a top technician to explain why he could see a historic move in stocks. >> thank you, take care. thanks for watching. get your power lunch to go. "closing bell" starts right now. welcome to "closing bell" i'm sara eisen in for kelly evans. >> i'm bill griffeth. tesla announcing options for the tesla model s. one he calls ludicrous mode. he had insane mode. now a new battery pack. we'll explain all that in a minute. plus an analyst who says tesla is going to $335 a share. it's around $272 right now.

>> he knows how to build hype. >> commodity crush. gold futures hitting their lowest levels since april 2010. live at the nymex on what is driving this precious metal lower. it's the stronger dollar of course. >> google on a tear. have you seen this yet between the two classes of stock, nearly 20 million shares changed hands today. growth in youtube business is top of mind after last night's earnings report. we've got the co-founder of a media company that specializes in youtube talent. >> we had to brush up on our youtube talent to prepare. >> you should see the amount of money these people are making as talent on youtube. >> and the amount of clicks they get. >> the new york fed says the strong dollar could lead to a hit for gdp. jan hatzius gives us his take on that the economy and latest

forecast for the fed. let's start with tesla and elon musk with his latest announcement. phil lebeau has the ludicrous details for us. >> i know you want to go in the ludicrous mode when you get a chance to. these are all product related and they are all about the model s and different versions of the model s depending on what you are looking for. three announcements include 90 kill kilo watt option. it could go 300 miles on a single charge at highway driving. the 70 kilowatt version, the price dropping down to $70,000. elon musk talking on the call it will be down to $50,000 when you add in incentives and gas savings. there is a new version, high-performance version of the

model s that will feature ludicrous mode that goes 0 to 60 in 2.8 seconds. what does it feel like to drive at that speed? here is elon musk from the conference call. >> most people have no idea what it feels like. it's really crazy. you can do 1.1 gs in a straight line in acceleration. >> there you go. you want to crack a g and go over 1g? you can do that in ludicrous mode. he was asked about whether or not dropping down the 70 kilowatt per hour version would hurt margins. he pointed out we are increasing margins offering these additional features on the high performance models. finally, he was asked about the next model, model x which kill be coming out this fall. people wanted more details about it. he said this is all about the model s. he did address the model s.

>> we are making a car as good as possible as fast as possible. let the chips fall where they may from a business standpoint. >> bottom line he says they are working hard on it and it will be coming out on schedule. again, that is scheduled to happen late this fall early winter. it will be this year that we see the model x first deliveries begin. the model 3, mass market generation vehicle scheduled for 2017 elon says is on schedule as well. back to you. >> that was important for investors to hear. stay right there, phil. we want to talk more about it. ben kahlo joins us from robert w. baird. he has a $335 price target on tesla stock. this seems like an incremental product announcement. does it do anything to move the needle for you? >> it does a couple of things. investors are worried about the

x schedule. it was good he brought that up. said they were on track. we see the model x as the next major catalyst. this shows the flexibility in technology. one option gets a cheaper car so a broader audience. one option gets more range. helps reduce that range anxiety. the ludicrous mode will sell more cars and drag up that margin. >> bearing in mind there are a lot of skeptics about the valuations of tesla stock these days i'm curious. you like this stock. are you betting on the stock or are you betting on elon musk? >> i think you bet on elon musk. under elon musk you have his co-founder and deep bench in

technology across the whole business model from the way they make cars to the battery technology to the way they sell cars directly to the consumers. then you throw in the option which is becoming more reality even though there is a lot of skepticism of tesla energy. you can look out in the valuation is justified. >> bring us up-to-date where we are in terms of the deliveries and numbers. we got an update a few weeks ago that was better than forecast. we are going into earnings in a few weeks. where are they on numbers? >> the deliveries are only announced now every quarter. they do that at the end of each quarter. they were about 1,500 more than the second quarter. the real focus was the second half of the year. if they hit the target of delivering 55,000 vehicles they have to pick up deliveries in the third quarter. especially in the fourth quarter. that's where the deliveries and the production and whether

things are on schedule for the model x, that's where that comes in. this is truly a second-half story in terms of the execution and performance for tesla. >> who buys a tesla? where are they selling these things? >> i think the tesla top is s-class for mercedes, audi a-4, a-8. luxury cars. it's not electric vehicles they are selling against. still growth in california. also throughout the united states. i was in ohio recently. that is a state they have high growth in. over in europe we are starting to see growth pick up in germany.

china is getting better. we don't need to see big sales in china to get to their number of 55,000 cars this year. >> that was what recent concern with volatility in china. thank you very much, ben kallo and phil lebeau for the headlines from that call. >> let's get to our closing bell exchange. erin gibbs kenny pulcari and. >> one of the most interesting take aways these past two weeks when you look at q-2 earnings and take out energy. that's weighing down earnings. we started the quarter at about 0% growth for the s&p 500 ex-energy. now almost 2% going up rising those expectations in just the

first two weeks. it's normal for expectations to increase. it is unusual to see such a pop going forward. particularly gas prices weighing on energies. you don't see as much movement in the overall index. the other industries are doing well. beat rates are nice as well. >> thanks to google and netflix, kenny. nasdaq has been the star of the week and day. remaining higher all day. breaking out, could close at another record high. what does that signal for the rest of the markets? is that where you want to be going into another heavy week of earnings? >> it's been great so far. we are only four five days into earnings. in complete contrast to what analysts and strategists prepared the investors for. i don't feel that at all. look what's happened. we've seen it with the banks and nasdaq names. it feels good to me. i think it's going to be a great season. i think it will end up like

first quarter. they prepared us for a negative number. we came out plus 0.8. you have to be banks are certainly a name you want to be in and tech. you want to be where the action is. i think they are going to surprise. >> rick, janet yellen testified to congress this week. mixed data on the economy. she still expects to raise rates. >> the economy doesn't stink. i believe that was a quote. >> she said if they raise interest rates that would be a signal the economy doesn't stink. >> there you are. >> what is the one indicator that gauges market sentiment, expectations about fed interest rate raising? >> i like to look at the yield curve. once again, one of the platforms i've been on is market signals are broken due to central banks and central planners' imprint on the marketplace. we have seen a flattening curve

which means twos are up four basis point. 30-year bond down 11 and 10-year note down 5. the theory goes as the fed is ready to tighten, short maturity, sell them. we are making an assumption that the long end is paying attention to the fed, as well. an alternative theory is that the long end is following bund yields. spread between the two has been steady as a rock the last five weeks. you have to weigh those signals and decide which way you want to go as an investor. >> it has been an interesting week. we started talking about greece nonstop. there were so many risks. kenny, looks like we climbed this wall of worry again when it comes to greece with critical parliament votes in greece. >> greece has been put to the back burner.

