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 go. after that dismal performance in

china overnight, some pressure in the u.s. concerns about greece. dow is down 91 points. s&p down 0.5%. nasdaq which made a record run this week, giving up about 16 points. 5116. >> let's start with big movers to the up side. a number of initial public offerings heating up today's market action. bob pisani has been watching them. >> we had excitement yesterday with fitbit. we've got two today changing things. the disappointment is mind body. wellness industry software priced at $14. almost immediately broke the syndicate bid. that is not a good sign. drifting to lows today. that is a disappointment. on the plus side restaurants are are hot.

wingstop is up 55% from its initial price. bojangles up 28%. next week we'll have the biggest week of the year. 14 ipos, north of $2 billion raised. the biggest will be trans union the credit counseling firm. four health care companies, three cloud-based companies, knee three energy companies. why is it heating up? the markets are holding up well. ipos are dependent on the market. you can own ipo. near its historic highs it hit back in april. a lot of people are eager to go public before the fed start raising rates.

all this could change if the market turns south. right now it's starting to heat up. >> thank you. with us today we have nancy tangler from arizona bank and trust. joe duran from united capital and brian battle from performance trust. good to see you all. nancy, i happen to moderate an investment panel this morning. one of the questions from the floor was, are we seeing any signs of froth in this market? any signs we'll see a top put in the u.s. market? would the ideal market be one indication? how do you answer that right now? >> yeah. i think we've seen a tremendous amount of activity. we've seen takeover activity. i think that's going to continue particularly in the financial sector. we had a good year. valuations are stretched for the market, but not necessarily sector by sector.

i do still find value, particularly in the u.s. market. >> joe, where are you guys buying? >> what we are seeing is you want to avoid certain things. we think it's time to batten down the hatches and prepare for heightened volatility as the fed starts to pull back even a little we are going to see an increased in volatility. what you want to do is rebalance your portfolio. make sure you are in larger names and smaller names, higher interest rates, not good for small companies. go to the places that have underperformed because they typically will hold up better in a declining market. we think it's time to make sure while things are good that you are going to be okay if things get choppy. >> when you look around the landscape, do you think we are at some market top or is this going to be a few months of volatility? >> i think you'll see a few months of volatility. i think we are setting up for at least a modest decline.

typically 430 days or so you'll have a 15% decline. we are now at 930 days. basically since the fed started pumping a lot of money into the system. we now have europe joining the game. while we might not be at a top, the smooth ride is near an end. we just need to go back to normal volatility which is 15% decline every year or so. >> another fed meeting has come and gone. it's a guess when we will get a rate increase. do you think these markets, equity and fixed income are ready for a rate increase is that already priced in? >> they are going to raise rates this year. they will raise it from an

unbelievably low level to just a little above. wife got a slight increase in rates. what we don't know is how long it's going to take to get to a normalized policy. how are they going to execute the exit and what will happen in greece? >> let's get to that. nancy, we are going to ask you to respond to this. greece apparently is getting emergency funds this morning. investors are waiting for signs of a longer-term agreement. michelle caruso-cabrera is live in athens with the latest developments. good evening. >> there are three key events for greece on monday. we think they will be in this order. first, we are likely going to hear about the european central bank and whether they continue to give liquidity to the greek

banks. that would mean greeks could continue to withdraw cash. the greek banks are surviving only at the forebearance of the ecb. there will be a finance minister to see if they can come up with a deal. expectations are low. euro zone leaders are going to meet in the evening to discuss the situation. donald tusk president of that group, the european council, made clear today, put out a video statement ominous. he said that meeting on monday evening isn't about coming up with a solution. it's about everyone understanding the consequences of their decisions. >> a game of chicken needs to end, and so does the blame game because this is not a game and there is to time for any games. >> there were reports coming out of russia that there is some deal when it comes to a gas

pipeline through greece that would provide some 2 billion euros. it's not clear that cash is coming any time soon. there is not much clarity about that. that is not going to solve greece's long-term problems. i'm talking three or four months. back to you. >> nancy, to the point donald tusk was making what are the consequences? american investors who feel they better do something, what is that something they should do? >> if you want exposure to the international markets, i would try to concentrate it in a german etf like the ewg. i think you want to stay away as far away as you can from this greek drama. it is like a greek tragedy. they never end well. i think we just want to stay away and keep our clients' money out of that segment of the market. >> brian battle, in the scheme of things does greece matter to

u.s. investors if we are investing over here? do you foresee a market response in the u.s. if there was a default on greek debt? >> yeah. we have until money. the ela has given them room. i think the greeks feel they are important. they are not economically important, but important as a precedent. what this story is all about is losses in german banks, not about the people of greece. i think there might be enough runway here that everybody in germany has been warned this might happen. there might be unforeseen events. i'm reminded of ben stein's father who is an economist who said if something can't continue, i won't. we might be getting to that point where we have a closure in greece. it's not going to be that much of an economic problem but will set up precedent for portugal spain and italy. >> do you have european

exposures? >> we do. we think, again, europe is just like the u.s. i want you to think back to 2008. if you change the country to banks and say this is lehman brothers, that's a standard that is happening. nobody was concerned about lehman. they were worried about aig and bank of america. what russia has done by stepping in is basically give the europeans an excuse to step in. this is a movie we've seen before. what overcomes it is a flood of money which leads to more m&a activity, which leads to higher prices and low volatility. we think you have to own europe. you want to avoid the emerging side of europe. what you'll see is the currency offsets pretty much take care of that. you are going to see lower volatility regardless of the noise we might get temporarily. >> folks. thank you all very much. have a good weekend. everybody keeps calling this a movie we've seen before. it's more like a multivolume russian novel.

it never ends. >> all the comparisons to the lehman incident. six months before lehman collapsed, there were concerns about lehman would be next. that was not an unanticipated event. what wasn't anticipated was the weekend it went down. nasdaq off 14 points. >> deep red in china. shanghai stocks posting one of their worse weeks since the financial crisis. a former china bull turned bear. >> can all-day breakfast juice up mcdonald's sales in stocks? leave early go roam sleep in sleep out star gaze

