earnings reported this evening. and of course as you know president obama expected to address the nation. we're also expecting a press conference at any moment. so we will bring that to everybody as we have it. lots of developments in the next hour. >> great stuff. my thanks to the panel this afternoon. over to you guys. >> thank you. "fast money" starts right now. from the nasdaq money site i'm melissa lee. john najarian, brian kelly, karen finer man, and steve grasso on the panel tonight. all the after-hours action you can handle across all sectors. we'll tell you how to profit from all the news ahead of tomorrow's open. plus call it the tech trifecta. facebook, apple, google all rallying 2% or more on this day. we'll tell you the name that could soon follow them higher and what it means for the tech rally. and you're looking at a live shot of camp david where president obama will be holding a news conference immediately following a summit with six gulf state leaders. we've got team coverage as that event happens. actually, the president is walking out right now.

we are expecting him to make some statements along with the qatari leader. so we will wait for him to -- i believe approach a podium there. >> i think i saw one over to the left. >> and let's go straight to camp david right now. >> and while we are awaiting the president to make a statement along with some of the arab

leaders, let's get to jon harwood in washington. what should we be expecting here? >> we should be expecting to see president obama try to smooth over the tension between the united states and these gulf arab countries over the overtures the united states is trying to forge a nuclear deal with iran. just like israel is nervous about the consequences for them, the gulf arab states are worried about consequences for them as well. this has been interpreted why king salman did not come to be part of this group. and later he will bid those leaders good-bye and will have a news conference shortly after 5:30, we expect. and that's where i think you'll see the president responding to the question that was raised about the so-called snub from the saudi king. >> so after 5:30, that's when we're going to get the hard questions. right, john? >> that's where we get the questions -- >> the questions to move the oil

markets. >> yes. the president will make a statement before that. i'm sure the markets will closely listen to that as well. we know as a backdrop that the gulf arab states had wanted a commitment from the united states. but the united states is not willing to provide. ben rhodes briefed reporters this afternoon and said that was not in the cards. so the question now is what can the president do to reassure these leaders about the united states relationship with iran and whether the alliance or the accommodation over nuclear issues with that shiite-led nation would bring about some consequences for sunni countries like saudi arabia. >> all right, john. we'll check in with you later on. in the meantime, the president appears to be wrapping up his photo ops. we should remind everybody we had a rally on our hands. the nasdaq closed at highs.

what was the mood here on the floor as we had such a strong day in the markets? >> people have been waiting for these breakout moments. and i wouldn't call today a breakout moment, but it was definitely some buying going -- it was a dull sense of buying and then it really started to escalate probably middle of the day when people said i don't want to miss something here. you feel that people really got skin in the game middle of the day towards the close. >> you know what they call it when people don't want to miss something? fomo. fear of missing out. that's what this rally was. look at what happened earlier this morning. we had the euro going higher, dollar weaker. then mario draghi said it's going to be a long time before we can say european qe is a success. then you saw the euro start to drop, the german markets turned around and everything else followed from there. that's why we ended up in the highs today, in my view. >> i kind of agree with crow. i think that is weighing on the markets much more. i don't know what people are expecting out of this. but -- and then some of our data

here. i think the market was focusing on that as well. >> dr. j, what'd you make of the session? actually, the president is starting to speak. let's go to camp david. >> i'm going to have an opportunity to answer some questions for the press. i'll make a more extensive statement later. but i just wanted to say thank you to all the leaders who are represented here today. and the gcc for its participation in what i think has been an excellent summit. the gcc countries are some of our closest partners. and they are in a region that we all know is going through some extraordinary changes. and some great challenges. but fortunately because of the depth and breadth of our cooperation and our partnerships, we've been able to strengthen each other and to work together to counter

