are overpriced. the stocks people stretched for long yield have a long way to go down. >> thanks. tonight on "fast money" twitter is 5u7.5%. the latest on the m&a rumors. >> great to be with you. "closing bell" starts now. >> welcome to "closing bell." i'm kelly evans at the new york stock exchange. >> i'm bill griffeth. there goes peter tuckman. you're welcome. this is the final hour of trading the first half of the year. the s&p is in positive territory year-to-date. the dow is negative. that could also change.

we'll tell you how to position your portfolio. >> jetblue is going to start charging for your first bag as early as today. why these fees are crucial to carriers. >> mergers and acquisitions hitting $1 trillion in the u.s. already. we will break down what's fueling all these deals and where we could see more takeovers coming up. >> julian robertson is fired up. his thoughts on apple and the apple watch. >> is he wearing one or not? >> he is not. he said he has one. he just needs help from his grandkids. >> looking forward to julian's comments. we have reporters on the scene though. >> michelle caruso cabrera live

in athens and kate kelly in san juan puerto rico. michelle, what is the latest in greece? a lot of activity today. >> yes. it's groundhog day. this morning we woke up talks perhaps, last-ditch offer, last-minute deal stock market rallies. then the finance ministers meet. guess what? no deal. guess what? they are going to try it again tomorrow. greece may submit a new proposal tomorrow. they are often late. maybe the finance ministers meet again. in the meantime the billout program expires tonight and greece is officially on its own. the vote yes rally is breaking up behind me. there is lots of rain tonight which maybe brought an end sooner. we had thousands of people in the streets tonight. people who want the country to vote yes to this controversial referendum happening on sunday.

would give them bailout money and keep them in the euro. the crowd emphatic they will vote yes. >> the future of the greek people is to remain in the euro with other european family. >> this is the price to being europe. we make a lot of mistakes in this country for a long years. >> i have a job so i can still pay. i understand some people cannot pay any more. i think the other solution is basically having no job whatsoever. i think people will go hungry literally. . >> the blanks are still closed. we see long lines at atms. >> trying to quantify the cost of greece leaving the euro said 240 billion euros. for those who look at 130

billion it might take to keep them in there would be a cost letting them go. >> yes. but when you think about the cost of keeping them in folks will say, okay that it's cost of keeping greece in but if you embolden and give in to greece do you embolden the movements in spain, portugal italy? how much does it cost to keep all of them in? there is a cost to them leaving and a cost to keeping them in that may be bigger than what people expected. >> who had the bigger rally yesterday's no rally or today's yes rally? the other question. it's a comment. it occurs to me and i'm slow on the uptake as you well know greece knows that the eu does not want them to leave the euro zone and they are using every bit of negotiating power because they know in the end europe will

do what it takes to keep them in the euro zone. >> the yes rally was bigger. the streets were much more densely populated. tonight it was pouring and people showed up anyway. the greeks know that. the europeans want to keep them in. however what the greeks counted on was a lot more market turbulence than what we are getting. we saw a sell-off yesterday for sure. have we seen a massive spike in italian yields spanish yields and portuguese yields that would signal contagion? not so much. that is one thing the greeks did not count on. they thought the markets would help them out. >> it's a great point. >> key difference from four years ago. facing a debt crisis of its own,

puerto rico drawing analogies across the atlantic. kate kelly covering that story for us. some additional color on the situation. >> it's a tense time in san juan which the interview highlighted. we had governor garcia padilla saying that puerto rico's $72 billion in debts are not payable. raising questions about whether or not various issuers around the island including the electric authority, including general obligation bonds and others would be able to make debt servicing payments tomorrow that total almost $2 billion just due tomorrow. news crossed the wires at about 600 million of general obligation bond payments would be made. representative pierre luisi thinks the discussion needs to be about economic growth.

it's not news that puerto rico has these issues. he thinks the message is wrong. default is not good for the island. he would not support it. he says some of the other measures under discussion there's no political support for. he would like to see chapter 9 which is only available to munts pallets. he would like to see statehood in the future and introduced legislation to both effects. the political ranker is running strong. the other is gloom. people are concerned about political dysfunction and jobs. labor participation rate is only 40%. a lot of wood to chop here as we go onto tomorrow to see if that full 2 billion will be met. >> thank you so much. kate kelly in san juan, puerto rico. >> thunderstorms heading our

way, as well. our closing bell exchange. david leibowitz is with us from post nine and rick santelli joining us from chicago. why don't you think we've got the market cataclysmic response? today we had a bounce. china was strong last night. we are not getting the kind of big volatility that might have been expected. >> this wasn't a lehman moment. it wasn't a big surprise. greece if it stands alone is one thing. this contagion if it goes to france italy portugal spain, ireland, that's when you have a big fluctuation and big problem. right now in the short term the

markets don't care. >> what are you doing with clients' money. recommending they maintain exposure to europe or what about the municipal bond market? >> they should maintain their exposure to europe including greece. particularly the protestery markets as an opportunity to add exposure. high yielding municipal bonds are high yielding for a reason. there is extra risk embedded in securities. we are sticking to the more highly rated gos and revenue bonds. that it's better play. you get the tax advantage status. >> your point was well taken. don't watch the intraday moves because of high frequency trading. what do you make of china's very strong close last night and its impact on markets around the rest of the world? >> there are only two ways to go on china.

countries that are happy with their economy or growth don't do those things. or you can look the other way and say maybe they have a lot 0 more of this they could throw at us. the latter pretty much describes the world and why the world moved in on greece. they are trying to do it. investors will be along for the ride thinking they will have enough foresight to dance between the rain drops when it doesn't work. in terms of the u.s. and jobs and end of the ware we finished out the first quarter at 1.92 in 10s. guess where s&p cash finished? about exactly where it's trading right now. euro on the last day of the first quarter was around 1.07. with adp tomorrow the first five months of the year we have from adp of average, 192,000. last five months of last year averaged 250,000. i think that sums up where the markets are. >> before we let everybody go.

