of things like tlt and some longer term bonds so maybe that continues. >> beav. i like this one. interiors of aircraft. pares auto show. love the activity. >> happy father's day. >> you, too, scott. >> jimmy, we remember your lovely father this weekend as well. >> thank you. have a greats weekend. halftime's over. the second half of your trading day begins now. hello, everybody, and welcome to "power lunch." i'm tyler mathisen. >> i'm mandy drury. will china step in? pop star taylor swift taking on apple refusing to allow itunes to have access to her new album. can she change the way music is now being bought and sold? >> she should just shake it off, folks! the nonpartisan congressional budget office on what would happen if president obama's health care plan is repealed. after years of negotiating, lending and worrying could this

finally the weekend that the greek today ma reaches its final act? michelle caruso-cabrera has this hour's top story and she is liveslive from athens. >> reporter: yes, today the european central bank extended liquidity to the greek banks. we don't know exactly how much but we are led to believe that it is enough to get the greek banks through monday. what does this mean? that means if you are a greek living in greece and you have depos hits here and you with a'nt to withdraw money out of the atms over the weekend there will be enough cash to get your money out presumably through monday. why through monday? there's a big meeting on monday. two actually. finance ministers will meet again on monday afternoon. roughly 9:00 a.m. new york time. then there will be a meeting of all the european leaders in the evening to try to come up with some kind of solution for greece. the solution would be greece does some set of reforms and, in exchange, they get an injection of a little more than 7 billion euros in order to help pay some bills that they have due on june

30th, particularly to the imf and also to the ecb coming up later on in july. ahead of that meeting we saw big rally in the athens stock market because the greek prime minister made very positive comments about the meeting coming up on monday suggesting that there could very well be a solution. we saw that rally fade into the close. we always show you the various newspapers that are happening, that have big headlines in greece. want to show you one of the cartoons political cartoons. position of the world. and you're going to see a stick of dynamite. on the face of that dynamite is -- the prime minister of the country, alexis seprus. that being said we don't see a huge reaction in the international markets so far. not showing a lot of fear. but let's see what happens on monday. >> the euro not showing any fear at all. thank you very much great

report live from athens. so do russia have the money and the will to help greece? greece's prime minister is in stt st. petersburg today for a forum. >> reporter: you might have thought given that greece is in the 11th hour that's lick sesthe prime minister would stay home but no. the president himself says sanctions have been tough for us but we think we're doing okay. the prime minister of greece stepped up and said well we're not taking money from russia but ultimately there are other places we could go to apart from europe.

that was the subtext of him appearing on the stage with president putin. but ultimately the russians do not have money for the greeks and alexis tsipras will not be be flying home with his pockets full of gold. there is a pipeline deal a memorandum of understanding was signed here and the prospect potentially of some financing of that from the russians. but alexis tsipras made a symbolic appearance with president putin on age, but as i say, right now there is no russian money for the greeks in this bailout program. let's check on euro/dollar as we speak. there's not been a huge amount of fear creeping into the exchange rate. the dollar index is marginally higher at 94.18. last i checked the euro was just above 1.13. as for the 10-year treasury note yielding 2.7%. we'll keep our eye on all of the above over the course of the

next two hours. jon najarian has some tips on how to position and protect your portfolio today against a greek default and exit from the euro. i don't know whether i speak for anybody else but i'll speak for myself -- i'm tired of this. i want it to get over with. i'm done talking about greece. you want some resolution here. >> right there with you. there's really only one way to do it and that is a greek default, quite frankly. >> what if that happens? >> if you're somebody in greece that's why, again, michelle caruso-cabrera is doing a great job talking about there. they've had capital flow out of the country. in other words they're taking money out as fast as they can out of greek banks. $1 billion a day for the last two days. europe has already had fortified them to be able to do that. if you've got money in those institutions get it the heck out as fast as you can. number two, i believe that mario draghi's going to use that $1 trillion bazooka that he's got, meaning that to sort of stave off any contagion for the rest

of europe he is going to fire in all the liquidity necessary which means their rates, german 10-year has already come down from 1% that it touched last week all the way down to .75%. i think it goes back to .5%. on this move. and then that takes our treasuries higher which pushes rates down. instead of 2.27%, i think we go down to 2.15% or something like that. so that's the way i think you could play it. by being long -- >> if you're looking for the default. >> again, that default might not happen. they may kick the can again. that surge of liquidity into europe italy has $2.2 trillion in debt. that's an awful lot of debt. if he's buying up that debt mario draghi that is he's going to pump up those bonds. i think they'd be a sale. my secondary trade would be to sell italian debt because i think they're done after that. >> three good points of advice. happy father's day. have a great weekend.

week lyly rig counts. headline numbers for u.s. oil rigs down four to 631 against baker-hughes weekly u.s. oil rig counts down four to 631 total rigs. that number is down 914 from the same time a year ago. total rig counts for the u.s. down two to 857. but again, in canadian rigs gaining nine to 136. the headline number for this week's baker hughes rig count, u.s. oil rigs down four to 631. of course we want to caveat that by saying that production still lingers near record highs. this is not having a huge impact on the crude oil markets. we are still hovering around $59 per barrel for west texas intermediate futures. we'll also check on the oil close for the week in just under 90 minutes from now. let's see how the markets are reacting to this so-called

greek drama. bob pisani on the floor of the new york stock exchange. >> do i look like i'm worried? the markets aren't worried. why should i be worried? you think there would be a little bit of panic over the fact we might not have a deal monday? >>! greece was up france was up spain -- greece has been down for the week but even for the week here why aren't people more worried? there's four reasons that i keep getting from everybody. fatigue. they're so over it after five years of crisis. the second is xlacomplacency. most feel a deal made even if it is a kick the can deal. there is the no contagion camp. they believe the ecb will do whatever it takes to keep the euro together. even if greece leaves they'll keep the other parts together. that's the containability argument. even if greece leaves the euro many have convinced themselves the damage can be contained. i think this is a little bit of wishful thinking but the market is acting exactly for this reason. volatility of the united states? the vix is sitting near the lowest levels of the year.

there is no sign of people panicking or going out to buy protection. today we're drifting a little bit lower in the middle of the day. energy is a bit of a problem because oil has been drifting lower throughout the day. financials are also a little bit of a problem because bond yields are down and normally that's a problem for them. techs also lacking here today. but again, this is nothing particularly big moves in the middle of the day. big close today on yaudquadruple witching. shares of hershey are down 3% today, hershey lowered its earnings outlook saying sales will be hurt by currency exchange. a big hit coming from china as well where the company is seeing slow og sales in part because of increased competition in chocolate. on the other hand we have con conagra foods. that stock is up 9% today. jana says the stock is undervalued even though it is up 45% over the past year. let's get more on this with kate kelly.

