herbie one of the most exciting ipos coming up this week. >> because it's actually making money. it's an exception when you look at where it compared with others. some people say it's conservatively valued. this will be an expensive stocks. >> some paper clips to welcome you back. "closing bell" starts right now. >> hi everybody. welcome to the "closing bell." i'm kelly evans. >> and i'm bill griffeth. right now the dow has come back from what turned out to be something of a climactic 200-point selloff on the open this morning on these concerns over greece that have been weighing on stocks for the last

24 hours. >> and alibaba looks to start it's own streaming. >> and we'll bring you jeb bush's comments as soon as they given sfp. >> and we'll tell you what companies are looking to buy and what it means for the sector. >> clearly on a day when everything else down kelly, something is afoot. you've been writing about that in your blog the spark, on cnbc.com. >> i like that. everybody but tune in to you tonight. >> busy hour to get to.

let's introduce those who will be on our "closing bell" exchange panel. chief economist anthony chan jeff killberg from kkm financial with his blackhawks jersey i can see. >> absolutely. >> and rick santelli is with us as well. let's get to our chief international correspondent michelle michelle caruso-cabrera. >> the greeks may be confronted with a a take it or leave it deal on june 18th. let's see if they accept that deal. if they don't, it's going to be another situation where we're wait oging to see who is going to blink first. the really key date is june 30th. that's the day that they have to

pay the imf, that's the day they have to pay pensions that's the day they have to pay civil servants and it's also the day their current bailout official live expire live expires and might force the ecb to be tougher on them. >> michelle there's already reports and i expect this will pick up ahead of that important headline that greece may impose capital controls. is this indicative of the turn in talks that we've seen for some of greece's creditors lately and the fact we came out of the weekend with no significant progress? >> yeah every day that goes by we get closer and closer to capital controls. what would definitely precipitate controls is if we saw bank runs.

we've seen walks. if we see pick ups with lines and people taking the physical cash out and putting it in their mattresses, that's going to bring on capital control. the ecb just won't be willing to print up the cash for them. until that happens, then we're not going to see -- one other thing i want to say -- just because you go to capital controls does not mean that greece leaves the euro. cypress went to capital controls and did not leave the euro. up don't have to print up that mch currency to bring on inflation. it really depends on how you decide you're going to bring on a parallel currency to decide whether or not you end up leaving the euro. >> what are the odds at this point of them leaving the euro zone? the imf has already walked away. others are throwing their hands up. is it possible they could leave the eurozone?

>> yeah i don't think it happens this summer but sometime it could happen. remember, they're fighting over a very small pile of money, 7.2 you're euros. that's just to get them through august. there's a long way to go here and there's a lot of moments where people could just be so frustrated that they end up leaving the euro for sure. >> all right. it's the story that never ends. michelle, thank you for the update on that. let's go to our "closing bell" panel now. rick santelli how would you imagine the market respond here as we go through what is still a contentious issue? what are you seeing in the fixed income arena and the currency markets when it comes to these negotiations with greece? >> i know you look it the dax,

this closed at the lowest levels, i know greece has an effect in the marketplace. i think it's how the european markets move that's the most contage os ishious issue. it's the imf and its reputation and all the people that contribute to the imf that may have issues but i still say it's a political issue that will have the longest term effect should greece leave. and will they? i don't know. it's like asking will janet yellen and company move rates? the market in the u.s. i thought really looked past it outside of some of the contamination of european markets. >> i think there is an impact. the european central bank has about $118 billion euros at

stake. they have to deal with the european court justice preliminary ruling that's coming tomorrow. they're okay with quantitative ease bug they're not happy with having the european central bank fight or at least influence the behavior of different countries. but they have enough money on the line that they want a favorable outcome. they're really walking a tightrope over the next 24 to 48 hours. >> jeff between that and the fed meeting, let's not forget tomorrow and wednesday and the implications that may have. how do you trade the market this wook? >> we're . >> we're trying to be really nimble. i think the psyche of the mentality of the market to use another stanley cup analogy from my chicago blackhawks we might have to look into certain sectors where we have to rotate

and al owe case further two. it's all about sector rotation and really being that stock picker. >> anthony, putting this greece issue aside for the moments, do the fundamentals have you encouraged in you u.s.? are you looking at some of the economic data and taking heart in it or no? >> no i really am. you look at the fundamentals last week you had very good numbers on retail sales. you had weak numbers on industrial production. the reason for that is the consumer is getting healthier. but the strong dollar is serving as aing in negative head wind. that's going to be a problem for a time to come. in terms of global financial market, that greece thing is something we can't get away from and we're going to have to deal with that for a while. you saw gulf prices starting to go up bond prices starting to come down in the united states. the signs are there they're really worried about the global

implications of the greece situation but i feel very strongly the fundamentals for the u.s. are improving but can't ignore the international developments that are occurring. >> rick as you rightly pointed out, the fed meeting this week is an unknowable. but given the data that we have in front of us right now, anybody on the floor there in chicago expecting they to move this week? >> absolutely not. nobody that i've talked to at least, bill. let's not lose sight of the fact there's really two questions here. are rates appropriate at zero? i think that most sources i talk to would say absolutely not. having said that will they raise rates at this point in time knowing that are probably too low? 1.9, gdp now, you could make a good case that we're almost done with the second quarter. it doesn't erase industrial production. most of the good data are

sentiment indexes like the national association of home builders and i'm sorry, those are kind of squishy numbers. >> squishy, anthony? >> the index of home builders is about 80% to consumer confidence. you can say both numbers are squishy, both are there -- >> and one squishes the other. >> that's right. the fed has to dance a tightrope. they don't want to do what they did in 1937 where they doubled reserve requirement and the economy slipped right back into a recession. >> good luck tonight, killer. but i got to say as a sports fan, we're hoping it goes to seven games but i know you don't want that at this point. see you guys later. >> we have about 50 minutes to go into the close here. also watching former florida governor jeb bush set to formally nons his run for the white house. hi john. >> hey, kelly.

