper, steve. was it as bad as the headlines suggested? >> i don't think so. i mean, i think the report itself was as bad as the headlines suggested in the sense there was no respite in sight, nothing to read and say if you look at this. the report itself was bad, especially when you add in the revisions of 28,000, but the context, i think, where you get some of the relief, a whole bunch of other indicators of the labor market are strong, plus you've had six months of really

strong job growth, not as strong as it needs to be, but it strikes a lot of economists today and all the commentary i'm reading that the anomaly was this month. >> steve, when you think about that, though, you made the point this morning, is it an outlier, is it a trend setter. you're saying the commentary makes you think it was an outlier. >> i think so, and my suspicion is they'll read it that way until the data prove them wrong. there's too many things that are going too good right now in terms of, for example, the ism server sector, massive part of the economy, really at boom times, maybe a bit overstated by seasonal adjustments, but it's still strong. nothing that suggests we have this kind of weakness in the jobs report. >> dean, you guys at barclays weren't all that troubled by this number either, were you? >> no, i think what is happening now is the labor market is slowing somewhat. we were just printing more than 260,000 jobs per month in the second quarter. that wasn't going to last, so

what's happening, we're slowing down to a trend about 200,000 per month and what sometimes you're going to print above, sometimes below that trend. i don't think 140,000 is the new trend. >> but dean, this has been sort of a choose your own data point. people who want to look at this as in support of some of the other positive data we've seen have said, look, hourly wages are up better than 2% in private sector and production, also you have the jobless rate falling to 6.1%. why do neither of those data points make sense to you in terms of supporting that claim? >> i do think the hourly earnings data are quite important, and we, like some others, focus on the production and not supervisory workers. if you're going to look at wage growth, you want to focus on wage earners, and that's a better proxy, that's up 2.5% year on year growth, so we are seeing wage growth continue to move higher and that is quite important. >> steve, what do you think the

hawks in the fed would say? >> they'd see it as a blip and point out, hey, this is like we've been right here, we want to be patient. i think those are the things that doves would say, because yellin has said this, the idea we've been burned before, which is why they are in no hurry to change policy. we've had six months of growth that have been very good, an unemployment rate that's declined much faster than we or the private sector has forecast, and they expect that to continue. >> we're going to get one more jobs report before the next fed meeting. when they are scheduled to end qe at that time, if it's another weak report, do they rethink it? it's awfully close at that point, though. >> i don't think so. i think the new swing factor is when they raise rates and the trajectory. i think they are pretty committed to ending the qe program. >> dean, do you agree? >> i certainly agree with that. i think ending qe is a done deal

at this point. what the real question is, is when the fed starts raising rates, and the more news we get on the labor market, that's where the margins are going to be affected. >> dean, good to see you, thank you. steve, good job as always. see you later. we still have about 20 minutes before the closing bell on this friday afternoon. the dow is holding in there 44 points to the upside. s&p is still near the record level. we're looking for a record close there. >> the dollar store takeover battle still not done. family dollar has rejected a sweetened dollar from rival dollar general, investors don't like that. we'll round occupy today's big movers when we come back. and the twin sisters leading a boycott against carl's jr. for its racy commercials. you can venture kim kardashian, kate upton. >> paris hilton. >> but these twins say the ads are sexist. we want to know what you think.

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>> check out t-mobile, that stock was spiking on a report dish's charlie morgan is discussing a deal with t-mobile after talks with sprint ended. so t-mobile right now is trading up more than 1.5%. back to you. >> interesting. such a game of musical chairs in this sector if you look at dish, too, dish is up nearly a percent. there is always a speculation dish would need to merge with one of these players in the sector to be competitive with some of these merged entities. >> the telecome industry is playing musical chairs. >> iliad is on the table, as well. they've got their hands full. >> crazy stuff. we'll keep an eye on that story as we head towards the close. 18 minutes left in the trading session with the dow up 47. s&p is in record territory right now as we head towards the

close. >> one stock not up today, tesla, is the company overvalued after rallying more than 83% this year? someone who follows the company and the stock perhaps closer than anyone else in the world thinks it may be. that's an understatement. it's ceo elon musk. coming up, we'll hear from somebody who says the billionaire is wrong about his own company's stock. i can't wait to hear that argument. that's when we come back. take a closer look at your fidelity green line and you'll see just how much it has to offer, especially if you're thinking of moving an old 401(k) to a fidelity ira. it gives you a wide range of investment options... and the free help you need to make sure your investments fit your goals -- and what you're really investing for. tap into the full power of your fidelity green line. call today and we'll make it easy to move that old 401(k) to a fidelity rollover ira. you just have to win 70% of your points at net.

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the dow's up 55 points right now, with the nasdaq up 14, and the s&p if it were to close right there, that would be an a-time high. earlier today we were talking about how we might see our first down week in about six weeks, but now with this minor move higher today, that's off the table, at least for now. we still got 14 minutes left in the trading session. joining me to talk about this, larry mcdonald from new edge usa and dell tech international group. is this a day bad news is good

news? are we discounting the jobs report and saying wait until september, or what? >> if you think about the labor force, the bizarre thing going on is 18 million people since 2007 have left the labor force. another 300,000 this year, so what's happening is, say you're 60 years old, you're at walmart, and obamacare comes along, you're going to leave the labor force because you were holding on to your job for the health care benefits. then the labor force is expanding, those people that are leaving are being replaced. it's like treading water, to answer your question, to me, that tells you that this gives the doves more ammunition to put out the zero, the end of zero interest rate policy could be pushed out further, next year. >> what are you thinking? >> we know interest rates are ultimately going to rise. this does give us a little more time. that's the positive out of today's negative jobs report. ultimately people realize we're talking about 140,000 jobs created. two years ago, three years ago,

we would have dreamt for a figure like that. we know the economy's recovering. >> do we aspire, do you want there to be a delay before the fed starts raising rates? >> the fed raising rates is an important benchmark to look towards, but we think over the next six to 12 months, this will be one of the most difficult period for bond investors in to years because market rates are going to move up. >> breaking news now? is that kayla? you've got that, i know you were working a story just now. what do you have? >> i was supposed to be down on the floor with you, but i just spoke to a source who did say the initial price range for that ipo would be $60 to $66 a share. that's the evaluation the company is going to take to investors. the share count is roughly 2.5 billion shares. you can use that to calculate back of the envelope math, you get about $165 billion evaluation for that company.