terrorism, to deal with issues like nuclear proliferation, to address the problems of conflict that are causing so much misery and hardship for so many people. the discussions we had today were candid. they were extensive. we discussed not only the iranian nuclear deal and the potential for us to ensure that iran is not obtaining a nuclear weapon and triggering a nuclear arms race in the region, but we also discussed our concerns about iran's destabilizing activities in the region and pledged cooperation around how we can address those in a cooperative fashion even as we hope that we can achieve the kind of peace and good neighborliness with iran that i think so many of the countries here seek. we discussed the conflict in

syria. we discussed the situation in yemen. we discussed countering violent extremism. and specifically what additional work we need to do with respect to d.a.s.h. and i will be explicit in the joint statement we release that the united states will stand by our gcc partners against external attack and will deepen and extend the cooperation that we have when it comes to the many challenges that exist in the region. so i just want to say thank you to all of the participants here today. i think it's been an excellent conversation. there's a lot of work that will be coming out of this summit as reflected in the joint statement. and because we want to make sure this is not just a photo opportunity but instead is a practical, concrete seerries of

steps to make our peoples more secure, i've accepted an invitation from the gcc to have a follow-up meeting next year in which we will be able to report on the progress that's been made. but again, i want to thank every one of the countries that are represented here today as well as the general secretary in the gcc for their extraordinary leadership, their friendship, and their commitment to working with the united states. with that i'd like to turn it over very briefly to the current chair of the gcc, the amir of qatar. >> and we've been listening to president obama. you saw flanking the president the leaders of the gulf states with whom he met at camp david today. let's go to john harwood with more on this. the meatier part of this is going to happen in about half hour's time. >> that's right. whenever a leader describes a meeting he's had with other leaders as candid, that tells

you there was some tension in the meeting and the president reflected that by saying not only did we talk about the nuclear agreement which is the united states' priority, but we also talked about some of the destabilizing actions that iran takes elsewhere in the region which is the priority of the gulf arab states. so they're very concerned about what the united states' relationship with iran is going to be. we'll hear the president address some of those points of tension more directly in about half an hour. >> all right, john. we'll check back with you later on. thanks for that. john harwood out of washington d.c. again, that other address by the president should happen in about half hour's time. once we get that, we'll go straight to it. of course, those comments and the q & a that follows could move the oil markets tomorrow. it could be some very key information out of that. coming up next, what do a chicken, candy crush, and expensive jeans have in common?

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green mountain falling in the afterhour sessions. sara eisen has the latest. >> the company has just been holding an investor event at headquarters with brian kelly, the ceo, speaking unveiling the current cold system. this is a new machine that's set to go in your home, set to be launched this fall where you can make cold drinks like coca-cola and coke is a big partner in this project with this new technology. some of the details that were unveiled, the current cold machine is going to start pricing atty$g $299. $299 to $369. that's a pretty high price especially when you compare it with the hot machines that go for arnt $100. the ones to make your own flavored water, those starts at 99 cents to $1.29. a little on the high side and a

lot of questions after the event was over focused on the high price. also, it's going to be a slow rollout. they'll roll out first on keurig.com and then retailers. remember they're just coming off another pretty rough quarter in which ceo brian kelly admitted they misread the consumer on the hot machine when it came to unveiling their latest product of 2.0 that consumers rejected it and they missed the my current version. they were going to bring back the old machine. so some missteps there. and the case was that the kold machine would open up a new market and technology. it did not do that when it came to this. which was also seen online. >> all right. sara eisen, thank you for that. the shares are down right now. that is a whole lot of kold beverage you would have to make. the pot itself is the cost of

one cold beverage. forget the cost of that machine. >> $299 the low end? that is clearly experiennsivexp. that's a huge problem there. keep in mind, with green mountain, this is $155 stock. way back in november. so we had a tremendous selloff here. and of course there is some kind of put out there because of the coca-cola involvement. i would think -- i wouldn't buy it here but around $90, that's where i get interested. >> i think when the stock was at its high, there was this notion that perhaps coke would go deeper with this green mountain relationship if this kold thing works out. then coke might back out, then that's bad news with this. >> i agree with bk. for a trade, maybe you want to dip a toe or so. but longer term when you look at a real long-term chart on this, this is a catastrophic failure on this name. it has a lot more room. he alluded to the fact it had a meteoric rise. it's got a lot more room to the

