the fed, the economy and your money one hour until the fed's latest statement followed by janet yellen's news conference, investors focusing on two words in the language of that statement. here they are, considerable time. will they be there? will they be amended or left alone and what will it mean for your portfolio? the early reviews are in. how good or how bad are the two new iphones? the 6 and the 6 plus. we have one of the first reviews

of the 6 plus coming up. airlines flying high. i am supposed to stay here, ladies and gentlemen. not so fast. in the midst of one of their most profitable years ever but should they be making more money. and shares of reebok robotics. one week of 87% but taking a -- rewalk's exo skeleton helps people with lower limb disabilities get back their mobility. they can stand and walk by themselves. rewalk's ceo will join us live with a demonstration. sue was at the nasdaq today. >> we will have gnat intthat in it is fed day. the dow setting a new record high right now up nine points. the s&p and the nasdaq up for

the second day although the s&p has just turned negative. a record high, as well for the dow transports up almost a full percent. dupont helping up about 4%. hedgefund titan nelson phelps. the key interest rate we are watching is the ten-year note. up to you. >> thank you very much. it is a very busy day in the markets and, of course, busy also because that apple iphone 6 comes out on friday. that's the day that first people will get their hands on that phone. a handful of lucky journalists already have them. the reviews are in and they are positive. lauren good got to try out the bigger iphone 6 plus, the bigger of the two. you have it right there in your hand. looking cool. >> you probably couldn't see my face because i was texting and this is so big.

this is it. this is the iphone 6 plus. >> i don't want to get too personal here. is this phone too big for your breeches? >> that depends. if you like big phones then i think you are really going to like this smart phone. i called it a statement phone in my review because it is so big. if you are not used to bigger phones but used to something like this which is the iphone 5 s this might feel a little bit big. it didn't fit well in some of my pockets. i couldn't carry it when i was working out. there are positives and down sides to having such a big screen. >> let's look sort of the size. it makes a big difference in terms of your ability to see it and read it. you can play with the fonts, can't you. if you are like me i'm an older guy obviously and i can't read some of the little type. >> i am right there with you. one of the things i really liked about this phone is that there are two modes and that you can

look at the home screen. there is a standard mode and a zoom mode. i had mine for the most part set to zoom mode. you can make the lettering better. i was able to wake up first thing in the morning and grab the phone and see what was going on in the screen without my eye glasses. this is a benefit of a lot of bigger phones. in some ways i didn't use this much at all this week or this which is another nexus tablet that i have. you have to wonder are big screen phones like this eventually going to converge with something like the tablet? >> let me ask you one more question before we have to go here. would you buy it? >> that's a tough one. so one of the things i said in my review is that i really like carrying my phone with me for fitness purposes, working out and going on walks and hikes. this felt a little bit cumbersome for me. for consumers who look big

screen phones this is beautifully designed and if you are a fan of the apple ecosystem you will probably want to buy this phone. >> thank you very much. we appreciate your review and thanks for playing along. technology entrepreneur and venture capitalist joined cnbc this morning and asked if he would invest in apple or google right now what did he say? >> i probably still would go with google. the risks with apple are that at some point they lose the pricing power on phones. the risk with google is the eu anti-trust stuff. those are the basic risks. probably more upside with google over the next decade. >> which is a better stock buy? apple or google. join the conversation at cnbc.com/vote. with us from chicago is jim yur

irks yurio. >> i think google is better. let's start with apple. they introduced this product that is better than the one it is replacing and hipsteres wait and spend the night in front of the store. to talk about losing pricing power now is premature. they have to worry about samsung. google, remember years ago we talked about google and say the biggest part of their money they make is search. the market kind of viewed that as fleeting. several years later and they are increasing their market share in search. seems like they are not going to go the way of palm and black berry and keep their eye off the under dog. i do like google better. i own them and have them both. long exposure to both. i would increase my long exposure to google if it trades

above 6.05. >> thank you for that detailed explanation of where you would buy and what you would buy. let's look at what you said. which stock do you like better? a very close split. 53% say apple and 47% say give me google. a market flash. >> so a strong day for steel stocks overall. it began when u.s. steel forecast third quarter profits to exceed expectations and continued when nucor said it expected higher. industry is flushed with strong demand and supported by barriers against imports so steel stocks a focus for investors on this day. the dow setting another high today as we wait for the fed's decision on interest rates. what will the fed have to do to keep the rally going.