bill gross was out with his latest missive on the world. one issue he is expressing concern business liquidity. specifically last hour on "power lunch," he talked about investment companies using etfs as liquidity vehicles. he's not happy about that. >> certain etfs which have been used by institutions as liquidity vehicles as in and out types of vehicles to get into the stock market out of the stock market into certain currencies, get out of certain currencies, once institutions start using those etfs as a liquidity certain type of vehicle, then i think the system has to wonder how liquid the system can be under those circumstances. >> david leibowitz, do you use them and what do you think of what bill is saying and others

lately? >> people are using etfs to get in and out of the market. we are long-term investors. we are looking for where the cash flows are. we are not trying to jump in and out and time things. >> how much capital do you hold against client money? >> as much as we need to. >> bill's point is the shadow asset management institution as he is describing it which he happily participates in it is not regulated to the same degree as banks and could be vulnerable to runs. how much is enough capital? >> we stand ready to make redemptions we need to. >> alan you've seen trends come and go. what do you make of the etf trend and what it's done to the nature of trading in this market

and its use as a liquidity vehicle right now. >> that is a slippery slope. you have to be careful in times like these. >> can we give you a quick last word on this one? are people talking about this? bond liquidity is a common theme here. will there be more scrutiny of the asset management business? >> are you talking to me? >> yes, sir. >> sorry, sir. >> absolutely. first of all, don't hang your hat on regulation to forestall the next crisis. that line of thinking has never worked. last but not least, real stock and ownership of stock is the primary. everything they're after is a derivative of a derivative. the further up the food chain you go, the more danger there will be when liquidity crisis hits. >> fair enough. thank you so much for your views. really appreciate it. with about 45 minutes to go in the close. the dow was up 115 points on this snap back at the open.

right now it's only up about 30 as we enter the final half hour 45 minutes of trade today. coming up julian robertson speaking out on apple. >> i'm very positive on apple. i'll tell you why you've become extremely positive. >> more from robertson in our exclusive interview after the break. >> speaking of apple, move over spotify. apple music launched its new streaming service today. too little, too late? when you're not confident you have complete visibility into your business, it can quickly become the only thing you think about.

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here we are. we have 38 minutes left before the end of the first half of the year. i love dprasks like this. let's see of the 10 sectors in the s&p. these are the performance numbers year-to-date. who is doing well and who is not doing well? health care number one by far followed by consumer discretionary followed by telecom. s&p technology could go either way. biggest losers today, energy and utilities and industrials.

>> i wonder how much consumer discretionary in names like amazon and netflix. >> autos have done well. textiles leisure. will be interesting to see how we do. >> another mover today, apple up almost 1% after its apple music launch today. i asked julian robertson, founder of tiger management, what he thinks about the stock in an exclusive interview. >> i'm very positive on apple. i'll tell you why i've been extremely positive on it. i think it now has the right leader for this time. i think tim cook is a very good leader and the perfect person to lead them along. possibly at this point in its time he would be better for apple than steve jobs. >> why so? >> because i think he's more of

a humanist. i think that's what a company of that size needs is a leader rather than an innovator. >> you are not wearing an apple watch. >> i actually have an apple watch. just forgot to put it on this morning. i am very technologically inept. hoping my grandchildren are going to teach me how to use the watch. knowing i wasn't going to see them today i left them off. >> the watch isn't a key part of the reason why you think apple is so well positioned? >> i think it can be a pretty good product, too. >> he is a tough guy to please. for him to pound the table like that on a company that is

already had the kind of performance it had on the stock market says a lot. >> more of my interview including what he does think about greece and puerto rico. you don't want to miss that. >> first apple music taking on formidable formidable competitors. how will apple jump to the head of the pack? >> if it does. what do you think? >> they are very late to the game here. >> they are. >> they revolutionized digital download. can they do the same thing for streaming now? it's already got so much competition. >> no question they are late. steve jobs said people don't want to rent their music. oops, right? many years later they finally have something they are able to offer to consumers. one advantage is it's preloaded on iphones. that discoverability at the

bottom of your screen. you are not only introduced with your own music but streaming with your personal collection. they are bringing that together the first time. that is one key advantage. there are other things we like about the service. the other one is price. especially for the family plan. >> $15 up to six people. >> yes. with a household like mine. i'm on spotify, my wife on pandora. if you can add your kids and pay the same price you are talking about a real value. >> you showed us there the icon. rolling stone noted it might be hard to find some of the categories they are looking for. what about the way which people find music and the extent to which apple wants to make beats one part of that radio listening experience? >> discoverability features need to be improved. they are putting emphasis on

human curation, but you have to stroll to get to that. >> there are four buttons on the bottom of the skrin. can they pull people away? the biggest opportunity is for people who haven't been exposed to streaming music before. >> apple has 800 million itunes users. am i going to necessarily convert automatically to the apple music? >> not right away. >> apple offer a three-month trial. >> taylor swift is getting paid. >> i'm more excited to see beatles. >> and ac/dc. >> thank you for joining us.

>> do you know ac/dc? >> i do "shook me all night long." how much have you purchased the last six months? >> what percentage? >> it's been a while. >> i think you'll be lured to the dark side of renting music. >> we'll see. i still have my blackberry. heading to the close, 37 minutes left in the trading session here. dow up 23 right now. s&p up five, nasdaq having a good day up 28 points. >> stocks ending the quarter mixed. two main street investors tells how much attention they are paying to greece puerto rico and stock markets in china. a retail investor round table. i'm here at the td ameritrade trader offices. ahh... steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive...

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stocks lost ground. we had 115-point rally at the open today that. was bolstered by some we saw overnight, especially in asia where the shanghai composite ended the session up 5.5%. >> that might have been what you expected monday after the chinese government cut rates. >> keeping an eye on that one obviously the volatility was popping, as well. >> let's look at movers closer to home here. apollo education group tanking after the university of phoenix operator posted disappointing revenue and cut its guidance for fiscal year. the for-profit education company

is struggling to enroll students as the government cracks down on financial aid. apollo laying off about 600 employees as part of cost reductions there. fitbit racing ahead after rbc capital initiated coverage of the tracking device maker with an outperform rating and $45 price target. it's at $37 right now. rbc expects fitbit to keep gaining market share thanks to international expansion combined with corporate wellness adoption. >> should have asked julian robertson if he owned a fitbit. wrapping up another month on wall street. >> time to check in on how main street investors are viewing these markets. >> ivan i wasn't here the first

time you were with us, but you ended up paying cash for a car and getting $1,000 back on that using that money to invest in the stock market. how are you doing these days? >> i'm doing okay on that. i bought at&t and yesterday said i was still in the green. >> do you fear the stock market at these levels? >> no it seems we've been going sideways forever. >> what are you buying in this market? >> i'm actually recently bought some finance stock. that's done very well. i and my investment club take a look at our stocks and fundamentals and make sure we are investing in what will be a good long-term stock. i have to say we do a great job of identifying quality stocks.