that would be roughly in the middle to low end of what analysts on wall street had been discussing for this company. but still, a company set to go public for the very first time, monstrous evaluation, even so. i know we have eric jackson on the phone on the cnbc newsline. eric, thanks for being available today. >> hey, kayla. >> so $165 billion. what do you make of that valuation when you think about alibaba? >> well, i think alibaba is going to follow the same track that twitter did, where this initial price talk is just where the conversation begins. remember, you know, in the early days of the twitter ipo road show, they first talked about a price in the low teens. they ended up pricing at $26 per share, so i definitely think the final price of the ipo price is going to be a lot higher than here.

>> of course, you'd rather manage expectations lower and then end up surprising to the upside. if this is the valuation that the company does end up pricing its ipo, do you think that would be a disappointment? >> well, i think in my calculations, the mid range of the price you just adjusted, somewhere around $150 billion, and i think there was a lot of talk coming into the road show that that's probably where the ipo price would be. i think there are a lot of institutional investments that would love their hands on alibaba shares at that price. i think the ipo price is going to probably be somewhere like $175 billion when the road show gets all said and done with. my guess about the end of the first day trading, though, is that it wouldn't surprise me at all to see this thing pop up to something like $90 a share, which would be well over $200 billion. >> kayla, i'd be curious to see what yahoo!'s stock is doing and what the impact would be on that

company, which has been so tied to alibaba all this time. it's up 1% right now, but it was higher earlier. >> it is up 1%. there's questions around exactly how much yahoo! will get in proceeds. of course, the company is expecting a fairly large valuation for this company. it's planning to give most of those proceeds back to shareholders, so shareholders are expecting to get a big windfall from this ipo, but the fact this valuation could yet go up is something that holds a lot of promise for yahoo! investors, too, since they will be getting the proceeds. certainly, a market moving piece of news right now. yahoo! now up 1 1/4 percent, and we'll see what happens to those shares from here. we'll have more on alibaba, we have more breaking news, too, i believe, bill? >> yes, we do. this from the federal reserve. steve leesman? >> yeah, boston fed president becoming the first fed guy to talk about the disappointing jobs report, says it highlights

the uncertainty and calls it somewhat disappointing, saying the fed should be patient moving stimulus and no rate hike in one year of meeting the mandate and unemployment rate, which is at the long run rate, which he considers to be between 5.2 and 5.5. too fixated on the rate for the rate rise, the fed should not issue rate guidance because it could be inaccurate based on timing. he said the fed should be data dependent. now, significant labor slack in the economy and we're not yet near full employment. you don't have to worry about inflation from a rise in wages. there's your first fed comments on this disappointing jobs report today. back to you. >> all right, thank you very much, steve. we'll come back, we have more on alibaba, our guests will be

back, head towards the closing bell, as well, as we continue on "closing bell" after this. stay with us. [bell 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. four minutes left here. we're watching yahoo!. kayla's been telling us she's gotten more details on the alibaba ipo. you said, what, pricing somewhere between $60 and $66? >> today likely after the close,

which means that going into next week's meetings with investors, they are planning on talking up a valuation that would value the company up to $165 billion for alibaba. >> eric jackson still on the phone here from iron capital. what are you -- we're watching yahoo! here, it's up 1.3%. what impact do you think this will have on this company? >> well, yahoo! for the last four years, has always been a story, you know, the core business and what we normally think about yahoo! is really the valuation of the company. in fact, probably at these levels, you know, there's still very little value that's being attached to the core business, so most of the value embedded in the stock prices of alibaba, so as the values, alibaba jump, there should be a corresponding jump in yahoo! shares. >> a lot of expectations, a lot of pressure on this.

how do you think this goes, is this going to be as wildly successful an ipo as people expect? we felt the same about facebook. i don't want to paint it with the same brush at this point, but expectations are, obviously, incredibly high for this ipo right now, eric. >> yeah, i think a lot of people, including the bankers, learned a lot from the facebook experience, and i think probably twitter is the model that alibaba uses. [ inaudible question ] a scarcity, feeling out there among investors and get people to support the stock once it starts trading, which didn't happen with facebook. so i think -- i think a lesson learned to be a successful ipo is probably the biggest tech ipo we've seen. >> are you surprised how it's proceeded so far, as kayla has reported, they are going to

start the road show here in the u.s., it's going to trade here at the new york stock exchange, that's the emphasis here. this is, obviously, a very chinese company, so what do you make of the emphasis on the united states in this case? >> well, i think, you know, the biggest questions, i think, in a lot of investors' minds, american or not, is going to be what's the long-term growth plan for alibaba? we know kind of the story, but -- [ inaudible ] the manage teams, everybody knows jack mau, but little is known about the other members of the management team. it shows to start in new york and get a lot of questions answered early. so we'll see. >> all right. eric jackson from ironfire capital, thank you for your thoughts there on alibaba, as we get ready for that ipo that is