i didn't hear anybody talking about greece yesterday and today. the focus turned to the macro and micro in the united states. that makes sense. that is actually where investors want to be focused. greece is what it is. we realize they try to say for now that can take a back seat. people want to know what's going on at home and how we are doing. >> before we go we are getting a flood of earnings next week. give us highlights. >> we are looking for overall negative 3.3% growth rate for q-2. the big winners we are looking for are health care consumer discretionaries and financials for q-2. so far, so good. losers, your energy your materials. also some of your industrials. we'll see how it plays out. we are track at a 75 beat rate. it's a little above average. >> we'll see if we can get that

revenue growth. >> i noticed s&p capital iq lowered its rating on google to hold. got rich for you guys huh? >> valuations. earnings may be good. when you look at valuations you've got to be reasonable. >> after the $100 jump today. we'll leave it there. i would add watch guidance. the dollar is having its best week this week since back in may. that could be a head wind again for these corporates. especially multinationals. >> a red letter week for her. >> heading to the close, 47 minutes left in the trading session. a mixed day. if you look at just the dow, you think it's a down day. look at the nasdaq having a big day. early this morning, it was record territory thanks in small part to google and that big rally. >> big weight there is boeing which we'll talk about later. >> that google move. google on a tear after better

than expected earnings showing strong growth in ads, video and youtube. we'll talk about youtube with the head of digital management company which works with top youtube talent to connect them with advertisers. we'll get her take on what is behind the explosive growth and how they are monetizing youtube. >> these youtube stars are making millions of dollars a year. >> dollar index soaring more than 20% the past year. that was the new york fed sounding ate letter on the impact of economic growth. jan hatzius will be with us to give us his take on the economy and fed policy going forward. that's coming up on "closing bell." happy friday, everybody.

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a stumble for stocks after a strong week overall. the only sector in the green right now is technology. google a large part of that story. worst performing sector is energy. utilities getting hit. lower yields.

also lower prices of crude oil. >> best buy down the most in six months today. bank of america downgrade edd to underperform from a buy rating. the firm cut price target to $32 from $45. etsy surging thanks to a mention during google's conference call late yesterday. google said and we quote, "developers like etsy are already seeing a boost in traffic as a result of deep linking." >> look at that. >> refers to google's use of indexing to help people find what they need in third-party apps. >> people say it's a short squeeze. there were a number of bets piling up the last few months against this stock.

>> google is up over 15% adding nearly $65 billion in market cap today alone. on track for its biggest one-day gains since april 2008. >> cfo ruth porat cited youtube, noting the number of advertisers running video ads is a big driver for them. joining us to talk more about the youtube space and business model, sara pena heads awesome tv's awestruck network and co-founder of big frame, a media company focusing around building youtube's most influential channels and the talent that go into them. also with us is mark bergen associate editor from rico. is this about ruth porat coming

onboard? it sounds like a new google. >> she did tell wall street what they want to hear. i'm going to be a bit of a wet blanket on youtube. google shared numbers about viewership, particularly around mobile viewership they still haven't shared anything around revenue or if the site is profitable. there was no mention of the threat of facebook which is revving up its competitive video service. >> every party needs a pooper. that's why we invited you. >> porat did mention 50% growth from last year in terms of viewers. sara, it is profitable for your clients. tell us about what you do and how people make money off youtube. >> who are these youtube stars? >> we work with youtubers to connect them to brands and advertisers who are interested in joining the conversation.

you are finding the brands and advertisers that want to work with our clients are those who understand you can't be talking at this generation. you need to talk with them. they are tapping into our stars and influencers to really help drive that conversation to their audience. >> you are married to one of them, right? >> that's right. >> you are married to mystery guitar man? >> yes. >> why does he have 2.8 million subscribers? what draws people to watch channels on youtube like mystery guitar man? >> it's a cultive personality. at the end of the day, audiences gravitate to people who seem like their friends. they are speaking to them having conversations with them. they are making creative fun, interesting and engaging videos. misery guitar man is making fun stop motion animation that is shareable, short, quick, music

based. anyone can enjoy it. >> you are not buying this mark, are you? >> at this point, youtube is the one platform where these stars can make money. that is likely to change. we see a lot of stars emerging on vine which twitter owns on instagram which facebook owns. even snapchat. they are revving up the monetization tools. youtube lost big stars to amazon. i think there's a lot more competition than youtube is giving credit. >> what do you say as someone who deals mainly with youtube? >> yeah. our company is very steeped in youtube, but it's ultimately at the end of the day video. where that video is going, we'll be there. we work with people who are big on vine people who are big on instagram. ultimately at the end of the day, youtube is an amazing community. it is the best place to

monetize. we suggest to our talent they diversify and they understand all the social networks out there youtube remains the core of their focus. >> tyler oakley that it's top talent with 7 million subscribers. you and i have to start watching youtube this weekend. >> almost as many as you have on twitter. >> not quite. thanks, guys. interesting conversation. >> an eye-opening conversation for both of us. 37 minutes of the trading session. the dow is down 52 points but the nasdaq we are watching today with that rally. google nasdaq up 35 points. >> even though s&p is flat heading for its best week since march. >> up next marco cotta telling his clients to focus on china instead of greece. his firm manages $21 billion. he'll be here to state his case next including what to do with that information. >> plus later, goldman sachs

chief economist jan hatzius weighs in on the u.s. fed warning that a 10% spike in the dollar would cut economic growth.

i don't want to be hasty but it seems the crisis in greece may be in the rear view after

the parliament inapproved talks. >> our next guest greece is all market noise. there are other important worrisome signals investors should watch us. joining us marco cotta. welcome to new york city. >> thanks. good to be here. >> i've got your eye on china. the possibility of a hard landing. what signal are you getting from the chinese market and what do you do with that information? >> if you look at what's happening in the commodity complex, oil found 50% a year copper copper, everything they touch is down. look at data of singapore's gdp. all these tell me that china is not going anywhere close to what they say they are growing. >> you can play a lot with a

deflator. there's a lot of funny stuff that goes on with those numbers. if you pay attention to what a man does capital flight is another big one. a lot of money is coming out of the chinese market for a good reason. i think it's because the economy probably is already in a hard landing. that is a greek signal. >> how do you play it? you stay away from commodities exposure? >> you obviously have to be careful about that. everybody who is using commodity is a winner. people selling it are probably losers in here. you saw delta reported the other day. they beat. people are concerned about the revenue headlines, head winds.

