the move. "closing bell" starts right now. go hokies. good afternoon. welcome to the "closing bell," everybody. i'm kelly evans down here at the new york stock exchange. >> i'm scott walk wapner in today for bill grif fet.fethgriffeth. take a look at netflix. check out these two ipos on their very first day of trading. party city and etsy. big gains across the board for those three. etsy just going nuts today. doubling from its $16 price. we'll have much more on all three of these stocks coming up and track how they close in this final hour of trade. talk about firing on all cylinders, guns. they're controversial. they've also been a big winner for investors. did you know smith & wesson went up nearly 60% alone? we'll talk about if you can

still get in and make money on the trend. more questions today about how that florida mailman who was ang gr i withry with d.c. lawmakers flew a aircraft into some of the most protected airspace in the world? just how safe is the heart of our federal government? this has opened up a can worms. we'll try and get you some answers on those key questions. all of that coming up. here's where we stand in the markets right now. the final hour of trade on this purse. the dow is up 28 points. gains of .1% across the dow and the broader s&p 500 which just added about two points. 2108. nasdaq struggling to stay positive, barely doing so at the moment. it is back above 5,011 is the level to watch. we'll get to the markets in just a bit. first some news out of our nation's capital. a deal has been reached now on legislation to give president

obama fast track authority to negotiate a major trade accord with 11 pacific nations. >> republican chairman of the house ways and means committee paul ryan is in the middle of those talks and he joins us now from washington. representative, thank you so much for being here. welcome to the show. >> hey, good to see you. thanks for having me. >> let's begin with this deal that's just been reached. this effective live gives the president total control from here on what he neglect it's with these trade deals. is that so? >> not even close. i don't know who wrote your talking points there but it actually puts congress in the driver's seat here. this is congress putting up obligations for the president that he has to submit to that he has to conform to when negotiating a trade agreement. 150 guidelines that the administration has to hue to with transparency and accountability to get an up or down vote in congress. if congress decides that he did fulfill those obligations, then we'll do that up or down vote.

if congress decides that he did not fulfill those obligations then we can remove tpa for that particular trade agreement. so what this really does is it puts congress in the drive's seat along with the administration and it gets congress involved at the front ed end of the process. there is nothing constitutionally stopping a president from actually negotiating any trade agreement. this gets congress in the front end of the agreement participating in it so that they can get that up or down vote so we can get the best deal from our trade partners because our trade partners won't give us their best offer if they think when we bring it to congress we'll just rewrite it. we want the best of both worlds here. >> can you explain how much of a priority you think it should be for u.s. to negotiate this transpacific partnership at a time when china is simultaneously trying to take the lead in crafting regional trade agreements of its own. >> that's exactly one of the reasons we need tpp. tpp is not with china. it is with 11 other pacific nations and the question here is

who is going to write the rules of the global economy. u.s. and our allies or china. that's one question. the other question is 96% of the world's consumers don't live in america. they live in other countries. and if we want more jobs if we want to hire wages, we need to make more things do more things here in america and sell them overseas. asia's had a lot of trade agreements. 48 since 2,000. we've been a party to two. that's why our share of trade to the region has gone down 42%. we need to get in the game lower trade barriers. by the way, 1 out of 5 jobs in america are tied to trade. those jobs on average pay more than other jobs. so we need to get in this game we night to write the rules of the road. we want american jobs to be increased and more wages an we think these trade agreements done correctly will do this. we think the trade promotion authority is the right balance to give the president the tools he needs to get a good agreement. but giving him obligations for congress accountability transparency with the american

public, and we are setting the standards that need to be hued to in any trade agreement when he actually brings one back to congress. >> respectfully, congress plan if anything the criticism of all of this would be that it's the lack of transparency in the entire process that should be singled out. no congressional ability to amend it. american public by and large has no idea what is in this trade agreement whatsoever. you champion the transparency that others say didn't exist in the first place. >> well that's what this does. that's the point. we want more transparency. that's why we're doing this bill. that's the whole point which is we have mechanisms in this bill that said any member of congress can read it. we can be involved in the negotiations. we can participate and attend the negotiations. oh, and by the way, the country the american public, needs to see this bill in broad daylight for a long time a trade agreement, before we vote on it. 60 days before when an agreement is brought to congress then we need to let it sit out there for the country to see so we can see exactly what's in an agreement before we consider the

agreement. these are the rules we're saying that if you want this up or down vote which we think is necessary. the other point you mentioned, congress can't amend it. think of what our allies would do, the people we're negotiating trade agreements with would do in negotiating with us if they thought that we wouldn't be good on our word that we wouldn't be true to our word if we would say here's our agreement, we agree to x, y or didz, then we take it back to congress and just rewrite. we won't get those trade agreements. we're pretty open already. most of these countries can pretty well sell to our country. we don't have the same kind of access to their markets so we need to open these markets to our products so we can make things here in america to sell them overseas. and what we're saying here is a process that adds more accountability and more transparency. lets the country see what's in this agreement. then we decide whether we want the agreement or not. then we decide at the end of the day when the agreement comes up for a vote whether we vote for it or not. congress has the last see. >> are you and your colleagues making a statement by the fact that china is not included here? >> well you got to ask the

administration because they never included china in tpp in the first place. i mean granted, the bush administration started these talks with tpp. but this was a negotiation between america and 11 pacific nations never including china. by the way, china isn't anywhere near the standards that we would into ed to get a free trade agreement. we don't have a free trade agreement with klein. i think china is going around the world trying to write the rules for the global economy to benefit themselves. i don't think that's in our interest. i think what is in our interest is that we along with our allies, we write the rules of the global economy particularly in asia. i think that's in our interest. oh, by the way, if we don't do anything, then this will happen to us. we're either helping shape the global economy or it's shaping us. that's kind of the way i see it. >> i'd like to ask you about another key piece of legislation that could be coming up in the next couple of months. of course referring to corporate tax reform. can you give us a sense as to

whether you and your colleagues are working towards a plan that would include changing the tax bases gl this country towards being a territorial one, would include lowering rates an repealing -- all of the work that you've been at work at for several years. is that something we're likely to see as soon as this summer? >> yes. the summer is basically the time we're planning on looking into that. we are talking with the administration. we're trying to see if we can get consensus on tax reform. i'd like to lower taxes for everybody, families small businesses across the board. the president's not interested in lower individual tax rates. so we're trying to figure out if we can make sure that we also help small businesses. it is not enough in my mind just to fix the corporate tax structure. you also have to help those small businesses that aren't corporations. so that's where there is a difference that has to be bridged. but yes we are exploring these possibilities. yes, we have to get off of this. really anticompetitive worldwide tax system and move over to an exempt system so all these

companies can take their money home and re-invest it in america. that's something we are looking into. yes, summer is when i would expect any action if we get some on that. >> there may be some people congressman, who say that the reason that congressman ryan is so happy and in favor of this transpacific partnership, as you call tpp for everybody following, is that it puts hillary clinton in a bit of a box. does it not? as the secretary of state -- let me finish -- as the secretary of state, she spoke favorably about opening up avenues in the pacific for more trade. yet now you have many unions are loudly against this. some of the more liberal members of the democratic party are now against it. how does she respond do you think? >> this is -- to be candid i haven't given a second thought to that. >> i'm glad i've given you a new idea. >> thanks. i'm for expanding trade, opening up markets to new american

products. i'm for making sure that america is writing the rules for the global economy along with our trade partners. that's why i'm doing this that's the story. >> i guess we understand you're not returning for president so if you're not, who you going to support? >> i'm chairing the general fund for the presidential election for the nominees. that makes me neutral. by the way i got to go catch a plane now. sorry, i got to head out. zblrp thanks . >> thanks for joining us this afternoon. a deal has been richard on the authorization on the term tpp you heard referred he to is the transpacific partnership, could be the biggest u.s. trade deal since we've seen with that of that. our role being questioned with regard to china's influence to negotiate a similar trade deal at the same time across that region. we do have 50 minutes to go before the bell rings on wall street. the dow jones industrial average is up 26 points. lot of ipos clearly the story today. those blowout numbers from netflix and citi and goldman also factoring in. maybe not as much as people would have thought but with 50

minutes to go that's how the pictures looks on the street. coming up our market pros tell you how they think these markets will close out the week tomorrow. also ahead,etsy and party city are up. we'll have all the action on the two retail specialty giants. am ex out with its numbers after the bill. we'll deliver the dow components earnings as soon as they hit the tapes along with that expert enl analysis that you expect. drivers, to your marks. go! it's chaos out there. but the m-class sees in your blind spot... pulls you back

