down about 80 points on the dow. we were down over 120 at one point. s&p marginally lower and still up about 6%, maybe more than the low of last wednesday. >> price action is positive. there's a chance s&p could end the day higher. i like the recent price action. thank you for watching, everybody. "closing bell" is next. welcome to "the closing bell," everybody. i'm kelly evans at the new york stock exchange. >> i'm bill griffith. the attack in ottawa capital of canada rattling the markets. let's set the stage. give us an update on what's going on north of the border here. >> i'm handed information of the conversation of president obama and prime minister of canada. president obama condemned the outrage. confirmed the close relationship and offered any assistance to canada needed in responding to

the attacks and saying that prime minister harper thanked the president an they discussed the assault an agreed to continue coordination of the governments moving forward. just about 15 minutes ago, bill, police officials wrapped up a news conference and fluid situation. what is not clear at this point, is there more than one gunman? we don't know yet. we know a gunman shot and killed, a canadian -- a gunman shot and killed a canadian soldier at a war memorial. shots were fired, as many as 30. that gunman is dead. we know as well. shot an killed by the sergea sergeant-at-arms. the new york stock exchange felt the news. the toronto s&p down. look at the video of earlier. taken during the shooting. you can hear the gun fire.

we do not know if that was the gunman, police officers, some kind of fire fight. it's still unclear at this moment. prime minister steven harper is safe. he was addressing legislators when the gun fire erupted and he said it was important for the government and the parliament to continue to function. inside the parliament, this photo was tweeted out by ctv chief anchor graham richardson. shows ministers of parliament barricading themselves with chairs against the door. the door is you can see the piles of chairs put up against the door. the u.s. embassy in ottawa is still under lockdown. here white house press secretary josh e earnest spoke earlier. >> from issues raging from the strength of our nato alliance to the ebola response to dealing

with isil, there's a strong partnership and friendship and alliance between the united states and canada. the united states strongly values that relationship and that relationship makes the citizens of this country safer. >> moments ago, the fbi and the department of homeland security put out statements saying there's no specific reporting end katding threats to the united states. here's ottawa's mayor, jim watson. okay. we don't have that bite. but certainly, what we do know, bill, at this point we don't have any definitive news or connection of isis and suspicion of that knowing this canada monitoring isis sympathizers for several weeks and whether or not this situation is related to that we don't know at this point. another big question, are there more shooters out there or aren't there? back to you. >> thank you. we'll be checking back frequently to you over the next couple of hours and more

reaction now in the exchange. with us this hour, keith fitzgerald, we have jack parussian, jay kelly, gordon charlotte with us here on the floor of the exchange and rick santelli in chicago. gordon, i'll start with you. the mindset of the traders on the floor here and the price of oil. that oil vibt report this morning showed a much bigger build than expected and oil is flirting with below $80 a barrel. how much do you think this selloff today in the equities market is canada and how much of it is oil? >> a couple of things, bill. first, as far as canada's concerned, you know, i have full faith that they get things straightened out. don't mess with canadians. they straighten it out up there. but as far as the energy sector, you have seen what's happened on the nets price of oil an affected the market.

we have a nice move to the upside yesterday and then retraced a little bit and the reason. number one thing. price of oil. so we're also seeing interesting earnings activity around here, bill. those that don't deliver getting punished hard and a lot of emotion. the vix risen but the prevailing sentiment is little overdone a week or two ago and may see ourselves a percentage rise going into the end of the year and asset managers struggle to, you know, return on investment. >> right. >> david kelly, same question to you. how much is related to factors of oil? how much is related to news of the shootings in canada and how much of a connection of the two? >> it was -- it's hard to say how much is coming from either side and na scare of the week. last week, ebola. now canada. fall in oil prices is a positive for the u.s. economy still so it is not a reason for the stock market to go down but up.

for investors, just focus on the fundamentals. we are having a good earnings season. one of the strongest earnings reports per quarter is what we're in the middle of right now and low interest rates. strong economic growth is pushing up profits. these are very good fundamentals. i think long-term investors try to look past the noise and take advantage of opportunities here. >> rick, i want to bring you in now trying to discern the message of the markets. let them tell us what it thinks of what's going on and given canada today, we haven't seen a rush to i have a sy. yes, an equities selloff and the 10-year treasury is not higher. the dollar higher but not dramatically and not gold. when's the market telling you, do you think? >> as i look at it 3.01 now. these are going to be the

highest yield closes since the 13th. you're absolutely correct. the horrible issues and story going on in ottawa doesn't seem to have affected the fixed income. remember, we had a bank of canada statement today. they removed a word of neutral from the statement so that actually put a bit of a bid in the canadian dollar and really that was the take back we saw some of that come back and virtually canadian dollar verse the greenback is unchanged. we walk awe and the panelists have a different view on oil than i do. there's supply an the issues. but keep it simple. looking at oil as a barometer of global demand, now the relationship of last weeks of weak oil and equities in my opinion makes sense. >> i do want to go back to the point, david, you made. isn't it crystal clear of high correlation of moves in oil and the appetite and assessments of global growth and moving in lockstep and if the china number

misses tonight, isn't it likely oil's next move below oil? >> i believe oil's movement is more to do with the growth of u.s. shale oil production and swamped the global oil markets and extra supply and it's the extra supply sitting there for years really building and building and now i think finally hitting markets. looking at global momentum, europe growing faster. chi in's growth is stable. i don't really see this global slowdown and i think oil is untrustworthy barometer. neither the bondevik telling you much about the global market because they're distorted. >> keith fitzgerald, perspective, what are you doing? is this an opportunity for you to either step in or step out right now do you think? >> i think it's an opportunity. investors need to understand that short-term market events,

unfortunate though they are, are all about psychology. the move to take money auflt table is much more of a knee-jerk reaction. it's amplified. if you stick to fundamentfundam like energy and medical tech. >> you like energy, keith. what names are you buying? >> to me, it is all about the transportation because i don't care about the price of commodity. but i'm interested in the pipeline. high or low they have to move it. natural gas pipeline, kinder morgan. i own a ton of it with my family. that's a kind of thing i like with good dividends, demand and creating jobs. win-win-win across the board. >> jack, we talked about the teflon market. seemed to be immune of the events around the world and now just the opposite. what do you think? how do you think the market's responding to events that have been unfolding the last couple of weeks here? >> bill, just the opposite.