>> hey there, mandy. activists veteran jana partners made a big move in recent months on conagra and went public with its 7.2% stake last night. their persistent underperformance stems primarily from its early 2013 purchase of a private label food manufacturers that's responsible for stocking grocery and other retailers with products like hot cereal and mayonnaise that they then put their own names on. jana wants not only a top to bottom strategic cost and capital review with recommendations for changes, it has put together a handful of potential new directors, including its own founder barry rosenstein and two food industry veterans who have also bought conagra shares alongside jana. though jana has launch dozens of campaigns since its 2001 founding, they have nominated directors on only three past occasions according to 13d

monitor monitor, more recently at a canadian company, a bid that failed in 2013. >> thanks for that. conagra at an all-time high today. how can you play moves by activist investors? a great story on that is up right now on powerlunch.cnbc.com. also jana partners barry rosenstein is among the speakers at our delivering alpha conference. it takes place on july 15th in new york. details will available on our website deliveringalpha.com. analysts reacting a nonpartisan government report saying repealing president obama's health care plan would increase the federal budget deficit. eamon javers live in washington with that story. >> $353 billion is the amount by which the nonpartisan congressional budget office says that repealing the aca, otherwise known as obamacare, would cost in terms of a hit to the federal deficit by 2025.

they also find that the uninsured non-elderly population would increase to $24 million in that same year -- 24 million people in that same year. i'm sorry. they also say that it would reduce deficits in the short term but those defense titsz would begin to skyrocket after 2017. finally they say it would increase gdp as it spurred an increase to the labor market but that ultimately net-net it is still going to be a hit to the deficit by $353 billion. tyler, ultimately they say there is real uncertainty here in the forecast going forward. nonetheless, all of this will play a big role in the debate over the future of obamacare. >> of course a major ruling out of the supreme court over the next couple of weeks will decide whether those subsidies that were part of the program can continue or not. eamon javers, thanks very much. read more about the report an what a repeal of the health care law would mean for the economy at "power lunch"powerlunch.cnbc.com. speaking of insurance, shares of cigna got a big boost

this week on reports it is a takeover target. it might not be the only one. we are looking at possible deals in health care. this is one of the companies jim cramer mentioned as a possible target. plus which city has the most expensive average price for hotel rooms? we'll bring you the surprising answer when "power lunch" continues. ♪ ♪ hp instant ink can save you up to 50% on ink delivered to your door so print all you want and never run out. plans start at $2.99 a month. right now, buy an eligible printer and get three months of free ink with hp instant ink. available at participating retailers. the most affordable way to print. hp instant ink.

welcome back to "power lunch." shares of amberella taking a hit. the maker of chips used in digital cameras. the target of a negative report from "citron." the firm cites headwinds like commoditization of the product. the stock has seen a lot of up side momentum up 135% just this year a. loan. the move though has put it about 10% above average analyst wall street target prices so again, interesting now out of amberella this particular research report from citron. back over to you. carmax reporting weaker than expected sales growth in may though the company's profits met wall street expectations. the stock up nearly 54% since last year. kb homes reporting better than expected earnings bolstered by increased demand in the housing market. the financial services company state street corporation saying the securities and exchange commission is accusing the company of violating

securities laws. shares up over 6% in the past three months. shares of cigna up more than 13% this week alone after reports that anthem was trying to buy the company. it could be a lot more action in health care. morgan brennan's been looking at -- everyone wrants toants to know the other potential takeover targets in the space. >> this is the magic question right now. just to recap, health care stocks outperforming the broader s&p. they've been up over 10% so far this year versus the index's 2.5%. several factors driving those gains. one of them a big wave of m and a. so far this year health care has globally racked up $280 billion worth of deals. it is the most of any sector for the third year running. and this week alone we've seen several more deal headlines. so what could be next? well, the two groups that have caught the biggest gains this year are health kay providers and biotech. those are two with the most m&a

potential. you mention cigna, given all the speculation that managed care companies are on the verge of a massive consolidation, deutsche bank likes cigna. says it makes sense as a merger candidate in several different scenarios. but analysts also expect it could trigger a second one which is going to leave fix scrambling. it would make the smaller firms likely takeover targets. big companies looking to specialize and absorb smaller ones with promising drug pipelines. analysts say that that could make biomarin and candidate. last another, another name -- ariad has been tossed around as a possible takeover target since its ceo was oifted in april.

>> a few more names will be thrown into the ring. in the next hour we'll talk more about this. folks, you may not want to take the family to silicon valley for summer vacation this year. the average price for hotel rooms there now rival the most expensive in the world. josh lipton live at one of the priciest hotels in san francisco. josh. >> reporter: well, tyler, i'm here on the roof of the historic fairmont hotel in san francisco. i can tell you, it's been buzzing all day long with guests. that's not surprising. the hotel industry here in the bay area is seeing strong demand and that means prices keep going higher and higher. a hotel now in silicon valley is going to run you an average of more than $300 a night. that means silicon valley is now more expensive than new york and london. those working in the industry don't see prices coming down any

time soon. >> hotel prices are really just trend at the same level as the entire economy. the economy is white-hot out here and there's no signs of it slowing down. as long as that's the case hotel prices hotel okay pansy are going to grow to match that. >> shank says one big reason you see these jump in prices is because of tech companies getting bigger around bigger. that of course means more and more people flying into silicon valley every day for meetings and interviews and deals. shank also says the hotel industry is focused on another big event that's coming up the super bowl which is coming to the bay area in early 2016. he says that is sure to create a significant jump in rates. >> even more pricey. thank you very much josh lipton. if you thought bacteria made you sick, well, you're only half right because now some big companies are using bacteria to make you better. plus the biggest company in america versus the biggest star in america.

apple versus taylor swift. they've got some bad blood. we'll explain.

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certainly not her first. >> absolutely not, mandy. now taylor swift is shaking off apple music, she's holding back her album "1989" from apple music at its launch. the album has not been released on any streaming services. this as swift looks to protect her album sales and it seems to have worked. the album has sold 5 million copies since it was released in november. now this despite the fact that a link to swift's new video "bad blood" appeared on screen during apple's big announcement of its music service. but apple will have all of swift's back catalog in apple music along with the 30 million other songs it is launching with on june 30th. swift's move comes as apple battles to much ka up with spotify which has 70 million active users, 20 million paying subscribers. spotify though does not have any of swift's music. she pulled all of her albums from spotify november in opposition to its ad supported free service saying she believes

music should be consumed as albums and music should not be free. swift is not the only pop star to withhold music. beyonce withheld her most recent album from streaming services for nearly a year before eventually making it available. sources close to negotiations tell me that the beatles albums are unlikely to be included with apple music when it launches. though who knows what will happen down the line. >> thank you very much julia boorstin. let's look at gold right now, see how it is doing today as we mine the metals and look at closing trades there. you see gold down $1. for the week up about 1.85%. let's take a look at silver copper platinum and palladium. all of them down just a bit. copper off by about 1.4%. palladium by 1.5%. platinum though is higher by by .3%. for the bond report they's look at the 10-years and 30-years.

10-year is hitting around 2.27% right now which is lower than yesterday, we were in the 2.3%. a voting member of the fed says he still thinks 2015 will be the year the fed starts to raise interest rates. what does that mean for your portfolio? we will ask our market experts next. plus some very funny zookeepers are making many so very cool pictures go viral. hashtag jurassic zoo. that is next.