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welcome back. take a look at these markets. as mentioned, the real news is in a lot of the individual stories today. whether it is guns and tobacco, scott, which has been huge movers. whether the ipos as that activity picks up around here. all the candy floating around from party city. etsy up 85%. do you know what it stands for? >> i don't, actually. >> easy to sell yourself. in which case a comma becomes very useful there. i don't think they actually include one. the sector board today, consumer staples, develop consumer friendly day with staples and discretionary outperforming.

financials doing well on back of some relatively strong results from that group. >> goldman, citi good results. >> it shows as well there is some strength in the trading businesses even when the markets aren't necessarily -- >> well, they've been more volatile. perhaps it is the one area that's so lagged from the financial standpoint at least one area that finally was showing some life in this quarter. that's why many of the financial institutions that have reported have reported pretty well and trading was pretty decent as a result. >> also one of the few sectors whose earnings were supposed to grow. so some relief there on the earnings front. >> joining our closing bell exchange now we have cnbc contributor heather hughes from sun america funds. our own rick santelli and steve leisman joining us as well. steve, i'll go with you first. because this was a day full of fed speak and any time that stanley fisher speaks it is news

newsworthy newsworthy. it just seems as though today dennis lockhart may have stolen some of his thunder by appearing more dovish than in recent months. i wonder why the stock market maybe didn't react. >> i think the market sort of figured out what the fed is saying right now, scott. that's my take on why there is no reaction. when you don't get a reaction when you look at where the market is -- i don't mean just the equity markets but fixed income markets especially -- where the 10-year is around 1.90, the fed fund is 34 35 basis points. to recap, lockhart who told me the end of march he thought june ton september was the right time frame. kind of stepped up and said things are really murky right now. my take-away from all the fed speakers today there were four of them -- maybe you want to count five because one spoke twice, once to us and once publicly -- is the following. the first quarter data which has come in weak has spooked them a little bit towards their appointed path of raising interest rates this year. certainly lockhart seems spooked by the data.

the big debate in the fed right now, scott, which is also the big debate for investors is what we're seeing no you, a temporary affect that's going to bounce back in the second quarter or is it an om in us sign of something more troubling. >> i don't just don't -- you certainly haven't heard the word transitory maybe as much as you have in the past in times of economic disconnect or at least a bit of a slowdown. so i'm wondering -- maybe that plays to your point that maybe they're taking it a little bit more seriously. >> they're taking a step back and taking a look at the dollar at the impact of lower oil prices and the weather. i would say, unlike my feelings last year around this time the weather seems to be the least of the effects. i think there's a big dollar effect. there's a big oil effect. and i think all of that effects an economy that wasn't roaring to begin with. you had that huge bounceback in the second quarter, 5% growth. then this last fourth quarter at 2.2%, nothing to write home about it. you'll do 1.5% looks like in the

first quarter if the data stays the way it is. >> rick want to get into the ipos and the story of the day in a seconds. but can you catch the interview with paul ryan a moments ago? was there anything that you make of this deal on the trade authority they're getting with some of these trade agreements with china? anything jump out at you? >> i think what jumps out at me is when he was talking about congress having an active say in what goes on with the negotiations with iran. beyond that, i didn't hear many much. because it should be considered a treaty with two-thirds approval. for a congress that's now going to have 50% of whether they don't like it or not, a completely different scenario i stopped listening after that. back to the fed, i don't know what steve heard but here's what people on the floor were saying. lockhart changed his mind once more. rosengrand says the economy's too week. fisher comes on with the wonderful interview saying why isn't marketlistening to what

we're saying? i arest my case. if they're data dependent and we take them at their word things are deteriorating. more people jumping on it without saying there is excuses means that they really really really are kind of trying to find reasons not to tighten on one hand but behind closed doors i think they're petrifyied because normalization is needed. the floor agreed with one fed speak today and that's from mester cleveland. she says she's not necessarily against asset sales. we need those treasuries back in the system to grease the gears. that's one thing i think everybody can "kumbaya" around. >> we can issue more of them rick. >> oh, they will trust me. >> what congressman paul ryan also said he wasn't talking about the fed but he mentioned those two words both accountability and transparency. when we look at the fed and their data points regarding inflation and unemployment which we know that they've reached

their original target of unemployment at 6.5% now we're looking at other factors. so what i'm hearing on the street and clients and investors that purchased mutual funds and buy into the equity markets, they want to know what are the data points that we're looking at. as steve mentioned, there are now three other key indicators being the dollar energy and you look at the international markets right now and the weather. we blamed it on to some extent. gdp in the fourth quarter and the first quarter. so the indicators keep shifting and changing. and investors really aren't fighting this tape right now. they're saying you know what -- >> that's because information keeps changing. when though went to go talk about the situation, the dollar was at one level. now it's like 20% or 25% lower. when they went to go talk about a series of decisions they might make oil was at one level. now it's lower. i don't know what you want do you want them to ignore those facts? >> no, but maybe the dollar should trade based on the

economic fundamentals versus central bank policy. >> why don't you tell that to traders, rick? >> in december the euro was at $125. i don't think their economies deteriorate that much in three months. >> no. >> heather's right. all we trade in the marketplace these days is central bank policy for the most part. >> because central bank policy influences interest rates and interest rates influence exchange -- >> no it moves the market and that's not the way it should be. >> what should it be? why wouldn't exchange -- >> the economy's not good. we should let the markets go down and be adults about it. that's what! >> i hear your point. at the end of the day, investors are saying there may be some disconnect between the economic -- the economic growth and the fed and the markets. when you look at china, when you look at europe they clearly have some economic issues. yet their markets -- europe up over 20% in the past six months since they began and they've

incurred some growth. but really there's a big disconnect between the economy and the markets right now. >> well maybe, rick the economy isn't as bad as you say. that's why the market's not going down. >> well then we can't have it both ways now, can we judge in then the fed ought to have raised rates already. right? but when i bring that up then we go back to all the other arguments. >> stan fisher said despite the blip or whatever his word was, that we'll see a strong snap-back. >> okay. you want to do some betting on that? >> let me just in here on one issue. what's important here for investors i think it the following. we're in the bit of a nether world here waiting for what fischer and other fed officials have called these transitory factors to work through. they wanted to probably raise rates in june. right now the expectation is the data will not support that. . kind of brings us -- and the market figured this out when the dollar started to appreciate. it brings us towards the latter portion of the period when they were talking about the first rate hike towards september.

our last fed survey put the peg there and that was three or four weeks ago. that's where the market is right now. you'll just have to sit tight. if this data looks like it is working out of the system, the fed will be back on track. if it looks more permanent, it's got to push it ahead. it's that simple it is not complicated. >> stan fischer said the rate increase, first hike was definitely coming this year. right, steve? he is the one who said it. >> i think he said it was time but he also said it is data dependent. loo being, they're not going to do this, scott if rates are -- if inflation is falling. they're not going to do this if the economy's weakening. they're not stupid. >> true. true. we're in uncharted territories, unchartered waters right now in terms of our monetary policy near zero rates. maybe they'd be slow and cautious. two sides are between 2004 -- >> got to leave it there. >> okay. >> i'm sorry, heather. i meant as you finish the thought. by all means. >> okay. between 2004 and 2007 the 10-year didn't really rise that

much. you saw the markets and the housing market do okay. on the other side 1983 1994 and 2004. in the beginning the markets originally fell about 0% to 10% between the time of the tightening and a year later. so we'll see what happens. >> one quick thing. >> rick -- >> the long-term treasuries is now closer to 1%. it's norm hall five to ten-year average is 1.5% to 2%. which means there's no fear of the marketplace in the long end. that's probably why curve steepened. not because it has implications by the fed. >> thanks very much guys. heather hughes steve leisman and rick santelli. with 35 minutes until the close, dow is up 14. s&p adding less than a point. the nasdaq has now just turned negative. coming up what do netflix and smith & wesson have in

common? this comes out of the "who knew" box. later, the force awakens. live to the annual star wars conference and show you the new trailer for "star wars" episode seven. it is one of the most highly anticipated films of the year. don't miss it.