i still think it's the teflon market and indicative of a teflon market. the v-shaped recovery over a couple of weeks tells you where the market should be and that is much higher. you know, one of the things that we want to pay attention to, of course, are cash flows coming in and right now one of the things that i have noticed are portfolio managers all collectively giving me an oh, i think i missed it type of statement. now, that tells me that more than likely they're chasing returns into the end of the year. >> what are you talking about? they missed what? what's v-shaped? >> 10% correction they were all waiting for. the market -- >> yes, they did. >> market up 200 handles. rick and i were at 2,000 in the s&p, i was talking offline with him. i said you realize 10% is 200 points and scare the living daylights out of people? and guess what. that's exactly what happened. we saw capitulation in bonds, in stocks and what we're going to see from those levels is a move

higher. more than likely, could be 20% higher off of that low if it holds. >> jack, good news, though, jack, still buy basically same place at the end of last yore. >> yeah. but -- >> there you go, rick. >> the market won't go in a straight line. >> same place you did last year. >> it's back to the future. keith? >> yeah. it is back to the future but again if you have the right perspective, concentration on the fundamentals there are always opportunities. absent this type of psychology, this type of event, it wants to grow. you want your money at work. if the fed sprinkles more fairy dust around, all the better. >> david, i want to be careful about this. but the fear is that these lone wolf events that have been taking place, especially the last two in canada, whether this begins a trend of some kind and a market have been careful, very wary of keeping an eye on these

things. you have to think about that as an investment strategist, too, don't you? >> absolutely. things that scare me are never the things to predict. it's the stuff around the corner. if you have small lone wolf events, the market will shrug them off more and more. if you have one big one, the markets react aggressively to it. that's diversified. i think they're rock solid. doesn't mean a shock couldn't push the markets down. that's still the case and diversified. overall right now the fundamentals are better than psychology. >> all right. >> gentlemen, thank you very much this afternoon. we have about 50 minutes, less than that. the dow down almost triple digits off 98 points. again, watching the direction of crude oil. art cashin, the guys on the floor keeping a very close eye on that as it flirts with $80 a barrel level. >> we'll of course have many updates on the situation in canada as that story continues. also, ceo speaks with us

exclusi exclusively. the market wild ing swings, his strategy and take on the market's reaction to the events up in canada today. also, hear dominic chew's list of stocks climbing 10% since last week's selloff and one of wall wl's top stock pickers gives us his list of potential winners. keep it right here.

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krirks this is can ka's war memorial, where the initial shooting took place where a soldier standing guard at the war memorial shot dead by the gunman before he then ran -- gunman -- to the parliament building. for those not familiar with the war memorial in canada, this is their version of the tomb of the unknown soldier here in the united states. and you'll wonder, this is a question that's being asked over the last few hours, whether there was a symbolism to the shooting at that point. if it had taken place here in the united states, at our own

tomb of the unknown, bl there's symbolism there, as well. this is a question asked today in canada and i'm sure around the world, as well. >> new york police department we should add saying assigning special attention to certain locations in new york city and associated with the canadian government so you can imagine all leaders at this point scrambling to see whether their own national if you will icons and focusing on the canadian element in new york city. >> keeping an eye on the story because it's had an impact on the markets today. the dow well off the lows now. we were down 130 at the bottom. we're down 89 right now. thereabouts at 16,524 on the industrial average so you know, we get back to the market coverage right now. >> buy the dips is one of the oldest mantras at the market and dominic chu looking at stocks surged 10% since last week's lows. >> i mean, kelly, bill, there's

32 companies within the 13500 that have been rallied at least 10% off the lows what we saw october 15th is looking at the sectors bought up the most or rose the most, check out what happened with industrials. they're one of the best perfo performing sectors in the s&p 500. the topper forming is united rentals up 13% since the close and industrials, one of the best performing sectors and very big performing stock. material side, the second best performing sector in the overall s&p 500 and then that stock within materials, also one of these economically sensitive or cyclical stocks, they make chemicals and plastics up around 10% since the october 15th clez and one of the star performers and single best per foming sector since october 15th is the

hardest hit sector of them all, energy stocks and bought in this sector and single stock, best performing in the s&p 500, since that time, is a natural gas and oil company, chesapeake energy, up 23% since the october 15th close. so when you take a look at where people have been putting their shopping list to work, bill and kelly, oftentimes it is the stocks hit the hardest in the economic downturn. >> thank you very much. what other stocks are ripe for the picking at this point? joining us with his pick, david, was this the kind of dip you were buying? >> putting money to work selectively. you know? we had on the intraday low touched 10% down for the s&p 500. the average stock amongst small, mid and large cap stocks trading about 15 to 16% below the 52-week high. if you're a firm believer that

longer term, low inflation continued growth in corporate cash flow and earnings, continued good capital deployment of companies, all a good backdrop of a net buyer and probably to air slightly to the cyclical side in this type of environment. >> david, if you're betting on the cyclicals is that a bet the u.s. economy will pick up if here or the ones beaten down and cheaper? >> i think a modest acceleration in growth and look at two key variables. better than 3% real growth and as a homer here in michigan, motor vehicle sales in the mid 16 million units for cars and light trucks, that's up significantly off the lows of a couple of years ago. those are all cyclical aspects looking at where i want to position portfolios, i want to

position it for companies to benefit in a pretty robust earnings and cash flow environment. >> you brought three with you today to talk about. >> yes, i did. >> we have lowe's, the home company, retailer. texas instruments and liberty interactive. lowe's, is that a bet on the consumer or housing or on both? >> bill, it is a call on a company that's i believe is right sizing itself, really trying to reduce itself costs in the right end of the industry, low interest rates, low gas prices to help out housing and renovation. lowe's is a beneficiary of that and on a valuation basis, selling before -- selling below the normal 30% premium to the market. >> what about some of the energy names, david, as well we have heard other guests saying they think look cheap and dom said rebounded sharply off the lows. would you want to tread in that territory?

>> not yet, not with oil still being weak. i think longer term if you want to do the shale gas play, i think that's beneficial but longer term energy companies are hard to create long-term return on invested capital and you probably want to look at, you know, somebody on the service side. if you look at the filings, we own shlumberger. >> very quickly, i'm curious on liberty interactive. when's the play there? >> it's digital commerce, video commerce, bill. that they don't have the bricks and mortar. that they're growing not just out in the u.s. but growing globally in europe and asia. they own 30% of home shopping network, as well. and we're entering a seasonal period when i think liberty

interactive or qvc is the beneficiary of that and long term it's a great ingredient to make money out of companies that spin off or spin out of larger companies and this is exactly one of those plays. >> yeah. certainly fits the trend of late. thank you. >> thank you. >> taking a closer look, bill, as the snapback and today it's a question of rotation again on this wednesday, the dow off 104 points. you can cite a number of reasons for it. oil seems to be the prominent. >> zigs and zags today for the equities and price of oil. dow down 106. that selloff beginning when the price of oil went lower and the events in canada unfolding. more updates on that coming up, as well. >> mergers and acquisitions red hot this year. is it smart to invest based on speculation? there's a firm making that speculation a specialty. we have herb greenberg here not

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still watching the events in canada and really it is still very unclear at this hour exactly how many gunmen there were. we know of one gunmen shot dead by authorities there in canada at parliament hill. but authorities holding that news conference that you saw live here on cnbc last hour,

they were kind of coy about it. whether or not there were other gunmen. they were asked if there were other gunmen involved an they just were not ready with a ready answer at that point so it is still unclear. they have told people in downtown ottawa, stay away from windows and stay under cover at this point because they're not still sure if there are other suspects involved this. >> canada cbc saying that the gunman shot after shooting a soldier and seizing a car and driving to the doors of parliament hill center block nearby. so pretty dramatic events awaiting further details. also trying to figure out the correlation of markets here down pretty significantly today. the dow off 97. a lot of that may have to do with what's happened with the weakness of oil prices and if debate we were having before, is the weakness telling us something about a weak global economy? or not? and what extent the traders need to rethink stock investments

here, too. >> a big build unexpected and could be a part of that story right there. another story. sit ever a good idea to invest in a company based on speculation that they may be a takeover target? there's regulartively new website of mergerize and a list of companies considered to be possible candidates of merger acquisitions and projected price and time of that takeover. >> with us now is ceo of the website and cnbc contributor herb greenberg. what is this? >> it is a crowd source site where we allow anybody to come on and make a prediction regarding an m&a transaction. the point is not to be the most accurate data but to represent what is the expectations out there? so people understand what's baked into the stock. and there's never really be a data set out there and how you yiz it is up to you and we

represent the expectation talks. >> that's the talk here. we all do it. you know? you're looking pretty uncomfortable, herb. as lee's describing his website. >> you know, lee is a good friend but i have to tell him how much i am so concerned about this because, look. when you get to speculation, i understand traders speculate. that's what they do and a big part of your market. the -- whatever. looking for the fast trade. i'm concerned about the people perhaps retail investors, they're hooked up into this. i remember in 1990 or so, writing an article at "san francisco chronicle" and who was the next target. i remember some guy calling me up. he made a lot of money with a hamburger stand in california. called me up, i'm making money. herb, second time, i said, please don't do that. you don't know. you're hot as a pistol. please, don't do that. herb, i got my father-in-law in. third time, herb, i should have listened to you. that's the point with mergers and acquisitions.

