stories in the past hour, go to power lunch.cnbc.com. i, sue, have the pleasure of hanging out for the next hour with our dear friend mandy drury. >> yeah. so glad you are joining us. we have a big market day here. we're going to be all over it. we'll look forward to having you on the show. >> that does it for "power lunch." >> "street signs" begins right now. >> you have gain of 282 points on the day, and then someone hit the sell button big-time, and it was less than just an hour ago. you can see around here we started to really lose steam. what happened? hello. i'm mandy drury. brian is heading northward to the oilfields of canada for a big show tomorrow, by the way. welcome, tyler, again, to "street signs. "talk us through exactly what the markets are thinking today.

first, seemed it was able they were able to shrug off the weak oil, but it seems that's not the case. >> art cashin pointed out breaking the 50-day moving average on the s&p. lose steam now as we head into the tail end of the trading session. there are two hours left. >> the s&p and nasdaq also turning negative after the trading session today. what in the world is happening out there? we have the best team in place, we always do, to tackle that precise question. rick out in chicago. >> all ten sectors of the s&p 50000 were on the upside. the dow up 280 points. take a look at the s&p 500. we topped out a little after

10:30 or so and just slowly started drifting lower. then it accelerated a little after 11:00. >> a conference call. 11:30 or so they came out and said they would not be meeting the targets they had set for 2015. particularly on margins. you see that dropped, and that's now down 16%. home building complex kind of dropped dramatically. that took a little bit of umpf out of the market. then also oil stocks failed to rally at all. exxon and chevron have been a drag all day on the mashlgs. particularly on the dow. as can you see, it went negative early in the day. even though oil came off of its lows. really had no energy. then alcoa, which by most reckonings had a decent earnings report yesterday to start off earnings season. went negative very early on. around 10:30 eastern time. i don't think it's one event,

tyler. i think there's a confluence of events. one thing that's for sure, the markets trying to find some footing here, and it's having a tough time doing that. >> i think the yield was, what, near its lowest since the october 15th panic of last year. right about now we're getting close again. two-day chart of 30s is even more fascinating.

notice yesterday we touched 246. opened the chart up to july of 2012. that's historic low yield. it equates to the 138 and tens. the curve flattening is the reason those two numbers aren't closer together in terms of the tens are a long way off to the 138. you could see it in the chart that takes the difference between the two, but at the end of the day this is mostly stocks turning the treasury market, and what's keeping rates low is the continued ongoing events in europe as we get los to the 22nd. housing was big today, but remember, how many people have been saying, oh, low interest rates are great for housing or for last five years dropping rates. housing isn't on fire. why? there's more wrong with housing than interest rates.

>> what's afflicting the market the first couple of weeks of january? >> well, there's no question the fall in energy prices have affected the market negatively, and i would not get sidetracked by that. after all, in the late 1990s we saw our oil break $10 on the down side. that certainly didn't derail the market one single bit. maybe the dot-com did. i would take a look a little longer term view on this and let this volatility settle down and try to take advantage of it. take advantage of it, you know, tyler and mandy, let's go to dinner. no question that the restaurant business is positively affected by the cash that people are putting in their pocket from the decline in energy prices and particularly gasoline. >> when in doubt, eat and drink, right? >> when in doubt eat and drink. it works for me. which restaurant stocks in particular are you suggesting here? >> well, i think if we want to be healthy, we can look at zoe's kitchen, and if we wanted a nice steak, ruth crist and go to appleby's to see what the

restructure looks like. i think buffalo wild wings, you can watch the super bowl and whatever there. maybe even dunkin' donuts. if you looked at it today, you would find that most of them, if not all of them, are still up during this gts correction that we're having. >> well, they're up today. look at the green numbers against the four names that you just mentioned. i want to go back to something that you mentioned in the first answer, and that is on prior occasions when oil collapsed, there was not this kind of market stumble, and most people, i think yourself included, believe that on balance net of everything the drop in oil is generally a positive for the american economy and american consumers. why is the market stumbling over it this time?

