t. >> those gold mining companies really hit. >> 80% from the peak in 2011. >> why don't we wrap it up here? >> see you tomorrow. "closing bell" starts right now. welcome to the "closing bell." i'm sara eisen in for kelly evans. >> i'm bill griffeth. the gold is at a five-year low. miners down. what's behind the move and whether investored should like for a new safe haven. >> we've got someone who said the banks in europe are a better buy than banks here in the united states. >> also a major alzheimer's conference is under way right now. we'll bring you the latest from

that conference. a lot of optimism there. and we'll discuss why hundreds of millions of dollars are going into alzheimer's research it still may not be enough to make any real progress. >> also along musk discussing the latest spacex rocket failure right now. we'll bring you the latest headlines soon as we get them. >> we start with our "closing bell" exchange. the major averages are in record territory. territory. mr. willis what's moving this market today? this is another one of those days where we are hitting singles. no home runs but enough to put us over the top for the s&p and the nasdaq in record territory today. >> the big cap, particularly the nasdaq are the story. inside that story, you need to take a look at some of the

rotation that we are seeing. still taking profits out of the russell 2000. some of the health care stocks seeing profit-taking. we are seeing money rotate into the consumer discretionary, particularly the restaurants strong today. chinese stocks trade here also showing strength. take a look at yum. great performance. the ugly sector if you will is the commodities complex. you talk about gold. look at oil. there is selling in different sectors. the bullard story saying there was a real chance they could raise rates in september. yet most people would accept a sell-off in the equities market. we didn't get one. i think that trade is built in. >> i think the commodities is the spotlight today. not just gold. oil trading below $50 a barrel.

what message are you getting? something about inflation, global growth, strong dollar? >> i think it's a combination of those. i think it's a function of china not growing all that quickly relative to where it's been. you had a flat year. weren't even up 4% on the s&p. you had pe expansion in the market now for about four years. that is likely to stop going forward with the s&p trading 19 times earnings. what is going to drive earnings from this point forward. the s&p had an earnings contraction quarter over quarter the last two quarters. they had margin contraction. the only thing holding up the market has been aggregate dividend growth. between now and the end of the year expect more choppiness in the market. spanish elections. >> rick what is getting your

attention today? >> sometimes there are big main entrees with market-moving news stories. sometimes you eat the leftovers. it seems there isn't any main driver but the residual of the china story continues to resonate with many traders. the debate on this floor, are commodities the canary in the global economic coal mine? that seems to be the logical answer. we have to continue to wait and see. whether it's the uk and look how great the pound is doing against the euro or dollar strength against a variety of all the main currencies it certainly seems as though the ultimate notion of a strong currency seems to be moving the markets up today. >> gold. let's get to jackie deangelis at

the nymex. not only gold but the miners getting hit big time. barrick gold down 15%. goldcorp 11%. what is going on there? >> it was a rough day. we did finish about recouping half the losses we saw last night. down $27, $1106 is where gold finished the day. what traders are saying. this is a bunch of things that are happening at the same time. first would be the strength in the dollar. that is what is pressuring all commodities at this point. of course the metal specifically and gold, as well. it's also a rotation out of asset classes. investors are getting rid of their gold position because there are better places they could be investing their money. at the same time we are looking at gold it hasn't been a safe haven asset for quite some time. if you are in the camp that believes the fed is going to hike interest rates, selling pressure will probably continue from there.

then of course remember if you are trading gold as an inflation hedge, that is not a good bet right now either. all these circumstances put together is probably what drove gold down. traders are telling me technically speaking 1,100 a key psychological level. they think the downward bias remains in golds, metals and all the commodities. you mentioned oil, as well. >> jackie thanks very much. i've been joking about gold. we can't decide if it's a candy or breath mint. is it a hedge or risk asset? >> very clever. >> thank you. >> ben, do you have a view on gold? >> hedge against wealth. >> would you look at the miners? >> for a trade, absolutely. long term you have to look and this goes back to the idea of buying an entire sector i don't think is a profitable trade. you need to find out the exact

cost and production for the individual miners and how well they can manage their profitability how far forward they sold their gold prices. i think going back to earlier, if you remove oil from the s&p as far as its impact on the earnings and contraction, we have a different market. that is not comfortable to take out a large sector. when oil will be a benefit, the lower cost of oil will be its own natural stimulus package to the world economy. >> if we get good earnings from apple tomorrow actually s&p technology earnings could be positive also bucking the overall trend what do you see in terms of etf activity around gold and other commodities and other macro stories right now?