if you look at the tail winds coming at them from oil. american is going to do the same thing. they are not hedged. we like that. overall, if you believe china is not growing the way everybody thinks they are growing, you've got to set up for a stock market that don't go anywhere either. i've got to be a trader. this is a time to get much more active. >> somebody said you should be a trader. somebody said greece is a trade, china is an investment. you need to think of that longer term. >> absolutely. >> if i look at china from a policy standpoint and think about the massive amount of fiscal and monetary policy and regulatory changes happening there, including what they are doing in the stock market it looks much more like rescue versus reflation. in this mode though i wouldn't

short them per se. i think they need to reflate their economy. it makes sense to have a stock market that works. it's going to be scary for a little bit. it's not a market yet. at some point, this will be a market. play it. when it's a market. right now, i would watch it. >> you have thoughts on puerto rico and how you might take advantage of any opportunity here? >> i think on the puerto rico story is probably a greece that matters to us. i've got a lot of the same things going on. you've got debt they can't pay. they've got a declining population, very high unemployment. they have no labor participation. they've got a big problem. we've seen a lot of hedge funds, mutual funds that are long as

paper. we've got to see what congress does with this chapter 9 move. at the end of the day, what could happen we get a flash point of something really bad happening in puerto rico. you are going to see a lot of municipal bond funds trade down. i think that's the time to step in. that would be an interesting opportunity because it is in a lot of different mutual funds, but in general, we like muni bonds. it would be a nice buying opportunity. >> mark good to see you. >> thanks for having me. >> mark okada. we have a news alert on those deadly shootings from tennessee. an update from sue herera. >> thank you very much. several of the investigators are making comments. we will start with the u.s. attorney. william killian says the chattanooga shooting continues to be investigated as an act of

terrorism. that's the u.s. attorney william killian. they say it is premature to speculate on the shooter's motive. they are investigating whether he acted alone. they do not believe anyone else is in danger. from the fbi special agent in charge. his last name is mr. reinhold. he purchased some of his weapons legally. in addition to that they say there were at least two rifles and shotgunsed a one hand gun. he purchased at two legally. and they have about 70 leads in this case right now which is being investigated as an act of terrorism. in addition to that we are hearing from the chattanooga police officers saying that the chattanooga police killed the shooting suspect. there is no indication of a

self-inflicted wound. that is more clarity on what is still a developing story. they know the suspect and shooter did travel outside of the united states. they are investigating all his travel between the months of april and november he did travel to the middle east. they do have family in the middle east. they are investigating motives for him going to that part of the world. lots more to come i'm sure. >> 27 minutes left in the trading session. dow still lower by about 50 points. now 40 points. coming back a little bit. >> s&p turned positive. nasdaq if it does close positive, it's up shorp sharply would be a new record high. >> coming up jan hatzius and

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time of the trading day. the last half hour before it closes. a sleepy end to what was a strong week. >> yes. i thing we'll see larger volumes than normal only because it's an options expiration. with a lot of the volatility there's been bigger positions than normal. they are unwinding them now and will do them on the close. it's larger than we've seen this week. >> options activity picked up the last few weeks. what does that tell you? >> whenever there is any volatility, that's a lot of people taking on risk and they are trading because they have the ability to make some money with stocks moving relatively quickly. you have large price movements, options usually do pick up steam there. >> what's the focus of the week now? earnings? the smoke clearing from greece china? >> you get greece out of the way. we'll see greece in a couple of months because you'll keep

seeing greece because greece will be there forever. once we get done with that which we never will you have to focus on china and the earnings we'll get next week. we had data this morning. it's a mixed bag. every time there is any good data there is bad data. >> we'll talk about that in a moment with jan hatzius. this is peter costa from empire executions as we head into the close here. >> thank you. speaking of economic data consumer price index rose a little. housing starts jumped almost 10% last month. the new york fed is worried about the strong dollar saying it's having a negative impact on the u.s. competitiveness and might shave half a percentage point off gdp. joining us with his view on the economy, jan hatzius, chief

economist at goldman sachs joins us post nine. good to see you again. >> good to be here. thanks. judge, as peter costa just said one day we get good data, the next day we don't. we have this herky-jerky recovery underway. >> the economy is growing at an above-trend pace. fairly close to 3% in terms of underlying growth pace when we look at our metrics for aggregating all the different data. we are growing above trend. >> it seems the weak spot in the economy is manufacturing, which was one of the stronger spots. is that to bill's point because of the stronger dollar? when does that turn around? >> i would think that the dollar is probably the most important reason for the weak manufacturing numbers. shaving half a percentage point

off growth the new york fed result seems a reasonable estimate that is similar to our own numbers. i don't think that is going to change any time soon. if you take the business surveys like the ism manufacturing index that was in the high 50s, until the dollar appreciated and been in the low 50s since then. >> fed was a miss yesterday, i think. >> janet yellen is still watching inflation expectations and the unemployment number. she feels we are getting to full employment. maybe we get wage inflation. >> we are tightening the labor market. she is right. every labor market metric has improved. maybe with the exception of nominal wages where it's more uncl the unemployment rate or broader measures of the unemployment

rate rate, all these things are improving. at the same time though i think there is still slack in the labor market. we are still not that close to full employment. my view is that probably we'll still take until the december fomc meeting before we see the first rate hike. >> you moved from september to december. i was going to ask if you have to move back up to september after what sounded like she said, one interest rate increase, not a big deal. she is inching to move sooner and be gradual. >> sooner than what? moving sooner was a response to a question that basically implied why not wait longer into 2016? i think there is an argument for moving a little sooner than perhaps the earlier 2016 recommendations from some

people. my own view is early '16 seems like a reasonable time she made an argument that was coherent. >> what could go wrong with they raise rates in september? she sounds like she wants to get that first one out of the way to stop focusing on that first rate increase. >> it's the dollar. >> you could get a significant tightening and financial conditions. >> even with a 0.25% rate increase? >> you don't know. my best guess is it probably doesn't have that big an effect. it's difficult to predict these things when it's the first increase. the fed's view in 2013 was tapering earlier wouldn't do a significant amount of damage and did do a significant amount of damage. the question for me is not whether you're only doing a little bit of damage. the question is mainly when you look at employment you look at inflation, is this the right time to be tightening monetary

policy? i can see that would be true on a six-month horizon. i don't think we are that close yet. >> good to see you. >> nice to see you. >> jan hatzius. over to dom chu. >> shares of ncr spiking up about 4%. they were as high as around 7% to 8% on the heels of reuters headlines saying the private equity firm toma bravo was talking to some investors about possibly putting together a bid for ncr that could value the company, including debt, for as much as $9 billion. shares were halted for a volatility trading curve. they eped up around 7%. now giving up some gains. perhaps traders skeptical when this bid would be put together and what format. wanted to call your attention to

the idea ncr shares are spiking and this reuters' report toma bravo is looking at a potential bid. >> thank you very much. about 17 minutes left in the trading session. they keep moving my board. down 35 points on the industrial average. s&p starting to move into positive territory. the nasdaq has been a stellar performer because of google's phenomenal gain today. >> the best performer in the s&p. coming up how to reply appleplay apple earnings. here at the td ameritrade trader group, they work all the time. sup jj? working hard? working 24/7 on mobile trader, rated #1 trading app in the app store. it lets you trade stocks options, futures... even advanced orders. and it offers more charts than a lot of the other competitors do in desktop. you work so late. i guess you don't see your family very much? i see them all the time. did you finish your derivative pricing model, honey? for all the confidence you need. td ameritrade.