jeb bush is about to come into miami dade college, formally announce his entry into the 2016 race looking for a boost of enthusiasm he hasn't found on the campaign trail. he's got a diverse crowd, he's trying to communicate he's going to be a republican who can expand their base make it more competitive in a general election. but if you look nationally at what's happened in the polls so far, he's in a three-way tie with his two most highly regarded rivals scott walker and marco rubio. you go to new hampshire, which is shaping up as a must-win state for jeb bush, he does have a slight lead over scott walker and marco rubio but nothing overwhelming. this is not like what happened in 2000 when texas governor george w. bush managed to effectively clear the field. but many people very quickly

were bowled over by the strength financially that george w. bush had. jeb bush hasn't translated into a dominant position into the race. >> john clearly fund-raising, he's been able to do that successfully. but getting the message out that bay peal to the conservative wing of the republican party has been another story. where do you think he can make the greatest impact? what's the message he can get out there that will appeal to the conservatives? >> well, his message is first of all as a governor of florida for two terms, he was in fact a very conservative governor and a successful one. that's going to be a message that he thinks people doesn't know about him. they know a lot more that he's a member of the bush family than they know about what jeb bush

himself has done. secondly, he's going to make a case practically speaking that the republican party has to grow and he's making the case people can do that. when you have a lot of money to advertise, the polls are going to start reflecting the shape. race. it's going to be later in the year when everyone is using their money, they're really engaging they're debating and advertising and then we're going to separate the brief flares of attention that some candidates get. we know at least financially jeb bush can go the distance. >> john are we seeing his campaign song in background there? >>ia, we're having a little musical introduction to jb bush. he's supposed to take the stage in 10 or 15ments. we will see what he has to say. he has already put ot excerpts he's not going to take any vote for granted and he's going to campaign everywhere.

>> we'll let you know from now. we will be bringing you that speech from jeb bush when it happens. in the meantime 45 minutes to go till the close here. on itsed health one of the lone green spots, which is down 115 points and the nasdaq giving up 50 at the moment. >> alibaba announced plans to start a netflix-like subscription service in china. one guest says this could be an opportunity for netflix. >> and a big merger in the home builder space. stay tuned.

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43 minutes left in the trading session, the dow down 118. the s&p is down 11 and the nasdaq down 25. we want to show you the components of the nasdaq 100 crude oil is down on the close

today, down 37 cents and brent crude down almost 2%. >> home builders are seeing green. that's thanks to a rare merger in this industry. bob pisani is at the exchange. >> these mergers don't happen very often. builders want to buy land they don't want to own each other. it's standard pacific and ryeland here in a merger of equals. they're both up about 5% or 6%. the companies diversify. the combined company strong in california, in the midwest and in the east as well. secondly, the combined company has a lot moreland to develop. that's the most important this evening for a builder. no land no building goes on. >> finally the combined company has a good mix of first-time

buyers and move-up buyers. it will be the fourth biggest in the united states. what i don't see, and it's a little disappointment i don't see any premium. basically standard pacific is offering to move with ryland at the current price. that's why i think they feel the industry while it's growing, it's not growing robustly. >> kind like buying a house, it's a buyer's market there and not a lot of negotiating for the sellers. >> watch out netflix. in two months alibaba plans to launch a streaming service in china. >> this is after netflix revealed they want to enter the

chinese market. netflix stocks getting hit on the news. joining us with his insights is edmond lee. you think this is an opportunity for netflix are don't you? >> it definitely is. it was always going to be hard for netflix to jump into china by itself. it would always have to find some kind of a partner. you have to have a license by the government to do so. it's easiest to do that with a company that already has it. alibaba could be a partner for netflix. but that's the opportunity for netflix there. >> he was asked about ebay in a particular case but his response was revealing. >> doing business is not that

simple on buy. you have to create something that never exist for the future. so we focusing more thinking about the next years. to buy big companies to buy jest like us it's not easy. so we have to think about how to develop our selves. >> i love how he says the internet is so young and the opportunity is out there for the taking. i wonder if it means alibaba has a more go it alone strategy in mind? >> if he has interest in ebay he's not going to say that too loudly. it was smart for him to say guess what, i'm going to come to the u.s. and convince all the vendors here to sell to people in china. one thing to note here though is that it highlights one of

netflix's weaknesses. they have a lot of originals like "house of cards" and "orange is the new black." they don't own their originals. it's owned by the production companies. they would either have to renegotiate to sell those streams into china or work something else through other partners. >> jack ma wants to create partnership, not rivalries. do you believe him? >> he's done pretty well so far using that same strategy. i think he's grown pretty quickly but through really strategic partnerships, some acquisitions. i don't think he's looking to take on the u.s., so to speak, in terms of how a lot of us have been painting that in the past.

it's a global marketplace now. >> does it mean alibaba can partner with all the other u.s. streaming sites in the u.s. for example hulu and lots of others out there? >> it's a great point or partner with the movie studios and tv production companies. whether they're selling to netflix or hulu or -- for that matter with their new online streaming service. >> thanks a lot, ed. >> heading to the close, 37 minutes left the dow is still down at this hour down 118 points, kind of holding steady as we head to the close with the s&p down 11 the nasdaq down 25. >> also coming up, former florida governor jeb bush making

his announcement now. >> and coming up on "closing bell" --

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there is a rally for jeb bush under way. the former governor will soon be flounce announcing his candidacy for president. i had the opportunity to hear one of his supporters talk about being an immigrant. he'll have to clarify his stance on immigration. he's much more open on immigration than some of the republicans would like. it will be interesting to see if he addresses that issue when he makes that announcement. we'll carry it live coming up here when it gets under way shortly. >> and we'll get into his business record. keeping an eye on the markets

meantime united health a green spot on the dow and cigna on word it may be a takeover target. >> cigna, the insurer, being talked about as being in play saying it rejected a $175,000 bid from anthem to buy out the company. within of the reasons cigna could be a big prize here just three years ago it closed an acquisition on health spring, a very successful medicare advantage provider and they have about 400,000 lives under manage management and medicare is thing about segment. if anthem were to buy cigna, that would leave humana in play.