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welcome back. again checking in on markets here, guess what? the dow jones industrial average has now turned negative on this

session. there is the s&p 500. the broad index following suit. 2,105 the level. the nasdaq leading the way lower. some individual movers to keep an eye on today. >> i don't know what the range is today but it is small. ma in30 pointsmaybe 30 points. maybe a little bit more. individual names, the markets as a whole haven't done all that much. >> let's get out to kate rodgers tracking some big movers for us. >> philip morris beating the street on earnings in revenue. raising its 2015 earnings dpidance above consensus estimates as it sold more cigarettes, market share up 8.5%. citi out with better than expected first quarter earnings but revenue shy of what some on the street were forecasting. shares up 13% for the year. shares of netflix soaring today up near 16%. the company adding almost 4.9 million streaming subscribers in

the first quarter beating analyst expectations. netflix also issuing upbeat subscriber growth, guidance for the current quarter, shares are up 65%. >> thanks very much. netflix up 60% this year alone. it might surprise you to know the gun maker smith & wesson almost up about that much this year. the question is why. >> let's get into that with stern ag's brian ruttenberg. he says bet on another 20% by the year's end. he's here to battle it out with jason rothman who says this stock will come down very soon. brian, why are you so bullish? i guess you have reason given the performance. >> we're encouraged especially in the second half of the year what's going on with smith & wesson and all the gun manufacturers. we're seeing a wave of data recovery which is the federal background check. we're also seeing a long-term trend for concealed carry and

for a variety of women getting into the shooting sports. we're seeing a long-term trend for buying action and we're seeing a recovery in the firearms market after a very weak 2014. >> all the same we have to talk about some of the challenges posed to this space. i guess the question as well jason, is just what kind of hurdles we could be meeting here. >> well, the major hurdle is somewhat long-term. so i will give my opposition that this stat may have a little bit more short-term up side. but i look at long-term future earnings. i'm not a fan of smith & wesson for multiple reasons. the main one which is the most interesting to me is that i compare myth and wesson to blockbuster. blockbuster was flying high for many years. you go to the store and you get movies. but now there's netflix. so i feel like in the future smith & wesson is essentially doomed. because you have companies that are literally allowing you to print your own firearms. now whether that's the best idea

or not for society, that's another conversation. >> wait a minute. jason. >> i don't even know what you are don't know what i'm talking about? >> i'm totally aware of it. >> that was me. i don't know what you're talking about. >> i just told you. that's exactly what i'm talking about. >> okay. >> so in the future not necessarily -- >> that's going to put smith & wesson out of business. >> well blockbuster's out of business. >> downloading your own gun at home is going to put smith & wesson out of business. >> i'm not saying they're going out of business -- >> you said they're going to go the way of blockbuster. that's what you said. >> i agree that's what i said. but i'm not necessarily saying they're doomed. as far as bankruptcy but i'm not a long-term investor in smith & wesson because i think from a fundamental technologically standpoint i think a better long term investment is a company like 3-d systems who has the technology that is for the future whereas smith & wesson is

an outdated business model. furthermore, there's no continuing revenue. you buy a gun and hang on to it for years. >> brian? >> i see no impact whatsoever. typically 3-d printed gun is a single shotgun that is not very stable. people that buy firearms -- and there's million firearms sold a year -- aren't printing their own guns. they're going to the gun range with their family and friends and buying concealed carry permits and getting -- >> of course they're not printing their own guns because it is not widespread technology yet. furthermore, why is the lowest percentage of gun owner sh. in the country since 2010 and why has it declined 40% since the late '70s? >> okay. so i don't know where you're getting those facts but i see that over the last 30 years the number of guns has increased 8%. i see that number of women getting firearms and the long-term growth is very much intact for firearm ownership. i like the stock.

i like all the firearms companies right now and i see 20%-plus growth on the back end for the firearms industry. is there sorry we have to leave it there guys. a feisty discussion. brian and jason, thank you. time for a cnbc news update. back out to headquarters with sue herera. hi. here's what's happening this hour. lawmakers say that they have reached a deal to allow president obama to negotiate trade deals subject to an up or down vote from congress. the fast track legislation comes as the president seeks a sweeps trade deal with 11 pacific nations. a u.s.-led coalition led fighter jet his isis targets in ramadi iraq. three villages were captured by isis yesterday. officials describe ramadi as a ghost town because most of the population has already fled. india says it has successfully test fired its nuclear capable ballistic

missile from a mobile launcher on an island off the country's east coast. the missile has a range. more than 1,800 miles. the missile was first test fired in 2006. adrian peterson of the minnesota vikings will be reinstated as an active nfl player effective tomorrow. he may then participate in all scheduled activities with the team. peterson was suspended would you the pay last november for violating the nfl's personal conduct policy. that is your cnbc news update for this hour. scott, back to you. >> sue, thank you. 25 minutes to go before the bell rings on wall street. the dow is up one point. >> look at that. >> the s&p's down three-quarters of a points. the nasdaq is down 2 1/2. up next write down investments for the year. speaking of heat -- today's too hot initial public offerings sizzling all over wall street. our dominic chu is on the street

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welcome back. having a look at sony shares. we have a news alert.

amman amman amman amman. >> julian assange quoted about i wickkileaks saying an archives will be searchable. saying previously the e-mails were withdrawn from the internet before the public could scratch the surface of them. this would appear to be another continued headache here for sony in the wake of this massive hack attack with the united states government and president obama blamed on the north koreans last winter over that movie "the interview." julian assange quoted here in this press release saying the archives show the inner workings of an international multi-corporation. it is newsworthy and at the center of a geopolitical conflict. wikileaks will ensure it stays in the public domain. u.s. law enforcement will have reaction. this press release just out in the past couple of minutes.

>> it is. we'll follow it closely. thank you so much. eamon javers. rbc releasing its top 30 global ideas list. since 30 would take up the whole hour we'll try to boil it down to about the top three. >> joining us with the picks, mark harris global head of research at rbc. good to see you. tell us how you came up with the names. what metrics did you use? >> we've tried to at the beginning of the year identify themes. we do that at the beginning of every year. that list in particular we started at the beginning of the year we pick 30 names and we stick about it all year long. >> how many energy names? >> a couple. but quite honestly it's been great performance. we're up 8.7% for the year to diet. that's against the market that's up -- >> i'm wondering how the dollar and currency moves have factored in to the where these companies

are located. >> it is has to factor in but frankly, we have a whole strategy team. we have 300 streetategists all around the world. it was a bottoms-up approach what are themes. some of the things most successful contrarian ideas, individual one-ups and growth in the market. something we saw that was exciting and maybe a special situation. >> liondel. that's a natural gas pipe. we thought margins would continue to get better. we thought they had the infrastructure to take advantage of that. >> does this ldb merger help. >> it is more about the domestic play of that. i think again with so much shale natural gas, cheap prices lyondell continues. >> you say web md fits into this

category? >> they had to cut their numbers, cut their view and basically say we think it will be a slower developing overall health care i.t. market. it's taking time. these guys we stuck with the view. we thought aca would help. this is a stock that's now moving towards our $60 price target. it has a lot of up side and has performed extraordinarily well here today. >> another name i following, it was also featured in the "furious 7" movie, constellation brands. are you bullish on corona and modelo? >> who does not like mexican beer amongst us? let's be frank. look, it is corona modelo pacifico. you have a lot of up side to the story. you also have mondavi and woodbridge as well. we think dividend is coming soon. that's another incremental up side to this story that i think is under appreciated. >> beyond the three stocks on the list quickly -- amazon. talk to me. >> look at the end of the day

amazon continues to be the leader in their market. what company do you know that is so smart they're figuring out what you want to order before you with a'nt to order it. the idea is amazon continues to expand out. they're still not afraid to keep their margins a little bit compressed on providing us the good we want but really putting so much intellect and intelligence behind the choices we make. you logon, they know you want to order the bounty paper towels before you know. >> are you going to press a button in your kitchen to -- >> my 3-d printer is going to print them out for me actually. >> marc harris thank you for being with us. with 18 minutes to go until the close here the dow -- what should we say? crawling back? clawing back? i don't know about storming. we'll talk about "star wars" later but for now, it is up seven points. up next crude oil up over 9% this week alone. now we ask the pros where prices may go from here. tick-tock. american express results due out after bell. we'll bring you the financial

giant's numbers the second they hit the street. instant analysis from the pros right after the close. stay with us.