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>>. >> the nuclear agreement signed this week with iran still needs the approval of our congress. >> part of the lifting of the sanctions will include iran's reentry into the oil market. that could come sooner than later. has all sorts of implications for the price of oil. for the latest let's check in with jackie deangelis. >> hi. it was a bit of a riddle of threes. wti lost more than 3% on the week. it touched a three-month low intraday today, and three straight weeks of losses.

today we settled at $50.89. part was iran. we've got an already over supplied market. everybody is concerned when the 40 million barrels start to come online, we'll see more pressure in the marketplace. $50 a detechnical level. traders think maybe we could see that four handle next week. i want to talk about gold. gold, $1,131. down 1% on the day. a five-year low because of the strength in the dollar having an impact on crude price. that dollar is strengthening on the euro zone and back of the fed this week. watch the dollar when it comes to commodities. >> we don't have time for questions what are you going to do for your birthday tomorrow? >> oh! that is a good question. we are just going to celebrate family time. >> you enjoy. happy birthday tomorrow. >> happy birthday jackie. >> thanks guys. >> our birthday is coming up.

we share a birthday. which is why we are in sync. >> 12 minutes left in the trading session here. mixed day. things aren't moving higher. s&p now up 2 1/3 and nasdaq moving ever higher here. >> another record. >> best way to liven up a friday here at the new york stock exchange. david darst will join us. no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping.

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about eight minutes left in the trading session. joining us independent investment consultant david darst. how are you? >> nice to see you, bill. >> what did we learn this week? we've got greece behind us. iran behind us at the moment. earnings have begun. >> resolution of uncertainty this week. greece as you mentioned. for the time being, it's not over yet, i don't think.

janet yellen said expect rates to rise. you have continued investor skepticism. neutral among the highest in 30 years of individual investors. retail sales this week not good. philly fed not good. however, average hourly earnings, expect next month to be pick up because when you have the reporting period on the 12th of the month, it always comes in low. you've got the automobile sales. home prices doing well. low oil prices will help the consumer the second half of this year. lastly, look at the bank stocks and russell 2000. they had a wonderful recovery

here in july. banks are up 9% since july 7th. that is indicative of an improving economy, higher interest rates, higher interest rates. >> the picture you are painting for us -- >> constructive second half. we need earnings. i was amazed at the estimate for the second quarter minus 4%. >> you take out energy and it's up 8%. third quarter is minus 1.5%. for the market to lift you've got to see profits come in. buy europe buy japan and buy good quality u.s. stocks. constructive. >> always good to see you. have a good weekend. >> have a great weekend. >> we are coming back with the

closing countdown in a moment. >> after the bell uber squaring off with the mayor of new york city. that's on the heels of that huge fine in california. the sharing economy turning out businesses upside down but not without political or financial pain. are these companies worth the aggravation for investors? we'll take it up with one investor.

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heading to the last two minutes of trade for the close out of the week. this is the dow and nasdaq. you can see the climb by nasdaq leaving the dow behind here. this puts us in record territory for the nasdaq composite index, thank you, google netflix, facebook and other big technology stocks that had great weeks this week. that was the difference in performance there. oil very volatile week. the iranian nuclear deal had a lot to do with that. this rally, then a sell-off. this was the rally after it was announced, everybody was saying it was supposed to sell-off. it has now. down 3.7% the week on the price of oil. finally because i have to sit next to sara another hour here and she would never let me

forget it if i didn't show what you happened to the dollar. the dollar index up almost 2%. >> strong dollar is a major problem for the multinational companies. we saw it with honeywell, despite the dollar killed them. all sector sales were down because of the pressure on the dollar. organic sales were good. that's a problem. other problem is oil is not rallying. we'll have another quarter pressure on revenues from the oil company. s&p under pressure. google was all technology. google on facebook was the reason technology had a decent day. there are a lot of people hiding out in google facebook netflix and biotech names. we'll get them next week. a lot of people and a small number of names. regional banks crack a little bit today. margins on the flat side. they need higher rates but are

not getting it now. there are a few big winners and a couple of names under pressure. >> thanks bob. we are going out with a minus sign for the dow but s&p couple points away from an all-time high. nasdaq there. stay tuned. much more to come on the second hour of "closing bell." welcome to "closing bell." i'm sara eisen in for kelly evans. here is how we are finishing out the day on wall street and the week. s&p 500 actually eked out a gain into the close. best week for the s&p since back in march. dow closed lower by about 34 points. boeing a big part of that story. take a look at the nasdaq. the story of the week up almost another 1%. this was the best week for the nasdaq all year. joining us on the panel today, we've got cnbc contributor evan newmark and david sieberg.

bill is back from that awesome closing bell. jay, were you buying google today? everybody was impressed with that quarter and words from ruth porat. >> super impressive. just a plug here. our analyst has been all over the stock. he's called it. if you are not listening to him, you are making a huge mistake. google is turning the corner. amazon was looked at a stock as a spending problem. they were criticized about that. when they turned the corner and people took a look at this company, investors turned. sentiment turned quickly. we are seeing that right now in google. the stock has more room to go on the up side. netflix and facebook are names you need to own long term. >> as you may know my wife is an executive at google.