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hello, everyone. i'm sue herera. here is your cnbc news update for this hour. republican presidential candidate jeb bush speaking out on the fatal church shooting in charleston, south carolina. he called the incident an evil act of aggression. >> i don't know what was on the mind or the heart of the man who committed these atrocious crimes but i do know -- i do know what

was in the heart of the victims. they were meeting at brotherhood and sisterhood in that church. they were -- it was wednesday evening. they were praying. >> 11 people have been charged in an alleged conspiracy to distribute counterfeit 5-hour energy drinks. the defendants are accused of repackaging more than 350,000 bottles and selling them in the u.s. at a 15% discount. toyota's chief communications officer under arrest in japan charged with smuggling oxycodone which is a controlled substance, into that country. julie hemp allegedly received the package labeled necklace and 57 pills in small boxes. sad news, ralph roberts, the founder of comcast, the parent of cnbc, has died. he built comcast from a small cable tv system into one of the world's largest entertainment companies. he died of natural causes at the age of 95. for more on his incredible life go to cnbc.com.

that's the cnbc news update for you. back to you guys ty and mandy. >> thank you very much sue. stocks right now a little bit in the red as we round out this very busy week. the dow having its best week in six. the s&p 500 and nasdaq on pace for their best weekly gains in eight weeks. nasdaq coming off that all-time intraday high it hit just yesterday. let's go straight to the nasdaq and bertha coombs to see what's moving there today. >> the nasdaq pretty much flat on the day off breaking that 15-year dotcom bubble curse. it is also set to break a three-week losing streak this week. really it continues to be all about biotech, although biotechs today are fractionally lower. for the week they are better than 3.5%. if you're keeping score at home it's been nearly a year since janet yellen talked about the sector being overvalued. they are up 50% since she made those comments nearly a year ago. what's interesting and has been very interesting this week and

over the last several weeks has been the performance of apple. apple has really been sitting out in this rally. the stocks have really just not moved very much at all and it is on pace today for its fourth straight week if we continue at this rate of losses there. so the biggest cap has not really been contributing to this. it's been the small caps the biotechs and today a very busy day here at nasdaq with three ipos. mixed results. mindbody opened this morning priced in the middle of the range. it is lower. 8point3 energy is down for the day. fogo dechao is pricing up. san francisco fed president john williams meantime says he is not supportive of an interest rate hike until he sees stronger signs of inflation.

williams is a centrist whose views are thought to be in line with those of fed chair janltet yellen. joining us a chief investment strategist at raymond james, david, already the fed induced rally seems to be running out of steam today. i don't want to obsess about what the fed is going to do for the next few months. you don't want to do that. we also don't want to obsess about greece. what should we be focusing on? >> i think the most important thing in terms of the fed is to keep your eye on wage growth. it tends to lead inflation. if he's looking for inflation to pick up he should be looking for wage growth to pick up. we've already seen that begin to occur. to me that means there may be a little bit more inflation pressure in the pipeline that's coming out. >> on this jeff considering janet yellen was still typically dovish, still typically non-committal, has anything really fundamentally changed since wednesday for the markets? >> i don't think so. i think that janet yellen is a

gradualist. i don't think you're going to get a rate ratchet like we saw in '04 into '06 where they increased the fed funds rate every fomc meeting. they took it from 1% to 5.3%. i think she raises a quarter of a percent. my model says in november and has always said in november. i think that she steps back to see what the markets and the economy does with that rate ratchet for a few months. >> let's bring it back to what's happening in greece. i don't want to go into the intricate details of the politicking behind the scenes. i want to know whether or not this is a buying opportunity right now in europe. we've already seen some big corrections in a number of the markets. greece, dax, et cetera. do you buy now or do you wait and just see how this one plays out? >> i think you buy. it is my view that greece is going to end up defaulting or that greece is going to end up staying in the eurozone. a default seems to be gradually getting priced in to the markets. for me i'm a buyer on weakness particularly of periphery countries like spain and ireland. >> you are wading in.

you're taking that strong stomach of yours. are you as well jeff? >> yeah i would agree with that. i think this gamesmanship to the nth degree i think both sides are posturing. i actually think they'll come with a solution at the last minute. but if they don't it is a process. and if they do default on july 1st, it is going to take months to work through the system. i would agree with the comment that they might even pull out of the eu and keep the euro as their currency. i think that's right on. >> jeff do you think it has major implication? i don't mean little -- sort of little bit of volatility here and there on headlines. do you consider this to have major implications for a u.s. investor? >> no, i do not. i will tell you in my 44 years in this business with when everybody was asking the same question it is typically then the wrong question. >> got it. thank you very much. jeff, david, good to see you. big weekend ahead of us. we will see what happens.

powerlunch.cnbc.com. johnson & johnson one of the companies getting into the busy of bacteria to treat diseases. hi meg. >> that's right. we've been talking today about the microbuy on those trillions of microorganisms that live in and on us. for centuries we thought bacteria o could only be harmful but it turns out it actually has a lot to do with our health. the nih started a human micro bio project. earlier this year johnson & johnson established an institute to tap into research being done in the area across academia and biotech. >> really a fascinateing move or switch in thinking from bacteria only be bad and these pathogens causing inflammation towards a shift towards understanding that the organisms that live in and on us are actually contributing some very valuable pieces and

that we should consider ourselves as an ecosystem that really has to be in balance. >> j&j is also thinking about the potential to treat auto immune diseases, to allergy, diabetes, to possibly even cancer. partnerships with companies and academic centers. we talked to the head of immunology at johnson & johnson about the possibilities. >> the impact that the field of the micro-bio is going to have on human medicine i think is going to be absolute sli huge. i think we'll see new therapeutics. the first wave will probably be new therapeutics that are based on live microbes. >> other farmers are in the space from start-ups to drugmakers. j&j has also forced a partnership to explore the

possibility. diana olick is live in my hometown with the story of boom rang buyers. >> they call them boomerang buyers but will they make that return trip? we'll tell you coming up next on "power lunch." the e-class has 11 intelligent driver-assist systems. it recognizes pedestrians and alerts you. warns you about incoming cross-traffic. cameras and radar

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so print all you want and never run out. plans start at $2.99 a month. right now, buy an eligible printer and get three months of free ink with hp instant ink. available at participating retailers. the most affordable way to print. hp instant ink. images. this volcano in indonesia continues to spread ashes down the sky and the mountain looking like a landslide. authorities are closely monitoring the volcano which has been more active than usual in recent days. it has erupted sporadically since 2010 when it caught scientists off guard and became active after being quiet for four centuries. the volcano is located on sumatra, one of indonesia's main islands. focusing on biotechs we've got a very special guest on them.

biotech index got to all-time highs this month. it is worth noting two weeks after the world's biggest cancer conference, the biotech index is up about 1% compared to the 6% pop the index saw in the two-week period post conference last year. is this a sign there may still be room to grow in the sector? our guest is a biotech analyst with rbc capital markets. are biotechs too richly valued is right here? they've had very nice performance. they consolidated a little. they're not up all that much post asco as we point out, but are they too richly price? >> i love the consolidation pattern you just talked about. i love that you've had a period of consolidation and now we're about to break out. i think this is healthy. i think what you are see something great secular fundamentals in biotech combined with great charts like you just pointed out. if we're bullish on the secular fundamentals and what i call an innovation cycle in biotech with all these new drugs coming out,

i think that's bullish for these stocks the rest of the year. we don't think it is expensive so we're going higher. >> this feels to me like a sector. we don't own individual stocks here at cnbc as you may or may not know. but if i were to identify a sector that i think has sort of pure growth in front of it, bio biotech might well be it and great margins. right? >> fantastic. the margins part is something i think people have underappreciated. it is the cash flow margins and profitability. if you look back over ten years there weren't many profitable biotech championships. 57% operating margins and tons of cash flow now, these are real profitable companies showing that innovation with new drugs, new profits, cash flow all of that is leading to big profits and the stock is going higher. i think you are absolutely right. >> who do you think or which companies do you think are the best potential break-out candidates? >> i think along with that theme we like vertex right here.