you don't know. >> i completely agree with herb. look. he's been around a long time and has been at the center of this space and i think the whole point of the data said, yes, analysts who are accurate at calling these things and seen some call the predictions, you know, again and again. but i think more, i like to use the example right now of gopro. really hot stock. priced off of what it should be. >> or so you say. >> so i say. right? normal multiple that this thing should trade on based on industry standard. there is an obvious m&a premium in the stock right now and when you go to be the investor in the stock, understand it's priced very, very high for that premium. >> herb, why do you have a problem with mergerize and not estimatize to do the same for earnings estimates or do you have a problem with that? >> i have a problem with the meet or beat the street game. it is a game. it is a bet. it is a trade.

again, i'm not a pollyanna. i understand the markets. i understand traders but i worry that it drives short-term-ism in the market which, again, doesn't matter anymore. we're so far beyond that and continues to drive and reinforce it. >> you don't think it's making it transparent and the only more sophisticated guys would have it? >> it does if that's how they play the mrkt. >> the ability of people to manipulate that information, unless you develop a -- achieve enough scale, you get enough people in that crowd sourcing krmt that you can -- one voice is not going to distort the information, right? >> that's what happened to estimatize. we've been around almost five years. we have 5,000 contributing analysts. we have 270 estimates the other day for apple. the analysts are much more accurate. that data set is much more accurate because it's a bigger sample size. it's sample size that matters

and also we run a bunch offal go rhythms over top of it. >> only the companies that's gaming it? i kid. i kid. >> by the way, herb, on an entirely different issue, i'm reading a question. can you tell? you have been warning about bolder brands for a while now, the stock down 20%. >> the bolder brands is the pure play on glutden free in the marketplace. they own udi and stock clobbered because they preannounced and the company said that one of the big customers, didn't say who it is, doesn't -- it doesn't -- is normalizing inventories. to me normalizing inventories is saying they're not stuffed with more stuff than they want to buy. this is a -- one of the stories for a long time. there's smart investors in there. but today the thing is getting brought back don to earth and reality that it can't live on one thing alone and risk here. >> you have often said you felt gluten free was a fad. >> i think it's a fad.

the company does not. >> as a father of a daughter of a seal yak. >> i'm a father of a daughter with seal yak. i understand that. yes. >> shares today down 24%. thank you. >> lee, thank you. >> lee, thank you. >> this all came up, watching yelp after the show and this speculation talk is part of the thesis. >> mergerize.com. i put it out there for you. >> thanks. >> see what you think. >> we have half an hour until the close. the lows of the session and getting close. i think 130, bill, was where we stood at the lows an hour or two ago. speaking of earn, at&t and yelp are due to post after the bell tonight. we'll preview those number that is will move those stocks in the after hours session. could have an impact on tomorrow's trade, as well. >> we'll get the take of norfolk southern ceo and turmoil and canada, a whole lot more straight ahead. when change is in the air you see things in a whole new way.

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i'm just looking over the company bills.up? is that what we pay for internet? yup. dsl is about 90 bucks a month. that's funny, for that price with comcast business, i think you get like 50 megabits. wow that's fast. personally, i prefer a slow internet. there is something about the sweet meditative glow of a loading website. don't listen to the naysayer. switch to comcast business today and get 50 megabits per second for $89.95. comcast business. built for business. welcome back. let's get back to the story we've been following. the attack in canada's capital of ottawa and back to michelle with the latest developments there. michelle? >> hi, bill.

yeah. downtown ottawa still in lockdown an a gunman shot and killed a canadian soldier at the war memorial and then entered parliament. you can hear some of the shots in the video courtesy of the globe and mail that's been released. again, we don't know who's doing the shooting there. if it's the gunman or police or both. prime minister steven harper was on the phone with president obama earlier today. at the time he was addressing legislators when the gun fire erupted. one gunman is dead. police say two or three were believed to be involved originally. now it's not clear whether or not they continue to believe that to be true. no suspects have been apprehended which is why the area is still in lockdown. the toronto stock exchange index fell at the news of the shooting.

because it first started at the war memorial similar to our tomb of the unknown soldier here in the united states, as a precaution, the commander of the u.s. military district of washington has additional security at the tomb of the unknown soldier. the fbi and the department of homeland security say there's been no specific reporting of threats to the united states. want to show you a live picture of parliament where the incident shaken them as a whole. here's jim watson. >> there's no pain greater than losing a loved one. to have it happen in such circumstances as this morning is beyond expression and unlined by a sad anger within my heart. but i'll not let it rule the day. our city, ottawa, the capital of our country, has lived and seen tragedy in the past and again today. >> this is a fluid situation. we'll keep you up to date. guys, back to you. we're waiting to hear perhaps from president obama on the subject. >> michelle, thank you. another day of volatility on

the markets and turmoil in global affairs. how to proceed? >> yeah. joining us in a cnbc exclusively, joined by the ceo, john, welcome back. we live in a ricety world. >> thank you very much for having me on the show. >> i mean, the risk factor for the markets here is clearly evident with what's going on in canada and the market's response to it. >> yes. i mean, i think that everything happens in the world is going to have response to the market and truly global. but, you know, i don't think it's going to affect the markets in a long term. it's more of the fundamental when's happening in interest rates around the world. >> why is now a good time to be in the securities business? >> why? because it's always good we need capital markets so i think that some of the questions are what's going on in the economy in the u.s., europe, japan, from what i -- >> i'm saying is it economical? we hear from guys in the business every day that liquidity is terrible and the regulators or the low interest

rate environment. what is your view and what is it like being in the middle of things? >> it's definitely a difficult time to be in the markets. definitely difficult with regulations, changing on a daily basis and having said that, there's still opportunities in the markets for advisory and other type of businesses where we could add value to customers, corporations, they have to do business and raise money. you still need to ipo and whatnot and if we've seen in the markets just last september that it was incredibly busy, especially the capital markets world. >> you know, japan, you mentioned, obviously the company where your -- country where your company is headquartered. waiting to see the interventions of the japanese central bank. europe is well under way. what do you make of that even as we begin the process theoretically of removing some of the intervention that the federal reserve has had going here for six, eight years?