the next thing we do is wait to make sure we are buying them at the right price. sometimes we are actually not buying stocks but building up our cash reserve so when price falls to a point which we think it become as good buy, we are investing in it. >> the old garth method growth at the right price. i cannot remember the last time somebody said they were buying church and dwight. that is a classic investment club play in my view. why did you pick that one? >> it is a solid stock. it always generates positive growth. we always get good dividend returns from that stock. it's just, it keeps chugging along in our portfolio. that's one of the reasons why we like it. >> what about you? you mentioned at&t and the fact we have been moving sideways. where are you putting money to work? >> the last couple of stocks i bought were starbucks right

after it split. dupont after the activism the price seems to be getting more reasonable. those are stocks i had whenever i can get a good price on them i try to add those. and verizon is always one i keep my eye on. i also add to my verizon. >> aren't you worried about greece about puerto rico the fed raising rates and china? those are big problems out there. don't they scare you away from the market? >> no. the answer is no. i'm taking a look at the fundamentals for the companies and taking a look at them as a long-term play. a lot of these problems have been around a long time. good quality company is going to understand how, what's the risk of associating with those particular situations and how they can impact their stock. >> good for you. >> i found myself last night

watching asia squawk box and thought i must be more concerned than i think i am. >> were you up all night watching the squawk box shows move around the globe? >> i was. it's fun to see what time it is in different parts of the world. i like seeing all you guys on late. >> i appreciate it. >> thank you both for being here as we look to close out the first half of the year. >> thank you. >> time for a cnbc news update with sue herera. >> thank you, bill. here is what's happening. california governor jerry brown signed a contentious bill which would impose one of the strictest school vaccination laws in the country. the bill strikes the personal belief exemption for immunizations requiring all public school children to be vaccinated.

a federal appeals court says a former bp engineer is entitled to a new trial on obstruction of justice charge related to the 2010 gulf of mexico oil spill. it upheld a lower court ruling because of jury misconduct. >> a tv company backed by carlos slim says it will scrap a project developing with donald trump because of the negative comments trump made about mexican immigrants. aura tv cut ties with trump. >> hyundai rolling out the 3 millionth car produced at its montgomery, alabama, plant since 2005. far outpacing its top three competitors. that plant produces the sonata and employs 3,600 people. back to you. >> thank you. 30 minutes to go. entering crunch time for the market. we are up 115 points after yesterday's 350 point drop. we've really come off the highs. dow up 43 points.

>> a top trader at the new york stock exchange will tell us what he is watching in this final half hour of trade. it is considered the most important 30 minutes of the trading day.

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welcome back. 30 to go. time to check in on the floor. gordon what are you watching? >> there's a lot of things in play here. with the third leg of the june trifecta, you had the quad witch then the russell. now this is the end of the half of the year, end of the month. also before fourth of july holiday. with uncertainty, you have people maybe a little bit -- >> i thought you would talk about greece, china and puerto rico. you are talking about calendar events in june we had to get through. is july smoother sailing? >> this is a major liquidity event. this is an opportunity for a lot of guys to get in and out of positions. we are seeing that already. we'll have elevated volume on the close. people will take advantage of this event. puerto rico, probably not getting the headlines that it deserves in light of greece.

one of the things is the volatility. china. more like an emerging market than established economy. we are seeing right now the market, just like yesterday, volatility spiked and the market came in after europe closed. we might hold this the green here not by much. leaning to the sell side on the imbalances. >> what about the leap second that looms? >> not a factor. >> are you sure? it's not one of these things where computers are going haywire because they can't account for it? >> you probably remember y2k. >> or lack thereof. >> probably affected your junior high school schedule. was a lot of talk about it. guys aren't mentioning it right now. it's not in play. >> gordon, thank you for joining us.

>> railroad stocks posting double-digit declines. morgan brennan has this special report what the second half of '15 may hold for that important economic sector. >> dow transports in general hit the skids. down about 11% in 2015. that's been led lower by carriers that haul commodities and other goods for industrial use, including the railroads. that weakness is expected to kin, at least for now, with every u.s. rail stock down big this year. norfolk southern union pacific hitting fresh 52 week lose today. the stronger dollar and weak energy prices undercut coal grain, metals crude oil that. led to disappointing rail traffic in the second quarter making rail volumes the biggest thing to watch in the second half. analysts expect a rough ride. the reason consensus estimates have fallen 8% over the past month. many think this will be the worst of it. volume should stabilize against easier comps in the final months

of the year. if the fed begins raising rates and dollar continues to strengthen, that could undercut exports and commodity prices further that. could derail growth for railroads. right now expect softness there for the next couple of months as we head into the second half of the year. >> thank you. speaking of which, transportation, u.s. airline stocks aren't doing much better. united down about 20%. delta down 16%, american down 25%. jetblue the only one in the green. it's up more than 30%. >> the popular airline says good-bye to free checked bags. what are they thinking? southwest air is the only u.s. carrier that does not charge for that first checked piece of luggage. u.s. carriers nickel and dime approach with passengers paying for everything from bags to snacks may be helping their bottom lines, but is it hurting their image?

even as former airlines are raising the bar on service standards and marketing heavily here in the united states. joining us airline analyst from raymond james. thank you for joining us today. >> jetblue are making all kinds of changes. is that necessary to survive in this competitive environment right now? >> it is. if you look at the domestic average fare prices, it's only been up 5% versus fuel cost. they need to drive profitability somehow and unbundling and matching revenue to cost is a good way to do it from. a passenger standpoint, you are getting a better fare and you

can choose how expensive your trip will be. it does give more autonomy to the passenger. bottom line is there is a lot of cost pressure for airlines and they need to cover it some way. >> you bring up this pricing model. what will happen going forward you will have the basic cheap option the blue option with no free bags. blue plus will be about $15 more and will allow you a free checked bag then blue flex could be as much as $100 more. it's fully refundable. a lot of people using orbitz might see the lowest option. people go to jetblue.com for tickets. do you expect people to upgrade and pay up for higher fares that might still include a free bag? >> i think a lot of passengers who go to their website are savvy and already recognize there is a bag fee implicit in their fares. to a certain extent customers have gotten used to the bag fee

options you the to your point, passenger might not realize the bag fee is in there. i don't expect there to be a considerable negative impact from passengers as they book. if they want a free bag, they will go up and use blue plus. >> united down 20%. that is bear market territory. maybe the integration with continental hasn't gone as smoothly as might have been hoped for what do you think of the u.s. airlines the rest of the year? >> profitability will be up considerably in 2015 over 2014. airlines are reacting to just a lot of uncertainty. uncertainty over what fuel prices will do.

uncertainty over what international demand is doing. and the stronger u.s. dollar. in the near term i think you are getting a consolidation as investors try to avoid riskier cyclical stocks here in near term. if you look at earningswise they are growing earnings and maintaining capacity discipline. there might be more consolidation for the next few months. we think there is up side as you look out further. we believe the group is continuing to focus on profitability and will show year over year earnings growth. >> thank you. appreciate your insights this hour. >> companies are pouring over the books right now looking at corporate synergies, developing new strategies agreeing to merger deals at a record pace. when we come back, a story from cnbc's pro website will show you the surprising numbers you will only see here.