united racealso said to be eyeing cigna as well. some analysts say humana might have gotten a bit too expensive. now they think humana could end up the odd insure are out here. if if anthem were to acquire cigna, it won't have a bidding war on its hands. if cigna is bent on remaining independent and being an acquirer, it might actually bid up the price for humana to try to win that from say, anthem or aetna. he basically says these are crazy times. he said also watch some of the smaller medicare players.

>> just for people looking at united on the dow and wondering if it's popping because of this news, the idea generally speaking is if these guys get together, however it ultimately shakes out, it will be good for the managed care space, even with the king versus berwell, talk about how much premiums are going up notwithstanding? >> the medicare is a much big are factor because it's larger in scale right now because of the exchange business they don't have as big margins on that. the expectations even if you get the supreme court knocking out the subsidies on the federal exchanges, it's not going to be a bigger issue, it's going to be a bigger sentiment issue for insurers once that sentiment is out. bertha coombs with the latest. bill? >> after you. >> we should definitely make sure we mention target selling its pharmacy and clinic business to cvs for nearly $2 billion

today. is it a healthy deal? our jim cramer has the exclusive with both ceos on "mad money" tonight. >> we now know what sue herrera is going to say. sue? >> i'm going to say here's what's happening that the hour guys. at least 27 people were killed 100 others wounded. there were two bombing attacks in chad's capital. the government blaming it on the nigerian militant group boko haram. nepal tourism affected and reopening tourist sites.

and whitey bulger appeal set to be heard in appeal court. and "jurassic world" brought in $500 million. >> big numbers. >> my girls loved that movie. >> i was saying over the weekend, that whole series has new life now. it's going to carry it into the cretatious period now. >> bill was that a geology joke? >> palentology. >> okay.

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25 minutes before the close the dow is still down. the ten sectors inside the s&p 500 index, only one of them positive. we've already established that it's health care we established that managed care is trading higher today, possibly some m&a action going on there for cigna or somebody. >> we're keeping an eye on the cyclical names, too. just not a lot of relief on that board. were we going to bring in steve here? we're going to hold off while we get you straight off to jeb bush announcing his run to the white house. breaking news on that with our john harwood and the story. hi, john. >> reporter: kelly, jeb bush has been introduced by a series of local speakers. we just heard an. minister call him a man of compassion and courage. this is part of his attempt to

show that he can have a broader outreach than other republicans. now we have another stormer consistent talking about his work on behalf of people with disabilities in florida. the theme of expanding opportunity for people who doesn't have it now he said in an announcement video that people who don't have should be at the front of the line not the back. it's a key theme of his speech. in this crowned p crowd here at miami dade college, he's going to try to summon some enthusiasm for a candidacy that hasn't been imposing or dominant so far, as many people had expected. he's going to take the stage in a couple of minutes and kick it off. >> i've been seeing on social media today, they've emphasizing the first name not the last name. >> look nobody will ever forget what his last name is but what he needs as a strategic imperative is to establish an

independent reputation and that's where jeb comes in. he had a father who was president of the united states ended up very unpopular among conservatives. his brother was unpopular with everybody so he's got to show what he has done and what he can do going forward. >> john thank you. we'll check back in with you as we get closer to jeb bush himself taking the stage. we have less than half a hour here. >> it's greece it the fed, it's what janet yellen is going to say this week. we do have a summer afternoon here. they should shorten the trading day from 6 1/2 hours to 4 hours. >> you would like that wouldn't you?

>> you would like it too. how are you kidding? >> yeah, you're right. >> in the middle of the day. >> goes into an algorithm. the volume ramps up from 3:30 on because they haven't had any liquidity luck so they give it to a human being on the floor. >> what exactly is the fear in the markets about greece? is it default? is it them leaving the eurozone? what is it they're waiting to happen before they figure out what's -- you know what the ending is going to be? >> i think it's all of those things. the two things that you just mentioned. it's the fear of the unknown. the marketplace is always pricing in risk. you can't price in what you don't know. even to the extent that you think you know it. so if you look at subprime no one knew about it until it happened and that was the train that hit you when you were looking the wrong way down the

tunnel. i think they're worried about that because even though it seems obvious, bill people are talking around strategies and outcomes in greece that change on a daily basis. >> once weep got into it, it was clear it was a risk. there's probably something we're not paying attention to when we say why did we pay so much attention to greece? >> in hindsight you say why would we be risking 30-1? i think they're worried about greece, worried about the domino effect. the truth is what happens there does affect us here. we could be squeezed into it in in an inverted yield curve. >> we'll come back in a minute here as we wait for jeb bush. we've got about 20 minutes left in the trading session with the dow down about 124 points. >> some pressure across the

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thank greenberg, the former ceo of aig won a lawsuit over the government's handling of its bailout during the financial crisis. sort of won we should say. kind of. depending on your point of view right? >> mary thompson is here to explain. >> judge thomas wheeling saying aig shareholder's fifth amendments were violated by the terms of a government bailout that saved the insurance giant during the financial crisis but he didn't award the plaintiff the $40 billion in damages that they asked for, maintaining without the government's help thein insurance company would have failed.

