>> got it. mark and steve, thank you so much. appreciate it. >> thank you, melissa. >> very welcome. >> tonight at 5:00 ralph nader weighing in on the charter communications with time warner. should be interesting. >> should be very good. we have a market sell-off across the board. "fast money" at 5:00 but the "closing bell" begins right now. let's go. >> hi everybody, welcome to the "closing bell." i'm kelly evans here at the new york stock exchange. >> and i'm bill griffeth. well well well a stock market that's down volatility is up. this is just exactly the opposite of what we've been dealing with the last few weeks here. the dow is set to have its worst day of the month while the volatility index, the vix, is on track for its biggest one-day gain of the year. look at that up 20% right now. we have a panel of experts to break down today's move coming up in just a moment here. >> meantime, china, a market that's not selling off, the

shenzhen composite is up more than 100% just this year a doubling. take a look at that. is this the place to be for growth or is china becoming a dangerous bubble ready to pop? we'll talk to a couple of guests about that. >> is this the chinese 1990s right now they're going through? plus the return of the cable king himself, john malone behind the 55 57 $79 billion charter time warner cable deal could this move drive more companies to merge in that industry? we'll be talking about that in a little while. it's amazing. he's back. he was very patient. he laid back. they made that initial offer for time warner cable a couple years ago and comcast outbid them but now he got it after all. >> one of the country's most interesting capitalists. we'll have much more on that story coming up. >> incredible negotiator. >> let's start with where the markets are right now as indicated. the dow is off 240 points today. that puts it back below 18,000.

>> it's also below the 50-day moving average which everybody on the floor has been talking about. 18,010 is the 50-day average. >> the s&p 500 sitting below 2,100. the nasdaq is the underperformer as we often see on days like this tech especially is under pressure. we'll talk about that too. down 1.4%. it's sitting at 5,017. >> strong economic data pushed the dollar higher and that has sent commodities lower. the price of gold is down 1.3%. crude oil is down more than 3%. for a time today, nat gas, same thing. they've come off the lows. it is clear, the strong dollar pushed commodities lower today. something else we'll talk about in our "closing bell" exchange today. with us this tuesday, maryann kessler from becker capital management, jeff killburn and anthony chan and rick santelli is in chicago per usual. anthony chan i will start with

you, this economic data housing and other things out there, look pretty good. is it an anomaly? you've been bullish but a little skeptical on the economy of late here. what's going on? >> in the first quarter, the economy was considering seasonal factors. over a long period of time they're neutral. i look at the overall economy. i don't dispute the fact that the economy was a little soft in the first quarter but i do believe that the economy is going to bounce back. and so when you see an economy that's bouncing back and you see federal reserve speakers telling you they want to raise rates, it's no wonder the equity markets will have some form of a tell per tantrum temper tantrum. janet yellen was telling you that fisher today was giving you a similar message. that's why the markets seem nervous at this juncture. >> what kind of sell-off is this? how would you categorize it

does it have a speed-up scare or a slowdown scare that's going on here? >> i this i that it is a little bit of everything. i think that the stock market is a bit uncomfortable. at these levels. i think on any given day you could pick a lot of reasons. bill said the dollar was doing better because of good data. durables wasn't really good data. housing could be good data until you consider that ten years ago we had 1 million more new home sales than we do now. it was at 1.4 million. so, you know it's the grading on a curve notion. i think when you add in the idea of how trigger happy we are, now, the speech that was made by the second in command of the fed in israel wasn't a real-time speech that held anything new. it's about as generic as you could get with stan fisher. janet yellen on friday on the early session didn't even mention the cpi. they're supposedly data dependent and that's one of the reasons they're not moving. i think it's going to be

ongoing. there's a nervousness there and the nervousness is founded in a lot of metrics ringing that they're too lofty, not the least of which is zero interest rate policy. >> look at that vix there, we talked a lot lately about how low it was. i mean maybe that signaled a short-term talk. what do you think of today's rally here? >> historic movement in the vix, bill. you're absolutely right. friday, we dipped under 12. that's the lowest it's been in 2015. the calculation is up over 20%. remember, bill the vix is simply a calculation. we talk about the fear gauge for the market. it's just a calculation. the investable product is the front month futures as well as the options off of those futures. that really underscores the fact that there's no real panic in the market it's just a rubber band elasticity in the vix. we saw it way too low, suppressed, some people here in

the pits in chicago are saying that low vix represents peak complacency. >> it often can, at least in the near term. maryann, we welcome you to the program. you're focused on picking individual stocks. give us a couple of examples of where you see value. >> we see value at newmont mining. it is my company's first venture into the gold mining space. we can make a fundamental case for this unloved, out of favor global gold miner. >> does gold have to go up appreciably for that to rise again. >> our fundamental store i have not predicated on any kind of movement in gold whatsoever. we think they can experience free cash flow growth just based on a lower cost structure. energy costs are a third of their overall costs. >> wow.

>> they're about 40% of what they were a year ago. wage inflation is also abated from the 7% to 8% range to the 2% to 3% range. we think there's real opportunity for free cash flow growth in an improving balance sheet. >> the miners certainly have suffered this year that's for sure. mary thompson she's with us here at the new york stock exchange as well today. she's tracking the action at the big board. what do you see today, what trends? >> we want to focus on the material stocks. newmont is one of the stocks under pressure. as you were mentioning at the top of the show the higher dollar is pressureing the commodities. we saw a pullback in gold and copper, down over 2%. that in turn is pressuring some of the material stocks freeing freeport prt freeport-mcmoran. along with energy, industrial and technology socktocks.

also weaker allegheny technologies, some of the specialty materials companies taking a hit as well along with owens illinois. that's one group that we're watching. again, as you mentioned it was a stronger dollar and whether or not that has to do with a weaker euro today as opposed to the data which, again, the number of people were telling me was mixed today. that certainly is having an impact on the stock market. >> i'm glad you brought up a couple of those materials names. anthony, a question to you. how much of this might be a concern about china's growth rate underlying some of the skittishness in these areas of market? >> there's no question that china is a big importer of those commodities. there's no question that at this point china's throwing everything at and attempting to try to get the economy doing a lot better. today, vice chairman fisher indicated he's well aware of the global backdrop. in the back of his mind he's thinking about china. he doesn't have to worry about europe. europe seems to be improving. i'll make two quick points one is for the vix index picking up

and become more volatile historically when the federal reserve is getting ready to raise rates, not so much whether they've said something new or not, when the markets perceive they're going to raise rates, volatility tends to go higher. last point, one of the reasons i think janet yellen didn't mention the core cpi is because the federal reserve made it clear that they try to focus more on core pce rather than core cpi. >> you wouldn't consider the biggest move since august of '11 a new development in a data dependent fed who likes to brag about low price structure? whether it's their favorite form or not, i'm not buying it. >> that's something the -- >> if this was zuckerberg on mobile and a big new story came out, 4 1/2 hours later he didn't mention it i'm sure cramer would have burst a blood vessel. >> why do you think pnc is a good investment here? what do you think is about to happen with interest rates? >> well pnc will actually be a

beneficiary of slightly higher interest rates. we think interest rates are going to tick up. it's going to be much slower than many at least today's market pundits are saying. we say by the end of the year this federal reserve has been good at telegraphing clearly with a great deal of warning what it intends to do with interest rates. pnc is not predicated upon any kind of bet on interest rates. it's a wonderful well-run shareholder friendly super regional bank and it establishes -- has a great deal of income coming from vianca. >> before we go one thing that stanley fischer did say is that we all should stop obsessing over the first rate increase. to which i say just raise the rate to begin with. >> exactly. >> what do you think the market will do with that when they finally get around to that? >> i think the market here the professional market it's going to happen. they're going to do it once be

conditional. i think to anthony's point, volatility. we have a lot more room to run domestically on the vix. look at the german dax. nearly double what we have here. i think this isolated s&p view this perspective is inappropriate. we have to look globally and understand all the moving parts. it's all about the fed. the obsession is amazing, bill. you're so right. >> truly we are. >> and the composite in china is up over 100%. worried about china doesn't mean worried about the stock market. if a move to 10 to 14 is something to have ire over the vix, wait till it normalizes back up to 25. >> you're absolutely right. when we see a normal vix, on top of that when you see the digestion period whatever the fed is going to do we just need them to do it. june is not on the books but wouldn't it be nice if they started the process, bill. >> i think stanley fischer would do it yesterday if he could. he's just waiting. gradual is the word. >> gradual is the word. >> thank you all for joining us.