still to come. lot of expectations, as we pointed out. let me just very quickly show you how the markets are going out. going out near the highs of the session, dow up about 60 points, as we close things out, the nasdaq's up 19. the market has strengthened a bit, as we go into the close of trade here today and the s&p, it looks like it will be able to close at a new all-time high. it's up about nine points right now, to get above the 2,003 level, we're at 2,007 and change. disappointing jobs report for august this morning. a lot of questions about that number and whether it will be revised higher, but the markets so far taking it in stride today with the industrial average up 60 points and the yield on the ten year right around 2.45%, as it moved a little bit higher on the trading session here. coming up, we've got a lot to come here on the second hour of trading day on "closing bell," including those rather controversial and eye-opening

comments from elon musk, who said his own company stock, tesla, may be overvalued right now. that's coming up right now. welcome to "closing bell," i'm kayla toushee in for kelly evans. bill griffith with rejoin me, as well. you know the graphic, s&p 500 closed yet another all-time high, this time over 2,007 points, that's four points above the prior record close for that major average. we also have the dow up by 65 points, the nasdaq up by 21 points, as well. that's quite a turn of events from earlier this morning after the disappointing jobs report at

8:30 eastern. we want to head down to the floor here at the new york stock exchange, where courtney reagan is standing by to break it all down. courtn courtney, a winning day, but were we up for the week? >> exactly, kayla, it was a winning day, but the week actually relatively quieter. if you look at how the major indexes ended the week, pretty flat when you look at the dow industrials, nasdaq, s&p. the transports are already really good week, above up 2%, as we round out the summer, but the s&p flat dow industrials, a touch higher than the nasdaq, touch lower. sectors, again, pretty risk off, the strongest performs, as well as utilities, still only up about .6 of 1%. energy down almost 2%, so then if you take a look at the energy stocks, not surprisingly, those also saw a big pull to the dow.

some of the names we saw fall 5% or more for the week. then gold, gold stocks also pulling considerably lower if you think about what's all been going on this week as we sift through the economic data, potentially what the fed will or won't do, the jobs data that we have today. there's a lot going on as we look at this macro picture, and for the week there, gold stocks down 10%, 9%, 8%, but i don't want to leave off the retailers. there's a couple names, really saw some big moves. consumer electronics store reported earnings earlier in the week, tuesday morning, earnings and sales miss, lower the 2014 forecast, dropped 35% on the week. radio shack down 23%. they've gotten pretty small, but still it's definitely an interesting space to continue to watch as perhaps the consumer is changing. kayla? >> all right. thanks so much for that, courtney reagan. bill? >> let's bring in today's panel.

ross gerber, good to see you. dolly lens, how are you? robert frame joins us here and also for more on today's market action, tim seymour. we're going to get to alibaba in a moment. what do you think of the jobs number this morning, what did you do with that? >> that's the response you add into what the ecb did on thursday and really what people are expecting out of the boj, which is central banks are driving the market. week over week, we're still slightly higher on the yield curve, which means i think still that's upward pressure on rates. i'm probably in the minority of that, but today you've got a relief and bad news was good news. good news is good news and no news seems to be good news. this is a case markets will continue to go higher. >> is it a bad thing? do you aspire to have the fed delay raising rates even longer, is that a good thing? >> no, that's a bad thing, i don't aspire for that at all. good clarification, because i

think the fed's behind the curve. a lot of people said 133,000 and anyone who thinks their rates are going higher is way off the mark. i look at the six and 12-month averages on jobs. i see a little over 200,000 on a year, and i look actually there is wage inflation, there was some sign of wage growth in today's numbers. we know the fed's looking at that, so to throw this off the window and say suddenly the fed does not need to be focused, i think, is absolutely missing the mark. >> you're still working the alibaba, i'm watching you over here, trying to do two things at once. what else do you have for us? we saw how much executives may be selling, too, right? >> 197 -- is that thousand or million? >> million, million. >> is that sign of encouragement confidence for investors? sounds like a lot to me. >> it is a lot, but keep in mind you have a lot of executives

here. you have a lot of people with relatively equal titles in this partnership, but also a company that's been around for nearly 15 years. >> these aren't private equity guys, these are operating executives. >> former, as well. >> former executives. >> people like jack mob, who founded the company but is sort of operating at a arm's length. i'm trying to see exactly what is the makeup of the stock that's going to be for sale, and it's going to change, too. there will be a lot of investors who will say, oh, more demand than you expected, maybe i'll sell more than i thought, but i was talking to you during the commercial break and i said would you buy into alibaba, you said no. >> i was scared of a stock at that valuation. it reminds me of when facebook went public. it depends how well they take the company out on the exchange. i think it might go higher, but you have to ask yourself, with valuations like this, how does this ultimately end? the second thing is, what happens if there is competition

one day in china in this market? not knowing a the lo of information and a lot of executives selling out at high prices. i know chairman mahle would be very proud of this country doing so well on capitalism, you know? >> it strikes me when facebook came public, we were all thinking back to the google ipo at that time and people thought it was overvalued when it came to market. facebook became its own entity with that debacle, twitter then came out, and now alibaba wants us to remember twitter, not facebook. that's the benchmark they want to go with. >> still comes down with i don't trust the company. you don't even know who owns this company. they are still trying to figure it out. am i going to put millions of my clients' dollars -- >> their filing was going back and forth to get clarity. >> has that really been resolved? i just don't trust it and i think that's the question is, do i want to put millions of