the judge writes there is no law permitting the federal reserve to take over a company's business in consideration for a loan. the federal reserve said the terms. credit were appropriately tough to protect taxpayers from the risk of the rescue loan pented when it was made. the d.o.j. is reviewing the case. shares of aig, which the company declined comment on this shares did pop on the rule because the ruling means the firm won't be liable for any damages in this case. >> you won but you're going to appeal. that's interesting. >> won did you didn't win enough. steve grasso what did you think of this decision by the way? is it the official end of the crisis era? >>ion if you'll ion don't know if you'll ever get an official end to the

crisis era. i think people will be writing and rewriting the history books. you'll have to wait a whole generation before you get an official end. >> what do you think the market wants at this point? would they want the fed to move sooner rather than later? >> i think that most people want to rip the band-aid off. but if you look at the market action, the mark does not want them to move sooner rather than later. every time up get a hint of a more dovish stance the market seems to leg up to that next level. right now we're having a problem on a granular level that would blow the hundred-day moving average. it's telling us what they want. they want softer easier money for longer periods of time. >> that's how you're reading today's trading activity? >> today's trading activity is about greece. as a whole, every time we hear a snuff of pulling it forward or

better data you see that the marketplace sells off. even a quarter point, it all goes into the calculus. >> is the market the adult or adolescent here? is it saying to the fed look at these risks or is it saying doesn't do it doesn't do it. >> unfortunately we're always the adolescent. the market the marketplace wants to be the adult in the room. >> how close are you watching the ten year? >> you throw it out there, you great different level where it breaks the market's back. probably 275 is where most consensus thought is that it breaks the equity back. but right around these levels a year ago people would have said this was problematic as well. >> steve, we'll leave it there for the time being. about 13 minutes to go until the

close here. we're watching two things to bring everybody up to speed. we're watching markets with the dow under pressure to the tune of 92 points. and we're watching this speech any time now from jeb bush. >> jeb bush will officially announce his candidacy for president coming up. it's part adrenaline and part adventure. it's part geek and part chic. it's part relaxation and part exhilaration. it's part sports car and part suv. and the best part? the 2015 gla. it's 100% mercedes-benz.

ten minutes left in the trading session. with the dow down we have oliver back with us. welcome back. the dow markets, equities have gone lower, yields have gone higher. you're sticking to your target, 2250 on the s&p, 2 1/2 on the nasdaq. what would change that. >> >> a breakdown in fundamentals. right now we're on a pretty good track. i think the second half of the year much like in past years,

is going to be pretty strong. >> does that mean any greece-related selling you guys are buying into at this point? >> right now we are. we're adding to position in particular high-quality dividend paying stocks who are also able to grow top line revenue better than their peer group. that's very, very important. we want the strong companies with great earnings growth because we think that's what's going to justify the expansion of price going forward. overall markets are certainly somewhere around fair to slightly overpriced based on everything that's going on but there's pockets of opportunity and you want to take advantage of those. >> and the fed speak lately oliver, it sounds like fed members are just itching to raise rates right now. what do you think happens to the ten-year when they do? when the talk comes about that they want to raise rates, it seems like that's when the ten-year goes up in yield. >> we've seen this movie before and we've seen it for the last couple of years. i think you could easily see a spike in yields up to the 3%

range and a drop below 2% if something happens with greece. i think the interest rates will stay right where they are. if the fed raises rates, it will be by an eighth of a percent or a quarter of a percent and that's not a whole lot, unlike in the past where the fed has embarked in sequence fed hikes, you're not going to see that this time. i think that overall markets are going to take it maybe with a little volatility initially but pretty smoothly all in all. >> thanks oliver. >> seven minutes left we have the closing countdown coming kel. >> and saudi arabia known for its role in the global oil market. now it's ready to make its mark with the stock market.

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a little less than four minutes left as we head into the close. the dow down almost 210 points and then we have a come back. we welcome in the director of floor operations of ubs. how are you, sir? >> i'm fine. greece is the word that caused the selloff this morning. why the comeback do you think? >> well you went down and retested the 150-day moving average in the s&p. that's the same low you first laid out last week. so you had a minor double bottom. it's not so much why the come

back but why it was so limp. you only managed to rally back to the hundred day moving average. that acted as boundaries for the market almost the entire day, the 150-day moving providing support and hundred day moving average providing resistance. >> a lot of technical trading going on. >> the trading day ends but greece seems to go on forever. traders can't seem to even agree, art, on what the best outcome would be at this point. would it be better to muddle through with some deal or just get it over with now? there's a whole difference of opinion. that's how fed up people are with greece now. >> most of the money is now owed to the governments and not to the banks. the concern is people worried about them leaving the euro would run in and get your money out. if this changes to drachma, your thousand euros will be worth 800 or certainly like that. >> there's no doubt it would be

disastrous for the greeks short term but we had people on just hours ago talking on our air that in the long term it would be better for greece. >> the long run good for greece not so good for germany. >> what do you think the market is expecting from the fed this week, art? >> i think they're expecting a long explanation. you've had the imf and the world bank come out -- janet yellen is going to have to come out and tell us what she's going to do. >> don't you think most people are in the camp one rate hike in september? >> i think they're all drifting that way but, again, to go in

the face of the imf and the world bank is very dangerous. if anything goes wrong, the fed loses all credibility because people say you were warned about that and you did it anyway. >> lately you've been telling us about imbalances. at least before i went on vacation and it happened today, imbalances to the sell side that are big but then they pair off a lot. what's going on these days? >> i think you see people doing the buy the dip and bargain hunting a little bit on the close. when they take a look and see as of now 800 million to sell let me put a decent bid in. i assumed whip saw that by the move of the tape that half of that is going to pair off. >> even here in the last few weeks, we haven't been able to get enough energy on the up side. 500 million here right now. we would normally do 700 million on the floor. they're still lacking any conviction about which way this should be going. >> absolutely right. >> thank you both. talk to you soon. now we're going to go out with