marian, welcome to the team. the dow off 223 points today, having one of its worse sessions in a little over a month. much more ahead on today's sell-off. >> the traders again are watching the 50-day moving average for the dow and the s&p. 178,010 is the 50-day average level for the dow. 2,097 for the s&p. three points above that one. we'll keep an eye on that in the coming our here. i knew those numbers there. >> well done. >> china's shanghai composite more than doubling from a year ago. is this a bubble ready to burst? two top china market pros will hash that up coming up in a minute. >> billionaire john malone has been called the darth vader of the cable industry by al gore no less what does the buyout of time warner mean? the industry? that's coming up on the "closing bell." stay tuned.

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the markets did not ease into this week following the memorial day weekend. the dow down 205 points right now. the s&p is down 23. the nasdaq is getting the biggest hit today, down 1.25%,

almost 64 points at 5,025. >> let's dig below the surface here. dominic chu, covering the big movers of the day. >> let's start with shares of shake shack. the stock is down almost 6% 7% today, the stock soared 42% during the winning streak the longest since the burger chain went public in january of this year. those shares giving back gains today. moving on to priceline.com, they will invest an additional $250 million in china based online travel company ctrip.com. lastly, first solar shares the worst performing ones in the s&p 500 today, rbc analysts downgraded the stock to an underperform from a sector perform rating. they slashed their price target to $34. it used to be 54. they cited among other things flat revenue growth both this year and next.

back over to you. >> all right, dom, thank you very much. we'll see you later. while the u.s. mark set suffering, today china's market is still soaring. in fact the shanghai composite is up almost 150% in one year. but is all this action just a bubble getting ready to burst? >> mike holland is here from holland and coe saying don't bet against the chinese government. simon mail is here as well. mike, let me start with you. are you basically saying to investors around the world looking at this tremendous growth they should back up the truck, hop on, it's going to keep going? >> no. when something is up that much in 12 months you have to take a step back, not forward. china came through a vicious five-year bear market that stopped a couple years ago. since that time the market which had gone from 60 times earnings down to 8 times

earnings has simply gone back to low to middle teen digits. and so at 14 times earnings 15 times earnings it's a long way before being ridiculously valued. >> you know simon, he brings up a good point. the u.s. market has done what it's done the last six years because of fed policy. you're seeing the rally in europe because of the quantitative easing that the european central bank is doing. the chinese government has done the same thing here. why fight the tape as it was at this point? >> you're absolutely right. fighting the tape in china is a very difficult thing to do at the moment. what the chinese market is being driven by domestic liquidity. you've got a huge pool of domestic savings which has very few outlets. it's being encouraged into the chinese stock market by the chinese government. one of the reasons the chinese government wants to see the market rise is that is provides a way of facilitating asset sales from indebted local governments what you're seeing though, i think is a market that

still is not supported by fundamental fundamentals. mike mentioned valuation of the "a" share market. if you look at that which you referred to earlier, it's trading on 25 forward times earnings. on you strip out the banks, it's trading 40 times forward earnings. if you look at revisions for the shanghai a share market it's come down 10%. i don't believe the fundamentals support the market at the moment. >> one of the things kelly, that he just pointed out, very important for the viewers, with this new exchange activity shanghai to hong kong and now shenzhen to hong kong you're getting an arbitrage of the three different markets so the valuations that are very high are beginning to merge toward the valuations that are very low. you have a fertile area for shorting and going long. and the individual investors over there are really smart and they're doing it. >> let me ask you about what

might be at the heart of the chinese government as simon just put it as we've been reading, their push to get everybody involved? this he basically trying to get valuations up so they can cash out, bail out some of the indebted areas, municipalities companies, you have it? what do you think is the real reason why they're so eager to encourage people to get into this market? >> i think it's one of the reasons, kelly, but i don't think it's the only reason. for the five years of the bear market, the economy was growing reasonably well high single digits, even over 10% at one point. having said that, the km he as we talked to companies over the last couple of years has been slowing markedly. they're doing whatever they can, anthony chan mentioned in your previous interview, everything but the kitchen sink. they are doing a lot of other things with be not just the stock market. i think what we're seeing is a very strong self-interest in getting the economy going. because they're worried about employment. >> simon, what would pop the

bubble if in fact this is a bubble then? what would do it? >> it's very very hard to say at the moment. you had an instance last week where you had a chinese company in the solar supply chain called hanergy. the fundamentals didn't stack up. i believe that the fundamentals always win out in the end. what you have in china at the moment are deep structural problems that cannot be resolved by reducing interest rates by 25 basis points. on a global level you have weak exports, bad loan situation domestically. you have a demographic situation that's ending china's advantage in cheap labor. you have an economy that's badly structured. domestic consumption is too low. you don't solve those long-term structural problems by simple short- short-term interest rate cuts.

it might resolve itself in the long run. the market is telling you we'll see the earnings coming through in 24 months. i don't believe that will happen. >> same question, what ends this? what's the catalyst? >> the catalyst is that i think simon's absolutely right, kelly. if that's all the government had and they don't have to ask anyone's permission they're going to do whatever they can with the total economy, including infrastructure. they will continue to build the middle class and continue to do the cleaning up the economy of corruption at the same time. so it's actually the thing that stops it is the economy starts doing better. >> got to go at this point. simon, thank you. mike, nice chatting with you, buddy. >> good talking with you. thanks, kelly. >> see you later. >> 40 minutes to go until the close. the dow is back to 18,016. i'm obsessing over the 50-day moving average because that's what the traders have been doing today. we're back above that level and above it on the s&p as well. >> it will mackke a big difference

in how it's interpreted. cedar fair's ceo giving us his take on leisure spending and how he plans to power the shares even higher. later, apple planning a big bond sale but it's not here in the u.s. this time. we'll tell you where they'll be selling bonds and why apple is going overseas later on the "closing bell." hint, the dollar has something to do with it. td ameritrade, they're always working. yup, we're constantly making thinkorswim better. like a custom screener on your desktop, that updates to all your devices. and you can share it with one click. wow. how do you find the time to do all this? easy. we combined every birthday and holiday into one celebration. (different holidays being shouted) back to work, guys! i love this times of year. for all the confidence you need. td ameritrade. you got this.