hedged europe was very strong. this weekend "barron's" screamed "buy japan." if you are looking at a place where you have earnings growth margin expansion and attractive evaluations and currency story on your side -- >> that is the whole story. >> that is one place people turn to. >> is the role of gold changing? >> i traded the most famous high of gold in the pits in chicago in 1981 when it traded front month futures to around $865. those are the volcker years when he started to slay inflation and

salahi interest rates, yet gold topped out in '81 when you had the highest inflation and it went down for a decade. gold's been a confusing commodity for a long time. >> i wait for something in the 900 camp. i think there is true value under $1,000. i think that's why miners are nervous. i think they are ever bit as interested to see where the futures move to and physical move to first. >> we'll see if it breaks $800. overnight it reached as low as $1080. >> thank you, gentlemen. two of the big movers otherwise are paypal and ebay. paypal's first trading day as a publically traded company. its own entity after being spun off from ebay.

>> big divorce. john fortt caught up with ebay's new ceo on "squawk alley" and asked about the company split. >> we are slighted at the success of paypal a lot of us worked very hard to make paypal successful. it's a proud day to see them now an independent company doing so well. now our focus is on building ebay. this is an incredibly strong business. this is a business that added almost 70 million years in the last four years. incredible cash flow and balance sheet. grounded in a real sense of purpose. the fact that paypal is doing great and now ebay is doing great, it's an exciting moment for the ebay family. >> joining us for more on what the spin-off means for both companies, jamie friedman. you are positive on both these companies, aren't you? >> that's right. i have a positive rating on paypal with a $55 price target. i position it as the worst house

in the best neighborhood. when elon musk founded paypal 20 years ago, he envisioned it to be the leader in payments online. that is what they emerged, payments online is the best part of payments. paypal has the most market share. i think the world is theirs. >> that is what i was going to ask. it seems it is facing competition from everywhere including visa. >> competition is tough. there is a lot of new anti-titanics. master pass from master cart. 1-6 e-commerce transactions are paid with paypal. it's about 15% market share. my anticipation is they pivot into adjacent markets. if they get 1% of the offline market, it triples the volume of the company.

there's a lot of optionality in this investment. >> what do you think apple pay's recent launch will do to all this? >> our assumption is apple pay will be significant. i assume they will take market share. i don't think paypal's market share is sustainable in 1-6 transactions. that's not the assumption but the point is there are a lot of adjacent markets that paypal can't access. they can access offline. a small penetration of any of those is enough to make this investment profitable. >> i did read a bearish note on paypal. one saying it's unclear where paypal goes in a mobile-first world. and looking at the margins on their mobile business relative to their strengths right now. >> i think he's looking at the

wrong denominator. if you look only at online commerce, it may be that paypal has a hard time sustaining this share. like your prior speaker was saying, they have 160 million accounts on file. is that a lot or a little? that is the third most behind visa and mastercard and more than american express. if they can get a little bit of volume in adjacent markets from those accounts on file it's enough to go a long way. >> all right. jamie friedman good to see you. >> thank you. heading to the close here 47 minutes left in the trading session. everybody is positive. right now the s&p is in record territory. any positive close for the nasdaq is also record territory today. >> the level you want to watch on the s&p is 2130.82. that is the closing record trade. we'll keep an eye on that. as we turn higher into the close. >> ibm posting earnings after the bell. we'll run through the numbers for big blue and what it needs

to beat to deliver its results as soon as they hit the tape. >> when we come back fred hassan is with us. he'll weigh in on the battle to treat alzheimer's. several drugs are showing promise in testing these days. bring us your aching and sleep deprived. bring us those who want to feel well rested. aleve pm. the only one to combine a sleep aid... plus the 12 hour pain relieving strength

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slightly positive day for the major averages on wall street. s&p in record territory right now. so is the nasdaq. we've had some acquisitions today. there was the lockheed martin acquisition. also vivint solar surging after agreeing to be acquired by sunedison. >> a lot of action in these stocks. solar city up sharply as investors bet it could be a candidate for merger and

takeover. sunedison is the biggest holding. >> i'm surprised there hasn't been more consolidation. maybe it's coming. >> 4,000 scientists are in d.c. on a gathering of alzheimer's to find some cure. >> meg terrell joins us with fred hassan former schering-plough ceo. first the numbers on alzheimer's are staggering. this will be a huge market. >> it will be a huge problem if these drugs don't work. right now about 5 million americans have alzheimer's and that could triple by 2050. new numbers saying 28 million babe baby boomers could get alzheimer's.