>> what i think may take too short a term view on is the fact that they have secured additional financing. the banks are going to stand behind them. in many cases, they've hedged oil out for at least a couple of years. that doesn't mean that people won't panic when they hear some of the distress that comes from those areas. >> you still think, chris, we're going end the year higher than where we are now? >> well, i'm kind of a believer unlike last year which was backend loaded, i think it's going to be somewhat frontend loaded. i think we'll see 8% to 12%. by the time we get to the end of the summer and i think people worry about the fed again and that becomes a highlight that you'll see maybe a real correction that we're due for. nothing that stops the secular bull market, but maybe a good 15% hit or so. >> that would take a lot of steam out of the bull market, wouldn't it? >> we're talking about take a

lot of steam out of the market. let's bring up the intraday chart. earlier on today as we showed you at the top of the show we were up 282 points. we're currently down by triple digits. i do believe this will be the seventh straight session that we've had a triple digit move in the dow, and that means in both directions up or down. this kind of movement i don't know when the last time in history that we saw that kind of triple digit move. >> in just the last couple of hours there's been a string for the dow industrials. thank you for being with us, chris. we'll have you back soon. >> thank you. even as the dow's drop accelerates, so is that for oil. let's get to jackie deangeles at the new york merck exchange. >> good afternoon, tyler. what's interesting as i'm standing here listening to your conversation, i'm watching the spread between brent and wti tighten right before my eyes. about 40 cents right now. $45.82 for brent crude, which is seeing more of a steep selloff than wti. $45.33 is where we're standing on the domestic contract, which did drop under $45 earlier this

morning. a couple of things that we haven't reported today. the first adding to the pressure is the expectation of an inventory build tomorrow when we get the department of energy report. that will be probably bearish for prices if we do, in fact, get that build. of course, a stronger dollar is adding pressure today. even some news from the eia that they're bumping up their 2015 demand forecast. not really enough to get these markets higher. meantime, this spread is very interesting because the last time that we saw wti overtake brent wasn't until from july 2013. it happened very briefly. it happened more significantly in july of 2010, but everyone is watching this closely because what it could indicate really is that wti is going to become more of the global benchmark. a lot of talk out there about lifting the ban potentially on exports, which could mean that other people are bidding for u.s. crude and that could raise prices. a lot of action in the pits here, and watch the selling pressure into the close because the pattern has been to see steeper selling as we head into

that 230 mark. >> we'll check in with you around 2:30. let's stick with oil because how not every energy stock is created equal in the face of plunging crude prices. who is best to weather this storm? paul, you know the old saying. buy when there's blood on the streets. there's a lot of blood on the oil streets right now. to go in there and start buying, would you have to have a lot of conviction. luckily you do. tell us why. >> yeah. i think there's a differentiating approach you can take in the near term. there's a couple of names we sfoex on in the near term in the next few months that are defensive names, that we think can help investors over the near term. >> why do you consider them defensive? explain why. >> there's really three key tenants. it's paramount to have a strong management team. both do. they some some of the best -- it's critical to have a strong balance sheet. both have a strong balance sheet. third, they have operational flexibility. they're able to react to the

situation be it up or down, both on oil and gas. very fluidly. >> okay. you believe they can still outperform even if crude prices continue to dip, and that's the key here, carl. you have a number of plays. what you call high octane stocks. those with the most dramatic potential upside because they've had a real lot of dramatic down side. haven't they? >> yes. exactly. i think that the high octane names have been the ones that we feel are the baby thrown out with the bath water, so to speak. they're the ones that if oil were to stabilize or potentially see upside here over the near term, really have potential upside, even up to or more than doubling. thoets two names that we think are oasis petroleum, a bachen pure play and sanchez energy, which operates in engleford, south texas. >> what would you avoid in today's marketplace? >> i think the names that you will want to avoid are the names with the highest amount of financial lerchl, and then assets are paramoent mount. if you have core assets, can you weather the storm better. if you are on the fringes of the

unconventional plays, it gets challenging. even at 50, 60, even $70 oil, you'll need a substantial rally to make it work. >> we were speaking with our previous stock market guest, and he was making, you know, some parallels with what happened back in 1985. do you see the same kind of thing happening in 2015 with oil prices, paul? >> we have taken a look back to 1985, and the key element here is obviously it was a supply driven situation by the saudis who were more in control in 1985. really looking at 2015. it's more of a global supply situation driven by the u.s. as increasing supply. some similarities. there's also a little bit of a difference in demand here, but really what we've seen is generally when there's been a very large down rear in oil prices, the following year on average has increased about 30%. we still remain fairly opted mystic into the back half of 2015 as the supply demand balance starts to equalize. >> paul, thank you very much. some very valuable information there. thank you. still ahead, the other factor that could derail this market is not energy. it's earnings. guess what theshgs kicked off last night with actually a pretty rosy report from alcoa.