some advice from jim cramer last night on "mad money." >> dodge the considerable manage that the fed has to put a timeframe. any strategy that puts us on a course without paying attention to data i think is full of problems. >> joining me here is head of the u.s. intrinsic value equity team. good to see you gentlemen. tom, i think you probably would agree with jim in terms of clarifying the language and taking things out and how does that give you guidance for what the market is going to do ahead? >> i think it is a slippery slope to try to anticipate the path from 0. as an equity investor the opportunities are idiosyncratic. in some sectors financials are

impacted by the path. a lot of other areas, health care, technology i don't think are as dependent. >> would you agree with that? where are you putting money to work? last time i talked to you you did see value in this market. >> thank you, sue. we do agree with what tom just said. by the way, i know tom from a previous work life. so we do agree with what he just said. the fed will largely remain accommodative. that doesn't necessarily mean the markets will go up because valueuation becomes very important. so the market will continue to seek out information from the fed but at the margin what is going to grow markets higher from here will be earnings and the corporate margins. as i said earlier in previous visits to your show we see value in pockets of the u.s. market. by and large the overall u.s. market does look a little rich to us. we would rather put some of that

money overseas into europe and emerging markets. >> the name of your division you are managing is intrinsic value. you mentioned places you do fine value. a lot of people say the value has been propped up by stock buybacks and it is almost a false rally. is that too strong a term? >> i think it is too strong. when you look at stock buybacks they are real. these are companies that are flushed with cash on the balance sheet. if you start to see growth in the economy you start to see companies reinvest. i think you need to see that. we have seen the growth of earnings through margins. we need to see top line growth. >> you said you are putting money to work overseas in europe. specifically where? >> believe it or not within europe and the eurozone germany continues to look attractive to us. there are concerns about an economic slow down and those

guys going back into recession but the language that has come out of the ecb tells us that there is continued accommodation and that they will do, take steps in order to make sure that the eurozone stays in tact. because of that what they have said the euro has weakened a little bit and put pressure on those markets as u.s. investors but we think that sets up companies in germany for strong growth going forward because they become more competitive from an export perspective and the strength that the german industrial market and consumer market has is really attractive to us. >> thank you both. tom, nice to have you here. good to see you again. home builder confidence soaring to new highs. diana is in washington, d.c. hi. >> it is back up to where it was at least in november of 2005.

take a look. home builder sentiment surged four points. it has now hit 59. anything over 50 is positive. all of the components of the index all rose. what has a lot of folks scratching their heads is this. we are at 656,000 single family housing starts right now. that is annualized rate. if you go back to november of 2005 when builder sentiment was this high single family starts were at 1.8 million. you have this huge divide between sentiment and reality. looks like sentiment is following multi family starts now. if you want to see the great chart again i just tweeted it. more numbers online. thank you very much. coming up for you an incredible story. rewalk's robotic's exoskeleton

helps people walk again. the company's ceo joins us next. hear one of the first people to use it, a marine injured in afghanistan. you will see him walk live on "power lunch" in two minutes time. 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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that uses robotics to power hip motion allowing people to ambulate and walk. you will get to see a live demonstration here at the nasdaq. the company began trading last friday and we are up some 80% on the stock. joining us right now is rewalk's ceo. a marine wounded in afghanistan and one of the first people to use the technology. welcome to you guys. really appreciate you being here. you are going to help us demonstrate this device. we thank you for that. let me start with you, larry. the stock has been a stellar performer. tell me about how big you think this market could get for these devices. >> the field of exo skeletons is a new industry. this type of skeleton technology

can probably apply to people who are quadroplegic. we have to study over the next five to ten years you will see this used. >> does it worry you when you see the stock pop to that extent. obviously there is a lot of potential for this product. that is an extraordinary move in the stock. >> our focus is getting more people trained and allowing them to use this in their every day life. >> dominic has a question for you. >> we have been talking a lot about this. we have a lot of viewer e-mails and tweets about the stock here. two questions for you. the ipo pricing was interesting because you priced well below what the anticipated range was going to be, one of the first companies that doubled in trading on the first day. so why that kind of pricing and what was the conversation like