i will not address google specifically. i would simply point out i added up the totals of the market cap of the top five tech companies in the united states right now. do you know what the number is? it's over $2 trillion. >> apple and google are big ones. >> you throw in facebook, amazon and microsoft and you're well over $2 trillion. throw in a few more like ibm, intel, well over $2.5 trillion. my point is these are well-run companies generating a lot of profits. things are good. you are paying for it when you buy the stocks. i'm going to end up being proven wrong. apple stock is not going to double in the next year. it's i not going to be a $1.5 trillion company. >> because it's so big. >> it's big. these are big companies with big market caps. the danger for the market is not

that it's ridiculously expensive, but you are trading in a range because people are realizing you are at the top level of the range. >> i didn't realize you were married to ruth porat. >> i am not. >> unfortunately. she is having a good day. >> the newmark family had a good week. >> you are right. there is a group of stocks that have it's a crowded trade, no question. biotech. where else are you going to find the growth opportunities you have there? it's very difficult to replicate. you can't find it. you are right. investors are going to hide out. these companies that offer them that premium growth. they are going to pay a premium multiple for it. it will continue for a period of time until something else shows up with better growth opportunities. stay put for the longer term here. >> we talk about these sexy stock stories. they were standouts this week no question about it. we got earnings from more boring economy names like ge and

honeywell. there was strong growth there. >> my view on the earnings season the top management at most u.s. s&p 500 companies hit their numbers, setting expectations. they figured this thing out the last 20 years. when was the last quarter where the numbers came in way below expectation? everybody was really disappointed? i cannot remember. do you remember? >> i do not. >> my point is you are getting what you expected. they set the barlow. they are coming in above. the economy is doing okay. the one area i'm interested in is energy. simply on the basis, the energy sector trading at a 52-week low. its highs were about one year ago and so you are getting relatively cheap stocks. if you don't believe the price of oil is going down to $40.

>> closing at $50 today. >> if you don't believe it's going to totally deflate, you are okay. >> what will next week bring when earning season kicks into high gear? bob pisani it will be a flood next week? >> it will be. we are going to get in the heart of earnings season next week. the attention will be on other big tech particularly apple. that will be tuesday. also microsoft. there is a real problem here. there is very little growth in the world. everyone is piled in to the few growth stories out there google apple, netflix. biotechs. a lot of traders are hiding out in a few stocks. lot of pressure on these leaders. we are going to get a lot of big multinational industrials next week. the ones i like. united technologies of the world. dover, caterpillar. general electric and honeywell

had encouraging reports today. the weak link is revenue growth. the strong dollar and weak global growth are bad combination for weak multinationals. fortunately, we've got feel-good stories. general motors will report thursday. you know they are almost going to double their earnings from the same period last year. almost 100% increase. same story with the home builders. pulte will report. there are concerns about higher mortgage rates later this year. one nice head wind for stocks are buy backs. according to standard and poor's, 20% of the s&p 500 reduced their share count by 4% or more in the first quarter. less stock outstanding means more concentrated earnings. going to be another busy week. >> bob pisani with some of the big themes we are watching. investors anxiously awaiting that apple report. earnings next tuesday.

i don't need to own apple stock to cash in on its quarterly result. dom chu has the story on that. >> that is because apple is such a big company and so influential there are a lot of companies that have ripple effects from apple. let's take a look at our kensho stat box here. over the course of the past ten years, apple had 37 earnings beats and just three misses. you've got a little over percent in gain following those reports. let's take you through some of the ancillary plays if you don't want to trade apple stock, there are other stocks that move on the heels of apple reports. look at some of these. first of all, look at the supplier companies like nxp semiconductor. it tends to outperform if apple has a nice earnings report. also sprint on the carrier side tends to do that. microsoft and blackberry do tend to underperform in the wake of

apple's earnings reports. if you want to play the apple effect, you don't have to trade the shares. a lot of companies around it have moves of their own. those are a handful of them. for more go to cnbc.com/kensho. back to you guys. >> thanks very much. david seaburg, what do you think? you're not enamored of apple, but what with the ancillary companies around it? >> that's interesting. apple in general, i would say no. it's a luke warm stock. i was bullish on it earlier in the year. definitely cooled that down. i look at the iphone 6 and say there is really some concern about the 6s. "wall street journal" published an article talking about the builds. when they go to their supply chain and order a certain number

of phones. "wall street journal" said that is up because they had estimated 70 million from. iphone 6. it's not up. we are estimating more like 100 million. so it's actually down. if that's the case it's the first time you've seen an upgrade cycle where you had down orders to the actual supply chain. that is concerning for me. that came directly from our analyst. that concerns me about the supply chain and concerns me about apple longer term. how long does it take to work in? i don't know. i think there are some pockets there that will get hurt. >> it's not a dial mover, but there have been concerns about the apple watch. >> yeah. i'm more of a -- i would call it a novelty item. i don't think it will have the revolutionary impact on apple or the stock. >> google glass? >> i'm not going there. i would say this about apple which is the thing that most concerned me recently about

apple was their ads. i don't know if you saw recent ads which they talk about the hardware and software aspects. we're special because we are an iphone. >> and everybody else is not. >> yeah. that to me is a little tell. if they get hit by the commoditization that takes their margin down that is the biggest risk to the stock. >> it's been rising. >> thanks. >> the $16 trillion mutual fund industry may be in hot water. details whether your mutual fund fees are being used inappropriately next. also airline fees. they are getting me started here. they soared to record highs in the last year. coming up we will hear from

somebody who says passengers should blame the irs and congress, not the airlines when they get sticker shock over those fees for baggage and ticket changes and everything else. that's coming up. ♪ ♪ ♪ it took serena williams years to master the two handed backhand. but only one shot to master the chase mobile app. technology designed for you. so you can easily master the way you bank.

some mutual funds we know tend to have higher fees than etfs. are they properly disclosing those fees to clients? >> s.e.c. is launching an investigation into that question. eamon javers joins with us details. >> the s.e.c. is not commenting on this report broken today in the "wall street journal." the "wall street journal" reporting this morning that the s.e.c. has spent about two years now investigating the relationship between mutual funds and brokerages. the question the s.e.c. is looking at is whether or not the payments made from those mutual funds to the brokerages are appropriate. they are allowed to use a certain percentage of mutual fund-managed money to deal with brokerages. the question is whether or not those fees are being hidden in a way that is not transparent to the consumers. that would not be fair to

consumers. those of us who don't see these fees being disclosed. it's not necessarily clear whether the s.e.c. will ultimately take action in the wake of this two-year investigation. they have passed some of this investigation on to the s.e.c.'s an enforcement division. >> thank you very much eamon javers. should the industry be worried and should we consumers and investors, be worried? >> let's bring in s.e.c. lawyer mark powers. what is the rule? mutual funds are allowed to pay brokers a fee of some kind. it must be disclosed, right? >> right. >> what are they looking at now in the s.e.c.? what is this investigation about now? >> sure. basically, we know from time to time the s.e.c. does these sweeps. they look at tactics whether it's mutual fund business or broker industry. they look at current practices to see what they are about. they reevaluate and try to

fine-tune them. i wouldn't be making more of this than it is. you have situation over the course of a year. the s&p brought cases for rule 105. they found there were practices there. what this is about is 12 b-1 fees and whether or not there is proper disclosure. security laws are about disclosure. there are always going to be conflicts in the industry no matter which way you slice it. >> what's happened over the past 20 years or since '75 since they've gone on fixed commissions, commissions have gotten so small that the brokerages aren't making money by trading with the mutual fund companies. if you are a mutual fund you want access to hot ipos, access to research. you are not paying a lot for the commissions. there have to be other ways for them to earn their keep. that's the fees. >> this move we've seen towards etfs command much lower fees.

