come off the low. crude oil up a bit. up $1 right now. gasoline unchanged. that's the market set-up. >> i'll see you at 5:00 on "fast money" talking about what's in play. "closing bell" is next. at the national coffee day, we are fully calf nated near at the new york stock exchange. i'm bill griffith. >> i'm sarah eisen. a rough market day. it was a lot rougher earlier in the session. those stocks so firmly in the day to start the week and the day and not as bad as the open down about 178 points on the dow. >> as you saw and you've been hearing all day, the angry protests in hong kong that continue even at this hour, fueling much of the selling, pro-democracy protesters hit with teargas as the world fears

what happens if the response is more aggressive and more violent. hong kong, of course, is a vital city for global business. we will have a live report from the center of the turmoil and will be talking with some experts on where this may go from here. meanti meantime, when's going on over there and here and affecting your money. time for our "closing bell" exchange today. we have sam stillball, larry glazer, renee norris, derrick gruden and our own rick santelli joining us, as well. renee, you believe we suffered technical damage in the market last week. what do you think that's going to do here? where are we going, do you think? >> you know, i am really watching that on top of the fact of a major divergence of the russell 2000 and the large cap index so i am watching that closely. i do think that this could be the tipping point for the

correction. between the geopolitical issues we're seeing, this divergence and the fact that it's a tired market. this is one of the longest periods of time without having any meaningful correction. >> you could see 10% pullback here? >> i would like to see that. i n't know that that's going to happen. we had a nice bounce on friday but it's kind of falling apart today. >> larry, fundamentally speaking, what is driving the action? obviously the geopolitical concerns are heightened, all watching the images of hong kong and one thing to learn from the bull market, that doesn't stay with us very long in terms of geopolitical risk. >> the volatility over the last week or so, foreshadows the fourth quarter and that volatility is not limited to events going on in hong kong but that's a contributor. fears of the fed exit, redemptions of pimco and exacerbating the problem and the real issue here is the economic implications to earnings, events of china and hong kong far more

significant than any other geopolitical events. arab spring had minimal impacts. ukraine. this is for company that is do a lot of business, high tech, consumer companies, they're affected if things turn worse. >> sam, that's your area of expertise. do you agree? >> yes. that's something to look for. we're going to be getting corporate earnings fairly soon. s&p capital iq consensus calling for about 6.9% increase year over year. all ten sectors expected to post increases but people are going to be listening very closely to the guidance and if there's concern there's going to be emanating from china could be a problem. >> derrick, what about the impact on our economy here? the numbers have been pretty good. just this morning, personal income and spending numbers coming in line. yes, pending home sales a disappointment and revised higher. do you get worried this all of the global turmoil and tensions

and economic pain are going to start to hit us more as we move into the end of the year? >> you know, sarah, we see a lot of resilience to what's going on overseas. certainly the market's been choppy. moving around a bit. the vix is up. but we absolutely see the numbers that have just come out recently today and personal income, consumer spending. what we'll probably see at the end of the week in terms of jobs i think those will be strong, as well. so we continue to see strengthening in this economy. we see some of these blips overseas, some of the earnings reports perhaps coming out. real opportunities to get in there and buy. >> rick, are you seeing the kind of market response you would imagine we would get with the unrest in hong kong right now? i mean, yields on the 10-year have come lower. is that do you think because of that? >> you know, listen. if there was no hong kong story today, what i look at the treasury market and think it

would be trading about the same level? yes, especially given the soft opening of equities. now, is it makes a difference? maybe it's keeping the longs in longer. maybe it's keeping the speculators trying to gain the end of the quarter buying effective but it's difficult here. i continue to think if you look at where we ended the second quarter in 10s, right now basically at 2.50 and looking at the first six weeks of the week where the bond market went from 3% and dropped a quick 50 basis points, i think it was right. it was right early in the year. all of these issues could have never known geopolitics or hong kong and still assessing global growth accurately. globally, we have less today and notwithstanding the fact that the u.s. is still top of the heap in terms of what growth there is. >> yeah. everybody stay there. let's bring in john rutledge, an expert on that area of the world. he's a cnbc contributor.

among other things. john, where do you see this going? obviously, now you're pitting the pro-democracy protest earls as we see that live shot there where it's 3:00 a.m. and there's no sign of a thinning of the crowd there. against the leadership not only in hong kong but in beijing which really calls the shots. where do you see this going now, john? >> well, it's interesting, bill, for two reasons. one as one of your guests said, all year we have had geopolitical risk pushing the market down and then pops up. this hong kong story is huge. aside from ebola, this is the big story in the world right now. and it's because these elections are still three years off. this is going to get a lot bigger before it's over. they're fighting over whether the candidates have to be approved by beijing or not. china is under pressure for -- to look strong and tough.

whenever you that you can to a chinese leader, the word you hear is stability and can't give in on this issue. the u.s. is having military exercises with the philippines in south china sea and harden china's stance on this. who are the winners of this thing? putin, assad, and singapore. if the reputation of hong kong is challenged, singapore is the place people will go with financial institutions. >> you know, it's a lot of unsettling different story that is are adding up to a shaky picture, but, sam, back to the economic conversation for a moment, hong kong is important. it's a financial center. heading into golden week and retail sales could be hit and already questions looming about the health of china's economy, the strength of the chinese economy and may or may not do to prop it up. this one certainly matters from an investor's point of view so what do you think is going to be the big risk?

how long does this stay with us and do to the market? >> well, i don't think beijing wants this to go much further. i think the world is sort of sitting back and watching and wondering whether it's another tiananmen square. the chinese market and the effect on the global market has changed so dramatically. i think it is very important to see because china is in a sense the engine of optimism and economic growth and what kind of an impact that could have. >> john, if this is such a big story, why aren't we seeing more of a market imsnakt hong kong was the only asian market with a decline overnight. in fact, the japanese market finished higher. european markets lower but they've been going lower over their own economic concerns anyway and our markets are volatile anyway. is this really for the at least world equity markets a big story? >> shanghai is up. >> sure. it's a story growing over time.

this is really just the beginning of this story. we also saw the metal stocks down today, mining stocks. >> gold not moving the way you would imagine it might. >> but to the extent this produces lower growth for china, which is what one of your guests said, then weaker metal prices are an implication of it. i think the issue is we have sort of a balance going on. growing geopolitical risk on one side and $3 trillion of leftover reserves after the end of qe that's pushing asset prices up. and there's no sign to be extinguished so the longer term trend still has to be up and especially for property values and near term i think a correction wouldn't be too shocking. >> bill, it's actually ironically -- >> makes sense. >> larry, finish it up? >> it's very good for u.s. real estate seeing a flight of capital from china into high pockets of real estate in the

u.s. and d.c. and same time emerging markets, seeing that diverse intelligence. like india are attracting capital and the stock market is doing well. not pro-growth emerging markets like brazil and china seeing a flight of capital as people fear what will happen to assets where money is not protected. >> all right. got to go at this point, folks. thank you for joining us and your insights on what's beginning to be a very big story around the world here. >> yeah. unbelievable to see those kind of crowds late into the night. watching the markets with 55 minutes to go before the closing bell. well off the session lows from earlier in the morning. s&p 500 is down about .4%. >> coming up, warton school professor gives us his take on hong kong and the markets and if it leads to a shake-out. he's been very bullish. does that come into question? also on the docket, speaking

with us interpublic group ceo where in new york we have a lot to discuss with him including the health of the advertising market in general. industry consolidation and much more. up next, the treasury's move to curb corporate tax inversions may already be working. a deal that was thought to be done now being renegotiated. we'll talk about that story when we come back.