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crude. jackie diangelis. what's going on? >> today's gains were very significant because it is setting us up for five straight weeks of gains. we haven't seen that since february of last year. today's 30-cent bump closed us at 7$76.31. one headline out, an al qaeda militant group seized a key port and an oil terminal in yemen. the controversy is this could not get contained it could potentially spread and become a bigger issue. also a weaker dollar today. we haven't seen that crude dollar correlation but the weaker dollar typically is supportive of crude prices. traders are saying that they think that the time -- the last time that we touched the 40s was the bottom and they think we're poised to move up from here. they are looking at spreads in terms of future farther out and they see them tighten a little bit which indicates this supply/demand issue, the

rebalance is starting to take effect. they believe that this is definitely sort of the turn of the tide here. but the market of course will tell us more. >> as it always does jackie thank you very much. hang with us if you will. >> let's bring in larry mcdonald for more on what's behind the turnaround in oil. larry, good to see you, as always. i guess the request he aside from what's behind it is it lasting. >> the best part of working with them is led by our research team in oil and commodities -- >> larry. >> it's the best -- >> larry, you're not punting here. come on. that's not the mcdonald punt is it? >> no. this is the best in the street for many recent years. here's the poishtnt. a big global stock field is almost unprecedented. look at cushing. close to 90% capacity. the global stock build is really challenging. in terms of seasonal you have until june 1st.

. oil market is going to be very vulnerable. then after june 1st you get into seasonal positive headwinds. in the near term we think it is affirmed, this rally, we're very short term on crude here. >> guys i would just push back on that and say the reason that we saw such a big bounce yesterday was because we did get an inventory build from the eia but it was a small build of a little bit more than a million barrels. think about the magnitude of the build that we've been seeing over the course of the last few weeks and the last few months as well. 8 million, 9 million, 10 million barrels every week. larry's right that the stocks have been building up but people are starting to look at numbers and say, we saw a really big drop here. these could be the start of those cap-x cuts and the rigdzs declining now that will start to take hold and production will start to seize. obviously it's got to start somewhere, it's going to be small and then get larger and larger about you they were really looking for some sign that the tide was turning. they are starting to think that

yesterday's action was it. >> larry, quickly before we run, a lot of people were worried about what we were seeing in high yield. i believe you among them. if i remember correctly from some of the notes i saw passed around. do you think some of those fears were greatly exaggerated and we won't realize what some people thought we might? >> i think it is similar to 2007 with the financials, scott, where you had multiple periods of bear market rallies and really nice things that happened to make people feel good about subprime in 2007. but they were short lived. i think in the near term look at canadian stocks for example. we are looking at canadian stocks say versus u.s. stocks or other stocks around the world from a market cap perspective to gdp. you're talking about a country that's very very rich relative to the challenges that canadian equities face in terms of these cutbacks and cap-x cutbacks that are coming at the most companies -- many companies in

the canadian industry. so i think this is really a rally within a bear market in terms of the difficulties that canadian equities are facing. >> larry, thank you. jackie, thanks very much. >> of course. >> appreciate it guys. ten minutes to go until the close. keeping the eye on the impact crude's having. but consumer sectors are leading the way despite the fact that crude has been on the rebound. perhaps a little bit of a good sign there on both fronts for people bullish on both sides of that trade. >> discretionary has been the place to be. one of those sectors that's rallied and even met their headlines in the paper earlier this week asking whether that sector specifically had gone too far. >> exactly. all that said, it is not enough to keep markets in the green generally today. the dow's off about five points. lots more to come straight ahead on "closing bell." american express earnings. also too big to fail banks actually getting bigger. plus the new "star wars" trailer in its entirety. yes, we promise. back in two.

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welcome back. some selling pressure on these markets with seven minutes to go until the close. art cashin indicating $400 million to sell with some of that in the financials that we've been discussing this hour. today's ipos or initial public offerings defying gravity

on wall street. dominic chu rounds up the action on three pretty big ones. this has people talking maybe this will pick up. >> this has people talking. the three big ones today are all in the green to varying degrees. the one first that happened at the new york stock exchange, party city. again listed right here at the nyse early this morning. shares are higher. you can see, higher by 21%. they opened at trading at $20.50. remember the ipo price at $17. this makes this party supplies company worth 2.4 billion mr. there's online arts and crafts marketplace etsy. that's on the nasdaq. now it surged over there in trading. it priced at $16 a share. you can see there almost a double. it did more than double in its d debut. that makes it worth somewhere around $3.7 billion. this is a high-frequency trading firm in market making firm called v site of rtu financial

also on the nasdaq. ipo priced at $19 a share. $22.40 is where we are. that was the high end of its expected range. all these guys priced at the high end of the range. the stock up 18%. so a very nice day in the green for these ipos. we'll see if that really signals something about the market whether there is good appetite for these kinds of offerings. scott kelly, back to you guys. up next we are back with the closing countdown. right after the bell dow component american express posting its earnings results. we'll bring you numbers to watch plus instant reaction. how on earth could this man pilot a gyro copter to within feet of the capitol building? a former homeland security executive tells us why it wasn't shot down. you're watching cnbc, first in business worldwide. when a rewards card is designed to sync with your life it gets talked about... ♪ ♪ ♪

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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 new york stock exchange. not so much a huge day for the markets themselves but a big day for a number of individual stocks as earnings continue to come in. ipos continue to hit the street. i want to show you shares of netflix. absolute blowout quarter. big subscriber as a big international business and the result of it is right there. stock up nearly 19%. it's gone up throughout the day. how about this upgrade for this stock today. price target raised by a number of people. fbr raises the price target from $400 to $900. now the highest on the street. netflix with just a tremendous day today. i want to show you financials as

well. certainly they've been at the bulk of kicking off earnings season. jpmorgan one of the big winners. here's jpmorgan giving a little bit back today. goldman sachs and citi the two latest financials to report. goldman had an absolute blowout quarter. stocks selling off but it was up nicely into that. . citi had a good quarter as well. transition continuing there. that stock was having a pretty good day as well. there it is right there, thank you so much control room. up nearly 1.66%. jeff taylor from digital risk richard weis from american century investments. guys, it is good to see you. jeff you first. what do you make of the market? not so much the averages they're not doing much today. what do you say about earnings? >> not as bad as some people thought they would be even on lowered expectations coming in. >> look at financial cycles. i think citibank had its best quarter in over three years. the reality is we go on a