>> well, clearly, in japan, people are waiting to see what happens. with the tax hikes and whatnot. abe-nomics is working. people are impatient because last year was such a huge -- everybody was buying basically buying japan. >> on hope. >> on hope. >> right. >> there are certain reasons they're doing that. this year it's been more of a stock picker's market. more individuals. which helps our firm hosting securities because we have a very good number one japanese equities research so it's been a lot more strategic and growing and buying more exporters and technology companies. >> i'm curious. you mentioned the ipo space which had been really hot this year and looking at a market off 130 and a very difficult october. in fact, more and more the alibaba ipo might have marked a market top. how long to shake the volatility off? >> well, if you're talking about

the u.s. equity markets, people are a little bit spooked because of the 7.5% correction. the reality is it's -- if you look over the last 50 years, equity markets, they have had corrected about 5%, almost on average, every year. so given ebola, given when's going on with the markets and europe, given when's going on with where the strength of the dollar, it's not a crazy that the market corrected as it has this last october but we feel that now that it's corrected, going forward, we expect equities to go up, s&p between 7% and 10% on a yearly basis far couple of years. >> there's the forecast. john, good to see you again. >> thank you very much. >> thank you so much. toward the close, 18 minutes left. we were moments ago at the low of the day, down 130 points. coming off the lows and now at

16,486. already looking towards what happens after the loez here. at&t and yelp earnings after the bell. which numbers to watch for when we come right back. (vo) you are a business pro.

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welcome back. there's a look at the dow jones industrial average off about 150. little less than 1%. selling across the s&p and nasdaq. >> wasn't specific but art cashin said that the bias is slightly to the downside heading toward the close and another day, another plate for after the bell earnings your way. dominic chu with the names and numbers to watch for. >> let's start off with at&t. the street is expecting a 64-cent earnings per share number on earnings of $32.2 billion. they're looking for the iphone effect. 75% of its smartphone are iphones. down marginally by a quarter of a percent. also, slars of yelp out with the third quarter results this afternoon. forecast call for a gain of 3 cents a share on sales of $99 million. yelp expected to benefit from strong growth in local active business accounts and mobile

customer engagement. the shares down by about a percent and a half. yelp may be one to watch because the options market is currently pricing in what could be a move of 10% either up or down on the heels of this earnings report. guys, back over to you. >> all right. dom, thank you. as the market waits for those figures, digest the earnings today, the fall in oil, kenny, the shootings in canada this morning, how much are all of those playing into being off 138 points here now? >> i don't think the canadian thing is that big of a deal on our market and the reaction is very boomerang kind of reaction from the selloff and then right back off with no realtime for the market to really churn so quite honestly, i'm not super surprised the market is backing off and when the market feels weak. they'll throw the negative story to add to it and not that concerned about that yet. >> two things were happening simultaneously this morning. one, when's going on in canada. the other is inventory report on oil that pushed those prices

clearly lower and tested that $80 level here and seems to be having a market -- >> that is a little bit and holding there on oil at the home. didn't break it again like last week and certainly putting pressure on the energy sector and maybe the market itself but i think it's much more the market kind of pulling back because i think the correction was way too fast. >> i'm sorry. art was just signaling me about 400 million to sell on the close. >> sell. feels like the bias is to the sell side and feel it's heavy. >> what do you read into that now, kenny? people said it's a wednesday, as well. a sign that this is a trend reasserting itself to the downside? >> listen. i was always one to say that the market needed to test its lows after the violent reaction of last week. i think the correction bounceback right up was too quick and too fast and maybe not testing the lows of 1820 and wouldn't be surprised to test to find support. >> before you go.

there are always so many charitable events here at the new york stock exchange. you have one coming up this evening, as well. >> tonight, arms wide open. schaferq.org to raise money for pediatric cancer. the parents that started this in 2009 after their son was diagnosed with a stage iv neuro blastoma and this mother and father decided they wouldn't take it as an answer and fought and started an organization, they have raised almost a million dollars to date for clinical trials and research and their son is 7 years old. >> you may look different. >> i'll look very different tomorrow. i'll have -- >> shave for a cure abecause the people that are coming down, the dozen or so men and women and three children are coming down and shave the heads in support of the kids who suffer with pediatric cancer and are bald. >> please tell me there's camera there tonight? >> there will be. so you'll see it tomorrow.

>> one of the great heads of hair on the floor of the new york stock exchange. it is for a great cause. >> a great cause. >> it will grow back. >> people want to make contributions, shave 4 a cure. >> and then sponsor or make a donation. whatever. >> shaver? whatever the case may be. we wish you well with that. >> thank you very much. >> thank you. >> see you later. >> ten minutes to go here. home stretch. >> yep. the dow down 154 points and updates of canada. the dow almost down 1%. we have coming up our sharon epperson with an incredible data showing 401(k) investors doing the exact opposite of what they should be doing in a selloff and many maybe making the same mistake today as the market falls in part because of the events north of the border. we'll have that story coming up in a little bit. pass

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. about seven minutes left here. the markets really kind of hanging on here. we had art cashin tells us about $400 million to sell on the

close and bias to the downside. we were down 150 a moment ago. and now 16,470. joining me with their thoughts on the market, jamie cox and tom frost. i mean, clearly, a period of volatility here. the thing i keep asking investors is, is this a time to step back or step in? >> step in, bill. this period is normal market activity. investors need not worry about the vix spike. lock and load for the end of the year. >> what do you buy? >> anything and everything. >> throwing darts? >> no. you can buy the indices or specific. you can buy -- i like utilities. i love technology. any of those particular sectors to go in full force to the end of the year. >> i couldn't agree with jamie more. the vix at 18. it was 80 in 2008. the average is 20. so the vix is still very low and with the isis scare with what happened in canada. >> energy is a favorite

contrarian play lately. would you jump in to energy? >> absolutely. >> that large cap, very fond of large cap right now. we're not afraid of equities. >> this is not complacency? >> no. not at all. think about what you've heard in the market the last couple of weeks. volatility is back. it's not anything different. don't worry about it, bill. keep buying. >> all right. there you have the word of two professionals. thank you for joining us today. we'll come back for the closing countdown for this wednesday in a moment and big earnings of at&t and yelp at the top of the hour. stay tuned. helps you be ready anytime the moment is right. cialis is also the only daily ed tablet approved to treat symptoms of bph, like needing to go frequently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long term injury, get medical help right away

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two minutes left. a quick couple of charts that tell the story today. the dow, intraday. sort of had minor gains on the open this morning and then the events in canada. the price of oil moving lower. in a lot of debate on exactly what was causing this selloff today and that -- be that as it may, down 150 to the close here. oil inventories up this morning. much greater bill than anticipated and the price of wti crude here in the united states has been flirting with $80 a barrel today and a feeling if you head below that, that could mean much more lower prices. >> china manufacturing numbers, pmi is coming out. if that's a notable disappointment likely see further pressure on oil, brent and west texas. the two headlines talking about

occurred independently of each other with the canadians headlines, intensified around noon. the market dropped. same time, oil also dropped. we did get the inventory levels of 1030. big build in crude. crude dropped. rallied and noon fell out of bed again. i don't think these are related these two head lynns. canadian and oil dropping and collectively put pressure on the market. >> if oil was going down it was positive and now we have to think of it as producers of oil with the burgeoning oil production going on in the united states rye nougt. >> the real problem is, of course, it's great dropping for the u.s. economy. but oil has become a proxy for deflation and slower global growth. >> right. >> so we involved in the market say, oil is dropping, and global growth is slowing down. that's the way the market is looking at it. >> all right. thanks, bob. see you later.