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minus signs. volatility continuing on wall street and sarah pointed out a moment ago, the dow was down 178 on the open this morning. >> yeah. we have really clawed back. >> early on. but well off that low. the nasdaq, s&p, russell 2000 with minus signs but smaller than they were. >> art cashin said it was a technical level. courtney reagan back at hq with more. >> that's right. so ford sharply lower on comments of investor day conference and a lot of deal chatter today. let's start with vista equity

buying and a deal. tibco shares soaring. dreamworks surging. finally shares of medtronnic falling around 1%. reportedly looking to renegotiate the terms of $43 billion deal with ireland's company in response to new u.s. tax rules to make it more expensive. back to you. >> thank you very much. let's talk a bit more about the monkey wrench in the medtronnic deal, for example. >> with us now, les funkwire and meg tarrell all over the story. bring us up to speed here in light of the rules from the treasury, is the deal in trouble? >> it's a question market. medtronic is one of about five in the space trying to invert and unclear how to affect all of them but a reuters report out today and analysts speculating that they could try to

renegotiate the terms of its deal. if it can't get the tax benefits and maybe seeking to pay a lower price or change the mix of stock and debt and there's question marks over what could happen and other deals, as well. >> yep. and, les, do you think companies just roll over and accept this change in the rules or any legal recourse here? >> well, without being constitutional scholar, i would say it's difficult to fight the u.s. government, so i think whatever rules come out the companies are just going to deal with. as meg was saying, there is the ability potentially to renegotiate these deals under the new rules that have just been promulgated next week. >> the question then, meg, is it worth it for a company to have renegotiate the deal say, pay more in stock or taxes and a fundamental case for the deal going through without the big

benefits that it would have gotten from using the overseas cash piles to make the deal? >> analysts say it makes sense for the companies to go forward with the deal but it is a case by case basis here and seems to be in jeopardy according to analysts is myla's acquisitions of able bot labs and that's a spin version andlylan buying a version and then moving overseas and some new rules seem to target spin versions in particular and analysts also say that mylan benefits from the lower tax rate maybe more than other companies and might be in jeopardy and a case by case basis. >> i'm glad you brought that up. the ceo of mylan with us when that deal was announced and said she would have done this deal if there had been no tax inversion and that's my question. we are focusing on the numbers an renegotiating of the deal from a financial standpoint. what happens to the science?

theoretically, these companies are coming together because they have a synergy in products or research or whatever. what happens to that? >> some are later stage and assets on the market and talking about selling the product synergies and what's kind of interesting here is can you renegotiate these deals? every single ceo say the u.s. instead of trying to curb the deals with legislation could fix them and keep companies in the united states by revising the corporate tax code and want to see a territorial tax system here in the united states to put companies here on the same level playing ground with companies in the rest of the world. >> but until we get that, we will get more band aids like this one. les, i wonder in the renegotiation of some deals, could we see lower deal prices as a result? for instance, sorry to cut you off, with the medtronic deal, maybe a lower price. >> i think certainly you could

see lower deals. one thing, and i think if we put the intent of the treasury, give them good intentions, i think what they're trying to do is just lower the amount of financial engineering so to the extent that any of the deals makes sense strategically i think the benefits of inversion are a kicker and so renegotiation on a good strategic deal makes all the sense in the world. >> quickly, les, any of them if they have to be renegotiated make you less likely to want to invest in any of those companies? >> no. both of the deals mentioned make sense just on a basis, at least in our opinion. so even if they wind up paying a lower price, it probably will work out okay or at least that's our working hypothesis pending potential renegotiation. >> we'll see what happens. thank you. >> thank you. we have 40 minutes to go before the closing bell and red arrows across the screen.

the dow, s&p and nasdaq lower. look at this. going into the closing bell, cutting more losses with the dow down 36 points. >> what do you think? could we be positive at the end? >> we could be. >> anything is positive. and we're not finished. jam packed show. jeremy see gel coming up on the hong kong protests. the markets, where things could go from here and interpublic ceo over industry consolidation of the marketeers. do not go anywhere. how much money do you have in your pocket right now? i have $40, $21. could something that small make an impact on something as big as your retirement? i don't think so. well if you start putting that towards

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stocks are lower today kicking off the week in the red and not as down as they were at the opening bell. the dow down 35. the nasdaq down fractionally. s&p 500 cuts the loss down .2%. >> mcdonald's, you caught that little while ago. >> yes. >> mcdonald's is actually one of the dow components up 2% and having a good move there and that's one of the -- >> ones to watch. >> we'll keep an eye on that one. let's go to julia boorstin

coming to us. julia? >> reporter: thanks so much, bill. joined now but the ceo of interpublic group, michael roth. >> thank you for talking for us today. >> nice to be here. >> eliot, big hedge fund, lot of stake, think oar trying to convince you to sell the company. what's the latest? >> well, we are always welcoming investors who have an interest in the growth and success of ipg. eliot is a large investor and continue to meet with all of our large investors and always interesting in their perspective on how to enhance shareholder value. the issue of ipg and potential transaction has been around now for nine years. and what we have always said and what we have done actually is if there's any potential transaction out there, we're always interested in pursuing enhancing shareholder value and if transaction comes along to do that we'll entertain it. we are focusing on our current

year of expanding our margins. we started the year assuming 3% to 4% organic growth. we increased that in the second quarter on the organic growth side and on track to deliver at least 100 basis points of margin expansion. >> you have clearly done a real turnaround at the company over two years and now concerns i'm hearing a lot at ad week that investors are buying ads directly from companies without going through agencies as much, sort of bringing agencies in house. is this a threat to your business? do you need to merge with another company to have better scale? >> no. i think what you are referring to in particular is bringing buying in terms of digital platform in house. to date, we haven't experienced losing clients as a result of that. it's an opportunity to some large scale marketers to bring it in. looking to the reason for them doing it is the issue, and that

is there's a lack of trust in some of the programatic platforms and a number of competitors take ownership of media they're selling. we do not do that. we believe in an agnostic view of media placement. we are paid to give agnostic advice and owning an asset, we can't be agnostic if we have an internal bias, if you will, to selling it. a number of advertising companies themselves have some distrust and understand believe so. i think it's an important vehicle, more and more growing very rapidly. we make money at it but we make it not by selling inventory. >> bill, you want to jump in here? >> michael, i hope you can hear me. you're louder than here at the new york stock exchange. along those lines, those not news media had to scramble to catch up with social media and find ways to use it as a channel

to distribute newses. i would think for marketers and advertisers that this is a gift and can be a curse because it democratizes the process and flattens the need for advertisers and companies like itg at the same time. you don't agree? >> well, look. you know, what's interesting about, bill, your premise here is that we have a huge practice in digital particularly on the agency side and on the pr side that focuses on social media. we, in fact, manage hundreds of social media sites so it's an opportunity for us. it is not a threat. yes, certain companies should bring social media sites internally but you need to place content on the social media site and that's where we come into the picture. the big idea is still relevant in advertising and story telling