3 1/2-year run here. >> it's a little early to tell on the earnings. we're very early into the season. very early into the season. i think the markets really being overshadowed by what's going on with the fed and interest rates. >> thank you guys so much. kelly has the second hour right now. thank you, scott. welcome to the "closing bell," everybody. i'm kelly evans. here's how we're finishing up the session on wall street. we fluctuated back and forth between positive and negative territory in the last hour. art cashin mentioned, selling pressure right at the bell. still closing above 5,000 for the nasdaq 5,008 to be exactly. big earnings due out from american express in just moments. joining me today, johnna jar

dan, michelle caruso-cabrera. with us more more on today's market, tim seymour, a "fast money" trader. welcome one and all. dr. j, what jumps out to you? what did you learn today? >> well i learned that the value of that international exposure to netflix could take that stock according to at least one analyst to $900 a share. now obviously that is anally optimistic target www.but that was a huge move. and the reason he cited was no the only the content that they have but the high-speed internet that's available oversees about twice as much the opportunity twice as big overseas as domestic. he put about a $300 price tag on it based on domestic. $600 more. that's how he got to the $900. >> i have to bring this up. this isn't a story just about netflix. this is a story about our entire industry. netflix being the catalyst for so much change. they come out after a couple of little bit weaker quarters with

this strong big international stuff. but the fact a company this large can jump 18% in one session? that's the kind of think that a party city is doing on its ipo. it is incredibly inpressive. michelle what does it tell us about this? >> we're getting incredible adoption of video direct to your house and being able to watch on demand when there was so much skepticism at one point when early internet pioneers said the last mile's always going to be coo too clogged and too slow. you'll never be able to do video in our lifetime. here it is. sometimes when you're the first doesn't mean you are the last. so it is still early. i still wonder about hbo getting in on this. i think hbo getting in on this solidifies here we go the trend is in place. now there will be all these other movers coming in. we heard from one guy in the industry who said i'm excited, i'm interested in the spirit that amazon is presenting right now. it feels to us like the place to go to do something innovative and catchy. >> i think it is more than just

video on demand. i think it is programming. some of the programming on netflix and amazon like these very specific programs that they're all launching. i think they're fantastic. netflix has got "bloodline," "house of cards." >> you watch all these? who has the time? >> some of them are great. >> you know what's so highlights? you know why we have a golden age of television? because we now pay for our content directly. when tv was free we got not as good programming. >> remember when the internet -- everything was supposed to be free? >> when you pay for what you want, rather than what somebody else wants to give you. >> i think it shows in these results. i think it also shows the way people even talk about television today. >> jim seymour, jump in here. some moves in the dollar and in oil that we could talk about here as well. are people filing back into emerging markets here? what do you see out there? >> they definitely are. netflix, don't discount the fact a lot of people were short. back to the dollar.

fed talked couple times out. suddenly talking down the dollar. very interesting. you saw a big shakeoff in the dollar. negative dollar correlations have been broken in the previous week or two with regard to emerging markets and commodities. this helps them. i think it shows they were bottoming. look at the eem. yes, it is a very interesting time globally. >> tim, we'll come right back to you. american express results are hitting the tape. mary thompson has numbers for us. >> a strong beat on the bottom line. american express' earnings coming in at 1. $4848 -- $1.48 a slayer. revenues at $7.95 billion. estimates were $8.2 billion. american express said it was expecting lower gas prices to impact its revenue in the first quarter. we'll have details hopefully later on what impacted those revenues. again the company beat on the bottom line with strong results saying it controlled expenses which declined 5% in the

quarter. the company also said it was helped by higher card spend and loan growth during the first quarter, throw it did feel the impact of the end of the costco agreement. keep in mind costco or american express will no longer be the only card costco accepts at the end of the 2016. all of that those are the headlines from american express' results. the earnings call starts at 5:00 and i'll have headlines from that. back to you, kelly. >> mary thompson thank you very much. with those shares under pressure on the results, am ex shareholder david saurby this company has taken some hits from investors going back to some extent to the costco news expense controlled, et cetera. you seeing what you want to see in these numbers? from it is about the spend and about the revenue growth. that's what's going to get american express back to valuations that are more likely to be equal to the s&p 500 versus today trading at about a 15% discount. i'm encouraged by the eps beat

by the earnings beat. but it will really come down to the long-term wealth creator which american express has been over the long term based on superior revenue growth in the 7% to 8% range. that's what i want to see happen. >> how are they going to get there, david? what is your view your confidence in this country? is it broader economic environment? its members just continue to spend more? or does it have any more of a strategy rethink? >> it's that their clientele spends more relative to their peers. they have a higher efficiency ratio. lower charge-offs, lower delinquency. that allows the valuation and the long time to trade equal to the s&p versus a discount. its revenue growth over cycles. american express needs to demonstrate this i think over the back half of this year and into 2016. which i believe they will do to beat the superior long-term dominant player in the industry that they are.

>> looking through the numbers here. american express last quarter struggling a little bit with the stronger u.s. dollar. same kind of phenomenon here. international card services net income was down 16% year on year. again a revenue miss for the card giant. earnings were stronger than expected on some expense control though. guys, just looking, dr. j, kenny, tim, anybody looking to trade these results? how do we feel about the cards generally here? which by the way, aggregate numbers have been falling in terms of what people have been spending. >> they have. and the stock reflects that. it's one of the weakest performers among financials. it was down about $2 initially when that revenue number hit. it's rebounded somewhat. i think down now perhaps by only 60 cents. gets back to positive. that means that i think you have indeed seen the low at least for the short term out of the stock several weeks ago when it was sub sub $78.

>> the news came out, then they slammed it. i think american express is a great story. i think it is just one of those names that's part of the portfolio. >> i think a lot of bad news has been priced in. i think $78 is a bottom for the stock. remember their investor day they guided first quarter largely in line here. but the quality of these numbers, yeah it is an optics beat that helps the bottom line beat the top line. they're not growing like some of the other guys in the space are. capital one looks more interesting. they have much better high bar. they also have lower comps year over year. >> but a lower eiffishcy ratio. >> sure. >> capital one is -- deserves some merit but it does have a lower efficiency ratio than american express. higher chargeoffs. that's why the stock trades more hat a discount to the market. if you look historically at american express, any time the stock is traded where it is today, again at about an 85% of the s&p 500 on a price to

earnings ratio, you've been better off owning the stock than capitulating for a company that long term is a good steward of capital. >> david, talking about these numbers on an aggregate basis, the amount that u.s. households are borrowing on their credit cards continues to fall even as the economy and consumer confidence is showing some improvement. does that have to stop this phenomenon and do people have to start using their credit cards more aggressively again for the american express story and perhaps some others? do you anticipate to see a rebound here? or no? >> i think if you look at the catalyst to what consumers will be spending with better employment numbers, better wage growth still very low cross the borrow being with though american express is less accessive to the cost to bother row -- borrowing. generally the long-term merits rest in the company if itself from a microbasis that they are a good revenue producer over

long cycles. >> all right. pivoting back tim. i jumped in before we got these results when you were just talking a little bit about the broader trend out there. how much will this be about watching the dollar perhaps watching oil here for the next couple of sessions? >> i think you have to do that. i think it is very interesting just how things have traded relative to the dollar. you've actually seen what dollar strength has kind of pushed down risk assets. they've been finding a place to rally here to actually dissociate themselves from the dollar now that the dollar is weaker. seems to me the fed is paying attention to the dollar and talking about it. that to me is a signal to miners miners, they've taken out the march lows where the dollar spiked in their face. you don't have to think global growth is on fire. if you look at commodity prices especially copper today is on fire, look at guys who are exposed to those, those places have started to move key breakout levels pick your stocks relative value but it is a place something's happening. >> just what are you watching

for the next couple of sessions dr. j? >> crude oil and the big transports that are are so dependent on it. we've seen a big turn to the up side in airlines in particular. american delta have put in some nice once but obviously to tim's point if we see commodities surge to the up side they haven't fully priced in the lower crude yet and thus jet a, but nonetheless that will be a headwind for them if indeed crude can break above $60. >> petro brus isus is expected to report earnings next quarter. let's see just how much was ripped off of this company down from very lows. >> i just think continue the big earnings story next week. going to get another big one of multi-national big names. i think the market and investors are still looking for more clarity. i think that's going to be -- >> are we breathing a sigh of relief as we move through at least the financials? >> i think absolutely.

we're right near the all-time highs. we've now hit our head four times on the 2,111. it is just a matter of time. you can feel the momentum. it just needs a little bit more of a push. you might get that next week. >> thanks guys. saved sewerby. thank you. why dennis gartman thinks greece could be making an exit from the eu as early as next week. the new data shows the nation's five biggest banks control nearly half still of the industry's assets. what's the man behind the dod dodd-frank financial law think about that? congressman barney frank is next. and the trailer for the upcoming "star wars" film.