don't forget, the earnings of at&t and yelp coming up at the top of hour in a moment. a very popular executive at the new york stock exchange retiring today. he's ringing the closing bell. that's why we got a big crowd here on the floor. stay tuned now for the second hour of "the closing bell" with kelly evans. see you tomorrow. thank you, bill. welcome to "the closing bell," everybody. i'm kelly evans. let's begin here with the latest details from michelle caruso-cabrera. >> the story all day, the attacks in ottawa. here's the latest. expected to hear of president obama any moment about the shootings in the canadian capital. just before 10:00 a.m. a canadian soldier standing guard at the war memorial was shot and killed at point-blank range by a gunman dressed in black with a scarf over his face. those details just coming to

light in the last hour or so. the gunman then entered parliament. as many as shots fired. the prime minister was in a meeting and the gun fire and you can hear her erupted. the gunman yet to be identified shot and killed by the parliament saticular sergeant-a. the prime minister was ushered out. he is safe. here you see him on the phone with president obama after the incident. the toronto stock exchange, the index there, falling on the news of the shooting and down about 1.25%. those inside parliament scrambled for safety and inside the chamber, ministers barricaded themselves behind the main door. there was a photo tweeted out of graham richardson showing the chairs backed up against the door. the u.s. embassy in ottawa still

under lockdown and because it first started at the wae memorial, the commander of the military district of washington has authorized additional security at the tomb of the unknown soldier in arlington national cemetery. the fbi and the department of homeland security say there's no specific reporting of threats to the united states. back in ottawa, police are on the scene and still very fluid situation and, kelly, we are still waiting to hear from president obama on this incident. back to you. >> that's right. we expect the comments of the president and bring them to you in that case. addressing ebola, wouldn't be surprised if this comes up, as well. now the panel, market off 153 today. dan greenhouse is here. along with our own kate kelly and trader guy adami. guy, how much of this is today about oil and to what extent the shootings in canada contribute to the nervousness?

>> didn't help. i think hit the nail on the head earlier. it has to do with oil and i'm sure dan will tell you and people will say the move lower in energy is a positive thing for the economy. great for the consumer. tax break an all that stuff and to a certain degree that is true. the ramifications are far larger and negative. it means that global growth despite what everybody will tell you, not nearly as robust everyone says and point to energy and point to this continued move in treasuries. i mean, nobody in their right mind thought ten-year treasuries will go down to 2%. >> hold that thought. everybody, here, for a second, we are waiting for a couple of big results. we have tooth's earnings out now and morgan brennan. hi, morgan. >> a disappointing report for at&t in the headlines so far. earnings per share 63 cents, 1 penny shy of the 64-center estimates the street expecting.

revenue $32.96 billion versus what analysts had been expecting. wireless, a big part of at&t, so we're looking at post-net ads, $785,000 for the quarter. again, lower than estimates of 801,000. also, looking at churn which is the rate of subscriber turnover. came in for postpaid at .99% and higher than analysts had been looking for. right now, seeing the stock trade down a little more than 1% in after hours and going through the report and bring you headlines as they come. back the you. >> thank you. david burkes now and craig moffitt. david, at&t with a buy and $39 price target. craig, you have them as a neutral. a $33 target. craig, let's begin with you here and a miss on this quarter. when's going on here? >> well, look. the fact that it's a miss

doesn't fully capture what's going on because, in fact, the transition that they're making from subsidizing phones to selling phones at full price means they have a huge accounting driven tailwind and the fact still missing even with that tail wind tells you that the underlying fundamentals of the business very, very troubled right now. >> craig, if i may, everybody knowing how much another relies on the iphone for its business, wondering if there's a read through for apple. what did you think this is telling us about apple here, as well? >> well, no. i don't think you can read through to anything negative about apple here. the challenge for at&t is they have a very large base of customers with iphones and every time you get a new iphone cycle it creates an opportunity for the customers to decide whether they want to stay or go and that dynamic creates a problem for the people that have the largest base of iphones and in the u.s.

that's at&t. >> understood. david, what about you here on this quarter? what jumps out? >> sure, well, obviously, it looks like a revenue miss. what we're particularly interested in is to see what the wireless margins were and also does the company change their guidance? and then, will they give us a strategic update of the acquisition of directv? >> do you think at&t has to do something to change the business model here, david? >> clearly, it is a mature industry and an intensely competitive industry. 90% of the u.s. have cell phones, almost two thirds a smartphones. it's a difficult, challenging business and perhaps pricing was an issue in the quarter. >> where are you on the directv deal? do we have insight from the announcement to tell us that directv to close, not having any regulator interference and that somehow that what they're going to do with a directv next will be helping the bottom line? >> i don't think you'll hear anything about the timing of the transaction.

we're probably going to hear about directv sometime in the first quarter. i'd be surprised if we hear anything material before that. i have to tell you, personally, i think it is a challenging, strategic acquisition to try to make a phone company satellite company work and makes sense at first glance and then it's hard to sell this one strategically. >> want to mention looking at at&t shares after hours, trading lower, almost 3% now. craig, same question to you. i mean, if what you're talking about is the way in which pricing affect it is bottom line, what are the options at this point? >> look. i think it's right. this is a slow growth industry. if it weren't for the accounting change at an industry level, revenue growth in the u.s. wireless industry right now would be negative 2% measured the way we used to measure it last year so it's not a growth business anymore and i think what you're looking at is a mature business with four competitors with my fixed and

low variable costs and very difficult to sustain pricing in a market like that. >> guy, your thoughts on the shares here? >> i think that $33 price target is probably spot on. i think broader -- you have to sort of broaden that out. i said to you before. eps growth without revenue growth is not growth at all and you saw wit coca-cola. you saw it with mcdonald's and clearly with ibm so, you know, only so much financial engineering companies can do until they can't anymore and then you have to grow the bottom line and not happening, kelly. >> david, a last word here to you. do you agree with what guy said? >> it's a long-term buy and only for income oriented investors. that's the primary traction. dividend yield. it becomes sort of a defact o surrogate. >> isn't the debate of the old names which is to say it's great of a 5% dividend yield but how much is that helping long term

for those investors you just talked about if it comes at the expense of not improving the growth prospects? >> that's the challenge for them to grow their earnings. earnings only up around 4%. and we're going to have to see if they're able to generate more earnings growth going forward. if not, the stock loses a good bit of appeal. >> thank you both on that. looking at at&t shares, under pressure after hours. a quick word here before we go with the panel and trading activity today, dan, we were talking about earnings and misses from these bigger, i don't know what to call them. mcdonald's, ibms of the world and i guess now at&t in the basket. >> the behemoths. >> the blue chips? dinosaurs? what's the message? >> listen. it is easy to look at the giant companies, dwarf the bottom 20% of the s&p 500 in that regard. at the same time, they are as i

believe david pointed out mature companies in some respects mature industries and you cannot grow infinitely. >> is the right thing for these companies to do to be increasing their payouts? looking here at visa increasing a dividend rate, for example. is that the right strategy or are we going to then hear down the line, well, they should have been more inventive with the capital? >> i own at&t and visa and besides the point. i think for a lot of these companies returning capital to shareholders is not the worst idea in the world. as important as they are, there's a ton of other companies that don't suffer from the same sort of maturation and growth issues. >> morgan with another couple of details here. especially on that outlook from at&t. morgan? >> they have lowered the full-year revenue growth outlook. previously 5%. they have pushed it to 3% to 4%,

however, this line with street expectations. the treat calling for revenue growth for the full year of 3% so that's now in line. but it is a decrease versus what the company projected earlier on last quarter. back to you. >> morgan, thank you. that helps explain the pressure@shares are under after hours. yelp reporting earnings. down 10%. guy, a 10% move to the downside for yelp. >> i haven't seen any of the numbers. i'm sequestered up here at the nasdaq. if you have a big data volume tomorrow in yelp and look at it closer, that's one of those names to try, again, i mean, these are high fliers. i get it. but, you know, you have great beta in the names and tomorrow absolutely take a look at yelp and you have to give me a little subject, too. but it's definitely looking at of volume. >> fair point. we do have breaking news on apple with dominic chu at headquarters.