welcome back. here's a look at the dow. trying to claw its way off the lows of the session. we're still down more than 200 points, the s&p giving up 23. the nasdaq down 63. declines of 1% to 1.25% across the board. >> dollar strength has meant weakness. well off the lows crude oil down 3% today. so is brent. still, that's a big decline today they could provide relief for travelers this summer potentially boosting sales for companies like amusement parks. >> theme park stocks have been clipping since the start of the year, including cedar fair. here's a look at the shares appropriately tickered fun by the way. up 20% since january. notably they're up 0.66% today. we're joined by cedar fair ceo,

matt ouimet. >> let's begin with the kind of consumer trends we're seeing. we're looking everywhere for where the consumer might be spending the gasoline savings. are they spending some of them at your amuse mat park sment parks? >> we believe they are. our park in charlotte, north carolina, had its best three-day weekend ever. i think they're prioritizing experiences over possessions. we're benefitting from that. >> they're able to drive there. you have enough parks around the country that they can get there and that lower gas will benefit. you have to hope the weather will be good this summer as well. >> that's the one thing we can't control but one thing we pay a lot of attention to. with gas prices where they are, what generally happens we don't see an uptick in attendance. we do see they have more money in the their pocket when they get to the park and they have a little bit more fun. >> what does that do to your

operating costs? how does that end up? we were talking through the gold miners who benefit, obviously, because pragues are so much cheaper. what about you matt? >> the largest piece of the cost structure comes from labor. where you see minimum wage creep a little bit, that puts a lit bit of pressure on us. we're having more trouble getting the number of employees we need. we think that's a positive thing. we think it indicates, again, the economy is recovering a little bit. >> you have trouble finding enough workers. what does this movement in different parts of the country to raise the minimum wage do to that as well do you think? >> we generally pay above the federal proposed minimum wage in a lot of places including california. so we don't see a lot of pressure from that particularly from our seasonal employees who work for us for 10 or 12 weeks. >> how many employees are relying on visas and how is that

affecting your ability to getting qualified workers, keep them coming back? >> we've been very fortunate in that regard. this year has been one of our best years in terms of the international employees we recruit. primarily at the beginning and end of our season when the college kids are back in college. >> what do you do to innovate? every time i turn around the amusement park has a scarier ride of some countkind. what do you have to do to keep them coming back? it's not just the weather or lower gas prices. there has to be a reason to hit your destination. >> up knowinnovation, bill is what's needed and helps the industry thrive. we think we have a couple big winners. we just did a digital dark ride we call it.

and then of course tall and fast works really well. in theory 325 in charlotte has been a huge home run for us. >> by the way, very first amusement park i went to knotsbury farm. you'd get on a train ride and there would be some bandits that came through, masked bandits, quote, unquote, stealing money. scared the heck out of me. i was 5 years old or something. >> we know you were 20, bill. that's okay. >> yes. that was my experience at great knoxbury farm. >> thank you both. >> interesting stuff. time now for our "cnbc news update" with sue herera. >> knoxbury farm was the first place i went as well. i remember the masked bandits. meantime a federal appeals court is refusing to lift a temporary hold on president obama's executive action that could shield as many as 5 million illegal immigrants from being deported.

no word on whether the government would appeal. the russian military launching a massive military exercise involving 250 aircraft and some 12,000 servicemen. the drills are in preparation for an even larger maneuver later this year. a volcano atop one of the galapagos islands has erupted for the first time in 33 years, threatening a fragile ecosystem that inspired charles darwin's theory of evolution. it began spewing fire smoke and lava before dawn on monday. and play ball charter communications plans to soon begin offering the los angeles dodgers tv channel. sports net l.a. in southern california. this breaking the year-long impasse that has prevented thousands of baseball fans from watching the team on tv. charter is buying time warner cable, as you know for $56 billion. you're up to date. that's the news update for this hour. >> thanks sue. >> see you later. 30 minutes to go until the close here.

the dow is down 195 points. the s&p is selling off about 1%. both of those trying to hang on to key levels above 18,000 and 2,100 respectively. a tough session especially for the tech world as we come back from this long weekend. it's the deal of the day. billionaire john malone has been called, among other thing, the darth vader of cable but the force is with him today in his deal to buy time warner cable. it's a blockbuster deal for malone's charter communications and we will discuss what it means for the media industry and play this music some more when we come back.

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slowly we're coming back here as we head into close the trade today. the dow was down well over 200 points a little while ago. now down 188. the s&p is down 21. the nasdaq still the hardest

hit, down 1.18% or 58 points. the one thing traders are watching is where the averages are trading relative to the 50-day moving average. the dow's 50-day moving average has been at 18,010. it's been flirting with that today. we're back above that again. this was taken earlier when we were below that. the s&p, 50-day moving average is 2097. we're back above that one as well. >> we have less than half an hour in session. today, major news in the cable industry. the game about to change again, we think. charter communications reaching a deal to buy time warner cable at $78 billion including debt. that makes the sixth largest m & a deal on record according to reuters. acquisition was backed by none other than john malone's liberty media. >> he's back again. will this deal lead to more consolidation in the cable industry? joining us with their thoughts

todd mitchell and another guest. thank you for joining us today. tuna amobi, you like this deal why? >> i think it's well positioned to drive further economies and potentially for a consolidation. i think it's also a big win for time warner cable share owners. we re-affirmed a buy recommendation. if you consider the offer charter had on the table, what we've seen today is almost 20% more enterprise valuation, bids on the current terms. the charter shareholder, you worry a little bit if they overpaid on the multiple. if you think about the quality, it's really a big deal. >> when have you known john malone to overpay for anything, ever? >> that's a good point. at the same time, i think you also have to look at potentially the sizable tax benefits that are going to be accrued from this deal. >> i want to focus as well

speaking of john malone the leverage in this deal. to some extent there's a lot of financial engineering involved as well. walk us through the structure here and what the benefits are of this particular tie-up for him. >> i think this deal is primarily a credit to john malone, the fact that he was able to use a modest small cable company with large leverage and end up consolidating the space here. you're going to end up with a rather leveraged 4.5 times new time warner cable here that compares to about 2.5 times for comcast. and he did this all with charter, which arguably is relatively subscale submarket property. i think it really says that investors here think that this is an individual who can consolidate a space that arguably an industry that needs to be rationalized and that they see this as a good counterweight to the comcast larger entity. >> one thing that strikes me

tuna, is this is a pure play in cable. there's no content involved. i think content was king. what happened here? >> well you know con ten is the king but arguably i think what you're looking at here is pure distribution entity. we think that it's going to be well positioned right? i think also what it does is to give it much better chances of being approved by regulators. i think content was one of the reasons the regulators might have looked unfavorably on the comcast deal. i think there's value in distribution and to get that value you really have to scale up. that's what john malone has been saying. >> just in a word todd how much of this is about broadband as well. we focussed in the comcast time warner deal on how much consolidation they'd have in the cable industry. how much consolidation will there be for the major players in the broadband industry? >> you create two major broad brand providers.

cable is the best play for consumers with broadband. so you know right now, lower concentration. i think that is good for the consumer because they're offering a better product as the consumer needs a better product. i think also this will spur investment among the telcos. i think ultimately that is good for the consumer. it is interesting to see what this company will dos so a pure access company, though. >> yes, it will be. always. gentlemen, thank you. tuna amobi, todd mitchell appreciate your thoughts. we should mention comcast is our parent company. >> yes. >> every time we mention their name we need to mention that too. >> yes. the dow off less than 200 points. that tells you about the kind of session we've had. still down 189, though better than 1% declines across the board. apple apple, a big weigher on the dow today as well.

off more than 2%. it sums up the kind of market we're seeing today. a lot of tech driven declines. >> when we come back the nasdaq feeling the brunt of today's pain. we go live to the nasdaq market site, get a damage assessment and later, the pros will be weighing in on which tech stocks could be worth buying on a dip like this. that's still to come on "closing bell." oesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans it helps pick up some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. to me, relationships matter.