downside. be careful. i don't think this is a long-term hold. >> there were so many people either protecting, i guess, and worried about this conference or this announcement today, mel. puts were out trading calls substantially about eight times the open interest turned over at the 100 put strike. so there were definitely people that were concerned about what they might announce. and given what sara said, i think there was cause for that concern. >> i'm just wondering maybe the options tell you. how long the market gives not the stock market but the consumer market gives you to give a thumbs up or thumbs down on this product. >> or how long would they -- i mean, they have to fool people into prepaying four years of soda pop buys or whatever you want to view it as. 299 bucks, that's -- >> hoe such a six pack? $2.99.

yeah. all right. we've got an earnings alert here. >> shares of el pollo loco reported weaker than expected comp store sales. the chain sees earnings per share of 67 and 71 cents this year. and also expects to open 16 company-owned and 11 franchise-owned restaurants in the year to come. >> thank you so much kate rog s rogers. they kick off the earnings playbook. this is one name you had been recommending -- >> just yesterday. >> just yesterday, in fact. >> loco bk on this one. i'll tell you what. looking at this, initially the stock sold off because their same-store sales were up 5.1% versus 5.7%. down 11% i don't think is justified here. and around the $25.50 level, it looks fairly interesting

technically. while this is definitely disappointing and it's a full fast fire on bk, i would not panic out of this stock at all. >> you saw unusual activity here? >> we did. somebody bought a bunch of june 29 puts. these were puts that they purchased just today. obviously they're looking for downside beyond just what the may puts would have provided. in other words, they think that this thing could test, i guess, down lower over several sessions. not just a one-time drop or they would have bought may options. that's a little scary for the folks that might see a double bottom around that $23.50 where it was january. that's proximately the lows it would test. >> when you look at a shake shack, there is still that sort of same optimism in the stock, embedded in the stock. and shake shack, same shack sales actually blew the cover off the ball. >> and plus you have to remember. it's torqued. it's such a low float. small amount of float out there

so that any positive news is going to make this thing fly high. and then any short cover, anything you see, it has such a small float. things are going to be of the magnitude you would not expect. but in the same area, remember we talked about the other night. you should be a buyer of mcdonald's. seller of yum. that's how you play the space. that's the pairs trade. yum is just to me overbought on a technical basis. people had it priced to perfection. i hate that saying but it was. now mcdonald's, they threw everything out there. >> all right. next up here, nordstrom missing estimates. same store sales coming in up 4.4%. the stock is slightly higher in the after-hours session. >> that's a little bit of a relief for what has been a really not so good run at all for retail which is a space i like a lot. nordstroms, they're great operators. up a little bit in the aftermarket. i think it's good to see some top line growth. that is good. one could wonder who are they taking sales away from?

or are they just executing well? i think this will maybe put a little bit of a floor under some retail stocks tomorrow. >> do you think they are taking share away from somebody out there? >> it's possible. it is possible. you know, jcpenney also wasn't stellar. so it's difficult all over. but i think these stocks have really been excessively penalized for the very bad winter, the port strike, all of the things we know already. >> just as you're saying, i like it. i like rl as well. i like them both to rebound in the second half of the year. there was a fairly large put seller at the 75 strike in the stock. so when somebody's selling a put, that means they're willing to own the stock at the premium minus the strike price. in other words, they're relatively bullish on the stock. there are also upside call buyers here. so i think karen's exactly right. this thing looks like it wants to seek a floor here after about a 6% or 7% selloff from the