dollars of my clients' money into something i really can't dig down and get into the numbers and executives and know that i can trust them with my money? >> tim seymour, there's another angle to this, which is the perspective rebalancing out of bidu, out of ebay, out of amazon. what would you not want to own, whether or not you're buying alibaba or not, what would you not want to be? >> i think there's going to be raising of cash in other big chinese internet names, but i think kind of your three horsemen in china the next couple years are alibaba, ten cent, bidu, google, apple, and facebook. to speak to the transparency of the company, the way i look at this, i think people don't really have any way to know that the growth in alibaba isn't going to exceed that that they've been paying 200 times earnings for amazon. to say that the valuation is extreme when people had no numbers on twitter or facebook

and threw money at these companies, alibaba is going to be very good for the incubating of a lot of other small tech companies in that space. i think this is going to be a bolder drop in the water that ripples out and lifts up the entire market and it's going to be interesting to buy it. >> i don't disagree with him and what he's saying. i actually think the stock will go higher. the question is, for how long? i think the real money's going to be made on who does alibaba buy, because they've been doing a lot of acquisitions and there's money to be made seeing what's complementary to alibaba. but let's be real, if there's real competition in china for their business from the major players like amazon, maybe it's overvalued stock, but if they continue to close their market and not let us play in it, they do have an awesome position on the short term and long term. >> robert, alibaba is a mammoth platform, but also has a counterfeit issue, which you

covered quite in-depth. do you think they've resolved it? >> they've done a lot to address it, but for instance, two weeks ago there was a lot of sort of jeff coons works on alibaba. >> really? >> and they sort of -- >> to sale? >> for a steep discount. and there was some mystery because they sort of quietly took it down after it got some exposure. they say they've dealt with that, but you're still seeing a lot of counterfeit issue. the lack of transparency in that company, whether it's the ownership, whether it's what they sell, whether it's do you really trust the numbers, there is a track record now for chinese companies that isn't so great with u.s. listings. >> tim seymour, you as well, ross, is this good for yahoo! or not? >> i think so, but yahoo!'s issues are that with any company, one, look at yahoo!'s parts, that's great, trades at a

discount. this puts them somewhere at a minimum around $44, but how do they spend the cash, how are they taxed on it? i think it's positive for yahoo! not off to the races and people have been trading this name around, but they'll be buying yahoo! into next week. >> i agree. i think this is great for yahoo!. a, they are getting cash out of the deal and looking for them to make complementary composition. i'm looking at a company like yelp for yahoo! to buy, so they have cash they can well utilize, plus they have a large position in alibaba that will go up. the other way to play it is soft bank. i do think yahoo! has a lot to prove, but these are great opportunities for companies like yahoo!. >> one of our producers pointed out one of their road show stops is in kansas city, where sprint is headquartered, so you have to think soft bank is watching. >> soft bank owns more alibaba than yahoo! and they aren't

selling any of it. that's an interesting idea. >> this is an interesting wealth creation. jack mam will be the richest man in china. >> start this company in your apartment. >> yes. >> $21 billion. >> taking the money off the table is good for the rest of the economy, right, now they'll spend it some place. >> good for people like dolly. >> you think they'll buy real estate? of course, they will. >> yachts, all kinds of great things. >> we're going to take a quick break here. tim, thank you, my friend. catch tim and the rest of the crew on "fast money" 5:00 p.m. eastern time. they'll be talking apple with the analysts that tell us why apple stock will not sell off after the big announcement coming up on tuesday of next week. don't miss that on "fast money." also don't forget the jobs numbers today earlier this morning, disappointed in a big way. now there's a growing course of experts who think the numbers are wrong. we're going to dig deeper on that coming up next. and the isis threat quickly

moving to the front burner of global affairs. a new coalition has now been created to combat this fast-growing group of militant monsters. the latest on that just ahead.

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142,000 is not 220,000. that's what you call a big miss on the jobs number. earlier today on squawk box, that report might be wrong. here's what zandi said. >> i don't believe it. i don't believe this data. it's not consistent with anything, anything, not consistent with ism, not consistent with adp, not consistent with unemployment insurance claims. here's an intrepid forecast for you -- >> are you saying bls cooked these numbers? >> no, no, next month these numbers will be revised higher. >> let's get some reaction now, not only from our panel, but barry, and tim gimable from la salle networks. gary, what did you think? it is a bit of an outlier compared to what we've been getting the last six months. what do you think of the number and what do you make of it?

>> it is, august is a very tough month, but don't look for it to go up 300,000. there's a broad trend here with ceos, and that is, you know, you're not going to hire then innovate, you're going to innovate then hire. that's where we're at. >> you're going to see this number revised, only a matter of time before we get new data and it goes up. today we got data that revised june and july down. >> it's revised every month anyway. august is usually a very slow month from the standpoint of companies and hiring managers, jobs as aggressively in august with kids out of school and things like that. we have to realize, it's a new normal that companies are continuing to make money, the stock market's up again, however, at the same time they are not going to hire foolishly and not going to hire because the government tells them to, so we cannot look for continually 200,000, 250,000, 300,000,

that's ridiculous. just like gary said, we're not going to see 300,000 consistently for a long time. >> what do you think? >> what's interesting is, you know, august is always, almost always, revised, so that's number one. number two, if you drill down to what was weak, leisure, restaurants, hospitality, hard to imagine that in august those things were so much worse than july. also, auto sales were weak. august -- not auto sales, but the jobs associated with automotive and construction, hard to imagine given the incredible banner month we had with auto sales in august, that reflects some kind of structural weakness. it's a jobs recovery not accelerating. with the 28,000 down, this up, it's still around 200,000 a month, good, but not accelerated. >> dolly, what are you seeing based on your perception of the real estate market and how you see it, how do you perceive the jobs market right now? >> i see the real estate market as super bifurcated, more so