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merger mania. >> let's bring in dominic chu with more a huge year. it's only halfway through. >> that is the first time it happened for any country. it could keep going if there is the threat of higher interest rates. people want to borrow now, lock in that financing. they want to grow profits and grow more. >> our friends poured over these numbers here. 1.03 trillion year-to-date. the reason why, it's the highest first half total for any country so a big boom for the merger activity. that's 50% higher than what it was for the first six months last year. that shows how much more deal

making is involved. one of the biggest ones time warner cable helping to drive numbers. health care deals alone, 29% of the total m&a picture. technology shares. $143 billion, 14% of total m&a volume so far. telecom, $121 billion, 12% of the total. then oil and gas companies given all those negative headlines, there is a lot of consolidation going here. here is the interesting part. those four sectors were the biggest drivers of m&a last year. the trends continue in just that order. >> art cashin said no bias up or down going to the close. >> we are holding on to that gain of about 55 points. >> markets recovering from

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nine minutes left in the trading session. the noise factor is ramping up as we head to the close. you have just stayed the course. you ignore a lot of the -- >> i don't know ignore. if you look at what the probability of a real long-term impact is. we were talking about greece six years ago. we know about the puerto rico situation. fundamentals of the u.s. continue to improve. as i talked about last time it's going to come down to corporate earnings. we'll see what happened the second quarter over the next few weeks. that is going to be the key. 22.50 is % away. 9% in six months is not absurd. >> that's why i'm saying you are ignoring the headline risk.

>> correct. >> do you agree with that? >> absolutely. consumer spending and wage growth will drive corporate earnings. the headline news with greece stop kicking the can down the road. i don't think they need to be in the euro at all. puerto rico is a different story all together. that is a bigger threat to us right now. somebody's got to assume that responsibility. >> who is us? >> the united states the taxpayer. >> certainly not a threat to the united states. we were talking about a figure on gdp. >> municipal bond holders, it is a huge part of my business. they are threatened in a big way. tomorrow there is a big coupon payment due. puerto rico electric puerto rico general obligations making their semi annual payments. if puerto rico was smart and wanted to do something right for the market they need to make those payments tomorrow and calm things down there. it's not as bad a situation as people are thinking.

>> i don't think it's as bad a situation. all those bonds are insured. i wouldn't buy short guaranteed stock. if you are a bond holder the worst in terms of pricing is probably behind you. you are going to get your coupon payments. in all likelihood they will work out a solution. it's a rounding error in terms of overall gdp. it does raise issues for the bond market as a whole because it's not the first one or last one where there will be bankruptcy talk. in terms of being a stock investor, i don't see that being an impact. >> does it present an opportunity? >> absolutely. we've been aggressively buying puerto rico electric and general obligation bonds, albeit at much lower prices than where they are trading at today. >> gos not as low as today. >> if they can file for bankruptcy, even $30 is too high. >> there will be some type of reorganization. they were offered some type of

hair cut recently and turned it down. that was a 30% hair cut. if you are an opportunistic bond buyer and buying 50 cents on the dollar and getting 70 cents, that is a win. that is a huge win. might have a couple of sleepless nights but you are going to win in the end. >> good to see you both. >> great to see you. we'll be back with the closing countdown. bob and i will look at the year-to-date performance for all the major averages. >> after the bell uber could use a lift. new york city considering a limit on its services as a report comes out they lost nearly half a million dollars. if you qualify for a sittingham's card today i can offer you no interest for 24 months. thanks to the tools and help at experian.com, i know i have an 812 fico score, so i definitely qualify. so what else can you give me? same day delivery.

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and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line. what's in your wallet? two minutes left in the trading session for the day, the month, the quarter, the first half of the year. these are performance numbers for year-to-date. here's how we are doing first half of the year. s&p up 0.36%. the dow down almost 1% for the year so far. nasdaq pretty good gain 5.5%. let's see how other averages have done. russell 2000 has done well. it's been setting new highs lately. up 4.2% for the year. look at the transports and

utilities, bob pisani. dow transports year-to-date down 11.3%. utilities down more than 10% year-to-date. >> similar pattern if you look at reits as well as telecom also having problems. best performing sectors for the year so far. >> health care. >> telecom, consumer discretionary. >> financials. >> financials have been lagging. utilities and energy have been the big laggards. >> interesting how things will look second half of the year. there is an expectation the economy is going to improve. number for autos are up double digits. earnings expectations for the second half of the year. earnings expectations for any of the other groups some of the retailers. autos expecting double-digit increases. they are not raising estimates on energy. they've given up on the idea somehow there will be a come

back in the second half of the year. >> closing the books on the first six months of the year. >> welcome to "closing bell." today we close out the quarter. markets rebounding. the dow losing its altitude. hanging on to a gain of just about 20 points. about 0.1%. 17,616 is the level there how about the s&p 500? about 0.25% higher. 2062. nasdaq up 0.6%. outperform up 28 points. closing below 5,000.