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minus signs with 45 minutes left. clearing selling pressures as we head to the close and expiration time. dow down 94 points off the lows of the session. s&p down nine. the nasdaq down 14 after hitting that all-time high yesterday. one stock to highlight is a

gopro supplier which is down almost 6%. short selling firm citron research called the share price ridiculous. they assigned a 12-month price target of $60. today it's just under $120. they are looking to have the stock cut in half. >> anybody can read their case. nothing is ever that simple. while they are in the gopro cameras, there are concerns they lay out where they have value at and have an edge and how much are we going to move to 4k cameras. crude oil dipping on the final trading day of the week. jackie deangelis live from the nymex. >> the closing price for wti, $59.61, down 0.5% on the week. up 3% on the month. what was interesting today, traders telling me they're changing their tune on summer driving demand. inventory build in gasoline this

week leading them to believe maybe consumers aren't hitting the road the way they do seasonably at this time of year despite the fact gasoline is averaging about $2.80 a gallon. we got counts from baker hughes. oil rigs down only four. it didn't help out much today. final point from saudi arabia the oil minister making comments leading the market to believe we still have a global surplus on our hands. all these things could add down side pressure to the crude trade next week. back to you. >> thank you. is the china bubble beginning to burst? s shanghai stocks tumbling into correction territory. posting their worst weekly drop since the financial crisis. >> joining us a china bull who is having doubts. brian reynolds chief market strategist. getting a nose bleed, are you? >> the shenzhen index went from 2200 to 3200 in a month, about a

40% return in a month. if there is a lesson if something gets too hot, gets oversold, you have to be a near-term seller. there are so many short sellers in this business. they'll gravitate to the stock that's done really well. i wouldth rah rather be in the u.s. than china. >> what about fundamentals? is china fundamentally a story for people to get involved with? >> china has a secular growth rate that is above most of the western world. over time i think it will go up. they are also good at financial engineering, which we are good at too. we do more financial engineering than they do. i would prefer to be in the u.s. after this correction passes it will take two or three months of downside pressure to take off the overbought condition china is in. maybe we can start building a bull case for china. right now, it just got too hot and will attract too many short

sellers to be there short term. >> if you are looking five years out, maybe longer would it make sense to buy it at these levels anyway as you watch china still gradually make this transition to a consumer-oriented economy with this kind of growth rate right now? >> it's still up about 30% in the last month. that is not a market i like to be involved with. the u.s. the s&p 500 is basically done nothing this year. i would rather be in the u.s. because that market is not overheated at all. we are going to see more buybacks and mergers in the u.s. i'd rather be in the u.s. than china right now. >> we are showing alibaba shares. that is one company that sums this up. they are under pressure lately. jack ma was here trying to make a pitch to small businesses in the u.s. to get involved. against that back drop what do you think that means for the market in each place, china and the u.s. relatively speaking?

>> you wrote a story about jack ma. how he wants to import goods from the u.s. into china. alibaba has a huge potential to do that. at the margin, that is a positive for u.s. gdp. that makes me want to lean more into the u.s. as opposed to china. >> where is that catalyst going to come from for the u.s. market? the case has been made for months now for the same reasons. financial engineering, anything you want to throw in there. we haven't gone anywhere this year. >> because we've seen a rise in short selling. we set a record for short selling in a bull market. people don't like this stock market. the short selling hayes offset the buybacks and mergers. once we get through a greece resolution though, we are like l i to see even more buybacks and more mergers. over time that is going to probably lead to a significant

increase in share prices which is another reason to lean against china and to lean more towards the u.s. >> are you throwing any babies out with this bath water? are there individual companies you would still invest in even though you don't like the market overall? >> i'm a macro guy. this bull market has been a macro market. it's mostly due to financial engineering. that means momentum is very important. we just broke momentum in china. it will probably be two or three months before they can get that momentum back. conversely, all these short positions on the u.s. if we get more buybacks and mergers, they will come under pressure and u.s. share prices could accelerate. >> it's fascinating, given what we already know among retail voefrs. short selling pressing the market. thanks, brian reynolds. 40 minutes to go. >> dow is down 98 points.

about the lows of the session. we head to the close on a day with all kinds of securities expiring today. we'll get a lot of volume. we might get volatility as well at the close. >> breakfast is supposed to be the most important meal of the day. why it could be more important for mcdonald's. >> you can eat that most important meal all day, as a matter of fact. >> bailing on bonds. more than $10 billion out the door over the past week in bond funds. the more important story could be where all that money went.

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a lot of red on the screen. all 30 components of the dow index, some real underperformance from travel microsoft and visa. three names are in the green. home depot, nike and mcdonald's. those shares up fractionally on the session. >> let's talk about mcdonald's. >> they are expanding their

all-day breakfast plan to more locations in california. some everyone is convinced egg mcmuffins for dinner with it save the chain. >> we have bob darington and jordan posner. bob, you are the bear. you don't think this will work? what's wrong with mcdonald's, do you think? >> i've been asked can egg mcmuffins save mcdonald's? i think broadly speaking this management team knows it has a mandate to change. it has a mandate from its franchise community to try and bring the brand into the new millennium. it's been stuck in slow motion for a number of years. i think if in fact they make as many changes as i suspect we'll see over the next several years, including a broader breakfast, they could make positive change in the marketplace.

>> i want to come back to those changes. jordan, as far as i'm concerned, this is the most brilliant move mcdonald's made and by the 15 years overdue. >> we know who likes the egg mcmuffin. >> breakfast is where they've been able to compete very well. they bring outsized profits from breakfast. there are a number of other initiatives they are working on in this operationally-focused turnaround. the customized burger platform they are beginning to roll out. the antibiotic-free chicken is another initiative. there are a number of things they are bringing onto play for the consumer to make that experience better. not all of them are going to work. some of them will. none is a silver bullet on their own. the tide should accumulate and we think that can lead to an improved consumer experience which will lead to improved profitability and stock performance. >> i was speaking with a ceo of

a smaller rival in the fast food industry. he asked me off camera one time did i think mcdonald's could go to zero eventually? you are the bear here. how do you answer that? where do you see mcdonald's going? >> potentially -- clearly, potentially, if in fact this management can come in and make the brand more relevant to a broader audience and mcdonald's literally, i think, has been stuck in slow motion. the market changed dramatically. consumer tastes have gotten more sophisticated. the boomers and the echo boomers and new millenniums find less relevancy in mcdonald's if they can make those changes and make it relevant to a broader audience, i think they can make it work. >> what are changes you expect coming down the pike the next couple of iyers? >> to be fair i don't think there is any doubt the food

mcdonald's serves gets a lot of low scores from a lot of rating agencies. the quality of the product is not the best. they built a business on convenience and value. the thing they need to do is make the food more relevant. whether that means antibiotic-free chicken, whether it's a better quality burger breakfast bowls as opposed to a biscuit or egg mcmuffin, that's where i think the real opportunity comes. >> jordan, isn't it possible they are suffering from brand fatigue? that people just are tired of going to mcdonald's? let's do something else? how do you fight that? >> they have to reinvigorate. the brand we think will continue to have relevance over a long period of time. recall that the company has been able to reinvent themselves to a degree over time historically. about 10 years ago, 12 years ago there was a new initiative where