we like biogen gengen gilead. vertex is a company that's basically been lost making millions of dollars for the last few years, they're about to get fda approval of a new breakthrough cystic fibrosis drug and i think that stock moves higher because of this $10 earnings over the next few years. i want to own that stock on this earnings cycle. biogen same thing. possible new alzheimer's drugs coming. we see that stock moving higher. then gilead same thing. huge profits. low pe. we think that stock moves higher because you're going to be building that pipeline. >> the second part of my question is which companies do you think are the best potential m&a candidates either as someone that has taken over or someone who is going to do the taking over? >> yeah. we would point to biomarin which had great news earlier this week confirming our bullish pipeline thesis is an orphan company

doing $5.2 million in revenue. we think that stock's perfectly positioned over the next few years. this is all shaping up. you've about biomarin on the show before. we think this one is eventually going to be a take-out and that a lot of great news earlier this week and we see a potential fda approval at the end of this year. >> i want to ask what's probably a dumb question but it's what i do best michael. some of these drugs that are the $75,000 a. month drugs, the really expensive ones whether for hep c or whatever. seems to me some of those companies seem to be maybe vulnerable to the collectives that do the buying whether it's the pharmacy benefit managers or the government. are there -- is there pricing vulnerable at all or do i not need to worry about that? >> i think that's probably the biggest risk we really need to watch particularly as you go

into an election cycle next year. hillary clinton is also already made some comments about that. of course her long history about managing health care costs. i think we need to watch that. i think the reality is while that's a headline issue, the reality is we have real innovation, real drugs having a real effect. curing hepatitis c. right? drugs that are saving -- reducing cardard yo vas ardiovascular risks. at the end of the day there is a real pharmacological equation here. we're saving lives here. >> i didn't ask the question very well but you answered it perfectly, michael. we appreciate it. let's turn to housing now. 1.5 million buyers who lost their homes and their credit during the housing crash could re-enter the market in the next three years. what impact will these so-called boomerang buyers have on the housing market? diana olick is live in washington.

>> reporter: mandy, it depends on whether or not they want to buy. nearly 8 million borrowers lost their homes since 2004 and now some have repaired their credit and could be back in the market. so-called boomer range buyers. how? well lenders require seven years after a fork t and four years after a short sale for buyers to be potentially eligible for credit again and oh, how time flies. now about 700,000 borrowers are eligible for credit again this year and up to 2.2 million over the next five years. that's according to transunion. obviously they'll need to be gainfully employed and have the necessary documents and down payments, but from a credit perspective, they're good to go if they want to go. transunion looked at that too, and found of the 1.3 million so far who are now eligible again, less than half have bought another home and there are a multitude of reasons for that. high rents are keeping potential buyers from saving for that down payment. some have other credit issues beyond the foreclosure and some just plain don't like the idea of home ownership anymore.

for others though the math just works. i spoke to a boomerang buyer this morning in atlanta who had lost his job and his home during the recession. he is now back on his feet and says it is far more expensive on a monthly basis for him to rent than it is to buy. that's a single family home. and so he says he just doesn't want to spend all that money per month if he is not getting anything out of it whether that home gains more value or not. more on his stories online realtycheck.cnbc.com. >> a lot of people burned indeed. . could china come in to help greece and push europe out of the picture? "mad money's" jim cramer thinks so. but just how likely is that scenario? how quickly could it happen and what would it mean for europe and for investors like you? that's ahead in the second hour of "power." plus getting out of the rat race. >> this couple quit their corporate jobs and made a fresh start on the farm. >> there's a real desire for people to get food from the farm. i think that that made us think, wow, there's really something here.

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robin mcconaughey -- where's matthew? resolved to start eating better

food but this couple took the concept of field to table to heart. >> if it means making enough money to decide what to do with my life. >> hi i'm john mcconaughey. >> i'm robin. >> we own double brook farm. >> and brick farm market. ♪ >> but i used to be on wall street. >> and i used to be a headhunter. >> i was in finance for 20 years at susquehanna investment group and credit suisse. >> i was a headhunter. our 20-year plan was to leave new york, wrap up our respective careers and have a few animals to show our kids and ourselves to know where our food comes from. our first animal was an orphaned cow that we named elsie. big mistake. never name the animals. we took her to slaughter and so many of our friends were interested in having some of that meat.

>> there was a lot of demand for naturally raised grass-fed beef. >> as people became interested in what we were doing it really took on a life of its own. >> so by the end of it the plan had developed into the full array of animals a full array of vegetables a market and a restaurant the beginning of 2011 i left wall street and became a full-time farmer. >> i get to do the fun stuff on the farm. to blog and take the pictures. >> we opened the market the idea was you can come get something to eat, walk around the farm. rather than have somebody tell you how it was raised or where it was raised that you could come see how it was raised and where it was raised. >> the restaurant should be opening in the fall of this year. >> ten years ago we started with a cow. now we have 100 head of cattle. we go through about 15,000 chickens. 600 pigs. we raise about 1,000 turkeys. and 600 sheep. >> for me one of the greatest things is the ability for us to work together. >> the kids are eating good

food. it is good for the environment. it is sustainable and we can enjoy that we're making an impact. >> i love that! >> i am going to go there! that's not far, hopewell new jersey. if the farming thing doesn't work out, that guy has a voice for voice over. >> he does! >> he's got some pipes. that sfarmfarm started with just one cow. it employs 65 people in hopewell new jersey. in terms of deal value, health care has logged the most m&a activity this year. health care saw $280 billion worth of deals. analysts reacting to a non-partisan government report saying repealing president obama's health care plan would increase the federal budget deficit by $353 billion by 2025. and finally, according to transunion, of the 1.3 million boomerang home buyers now eligible to purchase a home again, only 42% have done so. if you missed any of the

stories of the past hour visit our site at powerlunch.cnbc.com. marijuana entrepreneurs taking a cue from vegas to keep their cash safe. kate rogers that's a very intriguing story. i want to hear more. >> he does $30 million worth of revenue between his two dispenries indispen ry ceries. >> it is really about watching and counting over and over again. and making sure that people when there are shortages, if there are shortages, we do a thorough investigation. >> we'll have his story up next on "power lunch." you probably know xerox as the company that's all about printing. but did you know we also support hospitals using electronic health records for more than 30 million patients? or that our software helps over 20 million smartphone users remotely configure e-mail every month? or how about processing nearly $5 billion

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♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life. welcome back to "power lunch." video game maker electronic arts continuing its strong moment tumt on the heels of this week's e3 video conference. ea reinforced expectations for strong sales of its new "star wars" battle front game at the conference. that's ahead of that big disney "star wars" release. the stock is near its record highs right now.