it becomes much more competitive. >> that's right. it's a much more competitive market than a few years ago. a lot of retail businesses evaporated. it's mostly institutional investors driving the exchange transactions and mutual funds driving the markets. what you have here brokerage firms in particular that have an interest trying to make sure they are paid appropriate levels of fees. you have the question which is similar to what the s.e.c. is doing in the private equity space where they are looking at allocation of expenses. that what is this is all about, allocation of expenses. >> the problem is the fundamental problem of the activity fund manager. the mutual fund industry given their track record of constantly underperforming, they are trying to give a good name to the active fund management industry. something like this is a knock from the s.e.c. going, you guys are doing a better job actually disclosing stuff. you've got to do more.

i think that is what's going on. >> if i'm an investor and with a particular broker and he or she is putting me in a mutual fund but i fund out they are getting fee back should that be a red flag for me? am i getting the best mutual fund? >> you can be getting the best mutual fund. it's about the disclosure and amount you are being charged. the decision making is about whether or not you are comfortable with the fee being charged and being told what the fees are. and expenses are being disclosed to you. i don't think it's a cause of concern because there may be different places where a particular entity is receiving fees. the whole issue is disclosure. if you are comfortable with that level of disclosure and comfortable with the investment and circumstances of that particular investment, this should not be cause for alarm. >> these are large mutual

financed companies. these are the major funds on wall street. >> this is just an inquiry and probe. isn't it going to be hard to prove anything? can't they just attribute the fees to other purposes like marketing that are legal? >> marketing distribution is legal. separate fee somebody charged for that. it comes down to the accuracy of the classification. if it's an inappropriate classification i'm not condoning that. none of us would. as long as it's disclosed, i'm not sure there is a cause for those firms that aren't doing it right. >> i'm sure none of them happy they are mentioned in connection to an s.e.c. investigation. >> no company i know likes to be on the front page of the "wall street journal." >> in that light. >> in that light. >> very good. thanks for joining us today. >> thank you very much. >> airlines collected an astounding $38 billion in

ancillary fees last year. isn't that nice? many americans are just feed up. i'm among them. they are feeling nickel and dimed checking their bags or paying for peanuts, apparently i'm the only one. our next guest says the's bad tax policy and not the airlines you should be blaming. >> uber fighting back against new york mayor bill de blasio's attempt to limit the ride sharing services growth. will the crackdown on uber and other upstarts hurt innovation?

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ibm analytics is working to make education smarter every day. if you feel like you are paying more to fly, you're not alone. >> we are very much a market-driven business. just because some other industry has their cost inputs lower, you don't necessarily see what they are charging customers get lower, as well if we look at what average fares have done in the second quarter alone, competition is alive and well. the average fare is down 5.5% for the industry. >> while fares have been coming down fees have been going up to record highs. a report earlier showed ancillary fees such as bag fees reservation changes climbed to a record $38 billion in 2014.

that was up 21% from the year before. topping the list was united airlines which brought in almost $6 billion in fee revenue just last year. >> our next guest says the record fees are spurred by bad tax policy in which airlines are able to hide revenue in fees because those fees are not taxable income. the fares they charge are taxable. roger dow is president and ceo u.s. travel association. he joins us now. >> in 2009 the airlines especially the big three, american, delta and united went to the irs and said we shouldn't be able to tax fees just passengers. irs says we agree. what's happened in the meantime fares have only gone up a little bit, 2% to 4%.

your last speaker said they've gone down but the big three, fares have gone up 2%. fees have gone up 30%. >> the last speaker was chief financial officer of a major airline. >> that is correct. >> he should know what he is talking about. >> what he told you is average air fare has gone down. that is true around america. fees for united airlines delta, american airlines have gone up. he was lumping all the allegiance. >> why not charge a fee to fly? >> you charge air fare and $500 in fees. the american public is fed up with these fees. >> real why i? >> these are not taxable. when you charge $200 for a change fee, if that was in the ticket, you would get $40 you have to pay the u.s. government. airlines are ducking about $500 million to $1 billion in taxes.

the solution is to lower taxes on airlines. they are overtaxed. >> is there any discussion of that happening? >> yes, there is. travel industry proposed to an faa re-authorization to go to a user fee method. lower taxes and don't have a perverse incentive to increase fees. we could have people fly $20 lower than what they could pay and fix our airports. our airports are declining. we don't have one airport in the top 25 in the world. it's i broken and we have to fix it. >> no kidding. these fees grate on me. i got accused of whining about them. the airline is a service-oriented industry. where is the service? is where the incremental increase in service? the fast food industry. they are innovating all the time newburghers, new chicken,

whatever. breakfast burritos. what are they doing to make my service, my experience on the plane better? the only thing we ever hear is yet another fee they are charging to get us on that plane. >> let me tell you why. five six years ago 11 airlines owned 85% of the traffic in the united states. now four airlines own 85%. competition is down. now the consumer has no choice. the big three charge fees. southwest does not. bottom line is when you don't have choice and you don't have competition, fees go up and service goes down. >> i get what's going on. i'm sorry you had a bad batch of peanuts. >> apparently paid for them. >> the airline industry the airlines have been chronically bankrupt. you are getting to a state where

the u.s. airline industry can pay for itself after decades of bankruptcy. i'm not excusing their behavior. it is interesting the airline stocks have finally been doing well. that's an exception to the last 30 years when airlines went bankrupt. >> no kidding they had a tough decade after 9/11 and the financial crisis. that's over. now they are not even competing any more. congress is investigating whether or not they are fudging the number of seats they are making available. >> i don't want to excuse poor service on the airlines. all i'm saying is people do what the incentives tell them to do. if it's bad tax policy they are going to do what they can get away with. >> they are business people. >> roger, thank you for joining us. >> thank you. always a pleasure. >> time for a cnbc news update with sue herera.