they realized they had to become more modern then. now the new ceo has done very well in turning around the uk business. has performed well in europe. he's got a bigger stage to perform on now. there is a mandate to change. why not take advantage of that mandate? >> i brought three-piece tenders with my apple pay over the weekend. that's modern, as far as i'm concerned. thank you both. >> there is a cultural mash-up. >> time for a cnbc news update with sue herera. >> good afternoon. here is what's happening at this hour. church shooter dylann roof making his first court appearance with the relatives of those killed. he appeared via video, telling the judge he was unemployed. one victim's daughter said she forgave him. the judge set bond at $1 million on the weapons charges roof

faces. the judge does not have authority to set bail on nine counts of murder. >> new york state police have covered 600 miles of trails and cleared 200 structures since richard matt and david sweat escaped from prison. the two could be anywhere but they continue to focus on the densely wooded air why that surrounds the prison near the canadian border. >> california law makers passing a 115 billion compromised budget to meet governor brown's demands for strained spending. that does send billions more to public schools. it expands health care and social services. >> sad news to report to you. ralph roberts, the founder of comcast, parent of nbc universal and cnbc has died. he built comcast from a small cable tv system into one of the largest entertainment companies. he died of natural causes at the age of 95. for more on what has been an incredible life, go to cnbc.com.

he started with a small cable tv station, about $500,000 worth which back then was a lot of money, but right now it's a $150 billion media enterprise. it's an amazing story. >> he was one of the last links we had to the early prehistoric days of cable tv. that was a system in tupelo, mississippi. he bought it in 1963. look at it now. more importantly, the legacy ralph roberts leaves is one about family. >> absolutely. >> comcast is still a family-run company. having seen upclose brian roberts and his relationship with his father that was genuine. brian, even after 30 years at comcast, still deferred to his father on a lot of decisions. ralph roberts will be missed. >> a absolutely. i often think about the fact that ralph and brian, as well they both stick to what ralph

said which is when you are in a business working for a company, be an owner, not a renter. it's a simple phrase but when you take a close look at it means an awful lot. >> he will be missed. we'll be back after this. when a moment spontaneously turns romantic why pause to take a pill? and why stop what you're doing to find a bathroom? cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than

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twitter up 3.35% since dick costolo left the company june 11th, this stock is virtually unchanged. >> we could see unusual moves. what are you watching? >> as we go into the last half hour obviously, you have to watch the imbalances. they will swing and impact the stocks you are trading. >> because this is a quadruple witching day with four expirations? >> exactly. you have to watch the impact of the options market. what they do if you are home trading, it's hedging.

s they guys have large options positions. they hedge through the equity market. that drags these stocks through the strike prices. probably a good idea to get out of those positions if you are in the options market before they get to strike price. >> if we see heavy selling pressure before the close, is that because of this witching activity or something else? could it be nervousness about greece? >> it could be nervousness about greece. i'm nervous about greece. >> goldman put out a note they sound nervous about greece. >> i didn't know that. i went to cash today to a higher level than i've been in for quite some time. i don't want the exposure over the weekend. >> you're talking about a couple of days. most people this is an event they will largely look back on? >> i don't know. i think people think the can will be kicked down the road. is there a good chance it will be. i would rather miss out on a home run than get hit in the mush. >> have a great weekend. >> i had no idea sarge's name

was stephen. >> most people don't. >> investors are bailing on bonds. listen to this. according to new research by bank of america merrill lynch, investors worldwide pulled out more than $10 billion in bond funds just in the last week and a half marking the biggest outflow in two years. during that same period $10.8 billion went into equity funds. they came out of bonds and went into equities. let's bring in eric stein, portfolio manager at eaton vance. jim kahn. earlier this year we kept hearing the opposite. people were fleeing the stock market and getting into the presumed safety of bonds. now it's going the other direction. what is that telling us here? >> thanks for having me on. i wouldn't make too much of it. there is volatility and noise. i think it's better to ignore

the noise. certainly as we head into a federate hiking cycle, you are going to see more volatility in markets. you'll see inflows and outflows. there are certain parts of the fixed income market like loan funds, short duration funds, investors should look to put positions in. >> jim what about you? >> human reaction is often overreaction. the institutional side of the business has known this rate hike would occur. for six months it's been priced into futures. i think you see retail investors saying is it time to dump my bonds? the reality is the move in bonds happened. it's too late. as we look out at most of our clients' portfolios the bonds are the only things that are going to do well if there is a shock to this economy that pushes us back to recession like greece imploding and bringing europe down with it. i'm more worried about investors holding these high-dividend paying stocks which have interest rate sensitivity.

i think could get pulled down because people don't expect them to be as impacted as bonds by an increase in rates. >> where would you go for income then? >> it's a tough question. if you go back to 2006 could you put $100,000 into a six-month cd roll it for a year and walk away with about $5,000. today that is $150,000. we call that the ben bernanke tax. basically, you have to take more risks. the gentleman was mentioning going out on the credit spectrum buying bank loan funds, potentially looking at high yield. those are risky right now. if we get an economic shock, i think you have down side. i think there is a little bit of interest rate risk maybe more so than most of what the other investors think. i think it's time to shift away from income investing and think about total return investing. have a great advisor to manage the tax implications. >> bond guys so pessimistic. >> i certainly think people

should look at total return not just income. it's always about total return. in terms of the credit market a severe recessionary scenario would hit the credit markets. credit markets are genuinely in good shape with low default and strong corporate america, strong balance sheet. i think being unconstrained, able to go long and short is critical in today's interest rate income investing environment. >> sounds like market timing though. >> i disagree. you want your bond portfolio protecting the down market. if that bond manager happens to be short duration and you hit a speed bump you are going to be upset when that bond fund is down. we are wary of unconstrained. >> i'm going to leave it there for the time being. thank you very much. bond market getting a ton of focus from policy makers with 20 minutes to go until the close. >> we are coming back.

dow down 77. was down 100 points. s&p is down nine. nasdaq down 13. >> biotechs are continuing to fly. there are still some bargains to be had. morgan brennan has a special report next. >> also ahead, big pharma making big bets on microscopic bacteria to treat diseases.