one of the most iconic images in this summer's blockbuster, jurassic world, chris pratt's character. oep grey owen grady in the pen holding his own. now zookeepers apparently have a pretty good sense of humor. they started to re-enact this scene with their own animals posting photos to is social media and tagging it with the #jurassic #jurassiczoo. we have a keeper standing his ground against some brutal rhinos. this is keeper audrey neimeyer from the greensboro science center in north carolina bravely facing down a tortoise stampede. finally from the minnesota zoo, those dole which is a type of red wolf look like they are ready to tear that keeper to shreds. for more of photos head over to powerlunch.cnbc.com. >> i'm going to post a picture

of my selves trying to wrangle my boys during feeding time. marijuana profits are growing at record rates. some are taking their cues from vegas to keep their cash safe. >> projected to hit $4.3 billion by 2016 with nearly one-third of industry start-ups launched last year. employment projected to hit as high as 60,000 jobs this year alone. but one of the big problems for pot entrepreneurs is that banks have been sitting on the sidelines for this boom. they're scared to get tangled in narcotics and money laundering laws. but this owner has gone through 15 banks in ten years until he found a way to gain the bank's trust. he copied tactics used by big vegas casinos. >> they tend not to keep the cash in their facility too long. they'll get it in an armored

corps andcar and out of their facility and into a bank. we do that on a very regular basis. several times, five six times a week the armored car is coming here. >> he actually has a cash team that's doing audits sometimes daily. >> the money is counted at least half-a-dozen times before -- from drawer to armored car. and by at least four different either staff members or managers along the way. so you have to have double counts and every time the cash moves in the building from one location to another, it's counted again. >> aside from those tactics, he also has an extensive security system with vault upon vaults to keep their products and their cash safe. they also have more than 40 security camera angles and biometric fingers scanners on the doors behind the scenes. >> fascinating. thank you. we're going to carry on now. 2:00 p.m. on wall street. 9:00 p.m. in athens greece. welcome to the second hour of "power lunch."

i'm tyler mathisen. mandy will you back in a second. here's where the markets stand with just two hours left in the trading week. right now the dow is down 53 points. oil below that $60 a barrel mark. gold basically flat on the session today. markets hanging in there. big story, once again, as we top off this hour is greece. right now the 10-year greek bond yields 12.59%. the euro holding steady as we head into the weekend. as darkness falls over the acropolis and the house of parliament. cnbc's chief international correspondent michelle caruso-cabrera is live now in athens with all the latest developments. hi, michelle. >> reporter: still lots of life here even though it is 9:00. as the sun sets here in athens the country, the political leaders, business leaders look to two key events on mondays. first, will the european central bank continue to give liquidity to the greek banks still make it possible for greeks to

withdraw money from their bank accounts even though there has been a huge withdrawal of funds over the last couple of days. the second event on monday is the big, big meeting of european leaders where the greek prime minister will try to make a case be with where they'll all try to come to a deal that will unlock 7 billion euros worth of aid to this country so it can keep paying its bill. alexis tsipras is in russia today for the big international economics conference. he made a speech there, making positive comments saying he's confident a deal could get done. we'll see. the companies that are really relying on some deal getting done are the banks. things could become catastrophic if for some reason the ecb decides it's not going to keep supporting the banks. they have suffered dramatically they were down today. a one-year chart of one of the greek banks, down 80%. the final key date june 30th. that's the day that greece has to pay the imf 1.5 billion euros. it is also the day the agreement

officially expires. that could set off for legal reasons a number of events. but right now we're going to see if we can get through monday. >> michelle thank you very much. "mad money's" jim cramer is here to join us. jim, you brought up a point earlier on "squawk box" about where greece might turn for money. tsipras is in st. petersburg today. seems like he's not coming back with his wallets full of russian money but china is a possibility? >> this is one of the situations where putin is obviously not the favorite guy. how about the thrust of it? you are meeting with someone who's really become western europe's cold war mortal opponent. he thinks nothing of it at all. klein china's been aiming to try to do a bunch of deals with the greeks. i think you are faced with this moment where you could wonder not that far from now who lost greece? we are in a cold war era. we're in an era where china is not necessarily our friend that russia's clearly not our friend. i think greece could migrate to another part of the world. and i think that what would keep

germany from totally just saying listen, greece we want nothing to do with you, is the possibility of losing it as part of their oshrb. that said their actions have been beyond misconduct i think the greeks. i mean look. i keep coming back to christine lagarde basically saying the imf is criminal. then the imf comes back and says listen this stuff all ends soon. i don't like the set-up for our market. i don't like the fact that we have been so lockstep with the european futures that if the european futures are down big, we are down big. if the european futures are up suddenly people say well that's because the euro's weak and we don't do well. so we're kind of in a lose-lose moment for just right now because i doontn't want to be too bearish. we've got airlines we've got home builders kb homes. individual pockets are good but i think lighten up a little bit. >> that leads me to my next

question, what should i be doing as my own personal portfolio manager in light of what is possible over the next two to four weeks? >> didn't nasdaq just hit an all-time high? if you find something to lighten up -- i mean it's not like we're sitting here saying i know we're down 15% but you got to sell something. i think we're in really nice elevated levels. you got a little tech maybe sell some. trim a little mastercard. it's been a fantastic stock! what's the point? i mean let's get at least set to be able to buy, say some oils? oil is getting interesting to me because the oil stocks many of them reflect when oil was at $43 at this price with oil $58, $59, maybe there are deals in the oil patch. i think that the rotation out of the banks isn't going to last long. you want to maybe get back in them. consumer stocks all act pretty well. we've seen some nice action in the retailers. i think there's places to go domestically is what i'm saying.

sonic reports on monday. that stock has creeped up from $28 to $33. that could be a good teller. you are seeing better action in the restaurants. look at these consumer products. notice pinnacle foods goes up because it would be good to be able to add it. >> you mentioned that restaurant business. today's ipo doing very nicely that for the geez -- brazilian -- >> steak joint. >> we're going to have a guest on from their later. >> that will be good. i wanted to learn more about it. >> let me turn you to some sad news that affects our company and the cable industry more broadly and philadelphia from which you hail. that is the passing of ralph roberts, the patriarch of comcast which of course is cnbc's parent. you knew him. you grew up in the shadow of comcast in philadelphia. >> proud shadow. when you hear about media titans, you almost always think about ego. well, how about if you were a

titan with no ego? how about if you were someone who when you meet them you're just saying what a dapper gentleman. what a nice man. my father was in pen rehab a few years ago on lombard street for philadelphiians when my father was there. my father was two years younger than mr. roberts. he said don't ever forget he's mr. roberts. my father didn't know him but he said that's what you regard -- that's -- he's the dean of philadelphia. and what was amazing was my father said you know he's the man who tells you that nice guys do finish first. gentlemen. >> he really was. his whole bearing, as you say, and his humility. he was a deeply humble man in a business where humility -- >> if you think about all these cable people you hear about, they're all larger than life. how about a deep family man with roots and charity and, by the way, those of us who know philadelphia, when you look and

see where the giving is remember, there are some people who give in new york and it is all in our face. not the philadelphia way. >> jim cramer thanks very much. good to be with you, as always. let's look back at the life of ralph roberts. >> reporter: ralph roberts was born in 1920. >> my father was a manufacturing chemist who also owned a chain of drugstores. >> reporter: but life changed for the boy from new rochelle new york. first the depression then his father's early passing. >> my father died when i was 12 years old. and i guess as far as business is concerned, i thought i'd always like to find a way to get into my own business even at that age. >> reporter: bill novak wrote an authorized history of comcast and spent many hours with ralph roberts. >> ralph immediately became more serious and worried about money for good reason. this was the depth of the depression. his father had been pretty much wiped out. >> reporter: the family moved to

philadelphia where ralph helped his mother and made it into wharton. >> my dad is a true entrepreneur ever since high school. after his father died very young, he got himself into the university of pennsylvania. paid his tuition by selling eggs to the fraternities on campus. >> reporter: after graduation ralph roberts became a naval maintenance officer during world war ii. >> i'm sometimes ashamed to say it but i was in philadelphia for the entire time i was on what they call an lmd. a large mahogany desk. >> reporter: roberts' business career blossomed in the post war bloom. first he sold all sorts of products to retailers including putters asking bob hope for help. >> would you mind holding this club? im'm a veteran and i'm in the golf club business. i said i'd love your picture when the club. he said sure kid. >> reporter: he ran and sold pioneer which sold belts and suspenders to men's stores. by 1963 he was looking for investment opportunities and was

pitched to buy a cable tv company in elvis pressleypresley's hometown. >> when ralph started by buying his first cable system it was then called community antenna television, there were only three channels. this was in tupelo mississippi where reception wasn't good because there were no local outlets. >> reporter: roberts hired the guy, dan aaron, who sold him the system in tupelo. 1,200 subscribers paying $5 a month for three channels. another guy was anxious to get into cable, too. julian brodsky. >> when i saw what was happening, i went to ralph and kind of startled him and said i just resigned today, you're not doing this without me. >> reporter: the trio began a business and working partnership that lasted 30 years. >> ralph set the tone of discussion with his earliest two colleagues, dan aaron and julian brodsky, who would often yell at each other, even when they were a very tiny company over whether they should make an acquisition or what the next step should be.