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welcome back. all 30 dow names are in the red. although due uponpont is fighting to turn positive. biggest decliner is apple, down 2% on session. boeing are down 1.5% or in that range, bill. >> the major averages come off their lows the vix, the volatility index which has been so weak recently was up 20 plus percent a little while ago. it's up almost 17%. >> another industry we're watching right now is what's happening overall with the airline stocks because with today's trade, there are some interesting cross currents. if you look at the names, united can be continental, jetblue, the majors delta, southwest, all of those guys are in the red now.

despite the fact that oil prices are coming down. over the past few months we've seen this inverse correlation, when oil prices fall that's good for the airlines. if you watch oil prices fall it should be helping the airlines a bit. today's sell-off not that much though. the dow transportation index, it is weaker on the day. it has hit what some market watchers, some chart watchers. >> reporter: -- or technicians call a death cross, the shorter term batting average, if you will, falls below the 200-day moving average or longer term batting average for the overall index. again, interesting move here. it's hard to say how important that is bill kelly. still, for people who watch the utility stocks the transportation stocks they're all watching some of the key technical levels. transports today hitting what some call a death cross at least from the chart pattern side of things. back over to you. >> that probably is what is taking a toll on the

transportation related issues today. normally you're right, dom. when oil would move lower you'd see the others move higher. that's not the case. >> thank you, dom. you know what everybody, i'd love to hear more from a couple of the airline guys themselves. a lot of this goes back to what happened last week the comments from american southwest adding capacity and from a lot of hedge funds wondering if the investments are profitable are now at risk of falling into another capacity. >> even if we see unprecedented demand this summer for summer air travel. >> of course. great for consumers. we almost hope that's the reason for the sell-off and not something that reveals more troubling trends beneath us. >> we have a sea of red on wall street. much of it at the nasdaq. bertha coombs stepping in to tell us about that. >> it's interesting. the nasdaq is down today on fairly good volume and names like apple. obviously when apple is down it pulls everything down. it's the worst performer in the dow. and it's the biggest weight on

point impact here as far as the nasdaq. big cap is responsible for 20% of the decline today. but what's interesting, if you look at volume apple already trading well above its average daily volume for the last 30 days. if you look at volume as a proxy for sentiment. it's the small caps today. though they are not the biggest percentage loser. they're getting hit hard. they are also trading at very strong volume. and just can't seem to get the kind of fall-through. whenever you see a big move on the small caps when you're selling off on a day like today, if you take a look at the boards, they sell off on strong volume but it's definitely the big cap techs that are moving things lower, led by apple. interesting move today as far as the cable guys. they are the leaders, charter, of course with its deal to buy time warner even though that's a big leverage deal. our parent company stock doing very well today as well.

interesting -- you look at liberty, two different stocks two different reactions. liberty broadband and liberty interactive joining together to do part of that financing, $5 billion, liberty interactive getting hit hard on 800% of daily volume the worst performer in the nasdaq 100. back to you. >> wow. big number there. thank you, bertha. see you later. heading to the close, we have 12 minutes left here. art cashin stopped by a little while ago, said it's about $400 million to sell going into the close here. we are starting to see this move lower here. >> we'll see if it pushes us back towards the low. much more to come on today's sell-off. find out which tech stocks cowl be worth buying on these dips. plus, bill golf legend jack nicklaus will be here on the future of the game and if it's a hole in one among millennials.

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all right. nine minutes left in the trading session here with the dow down 183 points. johning us to talk about the markets, jamie cox from harris financial group and ben willis from princeton security. ben, are you big the dip? >> i don't want to create any new long positions. the only thing i'd still be buying is the vix. this market reminds me of a

great beale when i was a kid bouncing in nightclubs or being a bartender, the most hardest served group is the ones that wouldn't listen that the party was over. you have fischer saying we're going to raise rates, we're going to raise rates but then look at the treasury market. >> it's a great point, j.p. look at the 30-year. the dow used to be above 3%. now it's back below. >> i don't think anybody knows what's going on here. i think we'll be beholden to what the fed does. fischer came out today and said we're going to be slow in our movement with interest rates. they haven't done anything yet. >> he said we're obsessing over that first rate increase. why don't they raise it and then we'll stop obsessing over it. >> there's a de facto raising going on with the dollar moving higher. i think we've seen a little bit of it. i think -- i don't know it's from the movie "the sum of all fears" james cabot when he was talking about the senate

committee about foreign relations, the congress, they don't like to be surprised. so i let them think about it for a little while and then i tell them. that's what the fed is doing. >> there's different talk about what we should attribute this decline to. was it anything in the data people over the weekend, kind of having a deeper look at what this new regime or environment means? >> from the equity side we hit new highs that the market is not comfortable with, because every person you've had on cnbc will tell you they're not quite sure you can justify the p/e ratios of marketplace. it will continue to run. the trade is looking for the collapse of the fixed income market which should put pressure and a buying opportunity in the equity market. there's money lined up for that trade. i don't know how much of a dip we're going to get. the economic data was positive. >> are you worried about crossing 50-day moving averages? are you worried about the death

cross that happened with the transports today? >> i heard dominic chu mentioning about it. i'll leave the technicals i use them as an indication when i trade. when you're start to broach a number, i may look at that number for an opportunity to start buying it again for my customer. this is a long-term bull trend. we're only talking about 1%. that was a normal volatility only a few months ago. >> right. >> now it happened we haven't seen it in a few months. now it's time to start talking about it. >> what are you buying here? >> i like financials. it's a good place to be. >> going to raise the rates eventually. >> i don't think that has anything to do with it. look at the deal making that's going on goldman sachs, jpmorgan, they'll do great. i think that's a good trade. it's a safe place to be. >> this m & a binge will help. >> i think so. >> good point. true. thank you, gentlemen.

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started to come off those lows. the dow is finishing down about 180 points right now. we did have selling pressure here on the close. what went higher was the volatility index which had been languishing below 13 12 much of the last couple of weeks here. here's the vix now, up 17% right now. it was up 20%, a couple of times today as we saw volatility come back to this market. there is now back above 14. the price of the dollar went higher on the economic data this morning. dollar index having one of its best days of the year up 1.3% 9729. that pushed commodities lower. wti for a time today was down 3%. it's off the lows right now, down 2.5% at $58.23. so anything but a typical day after memorial day. >> it was unusual. you know what else went higher? bonds. and yields went lower. that gives you an idea of what a

slightly confusing day it was here on wall street. i think something we have to watch here is that the bond prices went lower and some people say because there are concern about what's happening in greece. that's not something we gave a lot of attention to. if people are using that and buying this as a safe haven, that of course raises questions about volatility going forward as we look toward europe. >> right. >> here in the u.s. the data was mixed, if you look at it with durable goods. bond prices or yields won't be doing that much lower. there was good news or the dollar wouldn't be going higher. >> right. >> if the data was mixed. there was a safe haven place in the mix as well. >> we had an analyst on. he said he's picking the financials, not because of the expectation of rates going higher but because of all the m & a that's going on the mergers here the investment banking revenue will be strong this quarter. >> it should be strong for some of the bigger banks. some people are expecting some of the smaller, this size banks to merge as well as they look to

cut some of the compliance costs. it actually could end up affecting that sector. it may be a ways down the road. we've been waiting for that for a long time. >> thank you very much. see you later. we're going out off a big sell-off day. the dow down about 180 points. stay tuned, much more coming your way including a guy named jack nicklaus on the second hour of the "closing bell" with kelly evans and company. see you tomorrow. thank you, bill. welcome to the "closing bell," everybody. i'm kelly evans. here's our finishing up a tough session on wall street to kick off the week after that long memorial day weekend. it looks like the dow, s&p and nasdaq all going out with declines of more than 1%. the dow losing 187 points on the day. the s&p giving up 21 and the nasdaq down 56. a little bit off the lows but still tech the biggest underperformer. apple, the biggest decliner. let's bring in the panel.