minus signs for the major averages today. we are waiting now for governor jeb bush to officially make his announcement candidacy for president of the united states that and a lot more coming up now on the second hour of the "closing bell" with kelly evans and company. i'll see you tomorrow, kel. thank you, bill. welcome to the "closing bell," everybody. i'm kelly evans. we saw stocks under pressure across the board today and the dow jones industrial average going out with a decline of 105 points falling below 17,800. the s&p meantime and the nasdaq falling by about half of a percent, 9 and 21 points respectively. in oil today, we have to talk about the ten-year yield moving low are lower and u.s. dollar moving lower. we have cnbc contributors with us, welcome.

welcome to all of you. we're following jeb bush's announcement of his candidacy for president. he's expected to begin speaking imminently down in miami. we'll bring that to you. we also have breaking news out of the gap this morning with courtney reagan. what can you tell us? >> big news here out of gap inc. gap is going to be closing about 26% of its north american gap stores over the next several years. that's 175 locations of the current 600 approximately. gap also cutting 250 jobs at its headquarters here in san francisco in fiscal year 2015. however, gap also reaffirming full-year eps guidance of $2.75 to $2.80 in light of all these announcements. the company is saying annualized sales loss of approximately $300

million for storm closiers one-time costs of $140 million to $160 million in store closures but savings beginning in 2016. we did speak to art peck. he tells me the store closures are not driven by digital shopping shifts or the state of the current business that it's actually about getting the fleet to the right size. further peck says this is not previewing the death of the mall. when it comes to the headquarter job cuts it's really about being flexible and decisive. gap is hosting its investors here tomorrow in san francisco. you're going to want to tune in to cnbc beginning in "squawk box" for my interview and it's the first time we've had a sitting ceo on cnbc in at least nine years. >> wow. courtney, that's a big deal.

and as mentioned, here's jeb bush announcing his candidacy for president. we take to you miami. [ cheers and applause ] >> thank you all. thank you all. wow. thank you so much. thank you.

mom, can you ask them to sit down, please. thank you all very much. you know i always feel welcome at miami dade college. this is a place that welcomes everyone with their heart set on the future a place where hope leads to achievement and striving leads to success. for all of us it is just the place to be in the campaign that begins today. [ cheers and applause ] thank you.

thank you. we're 17 months from the time for choosing. the stakes for america's future are about as great as they come. our prosperity and our security are in the balance. so is opportunity in this nation where every life matters and everyone has the right to rise. already the choice is taking shape, the party now in the white house is planning a no suspense primary for a no change election, to hold on to power, to slog on with the same agenda under another name. that's our opponent's call to action this time around. that's all they've got left. and you and i know that america

deserves better. they've offered a progressive agenda that includes everything but progress. they're responsible for the slowest economic recovery ever the biggest debt increases ever a massive tax increase on the middle class, the relentless buildup of the regulatory state and the swift, mindless draw down of a military that was generations in the making. i, for one, am not eager to see what another four years would look like under that kind of leadership. the presidency should not be passed on from one liberal to the next. so here's what it comes down

to -- our country's on a very bad course and the question is what are we going to do about it? the question for me -- the question for me is what am i going to do about it? and i decided i'm a candidate for president of the united states of america. [ cheers and applause ]

>> we will take command of our future once again in this country. we will lift our sights again, maybe opportunity common again, get events in the world moving our way again, we will take washington the static capital of this dynamic country and take it out of the business of causing problems and get it back on the right side of free enterprise and freedom for all americans. i know we can fix this because i've done it. here in this great and diverse state that looks so much like america, so many challenges

could be overcome if we could just get this economy growing at full strength. there's not a reason in the world why we cannot grow at a rate of 4% a year, and that will be my goal as president. 4% growth and the 19 million new jobs that comes with it. economic growth that makes a difference for hard working men and women, who don't need a reminding that the economy is more than the stock market. growth that lifts up the middle class, all the families who haven't had a raise in 15 years, growth that makes a difference for everyone. it's possible. it can be done.

we made florida number one in job creation and number one? small business creation. 1.3 million new jobs 4.4% growth higher family income eight balanced budgets and tax cuts eight years in a row that saved our people and businesses $19 billion. [ cheers and applause ] >> all this plus a bond upgrade to triple a, compared to the sorry downgrade of america's credit these years. that was the commitment. i also used our veto power to protect our taxpayers from needless spending. and if i'm elected president, i'll show congress how that's

done. [ cheers and applause ] [ chanting "let's go jeb" ] >> thank you. thank you. leaders have to think big and we've got a tax code filled with small time thinking and self-interested politics.

what swarms of lobbyist have done, we can undo with a vastly simpler system reducing rates for all. what the irs, epa and the entire bureaucracy have done with overregulation, we can undo by act of congress and order of the president. federal regulation has gone far past the consent of the governed. it is time to start making rules for the rule makers. when we get serious about limited government, we can pursue the great and worthy goals that america has gone too long without. we can build our future on solvency instead of borrowed money. we can honor our commitments on the strength of fiscal

integrity. with north american resources and american ingenuity, we can finally achieve energy security with this nation and with presidential leadership, we can make it happen within five years. >> if we do all of this if we do it relentlessly and if we do it right, we will make the united states of america an chick super power like no other. we will also challenge the

culture that has made lobbying the premiere growth industry in our nation's capital. look the rest of the country struggles under big government while comfortable, complacent interest groups in washington have been thriving on it. a self-serving attitude can take hold in any capital, just as it once did in tallahassee. i was a governor who refused to accept that as the norm or al right way of conducting the government's way of business. i will not accept that as the standard in washington either. we don't need a another president who -- we need a president who disrupts the whole culture of our nation's capital. and i will be that president.