>> reporter: this little business, cable, wasn't the media mainstream back then. so what inspired all that passion? >> recurring monthly income. something that you could take to a banker and say, look we know what we're going to make here. and indeed it was like rental income. it was steady and it was predictable. >> reporter: roberts' cable business grew, mostly in rural areas. a state of the art cable system had less than 12 channels in those days. the customers wanted baltimore. >> the cable industry is a marvelous business. it's marvelous because people love television, and more is better. >> reporter: in 1972 roberts and his partner had grown the business enough to take it public at $7 a share. he raised a whopping $3 million from the public. and like other cable founders he had two classes of stock to protect his company from takeovers. >> nobody could come along and swallow comcast without the permission of ralph roberts. >> reporter: growing the company

meant getting content. the first ice breaker was ted turner's channel 17. the super station. >> channel 17 out of atlanta was considered the greatest thing in the -- since sliced bread. >> reporter: soon came hbo, then espn, then cnn and mtv and dozens baltimore. comcast by the early '80s had content you couldn't find on broadcast channels. transminutedtted by satellite and carried by co-axial cable door to door. >> as soon as the satellite came on we started to go after the big cities. >> reporter: by the mid 1980s as comcast became a big business ralph roberts was still running it directly. >> he was competitive. he was insist tantent. he was stubborn. he was many things that made him successful but he was not mean he was not nasty. >> reporter: and into the 1990s, even as he moved out of day to day involvement, he was still a force. >> he really believed in what he loves to call a family feeling

in his company. and he treated people well. i've never heard a single story of where somebody said ralph did not treat them well. >> reporter: in a five-decade cable career filled with highlights perhaps the cap stone came in 2009 when the company roberts founded bought 51% of nbc universal. >> i truly am excited to be here today, to be here with all you folks who made some of the greatest and most respected news and entertainment in america. >> reporter: in early february 2013 the company roberts built bought the rest of nbc u. years ahead of schedule. through it all, ralph roberts, navy man, suspender salesman cable pioneer, remained an unmistakable presence even into his 90s. >> i just think i'm an example of what you can do in america starting with very little. and if you have a good

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welcome back to "power lunch." 13 minutes until the envelope close. home builders stocks on the other side of the equation. all up by 2% or more this on the heels of kb home's better than expected second quarter earnings. new orders rose by 33% powering those gains. it is up by about 10% in today's trade. the earth, our home is beginning to look more and more like an immense pile of filth. those are the strong words tweeted out from the pope yesterday. he delivered his highly anticipated speech on climate change and more. it got us thinking for investors is the pope right? let's bring in two such investors with two very different takes on the topic. john stroyer thinks everyone should take note of the pope's

message. hank smith thinks investors should maximize returns and not try and make social statements with their money. hank is the pope an anti-capitalist? >> it would appear that way. look, i think with your own personal money you can do anything you want but when you're dealing with the opm, other people's money, particularly in a fiduciary capacity, you're to maximize returns to a accepted level of risk. not to make political statements. i serve on committees where we are charged with maximizing returns within a level of risk and not going with whatever various whims those organizations at the time express. >> just as you say, one is free to manage one's personal money how one wants. you as a businessman you're free to take that tack but there would be certain investors, i'm

sure, hank who do want to make a statement with their money, who do want to have an impact beyond just gross return with their dollars. >> tyler, you are absolutely right. we have clients that direct us whether it's no-sin stocks and now the newest is reducing your carbon impact. i don't know how you do that with investors other than symbolically by selling the energy sector. and we have to do that if our clients are directing us to do that. >> do you think that the pope has the right tone in wading into what is a very political and controversial issue that is climate change and then on the other hand, also criticizing technology and modern capitalism. is this the area that he should be commenting on? >> mandy, i think the pope nailed it. i think it is a great piece, beautifully written. it is comprehensive and it is not about expressing your social view. it is about smart investing in

my opinion. what he's talking about are investing in leading companies or asking people to behave take responsibility for their -- some of their actions and invest in the leading companies, from my perspective, that are able to conduct their business in expert way with minimal impact on the environment and meet society's greatest needs. and in fact our best corporate leaders worldwide really understand this and this is what's happening at great companies like unilever and apple, ibm, throughout the world. this is not a trade between social values or express region your views in investment return. the pope has really done his homework here. ep speaks authoritatively, strong message and right on for leading investors. >> john if i might, calvert is a long standing socially responsible fund with certain i guess catholic set of principles. what, if anything will you be doing differently in the way you

manage your portfolio in light of the incyclical? are you investing in stocks now or looking at it in a different way? >> again thanks for having me on the show. good to see you. as i say, the think the pope is right on. while this is a strong statement it is actually not a leading statement. in other words, calvert, and a small group of leading, responsible investors worldwide, is already thinking about the key issues that the pope has brought up. in fact the pope references some work that the united nations did and is doing around something called the principles for responsible investing. in fact over 1 stshs 400 major asset owners worldwide have already signed on to the principles for responsible investing. this represents $59 trillion. i don't think those people are putting values in front of returns. i think this is a group of leading investors who have figure out how to move the world forward around produce positive competitive results for their

clients. there is not a trade here. >> gentlemen, we have to leave it there. thank you both very much john and hank. docile convalley hold the key to one of washington's biggest problems? the one big change coming to the $10 bill that everyone is missing and it has nothing to do with the face. more "power." in two minutes. ♪ ♪ hp instant ink can save you up to 50% on ink delivered to your door

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welcome back everybody, to "power lunch." let's take a look at how the markets are doing right now. we've got a little bit of a give-back to the rally that we had post fed statement on wednesday afternoon. the dow is currently do you by .4%. the s&p by about the same amount. the nasdaq marginally in the red in what has been quite frankly a historic week for the nasdaq. russell 2000 small caps slightly in positive territory. it is 2:25 eeshastern and the oil markets are about to close. >> a lot of reasons that oil is a little bit lower right now. one of them would be the seasonal summer driving season. traders changing their tune on that one. we'll discuss that. also what's coming out of saudi arabia to push us a little bit lower today. all that coming up on "power lunch."