with under writers. secondly, with the valuation question you have about $1.6 million in sales here. how far do you have to grow that and how quickly can you do it? >> did you hear the question? >> i did not. >> let me paraphrase for you. domwas asking about the fact that if you look at ratio of sales compared to stock price it seems out of whack that sales obviously are going to pick up, but it seems to value, overvalue the stock compared to the sales ratio. >> the company has changed a lot and our value really relies on a couple of things. the fda created a new category. they made a device and now we are the only device to be used in the united states with fda

clearance and used personal. that happened eight to ten weeks ago. for us the focus is working to train as many people as we can and allow them to use it. the other thing that will drive this industry that is important is a focus on getting them paid for. we have seen the v.a. center established a policy to pay for these for veterans who qualify. that is a great precedent. we have seen the same type of things in europe. >> what is the price point on the device? >> $69,500. the way we look at it we believe the way the insurance will look at this, the cost savings in this in terms of deduction in medications that are required and complications avoided will offset the cost. we expect in the long term this is a significant cost saver. >> it is such a pleasure to have you here. thank you for demonstrating this device.

tell us your story. you were wounded in afghanistan. >> that is correct. i was shot. i am completely paralyzed from the chest down. >> how has this machine changed your life? >> the financial benefits, long term with the care, main thing is really emotional and inspirati inspirational. i view this as a first iphone. i think it will continue to get better and better over time. just like we have seen with a lot of my friends who suffered catastrophic losses and amputees. they are more advanced than that. >> we will start the demonstration. jay helps derek. i am going to get in front of you so i don't get in the way. the physical benefits that you felt and the emotional benefits.

a lot of people don't know the spinal cord injury patients you have a higher risk of heart disease and things like that. let's take a little stroll, if you will. we will walk down this way. tell me how this works. >> the system works off of motor and gear assembly for the legs. on the side there is a tilt sensing device. derek tells the device when to start and stop. this is a machine/man interface. together he tells it to go and stop. >> we will turn around and walk back this way. >> how hard is it for you to use? is there a lot of preparation in getting the device on? >> it takes a few minutes to get on. with training just like anything with proficiency you can learn. i am relatively new to the device. i have had it for a few months.

>> it really is amazing. i would assume it has really given you a lot of hope and inspiration. how physically taxing is it? >> for me it is moderate exercise. for a lot of people it is not as bad. for me i have a condition called spas s the device has been helping physically and the benefits you can't overstate those. >> you can get up and walk about. i know jay helps you in terms of getting around. what people don't realize is it takes a lot of upper body strength to do this. you also have the crutches and you have to make sure that --

>> it is a lot of upper body strength. you would be surprised some of the best rewalkers that we have are not in that great of shape. they are not physically strong and this has helped them get more strong as they do it. the strength is not a critical -- you have to have decent. >> you mentioned it is $69,500 per unit. there are multiple components including the backpack. what insurance companies have you approached about paying for this? >> with the fda clearance very recently we have had several insurance companies paying for the training in the united states. and we have had several in germany. we would like at the private and workman's comp insurance as groups we want to interact with. they have a good amount of data. we are going to expand on that. >> thank you so much. can you give me one more stroll as we say good bye?

>> absolutely. >> tyler, up to you. pretty inspirational stuff. >> that is really inspiring to see him back on his feet after a catastrophic injury in service of the country. >> we thank you for your service to our country, as well. you are very involved with wounded warrior project, as well? >> best of luck to you. best of luck to you and the company. >> here is where we are with these devices today. as he just said imagine where we may well be and hopefully will be in a decade's time or maybe less. let's change the subject now. airlines flush with money in the middle of one of their best years ever. why should they be making even more money? we will tell you. plus --

>> coming up "power pitch" gets scientific with a new kind of search engine scanning the make of food, pills and plants. >> will the panel have a positive reaction? >> what's the killer? >> i am not convinced about the mass market. stay tune to vote with the "power pitch" analysts live. go to cnbc.com/vote right now and get ready to start voting. my mother made the best toffee in the world. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and make your business dream a reality. at legalzoom.com we put the law on your side.