>> here is what's happening. the remains of the four marines shot and killed in yesterday's shooting in chattanooga are on their way via military convoy to dover air force base in delaware. the four marines have been identified as lance corporal squire wells, gunnery sergeant thomas sullivan staff sergeant divide wyatt and sergeant carson holmquist. the fbi says the shooter had at least two long guns and one hand gun. some of the purchases were legal, some not. the shooter was not wearing body armor. there is no indication of an isis link. >> cvs is warning customers its online photo service may have been data breached and temporarily shut down that service. payment information on the photo site is collected by an outside

vendor. smoke from wildfires is building over athens as fires fanned by strong woonds andind continue to burn around the capital. >> that is your cnbc news update. housing starts surged to the second highest level since 2007. why is it raising red flags about the health of the housing market? we'll discuss that next. >> usc champion making her first comments since ripping floyd mayweather over his history of domestic abuse.

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xçó0 welcome back. if you are joining us late. here is what happened on wall street. the dow finished lower down 33 points. even with some good earnings from the likes of ge. you have nasdaq really powering higher again today with google. up 46 points there that puts us in record territory in the nasdaq. the s&p now about three points away from its all-time high with a gain of 2.35 points today.

google had an enormous day. added an astounding $65 billion in market capitalization today alone. that is one of the biggest one-day market cap increases on record. >> it is the biggest. the previous record was held by apple with a $40 billion market cap increase a few years ago. this takes the cake. quite a day. >> we learned housing starts jumped by nearly 10% last month. if you think that means the housing market foundation is strong, think again says diana olick. was this about the building of multifamily homes? >> absolutely. the construction numbers are up. that is a good thing. when you do slice up the components of construction it's not so good for single family housing. gains are all driven by multifamily apartments. renter nation rocks on. single family housing starts were down just under 1% in june

from may. that isn't saying much given where we were a year ago. multifamily is where the party is at. starts up 29% for the month. up 59% from a year ago. we've been talking so much about sky high rents. more supply should help to ease that burden for renters. home builders like lennar and toll brothers are investing more in multifamily developments. that is paying off nicely for them. bad news on the single family side. permits up only slightly. still building well below historical norms and demand. >> i get her point. you would rather see a more broad but it does create jobs. i wonder if it's as much if this was a single family story. >> household formation is very

very important in terms of growing the economy. the single family home is indicative of household formation. people invest in a home building a neighborhood creating wealth. if you have a bunch of investors with much easier access to financing and they are just building an apartment on spec to get a dividend yield, i don't think it has the same knock-on positive effects in terms of capital formation, household formation. >> job creation. >> what do you think, diana? >> household formation is on the renter side as well. we are seeing the millennials starting to form new household on the renter side but seeing the baby boom generation want high-end apartment rentals. you are seeing different kinds of formation. millennials will tell you when they rent they are looking for good schools, looking for single family homes when they have kids. that is part of the

neighborhood, as well. >> i'm worried. you envision all the cities having their williamsburgs or parts of brooklyn. they are well developed. i'm not trying to be critical of them but it strikes me as different as suburban household formation. obviously, i could be wrong. >> a lot of the millennials -- >> you are not a millennial. >> i'm definitely not a millennial. it's happened once again. >> oh stop. >> diana, you are wearing the same dress today. >> same color. >> so we've got "devil in a blue dress" going on here. >> call the fashion police. >> we'll be getting phone calls. >> thank you, diana. >> that was "devil in a blue dress." >> you did not tell me it was coming. >> why would we? >> the battle between amazon and

walmart continues. courtney reagan joins us with results of prime day. >> amazon may have started the battle establishing prime day earlier this week. according to outside data walmart won the day. slice intelligence, an app that tracks consumer purchases by e-receipts with a sample size of 138,000 on prime day says in the u.s. walmart beat amazon on average order volume with the 268% increase to amazon's 250%. that compares each to the relative daily average volume six weeks prior. amazon's orders peaked around 10:00 a.m. eastern time but tapered off earlier than walmart which saw sustained peak order volumes for longer tapering off after 4:00 p.m. eastern. walmart sales continue for 90 days. amazon was just one day. before that slice data it wasn't clear how the two compared to each other.

with walmart saying monday to wednesday marked some of the biggest days ever for online orders. amazon revealing worldwide orders grew 266% over the same day last year with 34.3 million items ordered. >> walmart might have won that day. >> we had so much social media buzz from amazon. >> thank you very much. hillary clinton not winning any friends in silicon valley with her latest swipe at the sharing economy. companying like air bnb, lift uber, in the middle of a fight with the mayor of new york city. when we come back we'll speak to a top venture capitalist

about whether these developments scare off potential investors in those companies. investors are getting ready for the second busiest week of earnings season. find out whether it could be a make or break week for the markets. no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping.

at ally bank no branches equals great rates. it's a fact. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda. uber hitting back on mayor

bill de blasio which urges users to take action and send the mayor an e-mail to apose the bill. >> others in washington are split about the sharing economy. presidential candidate hillary clinton is calling for a crackdown on the gig economy. >> that is what she called it. >> jeb bush was seen cruising around san francisco yesterday in an uber car. >> how will all of this impact companies like uber and air bnb? joining us is jeremy lu. i'm sure you have thoughts on the fact it has become this political punching bag lately. >> i think there's a lot of really interesting implications of this gig economy. historically venture capitalists had to think about technology risk market risk and execution

risk. does technology work do people want it and can this team make the product that people want? now this is introducing a regulatory risk. that is a new thing for us to have to think about. >> are you surprised about that though? are you surprised by the pushback by municipalities? they want their share of the tax revenue. if they are not going to get it they are going to put a cap on it like bill de blasio wants to do in new york city. >> i'm not an expert in uber. we are not investors there often times you find technology has unexpected social consequences. before there was widespread use of smart phones in cars you didn't have to worry about texting and driving. oftentimes you find there are unexpected consequences from a new technology. at some point there has to be some role for government to think about the greater public good. whether that is the case here with uber or more of a political thing, i'm not enough of an

expert to say. there is an important role for government and for them to think about the greater public good as it relates to technology change. >> i have a question. bill mentioned tax revenues. to me it seems less a function of tax and more about entrenched interests. whenever you have entrenched interests, people who pay for taxi licenses in new york or air bnb who have hotel owners finding the competition threatening. >> you raise an interesting point. we've got companies like uber and air bnb where there are more entrenched interests and perhaps more pushback from various municipalities. then you look at companies like task rabbit where there is not necessarily any entrenched interest.