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hello, everyone. i'm sue herera. here's your cnbc news update this hour. russian president vladimir putin acknowledging a fall in

the price of russia's main export goods, as well as in consumer demand. he was speaking at the country's biggest annual investment forum and he also admitted that russia is limited in its access to the world's capital markets. naacp president cornell brooks says that the confederate flag flying on the south carolina capitol grounds in columbia needs to come down. he called the slaying of nine people inside a black church an act of racial terrorism. the governor of okinawa meeting with u.s. ambassador to japan, caroline kennedy, over the issue of a controversial u.s. military base. he arrived at the u.s. embassy in tokyo to convey his opposition to relocating that military base in okinawa. first lady michelle obama attended a surprise baby shower for pektspentant military mothers at a u.s. base in italy. the women are attached to the army base in vincenza. it was put on by operation shower.

little happy news to end this news update on. final oil trades crossing for the week. >> we're looking at oil prices down about 80 cents, 83 cents as we go into the close here but still hugging that $60 range. oil really doesn't want to move away from that right now. the reason for some of the pressure today, comments coming from the saudi oil minister drawing attention to the global surplus of oil. that's one issue. also we got rig counts out, only lost four oil rigs. let's get back to the stock markets which are in the red today across the board. except for the russell but the s&p 500 and nasdaq remain on pace still for their best weekly gains in eight weeks. let's look ahead to next week. let's bring in our guest now. we have gentlemen, great to see you. i'm sick of the fed. i'm sick of greece. please tell me we're going to have something else to focus on next week. what do you think, jack? >> i don't think so.

>> sorry. jack b. two jacks. >> you know i think that one of the things that we have to pay attention to is what's happening in greece and really put it beside us. one of the things that we have to keep in mind is that a greek exit is not a lehman brothers event. all of this fear and trepidation that seems to be around the market and really working its way lately into the fixed income market i think is unwarranted. what i think is going to happen more than likely is that the stock market's going to realize that and once we get to the end of the quarter, more than likely all of that capital sitting on the sidelines that we've been looking at especially sitting and coming out of fixed income is going to slowly work its way into equities. >> you're saying jack b. that the fed has set us up for a second-half rally? that's your belief? >> without question. what we saw out of the fed this week was basically setting the table for a second half rally. one of the things janet yellen said is that she it is not going

to be as bad as we think. when a fed chair says that i think that we have to take it for what it's worth. that is absolutely the case. she is not going to let it get any worse than it should be. it is a very soothing statement to hear. >> she's all about the soothing of the markets, isn't she? rightly or wrongly. jack a. what's your read for next week? >> i think jack has great points. i think that the equity investors here are certainly tired of hearing these greek headlines. i think it seems as though we're starting to shrug off some event occurring over the next week or so. yes, there have been some easing of pressure at least around the edges in that news but i'm not sure that we're going to see any kind of crisis related to a greek exit if that were to occur. the fed certainly assuaged a lot of concerns by saying yes, one and done this year but a lower trajectory in the future.

and the fed is really in an awkward position because they've boosted the financial markets. we've got records on interest rates and as low. we've got stock prices on highs. we're paying $170 million for picassos. and yet that same largess isn't translating through to the economy. >> data dependent all the way. both jacks, thank you very much for joining us. >> a pair of jacks. the utility sector staging a bit of a turnaround this week. rising is bond yields fell a little bit. let's get the trade with the "trading nation" craig johnson, technical analyst with piper jaffray. stacey gilbert, head of derivatives strategy with susquehanna. welcome to you both. craig, is this year's worse performing sector so far about to stage or in the middle of a turnaround? >> i don't think so tyler. i think what we're seeing here with the xlu is simply this -- it peaked back in january. as we continue to hear about

more confirmation that the fed is going to be raising rates, we have been seeing a pretty steady sell-off in the utility sector and frankly all of the interest sensitive areas of the marketplace. what i think happened this week is nothing more than another relief rally. if you look at your 50 and 200-day moving arch averageverages, you're still in a very much descending situation between the 50 and 200. the 50-day is just about to cross below. hence, we've got a dead cross situation here which is typically a negative sign for the overall trend. from our perspective we're still going to make some new lows in here on the utility index and we'd use this relief rally to reduce positions. >> that is a clear call craig. thank you very much. stacy, what's the option markets tell you? what does the fox say? >> sure, tyler. actually it is going to agree a lot here with some of craig's comments. first and foremost i would say post-fed, no there has not been a change in investor sentiment as it relates to utilities.

though interestingly there wasn't another rate sensitive sector namely reits. focusing specifically on utilities, on the etf side it is the number one u.s. sector outflows year to date with $2.9 billion or roughly a 23% decline in aum since the beginning of the year based on outflows alone. what i would say is post-fed yes, we saw some small inflows going in but it felt more like a chase. a bounce. second, if we look at the volatility in the xlu, it continues to price it in as if it's much riskier relative to the broader market. this is a change over the last five years, it has been considered less risky. nothing changed post-fed. last comment, and most important here is the options market has not changed the sentiment whereas it has in the real seat estate sector. high shares real estate etfs have seen a return of upside buyers suggesting that the real estate sector has a higher probability to pop here. there's not been any flow like that within utilities.

>> thank you both. for more ""trading nation,"" head to tradingnation.cnbc.com. hack is up 26% this year. in the last few weeks we've seen a big data breach on u.s. government workers to a about major league baseball hacking investigation. allen cohen, former director of homeland security. to what degree does the government need to say this cyber security thing is not our forte. do they need to just hand over the reins to silicon valley? >> they certainly have to take some cues from silicon valley. as i think we've seen from the events of the last few weeks, government just can't move at the speed that it needs to speed of innovation, speed of products, speed of deployment. >> why not? >> it's hard. they're burred by -- the government is burdened by an acquisition, budgeting process, that's slow that's cumbersome that stretches things out for years or more.

the government can't work at that speed if it is going to keep up with the threats that it is facing. >> i'm going to ask a really fundamental question here because no matter how many new cyber security firms come into the picture, no matter how much this he put out great new software it just seems that the breaches are constant and they're going to continue. is there anything we can do to get ahead of the game? >> i think whether it's governments, whether it's companies, whether it's sports teams, there's three things that people really need to do. number one, what is the most important stuff that you have? where is it how is it being protected, what are you doing to protect it. second, do you understand who might want it. do you have a sense is it nation states. is it competitors. is it individuals. insiders. then third, what would happen if someone were to get at it? i think you have to be constantly looking at the evolution of technology just like the evolution of the threat. it is not enough just to sit on the technology you bought today or yesterday or tomorrow but it is a constantly changing process. >> who or what country do you think is the biggest threat to

the u.s. right now, alan? >> i think it depends on what you're asking but there are certainly large nation states who have been all over the news who have interests in different sector orss of our economy, who have -- >> is it russia? is it china? is it a particular organization? >> i think all of them have an interest in different parts of our economy and different businesses getting into the things that they have in their systems. >> alan thank you very much. seems like i couldn't get any specific answers from you, but so be it. . brazilian steakhouse shares soaring today in its debut. the ceo joins us ahead. also the billing change coming to the $10 bill that no one seems to be talking about. . . i like to refer to the vix as a gauge of market

uncertainty. while an elevated vix may imply that the market is headed for big moves, those moves could be to the downside but sometimes they could also be to the up side.