[ cheers and applause ] because i was a reforming governor, not just another member of the club. there's no passing off responsibility when you're a governor, no blending into the legislative crowd or filing an amendment and calling that success. as our whole nation has learned since 2008 executive experience is another term for preparation, and there is no substitute for that. we're not going to clean up the mess in washington by electing the people who either helped create it or have proven incapable of fixing it.

in government if we get a few big things right, we can make life better for millions of people especially for kids in public schools. think of what we watched in baltimore when so many young adults were walking around with no vision around the life they know. it's a tragedy played out over and over and over again. after we reformed education in florida, low-income student achievement improved here more than any other state. we stopped processing kids along as if we didn't care because we do care. and you don't show that by counting out anyone's child. you give them all a chance. here's what i believe. when a school is just another

dead end, every parent should have the right to send their child to a better school public private or charter. [ cheers and applause ] every school should have high standards and the federal government should have nothing to do with setting them. nationwide if i'm president, we will take the power of choice away from the unions and bureaucrats and give it back to parents.

we made sure of something else in florida, that children with developmental challenges got schooling and caring attention, just like every other girl and boy. we didn't leave them last in line, we put them first in line because they're not a problem. they're a priority. that is always our first and best instinct in this nation filled with charitable heart, yet these have been rough years for religion charities and secretary clinton insists that when the progressive agenda encounters religion beliefs to the contrary those beliefs, quote, have to be changed. that's what she said.

that's what she said. and i guess we should at least thank her for the warning. the most galling example is the shabby treatment of the little sisters of the poor a christian charity that dared to express objections to obama care. the next president needs to make clear that great charities like sisters of the poor need no government instruction on doing the right thing. it comes down to a choice between the little sisters and big brother and i'm going with the sisters.

[ cheers and applause ] it's still a mystery to me why in these violent times the president a few months ago thought it relevant at a prayer breakfast to bring up the crusades. americans don't need lectures. from the beginning our president and his foreign policy team have been so eager to be the history makers that they've failed to be the peacemakers. with their phone it in foreign policy the obama/clinton/kerry

team is leaving a legacy of crises uncon taundkoncontaineduncontained, violence unopposed, enemies unnamed, friend unattended and alliances unraveling. this supposedly risk adverse administration is also running us straight in the direction of the greatest risk of all, military inferiority. it will go on until a president steps in to rebuild our armed forces and take care of our troops and our veterans. and they have my word i will do it.

we keep dependable friends in this world by being dependable ourselves. i will rebuild our vital friendships and that starts by standing with the brave democratic state of israel. american-led alliances need rebuilding, too. and better judgment is called for in relations far and near. 90 miles to our south there's a talk of a state visit by our outgoing president but we don't need a glorified tourist to go

to havana in support of a failed cuba. we need an american president to go to havana in solidarity with a free cuban people and i'm ready to be that president. great things like that can really happen. and in this country of ours the most improbable things can happen as well. take that from a guy who met his first president on the day he was born and his second on the

day he was brought home from the hospital. the person who handled both introductions is here today. she's watching what i say and, frankly, with all these reporters around i'm watching what she says too. please say hello to my mom, barbara bush. [ cheers and applause ]

>> by the way -- by the way, just so that our friends know the next president of the united states will pass meaningful immigration reform so that that will be solved not by executive order.

[ cheers and applause ] so back to my family just for a second. [ crowd chanting "we vote jeb" ] >> look i think -- i think i was talking about my mom. i kind of lost my train of thought here. long before the world knew my parents' names, i knew i was blessed to be their son. and they didn't mind it at all when i found my own path. it led from texas to miami by way of mexico.

in 1971 eight years before then candidate ronald reagan said that we should stop thinking of our neighbors as foreigners you was ahead of my time in crossing border outreach. across a plaza i saw a girl. she spoke only a little english. my spanish was okay but really not that good. with some intensive study, we got that barrier out of the way in a hurry. in the short version, it's been a gracious walk through the years with the former --

[ speaking spanish ] whatever else i might or might not have going for me i've had the quiet joy of having the love of my wife and we've had the not sigh quiet joy of raising three children, george noel and jeb. the boys have also brought us more bushes their wives manned oo and sandra and our grandchildren, georgia, prescott vivia and jack. campaigns aren't easy and they're not supposed to be. i know that there a lot of good people running for president. quite a few in fact. and not one of us deserves the job by right of resumé party,

seniority, family or family narrative. it's nobody's turn. it's everybody's test and it's wide open exactly as a contest for president should be. the outcome is entirely up to you, the voters. it's entirely up to me to earn the nomination of my party and then to take our case all across this great and diverse nation. as a candidate, i intend to let everyone hear my message including the many who can express their love of country in a different language.

[ speaking foreign language ] >> in any language my message will be an optimistic one because i am certain that we can make the decades just ahead the greatest time ever to be alive in this world.

that chance that hope requires the best that is in us and i will give it my all. i will campaign as i would serve, going everywhere speaking to everyone keeping my word facing the issues without flinching and staying true to what i believe. i will take nothing and no one for granted. i will run with heart and i will run to win. [ cheers and applause ] it begins here and now and i'm asking for your vote. thank you and god bless you all.

i love you. and that is jeb bush officially announcing his candidacy for president down in miami at miami dade college. let's get to our john harwood for more reaction. hi, john. >> reporter: kelly, you saw a jeb bush who was energetic casually dressed accompanied by his mother barbara bush and his son. he ripped a bit about -- he said you can't pass the presidency from one liberal to the next. he made an argument that the obama foreign policy has been weak, that the recovery has been slow, that he can accelerate it with tax reform and other things that will produce 4% growth.

he said at 19 million jobs with 4% growth over the course of his presidency. so he set a bar for himself. now we have to see whether he can really break out from this very crowded field of republican candidates. >> our john harwood down there in miami, looking to the panel for reaction. jeb said that will be my goal as president, 4% growth 19 million new jobs saying there's not a reason in the world we cannot gree groh at a rate of 4% per year. his vision is different from what hillary clinton is laying out on the democratic side. >> who is the speech geared toward? to contrast him with hillary clinton or the other republican candidates? i would say the former. very optimistic speech.