the key things to watch for in this season ahead. >> as we hofr here at session lows, let's take a look at all ten of your s&p sectors. they were all green earlier in the session. now they are all red, and we are all over this big market reversal. we'll have more when "street signs" returns. [container door opening] ♪ what makes it an suv is what you can get into it. ♪ [container door closing] what makes it an nx is what you can get out of it. ♪ introducing the first-ever lexus nx turbo and hybrid. once you go beyond utility, there's no going back.

stocks giving back all of their gains and then some. we're now at session lows. let's take a look at the dow. we were up by 282 points. earlier on in the day.

now we're down by 130. talk about a swing. let's bring in paul of the spoke investment group to join us. we were booked to talk about the earnings season which kicked off yesterday after the bell with alcoa. what's happening in this market? >> reversals like today, they're not very common, so in the short-term, the volatility that we've seen to start the year is a bit worrisome. the short interest figures for the end of december came out, and we saw a big drop in short interest towards the end of the month and the end of the year last year. i think what you do is you lose some of the cushion there. you know, people got really gung ho bullish towards the end of the year, and i think now working off the over bought levels and so you have less of a cushion from high levels to short interest because there was a lot of covering going on at the end of the year. >> there's probably a lot of technical reasons. you minged a couple of them right there for why the market is down. oil is another reason. do you think any of it is

related to anticipation or concern about what most people think is going to be a very sluggish season for earnings per share growth? >> tyler, you know, you just look at analysts coming into this earnings season. it's extremely negative. you don't see the other sectors, domestic companies that have a lot of their raw materials as well as companies that rely, you know, on the consumer. >> the analysts are taking the mentality that everybody loses coming into earnings season, and, you know, what does this mean forward? when we see negative earnings revisions, more negative revisions than positive revisions going into earnings season, the s&p 500 has been up during earnings season. 80% of the time.

now, conversely, when you have positive sentiment on the part of analysts, the s&p averages a decline of 1% during earnings seasons with gains less than half the time. it doesn't sound good hearing all this negative tone from analysts, but it is setting the barlow, and at least in the short-term, that should be a positive. >> yeah. moral of the story, set the barlow going into earnings season. paul, you can say the same thing, talking about a double-edged sword. a lot of people talk about the stronger dollar being a negative of nnc's, for a lot of dmes lick -- it lowers input costs and other variations are out there. >> every single sector in the s&p 50000 is seeing more negative revisions over the last month leading the season than positive revisions. you know, there's maybe other factors at play here, but you would think at least some sectors, analysts would see a benefit coming out of the stronger dollar and lower energy prices. >> paul, let me -- very quick

yes or no answer. are earnings at these levels high enough to justify stock prices at today's levels? >> you know, we're above average valuations. valuations not something working in the bull market's favor here, but you have above average valuations. we're not completely out of the ordinary here. >> all right. paul, thank you very much. we appreciate your being with us. the financial sector falling in this broad market reversal. just as the big banks get ready to report their earnings later this week. what are the key things to watch when they do report, kayla here with a preview. hi, kayla. >> it's a busy week if you cover -- and the stocks have been fluctuating with the price of oil, and the rationale being if you have more money in consumers' pockets, they can pay off some of their bills. >> first of all, trading.