>> kelly, earlier today and throughout the day reporting on cnbc.com that certain customers specifically using apple pay products, certain customers of bank of america reported being charged twice for the same product purchase. bank of america earlier said they apologized for the inconvenience and correcting the issue. and will be refunded. apple did not have a comment and right now they do. apple pay says apple is, quote, a you have to an amazing start and customers are loving the easy, secure and private way to pay. we're aware of a bank of america issue impacting a very small number of apple pay users. they're working on a fix that will be available shortly and reversing any duply cat transactions bank of america, apple of statements of reports of certain apple pay customers of bank of america charged twice for the same purchases, both say they're working to resolve the problem. again, apple pay, bank of america again, kelly, both out

with statements. back over to you. >> hardly hurting apple shares today and trading pretty much at all-time highs and talking to bill harris coming up, a welz. a former paypal ceos. guy, thank you. we'll let you go. he's coming up with the crew at 5:00 and and new data of a hepatitis c drug and the ceo so don't miss that one. up next, talk to one canadian investment adviser kevin o'leary about the shootings there today and the market selloff that followed. and as mentioned, apple pay reportedly double charging many users. bill harris joins us to react to that. paypal split with ebay and a whole lot. you can bring back a lot of things from a trip around the world. but you can't always bring back customer data.

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welcome back. the market's selling off. this as there was news of a fatal shooting in canada's capital today. joining us is thomas caldwell and former toronto stock exchange governor based in toronto. also with us is kevin o'leary. he is canadian and joins us on

the phone from vancouver. what was your first reaction to the newses today, kevin? >> what's so disturbing is comes 48 hours after an incident in montreal, canada, some similarity to it where a person in a car ran over two military personnel. and they were chased by the rcmp an getting out of the car, with a knife, shot dead, he had affiliation with isis and then this happens. there's speculation that this is similar and don't know that yet because in the last few minutes there's eyewitnesses say that this person brandishing a weapon, a large gun and you have to understand canadian psyche, we don't have weapons in this country. so it really made people uncomfortable to see this. he was wearing a military-like bandana as he was shot dead similar to an isis member and

there's a tremendous amount of speculation going on right now in the canadian country that somehow this is another isis and we don't know that yet but it's very disturbing and people are glued to their televisions because it's a tremendous amount of video as you know just like the white house, there is press camped right outside of parliament hill all day long. thousands of cameras, thousands of security cameras to see if there's a second shooter. >> thomas, investors specialize in speculation. so while people trying to figure out what exactly is going on, what links if any exist between the incidents and the threats going forward? what kind of framework now do you think that we have to grapple with? i think you put it best here. you said we're at war with an idea. >> absolutely. and, you know, it is not only we're fighting some pretty bad people over there but this ideology floats and a lot of younger people susceptible to

it. as kevin said, the next little while is critical. will you have copycats? because this may have been a copycat of the montreal event. these people, they can't get to syria. they're shut off going there but they may say i can do more damage in canada or america and creating havoc here and i think that will be the nature of this war that we're in over the next little while and see similar events in our country and america. so i think that's the thing to watch. it isn't a market impact. markets impacted by what markets are impacted by. everything from interest rates, quantitative easing, moves. >> we should be clear, traders may be jumping to connect these events but certainly none of this has been verified as of yet and may be they're not connected. >> no. you're correct. it has to be verified. there's a lot of speculation and speculation creates emotion and

does affect moments. down more than the dow and s&p as a percentage because it's happening domestically in can darks i believe. i have to tell you something. i'm on a financial roadshow in vancouver, canada, talking to advisers as we speak. seventh or eighth meeting of the day and no other topic discussed except this. >> kevin, what would you -- how would you invest around this, though? >> i think it pushes me more to the fixed income side and we're right now seeing less volatility and i think what we're going to see is bond prices, you know, basically reflect this. people want low volatility. they want a sense of security. that was the dialogue of today talking about future looks like. on the minds of many. >> thomas, would you hold the same view, briefly? >> not really. i still -- i'm an incurable optimist. i like the equity side. i think interest rates on the fixed income side might be a year or two years are going to

be vulnerable. the thing of the economy and bite in, security has a tremendous economic cost. you have seen it in america. and that could start to impact the economy and the psyche if we start to see copycats so i think we have to look for the next couple of days, weeks just see if there's more to come on the scene. >> okay. i want to thank you both. thomas and kevin, for joining us, continuing to sort through these incidents. again today, in canada, the shooting with the details that we're still getting in this hour. president obama meeting with his team on ebola, including new ebola czar and he also did speak on canada. let's listen in. >> obviously, the situation there is tragic. two days ago, a canadian soldier had been killed in an attack. we now know that another young man was killed today. and i expressed on behalf of the american people our condolences to the family and to the

canadian people as a whole. we don't yet have all the information about what motivated the shooting. we don't yet have all the information about whether this was part of a broader network or plan or whether it's an individual or series of individuals who decided to take these actions. but it emphasizes the degree to which we have to remain vigilant coming to deal with the acts of senseless violence or terrorism an i pledge as always to make sure that our national security teams are coordinating very closely given not only as canada one of our closest allies in the world, but they're our neighbors and our friends and obviously there's a lot of interaction between the canadians and the united states where we have such a long border. you know, it is very important, i think, for us to recognize

that when it comes to dealing with terrorist activity that canada and the united states has to be entirely in sync. wefr in t we have in the past. i'm confident we will continue to do so in the future and prime minister harper was very appreciative of the expressions of concern by the american people. i had a chance to travel to the parliament in ottawa. i'm very familiar with that area and am reminded of how warmly i was received and how wonderful the people there were. and so, obviously, we are all shaken by it. but we're going to do everything we can to make sure that we're standing side by side with canada in this difficult time. thank you. we don't have enough information yet so as we understand better exactly what happened, this obviously is something that we'll make sure to factor in.

in the ongoing efforts we have to counter terrorist attacks in our country. you know, every single day we have a whole lot of really smart, really dedicated really hard working people including a couple in this room who are monitoring risks and making sure that we're doing everything we need to do to protect the american people and they don't get a lot of fan fare. they don't get a lot of attention. there are a lot of possible threats that are foiled or disrupted that don't always get reported on. and the work of our military, our intelligence teams, you know, the central intelligence agency, the intelligence community more broadly, our local law enforcement and state law enforcement officials who

coordinate closely with us, you know, we owe them all a great deal of thanks. all right? thank you, guys. >> thank you. >> appreciate you. >> that's president obama reacting to the shooting in canada this morning saying the u.s. and canada have to be entirely in sync. more reaction from washington. >> well, the president saying there clearly not enough information at this stage to decide the motivation of this attacker or attackers in canada but clearly this is the type of attack that would have at least appeared to fit the profile of what intelligence officers in the united states have been worried about. so-called lone wolf attack of a single individual or small group of individuals becomes sort of self radicalized over the internet, inspired to commit acts of violence and then does that without any contact, possibly with any other broader terrorist network. the president saying here there's no information on whether this was connected to any network at all or not.

but what law enforcement and intelligence have feared in the united states is individual folks who decide on their own to take up this kind of activity, that can be very hard to defend against because there's no links to other parts of the world. there's no links to larger organization. for intelligence and law enforcement to chase down. that could be what we're looking at here. the president saying not enough information at this time to figure it out just yet. >> all right. thank you very much for now. in washington. we'll have more information on the shooting and back to markets as well. ...the getaway vehicle! for all the confidence you need. td ameritrade. you got this.