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biotechs, very strong. you are looking at a year-to-date chart here. up 25% as a group. there are still bargains to be had in this sector we are told. >> morgan brennan has the list. >> happy friday. once again, biotechs outperforming the broader market. they are up 14% when you look at the s&p biotech group versus the s&p's 2.5% gain. this triggered talk about a bubble brewing. however, analysts do say there have been huge advances in drug r&d and more in the works. that created buying opportunities. take amgen. morningstar says in addition to cost cuts if this big cap biotech has one of the best pipelines it had in a long time.

analysts estimate this stock could gain 12% over the next 12 months. william blair likes another big cap name biogen. he thinks this could outperform thanks to four highly anticipated clinical trials. you can see here the implied up side for this stock, 16%. another one, small cap is nektar. this is a name with a lot of assets. it's often overlooked. analysts expect a 38% gain over the next year. novavax, results for four clinical trials expected next quarter. that could gain 23% over the next year. lastly, kite pharma. this is a name that maxim group rated as a buy yesterday. that could gain 31% over the next year based on consensus

estimate. names to check out. from biotech stocks to micro bios. >> earlier we were talking about johnson&johnson which is trying to mine trillions of microorganisms this live in and on our body that scientists discovered have serious implication from our health from modifying our immune system to affecting our metabolism. one way johnson & johnson plans to use that for medicine is through identifying potential problems early on and targeting those to correct them before they can turn into disease. >> that first year of life, we actually we have potential opportunity to monitor or track that development for any abnormalities. when you see this micro biome

going offtrack you are in a position to put it back to a healthy track. >> they are looking at areas of allergies and diabetes. this area of prevention is something j&j is focused on. companies are targeting all different methods. check out our coverage on cnbc.com. >> a lot of people have had to start taking probiotics because they took too many antibiotics in their life. >> we were going to talk about microscopic bacteria. someone pointed out that's redundant. >> thank god. >> there nor jumbo bacteria except in 1950 sci-fi movies. >> thanks meg.

the word from art cashin the imbalance is to the buy side in a big way to the tune of $1 billion. this is an expiration coming up. it could be paired off. we'll see. we are expecting a lot of volume to come in because of the expiration. volatility would be another case. we are well off the lows right now though on the dow. down just 68 points. >> that volume number high. very few people in this country see vladimir putin as a hero. in greece it may be a different story. why when we speak with a professor at the new school. >> another excuse to show that video again, darn it. will california's decision to release accident reports for self-driving vehicles put the brakes on this innovation? s

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. 8 1/2 minutes left in the trading session. we have david darst to close out this week.

a momentous week. a lot going on. the fed, greece china, the air coming out of that balloon. what stands out for you? >> i think the markets have interpreted this correctly. dovish comments going to take time, the pace. we inferred the pace of increases, even when they begin will be moderate. put that together with the jobs and retail sales. all of that outweighed -- and we had philly fed which was strong. that outweighed the lackluster empire state manufacturing, the chicago pmi, okay? the factory orders durable goods orders industrial production. lead economic indicators two months in a row up 0.7%. i'm so pleased to see the market acquit itself well in spite of

the greek cloud that's overhang ing investor sentiment. >> if they got out of the market over concerns with greek this summer? >> anybody out of the market if greece does have an accident that comes after monday we want to take money and put it into the market if there is a sell-off. you are europe as well as the u.s. japan is holding up well and japan can still be bought. china was down a lot last night. >> again. not just last night but this week has been one of their worst weeks since the financial crisis. >> it's a good thing you cannot let that get onto further bubbleicious territory. there is margin small, leverage. next week we'll get a look at industrial production. we'll get a look at housing, new

home sales, existing home sales. those are corner stones of the strength. you need to see that average hourly earnings continue to build. that is a good thing. want to see the people go into the stores and spend. >> the debate rages. are you having success if you are trying to tell people to leave the fixed income side and move into the stock market? >> the greek word for wound is tromine. we had two bad ones dot-com meltdown and financial and real estate meltdown. people are fearful. that is a good thing. we have note had this over ebul ebullience. people have been wounded.

>> the greek word for wound, will that be on the final quiz? >> people still feel vulnerable. we only put $600 billion into stocks the last five years, $1.3 billion into bonds. we have not seen that big shift yet. that's to come. >> david darst, thanks for being here. >> happy father's day and all the best to the american women, they play colombia this coming monday night at 8:00. >> happy father's day to both of you. >> thank you so much. >> we are coming back with five minutes left to the closing countdown for a friday. >> after the bell walter isaacson weighing in on the apple watch, google cars and putin's plan to become greece's in you hero.

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waiter. water. so why would you invest without checking brokercheck? check your broker with brokercheck. inside the two-minute mark. how we did this week. this friday. this is the dow for the week. for the day we are down a fraction. this is today's intraday. can i get a weekly chart quick? what do you think? wanted to see how we did for the week. here it comes. there we go. for the week up a fraction. with that rally on thursday after the fed meeting. that makes more sense.

let's look at the 10-year yield for the week. this would be for the week down 5%. the yields came down as stocks went higher. they bought both stocks and bonds. the dollar went lower though especially initially after the fed announcement. there it's fed announcement on wednesday. continued lower. for the week bob pisani the dollar index down almost 1%. >> we are flat europe for the week. we are slightly up in the united states. the vix is doing nothing at 13. there is no panic over the greek situation. we'll get a flurry of volume here. >> right now, as a matter of fact. >> rebalancing in the s&p 500 going on. if done right, there will not be price movement. they figured out a way to do big volume. this is one of the biggest volume days of the year. if they do it right, they don't change the prices much. they reweigh the individual stocks in the s&p 500. next week of course the greece

resolution or nonresolution. >> that will be very important. thanks, bob. this is a critical weekend coming up before that summit meeting on greece on monday. stay tune forward that and much more on the second hour of "closing bell" with kelly evans and company. have a good weekend. thank you, bill. welcome to "closing bell." i'm kelly evans. a big weekend ahead of us that could bring interesting turns of events in greece. dow jones industrial average going out of the triple digit decline, dropping 105 points at the close. that's about 0.5%. s&p down about 11 points. nasdaq which closed in record high territory, today giving up about 15 points. joining today's panel for more thoughts, evan newmark and kate kelly. welcome.

