pronounce his last name. >> he has the side burns now. >> hattiesburg mississippi's own, brett favre. >> thank you for watching new "power lunch." head to power lunch.cnbc.com. >> welcome to the closing bell. >> u.s. stocks lower because of things far outside of the u.s. china's economy a concern and the situation in greece is causing some investors to seek a safe haven today. after the huge gain in the dow of last week, this is probably somewhat expected. >> given the turn of events in greece, it's surprising the markets have held up reasonably well. the place to watch and a lot of people are looking to italy and some of the others to try to figure out whether we go back to the crisis trades or not. >> not to mention ewe krin comeukraine

coming off the joint news conference. that inches up toward the top of the page. >> and the president is likely to address greece when he was asked a question about it. we'll get into this with bill miller. find out why he remains bullish on the u.s. stock market even though he thinks the fed will raise rates as early as june. he'll name the stocks he's looking at right now. don't miss that exclusive interview coming up. >> all right. this man was named ronald lee. he recently died at the age of 92 after decades working as a janitor andq gas station attendant. so how did he amass an $8 million fortune in the stock market that no one knew about? you'll hear this man's entire amazing story. find out how he did it. >> i love this story. i cannot wait for that. here is where we stand. in the markets the dow having a tough session. just above 17,700.

the nasdaq off by 19. >> joining our "the closing bell" exchange is aaron gibbs bill from jpmorgan asset management. jason pride from glen meade and our own rick santelli. erin, you first. coming off this big week the dow is off by 700 points. what should we be feeling about today? >> i'm a little concerned going into this. just looking at earnings for the calendar year '15. we're looking at less than 2% growth right now. revenue growth is actually expected to outpace earnings growth. a lot of it is all about the energy story. we take energy out and we're looking at 7% earnings growth. so it really is a stock picker's market. big diversifications between different -- >> people are still trying to look at the bright side of earnings. you know, even today get passed around notes, 72% of s&p 500 companies have beat expectations.

yippee. >> fourth quarter is looking great. we're about two-thirds through fourth quarter's earning season. looking for 7.5%. it's all about 2015 that is really starting to look dismal. >> are you getting more selective specific or are you looking at areas like the u.s. stock market writ large that you think will have value? >> there are two boxes to check. the first is the federal reserve that will be completely accommodative. don't fear the fed. they're data dependent. if the data is strong, they're going to be moving rates and that's fine. we're at emergency levels but the second box is fundamental growth. 3% growth rate is a nice spot for quality large cap corporations. japan and europe are a part of our package, too in terms of the market equities we like. >> they look good. >> speaking of moving and rates rick, i guess we're going to be looking at 2% again in the very near future, at least it seems that way.

>> you know, it does seem that way despite the fact that i'll go back to my three turn stilesstilesturnstiles. you have the state of the economy, europe, and then of course, what's going on relative to the entire world, turnstiles of buyers with regard to the stock market. so we have the stock market back in play. it was one of the main drivers last january and this january for big outperformance. but it doesn't seem as though you're getting paid for that dynamic. we're only down a couple basis points in yield and a quiet market in treasuries as the stock market makes new lows for the session. many traders in fixed income paying close attention to make sure there isn't something they're missing. rates seem to be a little more stubborn so you're correct. >> do you think the conversation about greece and the possibility that it could get a little more messy heats up? i'm sure you listened to the president today and chancellor merkel. i thought she gave greece a talk

to the hand big time saying the onus is on you here, not us. >> i wouldn't disagree with that, although i think when you of that market until it resolves? >> we don't think at this point yet that you want to be panicking in the greece situation, but we're kind of taking a long term approach here. when we think about it, we think we're in the middle of a longer term global economic expansion, one that really hasn't reached the last stages. when you look at europe, europe is still in the early stages. they haven't even recovered from

the financial recession that we had in 2009. they haven't really pulled themselves out of that yet. they've just been starting to get it going. if they can get anything in place to try to bring about some economic growth, then there's a lot of upside there. there's a lot of businesses that have just under levered and not delivered as much and the valuation, when you look at the u.s., u.s. is sitting perhaps a little bit expensive relative to the broad markets. perhaps deservedly so but europe and japan and much of the international markets are just downright cheap. >> i will say the one problem with the international markets this happens a lot in our international fund, we've had some good ticks and in local currency terms the stocks are up, but the u.s. dollar, once you translate it into u.s. dollar returns, you get killed. until we see a switch from the euro and right now the dollar is still appreciating, so it's a tough hill to go up. >> do you expect there will be

any change in the momentum of that currency change which has certainly seemed to go one way? >> still weakness on the currency side for sure. we would also agree and hedge a lot of that exposure but there's more going for europe than just qe. weaker euro credit creation. you have lower oil prices which japan -- i'm sorry, germany is really going to like. there's more than qe going on. >> do you think the situation with greece, we have an emergency meeting coming up the language has been pretty shocking. if this had all taken place a couple years ago, the market might be down worse. would you give it a month or two? >> we're legging into the trade. not all our eggs in one basket. whether it's an asset lock out or a government shutdown. >> give me your comment quickly on the dollar and where you think the momentum, if it still has a lot more to go to the upside, the strength of the dollar? >> well, my take is that the

dollar most likely will be heading higher but not nearly at the pace we saw in the fall of last year. >> all right. let's shift gears to another issue that has the potential to rattle our markets. that is the debt struggle in puerto rico. a federal judge ruled late friday and most people overlooked it that the island's debt restructuring law is illegal and it must conform to u.s. laws on bankruptcy. we have fundamental adviser ceo lauren gottlieb. we wanted you to come on for a lot of people who have been focused elsewhere suddenly puerto rico is now back in the mix. what are the possible ways that could be resolved and how is it affecting the muni market? >> the muni market took some comfort initially in what seemed like puerto rico's responsible action to put forth legislation to deal with what was a vacuum. chapter 9 does not apply in puerto rico, and so the gdd initiated action to legislate and offered act two and act

three, the recovery act, as a sol louis.ution solution. the saw the court not surprisingly say that title 11 was the law of the land. that no puerto rican effort to legislate in that area would be permitted, and struck down the law on friday night in what we think was a very important ruling. something of a victory for the rule of law, but leaves something of a vacuum here. we need to understand and have predictable body of law to have a harmonious and synchronous adjudication of the claims of different bondholders through the $70 million cap as you well know, kelly. >> lauren, i don't think people fully understand how big an issue it is. i think puerto rico is maybe second to new york. and secondly given the judge's ruling, doesn't this though make for the possibility of a much longer and messier affair going forward? >> of course, that's the fear.

going to your first point, $70 billion issuer the likes of which only new york and california issue at those levels, and yet puerto rico's an island of 3.5 million people with a gdp that looks more like kansas' or mississippi's. it's an interesting situation to say the least. the concern to your second question is that, yes, it does. it leaves this vacuum and the past path to restructuring is unknown. we don't have chapter 9 available. we've been allowed to advocate in public for the application of chapter 9. also, you should know that other markets will look to the united states and the adjudication of puerto rico and take some leadership. we have tested chapter 9 in

jefferson county, alabama, more recently in detroit and some smaller places and so i think this is a tremendous issue to the markets. >> is it still analogous to what's happening in greece? we still have a country with a huge debt load that needs help servicing it. the u.s. might ultimately have to decide whether congress is going to come together, allow them to file for bankruptcy or become a 51st state. >> there's not a lot of motivation for congress to do that. >> do you have a thought on this point as well, jason? >> so this is an interesting scenario. it's not just a government story in how it relates to greece. it's also a market infrastructure story. when you think about municipal bonds, this market used to be an almost fully insured -- it used to be a business where you basically came in and you bought whatever had high credit ratings

after they'd been insured by the mortgage insurers and now it's a credit market. people have doto do their credit research to buy particular names. it's a different game than it was before and still just as strk toured as it was before with a lot of little pieces and little ponds everywhere. but now people are having to do their work on all those little pieces. >> lauren, what do you recommend for investors who might have exposure as part of their municipal bond portfolios? >> as always, those investing in single bond issuances to the point earlier should always do their credit homework. we at fundamental, if nothing else we are a credit shop as are some of the others in the marketplace. i would say to investors, the most important thing in the muni market so remember is that still 95, 96 97% of the market is stable. so it's only a small bit of risk, but there are those who do

specialize in these special situations and one ought to be completely cognizant of where they are in the marketplace. >> not to mention for a space or an asset class that has been much talked about over the last few years with some dire predictions that did not in fact, come true, the muni trade over the last at least 12 months has been a big-time winner. >> yeah. there's been quite a lot of beta in the marketplace. we go back to being pretty focused on the credit work underlying the different securities. >> rick do you have a thought on this before we let everyone go? >> i think just because things are messy doesn't mean it isn't the correct way to proceed so i agree with both guests. to me the judge said something important and that is it most conform to u.s. laws on bankruptcy. i wish all federal judge would say have said that sentence over the last seven years. >> we'll leave it there.