normally volatile markets like we saw in december mean more trades being made, and executives said late last year that that is the case. more trades being made. more trades are electronic. they're cheaper. they bring less money in. second, banks not out of the woods. citi has already said a $3.5 billion charge will dwarf the majority of its profits for the most recent quarter. much of that charge will go to cover investigations and to manipulation of currencies and benchmark rates. other bairjs facing similar forthcoming charges. finally, capital. the federal reserve released strict new rules on how much extra cushion banks needs to safeguard their risky assets. the rules shown a harsh light on jp morgan which the fed says needs upbardz of $20 million more in capital. mary ann lake told investors that that could put short-term

pressure on the banks' return on equity going forward. now, all things considered, we have seen the expectations for big banks to see revenues fall for the full year. the only bank that is want expected to see revenue fall is welgz fargo, but we just heard paul talking about valuations maybe being rich people. well, maybe wells fargo's valuation is rich. up last year. the highest val walkings of the entire sector. >> everybody will be watching as these numbers start tumbling out in the next couple of days. kayla, thanks. up next, the next big thing in battling the bulge. later on, more fall-out from the big hack on u.s. central command's twitter account. here we're going to tell you why this could be an even bigger problem for twitter itself. we're also keeping a very close eye on the market turnaround. a reversal. taking a look at the nasdaq 100 for you there. it's currently down by about half a percent, but thanks to a krauk data team, robert is

telling us that the last time the dow was up more than 250 points, then closed down, that was back on october 29th, 2008. in the heart of the financial crisis. okay? it could be the biggest dow percentage reversal since march of 2009. >> we're talking about a 400 points in total because it was up 288, and now we're down about 100 on the dow. wow. we'll be right back. your mom's. your friends have your back. your dog's definitely got your back. but who's got your back when you need legal help? we do. we're legalzoom, and over the last 10 years, we've helped millions of people protect their families and run their businesses. we have the right people on-hand to answer your questions, backed by a trusted network of attorneys. so visit us today for legal help you can count on. legalzoom. legal help is here.

welcome back to squawk on the street. we have the major indexes off their highs of the session. two big reasons why, one of them is take a look at apple. it went negative. just a few minutes ago. apple, even though it is up fractionally, it's really struggling on a technical basis. below its 50-day moving average for the third straight day here. it just can't seem to hold it despite an upgrade this morning from credit suisse. gilead, loots it is lots of negative news. apparently they did not impress investors. it presented about 11:30 eastern time, and the stock is hitting session lows. it's subtracting nearly a full

point off of the s&p and about seven points off of the nasdaq 100. both apple and gilead will be reporting earnings january 27th, so still a lot of time before we hear any real news from them. back to you. >> indeed. thank you very much. well, more than one-third of u.s. adults are obese, so it makes us really scratch our heads as to why a newly fda approved weight loss drug have had a tough time on the market. meg terrell hoping to find more answers to that question. she joins from yous jp morgan health care conference in san francisco with the ceo of erexogen, that i understand is one of the newest players in the obesity game. >> thank you so much. we're joined by the ceo of erexogen.

>> we have the confidence we have in the launch, and perhaps why we're producing the early successful ruts is it's a differentiated launch. got a really strong partner. they've got rights to contrave in north america, and they came out with a launch that i think is what it takes critical mass primary care. you have to have a great product and xrenszive and integrated marketing plan and the resources to back it up. it could be a great solution for a large number of patients. >> some of the challenges of the previous drugs that have entered the market is paying for them. getting reimbursement for them. how is that doing for you guys? >> it's gl well, but part of the comprehensive launch plan is getting the price right, and our

goal was for the majority of americans who want access to contrave, and we wanted to make that simple and straight farther with a clearer price and affordable price. with coverage it costs you $55 a month for your first two prescriptions and drops after that. if you have no coverage, it drops to $60 after that. that's $1.50 to $2 a day for patients that are eligible for the program, and it's really straight forward. you can learn about it at the point of talking to your doctor about therapy. that's one important feature. if i made the other important feature is we offer a weight loss program for eligible patients for free. for everyone who gets prescriptions, they can scale down. this company that offers a weight loss program that comes with a free wi-fi enabled scale that sends text messages to your

smartphone and helps guide patients on a weight loss journey. we know from our clinical trials that a combination of a pill and a program together deliver much better results than either alone, and that makes total sense, and i'm glad to see that's how the product is being commercialized. >> e-health is such a big and growing part of the pharmaceutical business. i want to ask you also about europe because that's another differentiating factor for you guys. it's been a long time since an obesity drug was approved in europe. we don't have a ton of time, but what does that bring to you and potential partnering opportunities there? >> apositive scientific assessment from europe. most people were skeptical about. we got it late last year. it allows us to get approval around the world, and the approval or the anticipation of those will allow us to get commercial partnerships to they can be commercialized globally and become a global legacy brand.