and what we bring to the table is an ability to come up with that type of content, make it relevant to the consumer and help the clients if you will target those consumers with these ideas. >> sarah? >> i have a sort of financial question for you, michael. going through the recent quarters, europe is a problem for you coming to getting your margins. wondering what the outlook is for europe now that we have seen a leg lower for some of the data there and the concerns of russia, ukraine, spilling into those markets. >> yeah. it's a fair question, sarah. as you know, at the end of the 2013, we took a one-time charge of $60 million to resize our european operations and we are seeing a flow through benefit of those expense reductions in 2014. that said, although the first quarter is nice growth in continental europe, flattened out in the second quarter and for the full year we never had a plan of a large growth in

continental europe and flat to slightly positive we'll be okay in terms of achieving the results. we are not looking to a big recovery in continental europe. >> you have talked so much in the past of potential of china and asia. what is your outlook now in light of the volatility in hong kong? >> we have to watch china and hng congress in particular. we saw double diblt growth in china over a couple of quarters and we see that still happening. frankly we are not as big as some of our competitors in china. we are serving a multinational client there and we see growth opportunities in china and intend to grow organically china and watching it carefully and could be disruptive. we have 12% of our business is in asia proper. >> interesting. certainly, an area to watch. mike at roth, ceo, thank you for joining us. bill and sarah, back over to you.

>> all right. thanks, julia. >> thanks, michael. >> loud over there. >> it is. >> i'm watching the market here. we're cutting the losses on the dow before the closing bell. keeping an eye on you. the dow now down 23 points. >> which is significant because it was down 178 points on the open this morning. >> earlier in the session, yes. all right. coming up, someone that predicts google shares with a 25% move keeping score. he'll state his case and get to vote on if you agree, whether google hits 730 by this time next year. >> that's a specific time. up next, find out how worried jeremy siegel is about the market, the turn of events in hong kong, the technicals or worried at all. we are back in a moment.

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>> it was all red. >> very much a red map. >> now more mixed. >> we have winners and utilities in the green up about half a percent and others are in the red and a risk off selloff type of day. but you do have some winners in there and in the dow right now, intel and mcdonald's are leading the dow charge. russell still down. but now courtney reagan with a market flash on some of the movers. >> exactly. there's other names to bring the viewer's attention to. ford shares lower after saying north american margins down between 8% and 9% and taking a pretax 2014 loss of a billion dollars in south america. meanwhile, mcdonald's stock has moved higher on heavy volume and no news. bill, back to you. >> all right. let us know when you find out on mcdonald's. watching it carefully. despite the crackdown of police, protesters in hong kong continue

at this to defy calls from chinese officials to disperse. >> asia correspondent calum macleol live on the phone from hong kong in the middle of the night. what is the crowd down there like at 3:30? >> still impressive. extraordinary scenes in hong kong. you have a normally sort of hong kong's busiest streets and traffic at this hour usually and instead tens of thousands of mostly young hong kong people, mostly dressed in black t-shirts, they say just to show their anger at the treatment of students over the weekend. and very unusual use of teargas, also baton charging and galvanized the movement here and extraordinary scenes and really almost festival-like atmosphere. you know, there's singing, there are volunteers handing out food,

water. doing an amazing job clearing up the litter. you know? there's no damage being done despite the protests happening. right next to countless luxury brand shop fronts. it's a very peaceful and friendly atmosphere though suddenly some people are scared of further, you know, violence or confrontation with the police. and plenty of rumors flying about what may happen in the next few days and how whether organizers will ask students whether they're able to control the movement or asked to escalate and take it further. people talking even of for example of trying to occupy the cross harbor tunnel to try to spread what is already major disruption here. >> have you -- do you have a sense at all what authorities plan to do about this? are they just going to kind of wait until it disperses or some point bring the hammer down and want them out and demand that

they leave? >> well, they've already seen, you know, when they tried that, they really galvanized a lot of people to come out on to the streets. i met a lot of people who never protested before. but what they saw as unfair treatment of peaceful students protesting really drove them to come out in greater numbers, so i would imagine that they won't go in too heavy handed. we have a work day tuesday and then a couple of days public. >> for china's national holiday. didn't they have to cancel the fireworks? >> yeah. fireworks been canceled. only fireworks may be the ones happening on the street. >> yeah. >> thanks. calum macleod of "usa today" today. appreciate it. >> no problem. >> crazy story. will it derail the u.s. market's

bull run? jeremy siegel called for 1800 this year. >> in an exclusive joined by jeremy siegel from wharton school of business. seeing the uncertainty and unrest right now on the global stage, does it make you nervous? >> well, it is disturbing when's happening in hong kong. the chinese promised them 50 years of autonomy. that's more than 30 years to go. back in 1997. now they're saying only pro-communist, pro-china people can run. i think the important question for investors, are they getting paid for that risk? and hong kong stocks are selling for less than 10 price earnings price ratio. they jockey with that of shanghai for the cheapest -- russia is cheapest stocks in the world and outside of that shanghai, i think you're getting

paid for that risk so i wouldn't sell china on this news even though certainly it does indicate some difficult future for hong kong. >> we were talking earlier, jeremy, about the impact to have on multinationals with great dealings over there in asia and hong kong and the impact it might have on earnings. down the road. what do you see there? >> certainly if it blows up and retaliate with china, the trade happening or sanctions, i mean, this is a very -- beginning of this, i don't think this will lead into something like what happened in the ukraine with russia and worldwide sanctions. clearly, if it snowballs to that, that's a very serious development. i don't think that is in the cards at all. i think that's a very low probability event but let's keep our eye on it. there's always uncertainties in

world politics. >> indeed. >> we're starting to really see the markets move here, at least u.s. equities. over the last week, 100-point swings either way and we haven't seen in that in a long and started the morning sharply lower. still in the red. is there something going on here, the return of volatility into the year end now that the big events, alibaba, some kind of widely anticipated events of the market are behind us? >> well, i look back at my statistical work, the dow jones industrials is around over 100 years and over that 100 years the average daily price move has been .75%. when you're at 17,000, that's 130 points. so we're really just getting up to what the average is. >> good point. >> after an extraordinary long period of, of course, very, very small movements in the dow. but these movements on a historical basis are not, are not all that unusual.

and i look back at s&p and what it's expected, where it's expected to earn this year. right now the stock market's selling at 16 1/2 times this year's expected earnings and, remember, three quarters is already we know we're just going to end the quarter next year and get through earnings two weeks later than that, but 16 1/2 times this year, 14.9 times estimated 2015 earnings which means if you don't see a recession in the cards and i don't see a recession in the cards, this is still an i think a very good market. i'm sticking with my 18,000 for december year end december. >> you're not going to raise that, are you? >> i'm not going to raise it but stay with it. >> okay. yeah. we did move back above 17,000 in the last hour. >> there we are. what a comeback. i'm curious what you think of the russell. lagging behind so much year to date, negative versus 7% rally

for the s&p 500. what does that tell you? >> well, you know, it is true. i went back historically, the russell sometimes does turn before the market does. in 2007, it did several months before. interestingly enough, the russell and the s&p peaked in march of 2000. that was before the last big bear market. in exactly the same time. so sometimes there's a little lead. sometimes there isn't. one has to keep in mind, of course, is last year was a total blowout year of the russell so a little bit of retracement isn't all that unusual. so i'm keeping my eye on that small stock index and at this particular point it's not changed my year end estimate. >> professor, always glad to have you with us. see you later. >> thank you. >> calming voice. >> what's that? >> a calming voice in the selloff today. less than 20 minutes to go and

looks to be having a calming event, jeremy siegel or dow members outperformed and down 55. >> art cashin said that the bias for the on close orders is flat. neither an upward or downward bias at this moment. more on the markets. bob pisani will update. veteran gerald levin weighs in. that should be interesting. coming up, as well. work with equity experts who work with regional experts that's when expertise happens. mfs. because there is no expertise without collaboration. i have a cold. i took nyquil but i'm still stuffed up. nyquil cold and flu liquid gels don't unstuff your nose. really? alka-seltzer plus night rushes relief to eight symptoms of a full blown cold including your stuffy nose. (breath of relief) oh, what a relief it is. thanks. anytime.