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welcome back. we heard a great deal with shrinking the big barpgsnks after the financial crisis. it appears the exact opposite has happened. cnbc editor jeff cox is joining us. >> yeah. since the financial crisis those too big to fail banks have

gotten a whole lot bigger. so big, in fact that the top five banks in the united states now control about 45% of the total assets in the banking industry. we're talking jpmorgan bank of america, citi group, wells fargo fargo, u.s. bancorp. they're so big now that they actually have 7 trillion inn$7 trillion of the total under investment in the banking industry. basically it's just been the size of the banking industry has gotten so much smaller. hard to believe at one point we had more than 14,000 banks in the u.s. now we're down below 6,000. we're down about 5,500. we've lost more than 1,500 since the financial crisis. those big banks have just swoopd in swoop in, picked up that business and despite all the regulatory efforts going in to try to control the size of these banks, they just keep getting bigger and bigger. >> thanks jeff. how did this happen? despite new regulation like

dodd-frank. barney frank, co-author of the dodd-frank financial reform act. welcome back. good to see you, congressman. we discussed this last week. you made this point of too big to fail that was never your intent to shrink necessarily the size of the banks. i was a little surprised to hear that. a lot of people after the show said to me they were also surprised to hear that. with all this going on congressman, could you clarify your position. are these u.s. banks especially with these new numbers too big to fail? is that the problem? >> no. no. and i appreciate the chance once again to say i wish people would not analyze the stereotypes they have of us. we never said that we were trying to shrink them. in the first place in the midst of a crisis doing something that would be -- cause such an upheaval would not have been good for the economy. we never said that we knew what the size of the bank should be. we leave that to the market. but we did give it a too big to fail in this sense -- they failed. there were two aspects to too

big to fail. one is how big they are. two, does the fact that they are that big mean that if they get into trouble and can't pay their debt they are bailed out and continue. and that's what we ended. aig was $170 billion beyond what it could pay off. and under the old laws they got their debts paid off and continued in existence. under the bill that's now law, if a large institution, any of the ones you mentioned, get so indebted that it cannot pay its debts, the federal government will step in because you can't simply amount debts of that magnitude to spiral downward. but the institution fails. it goes out of business. it is taken over. that's the first mistake that people make. we never said that we were going to shrink them. we said that we would have a procedure whereby if a very large institution went -- could not pay for itself it was put out of business. >> let me just bring in the panel here. >> well you just answered the question because the government's going to come in and take it over but then what

happens to -- the sense is that does that really give a sense of security to the nation if you have a -- one of these five big banks that all of a sudden fails and the government comes in. what does that really do to the kind of psyche in the country? >> what it does is this. well first of all, much of what we did in the bill was to try it make it much less likely that they will fail. they all have a much higher level of capital now. we have required that if they get into these derivative transactions, there be margin and they go on exchanges. so much of what the bill does is to make failure much less likely. aig, again the poster child. they were $170 billion beyond what they could pay in credit defaults swaps. that would not be possible today. you could not get such an indebtedness without money behind it. secondly when they are taken over what happens is we run them -- the fdic has experience in this -- and here's the law we changed. previously according to ben ben bernanke and hank paulson, if one of those banks was overly indebted, the federal government had to either pay all the debts

or none of the debts. a big payoff for them or chaos. instead we said here's the deal. federal government can step in pay only those debts that are needed to prevent the downward spiral then this is critical. the secretary of the treasury under the law is mandated -- not authorized mandated to recover any outright that the federal government has to put into this from other large financial institutions of $50 billion or more. one, the institution fails, and two there is a taxpayer loan that the secretary of the recover from the other financial institutions. you recover the money for the taxpayers. is it they do carry a lot more capital now. some have argued they're forced to carry so much capital for some businesses that those businesses just aren't profitable. they were's they're getting out of them. there is a big complaint on wall street, there aren't enough marketmakers out there

especially when it comes to bond trading. there isn't enough liquidity, that we had a flash crash in treasuries of all things which is supposed to be the most liquid market back in october. we've had several former treasury secretaries on the air saying that this is a problem. do you think it is and do you think those capital requirements are or just increased regulation has led to that situation? >> first let's be very clear -- they are simultaneously -- i guess you're asking me isn't it the case they've gotten way too big, and two isn't it a case that they've been made too small because they can't do well in business. i think the answer is this. the capital requirements the bill mandates higher capital requirements. there is a trial and error aspect to this. given the terrible crisis and the complete irresponsibility -- let's be very clear, almost all of these banks were -- behaved irresponsibly and incurred the problems. yes, the regulators have now said we're going to raise the capital. that's an empirical question. it may be that the capital, which as you acknowledge, is significantly higher, it is a little too high and it can be lowered. so it is important to that have

principle. the other issue is with regard to derivative transactions which were the dynamic element that caused a lot of problems they can no longer incur indebtedness without having the money to pay for it. the last thing i would say is this -- the liquidity that they're talking about, it is unclear to me that as much liquidity as they insist they have is necessary for the economy. the banks are supposed to be financing productive activity. a substantial amount of what was going on with financing their own profits. so i do not believe that the fact that some liquidity was diminished is a bad thing. but as to whether or not the capital requirements are too tough, that's flexibility. that's why we didn't try to fix a ratio in the bill. and i believe that the regulators will be able to react if that becomes a problem zpp. >> has anybody brought that move that happened in a nanosecond in 2013 to you? more and more regulators say, wow, that was a red flag.

>> two things one, i said they can react to it. two, what harm did that do to the economy. >> what does a massive move in a session -- >> yes. you've reached -- you've raised that question inaccurately. what harm actually happened to the economy on that one thing? >> okay. so if i own an etf or bond fund that has underlying ill-liquid bonds in them and those bonds start to move in really huge fashion leading to a massive gap in the pricing, somebody -- some retail investor is going to wake up one morning and find out their etf plummeted in value in a way they had not planned. >> you've given me the hypothetical of what might happen in the future. i asked you again this specific question. you talked about a specific incidents. did that specific incident cause any harm in the economy? the answer is no. >> you're fighting the last war? >> the answer is no and the point is -- as you acknowledge, yes, the regulators looking at that may say, there was a problem, we can adjust it up or down. but what you have are these big banks that cause the problem in the first place, seizing on this

to i think overargue the case. meanwhile they're getting bigger, being profitable. there is a no harm no foul principle, in part. but i go back again. yeah there was that wild swing at that one point. it was a one-shot deal at that point. no harm was done. regulators as you say are looking at it and they may decide they have to take the action which the bill gives them the power to do. >> we're almost out of time. i think we have the headline which is barney frank gives the green light to banks to return capital? >> don't be silly about there. why don't you want to talk seriously about a serious subject? >> no, i do. >> may i correct this kind of is that correct? y v the snarkiness. regd efforts are given the right to go up and down based on the experience. i understand capital will be way up. if it seems they overshot a little bit, they have the ability to build the flexibility to go back. >> do you have any problem with bar nanky being citadel's

advisor? >> why should i have a problem with what ben does with his time? >> the resolving door of policymakers. >> there you go stereotyping again. no, i think it is perfectly fine. i think for instance gary densler coming to head the fdic. no i never think once you work for public sector you can never go back to a profitmakering entity. no, that would be silly. >> thanks for your time this afternoon. etsy shares crafting up one heck of a debut. the stock nearly doubling after its ipo. we'll show you one couple making nearly $50,000 a month shelling homemade cheese boards. how on earth did a man fly a gyrocopter within a stone's tloef throw of the capitol building? that's some of the most restricted airspace in the world. ♪ if you're looking for a car that drives you...