than it's ever been. it's a huge wedge. you see the top of the market, brand new highs constantly being made, bidding wars, everything is going overasked in that uber end of the market, and yet first-time home buyers are out of the market. >> of course, a lot of that is fuelled by the jobs market. >> exactly, jobs market, student loans, worry, all kinds of things. i'm seeing it as more bifurcated than ever. >> i think that's true, but i think the other thing you have to understand is there's a big difference between skilled labor and unskilled labor. for example, my company has been trying to fill positions for months and we're still trying to fill positions. we can't find qualified applicants for it. maybe the jobs number isn't wrong. there's jobbed to be filled with applicants applying aren't qualified, so they are not being filled. so we have to accept that, first of all, if you go outside here in new york, it's so busy. the economy is doing fine. let's be real. jobs are being created and the overall pace is pretty good. this is just some weird number. forget the economists in these

numbers. it's a trend and the trend is mediocre job growth. >> and kroger announced today they are hiring 20,000 people, right? >> retail jobs were some of the weakness in august. gary, we used to pay so much attention to the jolts number, which comes out after non-farm payrolls, which actually shows you, granted, it is lagging information, but shows you how many jobs are open and how many people feel comfortable quitting their jobs. at this point in the economy, given the disparity in some of this labor data, do you think that would be a more telling number for us to go off of? >> listen, it could be, but the broader trend here is, you know, there's not conspicuous consumers, there's this fight for growth if you're a ceo like myself, you're looking for people that are learning agile, that can innovate. you've got baby boomers that every day there's 10,000 people turning 65, and what's happening is, they are working a lot

longer, so there you've got the bottom, you know, kids coming out of college like my kids, the underemployment rate's 50%. that's having a massive intact on these numbers, as well. >> plus they've got student loans they have to pay off right away, as well. guys, thank you. gary, tom, thank you for your thoughts on a confusing jobs report. that's for sure. midday, president obama and nato leaders agreeing to take on the isis threat straightaway. >> there's some question, some debate, about what exactly degrade and destroy means and what role the u.s. will play in that fight. we'll examine the options when we come back on "closing bell". cute little guy, huh? this guy could take down your entire company. stay with me. on thursday a hamster video goes online. on friday it goes viral - a network choking phenomenon. why do you care? he's on the same cloud as your business. the more hits he gets, the slower your business may get. do you want to share your cloud with a hamster?

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welcome back. at this hour, we have a developing situation out of iran. >> eamon javers has details on that. what's going on, eamon? >> what looks like what's going on is a very contentious situation in iran, involving a flight -- a contracted flight from fly dubai that was carrying americans, apparently going from bagram airfield to dubai is forced down on the ground in iran. jim miklaszewski is reporting as many as 100 americans are on that flight. i've been in touch with a senior administration official who tells me this flight is a fly dubai flight, it's not a u.s. flight, and there's been some question about whether or not it was forced down and what does force down mean? our understanding at this point was it was requested by the

iranian air traffic controllers to land, and it did land in iran. it had been expected to continue on to dubai. there might have been some confusion here about the flight plan and the timing that this flight was supposed to take and the time that the flight actually flew. that's why this flight full of u.s. contractors, apparently, has landed in iran. the united states government is now saying that they expect this situation is due to bureaucratic confusion and they expect it will be resolved soon and they expect that this airplane will be allowed to take off shortly at this point, so we'll monitor that. meanwhile, the president of the united states was in wales today talking about the fight against isis in iraq and syria. he was asked whether or not the united states would put u.s. military boots on the ground in syria. take a listen to what his response was. >> with respect to the situation on the ground in syria, we will not be placing u.s. ground

troops to try to control the areas that are part of the conflict inside of syria. i don't think that's necessary for us to accomplish our goal. we are going to have to find effective partners on the ground to push back against isil. >> so, guys, important nuance there from the president of the united states today when asked about u.s. ground forces in syria. he said, we're not going to put u.s. forces on the ground to try to control areas in syria. rhetorically potentially leaving open the possibility that u.s. ground forces might be involved in syria for some other purpose other than controlling territory inside syria. so that one is clearly one to watch. the president striking a very tough tone here in his meetings with nato allies throughout the week, guys, in europe. >> eamon, thank you. of course, you'll keep us updated on what's going on in iran, as well. >> for more reaction and analysis, we're joined by former cia officer gary bernstein.

gary, thanks for joining us. >> pleasure to be with you. >> the idea that all nato members are pledging to increase their defense spending, but yet it's the president who is talking about finding the resources on the ground, be it u.s. or otherwise, to actually fight some of these battles, what do you take away from that? >> well, what i think we need to be thinking about is 1991 and george h.w. bush, take a play out of his playbook. we need other people to pay for this conflict. united states is going to provide leadership, air power, some troops in some form, but we need a larger coalition than just nato and get the gcc states, saudi arabia, kuwait, qatar, uae involved, as well. >> when you talk about finding allies on the ground, that is such a tangled web of enemies of your enemy, people we've given weapons to that have come back to haunt us. who are our best allies, do you

think, in that region that we should team up with against isis that will not come back to haunt us? >> well, of course, we're going to be able to work with the jordanians, pesh merger will be our best local allies right now that should be in, but we're going to have to expand this. we want to build the largest coalition possible against isis. about a week ago, the religious -- the religious leader of saudi arabia, the sheikh came out and said isis needed to be destroyed. same with the religious leader in egypt, and we have the pope saying this, plenty of people here, plenty of support from around the world. the president's got to harness this, put this together and put some people on the ground doing some of the technical parts of this, calling in close air support, build a force, and even more importantly, in the end, we're going to have to create a zone in the sunni area of iraq. maybe the iraqis are going to