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welcome back. we begin with dominic chu and a quick market flash. >> watch visa shares. not moving after hours and news that the company's increasing the quarterly dividend 20% to 48 cents a share. again, no after hours movement just yet and certainly one to watch. earnings front, yelp like we have been saying, posting better than expected third quarter results and the number of users was a bit lighter than expectations and yelp shares down by 13% in the after hours and then on the mattress side of things, select comfort with better than expected third quarter results and perhaps a good night sleep tonight. up 14%. tractor supply company posting better than expected third quarter results. trading up by about 10%. a number of different movers in the after hours all on either earnings or dividend news here. back over to you. >> all right.

thank you. now joined by billrris. welcome, first of all. a lot going on this afternoon. can we begin just with the general market reaction with the dow off 150 today? all the volatility, events in canada. when's going on out there? how concerned are you? >> not terribly concerned. i look at the long haul, not the short term and advise our clients is don't get gripped by fear or panic. you know? you're in this for the long haul. we show -- personal capital is a digital wealth management firm and electronic tools that help you think about, understand your money. and rather than showing them stock quotes, we show them asset aloe case to keep them with a forward-looking point of view. >> the idea and everybody throughout the industry is talking about the new models and charge a small fee and focus on the long term. a question about your former industry. >> yeah. >> paypal, that is. apple pay launches. from all remarks sounds like people are really embracing it.

they had some issues of double charging people, i guess. what do you think is the future as we move into a mobile world for payments here? who's best positioned? >> well, you know, so first of all, you're right. the little problems they had in the first day, those are nits. not significant. what is significant is that we're rapidly evolving into living multi-screen life styles and so everything is now on our phones and pretty soon on our watches. yes, exactly where your money should be. now, if you lock at paypal versus apple, there's a big difference. paypal is -- they do their work online arena and apple pay is for the offline world. one of the things about that is it's going to be a much slower uptake so it's a beautiful thing. it's well engineered. people love it but it's going to be -- going to take many years to get mass adoption. >> thoughts here? >> changing and moving upstream. >> yes.

>> and appear as you're trying to both work with mass affluent where you've been for a couple of years and have about $750 million under management but also now figure out how to take not what i call a rebel investor but efficient investment organizations, okay, the way i like to put it because i think calling you an robo-adviser -- >> yeah. >> just a robot. you can have a robot. anybody can have r2d2. >> you bet. >> tell me about the move into the million-plus client. >> we have combined as you say tech nlg and the human advice. an enso we put them together. we don't consider ourselves robo-adviser. some start-ups are and believe only in computers. that's all you need. in fact, money, money -- people think that because it's quantitative that it's analytical. that's wrong. it is one of if not the most emotional topics on the planet.

more people get divorced over money than love and sex. >> that's why i love the fact you're giving an ipad to the spouse. guess what. you're now informed. now you know when's going on. >> if i could come back to paypal and apple pay for a second. i thought that was an interesting point and looking at the third quarter letter of yesterday with a similar point said something like mobile payments have been the next big thing for five years and failed to ramp so rather than seeing the two as competitors and apple pay problematic for paypal, note they're if two different spaces and see it as a net benefit for the space. >> it completely is. because what we need is people to move, move into the digital lifestyle. >> right. >> and everything that happens online and everything that happens offline feeds together. >> right. this is one of the issues of ebay, right? the baedebate of whether to spl up. which they're going to do.

and then carl icahn involved and only more attractive. >> do you wish they did this years ago? >> yes, absolutely. i mean, so when we started paypal, we had the opportunity to become the dominant online method of payment. right? and but what happened is two things. when ebay took it over, first of all, they focused inward and made some sense but they also because they're a public company they had so much pressure on earnings they couldn't reduce price in order to gain share and that -- if they had done that then, they would be bigger than credit cards on the web today. >> is this mark andreessen's fault? >> i'm not sure it's anyone's fault but, you know, his fault because he invented the internet? that kind of thing? >> going back to the debate of carl icahn and pushed for notably for ebay to spin off paypal. >> yeah. so it's not his fault that it happened or it didn't.

i was actually one of the people who said that ebay for ebay's interest should not spin it off. but for paypal's interest to get it focused completely on electronic payments, i think that's going to take shackles off of what they do. >> last word here, dan, should wall street be worried about what bill's up to? >> no, i don't think so at all. i think if you listen to the discover conference call or if you read the transcript, listen to the call, they sounded excited about mobile payments. apple pay concept came up on a number of retailing conference calls. to dan loeb's point, they have the structure and embrace something of the millennial generation, hard to say it won't take off. >> that's the industry. now only question is how do we implement? everybody else is -- the industry is on board. >> we have to leave it right there. bill harris, thank you for coming by. touching on a wide range of issues and good for your

insights. appreciate it. thank you or being here. norfolk southern stock hit today with a decline in revenue. can the railroad operator turn it around? the ceo is here exclusively in a moment and americans have been trading in and out of their 401(k)s higher rate lately and more than likely today in the wake of the shootings in canada and drop in oil prices. why that could be putting retirements at risk later on "the closing bell." it's monday, a brand new start. with centurylink visionary cloud infrastructure,

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thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. and often even more. it's reliable.

just like kung pao fish. thank you, ping. reliably fast internet starts at $89.95 a month. comcast business. built for business. welcome back. we begin once again with dominic chu and a market flash. >> railroad stocks taking a hit after norfolk southern ceo dimmed hopes for deals. saying on an earnings call that mergers would be highly problematic citing regulatory scrutiny and few cost savings and that's having an affect on the railroads. see the majors between union pacific, norfolk southern heading to the downside on the statements, kelly. back over to you. >> certainly are. thank you for now. joining us now in an exclusive to explain that statement is chairman and ceo wick mormon. welcome back. it is great to see you. >> thank you, kelly. >> surprised that the markets

reacted so negatively of your comments there isn't a need for more mergers and acquisitions across the railroad space here? >> well, i try to some exvent never be too surprised by the markets but i was merely saying what i think a lot of people in the industry believe and have said for a long time, that there's significant issues around any kind of rail m&an of a major scale. most importantly, it's a regulatory -- doing that and in which even if you could gain regulatory approval you would have to give up, we believe, most if not of all of the potential benefits. >> that's interesting. again, interesting what a difference a century makes that now it seems as if the rails and we remember talking to your counterpart michael ward at csx about that potential tie-up and said, look, it's up to the surface transportation board here. a lot more people picking up on

the fact it's difficult to get mergers approved at this point. are we ultimately shooting ourselves in the foot here? >> no. i don't believe so at all. i don't think that the industry needs more mergers to have a very bright and compelling future. if you look at all the other trends that you're aware of, demographically in terms of what's happening with our highway infrastructure, the message from all of the railroads and norfolk southern has been, we have a lot of growth potential and a lot of exciting opportunities without thinking about mergers. so i don't see that as a negative at all. >> what's it going to take to get am track operating efficiently on your lines? >> well, i think amtrak is having problems today on norfolk southern and other railroads, as well, because the whole north american rail network has been slowed, slowed by to some extent