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all right. we are checking the markets here. less than 15 minutes before the closing bell and you can see the dow down 41 points. well off the session lows from this morning down as much as 178 points. still in the red, though. so's the nasdaq and the russell 2000 small caps underperforming what you see the bigger stocks doing better in the session. live pictures. there you go. >> hours from sun rise in hong kong. >> tuesday morning and the crowds are impress as we heard. >> pointing out, they have a holiday coming up. so tomorrow is theoretically a normal work day and then a holiday after this. >> on wednesday. where they had to cancel the

fireworks. xhi that national day. golden week and important for consumer spending. we'll continue to monitor this. a lot of banks closed and hong kong market dropped 2% last night overnight. see what happens tonight. >> bob, in your block today, you said when the market was down about 100, 150 points, you said the market wants to go higher and it has. >> what's amazing is the market can be down and there was a big and there's been a bid to the market all day long, specifically right after the open. down big but we came back really fast and all through the early morning bids and now again just sitting here for the s&p to go positive. feels like it wants to. look at the transports. we went positive on the transports a while ago. we have fed-ex leading the way. all turned positive about an hour ago. take a lock at the s&p 500. we were down big time at the opening and there's the bid just before noon. all throughout the morning and the late afternoon. people thinking the u.s. could

be the beneficiary. you can buy the hong kong market. there's an etf for that. not rallying too much. i hope you were watching the pictures. that election is three years away. finally just want a note on emerging markets today and still on the downside. that's the eem right there. back to you. >> bob, thanks very much. a note from rich peterson checking on the markets here. last day of the quarter. if the s&p 500 can close tomorrow above 1960, seventh straight positive quarter. and with that, little more than ten minutes to go before the closing bell. dow don't 41. s&p 500 nearing the flat line and negative. he says he feels like it wants to go higher. we have 12 minutes. coming up, pref the pros with their state on the markets and whether the bigger concern

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about 8:30 in the trading session and dow down. it was down 178. before we continue the market discussion, watching ford carefully. it is falling sharply here down 7.3%. phil lebeau is on the line. cutting back production. what are you hearing, phil? >> reporter: biggest issue right now is that ford is saying that for europe, which for a listening time the company said, look, mid decade we expect to be break even in europe. now they're forecasting that in 2015 the results will be worse than expected, at least a loss of $250 million. also profit margins are going to be for overall for the auto division on the low end of gains. putting the two together along with overall people looking at the auto sector saying wait a second. is this as good as it gets given what we're seeing in north america that has investors clearly spooked?

remember, there's an investor day today and ford management is laying out for analysts in detroit, dearborn, what the guidance is so that's where all the headlines are coming from, the fact they're expecting a greater than expected loss in europe in 2015. >> all right.. phil, thanks very much. you see ford down. >> almost 8%. >> joining us, we have anthony khan of chase, david trainer of new constructs and bullish on the u.s. economy. will europe put a cap on the growth ala ford. seeing a loss in ford next year. >> all the things are negative head winds. it's a stronger u.s. dollar. when it appreciates by about 10% over a year's time subtract as much as -- >> yes, but the dollar strengthens and just to play dev dev devil's advocate, people want to go in the time of turmoil. >> there's moving parts. >> what do you think, david? >> it's a big point.

where else will you put your money? >> you're still feeling that it goes here? >> u.s. is where it's at. >> you wouldn't want to put it anywhere snels. >> number one on the list. >> does that help to give the u.s. equity market a leg higher here in a period we're struggling? >> not as easy as it used to be and a police to sink or swim based on merit and not just a global tide and mean you got to be steady and studying cash flows, making sure you make smart investments and not just bets. >> we'll come back. a closing countdown here in a moment with the dow down 43. and then after the bell, wall street pro making the case for google hitting $730 a share within one year. as you can see, about $575 a share right now. plus you will get a chance to vote whether you agree with that very specific forecast and timing. ♪ want to change the world?

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less than three minutes here. we were hearing buzz of computer sciences up 7%. courtney, when's going on? >> spiking up around 7% in the last few minutes. bloomberg reporting that the consultant contacted private equity firms including blackstone to gauge interest in a leveraged buyout and talks in an early stage and enough to get investors pretty excited.

back the you. >> thank you very much, court. there's csc. let's review overnight. the protests in hong kong pushing the hong kong stock market down almost 2%. spilled over into the european markets. the dax and germany weak anyway la lately. our markets saw selling on the open this morning. the dow down 178 at the low. on that open this morning. we've come way off the low down 38. back here with anthony and david. what about hong kong and the impact it's having right now on markets? >> hong kong is another geopolitical risk on top of the isis situation. there's a lot of nervousness but the truth of the matter is fundamentals in the u.s. economy is still strong. we may see negative impacts from the dollar and don't rule out the possibility that policy can at least tinker and offset some

of that negative effects. >> the world of heightened risks, coming up everywhere, how do as an investor position for yourself? do you protect your portfolio? own a little gold, treasuries? we are seeing yields come back below 2.50 on the 10-yore. >> make sure that you're correctly diversified. you own stocks with real cash flows. not buying hype and momentum. do your homework. >> does that mean stay away from small caps? >> it can, right? small caps are better than others and you have to read the footnotes and know what's going on or be burned. >> how do you read the 10-year? stuck in the trading range for months. >> 10-year is showing the -- >> much lower in. >> it can go down lower but the trend is higher as a federal reserve. >> and talks -- to have the low yields stay low. >> if the 10-year goes up it's supported of stocks, other

reasons like inflation, not so good. >> thank you. see you later. sarah, good to have you along. >> thank you for having me. >> stay tuned for hour two. today scott, kayla and mr. wonderful kevin o'leary. see you tomorrow. all right, bill. thanks so much. i'm here at post 9 today with kayla and mr. wonderful himself kevin of "shark tank" tank. here's how we're finishing today. the dow jones industrial average and a different picker than this morning down about 150 points coming off last week which was the worst week in some 2 months. kevin, you could, you know, point 0 a number of different things around the globe today. i wonder if hong kong based on the market close is more noise or something to be really concerned about. >> you have to put hong kong in the contest of what it means to

china. symbolic reference. that's nothing. here's what i concern myself with. let's say s&p earnings low end, $115, high end $120. has any twaen changed estimates of earnings one iota since it started on twitter? no. it's just compressing and expanding based on people's concerns. i haven't seen a fundamental change of dollar earnings which is all i care about. this is noise. >> that being said, though, kevin, we have talked a lot about the midterm elections coming up in this country and it is the impending lerkss in hong kong and brazil that rock the brazilian market and their currency market, as well, earlier this morning and seems that the unrest globally continues to fester. >> you know, kayla, i consider china today more capitalistic than we are. i'm not kidding.