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new york state is reinventing how we do business by leading the way on tax cuts. we cut the rates on personal income

taxes. we enacted the lowest corporate tax rate since 1968. we eliminated the income tax on manufacturers altogether. with startup-ny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. all to grow our economy and create jobs. see how new york can give your business the opportunity to grow at ny.gov/business wow! that was the reaction most investors had to etsy's debut today. the home craft stock nearly doubling after its public offering. investors buying into the profit potential of the companies. kate rogers is looking at one couple whose business is booming on etsy. >> well i've got two words for you -- cheese boards. that's what brooklyn based husband and wife duo bill and amy are selling on etsy and they are making a ton of cash doing

it. but these aren't any ocheese boards. they're in the shapes of states. they started selling on their etsy store in 2011 after offering up connecticut and michigan shaped doors as favors for their wedding. >> it was a bit of nostalgia and it's a useful item. it becomes a conversation piece and i think people love the personalization component of it where we individually mark the state, the location with a heart, house or star of where they're from. >> today they pull in between $25,000 and $45,000 a month on their store in sales. during the holidays that number can actually hit six figures. in total, etsy has more than 1 million sellers that can reach over 19 million buyers around the globe. there are no membership fees but etsy does take 3.5% of each sale and it has fees of 20 cents per product listing. for the moment. the top sellers for them texas, georgia, california and new york but oddly enough kelly, wisconsin did not make the list.

>> i'm sure it's punching above its weight. stay with us we want your panelist's take on that ipo. mose surprising to me this company's revenues last year were growing 50% and this is not his first year of business. >> it is pretty amazing for a craft store on the internet. crafty stuff. it is great. >> because it takes all of these individuals acting in these extremely artisanal ways to still generate enough product and supply out there to meet the kind of demand that otherwise you think is just cranking up a factory in china to meet. >> i bought some beautiful pillows with antique typewriters printed on them on etsy. they were lovely. >> kenny, i know you've been a long time -- >> listen i didn't go to etsy until today. i just wasn't a place that i went. >> because you are a boy. >> okay. i'd like to say i'm a man. but i looked at it today. i was actually scratching my head. i just can't even believe like some of the stuff i saw on there. now i i understand -- i have a better understanding. though this cheat board thing is

really out of control. >> my future sister-in-law considered buying a dress on etsy. >> 54 million users. that's huge. as kate said 1 1/2 million are active every month as sellers, 20 million a month are active as buyers. so things like this causing more attention to be drawn to this is only good for these guys in the crafts. >> there is an tension point people should know -- psit is a b corp. as these and others go public that balance between putting shareholders first and putting some of these "other interests" first. >> but the etsy ceo did say today they really care about the small business community and they'll continue to include them in the decisions that they make going forward. i got to add, kenny said he was surprised of the success of the cheese board company? all of the entrepreneurs we with ebt to to talk to all were shocked. they just tipped their toe. >> impea a big foodie. i just don't get the whole

cheese board in the shape of the state that i grew up in which for me would be massachusetts. i just don't -- >> you don't think it is a great gift? >> i think it is a shticky gift. >> kate, thank you very much. our kate rogers on a huge public offering down here at the new york stock exchange. time for a cnbc news update with our sue herera. >> i love a wisconsin cheese board. here's what's happening at this hour. i'll start by saying don't worry, he's okay. but, north carolina governor pat mccourty fell. his chair rolled out from underneath him sending him crashing to the floor. he popped right back up. he's okay. got a little round of applause. ford is proving its skeptics long with its lighter aluminum f-150 truck. the national highway trance admission giving the super crew

edition of the f-series a five-star safety rating. michael phelps back in the pool after a six-month suspension for his second drunk driving arrest. he had the fastest qualifying time during a 100 meter butterfly preliminary heat at a meet in arizona. the eight-man final will be tonight and will include rival ryan lochte. retired pope benedict separating his 88th birthday god bless him. he marked the occasion with a beer at his old summer residence in rome. just outside of rome. pope francis celebrated mass in benedict's honor. that's your cnbc news update at this hour. i know we wish him many more. >> always interesting to watch that relationship. almost an unprecedented one. >> you're right. >> thank you. the improved economy, the rising stock market have helped boost one-time sagging university endowments. but there is awell gap wealth gap with the nation's biggest gains going

to the biggest schools. late the force will be with us. we'll show you the entire trailer for the new "star wars" movie. stick around. you won't want to miss it. take a deeeeep breath in. . . and . . . exhale. . . aflac! and a gentle wavelike motion... ahhh- ahhhhhh. liberate your spine... ahhh-ahhhhhh......aflac! and reach, toes blossoming... not that great at yoga. yeah, but when i slipped a disk he paid my claim in just one day. ahh! so he had your back? yep. in just one day, we approve and pay. one day pay, only from aflac. [duck snoring]

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welcome back. earlier on "closing bell" today i spoke with congressman paul ryan about u.s. trade and that fired up today's cnbc's hot list. we're checking in with allan waft ler.was ler. tler. >> people are diving into to this. we have a feature looking into what's going on in colleges. a lot of college endowments were whacked back in 12008. they're trying to recover. they are but it is the rich getting richer for the most part. seems to be concentrated in the top part of universities. five schools -- harvard, stanford princeton, yale -- usual suspects -- they are getting most of it. the top 40 colleges get 60% of the charitable giving to colleges. there's a little factoid for you. there you go. . finally, we have a lawsuit that's getting a lot of attention on site. this is a u.s. worker suing

tata. that's the big i.t. outsourcer. he's suing them for south asian bias. he says they tend to favor h 1 b visa workers over local hires. rather than anybody else or non-south asians. and he also says if you do get hired there and you're not of south asian decent you are discriminated against. >> in this kwuntcountry? >> right. he's suing as a non-south asian person. that's not your usual kind of thing we hear about so it is getting a lot of reader attention. >> i got to go collection it out. thanks a lot. allen wastler back at headquarters. doug hughes redefined the term flying under the radar but this time it could have dire consequences. the florida postal worker was the pilot who yesterday shockingly flew a gyrocopter through restricted airspace around the nation's capitol

building. how did it happen? we'll find out next. and the force is rocking the internet today. disney released a new trailer for the latest installment of "star wars." the full version right here on the "closing bell." mall business you have to work hard, know your numbers, and stay focused. i was determined to create new york city's first self-serve frozen yogurt franchise. and now you have 42 locations. the more i put into my business the more i get out of it. like 5x your rewards when you make select business purchases with your ink plus card from chase. and with ink, i choose how to redeem my points for things like cash or travel. how's the fro-yo? just peachy...literally. ink from chase. so you can. new york state is reinventing how we do business by leading the way on tax cuts. we cut the rates on personal income taxes. we enacted the lowest corporate tax rate since 1968. we eliminated the income tax on manufacturers altogether. with startup-ny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. all to grow our economy and create jobs.

see how new york can give your business the opportunity to grow at ny.gov/business

. welcome back. it wasn't quite a ufo flying over washington yesterday but people on the ground couldn't bereave what they were seeing in the sky. today federal officials are asking the question how one man's helicopter made it through restricted airspace and landed near the u.s. capitol.

msnbc capitol hill correspondent luke russert joins us now with the very latest. hi luke. >> hey there, kelly. yeah, it is a good question. how was this pilot able to get through three separate layers of restricted airspace. right now we seem to have no straight answer from government officials. they said that this craft was flying so low it was able to avoid the radar detection usually implored by norad. it's quite striking though because of those three airspaces, the one specifically around the mall and the white house is the one in which you're supposed to stop or shoot down any of these aircrafts. there's some questions from lawmakers why this was not shot down. as to what's going to happen to the pilot, well it is unclear what he will be charged with. sorry. it is unclear whether or not he will be convicted. he's being charged with two things which seem rather minor, violating federal airspace which carries a one-year maxmaximum, then

having an unregistered aircraft which is a three-year maximum. when these laws were written after 9/11 there were protections put in their commercial pilots saying if someone accidentally goes into restricted airspace we don't want the book to be totally thrown at them. right now mr. hughes the pilot, is released. he's not allowed to go to the white house or the capitol. but he sure did make quite a statement yesterday for his pet issue of campaign finance reform but also to show you how vulnerable the capitol is to this type of aerial -- won't say attack, but incident. >> just to be clear, you said he flew it threw three restricted zones. >> correct. taking off from gettysburg pennsylvania, he went through three restricted zones. >> this incident leads many to wonder how that could possibly happen. what's now the protocol to stop rogue aircrafts as they could just as easily be carrying bombs as they do letter. joining us executive vice president of implant sciences

corp., a former homeland security official. could you explain the difference to me between a gyrocopter and a drone? >> this is a manned aircraft. a drone is typically unmanned. the gyrocopter has a very low profile as a consequence. that's one reason it was able to evade the radar. i was flying under the radar, literally literally. a drone has a similar type of low profile. they come in all shapes and sizes. you're probably familiar with the predators used overseas. but drones can be really any size aircraft down to the smallest palm sized helicopter. >> have gyrocopters existed for a while? >> they sure have. i can't recall how long they have been around but i remember growing up as a kid looking at popular science and wondering if i could ever have one of those things. so they've been around for a while. >> i asked and i'm about to bring in the panel. i could understand if there was some new technology that somebody flew a drone and maybe our systems weren't even equip equipped to look for the threat.