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welcome back to "power lunch." we have just touched ever so briefly the negative side of the tape so far on the dow today leading the way lower visa and exxon mobile. keep an eye on that as we approach that all important fed decision at 2:00. the dow very much just touching the negative side. watching stocks, as well, a tough day for cereal makers. general mills citing a challenging u.s. market. kellogg following, as well. saying it will take years for the company to fix its domestic cereal business. both companies losing ground in the day's trade. time for the power pitch where we give entrepreneurs 60 seconds to make their pitch and

our panel of experts decides if they have what it takes to become the next big thing. take a look. my name is dror sharon. i am the ceo and co founder of scio physics. we believe to know which restaurant to book tonight. when it comes to stuff around us if you are not sure or don't know you are totally on your own. we invited scio, the first molecular censor that sends relevant information to your cell phone. it uses a technology used in labs around the world. so we miniaturize this and launch a kick starter campaign and raised almost $3 million. you can get it online now.

make it a reality. let's go do it. >> welcome to "power pitch" let's introduce you to the panel. in san francisco we have stephanie palmeri, principle of soft tech vc. investments include fit bit and halo neuro sciences. softtech has closed more than 160 deals. from the bay area is clara sieg. she helps to manage a fund in early stage companies. speaking of food clara has a deadly nut allergy so she is naturally always trying to track ingredients in foods that she eats. joining us from stanford university is mark siegel. he is a managing director of menlo ventures.

investments inclu investments -- you are in the hot seat. >> congrats on your success on kick starter raising over $2 million is amazing. i would love to get a sense of how you think about taking the product from the early adopter market. >> we plan to outsource and once we have that response from our early users we can take it to the next level. >> what are the gross margins you get on this product? are there opportunities for software recuring revenue stream? >> we recruited over 1,000 developers through the kick starter campaign and expect to be many more. we think the long term through software whether these developers recur it will be a great opportunity to raise gross

margins. the hardware should have substantial gross margins over 50%. >> how much does it sell for? >> on kick starter $149. it sells in our store for $250. >> when i think about killer consumer products whether hardware or software they have a killer use case that the consumer is addicted to. >> we launched three killer applications which are things that enable the users to have a visceral connection with the physical world. one is around the input which is food. second is around education and the second around plants. if you ask people with a garden they are very intense and have a strong connection to the plantsd we believe that through the developers we can find apps that we didn't think about. >> how defensible is the technology that you boiled down into this device? >> the core technology around

the censor and the database that we are generating and the application. it is divided between the hardware and software. >> you have a patent? >> we filed for several patents. >> we need to know whether you are in or out. this includes you, the viewer. you can visit cnbc.com/vote on your phone or computer and vote live whether you are in or out. stephanie, what did you think? >> it sounds like you are bringing a mass spectrometer to the masses. while it satisfies the curiosity of the world around me i'm not sure you have the killer use case to take you from early adopter market on kick starter to something mainstream so until you can prove to me that you know that killer case i'm out. >> you're out. what about you, clara, in or out? >> from a consumer perspective for me personally where i would actually use this to scan my food it is interesting.

there is a lot of work to be done with figuring out distribution channels. for that reason and the great play that you can do with the data you are collecting i'm in. >> we have one in and one out. >> i'm not convinced about the mass market. i think for a lot of these devices there are applications ireaction?en't thought of yet >> i am very excited obviously. we would love to see this in the hand of every consumer and obviously we are at the early stages. we are heads down working on developing the technology and shipping the product. hopefully we will prove there are killer apps out there within 2015 and get it to mass market. >> thank you very much to all of those on our panel. and a live voting is about to close. thank you for your vote, as well. that is today's power pitch. and let's show you that viewer vote. and it is two to one in favor there really matching the

experts. two said they would be in and one out. 67% versus 33%. time to get a check on the bond market ahead of the fed statement and fed chair janet yellen's news conference. rick santelli tracking action for us. >> if you look at the chart we are definitely moderating a bit down about three basis points from yesterday. best chart may be from early july. last meeting statement was july 30 because we spiked about eight or nine basis points up to 255. if you look at foreign exchange dollar/yen is where all the action is at. you see the dollar close to 1.08. still unable to have significant closes under 1.29. >> thank you very much. the airline industry is in the midst of one of its most profitable years ever.