>> finally we have drugs in the later stage of development. it's been a tremendously tricky area and they have to bear out in the later stage studies. >> what have we found in terms of breakthroughs on the cause? and soerly detection? >> the biggest disappointment is we haven't made as much progress in early detection as we would have liked. the best way to manage this condition is to predict those people who might get alzheimer's. let's look at a group of people 70 years old. there is a 15% chance that they are going to get alzheimer's the next five to ten years. if you could find out who those people are, then you can get them access to the new drugs. >> can do you that with a dna test? >> we don't know enough why it happened. alzheimer's like breast cancer might be a bunch of diseases.

we need to do more on the genomics frontier. a lot is happening, but we need to do more. there is a lot of excitement with alzheimer's. people are saying if you scoop that little bit of analoid out of the brain, maybe the cognitive function does improve. >> that is key when you look at the early stage drugs biogen and lilly have. >> biogen everybody was excited about their phase 1-b data. we'll get more looks wednesday. lilly moved its drug which looked like it failed in an earlier study. now they reparsed that data. the patients some of them might not have had alzheimer's. that is why people think biogen was successful. they determined the patients had the plaques in the brain. that is going into phase three. >> federal dollars for research.

how much now for alzheimer's? >> $560 million. >> how much for cancer? >> more than $5 billion. >> those are apples and oranges. cancer is a horrible problem. >> you were comparing it to hiv and how much strides we made. >> the hiv mentality started in the mid '80s. such a horrible problem and in two decades it became a manageable condition. we need to have a war on alzheimer's mentality here. a sense of urgency. >> how do you do that? autism folks, autism speaks and other foundations have done it a great job making it part of the public conversation. we are not doing it with alzheimer's. >> it's a moral imperative because the patients can't speak for themselves. that's why we as society need to

speak for the payings here and do more. half a billion is not much. >> will we find a cure in our lifetime? >> we may find a cure. i believe we'll find ways to prevent, halt and to some extent reverse the disease. hopefully find a cure. >> that would be wonderful. have a trip to d.c. >> thank you. >> 40 minutes to go before the closing bell. enough gains to put the s&p in record close territory as well as nasdaq. technology and health care continue to be the standout performers. >> we hit a single to win the game. >> narrow ranges.

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drive. with apologies to "field of dreams." that is exactly what the university of michigan is hoping will happen at this new 23-acre mini metropolis designed to test autonomous vehicles. >> it's an opportunity to show silicon valley it has nothing on motor city and its surrounding areas. a statement they are making. phil lebeau live for us in ann arbor, michigan with all the details. are you having fun out there? >> reporter: it's been an interesting day. i'm hoping in the future they might offer rides to the public. i'm going to bring bill here since he is such a skeptic when it comes to self-driving vehicles and whether or not they are the wave of the future. m-city opens today saying look we are going to be testing smart vehicle technology. vehicle-to-vehicle technology, is the future. this is the way the industry is moving.

automakers, tech firms will be working and doing research here. does the public want self-driving vehicles? the university of michigan's transportation research institute did a survey of 505 people. they found that 43% said they have no interest in self-driving cars. separately, 35% are concerned about riding in a fully autonomous drive car. if you fall into one of those two groups these vehicles are coming. by 2016 we'll have a number of models on the road with auto pilot features. by 2020 that it's best estimate, you will start to see fully autonomous vehicles driving at least in highway conditions. perhaps by 2025 maybe closer to 2030 you will see urban fully autonomous drive vehicles. mobile eye makes so much of the technology. one company part of this cooperative number of companies is delphi.