beginning of the year. >> yeah. so, i mean, all of these retailers have really been hurt in the last months anticipating some of this weakness we saw retail sales yesterday weren't that great. a lot of this bad news could be in there. i will go to the other end of the spectrum to walmart though. they had some news today that they're going to start free shipping, go against amazon. they're also going to take away alibaba pay. where this has been consolidating, i like walmart. >> technically target looked like the best stock in the whole space. and it just broke down on the backs of everything we've been hearing lately. so i would think the fact it held in there, you should be a buyer of this stock. it closed at $77.26 or thereabouts. i would start buying even at these levels. >> fine materials jumping after-hours. total orders jumping 11%. >> and this is a stock that had that big down. where it was really support for the last couple of years. we had this discussion about

most of the chip stocks last night. at least apply material. you look at something like a micron. they have been beaten up so bad that it's good. with this bit of good news, that probably holds micron. that's probably a good cushion and i would be a buyer of amat here. >> i was looking at some of these today. broadcom, a new high. nxpi up a percent. which one ds do you like? >> it's not just a rumor. it's on the wires that they might be spending $10 billion to go after one of these guys. >> one of these guys meaning who? >> well, the one they mentioned was xilinx. and they put broadcom in there which doesn't make sense because it's so much bigger. but to your point, that stock has been hugely out-performing. on the communications chip side, just a amongster this year. >> and they make that chip for

the credit cards for security purposes. so that -- this one had an incredible rise from about $50. i was in the stock. i'm not in the stock now. i think it's definitely with short-term overbought. but if you have to revamp the entire credit card system, it's still a buy. >> it's not just the united states. it's china. think of all the credit cards in china. they have the lock on that market. they're the only one providing that chip in that country. that's a huge potential market. king digital here the maker of candy crush getting crushed after-hours. the stock falling after it says it sees mid-year growth being seasonably softer. i didn't realize there were seasons to this thing. >> king digital, i have never owned the stock. i missed whatever games you would have had. but i'm not there for the losses. you just said candy crush. so the company will describe itself as having 185 games in 200 countries. they do most of their business in north america. so that's number one. number two, no one knows any other game besides candy crush. i would still not be a buyer.

>> and what is the season for it? honestly. >> halloween. >> mrs. bk has been playing all winter. now she's tailed off. >> now that it's warmer? >> yes. it's a very addictive game. >> i don't understand that at all. the seasonal -- >> seasonally soft. >> weather? i don't know. >> the weather. all right. coming up next, the tech trifecta heard around the street. facebook, apple, and google making waves. plus commodities king dennis gartman weighs in on crude as president obama gets ready to wrap up his summit with six gulf leaders. gartman will tell you who is winning the war for oil. that's ahead.

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it's a tech trifecta. apple jumping up. iphone demand came in above estimates. next up, facebook up 4% based on april data it shared mobile time rose 2%. plus microsoft joining in on the tech rally up 2%. launching three apps for making hyperlapsed videos for windows as well as android. it was tech that led us higher. >> apple -- i don't believe that anybody knows what earnings are going to be besides celerity maybe. it seems hard to know for sure. >> especially when the report is so far out. >> i don't get that at all. >> if we stay on apple and then move to facebook. apple for me, i still own it. and you remember i sold 12 of 19 positions because i just felt like the market was due for a correction. apple i still own.

for me it was about the return of capital. also the upgrade cycle that everyone wants to count out or think it's in the late innings. it's still there. but facebook, if you look at it on the whole social landscape, what else were you going to buy? i believe it's a zero sum game. were you going to buy twitter? no, you were disappointed there. yelp? you were disappointed there. i think that people that were in facebook sold, wanted to free up some cash and got disappointed and now we're back in facebook. >> what's interesting about this data, it's staggering. core services, core facebook services accounted for 24% of all u.s. smartphone activity. 24% of all minutes spent on a smartphone in the united states was facebook. and then what also stood out to me today was that twitter was down 1%. >> right. now, remember. i'm included. when they bought all these other applications, none of us could understand what was going on. why they paid so much. now it's becoming very clear. they have actually -- i'm talking facebook.