they have less regulation, they start businesses faster. you can argue about the accou accounting metrics. they want to reform out of a very e grer you society. >> that's a capitalist taking a shot at our government and the increased regulations that we have had. >> i support small business in california, massachusetts, and other deals i own and invest in and i don't want to get us to -- on a new track but the regulation, 1,800 new regulations i have to deal with now municipally and state and federal and easier to open a business in shanghai than menlo park. i'm not kidding. >> i want to get back to the market and seemingly able to hang in in the face of another geopolitical uncertainty. it would suggest something to be concerned about. what i hear you saying is until

something fundamentally changes, giving the money back to shareholders and stocks have a real issue, there's no reason not to buy any dip that comes along and that's what people seem to be doing and today is case in point. >> show me another asset class than the s&p to own right now trying to figure out with everybody else what the fed will do with rates. so on the incremental dollar, still equities. i haven't seen a change in earnings. call me when a major company says they're so unhappy they're not buying my products anymore. i'm still bullish. >> any views on the treasury market? we did see the 10-year hit 2.47 today. people are saying the vix itself which has been the gauge of volatility in the past is saying that's too much of a lagging indicator. look at the 10-year and that's what shows you how worried people are about the economy here and abroad. >> kayla, you know, i'm in the

camp of the fed's behind the eight ball on this because i look at how optimistic people of about economic growth in our own country and stalled too long and i'm forced to pull the horns in on duration and shows up. we should be at three handle on the 10-year and this is 2.4 and change. >> not having dinner with charlie evans telling steve liesman in his words quite sometime before the fed raises rates. >> that means 200 basis points more yield out of the equity market of returns. i can get 4.7% on credits or buy the equities and make 7%. pick one for me. that's my only two choices. >> certainly over the last week or so an increase and pickup in volatility. air strikes in syria, for example, the bombings in iraq, widespread ebola in west africa

and protests now in hong kong. which may be behind at least some of today's activity. wablt to show you picture, as well, as we have been today throughout the day. tens of thousands of students in the streets of hong kong demanding the right to choose their next leader in 2016. we're watching it very closely today. the markets there open in just a matter of hours. and maybe, kayla, that's the issue. until the markets, by the way, hang seng with a terrible day overnight as a result of this and more of a wash-on effect of the western markets, investors are turning a blind eye in some respects. >> we should keep in mind, mind, it's at a time when the backdrop in asia and namely china weaker in recent weeks with the data out of that region and with the need for the chinese government to give at least some stimulus to the banks there so it does appear there's cracks in the system. that being said, when you see the numbers like that, the

turnout in the middle of the night, 4:00 in the morning in hong kong, that's not going anywhere any time soon. let's big deeper into how much investors worry about hong kong. joining us is president of the national committee on u.s. china relations here with us at post9 and we have the honor of having wesley clark, normer nato commander. gentlemen, it is so good to have you here. >> thank you. >> wesley, we'll start with you. when you think about the potential for ripple effects in beijing, what signs are you looking for to determine what's in hong kong could have broader contagion in the mainland of china? >> key thing is going to be are there arrangements being made to reach some kind of accommodation on these elections? chinese communist party's plan

has always been that they would fold in the specific practices of hong kong into their overall framework of central control. and they're hitting a stumbling block here so the question is, can they maneuver their way around this? they're not going to give up on their vision for china. and they're not going to relax the role of the communist party so the key is what can they do to accommodate versus must they reinforce and somehow crush the demonstrations? >> general clark, i wonder as someone that ran for president what your view is of how the gentleman in the oval office should be reacting to the very pictures watching live on the screen today. same time white house urging authorities to show restraint. what should the president do? >> i think that's the appropriate response right now. i think china is certainly of concern but i think the greater concern coming to dominate this is not isis, not syria, it's

russia. and russia's continuing designs on eastern europe. you know, the cease-fire in ukraine is not real lay cease-fire that was entered into because of a balance of forces but a cease-fire that was more or less forced on ukrainian president poroshenko. countries are frightened. they know what russia's designs are. think see the operation and somehow we haven't focused on it as clearly in the united states. it is not in the news cycle every day. and yet, it poses a severe geostrategic threat to europe and of course to the united states economy, as well. >> steven when you think about having been a businessman in asia and running several businesses there at a microlevel, there are stores closed in hong kong, businesses shut over the weekend and now going into the week. at what point do you say there could be real impacts on the businesses in the region?

>> there are real impacts. high end retailer. property stocks affected. banking stocks affected. it's where the demonstrations are curing at the headquarters of hsbc and standard charters and when those employees can't report for work, that's going to affect it. ending in a few days, not a great effect. dragging on for many, many weeks, one could expect a great effect. the question is, is this more like an occupy wall street and go the park near here, in fact, demonstrators continue to voice their dissent but the effect is actually not great? or is it continued confrontation? the hong kong government clearly made a tactical mistake in using pepper spray and teargas on sunday night. >> right. >> that was an error and brought more people out to the streets. >> kevin, i just wonder, you know, looking at situation there and the u.s. relations with

china to begin with, you can raise your voice but a full pledged smackdown isn't really on the table given the economic relationship of the two countries. >> i agree with you. i can't imagine a scenario where the chinese government wants a replay of what happened in the '80s. that would go against their overall agenda, they're trying to build themselves into a world class economy. they don't want to be seen as, you know, too aggressive to their own people for obvious reasons. i keep pointing something out here. in the context of what we have done to the media, this is social media at the best. people tweeting from there. facebook pages going. remind everybody, we had more people in central park watching jay-z on saturday night than protesting here. put it in contest of what it is. i don't think it's changed the chinese economy. there's some unhappy people there and chinese government is put on alert. i see no chance of a tank, some getting run over or shot for

that matter. >> i think that's right. no chance the chinese bring in the troops but that doesn't mean there's not an effect on hong kong and on the one country-two system system that's worked for 17 years and really pushing very hard on the national people's congress to change their decision and i think that's not going to happen. >> they need the right man or woman to take over leadership in hong kong that both sides are happy with basically. >> that's one of the things that the demonstrators are calling, resignation of the chief executive which whether that would satisfy the demonstrators or not, we don't know. >> i would be remiss given the other news of the moment, certainly the united states, and the fight against isis to react to speaker boehner's comments we may need boots on the ground to deal with the issue, something you said i believe in the past you didn't think wasn't needed. >> i said i hope we wouldn't do

it. it's a conflict within branches of islam. it's a conflict of sunni islam and secondly a conflict of sunni and shea yeah. it's also got overlays of iranian and saudi competition and finally us and the russians. so our getting in there and leading a jude owe christian army against muslims, it's a mistake. it feeds the violence. if we can avoid it, we must avoid putting u.s. soldiers in there. in direct combat. we have got to somehow work with our allies in the region. if there are forces that need to go in there, fine. we tried this in iraq. remember? we weren't successful in setting up local inclusive government in iraq. that's what the latest violence shows. so putting a bunch of soldiers on the ground seems like, oh yeah, let the military solve it. fix bayonets and clean them out and then afterwards you're still

faced with the problem of an ungoverned area and who's going to govern it? we can't make it the 51st state and stay there forever and that region has to work the way through this. that's the problem. >> yeah. general, thanks for being here. appreciate it very much. >> thank you. >> general wes clark and steve morris, as well. thank you. >> thank you. what should investors make of the up and down action? is this market just too strong to stay down? or, are we fooling ourselves ahead of something much worse? and is it time to go ga-ga for google? one analyst says google will soar 25% over the next year. that billionish call is coming up.