have to move to a federal system where sunnis feel safe, they are not being discriminated and attacked by the shia majority. >> ross, what do you make in this interesting wrinkle and sophisticated use of social media by isis and the effectiveness its had and all the support its seen on twitter. >> i thank you for this question. i've been tweeting this over and over again, take down their accounts. i don't understand, twitter, facebook, youtube started doing it, thank god, take down all their accounts. i mean, it's ridiculous we're helping the terrorists right now. they communicate, they create terror, they use it in military operations, if you search right now on twitter isis and stuff, you will see beheadings, you will see murders. >> you can also argue that's one of the ways we track them. there's gps embedded in every single one of these tweets. >> we know exactly where they are. we have satellites. it's like this whole coalition

thing. we have the greatest threat since adolf hitler on the ground right now. there are mass murderers. there has never been a better cause than this to go in right now and we should be shocking and awing them back to the stone age where they are from. >> gary, do we know exactly where they are? >> look, there's intelligence, human intelligence, signals intelligence overhead. i'm sure they have very good coverage on elements of this and can be destroyed in iraq and syria. >> why not hit them now? >> i agree, hit them as soon as possible. we should not be waiting or delaying right now. we should be moving as quickly as possible. >> why these coalitions, though, why, why, who cares? we have the greatest military force times 100 of any of these countries. do we need their approval? we are the leader of the world and this is the time that we

need to step up. the president of the united states needs to step up and do something about it. >> let me step in -- >> it's genocide. it's ridiculous. >> agree that it's genocide, but understand something, after the conflict in 1991 in kuwait, president george h.w. bush to get everybody aeelse to pay. we e rated debts of $6 trillion with wars in afghanistan and iraq. array a coalition and get others to pay. >> all right, gary, thanks for your insights, appreciate very much. >> thank you. >> former cia officer gary berntsten joining us. circle september 19th on your calendars. that's the day alibaba will open its ipo here at the new york stock exchange. the road show to startup investor interest begins this coming monday, so what do investors need to know and what will it mean for yahoo! shareholders?

we'll have that debate coming up. also, a new -- i get to do this story. a new burger battle afoot, but it's not between fast food chains. this ad you're looking at right now, and if you're on satellite radio, you're missing a lot. caused two utah sisters to take on carl's jr. they want a boycott because of how this ad depicts women. you can see what we're talking about. we'll talk about it coming up. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern. in today's market, a lot can happen in a second. with fidelity's guaranteed one-second trade execution,

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. that didn't take long. about 40 minutes ago we broke the news for the pricing of alibaba's ipo and it's wasted no time flying to the top of the cnbc hot list. >> one of the fastest spikes on the web that we've seen on the site. for more on that story and the entire hot list, changing as we speak, managing editor allen wasler, right? >> burning it up right now, it's been on fire here. not only is the alibaba ipo, the news story burning up, but if you check out our quotes, this is my quotes we regularly get on yahoo!. look at this last hour here. they just skyrocketed. this is where they would normally be, so people are just

piling in trying to check out what's going on there. of course, yahoo! owns about 16% of alibaba and everyone wants to check that out. i've got another one on fire, too. eric rosengren, the fed official, his comments that came out not too long ago, people are diving into those, too, because everybody's been on pins and needles about what's the fed going to do, is the economy getting better, not getting better, so that story is on fire, as well. finally, this one has been hot all day long. it's elon musk of tesla this morning when he was talking about his new gigabyte factory out in nevada, he mentioned, and, i think our stock might be a little bit high right now. so the stock took a pounding and we've been following it throughout the whole day. 3% loss there. that translates into a loss of about a billion in market cap. that's been on fire, too. it's been a crazy day here on the website, guys. >> glad we could keep you busy. >> all right, we love it. >> see you later. >> take care, guys. >> got to love elon musk's brutal honesty.

>> who else would get away with that? steve jobs could have gotten away with that. elon musk gets away with that, and we'll talk about that coming up. in the meantime, it may be the most anticipated ipo of the year, of course, chinese internet alibaba, revealing it will sell 123 million shares, somewhere between $60 and $66, as kayla reported. what does that mean for share holder yahoo! and what it means for the ipo market itself. we'll talk about that coming up here. and all eyes are on apple next week as the company could unveil not just an iphone 6, but also potentially a smart watch, maybe even a payments platform. we will see. but one fashion designer is ahead of the curve, jumping on wearable tech during new york's fashion week, which, of course, starts this week. be sure to tune into "closing bell" on monday, kelly evans will be back to talk the fashionable side of technology. most favorite fashion designer. >> exactly, love that.

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really? yeah, i'd like that. who are you talking to? uh, it's jake from state farm. sounds like a really good deal. jake from state farm at three in the morning. who is this? it's jake from state farm. what are you wearing, jake from state farm? [ jake ] uh... khakis. she sounds hideous. well she's a guy, so... [ male announcer ] another reason more people stay with state farm. get to a better state. ♪ the news of the afternoon is alibaba, the company's setting its price range at $60 to $66 per share, with the date of september 19th to open for public trading. at least that's what my sources are telling me when that road show ends. >> a lot of details still coming out. still got to figure out exactly what they are talking about. >> going to have a fun night tonight. >> yes, you are. no more soccer game for you tonight. we want to bring in our guest,

panel here to talk about all this. you and i were talking about it doing a previous break. what do you make of the whole alibaba phenomenon and the ipo craze we're waiting to happen? >> i think what's interesting about the alibaba story, it does give investors potential exposure to the chinese consumer. including government expenditure, as well as government consumption, bringing it up to almost 45% to 50% of gdp, alibaba brings exposure to that, which is a positive story, and less exposed to the more negative story in china right now. >> atool, one of the staffs we haven't mentioned yet on this program is the facts at 320 million shares, that's what will be offloaded into the market, both new shares and previously owned shares. that at the high end of the range, $21.1 billion would be the proceeds. that would make it the biggest ipo globally in the u.s. in the