cnbc contributor evan new mark is here along with sara eisen along with steve liesman. also, guy adami and terry dolan will join us in a moment after he's finished on the floor here. tough session here. same question we've been asking. in your view is this about a rate hike scare or is this about a bad data square or is this just everybody read something over memorial day that spooked them? what do you think is going here? >> it's about the re-invention of the u.s. dollar against currencies. sara wrote a piece on may 5th saying the ascension of the dollar will continue. the strength of the dollar is what's going on. but for the fact i think steve liesman can speak to this. he asked the question on march 17th about the dollar. maybe it was another question. when the fed addressed the rise in the dollar that marked the top in the short term. it hasn't looked back since.

now we're starting to see the re-acceleration. the dollar continues to rally. oil, the next leg is lower. i don't know if we'll see the lows we saw a couple months ago. i think the bond market rally is back intact. >> the dollar index on the session up about 1.25%, that's to 97 and change. you could argue this is a mirror image of that strength but over time, a strong dollar itself shouldn't be linked to that correlation, should it. >> we were in that zone a few months ago, the strengthening dollar along with lower oil prices was bringing the stock market down. we had a little respite from those trends. there was some spring in the economy right now, spring in the economy's step. the durable goods was down half a point. you had a 5% rise in the prior month. that volatility that's a pretty good number. the business investment data was better the housing data was better. confidence was okay. not back to the january highs

but certainly seeing momentum. >> sara eisen, does that mean good news is bad news again? >> well it's hard to figure out. good news should ultimately be good news. we're looking for an earnings recovery and economic recovery in the second quarter and second half. you're seeing the reaction in the u.s. dollar hit an almost an eight-year high against the japanese yen. thank guy adami for tracking some of the work we've done on that. as far as the equity market reaction, i think the message you got over the weekend from the vice chairman is don't be even if we do raise rates once it's still easy policy. >> it might not be a scare tep like last time. >> today speaking in israel stan fischer said it's coming. if you don't know it's coming you're not paying attention. that's the direction of policy.

he was definitive about that. as sara said making the point when it does happen you'll still have easy fed policy. >> i would look for a couple triggers, kelly. i think the greek situation continues to hang around there. whenever you see the news out of greece, the dollar strengthens against the euro and you get the typical reaction oil goes down and all that i do believe as we talked about a number of times, it will be good for everybody once greece gets thrown out of the eu. it may take a little while. >> you have said that a number of times here. >> i think they're waiting for what's going to happen with rates. i think everybody is baked in the idea that rates will go up this year. you're seeing a flattening of the curve right now. i think it will be driven by the economic data which i expect to be better than people are expecting. >> just off the floor here as you wrap up trade, what is it people are talking about today? we had technical levels we were watching as well. what are people saying out on the floor? >> my position is that this is

much more of a technical sell-off. i was looking after the markets had broken out the last ten days or so. i was looking for the market to pullback to the trend line areas which clearly they've done. we've talked about it in the s&p and the dow. the chars all look the same. the dollar is disconcerting if it moves beyond the range that we saw in recent highs. but i would say this is much more of a situation where we're looking at much more of a technical sell-off looking at support here to confirm the breakout. >> i think the most interesting thing, kelly, nothing that exciting. the stuff that's been happening in a pretty narrow range, i mean bondiels have been relatively volatile. they're in a relatively narrow range. >> right. >> the question for a lot of the traders out there as well as investors is when is it going to break out of this range? there's no -- i think if you ask most people, they're going to go probably -- you have to pick a trigger to are it to happen.

>> guy, that's what ben willis said last hour. he said there are people waiting for the fixed income market to quote, unquote, break. is it dangerous, that dangerous game to play that count of waiting game? >> no kelly, you know this for a fact. people are waiting for the bond mark tote break for the last 18 months and it hasn't happened. you still have a lot of people scratching their heads. i would push back the evidence and say there are interesting things going on. look at the move again, we talk about this all the time. the transports topped out in november. they have not been able to get out of their own way since. started with the fedexs and the u.p.s.s of the world. that has to be worrisome at a certain point. the russel is the next one, the iwm, it does bounce off levels we talked about, 120.5. that has seemingly taken the next leg lower as well. this russell, this transport continues to break down at a

certain point, it has to drag down the broader market the s&p. >> steve? >> i think you still want to keep your eye on the prize, so to speak in the sense that you have to ask yourself the question. do you want a strengthening economy that means some fed rate hikes or a weakening economy and the fed on hold? i will take the strengthening economy any time. if you're going to tell me the consumer will spend some of that gas savings which is out there, some of the extra income he or she has because of the increase in jobs if you tell me that the housing market means better home values, more wealth in people's pockets, more confidence all of these things make me buyers of stock. it might be a reprieve from a death sentence. i don't want that at all. >> here's the ceo basically saying they just had one of their best weeks -- the best week ever in their charlotte park for a three-day weekend. they can't find all the workers they need. they're trying to hire out there.

that's not a picture of an economy that is in trouble. >> it doesn't feel like the economy is in trouble. i think the stuff that people find disconcerting is the wage growth numbers. and people look at the wages as a proxy and you know, you and i might lean to looking at the jobs. a lot of people look at wages. >> terry? >> to go along with that point, what we're seeing is a slow and steady recovery. instead of a rebound-type recovery that people are used to seeing since the '80s. i think it will be reflected in the markets to come. i think that the fed has made it completely clear, they'd rather be wrong on inflation than put on the brakes too early. the green light is on for the same kind of favorable conditions that we've seen. that's why the bond market hasn't been able to break either. that's why the mark hes will be surprised to see that with a small token of the increase in

rates, the market will rally. >> there's been concern and confusion around what's happening with the u.s. consumer. an economist at renaissance shot a note saying consumers are spending on home repairs, houses, they're spending on autos but they might not be buying aperil at macy's. in truth, there's been a big shift in the way that consumers are spending more electronics, more athletic equipment and athleticwear and less apparel driven by trend. that's perhaps not working its way through into the economic data and this signal we're getting. >> a shift in the corporate spending, too, perhaps. here we have an earnings alert to get to. >> shares of workday, you can see what's happening with those shares moving in the after market workday reports a loss of 2 cents per share. that's versus analyst estimates for a loss of 8 cents a share. so better than expectations. workday's revenues beat expectations marginally $251

million. analysts were expecting $245 million total. you can see the workday shares again. the markets are closed in extended hours trading. interesting, one of those cloud-based employment solutions information type companies reporting numbers. interesting move for workday. back over to you guys. >> they command a high price for the losses for the quarter, dom. we'll keep an eye on how the shares are digested. that appears to be working 4% to the downside after hours. it's mentioned at 88 bucks on a negative earnings quarter, evan. there's not a lot of room for disappointment. >> trading at 16 times revenue. >> right, right. >> it's one of these companies that you know it's got to make a lot of money five years out. >> yes, 16 times revenue. >> yes. >> guy adami, 16 times revenue, you know? >> that's the norm now. people don't bat an eye. to evan's point, when you don't cross on either side eps or

revenues, this is the stock that's gone from 70 to 92 over the last i don't know eight to ten months. this pullback i don't think should surprise anybody. >> all right. >> we have to go. >> make it quick. >> a quick question. >> sure. >> evan do we need earnings to catch up here, the bottom up earnings estimates have been relative, coming down. you need stability in that forecast to make a rally in stocks. >> we talked about this a number of times. andological we ologicalological ologicalological -- personally, from my personal point of view, bonds and stocks look expensive. everything is relative. >> be sure to stick around with more of guy adami coming up on "fast money." kerry dolan, thank you sir. at 5:00 they'll be talking to dennis gartman and ralph nader. that should be compelling. the tech sector dragging down the market.