some are asking why the airlines aren't making more money. historic and life changing event coming down to the wire. >> tomorrow the scots vote on whether or not there will be independence for scotland breaking away from the united kingdom. one of the biggest industries here is the stock industry. take a look at how single malt premium scotch they sell to americans gone up sharply since 2002. we will tell you after the break. wait, wait, wait, it's wait, wait, wait...whoa, does she have special powers when she has the shroud? no. guys? it's the woven one the woven one. oh, oh that gives her invincibility. guys? no, no, no... the scarlet king is lord victor's son!! no don't. i told you!

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very interesting stock market action ahead of the fed decision which is 20 minutes from now. we will have it for you the minute, the second it happens. >> here is what we have. ahead of the meeting the dow is going through the negative territory just below negative territory as we get set for the

fed to announce the latest policy decision up just a point just a hair to the down side. visa also caterpillar, exxon mobile. a check on the markets as we head to the very important fed interest rate decision. u.s. oil field equipment maker shares getting a nice boost from that news. u.s. steel's canadian unit looks for protection from creditors and said it will not proceed with planned investments and expansions at plants in minnesota and indiana. and passenger service agents at american airlines group voted to unionize. the vote encompasses agents at american airlines and u.s. airways. the industry is having one of the most profitable years ever. some are saying the carrier should be making more money.

why? >> when you look at air fares it is kpleer the industry is not keeping up with many think they should be doing in terms of earning return on vested capital. take a look at air fare in real dollars. you say that looks like it has had modest growth there. guess what, they are not going up. they are going down when inflation adjusted. look where the air fares are now. inflation adjusted and you can see you are getting a heck of a deal relative to what you were paying back in 1999. the tighter capacity we have seen over the last five years is a big part of why the airlines are starting to see their air fares go up. they are not going up by nearly as much. in fact, i have talked to a couple of analysts and they make it very clear, higher fares are the key to the airline's earning a greater return on the capital. >> when you have four players roughly controlling 85% of the

market i think you see unit revenues expand as there is more room for fare growth. >> one or two exceptions i think the management teams have really seen the light and are really disciplined and driving towards earning costs of capital and driving prices higher. every airline has a unique way of doing it. >> and as you take a look at shares of the airline index there will be a lot of people who say what are you talking about? air fares should not go higher. there are a number of people who do not believe that. they believe if you continue to raise air fares and focus on high end customers you see greater profitability for airlines. >> thank you. tomorrow as you may know is the day when voters will decide whether scotland should be an independent country. there is the worry of what could happen should the vote be yes and that worry extends to one of the scotland's oldest

industries. our chief international correspondent. >> we are talking about the scotch industry. they are fearful in the scots vote for independence. that is significant because it is the third largest contributor to gdp for scotland. even though it is number three after oil and financial services probably number one in terms of being ambassador for scotland. scotch can only be called scotch if if made in scotland. precisely because it is an export industry is why the producers are nervous. they like certainty of the british pound. they want to know they are keeping it. mike younger, they make the single malt scotch. he says that a yes vote brings too many unknowns. >> you get to try them all.

>> uncertainty is relating to currency and funding, access to markets, we would need to have the right currency to be able to get into the eu. >> reporter: another issue is whether or not they have a large enough diplomatic corps in order to fight them when it comes to trade battles. >> uk is good at that work at the moment as a strong diplomatic network. the scottish government suggests nearly half of that. that is a potential risk. >> one of the best selling scotches in the united states, johnny walker 1.65 million cases last year. all the different varieties. number two is bacardi's doers.

and the glen number five which is the only premium single malt on the list. back to you, sue. >> thank you very much. >> a russian billionaire being placed under house arrest making the rich there very nervous. robert frank has that story for us. >> under house arrest for money laundering. behind the scenes is a battle for the oil. we will tell you what is at stake and who is behind the big money grab coming up right after the break. # with a control pad that can read your handwriting, a wide-screen multimedia center, and a head-up display for enhanced driver focus. all inside a newly redesigned cabin of unrivaled style and comfort. ♪ the all-new c-class. at the very touch point of performance and innovation.