tech sector ever, blowing away all records, but the fact that the majority of that is coming from executives and existing investors, does that worry you as an investor? >> i think, you know, the valuation notwithstanding, i've got to look at where the valuation actually ends up and what does concern us at times is when we see a lo of insider selling, where it is in the market more generally right now. we still have a preference towards equities, so it is concerning we are seeing insider selling, but we're not really seeing it at a point where equities are incredibly stretched in absolute or relative terms. >> look, it also shows you what the company is doing with the proceeds. if the company is going to use those proceeds to expand globally, build business outside of china, that's fantastic. if it's just a liquidity event for executives who think now is the best time to get out of this company, it makes sense from a wealth planning view. i get it, but as a share holder, the use of cash to pay off your executives is, i think, a bad

sign. >> ross, you expressed skepticism about this earlier, what are you going to watch between now and the date they do become public here? >> the road show we'll see the price change during the road show based off supply and demand, i'm sure the institutions will step up because they have to own this stock kind of thing, but i agree, the last thing i'm doing is taking my clients' money and my own money and giving it to a bunch of chinese executives. that's what you're doing when buying the stock. do i trust it? no. >> would it be irresponsible when the stock ends up going up in a big way and could create value for your clients? >> no, it's my job to buy stocks when it goes up, but i have plenty other stocks amazing that i could buy, too, u.s. companies doing great things. >> i think we're going to look back on this and say, wow, that was a missed opportunity just because it's a brand new market, you know, we don't control it, it's not controllable, there are big issues, but we're going to look back on this and say, wow, that was an amazing opportunity.

china is the market, that's who we really want to invest in america also. >> dolly, this is going to mint a lot of millionaires, do you anticipate your phone ringing off the hook with demand? >> it's been ringing off the hook. now it's going to be liquidity ringing off the hook, versus just the coming to see. now they are coming to buy. that's a huge difference and i think that's good for almost every person sitting out there. >> you mentioned this as an opportunity to tap the chinese consumer, to invest in that, but there are other companies who do that instead, right? >> there are other companies you can do that with, but what's interesting is, obviously, a very complex industry structure and alibaba is a large player, where margins can be compressed and right now they are quite low. tapping into the largest player in that market gives you a bit more cushion, and potentially if you see more industry consolidation, obviously, alibaba can be a participant and potentially grow margins in future years. >> it's also the sexiest.

what else is more interesting than the alibaba ipo? >> that's true, and it's got a great name, too. >> it resinates. >> it will sell. i'm sure they are going to do a great road show, too, but i do think ultimately when you look at china, you are right, this is a way to get into that market and longer term we'll have to see how this plays out. that's the fun of what we do, but it does have a lot of opportunity and potential, so i don't want to minimize that at the same respect of my skepticism, which i think is well warranted. i still think the way to play it is in the united states through yahoo! or something like that. >> i agree, china is an amazing market for consumers, but look at all the companies that counted all the companies in china thought they were going to sell a billion whatever, and you have to look at what you're actually buying. you have to look at where this company's headquarters, where it's executives are, the structure of the ownership. when you really figure out what you're buying, you may not be getting the chinese consumer and the future of the internet in china. >> i don't know, it's as big as it is, the bigger they are,

harder they fall. >> phone is ringing off the hook. >> it's jack ma buying a $50 million place in new york. i hope they buy my house, come to l.a. >> thank you for joining us, appreciate it very much, your insights on alibaba ipo. >> from baba to burgers, now to something completely different, carl's jr. is famous, perhaps infamous for its tv ads, and now two sisters who don't like those ads are calling for a boycott. they are going to join us on "closing bell." we want to hear from you, i texted with my 23-year-old daughter on this a little while ago. do you think these ads are sexist? and if you're on satellite radio, as i mentioned, you're out of the loop on this one. coming up, you can head to cnbc goikt .com/vote. stay tuned. ♪

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once again, carl's jr. has been grilling up some controversy. it's been famous for its ads featuring scantily clad female models and celebrities. the burger chain has received some backlash from groups that do not find these commercials very entertaining, or effective. two sisters are calling for a

boycott as a result of carl's jr. in fact, joining us right now are those two sisters, lexi and lindsey kite, they are founders of beauty redefined. tell us what that is. and how all of this came about. what do you guys do here? >> we co-direct the nonprofit beauty redefined, we also just graduated with our ph.ds in media and body image and we help people recognize and reject harmful ideals that recognize women as bodies alone in so much of media today. >> you're talking about these carl's jr. ads that show these women eating these burgers in a rather provocative manner, you don't like the sports illustrated swim suit edition and those kinds of things, is that the idea? >> yeah, we target media objectifying to girls and women, meaning they treat girls and women as a compilation of body parts, as something to be used and consumed and discarded and that's definitely what carl's jr. does with women in their

advertisements. >> they have been doing this several years, though. is there a reason now is the right time to have activism change the way they are going about this? >> you know, i think we've got a great voice using social media. beauty beauty redefined has really taken off with the credibility of our research. and i think we are giving voice to a lot of things that people think and feel but don't have the right words to articulate. we're doing that. >> before we go on here, two things. one, we're conducting this poll on cnbc.com/vote. do you think these carl's jr. ads are sexist? vote on that. then we also reached out to carl's jr. to get their response to this. >> the parent company is ske restaurant holdings. they said quote, our advertising is targeted to a specific audience, young hungry guys and is intentioned to catch the attention of these viewers. the women in our award-winning ads are intelligent, talented,