welcome back. markets nearly recovering fully from the sharpck. markets nearly recovering fully from the sharp declines. how we closed a bullish side. >> with us today, bob doll and jeff saut with us at post 9. bob, we'll start with you. you know, the street was lamenting the lack of volatility all throughout this summer. we finally get some. does it look the way that you expected it to look when we

would finally get some volatility in the market? >> yes. we had such low levels, hard to believe that we would be sustained on the back of pes moved so hard for all the good liquidity of the fed. now americaier for the fed. we have issues and all that means more volatility. an economy and earnings that are improving and so should be a creep higher just with more bumpiness along the way. >> jeff, too bullish or not bullish enough? >> i agree with my friend bob doll. i think we are in a secular bull market. i think there's eight to ten years left in it. >> eight to ten years left? >> that's the typical cycle. they run 12 to 15 years and majority of individual investors don't believe it. they don't understand why the equity markets are even up and think it's the federal reserve and liquidity and i have to remind them of earnings of next year bottom up earnings report

and have tripled since 2008. >> fed's played a significant role in that. >> i agree with that. it's helped but the markets don't care about the absolutes of good or bad. all the equities markets care about is are things getting better or worse. things are getting better. >> we have a stronger dollar. some people are saying that could be holding back further gains in the equity markets and then some point you will have the fed start selling off the balance sheet little by little. that's going to unleash a lot of volatility into the market, as well. so how are you looking at some of these more near term milestones that could shake the equity markets? >> both the items could increase volatility. both are happening, that is stronger dollar and eventual fed raising rates because the economy's better so to turn around and agree with jeff again, better economy, better earnings. that's going to carry the day. doesn't mean won't be

volatility. stocks are normally very volatile and the trend is creeping higher. >> what if the fed loses control of the curve? >> i'd love to ask both these gentleman. they managed a fixed income book. where do you gents think and when will the first rate hike be? can't talk a great economy and not worry about raits. give me a date. 25 or 50 basis points on the first hike? >> i'd say i can't wait for the rates to move up. just a sign the economy is okay. talking about rates starting at some higher level, i might be more concerned. i'm not a bit worried for stocks if rates will go from 0 to 25 or 250. not a big deal, i think. when the fed gets punitive worried about inflation and that's far down the line. >> i absolutely agree with that. i think consensus is for the first rate ratchet in nine months from now and i think it will be 25 bits.

but as long as earnings are growing fast, then a market can go up despite interest rates going up. >> we all know to a person on this desk the day the fed raises rates well before that, when the first real hint is dropped, the market will sell off. >> i think the selloff will be contained and interest rates will be going up because the equity markets are doing better and because the economy is getting stronger. >> what is contained in your view? >> i think they're going to normalize. i think by this time next year looking at a 3% to 3.25% on the 10-year. >> do you think people that invested in long duration government debt grandmothers write to institutions are okay in this transition? because they're going to lose a lot of mark to market value when rate hikes pull through the system. >> i'm old enough and been in the business 44 years to know that you can lose money in bonds and a lot of people to lose money in bonds when rates normalize. >> bob doll, what upsets the

apple cart? everybody's bullish. as we have seen so many bears roll over in the last month. i could go down the list of notable bears who have now rolled over. isn't that a worry sign in and of itself? >> well, sentiment is an interesting thing. i'll agree with something jeff said a few minutes ago. this is the least believed bull market of my career and i think even people are talking constructively, there's still worried bulls. and look. i'm not pounding the table. i think the path from here is totally unlike five years and been 24% per annum. to get 8 out of equities because earnings are improving, while bonds general ri go down in price, that's great news for stocks relative to other things. the pace of the rates from here gets a lot more difficult. stock selection is huge. >> finally, we have the non-farm payrolls number on friday. i know there's been some consensus in the past not proved

necessarily accurate. is there a number to see on friday, though, you think would change the fed's course at this point or set in stone? >> i think the fed is set in stone on what they're going to do here. i don't think the rate unless it's 400,000 or something like that, looking for 215,000 this friday. >> thanks. bob, jeff, thank you. >> you bet. >> thank you. google shares already surging more than 30% over the last year and our next guest says the stock is set to soar another 20% in just the next 12 months. rbc's mark maheny tells us why this stock is still cheap. make your vote. and a man that orchestrated the aol/time warner marriage says a marriage of aol and yahoo! could be inevitable. it almost happened. jerry levin is here.

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go, go google. rbc capital markets upping the price target to $730 within a year. the stock today closing today at about $575. >> let's bring in an analyst behind the report, mark maheny of rbc capital markets and ask our viewers if you think google will hit 730 within the next

year, log on and vote and get your answer later on in the show but meantime, mark, your report says you think that google is the broadest play for exposier to the growing internet sector. where do you think the earnings power comes from? >> nice thing of google and investment in google today is relatively inexpensive. playing a high teens multiple for a very broad play of internet growth and a search business that's just about a monopoly and brings in government risk. very high rgin business. third, the medium term growth drivers. youtube, google play and google in the enterprise and the right five to ten-year investment bets. it seems like they have set up the portfolio well and get it at a reasonable price. >> funny. talking about tech stocks and big ones at that, internet related names, alibaba seems to

be sucking the air out of the room and i wonder the impact on google going forward until that all settles out. >> well, we're coming on alibaba but an observation of a couple of perceived challenges to google as a search engine and the rise of amazon as a competing retail search platform but if anybody wants to take share in any retail markets, online retail markets worldwide, they will have to use google outside of china. they have a share position to help them and talking with advertisers and do this constantly, the firm that we cover that generates quarter in quarter out remains google. a great position for them to be in. >> the comment of monopolistic positioning for google outside of china is interesting but fastest growi ining battle is c and google gave it up. made no sense to me. you have to work within the

rules of every environment you are in. they won't catch up. when does that clip earnings? when does that matter to you and caring about that? >> i think, kevin, a principled decision they made a couple of years ago. obviously wasn't the optimal business decision and already impacted earnings over the past couple of years and respect them for the principle behind that decision but in every other market, save for south korea, you've got a company with 90% market share and very hard to find that in any area of technology, technology history with the company with those kind of margins, this kind of profits to generate and what they have done i think correctly is taking the excess profits and put them in new growth areas and situated well in what's to us the exciting parts of internet tech over five years. >> mark, one wild card for all of the tech companies, google no exception, is expenses. so unpredictable from quarter to quarter. a problem for google last

quarter integrating the nest deal and is that something to turn a blind eye to? the investors will just take whatever they get? >> no. that's a reason i think the company trades at a discount. offering more clarity into the investments, tell us, this isser is ren dip us to or you have a plan? i think it's the latter. we made the pitch in the report. the newest board member of google, love to see him step in and help with the transparency problem. you do that. i think the multiple goes up a little bit. it's a one nag l factor and been there for years. >> we ask the people to vote having a conversation about a particular topic and curious your reaction knowing that two thirds of the people or nearly thereof who voted on this question of whether google will hit $730 over a year think it won't. actually, they think it they

will. i read it wrong. they think it will. the public seems to be behind this particular stock and as i said alibaba getting the attention and apple. and some of the other internet names, as well. >> the quick comment here. you know, the consensus long in the internet space i don't think is google. the stock underperformed year to datemodestly. you are chasing facebook and google at a modest premium to the market with a broad portfolio play and a couple of elements underappreciated about the story. i think a safer, not as much juice to the upside but playing internet growth is google. >> mark, september 29th, 2015, we'll have you back on to talk about whether it's at 730. we will see. >> happy to be here there. >> a bold call. >> you do have to wonder, kevin, if people are getting too optimistic.