thank you. appreciate it. we have 45 minutes to go into the close. stocks are down 130 a moment ago. now the dow is off still 118. we'll see what happens heading into the close. we still have declines across the s&p and 19 across the nasdaq. >> what happens in washington may not stay there. up next, president obama german chancellor angela merkel facing the media. we'll find out what they said and how it could affect wall street and your money. also coming up our exclusive interview with investing titan bill miller. we'll talk markets and if he still likes apple and amazon. stay tuned.

welcome back. dow is off 127 points today. a lot of cross currents in the market. only one sector is in the green and that's energy. we saw oil close up about 2.5% today. meanwhile, health care really taking it on the chin. utilities as well. it's a familiar pattern, one reinforced by the strong jobs report on friday and the sense that perhaps the rate sensitive investments aren't the place to be right now. >> certainly greece probably hanging over the market is little bit. the china export data was not very good so that's playing a role, too. mcdonald's, the commentary there out of the dow certainly not great either.

>> that's an interesting point. it makes me wonder is this a weak macro story kind of outcome or a strong one that involves the fed raising rates or a little of both or neither. >> i don't know. wall street keeping an eye on president obama's meeting with angela merkel. >> michelle obama is there. >> -- michelle caruso-cabrera is there. >> angela merkel said she couldn't sleep at night unless she made one more diplomatic push. that's why she went to moscow last week and why they're going to continue meetings this week. regardless if they had differences closed doors today, in front of the press they gave a show of unity. >> we continue to encourage a diplomatic resolution to this issue, and as diplomatic efforts

continue this week we are in absolute agreement that the 21st century cannot stand idle, have us stand idle and simply allow the borders of europe to be redrawn at the barrel of a gun. >> during the question and answer session, angela merkel was asked about greece in the wake of the new prime minister's speech yesterday in parliament in athens where a lot of analysts thought he would take a softer tone. he did anything but. he came at them even stronger. she really didn't play her hand. she stuck to what she said all along, they have to come, present their deal they'll discuss. we want them -- she implicitly suggested though when she pointed to ireland, spain and portugal saying they're growing now, they followed reforms. >> i thought the tone as i have put out on twitter and i love your thought on it that it was almost like talk to the hand

greece. we gave you the deal. now you want to change the terms. and wire juste're just not going to do it. >> greece and germany come at this so fundamentally different. greece says if you let greece exit the euro, europe is a house of cards. in germany they think you know what? there are 19 of us climbing up the mountain and we've got somebody really weak at the bottom connected to us. what should we do? should we all struggle harder and bring that weak person along or should we just let them go? right? they have fundamentally different views of this situation, and so i think that's to your point, scott. >> it's the whole game of chicken, right? that's where the entire negotiating line stands with germany saying, no, you're going to do what we say because that's what we agreed upon and greece saying if we do what you say at this point the whole of europe is going to fall apart. >> right. so the key thing to watch and you're absolutely right on that, is every day they watch the

markets, and do the markets look extremely frightened of the possibility of greece leaving the euro at this point? not necessarily. and so every day that that happens, that gives greece less and less leverage. if we saw massive sell-offs as we get closer and closer to what looks like could very well be at minimum capital controls for greece, which is then a very close to them just printing their own money, you might see europe buckle, but at this point they feel they have more leverage over greece than greece does over europe. >> and we'll leave it there. michelle, thank you so much. outside the white house for us as the dow is off 141 points with 40 minutes to go. >> mcdonald's is one of the biggest losers on the dow thanks to continuing sliding sales. the pros tell us what incoming ceo steve easterbrook needs to tackle first to win customers back to the fast food chain.

there's nothing more romantic than a spontaneous moment. so why pause to take a pill? and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. 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 for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision or any symptoms of an allergic reaction stop taking cialis and get medical help right away.

why pause the moment? ask your doctor about cialis for daily use. for a free 30-tablet trial go to cialis.com

welcome back. markets bouncing around this final hour but we're still down consistently across the board. the dow is off more than 100 points. the s&p off a half a percent. the nasdaq under pressure as well. >> dominic chu is tracking the movers kicking off our new week.

>> let's kick things off with hasbro. that's after the toymaker reported better than expected profits thanks to robust demands for its boys toys. hasbro has boosted quarterly dividend to 46 cents per share. as for one of the worst performers in the index, there's alcoa. weaker to the tune of around 5% and has been that way all day after a downgrade to neutral from overweight by analysts over at jpmorgan. they also cut their price target to $18.50 from $20 citing certains concerns in pricing power. energy stocks are relative stand yous standouts. transocean, noble corp among the leaders. we're going to end here on mcdonald's. lower after the biggest restaurant company in the world

said that comparable store sales globally fell more than analyst expectations. weakness in asia contributed to the sales slowdown. however in the u.s. the sales managed a slight increase. back over to you guys. >> that's a point. thank you, dominick. mcdonald's tackling its company turn around from all different angles. >> from the pay with lovin campaign to cutting out menu items. what strategy will forkwork for us. david david katz and scott rothboard. david, to you first, do you think this story is capable of a turnaround? >> absolutely. we think it's an evolving story. the board new made major problems. any knew the ceo was not getting the job done. they brought in a new ceo who starts march 1st. we think he has a record of success. he confronted similar problems with mcdonald's out of great britain, was able to turn it around. we think he's going to revitalize the franchise.

in the meantime you're getting a 3.7% dividend yield so we like mcdonald's. >> scott you sound more cautious. >> we like it for the dividend but we don't like it for growth. so we have a dividend strategy where we're holding the stock. in terms of holding this as a growth company, no, we don't like it. there are better growth companies in the restaurant industry such as buffalo wild wings which really put out some great numbers last week. >> if you are looking for that dividend, are you comfortable staying in the name as long as it's there for you or are you worried there could be a further downside and do you feel the dividend is safe? >> not only do i think the dividend is safe, but i think you can see the company increasing the dividend. also, they have a nitionce buyback going on. i'm comfortable holding it for the dividend. i don't think the downside is tremendous. perhaps back down to recent lows in the high 80s.