>> thank you so much. >> thank you. >> back to you, guys. >> thank you very much, meg. >> the final oil trades are crossing for the day. let's bring up and take a look at the number here. >> it want down by huge magnitude, but it's still below $46 ai barrel. >> how now the dow. not so good, actually. down about 78 points as we look at a chart of the dow for the day. >> the big reversal, we're all over it. there are some green stocks on the board among the dow stocks.

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>> modest losses today for west texas intermediate at $45.90. that's down about 17 cents. the rooshgable move on gas, if you want to remark on it, is the sort of tick up as we move to it is close there at $45.90 after troughing there a little bit below that. that's a look at oil, driving, trading as it has so many days so far this year. >> why don't we take a look at gold as well today because it's up again. it's currently nearing three-month highs sitting there at $12.33. it's only a marshalling natural gain, but nonetheless, it certainly is getting a bit of a beard in the face of risk aversion and stocks moving to the down side. dow currently down by about 70 points. >> you love volatility today is

the day for you. >> let's do go something we do every day. >> wells names multiple positives for the stock, including the possibility of a real estate spinoff and sooner than expected dip repayment. >> currently sitting at $25.68. >> abbott labs downgraded by

jeffreys to hold from five. >> that's right. analysts are citing currency as well as other near-term head winds, and there are also concerned about the so-called m&a strategy, and they cut the price target to $50 from $52. >>. >> two-fer. both are on valuation and rising competitive risks. they si say that the same trends also increase the risk profile on emc, but it's increasing software content and that's why this portfolio may have it to the down side. >> a nigh price target as well. $45. they say about 15% upside there. currently sitting at 48 and change. among the catalysts that they're sighing, advanced technology. tv sets. i suppose they downgraded costco to neutral in the same call.

that would be amazon. upgraded to buy from neutral. >> so citi is saying that the current valuation is attractive. they also see support near $300, and up side to at least $354. assuming no change in current farther multiples. they also see rising profit margins once again. the green spot in an otherwise now down market. >> for their series. >> that stock down about 25% over the past year. >> that's right. >> coming up, some more big money advice on what you should do. a wild day of big swings like this. we have your volatility playbook next. >> as we head to a break, the check on treasuries. the ten-year yield below 1.9% there at 1895. we'll be right back.

>> the size of the pot that has been expanded with gas prices

being reduced and the money back in the pockets of consumers is enormous. so i think that should play out well over 2015. i think that's probably the single biggest positive going into 2015. >> well, that was macy's ceo terry lundgren on sidewalk box this morning, and also our friend jan nippen. jan, i know you always watch the show. he hasn't seen this much optimism heading into a new retail year at the icr. the big retail conference in years. he says it's amazing. even some of the -- these are the retailers you think might be strupg ling. they're mealing for optimistic. >> i they the gas price thing has a big deal to do with that. i go fill my tank. i have a honking suv. you are a city girl. maybe you know how to get a hand over $40 or $50 to fill it, and i'm getting change back now. it totally recalibrates how much money you have in disposable income. and let's take a look at part of

the reason why maybe those small businesses and retailers are as optimistic as they are. take a look at gas prices. they're down $1.20 a gallon from this time a year ago. this according to triple-a. today average today $2 .11 a gallon. i filled up at $1.87 the other day and replace that has it even cheaper than that. 1009 days in a row the gas prices have fallen. i haven't done anything for 109 days in a row. >> maybe the last time. >> equity management. steve, what do you think is going on here? i mean, how tightly correlated are we with the tick by tick and what is happening with oil prices. do you think it's justified?