you haven't seen the same level of pushback. valley parking on demand. you haven't seen that same level of pushback. there hasn't been the same level of organized entrenched interests or resistance to that. there has to be an element of that. >> when you get this pushback do you think twice about investing in some of these companies then? >> i think that's a thing. you are weighing a bunch of different risks when you invest in a start-up. there is the technology risk market risk execution risk and this sort of regulatory risk. in all the companies we talked about, the market risk is gone. it's very clear there is a ton of demand. the execution risk is gone. again, these companies are executing incredibly well. there is no technology risk because it's all working. it's a question of what is your risk appetite? in other companies you might have greater technology risk or looking at a market you are not sure exists. in this case it's a different risk that needs to get weighed

against all the others. >> want to ask about want of your big investments which is snapchat. plans to go public? >> i think evans said publically the long-term strategy is to be an independent public company. i think that they built a tremendous business already, but there is still a lot of work to be done. they'll be busy doing that work the next few years. >> some are hoping for the second half of 2015. does that sound too early? >> i think that might be ambitious. >> all right. we tried. thank you. >> good try. >> interesting conversation on the sharing economy. jeremy liew. >> he said evan. i thought he meant you. >> i wish i was evan spiegel. >> you're doing okay. rhonda rausey bigging out floyd

mayweather for the best fighter espy awards. >> she gave such a good speech. she took aim at mayweather's domestic abuse history ag she wonder how floyd feels being beaten by a woman for once. >> now making her first public comments since that roundhouse. our cameras were there.

ufc champ ronda rousey stealing the show at wednesday's espy awards not because she won the best fighter trophy beating out boxing superstar floyd mayweather. >> no, it was her comments on mayweather's history of domestic abuse that got everybody buzzing. listen. >> well i can't help but really say that i wonder how floyd feels being beat by a woman for once. i'd like to see him pretend to not know who i am now. >> he said last year he'd never heard of him when asked about ronda rousey. julia boorstin just caught up to rousey at her gym for her first public comments since the espys.

julia skroinz us with details. >> that's right. rousey explained the reason she wanted to make that jab at mayweather is she was really upset about a snarky remark he made a year ago about not knowing who she was. >> i don't let those things slide, but also i'm a patient girl, and i wanted to respond at the most appropriate time where i thought that i could make the biggest impression that i'm not the kind of chick that you make snarky remarks about. >> rousey, a trailblazer for women in mixed martial arts and a critic of sexism in sports says she's optimistic that progress is being made led by mma where classes are determined by weight not by gender. she also said she's bullish on the growth potential for the ufc and the whole business of mma. >> i believe that fighting is an innately human thing, and we live in a very bubble-wrapped society where every ounce of aggression is suppressed in us constantly and we need a healthy outlet for it and i really do believe that mma is not just

exciting for every person to watch but it's also a very useful thing for everyone to do. >> rousey acted in "furious 7" and the "entourage" movies says she's planning on a career in acting where she wants to be a trailblazer yet again by doing her own stunts and shooting all sorts of new fight scenes. kelly and bill back over to you. >> i'll tell you, julia -- >> sorry, sara. >> it's okay. i thought it was interesting that she's given interviews on this topic before of whether she, because she's such a strong fighter, should go up against a man. she smartly said that that would be bad optics for a woman to fight a man in case the woman didn't do well with all the problems of domestic violence. i mean she's really handling the issue very eloquently, i would say. did you guys talk at all about sort of more on the gender empowerment in women's sports? it's not just her. it's also the women's soccer team right now. >> absolutely. she said this really seems to be the year of women in sports. of course talking about the big

win for the u.s. team at the world cup. she says it's really important for women to see role models such as her and to just encourage more girls to think that they can play sports. she said there's obviously a lot more work that needs to be done but she did sound very very optimistic. and for her, her story and her narrative is all about being undefeated which is certainly a very strong story to tell. >> i'm very impressed. i have to take issue, though with her comment that everybody should do mma. i was thinking about me and bill stepping into the ring. bill, me and you might be a good match, but i think it would probably -- >> i could take you but i couldn't take her. >> you would definitely not be able to take her. >> that's for sure. >> julia, thank you. nobody likes filing their taxes. we know that. but you'll be happy to hear that your accountant is nothing like the man in our next story. we'll be right back to explain.

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tonight an an "all-american greed" -- all new "american greed," steven martinez, irs agent turned accountant is accused of running a $13 million tax fraud. >> the tax return he files is vastly different from the copy he provides his clients. >> martinez simply cuts off the

first digit of the client's income therefore massively lowering the amount owed. and that's the return he files with the irs. but don't think he's doing his client any favors. his clients never see the smaller return. they believe they owe taxes on their actual income. >> he would convince them they pay their taxes directly to a client trust account as he referred to it. and he told them they would pay their taxes for them on their own behalf and so they would write the checks directly to this account. but in truth the client trust account wasn't a real trust account. it was more like his own personal piggy bank. >> so when the feds come after him martinez plots to murder those who know too much. wow. do not miss this all new "american greed" tonight, 10:00 p.m. eastern time right here on cnbc. that sounds like a good one. >> next week scheduled to be the second business yet of earnings season. some of the big names, ibm,

apple, microsoft, coca-cola, mcdonald's amazon starbucks. just among the ones to report the results. which one are you going to be watching the closest? >> i'm going to watch the amazon and apple. largely because you know you have this after market volatility. you know netflix, google today. these are big companies already. and it's quite amazing to even see a big company report and see these kind of -- netflix, 10% in the after market change and the stock price. it's going to be interesting to see on those stocks given that i think expectations are pretty well baked in, how volatile they are. >> and how deeply entrenched their business is in our lives now. >> well they are. >> online shopping's now 10% of all retail. >> amazon really doesn't make a lot in terms of profits and it does not hurt the stock one iota for the couple of decades at amazon. >> they could turn a profit if they wanted to? >> exactly. >> and just in terms of what we're going to be watching, i know you're going to be keeping an eye on the bond market.

ten-year treasury yields. >> it's kind of you're in this quasi-gold lox summer economy. yield curve is flattening a little bit, i don't believe it should be, but it is flattening a bit. it's going to be interesting to see how the market shapes up over the next few weeks. >> have a good weekend. see you later. that is it for us on "closing bell." have a good weekend. see you on monday. >> "fast money" coming up right now. melissa lee, over to you. >> thanks, guys. "fast money" starts right now. live from the nasdaq marketsite overlooking new york city's times square i'm melissa lee. our traders on the desk are steve grasso, david sieberg, brian kelly and guy adami. apple is doing something rare and extraordinary and it could lead the stock to go on to a super surge next week. we'll tell what you that something is. plus elon musk taking a page out of the movie "spaceballs." and this is rather ludicrous. a look at what it could mean for the stock ahead. plus the massive tech rally, it was the best week for the tech sector in more than four years. google seeing its biggest day in history plus amazon and