then again i don't think the upsooind isup upside is all that much. it can get back up to around $100 $100. if you're getting 3.7% to hold the stock i don't think it's that bad. >> saved, i see from the notes you suggest that mcdonald's is in the early stages of a turnaround. some might suggest that they're still in the process of bottoming and that if we were really in the early stages of any kind of turnaround, done thompson wouldn't have lost his job. >> they are aggressively trying to move on the problems but you're 100% right they have not fixed themselves yet. we think the new ceo has a good likelihood of doing that and it's very important to put mcdonald's in peck sper tiff. it's not a growth company. not going to be a growth company again but can they grow the bottom line 6% to 10%? we think that they can. we think they're going to ultimately get better store traffic. one thing that's out there that's not been focused on or talked about, they have a lot of

financial levers to do a lot better for shareholders. they can buy back a lot more stock. they can sell some of the company-owned businesses and refranchise them. so they've got a lot of levers to do better for shareholders. we think the board understands there have been tremendous missteps. >> don't you worry though, david, that there's a secular shift, if you will, that's happened that eating hacketts and generational changes have affected mcdonald's more negatively than most people would have thought and the company just can't turn a massive boat that quickly? >> the risk of having our head in the sand we don't think so. i car pool around lots of kids from different sports team, whenever i say what do you want before or after the game, mcdonald's is one of the top choices. we think it's doing worse, especially overseas, but the concept is still clean and good food, and we think that consumers while you'd like to think we're eating healthier, most people are not. we think mcdonald's absolutely can turn this around and you're

getting paid while you're waiting for that turnaround to happen. >> before we go, scott, do you think mcdonald's is still popular enough with younger demographics. >> in i thinkno. when iftion growing up ronald mcdonald, all the cartoon characters wanted to make kids tell their parents let's go to mcdonald's. i don't see a reason why kids tell their parents let's go to mcdonald's. they have so many other choices. there's really nothing driving families to mcdonald's these days. they have to think about what it needs to do to do so. maybe change the menu. slim the menu down -- >> which they're doing. >> excuse me? >> which is exactly what they're doing. >> yes. >> do either of you own wendy's? i ask that. i think just this weekend i saw three wendy's spots air during whatever sporting event i happened to be watching at the moment where they're advertising, you know, a burger that looks pretty good, on a brioche bun. the message clearly being of a

little bit higher quality taste than what some people might perceive they would be getting at the other pl((qáy >> we do not but you can have a successful wendy's and a successful mcdonald's over time. >> we don't own wendy's. we have traded it in the past. they've done a very good job of turning that company around so i give them a lot of credit. similar to what mcdonald's did back in the 2000s, which is what mcdonald's needs to refocus on. >> what about shake shack? either of you guys own that? >> i did not touch shake shack at the ipo. i think it's too expensive. i'd like to see the stock get back down to close to $30 and i would consider it. >> i love to eat at shake shack at citi field but not buying the stock. >> yeah. all right. >> i can tell you're mulling lunch options for tomorrow. >> i had a shake shack over the weekend. >> my friend wants to know about wendy's newburger. >> it tastes really good. >> thank you, guys. much more to come on "the closing bell." we'll talk oil and get reaction

to a wall street pro's reaction that it could hit a $20 bottom. >> here is sue herera with a business news update. >> hi, scotty. here is what's making news at this hour. president obama will ask congress for new authority to use force against the islamic state. he'll do that by wednesday. that is cited by reuters who is citing congressional aides. radio shack has received court approval to borrow 10 million to support its operations while under bankruptcy. akillon shares moving higher on news its hep c drug when used a gilead's medication killed the virus. tt help and coming up in the next hour of "the closing bell," an exclusive interview with bill miller, llc chairman and cio right here on cnbc. much more "the closing bell" after a quick break. up. you stay up. you listen.

you laugh. you worry. you do whatever it takes to take care of your family. and when it's time to plan for your family's future we're here for you. we're legalzoom, and for over 10 years we've helped families just like yours with wills and living trusts. so when you're ready start with us. doing the right thing has never been easier. legalzoom. legal help is here.

>> the party that came in in third place in the recent election is a nazi party. and if the new government is unable to implement the policies that it campaigned on it's going to make a sham of greek democracy and you're going to have a nazi party there saying to the people democracy doesn't matter. >> i want to address one of the first points you made saying that greece is in the midst of a great depression. surely folks could have said perhaps the same thing about what was taking place in either ireland or portugal or perhaps a number of other different places places that in fact did institute dramatic drastic and very severe austerity measures, and their economies are turning around. why should greece get off that track? >> let me turn your question

around and make an interesting point. in 2008 during the world financial crisis as you know the fed in short term loans made trillions of dollars available to the ecb, the european central bank. the fed could have said hey, guys, you're on your own, but the fed correctly did not. it understood the significance of what a worldwide financial collapse would be about. so i happened to think that it is absolutely imperative that the ecb, that the troika in europe work with the greek government, not in an austerity program which punishes people who already are suffering, but in a pro-growth policy which enables them to create jobs expand their economy, and pay off their debts. >> senator, what is it upon receiving this letter that you want janet yellen to do? >> i want her to make the european central bank aware that

the fed has provided significant and continues to provide significant support for them. that president obama was very strong last week in saying that when a country is in the midst of a depression like greece is there is limits to how far you can squeeze them and i hope she would make the ecb aware of that. >> but why would she make a political remark and why would this come from the u.s. fed? are you saying we should shut down any kind of swap lines that exist between the u.s. and europe upon receipt of this letter? >> no, i am not. what i am say something that when they were in need during the great financial crisis, the fed was there for them. and again this to me is not just an economic issue. if you look at what happened in germany after world war i, the allies imposed real austerity through the versailles treaty. the result was the democratic governments that followed were unable to deal with the horrendous economic conditions in germany. hitler came to power. i trust that nobody wants to see

a nazi party come to power in greece. >> sure. senator, the irony of all of this is you're asking fed chair yellen to take some sort of action. former fed chair alan greenspan telling the bbc, these are his words, i believe of greece they'll leave. i don't think it helps them or the eurozone. just a matter of time before everyone realizes parting is the best strategy. even the former fed chairman doesn't seem to be too concerned of any ripple effect of greece leaving the eurozone an economy that is about the same size as the dallas-ft. worth metroplex. >> what happens in greece could be a prelude to what happens in italy and what happens in spain. there is massive opposition to austerity programs being imposed all over europe. in terms of mr. greenspan, mr. greenspan was also the guy who told us that we should deregulate wall street end glass/steagall which led to the

worst economic downfall in economic history. >> wouldn't this then say to the european central bank at some point in the future if they disagreed with some kind of u.s. policy, they'd be able to turn around and pull the plug on ours? >> all i'm saying is that in the world that we live in there has got to be flexibility. we have got to learn what happened in germany after world war i. we have to learn what we did to try to prevent a worldwide depression just seven years ago. i'm sorry. >> no, i'm sorry, go ahead. >> and i think imposing continued austerity on a government on a people who in a democratic election rejected that concept is a dangerous thick to do economically and politically. >> but this is a government, sir, that went through years of unrestrained spending where loans were too cheap and taken

on too heavily. there was a lack of financial reforms -- >> fair enough fair enough. >> when everybody knew they should have been put into place. >> and companies like goldman sachs may have helped them hide the extent of their debt and no one denies there has been massive corruption in greece and the people are not paying their tacks. all of that is true but you have a new government which won a new election on a new program, and to deny them the ability to implement the policy that is people voted for is i think, an economic mistake and maybe even more importantly a political mistake. >> but it's because it's a political mistake that the role of the fed intervening here seems inappropriate. i just quickly also would like you to address intervening in one democratic sovereignty while boycotting netanyahu coming to the u.s. because you say we shouldn't be meddling in their democratic elections. >> the fed intervened during the great financial crisis of 2008 by providing trillions of dollars in short-term loans to the fed. the fed could have also said

hey, guys you're on your own. we don't know why your economies are collapsing and your financial institutions. it didn't. and i would suggest that that's a lesson we can learn for greece. >> senator, nice to have a civil and thoughtful conversation even though there probably were certain people who would disagree with your premise to what the fed should do here but thanks very much. >> thank you. >> thank you. that's senator bernie sanders. with 15 minutes to go markets are coming back a little bit. we're off 13 on the nasdaq. bill miller on the market the fed, and the stocks he's buying right now. don't miss it. plus a story generating record hits on our website. yes, it's gone viral as we say. >> love it. >> a vermont man who worked his life as a janitor and gas station attendant amasses an $8 million stock market fortune, leaves it all to a hospital and library. how did he do it? well you can go to cnbc.com during this commercial break. >> you better not. >> and then come back later.

>> you better stay right here. don't read a word. we'll tell you all about it. ronald read, that story coming up. up.