for more we have mike santoli and guy adami. let me start with you. yesterday we were talking about what a positive tone there was in the market shrugging off some of the greece news. what do you make of the giveback today? >> it's been the pattern, you get to the top end of the range and people see it as an opportunity to rest and pull back. subtle rick off action underneath the surface today. high-yield bonds, underperformed high grade bonds. seemed like a general softening. it's hard to make a case i think, that the market is radically mispriced here. we haven't fed on hold. greece being strung out. earnings flattened out and the market going sideways for months. >> i agree. i think we are desperate for a news story. i think the world moved on from greece. >> will that be the case until it happens? >> i think the worst thing is for them to kind of fudge some kind of agreement with greece and then have another thing going on for another three

months till they break the terms, whatever they agree to. best thing for everybody would be for them to just leave. >> i think the story of the week-0 i don't know if i agree. the greece thing could be a huge deal. i don't think anybody knows what is going to happen. i think the fed absolutely blinked this week. i think they had a huge opportunity to show courage and divorce themselves from the broader markets. they didn't do it. they showed a complete lack of courage. i think any credibility they had left, they lost this week. >> wow. guy, wait a minute. >> what? it's data-dependent, blah blah blah. >> you think they totally caved and should have raised rates this meeting? >> i think they are about two years, too late. that is a different conversation. they could have set a precedent and shown we are divorcing ourselves of the markets. we no longer need to see if the markets can stand on their own

two feet. we are data-dependent. we are going to do it now and start on our way to some sense of normalcy that they are reluctant to get to. >> i take the point, we did have a horrible first quarter for gdp. >> i think you are hearing in all the comments here a sense of fatigue. pisani talked about this earlier. i think it pertains to the u.s. equity market and other markets in general. we've been seeing the same story line. we are waiting for the fed. waiting six, seven years, is it going to be september? that is the question. the question is the degree of the hike if we see it. >> the greece situation has been four, five years. >> the greece situation people are sick to death of. the fact the ecb provided emergency overnight funding to get them to monday is yet another assist in a long string

of them. >> what's so interesting for people waiting to get in you missed the entire thing. the nasdaq this week closed at a new high. >> you didn't miss anything. since the start, how much are you missing? >> six, seven years waiting on the fed. >> the tech story is an ongoing story. >> it's different. we've been in this waiting pattern since the start of the year. six months in plus or minus the same stories going back and forth. i love guy's point. i think the fed has been behind this one also. i can't believe guy is saying that. that's music to my ears. >> i think factored in the data we have with modifications, whether it's gdp or unemployment. there are missing puzzle pieces we are waiting for to take a weird example in the oil market. there is a belief the iea in paris has questionable

accounting when it comes to "missing barrels of oil." they have one number between one and two million barrels. people don't think we have an oversupply problem. soon as that becomes clear, we'll see a bigger rally in crude. >> going back to your point, the reason as well that i'm thinking through this is for so long when you were saying rates are going to go lower, there is going to be another move lower, was that predicated on macro weakness? predicated on buyers globally for this asset class? do you think this means interest rates are going to continue to move higher? >> no. i think -- 2.25% to me in the ten year has been the line in the sand. it blew through that a week or so ago and sifting back to that level. i believe we are in an inflationary environment.

they claim to be data-dependent. the data suggests they should have moved months ago, if not a year ago. what is their concern? what is their fear? my sense is they are way too scared about what they are going to do to the markets. they shouldn't be scared of that. >> are you saying the fed isn't acknowledging they are not being intellectually honest with an inflationary environment or are you saying it's the opposite? >> you are asking me if i think they are being intellectually dishonest? i think to a certain extent they are not acknowledging what they deem to be the true problem. in my opinion -- i'm not an economist. i'm not smart enough or humorless enough to be an economist. i will say this. given the data they are so dependent upon. things are trending their way. they keep moving the goal post. if the goal post had been not moved, they should have moved themselves months ago. my only point is they have to start at some point. what is their concern?

what is their fear? what do they know the rest of us don't know? >> let's go with some of the data the fed said they are waiting for. they need to be reasonably confident that inflation, core inflation is trending toward their long-term target of 2%. i don't think you could say over the last six months you could be reasonably confident. it's going in that direction. you have an equal camp saying what's the hurry? the collective wisdom is saying september is not likely. i don't think the fed is looking for excuses to wait. i think they are looking for the evidence to move and the market is trying to call their bluff. >> fair point. we are going to take a look at individual names moving in that space. bulls are coming out in force. dominic chou has the name of three stocks you need to keep an eye on. >> our weekly check of those top

stocks from cnbc pro. it starts with the dow industrials this week. that goes to semiconductor giant intel. it was the beneficiary of some dip buying this week after dropping by 11% since its recent high at the end of may. earlier in the month, it confirmed it was buying chip maker altera. the move means shares are just about 7% away from average analyst target price. we'll keep an eye on that. as for the top performer in the s&p, that price goes to trip advisor. stopped was helped by news it inked a deal with marriott to allow more hotel direct bookings on the site. analysts have a hold rating on trip advisor. nasdaq 100, top perform erer alexion pharmaceuticals. 17% up side given the rise we've seen this week. health care and biotechnology

remained hot with new drug and trial data. i want to throw this one out here. an interesting tidbit about the markets overall from jeff hersh. he said over the last 25 years, the dow has been down 22 times in the week following a june options and futures expiration friday, which today is. the average loss there about 1.1% during the week. cnbc proscribers can get that and more logging on to cnbc.com/pro. fun unsights about all the stocks we spoke of. >> thank you so much. historically some pressure on the market next week. what do you think investors should be doing or thinking about greece now that we are hearing -- i couldn't believe the commentary out of the european commission today. it was blatant with regard how bad things look for greece. >> it's hard to draw what that chain reaction will look like back to u.s. equities. you could have a general panic.

people think banks are vulnerable in europe. the market has not clenched up in fear ahead of any greek decision. you are not seeing leading indicators of people buying protection against contagion. if we get some resolution, i can't see it being the catalyst for great up side. maybe you do have a what-if risk off move if people see it's going to default, if not exit the euro. >> like i said. i'm ready for this story to end here. i don't see, even if they give a deal to greece at the end of the day, how it's going to be something greeks can live with. >> after all this time i would be surprised if the union let greece go or if greece opted out. that is such a politically, economically reckless move. one thing that hasn't come up is the fact he is in st.

petersburg. that has to be infuriating and galvanizing for europe as well as the u.s. that. could be a game changer. >> guy, last word. what else are you trading? >> intel at 31.50 is interesting. the move is getting the subcyber security space. they could make a splash if they went after fireeye. they are fishing in the wrong pond. >> that is a great play. thank you so much everybody. much more coming up at "fast money" at 5:00. >> apple's watch has only been on sale two months but apple is report lid planning the sequel. you may be surprised what upgrade might be left out of 2.0. vladimir putin may be hoping to swoop in and bail out greece.