4986. that's despite notable outperformance from twitter and fitbit. we have dan greenhouse john fortt and "fast money" trader guy adami. we've gotten through the first half with markets doing what exactly? >> not much. i will say at the headline level it's been not much. beneath the headline there have been tremendous moves across the board in a number of stocks and indices that's always going to be the case. in a general sense, clearly it's been a year characterized by difficulty. broad markets unchanged forhe year. russell 2000 doing better than large caps. from the mouths of our clients i can tell you it has been a year of frustration. >> there are certain individual stories that have been real outperformers and others lagging. twitter today is up 6% but it's

had a tough year. fitbit just went public up 13% today. people seem to be moving money around maybe trying to pick some winners. >> netflix up 55% for the quarter is the best performer. >> for the quarter? >> yeah. just over the past three months. aol with the acquisition right behind it. gopro which it had trouble. t-mobile altera and palo alto networks behind it just below 20% up. then a few down quite a bit, including the memory names, sandisk had a rough time. while all together there hasn't been a lot of movement on one end and the other you've got different stories. a couple of acquisitions on the high end. >> guy, we just passed the 1 trillion mark for mergers and acquisitions in the first half of this year.

it's almost like investors want to buy that theme. i'm not quite sure how you do it ahead of time. >> the way they have been doing it until recently blackstone has been a great play. that is probably 10% off the all-time high. goldman sachs still works despite the sell-off and recent downgrade. deutsche bank downgraded goldman sachs. greece is on everybody's radar screen. that's going to be resolved one way or the other. i do think it's a big deal. what is a bigger deal is the fact we are coming into an earnings season where people have to prove themselves. not in the form of eps growth which can be manipulated but revenue growth which you have or don't have. that is going to tell the tale going forward. >> guy, we talked about this before in the past. isn't it fair to say a lot of people have been lamenting the lack of revenue growth quarter after quarter, year after year? what makes the upcoming earning

season different in that regard? >> it's fair. i probably said the same thing last earnings. at a certain point you would agree with this. at a certain point it has to matter. i think you can only financially engineer your way out of this for so long now. it's gone around a lot longer than i thought it would last. revenue growth does matter especially when you have the back drop of these geopolitical events greece and puerto rico that hang in the balance. you need to see, this is my opinion, you need to see revenue growth. i hope this is a quarter you need to see it. >> better global growth would help. let's get the latest on the debt crisis with michelle caruso-cabrera in a rainy athens. >> as we approach midnight here greece's bailout set to officially expire. we are likely to hear in the

next few hours it's official greece did not pay the imf, two key events we were watching for today. likely to be highly considered when european central bank meets tomorrow. governing council decide what to do about extending liquidity to greek banks. it will be one of the pivotal decisions they face tomorrow. a big vote yes rally today. thousands coming out to say they want greeks to vote yes in a controversial referendum coming up sunday designed to have the greek people vote on whether or not they should accept tough bailout terms from greece's creditors in exchange for billions of dollars in bailout money. in the last half hour, we have gotten reports, the deputy prime minister sayinggaying alexi tsipras would call off the referendum

for a good deal. let's see if that referendum even happens. there is a lot that could happen between now and sunday. today, president obama weighed in on the greek financial crisis. >> it's something we take seriously, but not something i think should prompt overreactions. so far the markets properly factored in the risks involved. >> so president obama telling the american people not to be concerned about what could happen here. saying of course could be difficult for the greek people. >> that goes without saying. thank you. michelle caruso-cabrera in athens. greece debt issues remain the focus, there are plenty of countries around the world with debt issues of their own.

italy, 140%. portugal 133%. which country could be the next potential debt crisis? what implications could that have for the global economy? kevin, welcome to you. where do you think most of the risk here is in terms of these debt crisis we are seeing around the globe? >> i think it's been well documented that the risk is currently with greece and as a sidebar to puerto rico. beyond that as you go down the line portugal would be the next country that you would look to for stability in the euro zone. right now you can't say it's an issue. if you look at portugal spain and italy and their 10 years and the way they are training, the market isn't concerned about the next shoe to drop.

the market focuses on greece. puerto rico is something that looms large, both with tomorrow deadlines, imf payment to groes obviously not going to happen. >> there are usually a three options a country or entity has. they can grow their way out or devalue the currency. is that why you look with such interest to what's happening in greece, as much of it being a template for everybody else? >> you have to. they are tied to one currency being the euro. and their flexibility and ability to manage their debt. greece outside of that with their own currency may be able to print more money and work their way through it but they are tied into the ecb and european union to one currency. their problems have to be shared. not everybody wants to share them. >> where do you think turning to the panel here the next debt

bomb is? >> i'd like to get kevin's opinion about outside of europe where he sees something going on. for domestic investors, the area you want to focus on is chicago, illinois. puerto rico is obviously not a state. >> but a big part of the muni bond market. >> and there is going to be some trouble in the muni bond market. i'm not doing anything close to a famous person on the "60 minutes." i'm simply saying there are pension and domestic issues on the municipal bond front. kevin, is there a country outside of europe that looks to you to be suspect, so to speak? >> not so much. you guys talked about japan and their debt load versus gdp. that is something that has been going on for years and years. at least they've been able to manage that. china is the other country of choice to pay close attention to

as their economy has come roaring down as they tried to flex it back up. it will be something that we'll have to pay close attention to. there is only so much good information we can get out of china. you have to go to the americas and be concerned about their debt. one at a time as you say. one thing that in the u.s. they have the ability to file chapter 9 versus puerto rico which does not. has to work through their investors to get debt paid. >> guy, a word on this before we go? >> you left us off that list of debt-to-gdp. we are not doing that great either. one of the things you talked about is if the bond market was concerned about this obviously had a big move yesterday to the up side. yields went down. pretty benign day today. given the sell-off we've seen over the last couple of months in the bond market if the bond market was worried about what's going on it would have manifested itself in not only a big day yesterday but big day

today and you didn't get it. it's never the bus you see coming. i think maybe the bus can come in the form of earnings over the next couple of weeks. >> we know we've got that coming up around the bend as we enter the month of july. kevin, thank you for joining us. and guy adami. more of guy with the "fast money" crew at 5:00. and why contagion fears might be overblown. >>. >> the euro was supposed to tie europe together economically and end military conflict. an op-ed today in "the washington post" says that back plan fired and europe has become a weapon of "mass destruction." the author explains her reasoning. julian robertson tells us whether he thinks the greece debt crisis is creating a can't-miss buying opportunity in this market.

political harmony through economic unity. that was the theory behind the european union and euro. it led to discord to the point where it is being called the weapon of mass destruction. those are the words in the op-ed in "the washington post." she joins us post nine to talk

about it. welcome. you don't think you are putting this too strongly here? >> the rationale was europeans would stop killing each other with mustard gas and machine guns but found a new weapon to wield which is debt. >> is it equivalent to put economic pain on par with mass killing? >> no. they are very different obviously. it's great we don't have another world war and that was part of the rationale behind all of this to bind everyone together through trade. there is nonetheless prolonged and deep suffering in greece and probably quite likely other peripheral countries. >> what i wonder is do we have to wait longer to see how this plays out? might it be healthy other countries in europe are trying to figure out how to get the ones who are ailing on a better track? or are they beating up on each other? >> i think it's both. i think that it's helpful that

some of the other countries that are deeply indebted have instituted a lot of serious structural reforms in terms of shrinking their government sector and raising taxes to some extent but the amount that has, the amount of austerity imposed upon greece has been so severe and arguably quite punitive that it has been not at all productive. the greek economy shrunk by a quarter in the last few years. it hasn't contributed to helping greece pay back its debt. >> the interesting central question if it's a political goal we are ultimately after here putting european countries together, what do you do about a country like greece or name one that might run up a lot of debt and not make the structural reforms generally seen as necessary for a viable economy to be part of that union? what do you do? what's happening in greece is they are saying we know you want to keep us in. otherwise we could hang out with russia here or the middle east there. >> i think it's difficult.