drags like apple and google taking quite a hit. that's coming up next you're watching cnbc, first in business worldwide.

welcome back. we begin here bringing dominic chu back for an earnings alert. >> kelly, what we're watching are shares of tivo up by 4%. 61,000 shares have traded so far. tivo announces earnings per share of 8 cents, narrowly beating the analyst estimate of 7 cents a share. revenues coming in at $115 million, beating the average analyst estimate of $91 million. they separately announced -- i should say this. they see second quarter net income of between $7 million to $10 million total. separately they've said they announced a deal to buy cubiware to boost international instalation. tivo trying to grow its footprint internationally announcing a deal. the amount was undisclosed.

an earnings beat a sales beat and also this acquisition is helping power the shares again, tivo up by 3% 64,000 shares have traded kelly. back over to you guys. >> thank you for now. moving on to tech stocks the nasdaq finishes down more than 1%. apple, google, hewlett-packard, oracle, all down. welcome to you both. jack, first to you, you're picking through some of the sell-offs today. what do you see out there that's compelling? >> i was fehr plexed by edperplexed by the sell-off. google cisco, apple, all of them we do for the charitable trust. i think that has a lot of valuation support. the ones that should be hit that didn't get hit today are a lot of the ones one of you we were talking about workday and

trading at 16 times revenue they'll have to make a lot of money in the out years. if you're worried about higher rates, the value of the stream of revenue in the out years de-min fishes with higher rates that's what you need to be focusing on. >> you're sticking with those blue chip names in the tech space. kevin landis what did you, why do you think they were under such pressure today? >> it's hard to say precisely what's in the minds of people when they're panicking a little bit. i think at some level, all of these businesses are connected, right? you're only ever as healthy as your customers are. if your customers are tightening your belts, they'll spend less. i think that means the numbers come down for anybody who's got mature customers, particularly if you have an international foot print. >> explain that if you would, kevin. for me who's not quite following along. >> let me give you an example. intel, right, enormously

successful company. they sell you the microprocessor that's likely at the heart of every pc in your office. a lot of their customers are ultimately their end customers are big companies. if they sloan down their i.t. purchases, that's fewer chips coming through intel. they can't unlink that. >> why do you think that's happening now, kevin? >> well i think it's pretty clearly today, people are worried about the macro picture. that's getting reflected where you think there's the greatest amount of sensitivity. people tend to think of tech as being more sensitive, discretionary in the spend. >> i have to back up jack's point earlier, which is in theory, in finance theory it is the stock like a twitter or linked in the ones who have a lot of future cash flow that as rates rise those should get clobbered. that isn't what happened today. what does seem to happen again, it's hard to draw conclusions. whenever twitter or linked in whenever they disappoint the stocks get hammered right away.

you lose 25% of the stock in the after after hours. that tends to be more typical about the high data stocks. to really call it a tech wreck, when those stocks get hit 10% a day, we can use the term tech wreck. >> you're almost saying there is something more fundamental going on here. we're not just seeing the high flyers get hit. let's just take some meaning out of it for a moment. what then is it telling us? is there any point to what kevin's saying about a slowdown or growth in spending? >> that is a solid point. it should be understood in the stocks. we've had the dollar rally at pretty incredible levels over the past six months. you haven't seen the stocks respond to the levels that they did today. when you look at google and apple and cisco, they're generating incredible free cash

flow. i think the one thing is that investors seem to be okay overlooking the tech headwinds. >> fair point. you see value there. we have to leave it there for now. we have breaking news. jack moore, kevin landis thank you both. eamon javers what's going on? >> the irs is holding a conference call with reporters right now in which they're announcing that thieves apparently used a piece of the irs's own website to get into tax information for a lot of americans. they're saying they were able to access information for more than 100,000 taxpayers. the way the scam worked apparently according to the irs, is that the thieves were able to target an aspect of the irs's website called get transcript. by using some of the individual's personal information that the thieves apparently already knew they were able to go in and get tax information on a lot of those people, up to 100,000 people the irs is saying. that piece of the irs's website,

the get transcript feature is now down. the irs is saying the attack happened between february and mid-may. we're going to monitor this conference call and bring you any more details on exactly what happened here. who's impacted and what it is the irs will do about it. >> how big a deal do you think this is for the agency? >> it's another problem for the irs. the question will be just exactly how big this was, how pervasive is was and what happened to the people whose information was stolen. sometimes we see the identity theft situations and nothing happens to the consumers that were impacted there could be damaging impacts here. we'll have to see what those might have been. >> thank you. >> you bet. >> if it turns out it's a bunch of conservative hacks that have had their information stolen, this will be real trouble for the irs. >> so far you see the hacks into some of the consumer companies like target and other companies. nothing gets done with the

information. identity theft, your social security number is on your tax return. >> there was a medical breach not long ago as well. i forget which company it was. >> i hate to have low expectations but it is the irs, it is the government. >> probably not worthwhile being flip about this in the sense if they're stealing information from the private sector, the notion that somehow the government is more secure from the private sector is probably misplaced. what i think needs to happen is they need to bring in some of the best in the private sector to secure that government information. because you have breakdowns on multiple levels if people start stealing government information. >> we know what the relationship has been with silicon valley of late. another interesting point that raises. we have breaking news on hormel foods, i believe, a news alert with dominic chu. how about this it's a big deal for food and consumer products. again, hormel foods is going to buy applegate farms for $775

million. hormel foods by bringing in the applegate product will bring in one of the nation's leaders in organic and natural deli meats, sausages, hot dogs prepared foods of that variety. again, once this deal is complete, hormel will have a stand-alone unit for applegate that will operate autonomously. they have about 100 employees in bridgewater, new jersey. in the statement, the company said a growing number of consumers are choosing natural and organic products. this deal allows to us expand the breadth of our offerings and bring consumers more choice, that according to hormel foods. this falls on the heels of similac saying they'll offer non-gmo products and taco bell saying they're getting rid of the art efficient flavors and colors in their foods. this is part of the trend of people going a little bit healthier. >> thanks, dom.