they have figured it out better than anything else. not just oh, we're switching to mobile. they figured out how to monetize this. when you're out there saying where can i buy growth, you buy it in facebook. >> and bk, also with all those purchases people called them saying it was a crazy purchase. instagram $1 billion. now it's assessed north of $15 billion. the biggest thing was it was creating a mote around what they were so defensive of and what they should be defensive of. twitter has not done that. and i haven't seen anything within the company meetings and so forth that indicates that they're about to make a big purchase like that. >> we talked about trifecta. three stocks and you want to talk about two stocks. is there a reason why you guys don't want to talk about microsoft which was a huge mover in today's session? >> huge. and everything's been right about the stock. i mean, from the cloud to the

53% uptick in surface sales. >> are you in microsoft? i know your brother likes pit. >> pete is a big holder. but i am not. >> why not? >> it just got to a point where i just let it go. i owned it until the mid-40s. i sold it and i haven't jumped back in. i wish i did. >> microsoft i look at as a bond proxy with an upside call to it. that's what you got here today. it's a snooze fest for me, that's why i don't have it. >> shares of avon. this was not a snooze fest, by the way. halted three times today on extreme volatility after a phony takeout offer. a company allegedly named ptg capital filing with the stc offered to buy avon products for three tienls its current value. avon confirming they have not received any such offer. we also tried to track down ptg, called the lawyers listed on the filing. all sorts of phony weird stuff happening. could not contact the lawyers. no record of them being admitted

to the bar in texas which is where they have their officers, et cetera. >> this is our market at its worse. manipulation, no doubt, of course. but i hope people didn't get caught up in this. think about it. avon who we know has been struggling. would someone lob in a hostile bid -- >> three times the value. >> -- never approach the company and start with that price? and then put up this phony document. i mean, it's absurd how bad this is. and shame on anyone for getting sucked in, but you got to think for just a second, something seems maybe a little off here. they're -- do you remember -- this was awhile ago, but there was a guy who claimed he was from the association of global millionaires and billionaires. why the billionaires would want to hang with the millionaires, i don't really know. but global association of millionaires and billionaires and he made a bid for marks and spencer. equally as just absolutely absurd and ridiculous.

these things happen. amazing as they are. >> but why did the stock still close higher by 6%? i mean, this is so phony. >> if you look at the volume, a lot of people got pulled into this. first when you looked at that offer when you said it was three times the offer. people thought it was a misprint and they added a one. then people said who is this firm. people start trading off of all this information, misinformation. but you have to be there. then guys wanted to short it off the reopens because there were multiple reopens. because they said this doesn't exist. then there were guys saying maybe it does exist. i'll flip in and out of this. no one knew what was going on. people were not taking unlimited risk but they were trading. >> i would think step away. you don't know what's going on. >> that's why it was halted. >> it wasn't halted earlier than that. that was the part -- i mean, it was trading for awhile before they finally decided. what would be the harm in

stopping it right away? >> it was only triggered by a circuit breaker. >> where fs the company? >> the company did not want to step in. but i wonder if the company would have stepped in if it were down 9% out of phony filing. >> right. and the question is where was the company? where was the s.e.c.? why isn't anybody asking these questions? there's a lot of questions for the market. the market is at the worst for the integrity. we make a big deal about flash crashes. this is a lot worse. we know what causes a flash crash. this needs to be solved. >> i was joking earlier someone should try to file something for the heck of it. i'm serious. you should try to file something we the s.e.c. next up, bad day tr the rails after kansas city southern cut on uncertainty around markets. the company also withdrawing its

year in outlook. >> and this is the second time they've done that in the last couple months. we have seen some weakening in the u.s. economy here. when you look at the u.s. economy, you look at the fed model. they're both showing gdp in the quarter about up .5%. the one thing i would say when looking at the transports in general today, they were down or they didn't participate in this rally because of the rails. but separate out the airlines and we'll see when president obama comes back, if he says anything that moves the oil market lower these airlines look poised to rip here. play the transports that way. >> as we head to break here, we are still awaiting president obama to emerge from that summit with six gulf state leaders. we'll bring you his press conference live as soon as it begins. much more "fast money" right after this. 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?