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welcome back.

only been a couple of months since the release of the apple watch and we are getting reports of new features that could be added to the next generation. apple will be adding a video camera wireless system and more premium-priced models. former speaker of the house newt gingrich is reviewing the original apple watch for mashable. he says it's not a necessity, but he is a fan. >> anybody who is interested in being at the cutting edge of technology should get this. you'll find yourself absorbed with all the different potential and potential will be growing. excuse me, i have to feed my tamagachi. this is still showing you guys. here we go. i'm trying to pull off a selfie holding this while i'm touching this. i now have nine screens. >> i love it. >> that is so 2002. feeding the tamagachi? what is that? >> everybody knows the

reference. >> it's so old. >> joining the panel is walter isaacson. dawn, let me begin with you. how likely is it we see these upgraded features that could make other users more excited about the next generation? >> apping does this. when they have a first generation product, they tinker with it. they add new features play with pricing and try to figure out what will connect with the consumer. newt gingrich was not who i was thinking about when i was thinking about early adopters. this you have it. they are trying to get it right. >> he is quite the technologyist. he's written about self-driving cars and virtual reality. walter isaacson what is your view on these wearables? how much impact has the apple watch had on the category? >> it's had an impact.

like everything apple does it's the third party applications that are cool and we'll get to see them at some point. when they did the original iphone, there were no apps on it. now you have everything because people can build things on top of it. whether you are twitter, facebook or the apple watch, that ability to become more than just a product, but a platform upon which people can build cool things that's what makes something take off. >> i wonder how much they'll be able to untether the watch from the phone. that seems to be the real hurdle. so much of the functionality for the watch depends on the phone, which seems to defeat the purpose of it to some extent. >> absolutely. that was a surprise that the watch didn't allow you to do more while the device is disconnected from the phone. i think we are going to see those improvements with the next

generation. there will be a new wi-fi chip so that the phone will do more things like deliver my mail or updates to my wrist when my phone isn't nearby. will have video features. i feel like we'll look like dick tracy if we pull that maneuver. we'll see. that's coming. >> who owns the wearables category right now? which company? >> you saw this weekend with the stock market's enthusiastic response to fitbit that is certainly one significant challenger. it has some segment of the wearables category. it's still a new category. samsung has something like five different devices on the market. everyone is trying to figure out what will appeal to everyday consumers. >> walter is this a revolutionary product? the iphone, revolutionary

product product. the imac, those are revolutionary products. is this revolutionary or an extension? >> it's an extension. people have always been wrong. i remember being with steve jobs when the original ipad was announced. everybody said what is it? is it a computer? is it a phone? yet the ipad, who would have known every pilot in an airplane in america would be using the ipad for their paperwork now? so that became a revolutionary product. mobile became got its impetuous with the iphone and ipad. to me it steal feels like an extension. >> there were controversial columns in the "wall street journal" that the ipad should replace the mac. it will be in the you laptop which i thought was an interesting thought. even you are not ready for a wearable since you are wearing a

timex ironman. >> this is goldman sachs wear. i haven't worked there for 15 years. >> still you are in the club. >> it's hard to break the old ways. i'm definitely not an early adopter. i'm steering as far away from this apple watch. >> i want to put kelly on the spot. i was thinking of getting my husband who i know is not watching an i watch. >> it's a lot of fun. if you are looking for a sports watch and looking for apple functionality, absolutely. if you are looking for a replacement for your phone or something else probably not there yet. whether that is worth enough to spend x hundred dollars as opposed to buying a $50 watch, i don't know. there are things like apple pay i think alone justify having one. >> walter do you have the apple watch? >> i don't have the apple watch. i probably will get it. i don't even have an iron man.

i have a simple old, beautiful old fashioned watch. i'm retro. >> dawn before we let you go any comments on the apple streaming service? and the extent which artists like taylor swift are now participating. >> this is an interesting tension. the debate in hollywood we are hearing is does streaming effectively replace purchasing and further shrink the amount of revenue coming to the industry? apple and music labels are hoping no. we'll get in the habit of paying $10 a month. that will increase the pot. we'll see. >> thank you for being here. greece has been flirting with vladimir putin as a possible bailout savior.

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welcome back. greece playing the putin card. a euro zone meeting has been called for monday. associate dean of the milano school of international affairs joins us.

he would you hear the reports at first and start to consider what's happening, is it posturing by greece or could they be bailed out by russia here? >> russia doesn't have the money to bail them out because it would cost probably about $6 billion, if not more. russia already has to bid crimea out. russia has a lot of expenses to come. russia is always as the soviet union did, eager to pay for ideology. in this sense, they may find money to bail greece out and stick to it europe and christian orthodox countries would show this corrupt west is not going to take them down. >> do you mean they'll come up with the cash or help them in nonfinancial ways such as through free energy? not free but maybe discounted energy? >> it can come in many different parts. what we know about putin, he

gives and takes in certain places. already in the summit the business summit in st. petersburg putin is chairing they already agreed they would be the gasoline that would replace the old one that was supposed to go through bulgaria now going through turkey. greece becomes the co-owner of that line. that bails greece out. >> we can't be -- if you are talking about a few billion dollars, that's chump change in the overall scheme of things. the europeans probably have lent a couple of hundred billion to greece. i notice gdp per capita in russia is still well below that of greece. how does putin actually look to his consistency and say we are going to bail out the greeks even though they are wealthier than us? >> consistency in russia is not the same as consistency here for sure. you tell your constituents

that's what russia needs to be great. constituents fall in line and say we are willing to place the status quo as our priority and the status quo today is actually okay because oil prices went up. the ruble stabilized. it's not great, but what putin is arguing is we are doing okay and we do need to help others who don't want the west to take us over. that's actually the status quo. >> walter isaacson is with us here. do you have a question? >> yeah. first of all i have a thought which is this is huge. we say we are tired of the greek crisis, the greek crisis is about 68 years old. it was exactly 68 years ago the truman doctrine and cold war began because britain had to pull out of the greek debt

crisis and we began a policy of containment by helping greece and dealing with its debt back then. this was a thing putin still gets bothered by. if you are building that pipeline and you are doing it as a joint venture of greece and russia and it's a pipeline to europe, this is a god send for russia as ms. khrushchev is talking about. isn't this more of a geo strategic game than putin is playing, not just a hey, let's help bail out greece game? >> it's never let's bail out greece. it is a theory of containment is very important here. was all about the soviet union. so when you say greece's crisis is 70 years old or 60 years old, russia's crisis is 100 years

old. putin does play that game. that's what i was trying to say. it's very rarely about just business. most of it is about ideology. and ideology isn't a vision of europe. >> there are close ties between the russian orthodox church and greek orthodox church. is putin playing on that? >> absolutely. cypress plays on more than that. we have the spiritual christianity and the rest of christianity catholics and protestants are corrupt. therefore, we are going to be that spiritual, soulful center of europe. if we unite, and they would like to bring in serbia with that pipeline, then we have this whole great orthodox christianity going. >> how much of a mistake would it be for the west to let this happen, let this play out and try to recapitalize greece?