[ male announcer ] your love for trading never stops. so open an account with schwab. and when a market move affects, say a cloud computing stock you're holding, we can help you decide what to do. with tools that help you see how market activity is affecting your positions. so when the time comes to decide whether to scale in or scale out... you can make your move wherever you are. and start working on your next big idea. ♪ ♪

welcome back. our bob pisani is keeping a hawkeye on the markets here. what's the mood on the floor

today? >> cautiously optimistic. it's all ten sectors are down. it's a modestly down day but i want to point out what's going on in energy because we were approaching highs for the year on oil. there is the xlt. you see drifting lower in the middle of the day. a lot of discussion about a citigroup report out on the oil business. listen to these interesting comments. this is ed morris' group. recent rise in oil was a head fake he says. and they talked about oil could potentially fall into the $20 range although they also say likely more likely bottom around the $40 range. wide issue there. the main issue is over supply. here is what's amazing here. everybody sees the same trends but are interpreting them differently. everybody sees the same stuff, cuts in capital expenditures a drop in rig counts weaker dollar. everyone agreed supply cuts are coming but not everybody agrees on when they were stabilize the market. that's where the debate is going

could tom. citigroup a bit pes mess tick. the airlines weaker on higher oil and disappointing commentary from american and southwest. disappointing traffic metrics. but the airlines topped out several weeks ago. put up american for example. american was $56 at the end of january. and now it's $46. this is not unusual. this corresponds with the bottom in oil as well. so anybody who says it's not really that much about oil is just not really looking at the charts. guys, back to you. >> it's been all about oil. thanks so much. we have ten minutes to go before the bell rings and the dow jones industrials down about 90 points off the lows as we head closer to the close. >> we've only got 12 minutes to go but lately the new normal on wall street has been volatility. art cashin indicating $350 billion to buy. we're back in two. these days, the most important person in your business could be a software developer. so, how's the app coming? we've got to make something great. how's the app coming? we've got to do it fast. let's do this on bluemix.

you can build apps with analytics, big data, even ibm watson. that could give us the edge. let's do this on bluemix. it can provide code for you. we could be first to market. because being best is priority one. being first is priority one. there's a new way to work and it's made with ibm.

we're back on the floor. there is the market picture as we head ever closer to the bell. dow jones industrials down about a half a percent. it's been overall a down day for stocks. joining us now, eric irvin from reality shares and anthony chan from chase. guys, good to talk to you. if i, eric said to you what's the biggest concern you have in

the market right now, is it the eurozone is it where oil trades, is it china relative to where their economy is? are they all of the above or what is higher than the other? >> you hit the nail on the head with the bigger theme. it's the noise. there is so much noise in the market. we're going to see volatility and i hope you like roller coasters because we're on one. in january we experienced 20 trading day where is the market was nearly up or down 1%. it's manic right now. >> i guess, anthony, it's a stock picker's market more so than it's been in the last several years on balance or what? >> there's no question. with all this uncertainty it's going to be a stock picker's market. i don't worry about china because i think the party is just beginning. they have a lot more stimulus to go. i am a little worried about this game of chicken being played in europe and i'm also a little concerned about the geopolitical risk, but i think when all is said and done these things will work out. between now and then i agree with eric. it's going to be a roller

coaster. >> at least we got a reminder from the president and the chancellor of germany that ukraine should not be too far off of your radar when it comes to things to worry about. >> yeah absolutely. and it's pretty classic, right? as we always have something to be concerned about. but if you can cut through that noise and get down to the basics of how companies are doing, we're seeing extreme growth in dividends, phenomenal growth. we've had five years of double digit growth on the s&p and it's only set to continue. but gilead is a great example of this priced to perfection. here is a company that increased the dividend started a dividend, stock is down 8% on the announcement. we have to be really careful here. >> does the fed raise interest rates in 2015 or not? >> i think they will do it in 2015 but one thing we do know now given the fact that the fundamentals are this strong and all the other stuff is soft in terms of risk structures i think they will probably raise rates and then be really slow about raising them until perhaps until 2016 but i think they laid

down the gauntlet and too much credibility is on the line. i think they have to move in 2015. >> we shall see. we'll take a quick break. you will stick around for the closing countdown which is next. plus bill miller on stocks and if apple and amazon are still on his like list. and later di arnanea olick looks inside the late joan river's incredible apartment. could be all yours for a cool $28 million. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. ♪ ♪ ♪ tigers, both of you.

tigers? don't be modest. i see how you've been investing. setting long term goals. diversifying. dip! you got our attention. we did? of course. you're type e* well, i have been researching retirement strategies. well that's what type e*s do. welcome home. taking control of your retirement? e*trade gives you the tools and resources to get it right. are you type e*?

we're back on the floor for the closing countdown. looked like we were going to have a triple digit loss for the dow. now it looks like we may actually avoid that. off the lows of the day. dow still down 90. so it's going to be a day in the red here on wall street. you can see one half of a percent, the s&p and the nasdaq are also in negative territory. you can perhaps blame some concerns about the chinese economy, also what's taking place in europe and worries of a greek exit from the eurozone. take a look at mcdonald's though. it's been a real problem for mcdonald's have been the sales, and i tell you what globally the comps were negative. japan, china remain weak. so there's the story there. mcdonald's is certainly a weight on the dow today, down by 1.33%. we'll close out taking a look at crude oil. the market tracking so closely to crude in recent weeks that it's certainly worth looking at where wti is at this moment.

so you do have wti actually rising today by better than 2%. however stocks are falling. let's bring back in eric irvin and anthony chan. eric, what about this tracking and the correlation to oil, how closely do we need to be watching that now? >> it's precisely it. this perfect is priced to perfection. everyone is so concerned about any small move in volatility. in the case of the oil sectors, it's been interesting. you have seen dividends increase. of the 45 companies, 15 of them increased. nobody has cut their dividends since the announcement. i'd be very careful. utilities is another one that's kind of frightening. they're the single best performing sector last year. there could be some -- >> so you think -- do you think this financial engineering story is going to be as prominent in 2015 whether it's dividends, buybacks, things like that? >> so at reality shares we focus on stripping out the growth of the dividend from the market price. so we truly do isolate that

growth of the dividend as opposed to the overall story of the equity markets. equity markets are going to be incredibly volatile, but the dividend growth is a pretty sophisticated story. >> we've gone through the heart of earnings season. are you heartened or worried? >> i'm not worried at all because earnings on the s&p 500 i think will come in closer to 6%, and, remember the economy is getting better. i know everybody is focused on oil -- >> but the outlooks from some very big and important multinational companies have not been great. you can point to currency headwinds for part of that but that's been a little bit concerning even though you would say, well 72% or so of the s&p has beat. >> remember scott, what happens when energy goes down. the energy forecasts are it could be down this year from 40% to 50%. nobody prices in any positive numbers for the other guys. the s&p 500, the energy is less than 9% of the s&p 500. it's terrible for that 9% but what about the other 90%? they will benefit and historically whenever energy

goes down the other guys pick up but the analysts don't really key into that until several months later. >> quick thought? >> yeah. i couldn't agree more. it's an earnings story, a dividend story. the reality of how businesses are doing, not the market noise. >> good stuff. kelly and bill miller coming up next. thank you, scott. welcome to the closing bell. i'm kelly evans. here is how we're finishing out. the dow going out with a decline just under 100 points off about 97 there, giving up half a percent. not a lot of components in the green today. some energy related ones. the s&p giving up about 9 points and the nasdaq 18. so we came back a little bit in the last hour but not too much. let's bring in today's panel, talk about all of this. die ann is diane is here from clear alternatives, jon najarian, and kayla tausche. also with us is "fast money"

trader brian kelly. brian, let me quickly start with you. you were saying this morning it's all about greece. are people just waiting on wednesday's outcome. >> i think you almost have to. while greece is a small country the problem is the contagion factor. we don't know what's going on there. so i think it's hard to make any investment decision ahead of this when you have a situation where if greece happens to leave the eurozone if they can't make something off, then you have to our about italy, spain and what's going to happen in the eurozone. either way you're probably looking at a pretty bad economy in europe. >> if there's not a resolution wednesday if they don't come to some kind of accord or agreement, does that mean investors have to go back to the 2011 playbook? >> what they will do is they'll come to an agreement by the end of the month because that's when it's due. and i'll push back against brian even though i respect the heck out of brian's opinion. brian, if indeed greece did have to exit the euro that means it's over in my mind as