>> if you go to applegate web page, it talks about gluten free lettuce wraps. the trends are gluten organic, natural and protein. this is a really big deal. there was a bidding war for hillshire brands last year one of the biggest meat producers in this country. these guys that are especially less than a billion dollars are getting eaten up literally by some of the bigger brands that have been struggling to keep up with the fast-changing consumer. >> here's a big problem. i'll have to write the bosses of cnbc. dominick has a conflict. he went out and came back with a box full of tacos for everybody. >> from the establishment we are discussing here. >> that's a problem. >> duly noted. >> i think it will be okay since we pointed it out. >> i pointed it out. he didn't. we need to have that kind of information. >> another deal for the organic foodsmaker. apple planning a bond sale

worth more than a billion dollars. where it's probably going to go down and why apple is eyeing another overseas debt deal. first, golf legend jack nicklaus discussing the sport's generation gap. we'll find out what he thinks it will take for people to start playing again. back in two. and it offers more charts than a lot of the other competitors do in desktop. you work so late. i guess you don't see your family very much? i see them all the time. did you finish your derivative pricing model, honey? for all the confidence you need. td ameritrade. you got this. i'm only in my 60's. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80%

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they're all part of the empire headed up by jack nicklaus. he joins me now with howard milstein milstein, co-chairman of the nicklaus company. this is your first time down here. >> first time i've been to the stock exchange. >> you have a conglomerate of golf and different interests. where are you taking this company? >> howard has been my partner for the last eight years. we're trying to grow it. the golf course design business was our original main business and it's been pretty dead in the united states. we're doing a little bit overseas but we feel it's a business that needs to carry on beyond me. we have brought on ouren brad and try to get involved where we can have a legacy that will last long beyond me. >> howard what kind of tricks will it take to attract millennials or whoever the next generation is into the sport? >> well no tricks. jack's excellence on the golf course and all the things he stood for in his life including

family and charitable activities are all part of the dna of this company. so that's attractive to a certain part of the public. they flock to us. >> success works. we saw that with tiger woods. phenomenal athlete can change a sport. rivalry works. we saw that with arnold palmer we say it in ice skating with kerrigan and tanya harding. what about jordan spieth jack what about some of the next round of guys rory mcilroy? >> there's so many good young players, rory mcilroy jordan spieth rickie fowler. there's a lot of good young players. that's great for the game. we've had just a little bit of a slow run in there. i think they're coming along. they'll do fine and it will be that next generation that comes along. two or three generations by me by now. >> are they going to be enough though? they don't have it yet, do they? >> they're doing pretty good.

i would trade bank rolls with them real quick. >> meantime people are talking about different things in the sport while we wait on perhaps the next big thing to happen. would you ever design your golf courses with bigger golf holes, if you will? >> we've fiddled around with it. the game of golf really needs to bring people into the game. we need to bring kids in women in we need to bring beginners in. golf is a tough game. we need to keep them in the game. the biggest problems we've got is golf is expensive. it takes too long and it's too difficult. we've done a lot of stuff with 12-hole golf with 8 inch holes trying to encourage people to play. the core players like it all right but the women like it the young kids like it and the seniors like it. they said i've never played so well. they knock it into a big hole. >> isn't that losing the essence of the game? are you worried that dilutes the experience? >> the demographic that we serve in our company is principally

the top part of the demographic. the total size of the game has its ups and downs. jack was refer to some things he has a broader concern with. in with respect to that obviously anything playing, you know playing your tee forward which makes the game go faster sometimes considering 12 holes instead of 18 holes, the larger hole they are all kinds of things being discussed. the people who belong to all the clubs around here are devoted golfers and there are great golf courses. fortunately jack is developing some of the greatest golf courses in the world. >> and jack as you chart a course that continues to expand your empire beyond your time on the course what advice would you give to current athletes today? whether they be in golf or some of these others? >> well i think most people today try to figure out how could they bridge the gap between just being a kid or being a college student to the going up to being at the top of

their sport? well, you know, somebody's going to get there. and i have a lot of young kids that come to me. i just say, be patient. understand and learn who you are. once you learn who you are, you can -- you have the ability to say how can i apply my pluses and develop my minuses, how can i grow? >> sure. >> >> a lot of the kids they get there. look at a young kid like jordan spieth. he has 24 or 25 top tens already. he's only 21 years old. that's fantastic. >> we have to go. what's the biggest money mistake you've ever made? >> money mistake. >> biggest money mistake you've ever made. >> there's too many of them kell. i must say, i learned from every one of them. >> that's the important part. you learn by doing. thank you for being here jack nicklaus and howard milstein. we have a "cnbc news update" with sue herera. fire crews took about 35 minutes to control a fire that

appears to have started on the roof of an apple facility in mesa, arizona. the area impacted appears to be near and around some loading docks. 45 workers were evacuated. no one was hurt. cause of the fire not determined yet. general motors announcing it will spend about $1.2 billion on new facilities and technology at its ft. waenyne, indiana plant. the project will take several years to complete. scientists have taken the herpes virus and altered it to fight the deadliest form of skin cancer. the response in some patients lasted more than three years. the clinical trial was funded by amgen. at least three people were seriously injured after they were gored during the annual bullfights in peru. the bullfights are held during that country's traditional festival of the crosses. and that is your "cnbc news update" this hour.

yikes. always a dangerous one. >> trying to fight off amazon the e-commerce giant, is he reportedly getting ready to launch handmade trying to lure etsy sellers to its site. who would buy it? that's coming up next. also ahead, twitter reportedly has been in talks to acquire flip board in a deal worth a billion dollars. is that the right strategy? the panel weighs in later on the "closing bell."

it's been barely a month since etsy went public. amazon reportedly planning a new mark the place called handsmade for goods. they are competing against amazon, is it a losing fight? good to see you. >> good to see you, too. thank you. >> you think this is a real problem for etsy? >> yes. if amazon puts its target on you. we all know amazon is okay losing money to put you out of business. it's called anti-competitive practices. they're going to put etsy out of

business if etsy doesn't cut -- >> ross, you're the biggest capitalist in the world. >> that's right. >> this is just business. amazon seize a potential threat and decides to go after it right? >> it is. the definition of anti-competitive track sises is practices that specifically you use to put businesses out of business by losing money on the practices. >> okay. >> amazon does this all the time. that i not per se have a problem with it. it's the government's job to regulate that, not me. but i do think -- >> hang on. let's focus on the etsy/amazon story for just a second. i can tell we're about to lose -- it's move than that, evan. >> etsy makes handcrafted goods and they have a very very loyal and unique marketplace that amazon has no chance of winning on its own. but they can do ridiculous deals to try to get sellers away from them. etsy has to make a move very

quickly. they need to be smart now and they need to cuddle up with ebay. ebay is desperate to grow. it's a perfect addition to to ebay. i don't see any better tune for etsy than merging with ebay now and quickly and using their resources together to grow that marketplace. >> sara do you like that idea? >> i think what ross just hit on is a good point, etsy has built a loyal fan base and that's where the value is in some of the merchants. we talked to one earlier, barbara corcoran of shark tank is backing it one of her most successful investments ever they make lace clothing. >> it's the actual the producers, right? it's having the relationship. >> the network effect. >> right. >> let me ask a question. telly, to you. if you know that etsy is owned by amazon, does that lower, raise or is it neutral to the brand value of etsy.