it would be nice to go back in time and say okay this is probably not such a great idea to have a monetary union in the absence of any fiscal union or regulatory similarities or like the same language everywhere. there is a reason having a monetary unit single currency works in the united states and problematic in europe. there are divisions across borders. i don't know is there a way to solve it. >> should the political will remain for the project? is it better if everybody decide we want this to be knitted together and the banking union, are those steps still happening or is there just a lack of political will power? >> i think what is happened is europe tried to get political unity by forcing economic unity and ended up with neither. what we have actually seen is besides the fact there has been this tremendous economic crisis throughout europe, and maybe more contained now than a few years ago we have seen much less

attachment to the eu as a broader project, as a dream. the euro barometer surveys conducted have found europeans throughout the continent, but especially in the heavily indebted countries feel much less attached to the eu and are less likely to say never should have been a eu has been good for the country. >> yet the greeks are going to vote yes on sunday. yet the irish voted yes when they had a chance a couple of years ago. there has been skepticism. this is in general, skepticism about this project since the beginning, yet every opportunity people and leaders have had to vote for or take steps towards more europe has been embraced. i don't think, despite the fact you are right about the numbers you cite i don't think that project is necessarily imperiled. i would push back and say i think when you look at europe with the advent of the euro it is better off today than it might have otherwise been.

trade is better relationships in general are better. while greece is going through trouble, i'm not sure you can blame the euro on them. isn't it their fault, to oversimplify things, their fault to using the opportunity to borrow too much? >> oh yeah. >> it's the lenders' fault. who was it who was giving them all this money when they were clearly unable to pay back their debt? there is blame on both side. effectively, the bailouts have been bailing out lender whose behaved irresponsibly. to your question about should we break up the euro the euro zone dissolve this great experiment, this great economic and political experiment, the reason there is so much support for keeping it it would be disastrous to go backward. you're stuck in this holding pattern where people are unhappy, but as soon as you talk about leaving the euro zone,

soon as you talk about greece moving to the new new dracma there is so much havoc within greece and other countries that could be the victims of self-contagion. >> like inlaws. >> now we get it. thank you for joining us. new york mayor bill de blasio trying to put the brakes on uber. he wants to put a limit on the number of new drivers to join the company. >> president obama making an additional 5 million americans eligible for overtime pay. would that force businesses to actually reduce their work force?

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i know how much you love drones. let's talk about a drone company. shares of aerovironment down on light volume. this is a very small cap company, about $600 million in terms of market cap. this is one of the biggest makers of drone aircraft as well as electric vehicle and charging stations. earnings come in 31 cents per

share. $86 million worth of sales. full year revenue guidance is more on the conservative side. they say about 260 million to $280 million full year revenue. the mid point there falling slightly below analyst expectations. interesting here. down marginally. smaller cap stocks. it's a company of interest because they are one of the biggest names behind drones and unmanned aerial vehicles. >> they have to get product placements in "top gun two." >> there will be. uber drivers and ruders rallying outside new york city hall. contact is behind this? >> uber drivers and supporters gathered in new york city today to protest a proposal to limit

the number of for-hire vehicles in the city as the popularity of uber and lift exploded in recent years. city council is proposing a freeze on new for-hire vehicle licensees while city agencies including taxi and limousine commission and mayor's office of sustain bil study the impact these services had on public health traffic congestion air quality and noise. there are now 63,000 for-hire vehicles in the city 66% increase from 38,000 in 2011. at the same time traffic speeds have decreased 9% according to the tlc which they argue is a sign of congestion. the cap would last one year or the duration of the study. tlc commissioner said new york city needs to make sure that there is a balance between those of us choose the instant gratification and convenience of travel in private vehicles and

much larger group who cannot afford car insurance. uber said the uber pool and ride-sharing services decrease congestion by encouraging carpooling. the company offered free rides to the protest on its uber pool platform. city council is expected to vote on this july 23rd. >> dan greenhouse thinks this is a great idea. >> i don't understand. people want more of something so let's stop them from having it. it's the most ridiculous thing. it is the definition of defending interest. >> new york city is extremely crowded. does that mean if there is going to be more of these vehicles which would push us toward some congestion pricing? >> congestion pricing in general is a legitimate conversation to be had. i'm all for having it. the fact of the matter is increasingly people are preferring ride hailing

services using their smart phone and in particular uber. why you would want to limit the consumer's ability to get a product they want more of is beyond me. >> what makes no sense is why you need to cap the number of licensed drivers. uber and lift have information how many cars are on the road where those cars are going. new york city should have information through sensors and traffic studies where there is congestion. why stop anything to figure this out? request information from the companies. do a realtime study and come to some conclusion. >> to what extent is uber supplanting existing traffic than adding to it? i've been in a lot of uber cars. they are nice. they run efficiently. i can't imagine they are huge smog generators. >> they'll say this is unfair because they are providing

transportation to people who don't have as much access to yellow cabs as do you in manhattan, but the tlc in their testimony today are saying congestion levels in manhattan are up. uber brought in protesters and supporters, people getting service in brooklyn and other boroughs saying they are being serviced here and tlc will say more congestion is happening in manhattan. >> thank you so much. dan is still shaking his head over here. >> it's ridiculous. >> the issue is cars idling waiting to get people. >> it's on demand. >> you drive in manhattan you want there to be less traffic, put a toll on the 59th street bridge, put congestion pricing in place, more expensive to drive in prime areas in primetime and traffic will go away. >> dan will go down to city hall. >> blocking the box. fine should be doubled.