what pilot started talking about was copper breaking down, and it was obviously going on in oil, and even though natural gas stacked up a little bit today, it's been heavy as well. this is something we don't typically deal with. i think if you look broadly at the news today, things were pretty good. alcoa reported a good number. it seems that some minor economic data came out. that was pretty good. asia and europe and the specter of the deflation hanging over the market. >> how worried are you? how worried are you, steve,

about deflation, and what in a practical sense would it mean for you people's portfolios if there is a global deflation? >> well, see, i don't think we really have all the answers to that. i think it's a bit of a mystery. you know, i think central banks are doing all they can to try to avoid having the deflationary environment. quite frankly, i'm not afraid we're going to get into something really nasty. i think that the ecb, the bank of japan, and the fed, quite frankly, would fights this tooth and nail. it's not like the 30s where deflation hit the economy and the central bank essentially walked away. we'll have very active central bankers. if it were -- if deflation were to really come in, i think you would have to look at company by company as to what the impact on their profitability would be and in some cases be pretty naths where i. >> it's a big ask to say to the retail investors, steve, you should be listening to what this central bankers are saying around the world. you know? try and decide for the nuances of whatever they're gabbering on

about. steve, what should a retail investor be doing at this stage or should they be doing nothing? just riding it out? >> i think there's a lot of opportunities out there. what i like to do is look for stocks or areas of industries that are down for what seems to be illogical reasons. right now i'm seeing that a lot in the specialty finance area, commercial real estate lenders. a lot of those stocks have been doing poorly. you've got the stock market, i mean, not what's happened today, but generally over the last few months, the stock market trading high. the economy improving. that should all be good news for these companies. you have these high yielding lenders that have been doing poorly, and it's kind of a mystery as to why people are fearful of those businesses right now. that's the kind of thing i would look for and put money to work in. >> steve, we are accustomed to talking about inflation hedges in your portfolio. as you point out, we're less accustomed to talking about deflation hedges.

what would be deflation hedges that i could buy or take advantage of to protect. i assume the companies would be most hit by deflation would be a commodity based company. >> that's correct. so our deflation hedges are commodity shorts. we've got a short position in crude oil, thank heaven. we have a short position in natural gas. we've got short positions with some of the minerals. that's probably the best and easiest place for the average investor. there's plenty of etf's that you can establish short positions in which would be great deflation hedges. >> what do you think the market is going to do over the next few days, steve? all the moves that you're seeing in the dow. when is it going to win and how? >> our models show weakness in the market over the next few days. we think we've had a big run. a lot of -- and the momentum is starting to lessen. january is not going well. that's usually foreboding just from a calendar perspective. i think we're seeing some weakness here in the short, but

intermediate term. maybe not necessarily a big move down on the market, but sideways to lower. that's our best guess at this point in time. >> thank you for joining us today on "street signs." twitter says the hack was not its fault, but is it still bad optics for twitter? why is centcom in on twitter in the first place? >> as we head to the break, another check on the market and the sell-off. we're all over it. the dow now down 67 points. that is a recovery from where we were just a few moments ago. we'll tell you more about the market and the selloff when "street signs" comes right back.

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u.s. central command has its twitter and youtube password stolen apparently by hackers working on behalf of islamic state militants. maybe the bigger question is though what are they trying to accomplish with social media in the first place? eamon javers joins us from washington. what is the answer to that question? >> it is a good question, and basically what centcom and the other elements of the u.s. military is going on twitter is the same thing the rest of us is doing on twitter is trying to draw attention to ourselves. if you look at the tweets that centcom has put out, it's a stream of good news from centcom's perspective about what it's accomplishing in the world, particularly in the fight against isis or isil as they call it. this tweet is though we're back. that's the tweet they put out after this hacking incident yesterday once it regained control of their twitter account. the office of the secretary of defense says that they have now switched the passwords to the 50 social media accounts they control. there are thousands of these overall throughout the military though, guys, and the problem

for the military here is not that they lost classified information in this attack, but this is a short-term small pr win here for isis which has been really savvy in its use of social media to try to reach out and inspire and recruit new followers. if they can give the impression out there that they're being successful, that's effective for isis and not good from centcom and the u.s. military's perspective. >> any way a group like isis or al qaeda can show that we're vulnerable is unsettling certainly. >> right, absolutely. and those messages yesterday were definitely unsettling. you know, the significance here ultimately is not a big one, but for isis it shows to their followers, that's the far get audience they're trying to reach, that they are still effective, they're able to strike and their followers might not be sophisticated enough to understand hacking a twitter account is just not that big of a deal ultimately in terms of cyber security. >> yeah. all right, eamon, stick around. the hacking of centcom's twitter account wasn't just bad for centcom. it also wasn't particularly good