>> my guess is neutral. >> for you personally? >> maybe it's a negative. >> what about you, sara? are you an etsy person. >> i have shopped on etsy. doesn't matter. >> it's neutral. amazon knowing it means it's neutral. >> i don't know that it helps etsy's branned. >> they have a handcrafted apale. to a lot of people that was part of the intrigue. i remember whennette ette etsy launched. the whole thing had an off the grid feel to it. to the original question i'm not sure amazon can successfully replicate what etsy is doing in the first place. >> i agree. i think they'll hurt etsy spchsas much as they can and lose money doing it. amazon has no way of building a loyal customer base of crafting people. it's been built by etsy.

these are loyal people. you don't want to underestimate the value of this community. that's what makes etsy valuable. i think the thing to keep in mind is that we're in this whole world of how do i get buyers and sellers to same place and who want the same thing? that's what etsy has done well. amazon is a jungle of everything. it doesn't really help etsy to merge with amazon. amazon would just buy -- i. >> hear you. >> i don't see that. it's all about ebay and etsy to me. it's a perfect synergy. >> you heard it here first if something like this happens. nevertheless etsy has already been an interesting story after the last earnings report. pressure on the company, ross. thank you for sharing your thoughts this hour. >> my pleasure. >> ross gerber from gerber kawasaki kawasaki. >> fireeye, it's down 1.5% on 115,000 shares of volume. fireeye says it will issue about $600 million worth of

convertible bonds. these are bonds that can be redeemed by fireeye for a combination of cash stock or both. the company is going to use the proceeds of this particular issue to buy back its own stock at some point in the future and the rest of the proceeds for general corporate purposes. again, this is an interesting move here. it's going to issue debt that can be converted to shares and/or cash at some point in the future. and they're going to use that money to buy back their own stock at some point in the future as well. so interesting transaction there on the convertible debt front for fireeye. back over to you guys. >> maneuver we've seen a lot in this market. e-mail woes may be the least of hillary clinton's problems in her bid for the white house. bernie sanders announcing his bid for the democratic nomination. we'll take a look at comments about clinton and a whole lot more, next. and why is apple looking

overseas for what could be a huge debt offering? here's a hint. it has a lot to do with the dollar. back with more "closing bell" right after this.

welcome back. if you're making a list of interesting dinner guests in the world of politics bernie sanders would make a lot of lists. john harwood caught up with the senator as he was preparing to kick off his run for the white house. john, what did you guys eat? >> we had spaghetti and meatballs, kelly.

bernie sanders wants big economic changes like busting up wall street and maybe even raising top marginal tax rates up to 90%. if that slows down economic growth, he told me, that's okay with him. >> if the changes that you envision in tax policy in finance, breaking up the banks were to result in a more equitable distribution of income but less economic growth is that tradeoff worth making? >> yes. the toll the economy and the gdp doesn't matter if people continue to work longer hours for lower wages and you have 45 million people living in poverty. you have more and more growth producing products we do not necessarily need. at the end of the day you don't necessarily need a choice of 18 different pairs of sneakers when children are hungry in this country. >> bernie sanders is a self-described socialist. he acknowledges he's a major underdog for the nomination but just like elizabeth warren outside the race for president,

he does have the ability the better he does to put pressure on hillary clinton and influence where she comes down on the economy, kelly. >> john thanks. john harwood. >> quick question. why is he doing this? he has no chance of winning, right? what is his hope in over the next year or so? what does he think is the best thing that can happen for him? >> well the best that could happen would be winning the white house. that is not likely. he acknowledges that. but a positive outcome from his point of view, i asked him what his measure of success would be. part of it is can i advance the idea that the distribution of income in the country is a major issue and that we should do something about it. if i can push that idea, push the idea we need a transfer of wealth back toward the middle class from the top 1% as he put it in the interview with me if he can advance that idea move that ball down the field, that will be a successful campaign

for him. >> john very quickly, does the idea that hillary's main competition comes from the left tell you that hillary is as far right as you can go in the democratic party, as far as center as you can go? >> yes. i think the potential upside for hillary clinton is that bernie sandersance martin o'malley could make her look more moderate. it depends on how successful he can be how much they can push her in iowa which is a potential pitfall for her candidacy. try to make the argument to democrats that she's not just going all out for the kind of causes she says she cares about. >> great series. thank you again. >> thank you. >> more online. john harwood right there. cowboy supply is up. we're talking about u.s. companies selling debt overseas. apple is the latest one to the party. we have the detales when we come right back.

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over in japan, we have the details. >> okay. so this is an interesting story here. we know how big apple's cash pile is.

accord to go the new service in japan, apple could be raising a whole he can of a lot of none the japanese bond market. they're going evaluate a 200 billion yen. it's about 123 figure and that's $1.6 billion, so not a lashlg one in the grand scheme of things but they could take place as early as this coming month in june. they're look to take advantage of lower borrowing like japan and hedge out the foreign exchange businesses in japan. they sell a lot and get a lot of revenue in yen. this would be possibly apple's first thing to issuing bonds and it's something like a samurai, and this follows on the course of the past year and apple tapping in both swirzer land and so apple diverse identifying

the debt insuens. kelly, back over to you all. >> sarah, how many more companies are going to follow. is this a brilliant move of all-time sns. >> yeah they're going to get almost a full percentage point lower interest rate if they have to pay on the debt than they would in the united states. that's the meaning of easy money. a billion dollar in swiss franks and that's where apple has raised the money in the past. it follows where there being aggressive to push up the economies. >> apple has revenue in yen. >> sure. >> that's that they're involved and getting involve in a currency trade and they don't want to do unless they hedge it.

>> are you saying that could end badly. >> yes. >> i am going to state the obvious. this is a function of a huge global bubble and you have things going on and trying to do low rates around the world and buy back stock in the wus the pro seeds. it's tinkering, but it shows you that there could be consequences that we don't know down the road. >> or if rates start to rise. >> i think the problem is and you would agree with it is that you're borrowing so cheaply and the interest rates are so low and quantitative easing and instead of reinvesting and bringing back the cash from over seas the financing and the share buy backs and other friendly moments. >> the world central banks are begging companies like apple and

mick microsoft. they're practically begging them to do that. there's overall a big question about how much this leverage. what's going to be the final result. >> yeah. sure. thinking of -- a lot of people in hungry that took out mortgages. what happens when the rates start to move on a relative basis? same things can happen in the corporate world. the serving is inquire to talk about the app. the flip board a billion dollars and could offer up an heir to the throne. the panel weighs in next. the life behind it. ♪ those who have served our nation have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and

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so twitter held talks to acquire flip board and not only the service it would be reunite window the top valley and the cofounder known as the a product genius and could he be an heir? steve, you're the flip board user of the group, what do you think? >> it's an interesting product. it makes sense. i am not sure the connection between twitter. it's a news feed thing, and it works out good.

i do not consult it everyday. i am going start with the new york times, and i read a lot of my stuff on this. if you can hold it up. i am reading more and more of my news on my smart phone and everybody else is. >> what do you use more twitter or flip board? >> twitter for sure. i think that i get more information from flip board. >> i noticed this weekend that a lot of suggested apps on twitter to download. >> yeah but if you look at the press conference, the big question is why would they be interested in flip board. they say that they have 50,000 active users a month. they would not change in game in twitter. that's no including those that over lap. they broke the story and said that maybe it's about getting the next candidate. >> yeah, you do not get to weigh in. >> what are you talking about? i knew mike 15 years ago when he

worked for a company "tell me ". he was a smart guy. >> give us a favor and put it in a call. >> put it on the flip board. that's going do it for us. thank you everybody. fast money is beginning now with the dpang. over to you. >> live in the market side this is fast money. traders on the desk. tonight on fast how a c suit shake up could product from the latest move. plus heavy weight took a bat on a full blown crisis and admit that is he got the trade wrong. first to the big stroir of the day. a sea of red tanking into the close and it's one percent loss across the board as the