he's only a couple of blocks from city hall so he can mosey on down there. >> president obama holding a news conference with the brazilian president. the president praised brazil as a world power and said the two nations are working closely together on climate control. >> state department plans to make available about 3,000 pages of hillary clinton's e-mail later this evening as part of a court mandate to release e-mails from her time as secretary of state every 30 days starting today. >> a no gays allowed signed popped up on a tennessee store after the supreme court's ruling of same-sex marriage. the owner says it's against his religions and beliefs as a daptist minister. >> today will be one second longer than usual thanks to a move by the international time arbitors at the paris observatory. it is adding one second to the world's clocks to align the

official world time to the rotation of the earth. you got one second more today. >> oh boy. traders said no real impact. it will be a y2k thing. we have to wait and see. could still throw things off. >> so far, so good. >> thank you. president obama wants to make nearly 5 million more americans eligible for overtime pay. the ceo of one restaurant chain says it will force him to cut full-time jobs. >> later we'll hear from julian robertson, find out whether he is worried about this market and which candidate he is backing in the presidential race.

welcome back. another look how we closed the day on wall street. we did close the first half of the year in so doing, dow up in the red for the year. s&p up five points. nasdaq up 28. real outperformances from twitter and fitbit. >> president obama outlining another change he wants to see in his presidency expanding overtime pay. he is proposing to raise the salary threshold to those who can claim overtime to $27,000.

it's not without a price. labor department estimates the direct employer cost can range up to $255 million per year for doing this. let's bring in benigan ceo. >> i have never in all my 30 some odd years in this industry seen it as under attack as i do right now. the overtime issue in and of itself is not the only piece we should talk about. it's the cumulative cascading effect of all the mandates that will have an amazing impact, all negative on the way we do business. it will put people out of work. it will defeat the very purposes they were created for. >> we know you are in the restaurant industry. you are saying this industry is under attack. >> restaurant business.

>> this legislation is broad. it would affect office workers, lots of people in all different sorts of areas. do you feel you are personally separately being singled out or you fall under that broad category? >> i'm sorry. i do feel the restaurant industry is being singled out. we have over a million restaurants in the united states. we are responsible for something in the neighborhood of $700 billion in systemwide sales. we also are responsible for putting small business people in business by the franchising business model. that puts the business model and franchise model in jeopardy because it's the cumulative effect of all of these mandates coming down from the administration. the wage issue in and of itself is not the problem. it's the anti-business policies from this administration having a very bad effect on business. >> is it pro worker? is it anti-business? does one have to be or the other? what percentage of workers would be affected by this who are

above that around $25,000 per year annual threshold? >> take a look at the new ceiling. it's going from $23,000 to $50,000. >> how many bennigan workers are in there? >> enough to have an impact. >> how many percentagewise? >> if it's one issue we as a group always galvanize and pull together to look at ways to surmount it. whether my band of franchiseess or corporate team. we are dealing with minimum wage. at the same time we are looking at eliminating trans fats. there isn't a pot of gold in everybody's business where we

can take from the margin pool and do business. >> thank you for joining us. >> your point has been echoed by colleagues. we have breaking news on nike. what is happening? >> a number of items on the corporate actions front for nike. the headline here is that the board of directors at nike has initiated the process to find a successor for chairman and founder phil knight. the press release says phil knight founder and chairman of nike recommended current ceo mark parker eventually succeed him as chairman. mark parker the current ceo is the recommended next chairman. no appointment has been made. it's just been noted the board of directors started this process and phil knight the

founder, has recommended that mark parker become that next ceo. they added to the board of directors travis knight phil knight's son. other headlines with regard to ownership stakes being transferred by phil knight to a company called swoosh llc that will hold the shares he has. no formal appointment. the board of directors started the process of looking for an event you will chairman to succeed phil knight the current founder and chairman says he would like it to be mark parker current ceo of nike. >> coming off a strong quarter. shares up a little after hours. up next an exclusive interview with billionaire investor julian robertson. yes is worried about our market overheating. and new jersey governor chris christie becoming the 14th republican to officially launch a presidential campaign. does he have a shot considering his state's economy is struggling?

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earlier today i sat down with billionaire investor julian robertson covering everything from his stock picks to presidential pick for 2016. we began with the crisis in greece. >> i don't think in terms of the world they are an economic power and i think we can adjust to

greece. the problem with greece is it could involve contagion. if greece goes spain, which really has a serious problem with individual debt throughout the country spain could have problems and tempted to leave, too. then perhaps italy. that would be serious. greece in itself i don't think is terribly important. >> are you still short the euro? is what you said concerns about spain and portugal following greece down this path a reason why? >> yes. >> the euro is down almost 20% against the u.s. dollar. do you think it is going to parity? how much further do you expect that currency to fall? >> it could easily go below parity.

>> if greece leaves the european euro zone or regardless? >> it would take a long time unless greece does go. if greece went the contagion possibilities could cause it to go down there fairly quickly. >> what about european equities? >> european equities have been a very good place to be. may still be and would be possibly even better, but you certainly want to hedge the currency which would help in getting that euro down quicker. >> a lot of people have looked to european stocks because they think u.s. ones are overvalued. carl icahn notely said he thinks markets look overheated. do you share that view? >> i do because we have a credit bubble. i think we are really in the midst of a very serious credit

bubble. conventional modes of saving dollars, putting them in the banks, now the banks in europe are charging you to put your money in the banks. here you don't get any interest from it. that's forcing people into stocks. as yields go up that will be heightened by people coming out of stocks and going where they belong in the first place, bonds. >> what about to get specific about a couple of companies, you've been positive and negative on apple in the past. what do you think about that company now? >> i'm very positive on apple. i think these are the greatest value stocks around are the apples, are the googles. when i started in this business i was a real cheap skate and i would buy the cheap stocks.

these are the real value. >> you said you liked gilead and ulta. >> i'm proud to be a shareholder. they solved the hepatitis-c problem. they've done a lot to help america. >> it comes at times with an $80,000 price tag. >> that is what they are protesting. people who had the disease would be, are thrilled to somehow get that $80,000. the other alternative would be death. >> we mentioned greece and potential contagion. what happens with puerto rico and decisions the government may make? >> puerto rico has done what we are gradually doing. not so gradually. really, there are a lot of our states that are almost broke. illinois and probably new york

almost. we don't do anything about it until we can't pay our debts. the same governor of puerto rico who said we can't possibly pay our debts just a couple of months ago said how ridiculous people thing we can't pay our debts. >> assured guaranty is one of the companies you've been shorting because of this. >> yes. >> is that still the case? >> yes. >> do you think their exposures are beyond yesterday's 16% hit to those shares? investors are waking up to this but it sounds like you think there is still substantial down side. >> there is enough there to put them out of business just like puerto rico. >> should puerto rico be a state? >> not in my opinion. i haven't analyzed that to much degree. >> it will probably be left up to the next president. speaking of 2016 do you have a sense of who you are going to throw your support behind? >> well i am for jeb bush.

i think it's very important that we have a manager in here that has managed a state and managed something and managed it well. i think jeb bush has done a good job managing florida. i'm pleased to be for him. >> there are a number of other governors who have thrown or expected to throw their hat in the ring for 2016. why jeb bush instead of the others? >> jeb bush did a great job. i think he's a very smart guy. i know some of the other governors and p i'm a huge fan of scott walker the governor of wisconsin. as a matter of fact, my ticket would probably be now bush/walker. that's what i want in the white house. i think we have a brilliant, attractive guy in there now, but as a manager and leader i think he's pathetic.