sounds like this thing is pretty old. how is it able to go unnoticed and not considered as part of our national defense? >> let's talk about the positive aspects. we do have protocols and all sorts of capabilities to detect larger aircraft and response capabilities that go along with that. when i was at homeland security we actually had some of that tested sometimes. you see it today. i mean aircraft i don't know what the exact frequency is but relatively frequently do violate controlled airspace. they'll send an f-16 or aircraft up to be able to either force it down or at least control the aircraft. the aircraft will be brought down at a local airport. then secret service and law enforcement authorities will investigate that and talk to the pilot. so those things do occur. >> i have actually flown in a gyrocopter gyrocopter. 20 years ago over the zambizi river in africa. i can see how it wouldn't be detected. it's almost nothing. like you can't believe you're

going to put your body in that thing and take off. and the engine feels like it came from a lawn mower. >> but we are talking about there aircraft flying in our nation's capital. not even within miles of the white house but right next to the white house, the capitol. so it is unbelievable when you say it flew under the radar. well then i guess you can get a drone to fly under the radar, too. am i right? >> well you are right. this is a fortunate incident at one level. this was not an attack. but it does highlight the vulnerability that we have because -- and it is a kwern.concern. we've had a number of incidents recently. there was a drone or smaller helicopter drone that was flown around the -- around the white house. you see reports about this in paris and in france where there have been a number of sightings of drones flying around government buildings there. >> they say fool me once, shame on you. fool me twice, shame on me. i think we've reached fool me

twice territory. >> we have to kind ever parse this story out. >> quickly, last word robert. >> i beg your pardon? >> just the last word. apologies. we don't have more time. >> well i guess the thing is there are protocols in place to prevent an attack on the white house. and there are highly sophisticated. so i think if this had gone to the white house we would have had a different outcome. >> all right. we hope so. thank you, former dhs official with us this afternoon. ge mavgking headlines. a week ago the ceo getting rid of ge capital. stock has soared in response. we'll see how the industrial giant's earnings look.

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welcome back. if you're keeping an eye on the industrials, then tomorrow is your big day. ge and honeywell out with earnings. dominic chu is here with a preview. >> so you got the ge and honeywell earnings. i guess the way to put it is that ge we probably already know the bulk of the biggest news they've got. we heard it earlier on with their disposition of real estate assets assets. honeywell has been doing relatively well versus ge over the last five or ten years. one consumer staple stock,

reynolds american of course they're in what could be a big pending merger with another company, and comerica on the regional bank side of things gives us a better view of what's going to happen with the financials overall. here are how things stack up. 51 companies have reported their numbers. 76% have beat 14% have met, and 10% have missed. only 1/10 of the s&p have reported. we'll get a lot more next week. still, blended earnings growth right now is expected to be minus 3% for the s&p. it's now minus 2% given the earnings we've got. it's been better so far. we'll see if that continues with the rest of the season. >> dr. j, ge versus honeywell, which one do you like? >> i would take honeywell as the more nimble of the two, but after jeff immelt sheds these assets that obviously he's selling to wells fargo and blackstone, then they become more interesting. >> dom? >> what's interesting for me is

i don't know whether ge or honeywell does better. what's interesting is whether or not this is the true catalyst that ge shareholders have been waiting for for the better part of 10 to 15 years. >> exactly. >> and that's going to be the real key, whether this really unlocks that value. >> and a lot is priced in at this point. thank you, dom. great to see you down here. it's not the "star wars" cantina but fans of the movie were lining up to get in. we'll have the latest trailer for the new "star wars" film and a behind the scenes look at the fans' celebration, and may the force be with you when "closing bell" is back in two.

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new york state is reinventing how we do business by leading the way on tax cuts. we cut the rates on personal income taxes. we enacted the lowest corporate tax rate since 1968. we eliminated the income tax on manufacturers altogether. with startup-ny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. all to grow our economy and create jobs. see how new york can give your business the opportunity to grow at ny.gov/business

not so long ago in a place not too far away thousands of "star wars" fans lined up to celebrate the latest film in the intergalactic saga. joule julia boorstin is one of them. hi julia. >> hi kelly. that's right. all of these fans here will help disney's $4 billion acquisition of lucas film pay off. about 40,000 "star wars" fans are expected to come here to this convention center for "star wars" celebration over the next four days. many waiting overnight last night to be first in line for a

panel with director j.j. abrams and lucas film president kathleen kennedy unveiling the main attraction. a look at the future of the franchise. j.j. abrams showing a new teaser for the force awakens, which hits theaters december 18th. >> the force is strong in my family. my father has it. i have it. my sister has it. you have that power, too.

chewie, we're home. >> disney's ceo bob iger telling us base on the reaction here he expects the new "star wars" kicking off a series of six films in the works to be huge. >> no predictions on how big this will be. you know we know that "star wars" films did incredibly well

but there hasn't been a film out since 2005 actually. >> bob iger also telling us that they're working to build a "star wars" presence at disney's parks. we can also expect more things in terms of "star wars" consumer products. there are obviously a lot of interested merchandisers here and there is the potential to bring "star wars" into more television properties. >> i'm sure we'll see it everywhere. julia boorstin thank you. we have some big "star wars" fans on this panel. >> love it love it love it. i still remember the bar scene. i was 8 years old. it was like wow. >> will you go see this movie? >> yeah probably. >> yeah it will be big. obviously we've got avengers: age of ultron coming out. that will be huge. disney owns both. >> kenny? >> i don't even know where to go with this. i have never seen a "star wars" movie. >> oh, my gosh. >> it was never in my

wheelhouse. >> too busy watching emeril. >> how did you feel when you found out he was luke's father? >> i do remember i was young, but i remember going to the movie theater when it -- i lived in a very very small town, and i remember there was some sort of event about come see the "star wars" films and we all went on a school trip and it was thrilling. i don't know if i carry that over -- i'm confused about what i'm supposed to be finding out in these movie but i never saw the other three. >> you haven't watched all of them. >> not the newer ones just the first ones the originals. >> but you two go consistently? >> yes i see them all. >> yes, darth mall all over. >> i can see you in one of the getups. >> you were chewbacca. >> more a johnny depp pirate guy. >> that i can see. >> never made sense to me. >> kenny, you're on warning, you will get a lot of cheese boards. >> i'm going to get him one in the shape of darth vader. >> i'm not a new yorker just so you know.

i'm from massachusetts. >> really pesht the panel. "fast money" coming up in a few moments. >> i have never seen "star wars," kelly. >> i remember i was -- i found that out on "power lunch" today. but you're not alone. >> dennis gartman has a shocking prediction. and you will want to hear that. >> in that case straight over to you guys. >> "fast money" starts right now. i'm melissa lee. tim seymour, steve grasso, brian kelly, and guy adami. netflix up 18% hitting an all-time high. one analyst says do not sell yet. the stock is going to 900 bucks a share. we have the details. and a bold prediction on greece from dennis gartman. find out why he's worried about the action in europe. plus stock therapy. two biotech conferences coming up. which stocks can be big movers on the news. strong dollar no more. the u.s. dollar dropping today on the back of comments from atlanta fed president dennis lockhart that the