>> he brought hillary clinton up by name. that's what you would do when you're positioning yourself as the front-runner. >> jeb bush announcing his candidacy. up next she founded united therapeutic to save her daughter from a fatal lung disease. she'll join us coming up on "the closing bell." keep it right here. that's where at&t can help. we monitor network traffic worldwide, so we can see things others can't. mitigating risks across your business. leaving you free to focus on what matters most. ♪ ♪ ♪ (charge music) you wouldn't hire an organist without hearing them first. charge! so why would you invest without checking brokercheck?

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the click ideas exchange in philadelphia is marrying biotech and technology. we're joined by united therapeutic ceo martine rothblatt. >> thank you for joining us. >> my pleasure. >> you developed sirius you developed a drug to help your daughter. >> i think the development of rna techniques to interfere with cancers, checkpoint inhibitors to create new dna strands with synthetic biology and to

reinvent transplants so they won't be rejected by the body. we're starting with a technology where we take the very large number of organs which are kindly donated by people's families but are not utilized because they've been out of a body for too long and we're able to restore those so that they can be transplanted and already some 400 people's lives have been saved with these hearts and lungs with these techniques. our goal is to be able to transplant a xeno lung or heart. >> are pig organs the same size

as americans'? >> i asked my parents, i learned all the the pigs' major organs are by coincidence of nature the same size as humans organs. a million americans die each year of end stage kidney liver and heart disease. by being able to provide these millions of americans with a replacement or replace mentoringment organs, you would have revenue of $10 billion a year. >> tell us how you see the future of the ph market playing

out? >> the ph market is actually growing. whb we when we started in this market, there were only 3,000 people with ph. there are now about 35,000 patients living and taking a lot of medicines. that number is continuing to grow. we expect that there will be 50 60 70,000 patients in the next few years. as new come competitive pharmaceutical projects come even if each of them had on a quarter of the market, each would represent blockbuster potential. >> a lot of analysts have been talking about the potential for you to step back in your future. >> i feel i've taken a step in appointing a co-ceo. our motto is we go not ego.

i handle things that are really true to my heart like the zeno transplantation effort whereas he handles the operations and r & d. >> fascinating about the pig organs. >> and is it time to take risks overseas? we'll hear from an emerging market pro when we come right back.

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saudi arabia's oil market taking a back seat to its exchange market. >> here's what you'll need to know as an investors or potential investor in the saudi stock market. it's the first time it's been opened to potential investors. it's important because it could help diversify the industry base of saudi arabian comes. we all know it's oil dependent and it's going to continue to be so for years to come. but companies other than oil companies can now try to attract investments at somewhat easier levels. there are, though conditions. among them saudi securities regulators are limiting access

to financial institutions only. you have to have at least five years of operating history as a fund bank or broker dealer and manage at least $5 million. the real question is whether foreigners will invest in the market and what other concerns there are out there. >> there is a cultural bias against saudi. that's basically limited foreign investment in saudi to just about 1% of the almost $600 billion market cap in saupdy. >> now, as access gets better we could see more relatively pro bust trading in the market including more fund pros. it's about a $600 billion market. remember apple's market cap is already bigger than the size of all the market cap of companies traded in saudi arabia kelly. back over to you. >> for more now on the risk here that investors could be taking by moving money to the saudi

markets, we have danny joining us, head of emerging markets for rbc. welcome to the program. >> thanks for having me. >> how much of an opportunity do you see here for investing in saudi arabia? >> well i mean, first of all, it's really about whether saudi will become a member of the mnci. if that were to happen would you have quite a bit of upside. the second is whether oil prices will recover. >> do you see analogies to the saudi market for anybody who missed out on china, for example? should they be looking for the saudi market now? >> it depends what market in china belongs to. other parts of china that foreign investors can invest in particular the hong kong/shanghai story. so eventually i do believe that saudi could become a member in

the not so far future. >> focusing for the moment on whether this opening up is a big opportunity for investors, dan, what do you think? >> i think it's unquestionably an opportunity. but also let's remember, this is still an emerging market and for a lot of investors, it will be out of reach. if i can ask danny, how do stocks -- i'm sorry, how do markets generally perform -- obviously we have the china situation going on now but who do markets generally perform during the one year two-year approval process, if you will? >> it does tend to give quite a bit of support to markets. this is point number one. point number two is that you do see interest coming from early arrivals and probably the most important of it all is that there is quite a bit of support coming from the saudi government as well. so all of those together should be quite supportive and give quite a bit of a floor to the

market going forward. >> evan? >> i would tell your average viewer to hang on to their money, not worry too much about saudi arabia. i mean they -- our markets in general, european markets, there are enough fish to fry out there. >> i remember again before some of the recent economic issues that the saudi economy is facing it said this was the biggest opportunity to tap into in emerging middle class, arguably in the world if you missed some of the other fazed story. does that mean this is compelling? >> if you think about it the saudi economy is a proxy for the oil price. you're better off probably betting on oil. >> danny, a quick last word? >> yeah i think there is some to all of that but i do believe that the saudi government will try to put quite a bit of support in that market going forward. >> thank you so much danny, for your thoughts on this one. appreciate it.