far as spain and france and all the people who would want to negotiate their debt otherwise, italy. i think then it's over because now the gun that the greeks are holding to their own heads, that's a threat that's not really going to work with the germans or the ecb, so i don't think it's about wednesday this week brian. i think it's about the end of the month and when that comes if it comes with a greek exit i think then that's basically game over for anybody who wants to adjust their debt. >> b.k.? >> i don't think it's a question of whether the government has the choice. i guess my point would be is if you're in italy and you see something happen in greece whether it's an exit or not, let's just say they do something like they did in cyprus where they scoop out 10% to 20% of your bank account, if you're a wealthy individual sitting in italy, sitting in spain, are you really going to leave your money in one of those banks? you're not. you're going to send it all to germany, send it all to gold and that's the risk. i don't know if it's going to happen, i'm not saying it is going to happen but that's the risk that you have. >> kayla diane, we've been told the element to watch between now

and then and even thereafter a greek bank deposits. >> we have to take a moment and think about how long has this been brewing? and the bottom line is the very wealthy people have already moved their assets into dollars. they've certainly taken a lot of assets out of the banks. whether we have a decision on wednesday or the end of the month, i don't think there are -- >> so you don't think it will be a eurozone breakup scenario? >> if it is i think the people that have a tremendous amount of wealth that are already in those countries have moved those assets out already. i don't think we're likely to see the bank run. >> the fear though is that we did see what happened in cyprus and people are saying okay maybe it's too soon to start prognosticating to say that's what could happen to the greek banking sector but we do have some precedent of what the ripple effect is in the market. cyprus was a tiny portion of the overall exposure and yet the markets here were extremely rattled just a couple years ago when this happened. that being said, i wanted to ask

b.k. because we're getting all ruffled about the exit, but at the same time do you think they're saying this is a hail mary, why not try to hold your ground even though 75% of the greek people would like to stay in the eurozone? why not at least try? >> so i think you're 100% right. as far as i can tell or my view is this is all positioning ahead of the negotiation. why not put your most extreme position out there. then when you get behind closed doors you fakes itix it. i'm saying you run the risk of spooking people and having that bank run. if that bank run goes from country to country, then you have the problem. so as an investor what am i doing? i don't really want to take that risk. i don't mind missing a percent or two on the s&p 500 if i have to worry about a 10% drop because something crazy happens in greece. why not just wait? >> and that's exactly the question for the next let's call it month or two, diane, would you say? >> i think this is really game theory 101 that we're seeing going on here.

remember the first line in the sand is there's really an advantage to being a first mover or a first offer, right? so once that offer is done there will be anchoring. as soon as somebody comes in and says here is the deal we know it's only going to improve from there. i think that's really key. >> let's leave that there and against that backdrop dr. j, let's look at the action in the markets on top of this friday's jobs report. we have rates moving up some of the leaders like ewe 2i89sutilityies and also health care really lagging lately. what do you think is going on here? >> we've had a couple misses we had humana miss on top and bottom line last week or in the very near past and i think even though you have had united health and some others that have done well in the space, people are a little nervous and willing to take money off the table because it's been a hot sector. that's not a rate play it's not like the utilities which have been hit on the fear that well if rakts are turning around and going up that's going to be bad for utilities versus where you could put your money into the

stock market and/or into the bond market. so i think overall i'm not terribly scared by what happened in the health care stocks, and i'm really heartened by the fact that energy has -- i'm not saying that the bottom is in for oil even though i own a lot of this right now, but i'm saying that it's a very good spot. that we got into the low 40s and then everybody came out with headlines, crude oil going to $15, crude oil going to $10. >> come on. >> even today citi talking about crude oil going to $20. >> now it's 52$52. >> last week we were talking about oil and the overall markets are more correlated but today we see divergence against. >> your mention of the job reports was the first mention i heard it mentioned all day. it's so quick we forget the positive signs in the u.s. because so much of what moves the market now is what we see overseas. >> this is a huge question as

big as what happens with the eurozone, are we seeing the end of the bull run in bonds? we'll talk about this with bill miller in a bit. >> we took the jobs market and another factor took away two arrows the bears had. the first is jobs but the number two thing is all of the bears keptaing the market was so highly valued. valuation got to be really strong. we have 300 companies that have already reported 7% earnings growth. this means that on a pe level at least the market is starting to look at least reasonably priced, potentially even cheap now. >> do you share that? >> to b.k.'s point because again, where brian kelly is absolutely right and where you're right diane s that money has already made its move.

most of the smart money has already moved well out of greece months ago, but the remaining monies, you take a look at the short-term german rates that are negative yield you take a look at a german 10-year at 0.34% or wherever it is right now, kel, that's a pretty strong sign as well as our 10-year bond rates that money that has been afraid has found a new home and is not likely to leave very quickly. >> you don't think rates are going back up? >> not at this time. i think we will still see a little bit of a bull run for bonds because of the rates that we're seeing overseas. overall by, you know late april into the june period, we're going to see our rates moving up, but i think that's a ways off and who knows where we'll be going up from. >> and, brian, what do you think? >> yeah i'm with doc on this one. i think you still have a great relative value trade when it comes to u.s. bonds. i mean look at germany, ten years, 30 basis points ruffoughly.

you can get 10-year money paid over 2%. as we get to june i think there is zero chance that the fed raises rates. if they do it's a huge mistake. >> diane? do you think there's also zero chance they raise this year? >> i thinking about the chairman of the federal reserve, this june is the toughest job in the world. think about what's happening. we have an employment market that's getting better stronger more jobs. finally we have wage growth longer hours. we have, you know, we could see small levels of inflation starting to come. we see all the corporate sitting on tons of cash ready to use it starting to deploy it. i think that it's not a zero chance but i'm telling you it's going to be very hard in light of all of this great data to say let's keep rates low. >> so what brian is saying is he thinks there's zero chance the fed raises rates in june. >> in june. >> what i'm hearing you say -- >> it's going to be really hard

for them not to. >> okay. kayla? >> i think ubs put it best when they said on friday no matter what happens don't call out sick or take a vacation on june 17th. you want to be at your computer trading no matter what happens. >> fair point. that's where the money is made. we'll leave it there for the moment. we have more coming up on "fast money" with brett favre. that will be fascinating. also how is legendary fund manager bill miller investing in this volatile environment? plus, is he still bullish on apple? we'll ask him exclusively in a few minutes. and rebounding oil prices are helping gasoline prices spike higher. why do we do it? why do we spend every waking moment, thinking about people? why are we so committed to keeping you connected? why combine performance with a conscience? why innovate for

a future without accidents? why do any of it? why do all of it? because if it matters to you it's everything to us. the xc60 crossover. from volvo. lease the well-equipped volvo xc60 today. visit your local volvo showroom for details. do y ou like to travel? i'm all about "free" travel babe. that's what i do. [ female announcer ] fortunately, there's an easier way, with creditcards.com. compare hundreds of cards from every major bank and find the one that's right for you. creditcards.com. it's simple.

have you heard of the new dialing procedure for for the 415 and 628 area codes? no what is it? starting february 21, 2015 if you have a 415 or 628 number you'll need to dial... 1 plus the area code plus the phone number for all calls. okay, but what if i have a 415 number, and i'm calling a 415 number? you'll still need to dial... 1 plus the area code plus the phone number. so when in doubt, dial it out!

don't look now but oil and gasoline prices are rebounding again. our jackie deeangelis is at the nymex with more details. >> it was another volatile day in the pits. so the upside we closed just under $53 at $52.86. up $1.17 on the day. a couple reasons for this first, you had opec increasing its demand forecast for its product out there. that certainly helped support prices and take them further, but also it's people making speculative bets on the fact that the u.s. companies are going to have to cut production and that's going to have to take a hold at some point.