and beautiful professional actresses and models. we only have the greatest respect for women for their contributions in the community. they go on to say that we regret that everyone may not view our advertising the same way. >> you're laughing, ross. >> they have such a good pr team. >> what would you expect them to say, right? >> they did a good job with their response. i mean, you know what i always say to this? turn off your television if you don't like it. i don't eat carl's jr. anyways, but the ads are sexy. i'm not going to lie. and i'm a young, hungry consumer. >> and i would point out those who can't see it but the vote that's being conducted right now, 84%, 83% of our viewers do not think these carl's jr. ads are sexist. >> does that mean they're all guys? >> it could be. >> could very well be. >> our young, hungry, male audience. it does skew in that direction. the question i say, i live in southern california. i went to the beach the other day and there were a lot of

women who were under the age of 18 wearing very scantily clad outfits. that's our culture now. i mean, let's be real. >> yeah. we can talk about respecting the contributions of women all day long. but until we value them for more than what their bodies look like, then we're not really respecting them at all. we're devaluing all of the other contributions that women make in our society and teaching men to view women as these passive objects to be looked at while teaching women and girls to view themselves as objects to constantly monitor their appearances all the time. and this is doing harm to girls and women as well as boys and men. >> there's nothing sexy about that. >> lexi and lindsay, to hear the companies say verbatim our audience is young, hungry guys. that basically says we're not interested in getting women's business, what would you say to that? >> we'd say that i think there are a lot more 18 to 35-year-old men that look at those commercials and say i believe women are more than pieces of

meat to be consumed and i want to let my voice be heard. something like us, our campaign is a way to do that. my husband is the face of this campaign. he's on our site saying cut the carl's. we can do better than this. >> i've got a 23-year-old daughter. i texted with her and she's right on the same page as you two are. you know, we can't have an intelligent conversation about equality in this country when we're watching ads like this. >> it's not just the ads. it's the kardashians and all this stuff. >> i agree. >> we'll see whether it works for them financially. >> i think it works. i think they ad well. >> they get attention. >> our final results of our poll, 79% of viewers voting said no they don't think the ads are sexist. 21% said yes. >> maybe they're just hungry. >> yeah. >> we're hoping to teach them otherwise. >> your point a well taken, ladies. thank you both for joining us today. >> thank you. all right. earnings season hasn't

officially kicked off, but there's a fair amount of notable names reporting next week including barnes & noble, krispy kreme, lululemon. we're still ahead of what's to come for the third quarter. >> we have a slew of consumer-focused data reports out as well next week. retail sales, consumer sentiment. our panel will tell you what they're watching as well, won't you? when we come back in two minutes. who do you trust? whose analysis is accurate? how do you make sense of it all? a simple, unbiased stock score consolidated from the opinions of independent analysts... is that too much to ask? nope. equity summary score, powered by starmine, will help you execute your ideas with speed and conviction. and it's only on fidelity.com. open an account and find more of the expertise you need to be a better investor. cozy or cool? exactly the way you want it ... until boom, it's bedtime! your mattress is a battleground of thwarted desire.

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all right. news alert on possible new sanctions against russia. morgan brennan, tell us about it. >> thanks, bill. we're getting reports from reuters that they plan o ratchet up against russia next week. on that increased list, gazprom which is the oil refining production. also ukrainian rebels are going to be on that list and russian decision makers. so we will continue to bring you the headlines as we get them now. presumably if a cease-fire is in place, these won't go into place. otherwise they will begin tuesday. >> thanks so much. keep your eyes on the oil

majors, credit card companies. those are the biggest names that will be affected by any increases in sanctions. all right. we're about to wrap up for the week. >> and real estate. >> and real estate. >> do you have a lot of russian finance coming through? >> they've been out of the market for quite a while. and now really out of the market. stealth if they're in. like they don't want you to know they're russians. >> and banks don't want to deal with russians right now. i will have a big real estate story next week. middle of next week i'll tell you about it. >> tease. >> it will show you how global the real estate market has become. stay tuned. >> i'll bet dolly has a hand in that as well. >> maybe. >> yes. what are we expecting from apple? >> you know, tim cooke has been pushing this off and pushing this off. i think it's going to be an amazing event for them. i think they're going to release multiple products. i think we're going to see awesome new phones. i think this is going to be hopefully a new generation of products.

when you go to the apple store this holiday, it will be mayhem. >> so this could be revolutionary finally? >> i think it will be both. apple is two companies. they make products but they're also an ecosystem. the ecosystem is going to be strengthened here and the product lines are going to be strengthened from the smallest product of your watch to the bigger screen ipad which i think they're going to come out with too. and if you look at all the different screens you can choose from now, apple's really going to have the best of both worlds here. >> you carry more devices than i do -- >> and none of them are apple. >> but would you wear a watch too? >> no. i wouldn't wear a watch. i have a pocketbook. i think for guys the watch is better. >> an i-pocketbook.

>> or like joan rivers a toe ring. >> "fast money" is coming up next. melissa lee, are you wearing an iwatch? >> no. i'm wearing a good old fashioned watch. >> so you know what time it is, don't you? >> yes. it's time for "fast money." have a great weekend, guys. see ya. "fast money" friday starts right now. from the nasdaq market site in new york city, i am melissa lee. breaking news this afternoon on what could be the biggest ipo ever. alibaba expected to price between $60 and 66 bucks a share. more details on what it means for the chinese internet space. that is coming up. but first this has been a big week. a cease-fire in russia and ukraine. and this morning a worse than expected job report. all that news pushing the dollar up more than 1% for the week. the tlt downea