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robert frank knows. >> he is russia's 15th richest man placed under house arrest. the official charge is money laundering and illegalization of property. this is russia so experts say the real reason is a power play and oil grab by a close ally of vladimir putin. he controls one of russia's most prized and productive oil companies. russia's biggest oil giant was reportedly interested in buying but he said not interested. now observers say this is a back door way of seizing the company. many are calling this ukos 2.0 which was taken over by government charges of fraud against executives. kremlin says allegations of money grab are wrong and absorb. putin reminding the world and showing the west that these

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counting down to the fed. >> special edition of "street signs" will start in just two minutes time right after this short break and then the fed comes along in about seven minutes. we'll see you tomorrow.

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a special edition of "street signs." in minutes the fed will release the forecast. here are the three things everybody should be focused on. will the fed keep its considerable time language in the statement? will the significant under utilization of labor resources phrase be alterred? what will the new interest rate forecast say about the future of rate hikes. >> ahead of the fed let's take a look at the current state of the u.s. economy growing at 4.2%. core inflation is up 1.7% since last year and the unemployment rate stands at 6.1%.

as for the markets done a little bit of marking time. let's take a look at the numbers here. you have the ten year treasury note yielding 2.562%. dow up by 20 points. the dollar index sitting at 84 but still a lofty level. s&p is virtually unchanged. >> every asset class is higher. one would be gold. >> absolutely. >> let's get to our fed panel. let's bring in david kelly from jp morgan funds. bill gross with pim co joining us in a few minutes. a lot of talk about when the fed will raise rates. we know it is coming and what damage it might do to the stock market. we prepared a chart going back where stocks have more than not risen when the federal reserve has raised rates. do you expect the same? >> what we found is when

interest rates rise from very low levels it is fine. people feel better about the equity market, stocks tend to go up. when interest rates rise from a higher level it is because people are afraid of inflation. >> what are you expecting today? will there be nasty surprises? >> i don't think so. the fed is heading in a direction. it is going to take several meetings to get there. but we know as the economy gets up on its own two feet and go on its own power we need the fed less and they will begin to normalize rates. as david pointed out in the early days of the fed raising rates stock market usually goes up. because the economy is doing better and earnings are and earnings are what matter we may not get 24% as we have gotten since the bull market started in march of '09 i think stocks will be higher a year from now.

>> let's ask more directly. if the considerable time phrase is out of the statement do stocks tumble? >> i don't think so at all. i think the feds looking at the same data as you and i are. what it is showing is the economy is doing a bit better. you mentioned second quarter gdp it looks like the current quarter is running 3.5 on it. i don't see why the fourth quarter wright not be three also. that means that fed funds probably shouldn't be zero and inflation is 1.7 and no longer one and falling. >> it might be word play but at the same time whether or not there is considerable time or significant under utilization or whatever combination there is it will move the markets. what do you think will be added? >> on this considerable period of time what the federal reserve has said is that they will wait a considerable period of time

after the bond purchase. back in march janet yellen was asked what does considerable period of time mean she by mistake said six months. let's take her definition as is if that is right then considerable period of time we end bond purchases at the end of october that means the fed raises rates at the end of april. we think the fed will probably raise rates maybe march or june. i don't think that investors should be too -- >> that is what we have been saying is it a healthy market we are hanging on every word of the federal reserve? >> we come from a period where we have to hang on every word because they were in some sense were the salvation of the system, if you will. we are at a point where economy and earnings at least for a stock guy like me is far more important than the fed. they state their reputation --

>> i am going to interrupt you for a good reason. we are going to interrupt you. let's get to the fed decision. >> reporter: the federal reserve reducing the amount of quantitative easing by 5 billion for mortgage backed securities and bringing it down to 15 billion total. the fed saying that it intends to end quantitative easing next month. the phrase considerable time remaining in the statement as does the phrase significant under utilization of labor resources. the fed announcing a new set of prince pals for policy normalization meaning raising rates when it comes time to do so. more on that in just a second. the fed repeating phrase if incoming information