gasoline prices are up 13 cents in the last two weeks according to the lundberg survey but for a different reason. some seasonal factors. you have refinery maintenance, refinery strikes and also they're switching over to that more expensive summer blend as we see spring around the corner and more driving will occur. so that usually takes prices higher from here. now, if you get what citi said and you see $20 oil, you will see gas prices go back down. if that doesn't happen $2 gas is out of the question. back to you. >> all right, jackie. thanks for laying it out to us. while oil is up today, some folks at citi don't think that's going to last very long at all. a note today making the rounds says wti crude could go as low as $20 a barrel. it's currently $53. let's bring in chris fogner and ask him about it. so $20 a barrel? >> scary if it happens. i think as a producer it would

put a lot of people in serious financial strength. we know even at $40 we're seeing companies having to belay rigs down. i think $20 makes the united states uneconomical as far as shale and unconventional resources. we have to go back to drilling oil i guess the old ways. >> that makes me think not many people are taking this call too serious seriously. >> you bet. with the rig count, baker hughes' rig count was just down 7% month on month and that's been going on basically for the last six months. it's been dropping every month, the rig count, and a lot of those, of course the shale rigs which baker is so big on. a lot of that of course they pay up front, get the most of the production up front in the first few months and then when you're cutting back on the production, that's a good thing in terms of inventory getting too big. >> so you think supply will correct itself to some extent. >> i think it is already and that's what opec said as well. >> diane, what about the demand

side? >> obviously at lower prices you would think demand would increase dramatically but one of the things we're seeing is as we're getting out of this horrible period we've gone through, demand is taking a lot longer to really come into fruition. a very interesting thing happened on the way to year end, and that is yahoo!'s opportunity to spin off alibaba tax-free and one of the things that's likely to happen this year is 2015 will be the year of special situations and spinoffs. lots of companies know they can do it. and that is going to -- >> what impact will that have on crude prices. >> i think we're going to see a lot of that in the first couple quarters. >> which would suggest more supply coming into the space though, wouldn't it? >> i think as far as supply goes we're going to be dealing with a treacherous situation going through the first six, seven months of this year. we think supply obviously lags rigs are laying down. these wells decline very very rapidly. when the drilling treadmill stops or slows down these wells are declining as we're having

this interview right now. i think demand may come up as cheap gasoline entices folks to get suvs and pickup trucks again. the global economy hopefully resurging toward the end of the year but i think it will be a tough june/july for us. i don't think we're going to see $20. >> chris, do you see some of this cap ex coming back permanently? because we talk about rigs being idled, but there does seem to be a sense that the producers especially are just waiting for the prices to go back up so they can start producing again. >> i think two things are occurring. number one cap ex is being pulled back. also we're starting to see a lot of what we call these marginal wells, the term in the industry is stripper wells, it produces 15 barrels or less. i saw your look. 15 barrels a day or less. those are usually old conventional wells. they produce 800,000 barrels a day collectively in this country. if those came offline, could be a game changer for the price. but i think cap ex will go back

into the system once oil rebels. in march big debt is due. if you're levered up you have a big debt payment coming up. >> a final question before we go. we're talking about other financial factors. the u.s. dollar, investors piling out or staying in. can be we confident with the big drop we saw last year this will be ultimately a supply/demand call? >> i think some of this is obviously volatility. speculators causing this to come down. 1.5 million barrels a day of excess supply does not dictate 60% reduction in the price of a commodity. i think we will grind back up slowly. sometimes the harder you fall the faster you rebound. >> to your point we hear about $20 oil would do. chris, thank you for being here. chris faulkner is the ceo. we have a news alert with jon fortt. >> qualcomm has resolved the major issue that was overhanging

on the stock and that was regulatory issues in china. china basically found that qualcomm was abusing its monopoly power. qualcomm disagrees or is disappointed that china came to that conclusion but has agreed to pay just shy of $1 billion in fines because of that. they've also restructured some of their licensing terms with chinese suppliers and a key factor here they've agreed to terms that they are going to use 65% of the price of a phone to determine what licensing fees are due to qualcomm. qualcomm had been fighting for 100% of the selling price of a phone to be factored in the licensing fees that it's going to get but qualcomm agreeing basically in china to take a hit to that. qualcomm executives have been telling me for months the advantage to getting this resolved is they think they'll get a fuller count on the number of devices that are being sold in china that they're due a licensing revenue on. they think they will count more

phones even though they will get less money for each phone. they have raised the low end of the guidance range by $300 million. they've also raised the low end of their nongap eps range by 106 cents -- 10 cents to $4.85 but indicating they intend to take this entire charge in the current year. their gap eps is being revised down. >> we can see shares responding pretty positively there, about 2% higher after hours. our jon fortt, thank you so much. the dour andw and the s&p falling into the red for the year but does bill miller see this as a buying opportunity? he joins us next in an exclusive interview. and social media and cnbc.com buzzing about a former janitor who secretly amassed an $8 million fortune thanks to some savvy stock picks. we'll find out how he did it from his lawyer later on "the closing bell." know that proper allocation could help increase returns so you can enjoy that second home sooner. know the right financial planning

can help you save for college and retirement. know where you stand with pnc total insight. a new investing and banking experience with personalized guidance and online tools. visit a branch, call or go online today. being a keen observer of the world has gotten you far but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running.

welcome back. a lot of volatility in stocks so far this year but my next guest says he still finds u.s. markets very attractive. joining me now exclusively at post nine is bill miller. welcome back. good to see you. >> nice to see you. >> let's begin with your call on u.s. stocks here because many people, including some just last hour were saying they're overvalued. are they not? >> i think they're fairly valued. they're cheap compared to bonds. it makes no sense for the stock market as a whole to yield more than the 10-year treasury unless we're going to go into a recession because dividends are going to grow. >> how long has that been the case though? >> it's been the case a lot of

times since the crisis. >> i'm curious if people -- >> but again, understand since the crisis stocks are also way, way up. >> right. so you think that can keep going? >> i think that the real question is did the employment report on friday kind of put paid to that 33-year bull market in bonds. even with the decline on friday bonds have a good return this year. if that's the case then the outlook for u.s. stocks is much better just as we saw in 2013 when the bond market sold off on that taper tantrum, it sent stocks soaring. that wouldn't necessarily be a good thing if stocks go you will 20% or 30%. >> you're concerned about a melt up? >> i think there are too many cross currents. greece could throw a monkey wrench in the whole thing, the ukraine. >> you're bullish on stocks but not wanting to see all that appreciation in the next year. >> i would like to see it in the next hour. >> it's interesting what you said in the bond mark. there are a lot of people who

have called the end market in bonds but why do you think it's for real? >> it could be for real. i think that there's appears to be a fair degree of interest in the fed of moving off the zero and moving to the right of that. we saw with that employment report how quickly bonds can move when people think fed tightening could be moved up. one of your earlier guests thought there was zero chance of it happening in june. i agree with larry summers comments today. >> they want to do it to have ammo down the road. >> it's interesting because i think they want to do it because they feel like it may be distorting markets, having negative real rates is not something we've historically seen. it's bad for savers. if they move too quickly they're close to zero with a bad economy like we've seen in europe. >> how much higher could rates go especially in an environment where there seems to be global pressure the other way. >> in the u.s. i think the debate is what's the new

normal -- the new neutral on the fed funds rate? for me i'm not a bond person but i would call it probably something in the 2% to 3% range and maybe 4% to 5% in the 10-year. the 10-year ought to settle somewhere at the neutral rate of whatever the nominal growth raid of gdp is. call that 4% to 5%. >> and we could maybe now start to head that direction. but you mentioned obviously that you're in the u.s. stock market seeing a lot of opportunity there still. i just want to ask you about a couple specific names. first of all, amazon. you have been a long bull on the name. it was under pressure lately with continued concern as we always see about their strategy in terms of growing profits. you focused on the cash generation. are you still in amazon? how much further do you think the name should accelerate? >> amazon had a bad year last year and after the third quarter report we went in very heavily and it became our largest position. it's done very well since the fourth quarter report. part of the reason we did that is the cfo made a comment on the third quarter report about

focusing on productivity and made the point again after this next quarter and i think you saw margins expand in the u.s. so i think that's a sign that amazon could be entering what jeff bezos calls the check-in period with wall street which is a year of margin expansion. i think that would be very good for the stock. it's really interesting because if you were to disaggregate aws from amazon amazon has $170 billion -- >> and that's amazon web services so people know. >> yes, their cloud business. amazon has a market cap of $170 billion which on a price to sales basis is really not -- it's fairly modest based on their history. but if you look at aws which we think will do $8 billion of revenue this year growing close to 100% if that were a separate public company, that would be an $80 billion company by itself or almost half of amazon's market value in something which is a fraction of its sales. so i think there's -- amazon came pub like at a 400 million