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welcome back to "fast money." you're looking at a live shot of camp david where president obama will be holding a press conference immediately following the summit with gulf state leaders. we will have breaking coverage when that begins. with us for the remainder of the hour is our all star panel. john harwood, bill spindel, and

harold ford. guys, great to have you all with us. john, let's start with you. set the table for us in terms of what we should expect given the president already gave a brief statement alongside the gulf state leaders. it seems like he's reserving the meat, perhaps the more contentious part of the discussion for this later press conference. >> i'm not sure how much meat there's going to be. we don't expect a very large concrete accomplishment at this news conference. but i do expect him to respond to the idea that the saudi king's absence from this summit reflected displeasure and strain in the important relationship between united states and saudi arabia. >> bill, i want to bring you in. what do you think? how does this factor in to the report that opec had out earlier saying that oil prices rally could be false and that

producers will resume producing and also the opec meeting in june? >> yeah. i think john's right. there's not a lot of deliverables really available at this meeting. they can't get what they want, the security guarantees. they can't get the second thing they want which is the f-35. so what are we looking for and what are oil markets looking for? how nicely do they talk about each other? i'm sure they will talk about each other nicely. but everyone needs to read between the lines to see whether there's underlying tension. largely to see whether these larger tensions between saudi arabia and iran are going to cool down in the region that are really causing a lot of nervousness particularly off the coast of yemen near saudi where those oil lanes are. so they'll be looking to see to what extent is this larger rivalry between iran and saudi going to cool down. to what extent have the gcc states been able to bring the u.s. closer to their position.

in yemen get rid of -- crush the houthi movement. so to what extent do they come out of this on the same page i think is what people will be reading between the lines to see. it will be a lot of comedy. >> sounds like it should be quite a show. harold ford, i want to go to you. you've been a washington person inside the beltway for quite some time. you've been down this path. i mean, in terms of what we're looking for, body language, nuances, bill made it seem like you're going to look for the nuance language to see how they talk about each other and the exchange. >> i would agree with everything that's been said. one, the consistency and clarity are in the minds i think of some of our gulf allies. the lack of sincerity around guarantees around whom we may be siding with today, tomorrow, the next day. give a lot of credit to the president who has had to maneuver. there's not a president who has

dealt with this kind of complexity in a generation or so. all that being said, i'm concerned also, the second part, about what happens after this summit. do they walk away from this summit believing they are now in power or at least have some sort of permission slip to nuclearize themselves? there has to be worry amongst the group at camp david and for that matter those in the region and follow the region closely. if whether or not this summit here is the trigger or the catalyst to a nuclearization amongst some of the gulf states president at the summit today. and even those who are not present. >> bill, i'm wondering if you think anything that could have happened today might have any sort of impact on that opec meeting in june. >> i don't think it'll have any direct effect on the opec meeting in june. that's going to be about whether opec can get some sort of deal together with producers. i think this is really kind of a separate thing. but i think, you know, adding to what congressman ford said, i

think what's particularly interesting on the nuclearization question is this is really the first chance the younger generation among the gcc leaders have come in. king salman didn't come, but they sent two who are the younger generation. the uae sent their younger crowned prince. so in a sense, this group has been considerably more aggressive in its regional policy than past practice. and i think people will be looking to see will that be carried into some nuclearization policy of some sort. >> all right. bill, john, and harold stay right there. we're going to squeeze in a quick break here. we'll hear from our all star panel once again while we await president obama's comments on oil in the middle east. we'll take you live in a moment. stay tuned.

welcome back to "fast money." you're taking a live look at camp david where president obama will be holding a news conference immediately following that summit with six gulf state leaders. we have team coverage of that event as it breaks. as we await president obama, let's go and talk about oil. >> i thought we were looking at a sock puppet for a minute there. i really did.