>> i think it's a mistake for the west to watch putin do what putin does. some money, first was in ukraine, now in greece. all these places when you can play putin down. it's a very good idea even if it's costly. >> thank you for joining us. time for a cnbc news update with sue herera. the white house says president obama believes the confederate flag currently flown on south carolina's state capitol grounds belongs in a museum. earlier, the president of the naacp said the flag should be taken down. >> mourners are still grieving for the nine people gunned down in a charleston church wednesday night. a make shift memorial has been created outside that church to remember those killed. the justice department will expedite a $29 million grant to assist the victims of the shooting. >> general motors recalling 243,000 pontiac vibes from 2003

to 2007 for faulty takata air bags. >> oakland celebrating the warriors. they won a franchise best 67 regular season games. congratulations to them. >> that is the cnbc news update. back to you, kelly. >> that was a great series. thanks, sue herera. i miss the basketball already. california shifting gears. planning to release driverless car accident reports. could that steer companies from testing them on public roads? >> rough year for american express getting rougher. find out what is sinking shares. ♪ ♪ ♪ at chase, we celebrate small businesses every day through programs like mission main street grants.

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welcome back. let's get a check on the market moves starting with the dow jones industrial average. down 101 points on the session today. up about 0.6 on the week. nasdaq making headlines as it hit new highs. that was a couple of days ago.

today giving up 15 points. still 1.3% gain on the week. s&p 500, broad market index, that one today under some pressure. up about 0.75%. a look at crude oil. whipping around still trying to figure out whether up or down is the next big movement there. giving up about 1.5% today. >> the state of california taking the wheel of driverless cars. department of motor vehicles will actively release accident reports involving self-driving cars on public roads. so many accidents that may have flown under the radar during tests will be out in the open. is this a speed bump for driverless car testing? joining us is phil lebeau. you had a great column on cnbc.com everybody's got to read about the neighborhood effects of these driverless cars. is california doing the right thing? in some ways it seems overdue. more transparency is needed? >> i think they are doing the

right thing. i don't think it will slow down the development of autonomous drive vehicles. i've talked to the people at google doing research. they are not opposed to the information being released. first people said you don't want the information to be out there. in reality, they were simply taking advantage of the system that said we are not going to release these reports. once they said there were 12 accidents, they were forward about giving that information out, and now you've got the state of california saying let's release all accident reports, not only for those involving google vehicles but delphi has vehicles involved, et cetera. >> what you are saying makes sense. especially if you are involved with this experimental technology that one might worry would be more vulnerable to hazard than a traditional, manually operated vehicle. makes sense for people to be aware of what's going on. i took the time to read six of these reports today. there were five google cars one

delphi car. the accidents were all due to foolish or neglectful behavior on the part of other drivers. not stopping when they are supposed to making an illegal left turn, trying to pass the driverless car in a lane without proper warning. there are so many idiot drivers on the road. >> i have a quo. is it true they have a lower accident rate than the average -- is it statistically significant enough to draw any conclusions? >> it's hard to say. there aren't that many out there being tested. when you consider the google vehicles alone they've been on the road 1.1 million miles and counting and only been involved in 12 accidents. think about that. 12 accidents over the course of 1.1 million miles on the road. all 12 of those accidents, it wasn't the fault of the google vehicle. it was because somebody came up from behind and tapped them at an intersection. they weren't paying attention. >> there is great context in your piece and elsewhere about the extent to which google cars

may be to blame for this. walter isaacson let me ask you about this. the grandma effect of some of these cars. they are overly cautious. they will brake too suddenly or too soon and accelerate too late. so it's -- they are not the kind of cars that will go late through a yellow light. is this a problem or all things that can be fixed? >> certainly they can be fixed. it's not that big of a problem. especially you read the reports. these cars are safer than humans. i think it's really pour they decided to release all these reports. this is the kind of weird new world and when you're being secretive you can see in the blogosphere these theories about these cars. there is no reason to keep any of this secret if we want people to understand it. >> i want to add something. ive a i been out to the silicon valley, been in mountain view

and i've gone for a ride in some google vehicles. one time out there the car was driving along. we were behind a furniture delivery truck. this thing is putzing along. i was nuts go around. the man who runs the program said look at the computer screen. it showed there was a car coming up from behind. this is what the autonomous drive vehicle will be good for. it will stop people like me who is antsy from doing the wrong thing out on the road. i hear about the grandma effect. ultimately, people will realize the advantages. you can take your time doing other things and not have to worry about being in a hurry and making every single decision. >> talk about a transformative technology though. it is great. >> i love following along. >> my daughter got her learner's permit today. as far as i'm concerned this driverless car can't come fast enough. >> phil, thank you so much. phil lebeau.

check out more on the spark at cnbc.com/thespark. >> pope francis calling for nations to combat climate change which he says is mostly caused by humans. several gop candidates are catholic and found themselves between politics and the pontiff. chuck todd offers his insights next. >> is american express charging toward trouble? they had a tough year. a new court rule cog help competitors even the playing field.

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compare hundreds of cards from every major bank and find the one that's right for you. creditcards.com. it's simple. pope francis making weaves when he declared global warming exists and is caused by people. there are several republican catholics in the 2016 race to the white house, including marco rubio who said he doesn't think public activity causes climate change. joining us with his take is chuck todd moderator of "meet the press." good to see you. this field has more catholics than we've seen perhaps ever. now this issue with the pope's visit in september could that complicate things? >> it is fascinating to think it wasn't that long ago when messages from the pope that got

into some issues in politics would hurt catholics that were running for president on the democratic side of the aisle. i remember some places where john kerry would be denied communion because of his stance on abortion. here you have now the pope. potentially introducing a wedge issue into the republican debate on climate change. i can guarantee you that every single debate, many of these guys are going to get asked this question what do you think of the pope's stance and the catholic church's stance on climate change? and are you, do you agree with it et cetera? we should point out while the left is grabbing on to what the pope said about climate change they seem to be cherry picking. he also had a strong message on abortion, as well. >> i was going to say, his message is fundamentally pro-life. he says if we are going to respect the life of this planet we have to respect the life of

other people obviously. i guess the issue there, there aren't as many prominent democrats who would have this question put to them directly contravening the campaign stand. >> democrats have been asked about that in the past. that's been a standard. catholic democrats are used to that question. what makes this different is that here's the catholic church introducing an uncomfortable conversation on an issue to the republican field. i saw jeb bush. he was asked about this. he said he thought he didn't go to mass to learn about economic policy and things like that but there have been many a politician, governor bush included when he was governor of florida who used their own personal religious beliefs to justify an action. i can think about the terri schiavo business back then the controversy over whether to turn her on or off the feeding tube with her. here now the pope is grounding