i don't care what ticker symbol you have, if there's a broad market pullback, you're probably l lower. >> what pace advertising, traditional advertising is moving off traditional call it broadcast tv, the lion's share of it and moving to the platforms goog perez-olivo vids? i don't see any evidence that, you know, people are going to pull away from nfl advertising, for example, and go on to the google platform. he must have a pe expansion in the model and not growing fast enough to achieve what i think is optimistic earnings views. >> before we go to break, you made a comment this morning to react to. you said that alibaba was sucking the air out of tech. >> yeah. >> does google fall into the trap, too? >> yeah. say i'm an institutional investor. all of a sudden and my full weighting is 5% of the fund. might be 60, 80 names in it.

where do i get the dollars for a 5% weighting in alibaba? i wouldn't do it in a stock so early but the options tell me that institutions respect the stock as a given anointed index now. >> you don't think money managers got that from cash? >> no. i think what happened -- no. they're based on covenants. that's how many, many institutions manage their money. so they have to pull it out of an apple and google and whatever. maybe a microsoft. and reallocate it to the behemoth and alibaba is internet services in the fastest growing economy and financial services and i think it sucked the air out of the names of traditional index and that's what's happened and relatively stable at a crazy multiple. i mean, i would never enter this stock at this multiple. you will get punished badly if anything goes wrong. >> all right. should yahoo! ceo be eyeing a

merger with aol? former aol time warner c eo levin says whether she wants to or not, a marriage along those lines is probably going to happen and he'll join us next. how's this for sticker shock? it's a dollar more to access the money through an atm than it does for a gallon of gas. we'll look at what's behind the atm fee surge. that story coming up later. financial noise financial noise financial noise i research. i dig. and dig some (trader more. search.

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thank you, ping. reliably fast internet starts at $89.95 a month. comcast business. built for business. shares of yahoo! and aol traded today. on friday, pushes of merging the two companies. >> for more reaction to that call here in an exclusive interview is gerald levin, he helped orchestrate the mega merger of aol and time warner more than a decade ago. >> thank you, kayla. >> you told an interesting story about potentially looking at buying yahoo! when you were at time warner, as well. talk about the merits of yahoo! and yoo aol aol in this cycle. >> first of all, it is a lot of fun when somebody throws a letter in like that.

because the bulls and bears with respect to each stock come running, good or bad, so it's like a nice trial balloon and makes you think about what business are these two companies in? what's their strategy? and where are the ceos taking them? >> it's a lot of fun? i don't know if it's fun for marisa mier. >> yeah, but we have all been there. and you have to expect that. and it's bracing. because you have to respond. and that's why i said not that there's anything inevitable but once somebody lofts that into the cloud, it's likely some transactional thing will happen and what it causes you to do is go back, these are two what i call legacy internet companies. you know? you don't normally look at it that way. who were born pre-bubble. and just an interesting almost ironic historical fact is that during that period when the internet was coming an we thought it was going to disrupt

everything, the first company that time warner approached was yahoo!. not aol. and so, there's a little background history in that. >> could have changed the course of history. i'm wondering if you look at the prospects of a relationship like that. i heard somebody on friday say that yahoo! and aol getting together is like two drunks holding each other up. >> yeah. one, plus one, equals zero and consumed of cross savings and culture clashes but there's something interesting about this because look at the series of ceos at both companies and the way they have morphed. now the question for both of them, even though, you know, one is a lot larger right now, is how do you deal with what's happening with google, facebook and even twitter? how do you make yourself relevant? >> jerry, let's ask you a question. lets's talk about 24 months.

you have got a company in yahoo! that basically won the lottery buying, you know, a share in alibaba at the right time. >> right. >> all of its value's in the shares. >> and yahoo! japan. >> okay. that's true. but i look at yahoo! as a company with no value. >> right. that's the way the street is valuing it. >> that management team spent a billion dlee in 24 months and got, sorry, no value for it. the management of aol, and i have seen a very shareholder friendly management team sending back capital to me as a shareholder. it scares me to death to merge the companies and not telling me management style survives because i want to take the old crusty second tier companies and squeeze them. not have them actively manage the businesses with no results at all. yahoo! shareholders should be unhappy with the billion three. >> i think they are and that's why we're having this current

moment to consider what should happen. the only thing to say about aol is you're right on the money. what tim armstrong has done in this progressatic trading world is in his advertising is up. you never know what you kind of think about this who would end up managing. >> i think i know who i would want. i want my cash back. >> isn't the jury still out, though, kevin? >> why? >> on why mayer is a good and credible allocater of stock? >> put a dollar in each. extract the alibaba. you didn't need to buy out for value and you got nothing for the operational period of 24 months out of yahoo!. i'm sorry. i'm not trying to show disrespect. it's worthless. >> if you have the kind of conversations i have with big investors who know these companies well, they would say that marissa mayer hasn't had enough time and now $6 million

or $8 million with from alibaba and now judge. >> no. no. let's get it back to shareholders before she does anything with the money. >> we are reporting that starboard would likely want the aol management team to run a combined company and an interesting twist. one that could be far away. jerry, i'm wondering, aol/time warner deal is on the record as one of the worst deals of all time. >> i have heard that. >> $50 billion. now aol has a $3.5 billion market cap. do you think any potential acquirer worried about the reputational risk of owning that company after it has the stigma? >> i really don't. i think what tim armstrong has done is kind of erased all that baggage and is doing thing that is are actually pretty smart and it's reflected in the stock. and so, you know, this is just trying on something now. it's not saying it's going to happen but try it on.

suppose because yahoo! needs to do something for shareholders. the voices are loud and clear. but, you know, try something on. you know? let's see if the tim armstrong approach could do something for shareholders if the two were together. i'm not saying it's going to happen or should happen. >> that is not an endorsement for the existing management team at yahoo! right now. >> that's correct. the record speaks for itself. >> cash speaks. nothing else matters. >> cash is king. that's what they say, right? >> no, no. character is king. >> jerry, former time warner chairman and ceo, we appreciate you being here. >> thank you. here's a pop quiz. what costs more, a gallon of gas or the fees your bank charges for an atm that isn't theirs? >> if you pick gasoline, you picked wrong. with pump prices of $3.30 a gallon, atm fees average more than a dollar above that.