>> the financial times quoting a saudi official today saying crude's fall has exceeded in deterring investment in oil including shale. who's really winning the oil price war? dennis gartman joins us on the "fast" line. do you think whatever has happened today could impact oil prices tomorrow or the opec meeting in june? >> honestly, i think nothing is going to come of this meeting. it really wasn't a summit meeting at all. it was a photo op. it will end up being a photo op. there's too much dissension between us and the sunni leadership. so i think nothing will be resolved. they will say nice things but nothing dramatic will happen. i think the impact on the oil market will be nonexistent. >> you say the saudis have won. >> yes. >> why? >> i think the saudis clearly have won. they have put the fear of god into the frackers. we have seen a 50% decline in rig counts from last october to present.

we've seen a small -- last week was the smallest decline that we've seen in rig counts. we may actually see a small increase. but we're not going to see any expansion. i think the saudis are extremely happy to have wti trading around $60 a barrel. brent at $65 a barrel. that's a good price for them. it's not enough to entice new production, new fracking to come online. it's enough to keep current levels intact. i think the saudis have won. i think they've done a brilliant job of managing the market better than anybody might have imagined. >> dennis, there's an article in "the wall street journal" we actually had one of the coauthors on just now. saying that the shale oil producers are ready to raise output with prices where they are right now. you don't think that's going to happen? you think that production is not going to resume? >> i think $5 higher and you get an increase. i think at $60, i'm not sure she bankers of houston, the bankers of dallas are going to be aggressive allowing production to increase.

i think we'll be happy to stay where we are. i think production will stay very, very stable. take it up another $5 and you get above a level that will entice production. i think the saudis understand that and i suspect their impetus, their propensity to allow prices to move another $5 higher are minimal. >> dennis, isn't this what we were always concerned about before we were so big into fracking and shale oil when they were doing the tar sands in canada. we knew at any moment saudis could drop what they've done and knock the price down substantially and wipe out the guys that made that big investment. so it's always the threat of that that kept any real development. but that was obviously at higher prices from here than where crude oil is now. >> it probably takes $85 to make it viable again. what's up there will stay there. the expansion is clearly off the table. because as i said, i think another $5 higher is what you need in order to really get an

increase in production in the bakken again. i wouldn't be surprised if we had it maintain at $60 a barrel moving forward. i think everybody's happy. consumers are happen we b the saudis are happy. frackers are happy with what they have done but aren't going to be expanding. not such a bad place to be. >> thanks for phoning in. dennis gartman of the gartman letter. as you can see here, we're still awaiting president obama to come out and give us that news conference. meantime, we're going to take a quick break. be back right after this. stay tuned. and the most advanced vehicle stability system in the industry... ...you'll ride with a feeling of complete freedom and confidence. visit your can-am dealer and test drive the spyder f3 today. dovisit tripadvisor new york. with millions of reviews and the best hotel prices... book your next trip at tripadvisor.com today.

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with comcast business internet, you literally can't mook a mistick. i meant to say that. switch today and get the no mistake guarantee. comcast business. built for business. i want to express my gratitude for the first responders who raced to save lives and for the many passengers who despite their own injuries made heroic efforts to get fellow passengers to safety. for a lot of people on that train, it was a routine journey. a commute, a business trip for the amtrak employees that were badly hurt it was their office. place of doing business. that somehow makes it all the more tragic. until we know for certain what caused this tragedy, i want t y reiterate what i've said. we are a growing country with a growing economy. we need to invest in the infrastructure that keeps us that way. and not just when something bad

happens like a bridge collapse or train derailment. i offer my prayers for those who grieve, a speedy recovery for the many who were injured as they work to recover. and we will cooperate, obviously, at every level of government to make sure that we get answers in terms of precisely what happened. now, to the work that brought us to camp david. for the past 70 years the united states has maintained a core national security interest in the security and stability of the middle east generally and the gulf region specifically. it's a fundamental tenant upheld by service members and reaffirmed by every u.s. president including me. since i took office, we've intensified our security cooperation with our gulf cooperation council partners. saudi arabia, the united arab emirates, qatar, and bahrain.