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the latest restaurant to tap the open market the public markets, brazilian steakhouse

chain fogo who priced its ipo offering at $20 a share. that gives it a valuation of $540 million. right now san jose shares are up those shares are up nicely. you must be happy, ceo lawrence johnson, who joins us live from the nasdaq. congratulations on the debut. you must be pleased. >> i am very very pleased. this is a big day for the company. and i think it just shows that when you bring out a unique differentiated concept when you perfect it when you take it to different markets and the public responds the result is what we're seeing today. so we're excited. >> how did a nice guy named larry johnson come to run a brazilian steakhouse? >> it's the journey of life.

i actually met -- when fogo came to the u.s. in 1996 i was a partner in the largest law firm in the world. i happened to have spent a lot of time living and working in brazil. i'm fluent in portuguese. i knew the concept when i was in brazil. i loved it. i knew this was going to be a winner in the u.s. >> cool. >> and i helped the founders open one unit in dallas. the second one in houston, and the rest is history. today we have 26 in the u.s. coast to coast and in the center of the country we've got ten in brazil. we just opened our first -- >> oh, man, i'm getting hungry mr. johnson. here you have one -- i have not been. i regret to say. i hear you have one in the center of new york city not far from moma. how much do you expect to expand that store count over let's say you pick the time period over the next three years. you got 26 nationwide now. how many will there be in 2018

say? >> well our long-range plan is to open at least another 100 in the u.s. so over the next three years we'll look at opening four to five stores in the u.s. which is very manageable growth for us. the demand is in the u.s. and we are confident we can do it. >> what is your classic store placement? in other words, are most of them in malls? stand-alones? what? what do you look for in a location? >> yeah, that's actually the interesting question because we're not constrained to just one location. we've tried and proven our unit going into different sites. so for example, we do free-standing. we go in line in large downtown commercial buildings. we've gone into lifestyle malls. we've gone into traditional malls. so there's really no limitation

on where we can take this concept. >> will you bring -- please -- fluent portuguese to the pronunciation of the restaurant to make sure that i got it right? >> sure slurure. fogo "day shon." i'm going to visited. >> excellent. you'll enjoy. >> live cattle prices are down 9% year to date. that's got to help as well. a lot of talk this week about the new $10 bill and the woman who will replace the picture of alexander hamilton on the front but there is an even bigger story here. "the washington post" had a story. tell us what is the important thing we are missing? >> everybody is focused on what the new $10 bill will look like but the redesign will also change the way the $10 bills. that's because this is the first

time that u.s. currency has had to accommodate the blind. so the u.s. treasury is saying that this will be the first time we'll have paper money that will include some sort of tactile change, tactile feature that will allow blind people to differentiate between different denominations of money. the u.s. is one of the only places in which all the denominations feel the same. in other countries, currency is in different weights, different textures, different sizes. the u.s. all at green backs feel the same. >> hong kong has brail. the euro has raised print. if you just partially are visually impaired, that helps as well. wipe did it take the u.s. so long and will we see it happen with other notes when they come to recirculation? >> well, the u.s. treasury is he not doing this out of the goodness of its own heart. it is under court order to change the way that currency feels. the american council of the blind sued the u.s. treasury in 2002 to force it to change the way that paper feels to put in

these accommodations for people who have visual impairments and they won their case in 2008. it's been seven years and the u.s. treasury department still has not come out with some currency that is acceptable to them. so they're saying with this redesign of the $10 bill this will finally be their chance to do it. >> fantastic. hope it goes to the other bills as well. thank you very much. we want to remind you be sure to catch "mad money" tonight. jim cramer has an exclusive interview with the crow of johnson controls. a company that's powering everything from electric cars to massive commercial buildings. possibly some spin-offs there being discussed. can the stock give your portfolio a boost in tune in to "mad money" tonight at of:00. alex molinaroli will be with jaime. every year we hear about the staggering amounts of loan debt for college students. these elite colleges have moved to a no-loan system. we'll tell you just how that

works with "power lunch" returns in two. ♪ ♪ ♪

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you may find it at elite universities across the u.s. >> that's right. several most elite and selective colleges replace loans with grants in the student's financial aid package. these are limited to low-income students who qualify for federal pell grantor whose family falls below $6,000 a year in terms of family income. the no loans movement which gained significant momentum in 2007 and 2008 and is now offered by more than 70 colleges and universities has set off a migration of highly qualified, low-income students to these schools. the average student loan debt at graduation for a senior at princeton, the university that are the staed the trend is less than $6,000. attending a no-loan college doesn't mean a low-income student will receive a free education. they may still have to borrow for some share of the college cost and research shows that graduate whose receive pell grants, most have family incomes under $40,000 are likely to

borrow and to borrow more than other students. experts say no loan is not the same as no cost. if a student and family can't cover their expected contribution out of pocket they may need to borrow but the good news is by attending a college with a no-loan policy a low-income student may be able to borrow less. this idea of debt by degree as it grows and grows is better for a lot of students. >> this mostly applies with families with income below what number? >> $60,000. >> $60,000. thank you very much. >> we are currently sitting at the lows of the day. dow down by 96 points. if it keeps dropping we'll be back to double digits in the red. we are going to take a quick break. ♪ ♪ hp instant ink can save you up to 50% on ink delivered to your door

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it's street talk time. raising long-term subscriber forecasts. shares remain outperform but not helping the stock today is down by 0.5%. netflix up by 93%. >> i'll take your netflix and raise micron upgraded from buy to hold.

the firm noted increased from $40. >> near-term industrial weakening declines in macro indicator and supplier guidance. target $34 a share. >> our under the radar stock is ipc. based out of north hollywood. upgraded to buy. the firm thinks the company's participation in new medicare bundled payment programs will help keep it there and the target raised. some people like a bottle of red, some white. it depends on your mood tonight.

an increasing number of choosing to split the difference. rose sales are on the rise, much up by as much as 41% by volume in 2014. jane wells live in l.a. with perhaps the best assignment in history. >> pink is hot. rose is now the "it" wine. especially in the summer. especially with men. it's called rose the wine for brose. there's pink champagne. the wine manager at total wine and more is seeing more people buy rose. more guys buy rose. >> it's everything i'm looking for in a wine. cool, refreshing complex. has a lot of flavor a lot of

depth. >> why are you spitting it out? >> don't you care. >> i have to when i'm at work. >> i'm at work. i'm not spitting it out. >> with shirts pink is okay to wear. so why isn't it okay to drink? a lot of men discovered that it's okay to drink, as well. >> feed more proof? some guys in new york a huge market, are selling rose in a can. called bout time wine. they have a lower price point, pair well with food. they are not all sweet. sales of imported rose priced at least $12. over the last year you mentioned this by volume up 41%, by value up 53%. compare that to regular table wine sales only up 1% to 3%. it's a huge splash. >> who's been drinking the moscato. >> somebody drank half the bottle? >> i think his name is jane wells. >> don't blame someone else. the jig is up.

>> okay. >> i love rose by the way. >> it is hot. let's set you up for the final trading hour. stocks are in the red. you see the dow down by 0.5%. it's losing some of its momentum over the course of our show. we don't take any responsibility for that. russell 2000 turns negative there at 1284. >> thank you for watching. you can get your power lunch to go. "closing bell" will take over the reins any second now. >> happy father's day, everybody. >> to you too, tyler. >> thank you. >> see you monday. hi welcome to "closing bell." i'm kelly evans at the new york

stock exchange. >> i'm bill griffeth. here is what's happening on wall street. the dow near the lows of the session down 90 points. this is an expiration day. four types of securities will be expiring today. that's why they call it the quadruple witching day. >> greece getting more emergency funding from the european central bank. russia could be giving the country a longer term lifeline. >> mcdonald's making a bet more mcmuffins could save the struggling fast food giant. someone says mcdonald's has a bigger problem to worry about. >> china stock market having its worse week since the financial crisis. is it time to buy the dip or take the money and run? that's also ahead. right now with an hour left to