17 million, that's how many millionaire there are across the globe. we'll tell you how they got there and how much of the world's assets they do hold. also target and cvs showing signs of life. the nation's second largest retailer is selling its pharmacy and clinic business to retailer cvs for $2 billion. that's on "mad money" tonight at 6:00. don't miss it. you used to sleep like a champ. then boom... what happened? stress, fun, bad habits kids, now what? let's build a new, smarter bed using the dualair chambers to sense your movement, heartbeat, breathing. introducing the sleep number bed with sleepiqtm technology. it tracks your sleep and tells you how to adjust for a good, better and an awesome night.

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welcome back. there are in fact millions of millionaires out there and that number has grown from last year thanks fought bull market. robert frank joins us now to break down the specifics. hi robert. >> hey, kelly. there are 17 million millionaire households worldwide. up 2 million over last year. according to a report from boston consulting group millionaires now control 67 trillion or 41% of all the world's wealth and that will hit 46% by 2019. now, the u.s. still has the most millionaires with 6.9 million. china is second with 3.6 million followed by japan with 1.1 million but china grew the fastest, up 49%, and half of the world's new millionaires last

year came from china. switzerland has the highest concentration of millionaires at 13.5% of their total population. so where'd all this wealth come from? well, stock markets. nearly 3/4 of all new wealth created last year or $13 trillion, came from returns on existing wealth mainly from financial markets. that's@super rip are expected to vastly outperform mere millionaires in the coming years. those worth 100 million or more will grow by 19% by 2019 but the lesser wealthy, those worth only 1 to 20 million, they will grow by about half that amount. the super rich of course have more money in stock markets and when the markets go up they gain more but we never know what's going to happen this year. of course what the market giveth it also taketh away. guys back to you. >> robert thanks. do you think this is because people have a lot of their wealth in the market or is it because they have a lot of stock market wealth because they're corporate entrepreneurs for example? >> it's mostly stock market i would guess.

and this comes from largely been plus or minus a 30 35-year bull market not just in stocks but also in bonds. a mean a lot of the wealth's been created in the bond market also. >> but let's be honest. the way you make money especially in the united states is by starting your own business and building it it up to something. it's a very entrepreneurial society and i imagine, i don't know the numbers off the top of my head, i imagine if you take a look at who the richest people are it's companies they started. you don't get rich working for something else. but this is exactly the kind of thing that contributes to the whole debate we've seen with jeb bush declaring for presidency income inequality and -- these data points fuel that conversation. >> why doesn't he tell everybody to invest in the stock market? >> dan's right to some extent but what was startling there about this report is 2/3 of that millionaire wealth created last year came from returns on existing wealth. a very small majority is entrepreneurial newly created companies' wealth. that again adds to this idea of

a rent yooer society only those who have wealth getting wealthier and i do think it's going to add to that political debate. >> thank you, robert. >> thank you. >> our robert frank this afternoon. markets finishing in the red today despite all that. what the panel's watching ahead of the fed meeting when we come right back. plus a new class of under armour stock. we'll get to the details next. shopping online... ...is as easy as it gets. wouldn't it be great if hiring plumbers carpenters and even piano tuners... were just as simple? thanks to angie's list now it is. start shopping online... ...from a list of top rated providers. visit angieslist.com today.

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what's the story, dom? >> what we have is basically a change in the share structures for under armour. it's announcing it's going to create a new class of shares. these new shares a class c under armour share, will have no voting rights and they will be traded on the new york stock exchange. this is something similar to what google did last year. under armour shareholders are going to get one share of these new class c shares for every one share of class a. that is the publicly traded one that they own. or class b shares. those are the super voting shares that under armour has currently controlled by kevin plank who's the founder and ceo of the company. in essence what's happening here is it's a two for one stock split of sorts but the new shares that all shareholders will get is this class c stock which has no voting power. so again, an interesting move here by under armour.

per kevin plank in a letter to shareholders it's to maintain the founder-driven vision for what's happening with under armour. interesting move by under armour. new class of shares coming up traded on the new york stock exchange, kelly. back over to you guys. >> dom, thanks very much. dan, now i know we forgot under armour when we're talking about the structure of some of these companies like the googles of the world who have maintained a lot of power. >> on the one hand my initial reaction is if you want to maintain the owner-focused culture then don't go public. on the other hand there is a shareholder that is interested in being part of a company with this type of a vision and if you'ren't interested in it you can sell your share. >> just before we go do you have a philosophical point of view on whether you'd own shares that don't have voting rights? >> you know my wife works for google. sow know i'm not going to say a word to you on this -- >> as a personal investor. >> yeah i understand what you're saying but i'm not going to react to that. >> maybe someday we'll get your view on it. >> the only way he could react is if she was no longer his wife. that's a terrible thing to hope for. >> or she was no longer at google.

thank you very much. "fast money" coming up in just moments with mandy drury sitting in. hey, mandy, what's on tap? >> we've got lots coming up including the ceo of electronic arts who by the way is an aussie and grew up very close to where i did. but we're going to be talking about what matters more the fed or greece slash europe to the markets right now. we're going to debate that. and of course lots of other things. but "fast money" does start right now. >> over to you guys. >> we'll see you tomorrow. live from the nasdaq marketsite overlooking new york's soggy times square i'm mandy drury. our traders on the desk are tim seymour, pete najarian, dan nathan and guy adami. tonight on "fast" we will explain why the hottest sector this year could be cheaper than you think. at least if today's chatter is true. plus netflix under siege as alibaba plans to move into its turf. but a top analyst tells us why this could actually be a good thing. but first to the volatile day in the markets. stocks paring their losses after feeling of