climate change in religion. i think that is where it really potentially complicates things for the republican candidates who have used religion as an asset in the past. >> chuck, you mentioned jeb bush and focus understandably has been on him and how he is going to handle that. i wonder if another good example of being in an awkward spot is rick santorum who argued religion and spirituality to play more of a role in the political sphere and said as of january, sometimes it's hard to listen to the pope talk about these political issues. with the clear inference he doesn't agree. how does rick santorum square the circle? >> you bring up a perfect example. i think he is having a harder time than anybody else. he didn't like -- he made it very clear, he didn't like john kennedy's famous speech about september rating his catholic faith from his, what he would do as president of the united

states back in the '60s. that is something that rick santorum doesn't believe. he preaches this idea that his governing philosophy and religious beliefs are intertwined. mike huckabee is the same way. he's not a catholic. now here is the pope saying okay for you faith folks, i have an issue that i think is grounded in faith. that is the issue of protecting this earth in the case of climate change. i think you are right. i think you identify. i think santorum -- you're right. he wants to criticize the pope and how does a catholic do that? >> chuck, you'll be able to put that directly to mike huckabee we understand. thank you for joining us chuck todd. will be tackling the climate change topic with the one-time baptist pastor and mike huckabee on this sunday's "meet the press." >> comcast founder ralph roberts passing away at age 95. up next, we'll look at his achievements. the challenges of keeping everyone

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some sad news today from comcast. the parent company of cnbc. comcast founder ralph roberts, one of the pioneers of the cable television industry died last night of natural causes. he was 95.

>> ralph roberts was born in 1920. >> my father was a manufacturing chemist who also owned a chain of drugstores. >> but life changed for the boy from new rochelle new york. first the depression then his father's early passing. 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. >> robert's business career blossomed in the post-war boom. by 1963 he was looking for investment opportunities and was pitched to buy a cable tv company in elvis presley's hometown. >> when ralph started by buying his first cable system it was then called community antenna television. there were only three channels. >> bill novak wrote an

authorized history of comcast and spent many hours with ralph roberts. roberts' cable business grew mostly in rural areas. in 1972 roberts and his partners had grown the business enough to take it 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. >> growing the company meant getting content. the first icebreaker was ted turner's channel 17 the superstation. soon came hbo, then espn and cnn and mtv and dozens more. comcast by the early '80s had content you couldn't find on broadcast channels transmitted by satellite and carried by co-axial cable door to door. by the mid 1980s as comcast became a big business ralph roberts was still running it directly. >> he was competitive. he was insistent. he was stubborn. he was many things that made him

successful. but he was not mean. he was not nasty. >> reporter: in a five-decade cable career filled with highlights, perhaps the capstone came in 2009 when the company roberts founded bought 51% of nbc universal. it bought the rest of nbcu in february 2015. >> i truly am excited to be here today. to be here with all you folks who make some of the greatest and most respected news and entertainment in america. >> i just think i'm an example of what you can do in america starting with very little. and if you have a good determination and you're honest about what you do you can be successful. i think many people have proved that. i'm just one of many. >> resonates with a lot of us. another cable pioneer, cablevision founder charles dolan and his family released this statement today, saying

"ralph roberts was a giant not only in cable and entertainment but also in the modern history of american business. we had the honor of working with him for nearly half a century and came to admire his many personal qualities including his devotion to his family and his enduring commitment to the company he founded and built. he was our friend. we will miss him dearly. we extend our deepest sympathies to the roberts family and the many thousands of people who had the good fortune of knowing and working with ralph roberts." we echo that. without checking the side effects. hey honey. huh. the good news is my hypertension is gone. so why would you invest without checking brokercheck? check your broker with brokercheck.

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welcome back. now a court ruling dealing another blow to american express. our mary thompson has those details. hi mary. >> hey there, kelly. the ruling means merchants accepting amex can now encourage clients to use other cards that charge those merchants lower transaction fees. for years amex refused to let these merchants do this but a ruling found this winter -- or a ruling this winter found that the practice was anti-competitive. now, amex is appealing that ruling but requested a stay on this practice during that appeal. without the stay amex now faces a potential loss of fees mark yet another setback for the dow component, which is losing a huge source of revenue next year as its exclusive contract with costco expires. analysts say any impact from the stay will be gradual as rivals

may face difficulty getting merchants to push customers to use another card when actually the retailer might benefit more from selling the client another product at check-out rather than getting them to switch those cards. long-term, however, it does give rivals just another way to chip away at american express's business. back to you, kelly. >> mary thank you. that's certainly on people's minds. walter, do you have any thoughts on this topic? obviously payments is changing quickly making it all the more important to be able to defend what you do best. >> payment is changing so rapidly that trying to stop a merchant from saying hey i'd rather you use this card really seems like fighting a rear guard action. i think one of the things american express is doing well is getting in different types of cash businesses. i also think of course you should allow merchants, everybody should be able to have free speech and talk about the type of things that can help or hurt their business. but i really think in the end this whole notion of credit cards, we're about to see a real

transformation is. it's going to be really cool for the economy. maybe even things like digital cash that circumvent parts of the banking system. >> walter, who should be on the $10 bill? the female on the $10 bill. >> it should be harriet tubman. she is a truly great historic character. but frankly in my mind she should replace andrew jackson on the $20 bill. he's had far too long of a ride and he was against paper currency. he was against the bank. he was pretty brutal in resettling the native americans. and he was a slave owner. i think it's about time we retire andrew jackson and put harriet tubman on the 20. alexander hamilton he was the first secretary of the treasury. kind of like him. look forward to seeing you out in aspen, by the way, kelly. >> as am i, walter really looking forward to the aspen ideas festival. we're going to have some great stuff for the show. going to leave it there. >> there's such a foment around exactly what walter is saying, about replacing jackson, not hamilton. the reason hamilton belongs there and putting a woman on that $20 bill. i wonder if there will be a grassroots campaign to convince

the treasury to just do that because i have yet to come across anyone that thinks -- >> evan's going to lead the charge. >> i'm a big hamilton guy. >> really appreciate, it guys. everyone's got to go see hamilton if they haven't, by the way. that does it for us on "closing bell" and "fast money" begins right now. have a great weekend, everybody. all right. thanks, kelly. "fast money" starts right now. live from the nasdaq marketsite overlooking new york's times square. i'm sarah ivan in for melissa lee. our traders tonight are tim seymour, steve grasso dan nathan and guy adami. tonight on "fast," one gopro supplier is falling hard and fast. shares of ambarella tanking. could spell trouble for gopro. plus june has been the best month for ipos since back in 199 but could that actually be a bad thing for the market? but first, to the developing story in greece. after years of negotiating lending and worrying could this finally be the weekend the greek drama reaches its final