market cap. it's $170 billion. they haven't sold stock. they generated -- they don't have profits. they generate cash which is more important than profits. >> of the three and i'm mentioned this earlier, you think amazon has more upside than apple or alibaba. >> well they're very different animals. alibaba is growing faster. it sold off from 120 earlier in the year to around 85 or so. so i mean i think alibaba could go back to 120 in 18 months and that would be a nice return. amazon has similar upside. that assumes that they continue to show the sales growth that they have shown recently and also that the margins structure convinces people that there's more to come. apple is a little different. apple has incredible momentum right now. the apple pay, apple watch should do very well. apple the company i think in 2016 will do well. the stock is going to face tough comparisons then. i think one of the key things about apple is because it's the

largest company in the history of the world and because it trades at a below market multiple and because current momentum is so strong if apple is struggling to reach new highs and the whole market is going to likely be struggling. so i think apple over the next year or so will probably do fine relative to the market. next year, who knows. >> backing out from some of the tech names as well i'm curious if you're still bullish on the home builders the financials which have had an up and down recent period as well some health care names. is it the case -- in trekson you think could be the best stock to own for a decade. >> it could be. it's early days. it's a synthetic biology company runned by r.j. kirk who has made billions of dollars investing in biotech. synthetic biology is kind of where software was when people

first began to write software thpsoftware. that's changed the way things have happened. synthetic biology will rewrite dna which is the program for all living things. and so that's what -- and intrex intrexon is a leader in that. it's a company which if somebody told you in 1999 that apple would have a $3 billion market cap and would be the largest company in the world, they would have said you're nuts. intrexon has that potential. whether it does it or not. i think the deal they did with m.d. anderson was a very important deal. >> some of the position you have been vocal on the home builders and financials? >> i think you saw on friday with the employment report that both those companies, if that becomes the norm in the sense of the economy main street economy gets stronger then home builders were very strong on friday. they tried to sell off since then. the financials were very strong. both had been laggards earlier in the year although home

builders had a good fourth quarter. the home builders are a top ten position. >> we have covered so much ground. thank you for being here. really appreciate it. >> appreciate it. >> bill miller. much more available on the website, lmminvestments.com. coming up, diana olick giving us an inside look into the late joan rivers' apartment which just listed for $28 million. but first sue herera has a cnbc news update for us. >> here is what's making news. skrelly officials are considering amending the speech of prime minister benjamin netanyahu when he speaks before congress next month. this is so calm the partisan furor it's invoked. bottom, what bottom? citi is making paa big call on oil. ed morris saying it's impossible to call a bottom. with oversupply and the economics of storage, prices could call to between $20 and $30 a barrel. the s.e.c. proposed to provide

rules to require public companies to tell investors whether they allow their staff to hedge the value of their corporate stock and options. the rules were mandated by the 2010 dodd/frank act. coming up on "fast money," the ceo of reg uregulu cirque their -- therapeutics.

startup-ny. it's working for new york state. already 55 companies are investing over $98 million dollars and creating over 2100 jobs. from long island to all across upstate new york, more businesses are coming to new york. they are paying no property taxes no corporate taxes no sales taxes. and with over 300 locations, and 3.7 million square feet available, there's a place that's right for your business. see if startup-ny can work for you. go to startup.ny.gov.

welcome back. we'll send it out to dominic chu for a quick market flash. >> let's look at urban outfitters. shares are up 4% or 5% 6% now in the afterhours. the specialty apparel company up 6% after hours. those stores open at least a year. those same-store sales rose by 6% and they rose at urban outfitters anthropologie and free people outlets. the ceo said promotional activity was higher than expected but the company enters with a clean inventory position. gap stores are down fractionally. same-store sales fell by 3%.

let's cap it off with a look at aeropostale. this is a small company company at this point. a teen retailer worth $200 million. it's up 18% after hours on almost about 165,000 shares of volume. it's now anticipating a smaller than expected q4 loss per share. it also said that cfo mark miller will become the new coo and david dick will become its knew cfo. >> moving around there. thank you, dom. a problem at the ports is heating up the hot list. joining us is allen wastler. >> our readers are paying a lot of attention to the west coast ports. they had a temporary shutdown over the weekend and today courtney reagan wrote a fascinating piece looking at the retail industry dependent on those ports because, you know, it's a lot of logistics. they figure they've already lost about $7 billion this year just from added carrying costs and logistical sort of let's fix it by going over to the east coast, that kind of stuff. so that's a big story eatingheating

it up. another one a big billionaire fall from grace. former race car driver became a big business magnate down in brazil. in 2012 he was worth $30 billion. today he is worth negative $1.2 billion. how did it happen? his oil company collapsed and then the government decided to investigate him about that collapse and confiscated a bunch of stuff from him. so people are loving that fall from grace story and then finally this heartwarming story we put up over the weekend. it's still going strong. over 1.2 million people read about it. a janitor up in vermont, 92 years old, passed away god bless his soul. it turns out he had amassed an $8 million fortune, left $1.2 million to his local library and $4.8 million to his local hospital. god bless him. what a heartwarming story. his name was ronald read. >> amen. >> just a great one.

people love that one, too. >> thank you so much. our allen wastler at headquarters. we'll stay on this story for a moment. what does it take to amass mr. read's $8 million fortune? it might not be as hard as you think if you live as long and as frugally as he did. chris hogan has crunched the numbers for us and joins us now. you'd have to invest $300 a month for 65 years to get to that amount. chris hogan is here. also with us is ronald read's attorney, lori rowell. she had been his attorney for six years and knew mr. read very well. lori joins us on the cnbc line. lori, both of you, thank you for being here. we want to begin by asking what kinds of investments you discovered and mr. read had made over the years. what did you find lori? >> well, i've got a whole list here. most of his investments we found in a safe deposit box. when we totaled them there were $8.6 million worth of investments in the safe deposit box. >> $6.8 million.

what kinds of investments? what kinds of names did he have? >> he had at&t bank of america, cvs, deere, ge general motors things you would recognize. he only invested in what he knew and what paid dividends. that was important to him. >> and it made me chuckle, chris, when reading about this that he left all of his money to a library but had never actually read a book about investing. he seems to be a living example though of how to do it. >> he sure is. i'm so impressed with mr. read. i mean, it's a matter of living a certain way, keeping your lifestyle under control, and being committed, and i'm very impressed with him. and what a legacy he's going to have as he's been a blessing to the library as well as to the hospital. >> that's a point. i'm looking to the panel. how many people feel we're living too over extended. his indulgence was to go to the coffee shop for breakfast and they thought he might have been hopeless because he wore these suits that were falling apart. >> the wonderful irony is hear

we have a man whose last name is read making a tremendous donation to a library. >> it was tremendous and it's very interesting that he basically not only lived frugally but that his hobby was investing. should have been his vocation obviously as well as he did, kel, but he probably lie liked what he did. both on the side of helping people working around kids and all the rest as well as the fact that he was able to spend his spare time researching stocks to buy and like he said that was his hobby. >> there seem to be some parallels with warren buffett's school of investment buy what you know buy american companies, deere, general motors, bank of america. it seems he borrowed from that page book and said i'm not going to put too much risk in my portfolio. i understand that the stock market is the best way to multiply your investment and it sounds like he just very piecemeal did that and then sat on it. >> with time working to his favor. people could do this again today, right, or is it a whole different world?

>> well i think people definitely can do this. it's a matter of being focused and having a strategy making sure you're controlling your lifestyle so you're identifying how much do you want to save? how much do you want to be able to give later? and then sitting down with an investment professional, someone that has the heart of a teacher, not someone trying to sell you stuff, and understanding how you can get there. it can be done. and in america we need to start believing back in the american dream and stop buying the stuff that's on commercials. >> and, lori how surprised were you when you discovered these investments? did you have a sense that he had wealth or no? >> he told me initially, five or six years ago, he told me he had money, but he didn't tell me how much. he eventually told me it was more than $3 million but he never told me it was more than that. >> so you had some sense when you looked through but just didn't quite realize. and what about the rest of the community? from what i understand everyone seems pretty shocked. >> that's absolutely true. his stepchildren are shocked. everybody is shocked.