at a time of extraordinary challenges across the middle east, including conflicts that have caused untold human suffering, the united states and our gcc partners cooperate extensively countering terrorist groups like al qaeda and now isil. opposing the regime's war against the syrian people. opposing iran's destabilizing actions across the middle east. i invited our gcc partners here today to deepen our cooperation and to work together to resolve conflicts across the region. i want to thank each of the leaders and delegations who attended. we approach our discussions in a spirit of mutual respect. we agree that the security relationship between the united states and our gcc partners will remain a corner stone of regional stability. and our relationship is a two-way street. we all have responsibilities. and here at camp david we decided to expand our

partnership in several important and concrete ways. first, i am reaffirming our ironclad commitment to the security of our gulf partners. as we declared in our joint statement, the united states is prepared to work jointly with gcc member states to deter and confront an external threat to any gcc state's integrity that is inconsistent with the u.n. charter. in the event of such aggression or the threat of such aggression, the united states stands ready to work with our gcc partners to determine what actions may be appropriate using the means at our collective disposal including the use of military force for the defense of our gcc partners. let me underscore, the united states keeps our commitmentcomm. second, we will increase our already extensive security cooperation. we'll expand our military exercises and assistance to meet the full range of threats. in particular, terrorism.

this means more training and cooperation between our special operations forces. sharing more information and stronger border security to prevent the flow of foreign fighters. and increased enforcement to prevent terrorist financing. we'll step up our efforts to counter violent extremism including online and more broadly will expand on maritime security and work to harden our critical infrastructure. third, we'll help our gulf partners improve their own capacity to defend themselves. the united states will streamline and expedite the transfer of critical defense capabilities to our gcc partners. we will work together to have a capability against ballistic missiles including an early warning system. and we will work toward the development of rapid response capabilities to undertake missions such as counterterrorism and peace keeping. fourth, we pledge to work together to try to resolve armed

conflicts in the region. and w interests. respect for sovereignty, recognition these can only be solved politically, and acknowledgment of the importance of governance and the need to respect minorities and protect human rights. therefore, with respect to syria, we committed to continuing to strengthen the moderate opposition to oppose all violent extremist groups and to intensify our efforts to achieve a negotiated political transition towards on inclusive government without bashar assad. we will continue to support the iraqi government in its efforts against isil and in reforms to ensure that the rights and opportunities of all iraqis are fully respected. we welcomed the humanitarian truce in yemen so urgently needed so aid can reach civilians. and we call on all parties in yemen to return to talks facilitated by the united nations. we will step up our collective

efforts to form a government in libya and counter the growing terrorist presence there. and we reiterate the urgent need for a two-state solution between israelis and palestinians. fifth, we spent considerable time discussing iran. i updated the partners to prevent iran from obtaining a nuclear weapon. and i'm pleased that here at camp david we agree that a comprehensive, verifiable solution that fully addresses the regional and international concerns about iran's nuclear program is in the international -- is in the security interests of the international community including our gcc partners. of course, whether we reach a nuclear deal or not with iran, we're still going to face a range of threats across the region. including its destabilizing activities as well as the threat from terrorist groups. so we're going to work together to address these threats and much of the enhanced security cooperation that i've outlined

will allow us to do precisely that. but i want to be very clear. the purpose of security cooperation is not to perpetuate any long-term confrontation wit to marginalize iran. nonof our nations withv an interest in an open-ended conflict with iran. we welcome an iran that play as responsible role in the region, one that takes concrete practical steps to create trust and resolve its differences with its neighbors by peaceful means and abides by international rules and norm. as i've said before, and ending the tensions in the region and resolving its devastating conflicts will require a broader dialogue, one that includes skpran its gcc neighbors. and so a key purpose of bolstering the capacity of our gcc partners is to ensure that our parters in can deal with iran politically, diplomatically, from a position of confidence and strength and finally, while this