for twitter. so how bad is it for twitter and what is the company doing to mitigate the risk? for that part of the story julia boorstin. >> high, tyler. isis taking other centcom's twitter page was not twitter's fault. twitter servers were not breached. but rather it was the result of hacking of centcom's password. twitter is constantly working with companies and organizations to encourage them to protect themselves. urging the adoption of two factor authentication and verified accounts which confirm that the person setting up an account is indeed who they say they are. twitter also urges companies and organizations to keep a list of who has account passwords to change passwords every one to three months and to use password management tools like last pass and one password. now, a number of twitter accounts have been hacked over the years. burger king and jeeps were famously hacked two years ago. there is no indication that those hacks are discouraging companies from using twitter.

>> no indication whatsoever. really? you haven't heard of any company that said, you know what? maybe it's just not worth it? >> i think companies feel like they have to have a presence on twitter. twitter is a valuable way for companies, organizations to communicate with the public. >> so it's sort of like no other choice. >> yeah. i think they feel like they have to be on these places, both twittery and on facebook. they need to have a presence there to answer questions, to respond to tweets, and to disseminate news, and i think that these are public forums. it's not like these are, you know, places where people expect to have private conversations, so it's a different kind of privacy issue, but, of course, i think everyone is concerned about security and, look, if your e-mail is hacked, then a lot of things are at risk. >> eamon, i kind of get it in the context of a corporation. i get it less in the context of a military organization like centcom and they have a youtube page. it's not like they're doing send ups of "call me maybe." >> well, i haven't looked at all the videos on the youtube page,

maybe they are. but, look, ultimately the way to think about this is this is a bizarre form of politics. we are in this disingaggregated form of warfare. isis is trying to do bold and provocative things online, or isis supporters, to rally their political base. and centcom to some extent and the u.s. military are trying to do the same thing. the tweets they put out, the videos they put out are very affirming of the u.s. military, of its mission in the world, of its role. it's all about speaking to their base, the american people, and also to people who might want to join the u.s. military and portraying it all in a very positive light. that's what everyone is using twitter for, and it's this really interesting battle on social media for hearts and minds, not just in the united states and in the middle east but around the world. they're all trying to shape perceptions with these social media accounts and they view it as a very effective technology to do it but it does have these

security weaknesses and it can be embarrassing when you get this blowback. >> if this is really a public relations battle, the white house referred to the hack of isis' twitter account as cyber vandalism and it really is that. if we're having centcom trying to communicate its position and you're having another organization try to take over that and really change the perception. so this is a battle here over the media and how communication goes through. >> and indeed just yesterday we were talking about this, ty, british prime minister david cameron said he would maybe pursue banning crypted message services if britain's intelligence services do not have access to those communications. when you have that underground communication system -- >> it can take place behind the veil. >> thank you, folks. thank you, julia, thank you, eamon. up next, we're charting today's big turnaround, and, ty,

this song -- >> oh! love that. ♪ but here's my number

what a wild session we're having. let's walk you through. the dow there tick by tick. huge turn around. >> at the open stock soaring, 282. shortly after 1:00 p.m. eastern stocks tanked. the dow falling as low as negative 143. it looks like we're looking right now at a triple digit loss

once again off 118. >> but anything can happen in the final hour of trade so do not go away. but we also have a special show for you tomorrow. brian in calgary looking at the impact of falling energy prices there. big interviews as well. should be a really great show and he will be very, very cold. >> and that will do it for "street signs." good to be with you, mandy. >> thanks a lot, ty, for jumping in the seat. "the closing bell" starts now. >> thank you and welcome to "the closing bell," everybody. i'm kelly evans at the new york stock exchange. and you will want to stay tuned to what's happening today. a potentially historic day in point terms anyhow. we haven't seen a gain of 282 points turn into a reversal like this since 2008. >> yeah. the dramamine vending machine is out today at the new york stock exchange. look at the volatility there. we started the morning with that gain of about 282 points as kelly said and then just this collapse this afternoon. at the low we were down 140. wedo