>> diane? >> there's a big risk here. one of the things we have to think about is sure it's important to save $350 a month over a 40-year span but remember, that assumes an 8% return. we are in an environment right now where there is literally negative interest rates, right? >> but he put the money in the stock market you could argue for a 6% to 8% return in u.s. equities or is that out of the question for that period of time? >> i think one of the things that really helped him was certainly saving in the '70s where he was probably accumulating cash before he moved into the stock market and then caught the tech boom. so i think one of the things that's really important is for us to take a step back and say, look, it's great that that happened over the last 40 years, but there's a lower probability that it happens over the next 40 years. >> quick last word dr. j? >> i would say he didn't deny himself that much. i mean when you hear that he lived frugally it's very true. he had a bagel or whatever an english muffin with peanut butter but he didn't do it himd at home. he went to a restaurant every

day for that. >> are you calling him out for going to breakfast? >> i'm saying people hear he was so frugal and they think he's got shavings of soap in a tin box or something like that. he lived his life and he also was very careful about how he spent his money. >> he went to friendly's every day. how could not love a live where you get to go to friendly's every day. >> we have to leave it there. chris hogan, lori rowell thank you so much for being here. he remains my hero. i think everybody should take a page out of this book. new england has barraged by snow this winter and boston is getting slammed with another couple feet as we speak. we'll go live to see how badly the snow is paralyzing that area and the late joan rivers was known for her outrageous comedy. now she may also be remembered for her outrageous apartment emblazoned in gold and up for sale and diana olick has an exclusive tour just ahead.

we know it's winter and it snows it places like boston now not often like this. today's latest storm is pulverizing beantown and breaking a new accumulation record. joining us is nbc's adam reese. hi adam. >> reporter: hi, kelly. good afternoon. 73 inches and counting. what to do with it all? that's the biggest challenge. they bring it here. this is one of the snow farms in boston. take a look around me. these snow mounds some of them 40 feet and higher. it's all brought here. some of the snow farms here in boston we're in south boston

they bring it to the middle here where the front leaders will then take it over to the snow melter. they're bringing in melters from out of state even to help out with this process. the operation is also taking snow to the beaches south of here along the coast. they're dumping it along the beaches. now, the governor said 73 inches and counting in these four storms. he said there is enough snow here in boston to fill gillette stadium 90 times. he said maybe they should have bid for the winter olympics instead of the summer olympics and there's another storm coming later this week with more frigid temperatures. kelly? >> 90 times gillette stadium. that puts it into perspective. adam, thank you so much and good luck to you as another round bears down on boston. joan rivers' penthouse condo just hitting the market. diana olick will tell us whether

the late comedienne's fame will help or hurt a sale. startup-ny. it's working for new york state. already 55 companies are investing over $98 million dollars and creating over 2100 jobs. from long island to all across upstate new york, more businesses are coming to new york. they are paying no property taxes no corporate taxes no sales taxes. and with over 300 locations, and 3.7 million square feet available, there's a place that's right for your business. see if startup-ny can work for you. go to startup.ny.gov.

. in her stand up act joan rivers would ask, can we talk? her condo is now up for sale for

a cool 28 million dollar. diana olick has been going room to room and will tell us what she saw in new york city. >> reporter: we all know that joan rivers was the ultimate entertainer, not just in public but here in her grand penthouse. the guests could include martha stewart, nancy reagan regis philbin philbin. today, these grand rooms go on sale for $28 million. that's four bedrooms four and a half bathrooms, two tarerraces and five working fireplaces. the home is really intimate and really over the top. now it spans three floors and 5,000 square feet in an elite prewar condo building with just nine units. it's hard to say what kind of buyer would be in for this type of apartment. condos generally attract for

foreign buyers in new york city. they tend to go for the new trophy properties. this is really old school, old style new york manhattan. and it's got a whole lot of character going on. but 2$28 million could be a bargain, right? >> in new york city right. can i first ask you a question. the key point in all this seems to me when did she buy it and what did she pay for it? >> reporter: she bought it 25 years ago. and we've asked the question what did she pay for it but we haven't gotten an answer yet. she did have it on the market once before but then took it off. she loved living in this place. so $28 million -- when you look at the realm of condos going up to $100 million in new york today, that seems to be about the price. it's going to be a very specific

type of buyer. >> so she bought this in 1990. was that before during or in the aftermath of the commercial reality collapse in new york. >> i'd say she bought in condo somewhere in the 5 million dollar range. was thinking about listing it for 35. it's probably smarter to be on the market at 28 and get it moving rather than just have it sit. diane, what do you think? >> i think you're absolutely right on the money when you say it's important to list it at 28 rather than 35. one of the things we've learned about is the left digit bias. that's why things always sell at $1.99 or get listed there. it's because people immediately go to the left digit and say aha, that's the number to focus on. >> there will be a limited pool of buyers for this. obviously she had unique taste.

it will be interesting to see what ends up bidding for it given that she did put it on the market previously for a higher price. >> any sense, diana? >> reporter: again, it's very unique. we've showed you as much as of the apartment as we could. it goes three floors. there's an apartment downstairs where melissa had her apartment here as well. it's beautifully located. but again, i can't tell you how over the top it really is. it's gold everywhere. we weren't allowed to show you the bathroom but i took a look. you know it's going to take a certain type of buyer. maybe it's a buyer who just loves the location loves the bones, loves the building and wants to gut it. again, it's going to take a very specific taste. >> that's a tease. i can't show you the bath roof room -- bathroom but -- >> reporter: i really can't.

we promised. i'm sorry. is it more gold or what? >> reporter: it's very lavish. you've got a ceiling that has the sky on it with clouds. you've got a guilded ballroom, chand chand. >> thank you so much this afternoon. this will be another wild week for the markets. looks like we're already off to that start. when we come back and look ahead to dow component coca-cola's earnings as well tomorrow. claims! legend has it these hills are full of 'em. it can take months for an insurance claim to surface. claimin' takes patience. aflac paid my claim in one day. they got some new-fangled kinda one day payin' machine? hehehehe yea, i got aflac at work. aflac... in just one day, we approve and pay. one day pay, only from aflac.

aflac... ok, if you're up there, i could use some help. smart sarah. seeking guidance. just like with your investments. that sets you apart. it does? it does. you're type e*. and seeking another perspective is what type e*s do. oh, and your next handhold... is there. you don't have to go it alone. e*trade gives you the support and guidance

to make informed decisions. are you type e*?

welcome back. "fast money" is coming up in just a few moments. they have a special guest today. there you see him. brett favre. he'll be talking about social media connecting fans and athletes. he's talking about a dr. j score which is an app that allows athletes to get some compensation for what they post, as opposed to traditional social networks sites. >> if brett can make that work here and expand that to the

athletes that can get paid because obviously high school and college athletes have to be careful about that because they can't make money off their name or imaging right now, but everybody else can. that would be a lieuucrative thing if brett can pull it off. >> it's sort of a gray area. brett favre is such a popular sports figure. he was in super bowl addss for wix. >> melissa, if you're there, look, we'd love to know. do you think this is a threat to the more traditional social networking sites. >> i think there's enough pie out there for different users. you guys were talking about all the different things that brett favre has done. kelly, have you seen there's something about mary? >> i actually have.

it's one movie i have seen. i know you're referring to -- yeah. all right. listen, i just want to thank the panel for being here this afternoon, guys. and with no further delay, let's get out to melissa lee and the "fast money" gang. >> i'm melissa lee. dan nathan brian kelly, pete. breaking in just the last hour china ends a government investigation of more than a year. the stock is popping. we've got an analyst who says the stock could see a 25% upside. that's coming up. we start off with the search for growth. stocks like yelp pandora, go pro are getting hit today. what is