earlier in the year of adverse weather conditions and then really slowed by some really unforecasted growth in traffic. part of this positive story. we've seen a big impact on our railroad from growth in the energy business, from frack sand to natural gas liquids to crude oil. we have infrastructure and work going on and we have a slower network and that affects every train on the network including amtrak. >> it is interesting because as you're saying, if you're suffering or trying to deal with more carloads, too busy. if the industry is too busy, this's a great sign for economic activity but same time analysts following you are concerned i guess about the drop of coal shipments. how much knowing the difficulties that industry faces and the slowdown of china, how much of that can you offset and how much do you expect activity generally to pick up here over the next call it year or so? >> well, it's a great question. one we talk about all the time

and i think the third quarter really gives you an answer. we had a record third quarter pretty much across the board. we had an operating ratio of 67 which is a record for us in the third quarter. we had 10% volume growth in the merchandise business. 10% volume growth in the intermodal business and a 2% decline in coal. you know, coal is going to be what it is. but our growth opportunities across the board in all of our other business segments continue to look very good and we think, you know, as in the third quarter, that more than offsets whatever we see in coal. we're gong do see some ups in coal and downs in coal and everything else looks really strong. >> understood. we hope for the sake of the economy that you stay busy. we thank you for joining us this afternoon, ceo of norfolk southern railroad. markets reacting, a shocking shooting in and around canada's

parliament sent markets in a tailspin. michelle caruso-cabrera next with the latest on the ground. we'll be right back. you need a permit... to be this awesome. and you...rent from national. because only national lets you choose any car in the aisle... and go. and only national is ranked highest in car rental customer satisfaction by j.d. power. (aaron) purrrfect. (vo) meee-ow, business pro. meee-ow. go national. go like a pro.

welcome back. deadly shootings in canada's capital contributing the decline we saw in markets today. michelle caruso-cabrera with the details. >> as we heard from president obama, he called the chaos in canada tragic pledging support of canadian prime minister harper. harper will address his nation

tonight hours after a gun battle erupted inside the country's parliament. just before 10:00 a.m., a soldier shot and killed at point-blank range at the country's war memorial and the gunman all dressed in black then ran to parliament center block and began shooting. at least 30 shots fired. this video courtesy of the globe and mail. a security guard was injured and the gunman was shot and killed. the shooting sent the toronto stock exchange falling more than 1.5%. inside parliament's chamber, ministers piled up chairs to barricade themselves for the fear of gunman within. you can see the chairs at the depth of the photo piled against the door and there are heightened concerns of lone wolf terrorism in canada. in montreal on monday, a man ran down two canadian soldiers with his car killing one. turns out he had affiliations with isis. we don't know if this event today had any connection to the montreal incident or to the terrorist group known as isis. here in the united states, the

fbi and the department of homeland security say there have been no specific reporting of threats to the united states and we're going to bring you more details as they come in. kelly, back the you why. >> michelle, thank you. today's tragic shooting and the ensuing market drop likely sent individual investors to look at their portfolios but thinking about moving around the 401(k) because of this or the other e cent market drops, hold off and stay tuned for sharon epperson's report right after this.

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on the line we have freelance journalist, at this very moment. were you there when these shootings happened this morning? >> i was. i was heading down to the air area where the shootings took place. i was turned away by a number of parliament, who told me there was an active shooter on the loose. i took cover, and eventually confirmed to us that there was an active shooter on the loose. it's possible at though point that the shooter was dead, but we've been here ever sense.

we're on lockdown now. i believe they're almost done. evacuations will begin soon. i know the government -- a lot of the ministers, including the defense minister are still in the building. >> just in, you want you're still in lockdown right now. what did you hear this morning in terms of the gunfire. ? >> i didn't -- the walls are very thick, but i know in the video i've seen, that the attacker appeared at the front doors, the parliament doors are usually guarded by at least two or three armed personnel. perhaps they were distracted by the first shooting which occurred across the street, then into the hall of honor, we call it, which is a long hallway connecting a lot of different offices and buildings, including the house of commons. so just along this corridor, this hallway, on each side there

are these caucus rooms, where both major parties in the country right now were actually meeting. so the prime minister was probably no more than 30 or 50 feet from where the shootings took place, separated only by a wall and doors. >> justin, did your colleague get any description of the suspect? >> there's been conflicting reports. quite recently reports initially described as darker-skinned man, small, quick, portly. he's in his 30s. he was reportedly wearing some sort of arabic scarf, just kind of contributing to the evidence that suggests this was inspired by isis, ideology. here in canada, michael zahzahe zahefzebo, which is a canadian citizen. >> kate kelly, from cnbc, it's

obviously early for any policy deba debate. has there been talk that you've heard or participated in in gun laws in canada. needless to say, these kinds of tragedies happen anyway. i just wondered if there'sing in talk about policy changes or issues there? >> i can tell you there's already discussion happening before the shooting today about tightening up canada's security laws. and our spy agency more power to track and arrest home-grown terrorists, people who have been radicalized. that legislation was expected within about two weeks. i think that will be expedited. gun laws are probably where this will not go. canadian gun lays are quite strict, this government has loosened the laws, making it easier -- so it does appear to use a rifle.

it could open those questions, but i suspect this is not where that conversation will go. evidencely you can't get an automatic weapon here very easily, owing to the fact -- shots, less sporadically than, say -- >> and we'll leave it there, justin. thanks so much for calling in. he's inside the building, in the ottawa parliament building where the shooting took place. up next, a quick recap of the events this house, this day with the panel. we'll be right back. when change is in the air you see things in a whole new way. it's in this spirit that ing u.s. is becoming a new kind of company. one that helps you think differently about what's ahead, and what's possible when you get things organized. ing u.s. is now voya. changing the way you think of retirement.

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dan, we were just talking about baseball, the yankees getting old. can we draw a parallel to the dow here, now that we've had another disappointment? >> this is why you don't pay attention to the dow. a stock like ibm has an impact on the index, not that the s&p 500 will diverge at any point in time to any meaningful degree, but -- >> that was not a view that kelly and i would have taken when we worked at the "wall street journal," but that's another story. >> and now they've sold it, so it's fine. right. >> it's all good.

what we didn't get to is what is happening with stocks, and what's happening with crude with yet another big downdraft. also -- more so domestically. so there seems to be a continued supply overflow, and more data to that effect today. unclear when that will alleviate. we're so excited about bakken shale, and for good reason, but at the same time there's not a good demand here or good mechanism to get it offshore. >> can stocks rally if stocks are going lower and caterpillar doesn't beat. >> they can, but whether they will or not, we don't know. we took a head -- from qe in europe, quack mire -- and they're going to do something in europe, and then we got excited and realized they're not going to do anything in europe. >> is that true, dan, that they're not going to do anything? >> listen, i think they're fishing around, trying to do something. you need to look at the

corporate bond market. >> i've had it with europe. i've been listening to mario draghi talk and the germaning go, i don't think so, we'll have a talk about that. >> we got to go. more to come. in fact on "fast money" in just a few moments. i'll take it from here. "fast money" starts right now, live from the nasdaq marketsite in new york city, the trader are dan nating. pete najarian, signs of weakness in this market, dow component boeing driving down the indent. weep have the latest on that stock coming up. more than 2.5%. new data out today, saying inventories rose more than expected. how should we decipher this? lower oil is good for the consumer, but what does it tell