>> some choice words from julian robertson, found irof tiger management. what jumped out to you? >> i thought what he said about the euro going below parity he says these things. they have power and he says them calmly. also about apple, google and netflix being where the value is. unlike a warren buffett who said he doesn't understand tech here is a long-time investor who said i used to sit on the sidelines, but now i get it. >> the transcript will be posted shortly. robertson was explaining when we had the nifty fifty, their valuations were higher wean see for these companies. he didn't rule out we could go back to that era. >> nifty fifty is a period people know almost nothing about, which means we are doomed to repeat it. i am not one who subscribes to the idea we are in a stock bubble. i don't like the word bubble really and don't like the word expensive.

from a valuation perspective, a point markets are rarely at. that is something to be concerned about and has been a theme of ours the last several quarters. i don't like the ease with which people toss around the bubble term whether in treasuries or stocks. i'm not accusing julian of doing that. in general, a more reasonable position would be what is the expected forward return for stock prices? >> and there is more of our interview with julian robertson at cnbc.. new jersey governor chris christie has officially thrown his hat in. uber facing head winds across the globe as big cities push to regulate the ride sharing service. tomorrow a to be uber investor will join us with his take on uber challenges.

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xçó0 well new jersey governor chris christie now officially in the running for the 2016 republican presidential nomination. john harwood has details and highlights from his announcement today. john? >> kelly, this is a day that had been anticipated for a very long time. and at one time with a whole lot of hope for christie as a

potential leader for the republican party. and in his announcement today he showed you that reason for hope. that is, a forceful, direct style, calling for washington to compromise, both parties, and insisting he has the personal qualities to bust through the morass in washington. >> americans are not angry. americans are filled with anxiety. they're filled with anxiety because they look to washington, d.c. and they see a government that not only doesn't work anymore, it doesn't even talk to each other anymore. it doesn't even try to pretend to work anymore. we have a president in the oval office who ignores the congress and a congress that ignores the president. we need a government in washington, d.c. that remembers, you went there to work for us not the other way around. >> of course here's the problem for chris christie. the various bridgegate scandal, the difficulties with his pension plan with his state's downgrade of its credit rating have all pushed his reputation down to the point that in our nbc/"wall street journal" poll

he's tied with ted cruz for eighth place, 4% in the polls. and the road going further from here is very much uphill because then when we asked in our poll could you see yourself supporting potentially chris christie? 36% say yes. 55% say no. that indicates his pool of potential voters is small. it's going to be key for chris christie to get on the stage for that first debate and important to note to judge from our poll alone he would make it since the poll is going to -- the first zabt on fox is going to take the top ten candidates in the republican field. >> all right, john. we'll be seeing more of him. thank you so much. our john harwood in washington today. happy 20th birthday, blue moon. the brewery will be celebrating its anniversary later this year. up next we'll sample some of blue moon's most popular brews and chat about the craft beer movement in america. back in two.

welcome back. the craft beer industry has exploded in recent years. beer drinkers across the globe have been turning toward something new instead of the mass-produced beers we've come to see so much on television. blue moon is one of those beer makers who brands themselves as a craft beer, and this year is the 20th anniversary of the brand. joining us now is the beer

maker's founder and brewmaster here outside the new york stock exchange, kevin villa. and you've brought some to share with us, i see. >> i did. i brought our newest white ipa and you're cinnamon horchata. >> what is a craft beer? >> to me if it's craft that means you have a brewer, whether it's a man or a woman, someone who's passionate about making the beer they use the highest quality ingredients and they care about their fans. >> but who -- the reason i'm asking all these questions is there are these lawsuits about whether you guys actually technically are or are not. it sounds like there's not a real technical definition out there. >> there's not a legal definition out there. and the definitions do exist, they change quite a bit over the last gosh, every couple of years they change. >> here's one thing i know about blue moon. it tastes pretty good. >> well, is it sort of like a chipotle or shake shack versus a mcdonald's? i mean it might still be mass bruised but you produce it with a certain degree of care. you were trained in belgian brewing, correct? >> i have a ph.d. in brewing from the university of brussels in belgium. i'm one of a handful of people

in the world that actually has a ph.d. in brewing. i'm a beer doshlth. >> did you write a thesis or -- >> i did. >> -- just drink a lot of beer? >> by that definition everyone i know is a ph.d. >> i definitionly wrote a dissertation. i come at it from a scientific angle. but at the same time i come at it from an artistic angle. i try to put the art and science together to make blue moon. >> keith, i'm sorry i misspoke calling you kevin earlier. but when it comes to selling to molson coors, these surveys show millennials love blue moon and then find out it's owned by a national company and get outraged. what practical difference has it made to you to be part of that bigger company? >> oh it's been a huge positive because i can use the miller coors network to distribute our beers to all of our thirsty fans out there. i can procure the highest quality ingredients by working with the actual growers. for example, our orange peel that we grow it comes from the central valley of california. we work directly with the growers to get the highest quality available. >> you've got to drink blue moon with an orange. >> we should actually drink it. >> would you like a taste? we've got our --

>> i'll join you in that. thank you so much for joining us. >> oh yes. >> happy 20th birthday anniversary. thank you so much as well. that does it for us on "closing bell." it's time now for "fast money" and the gang. "fast money" starts right now. live from the nasdaq marketsite overlooking new york city's times square i'm melissa lee. traders on the desk are pete najarian brian kelly, karen finerman and guy adami. tonight on "fast" twitter shares surging as rumors of a possible takeout begin to swirl once again. we'll talk to top-ranked analyst bob peck to separate fact from fiction. plus fitbit beating apple at its own game outselling the apple watch. could fitbit be the next great tech stock to own? but first we start again with a story that is dominating wall street and the global markets and that would be greece. cnbc's chief international correspondent michelle caruso-cabrera is live in athens for us. michelle? zblaishlgsa. as the bailout is set to expire for greece as night falls here