$4.35. figure out how that math works, up next. yaurp european topples team usa in the ryder cup again. still to come, we'll find out if in golf or the business world can individual stars be great teammates? when diet and exercise aren't enough, adding crestor lowers bad cholesterol up to 55%. yeah! crestor is not for people with liver disease or women who are nursing, pregnant, or may become pregnant. tell your doctor all medicines you take. call your doctor if you have muscle pain or weakness, feel unusually tired, have loss of appetite, upper belly pain, dark urine, or yellowing of skin or eyes. these could be signs of serious side effects. are you down with crestor? ask your doctor about crestor.

forget pain at the pump. consumers facing pain at the atm.

a new study from bank rate.com showing that the average atm fee is whopping a $4.35 per transaction. >> compared to the national average for a gallon of gas, that is now just $3.33. now, kevin, i wonder. throwing this out. you made the comment about regulation at the very top of the show f. you think there's a relationship between banks hiking their atm fees and an overly prohibitive regulatory environment to do business and earn money. >> you know, scott, we got to think of the banking system as the infrastructure for the whole economy and for what capitalism is and what we have done over five years is squeeze them like a balloon at a birthday party and say to ourselves trying to make profit, let's bang that mole down, too. this is a chance to make money off the consumer in a free marketplace. the market should rule and charging too much, people stop using the card. why do we need the government

telling us $4 or $3 or $10. it's whatever the market can bear. i'm tired of two things. telling the banks to pay us back by litigating them into the stone age and overregulating this very important sector i'm an investor in because kayla knows they pay dividends. i want for me. compete in the open market. >> depending on the government, as well. >> but that's -- just too much government in the banking sector. >> you think a direct relationship of what we pay for fees and pay for overdraft fees and just the regulatory environment in which the banks are existing in? >> we're asking them to make money and force them to deliver by 50%. the real juice in banking is lever it up. we can't do that anymore. we regulated this out of the system. they have to make money for me as a shareholder every way that can. throw the guys a bone. let them charge for an atm card. >> not just regulation, scott. i don't disagree with you. the costs of regulation are so high and getting higher except swipe fees on credit cards are

concerned and innovation of other companies is costly for them. if it's true that apple gets 15 basis points of every transaction on apple pay that's revenue i feeffectively the ban lost. they have to make it up. >> i wish you would be complaining at popcorn at the local cinema. $15 with butter. thank goodness the government doesn't regulate that. >> baggage fees on airline, they raise the baggage fees, all of these other ancillary costs to charge money for now completely changed the overall financial picture of the airlines. >> on a tonality basis, we should have less regulation, more open competition and a more efficient economy and i feel as an entrepreneur we have lost our way in that respect and whenever i can take a shot at the government for the regulatory policies, i do. that's my duty as an entrepreneur and i live and breathe it every day.

>> in 2010, lawmakers attempted to put a cap on atm fees of 50 centings and never voted on it. >> thank goodness. tensions running high in hong kong most of today as we have been mentioning. it is the wee hours of the morning now and crowds nowhere near dissipating. expectations are for another day of protests on tap. it's a situation the white house is watching closely and we'll get an update coming up next. tomorrow talking to the one and only broadway joe namath about the state of the nfl and his latest business venture. we're back after this. i have saved $75 in checked bag fees. priority boarding is really important to us. you can just get on the plane and relax. i love to travel, no foreign transaction fees means real savings. we can go to any country and spend money the way we would in the us. when i spend money on this card i can see brazil in my future. i use the explorer card to earn miles in order to go visit my family which means a lot to me.

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the white house weighing in on the pro democracy protests in hong kong. john harwood has the details. i guess it was just a matter of time before we were going to hear from the white house. >> reporter: scott, the last thing this white house needs is another violent international crisis. but the white house concerned about these ongoing protests in hong kong. everybody knows it is the 25th anniversary of the tiananmen square crackdown. >> the united states supports internationally recognized fundamental freedoms such as the freedom of peaceful assembly and the freedom of expression.

the united states urges the hong kong authorities to exercise restraint and for pro toasters to express their views peacefully. the united states supports universal suffrage in hong kong in accordance with the basic law and we support the aspirations of the hong kong people. >> adding to the tension of this situation is the president obama himself is scheduled to visit china in november. it is a very important economic relationship. in fact, offense the weekend, jack lew, the treasury secretary, talked about keeping that relationship going forward. so this is a big potential problem. >> thanks, john harwood for the latest on the white house response to the protests in hong kong. there is no "i" if team and there is an "i" in winning and the u.s. team did not do that this past weekend at the ryder cup. >> some of golf's biggest names took some of their biggest shots at each other as opposed to the european competition. up next, we'll see if this group just played bad golf or were

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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.

your customers, our financing. your aspirations, our analytics. your goals, our technology. introducing synchrony financial, bringing new meaning to the word partnership. banking. loyalty. analytics. synchrony financial. enagage with us. welcome back. yesterday the united states lost to the europeans in the ryder cup marking their eighth loss in the past ten matches. the team's captain, tom watson,

has been under much scrutiny for much of his decisions and was the target of some criticism by celebrated team member phil mickelson. why did we lose? is this about the players or is this about tom watson? >> no. well, look. tom watson made a few decisions that i think could be second-guessed. but ultimately the players are the ones on the playing field. they're the ones that have to garner the winning shots and the winning putts. yeah, there's some chemistry issues maybe that you might not want to kept one pairing going and gotten phil mickelson sitting on saturday. that might be a little head-scratcher. but he didn't play well on friday. but it's not the captain. it's ultimately the players. but the u.s. has to figure something out because the european side goes all-in in the ryder cup. it is tremendously important to them and it shows in their inspired play. they can play lackluster golf

all year leading up to the ryder cup. when they throw on that uniform and stand on that tee with a partner looking at them, they rise to the occasion time and time again. they've got a template that works. they're not going to mess with it. the u.s. had a template that works, to phil mickelson's point, in 2008 that got the americans to play a little bit more inspired team golf together, and maybe that's what the u.s. needs to go back to. not necessarily paul azinger doing it, but something to that effect. >> before we let tom watson off the hook, tripp, isn't it true that the role of the captain of a ryder cup team, whether it be european and americans, is to reign in the egos, provide discipli discipline, shark strategy, chuck and jive night after night figuring it out. it is dentally th definitely th. europeans have worked together even though they don't like each other. we don't seem to be able to do that here. i think our team fell apart. it was really quite a depressing

thoi thing to watch. my brother's over there giving me ringside feedback. it's ugly. >> well, here's the thing. the europeans have a template but they also have a mentality. the u.s. -- it's tough to describe, but as a golfer, the web.com tour, i played on that tour as well as the pga tour. the web.com tour was much more like a family atmosphere, much more congenial atmosphere. you traveled together and went to dinner with your fellow competitors. the pga tour is more about a brand. you go to dinner with your entourage. it is just a mentality. the europeans have that and it shows up when they're there ready to play. >> paul azinger himself said the europeans simply have a better "business model." we're a business show on a business network. it doesn't seem too difficult to put together the kind of relationships in groups as azinger did or pods, as they

were, guys who spent a lot of time together, they ate together, went out together and they played better together. >> that's exactly my point. the europeans have that template in place. so whatever captain they choose fits in to that template and into that business model, as you said. and it works perfectly. it helps that they have a couple of the best players in the world, but i will say this -- the americans need to figure that out. >> tripp eisenhower of the golf channel, thanks so much. "fast money" is next. live from the nasdaq marketsite in new york city, times square, this is "fast money." i'm melissa lee. tim seymour, pete najarian, guy adami. ford selling off in the afternoon on weak guidance from the company. mcdonald's getting a pop to the up side on rumors a large investor may have taken a stake in the fast food giant. we'll take a look at both those stories coming up. first, emerging volatility. protests in hong kong growing today as residents take to the