delphi is making a lot of this technology, as well. has not enjoyed the same horizon as mobile eye but has done better than other firms in the tech space. m. city is open. will be interesting to see what they develop over the next couple of years. bill, maybe if you are nice they might let you come here. >> you don't buy it would be safer? >> no. i don't know why you think i'm skeptical. i was making fun of the concept of a theme-park like research center. in california, they are putting them on the highways out there. is this why they are putting them in a controlled environment so that doesn't happen? >> they believe they can test a number of different environments quicker. you can go from urban driving to highway driving. there is a rural landscape. they can test a number of different environments and different scenarios very quickly. that's why they built this space here with so many different scenarios to test out. that doesn't mean we won't see

the end of on the road testing. >> i wonder also if it would shape regulation. who knows what we'll need once these actually go on the roads? are the street signs going to be sufficient? will we need street signs if it's electronically programmed? >> vehicle-to-infrastructure is a very big part of this. you will start to see smart stop signs, they will alert your vehicle at a blind intersection you might be t-boned if you go through that intersection. the point is trying to make driving on the road safer for everybody. >> cool stuff. >> go to zingerman's. enjoy ann arbor. >> she went to kindergarten there and remembers it well. >> just the food. mohammed yousef abdulazeez

may have been inspired by a source on the internet. authorities have not established a direct link between the shooter and militant groups. >> a high-ranking german delegation met with the prime minister to assess trade possibilities. both sides agreeing to restart a joint economic commission that had been inactive more than 15 years. saudi-led fighter jets striking a popular market overnight killing at hooes nine people. dozens of shops were destroyed. nbc news can't independently confirm the deaths. japan's mitsubishi materials making an unprecedented apology to a 94-year-old former american prisoner of war yesterday. the senior executive from the firm apologizing to james murphy and others for using them as slave labor during world war ii.

back to you. >> thank you very much. >> less than a half hour. are you testing my math skills? >> just checking that you are paying attention. as we go to the final half hour very important. >> most important. >> s&p and nasdaq are in record territory. >> up next ceo of investment firm explains why european banks could be a better bet than u.s. banks.

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we are in the last half hour of trading here. what are you watching most? we have a barrage of earnings coming out this week. >> probably going to see a rotation out of some of the names that reported earnings like netflix and google and maybe into apple especially. facebook performed pretty well. expectations are higher for facebook to meet and beat exceedingly. >> ibm after the close tonight?

>> it's going to affect the dow, but probably not going to be much of a story itself. ibm is not as sexy as some of the other names we see. >> gold. you are watching that big sell-off? >> it hasn't had the capitulation we need. they did a massive amount of volume in china the first half hour of trading there. to see that being able to accept it into the market quickly and not at much of a dislocation is probably a good sign for gold. there are so many people that hate it there is probably value. >> heading to the close, we are right on the number practically for an all-time high for the s&p. are you watching that? >> it's surprising. the down volume is more than the up volume today. >> the market is still open. thank you, matt. we are going to hone in on

the banks. morgan stanley the latest to report earnings and beating estimates on the top and bottom line. is there still growth potential in large cap u.s. banks? here to discuss on the eve of the anniversary of dodd frank. anton, you don't own the big banks. what did you make of the quarter, clean bill of health? >> we do have a big position in bank of america. the other guys have run real hard. we are looking for the opportunity to buy them at cheaper prices. the quarter was good enough. even the quarters that weren't pristine, a lot of fund manager generalists are underweight financials. when you think about the fed raising rates, it's one of the best places to be. growth rates are higher than the s&p 500. >> some of those beats were the result of cost cutting and revenues coming lower again. what do you make of the quality

there? >> positive operating leverage does help drive earnings per share. we did see better cost control which we think is good. we did see, improvement in revenues and operating revenues. revenues are growing faster than expenses. that's why we are getting high single-digit earnings per share growth. >> the headline fed finalizes higher capital level for banks. >> finally. >> we derisk the entire industry. that hurt economic growth. they were not able to deploy their balance sheet in new lending. they own a lot more short-term u.s. government securities than they used to. they've been less aggressive on the lending side for a number of years. they are back at it again today. there are a lot of years they

weren't growing lending in this country. >> are the regulations as much of a head wind as the banks as some ceos would have us believe? >> there is a lot of talk about what's happening with the pendulum. we think there is much better discussion around have we gone too far? this whole talk -- >> we are not finished yet. >> exactly. there is a sense folks, especially fed governor trujillo is starting to have the dialogue around have we gone too far in certain instances? this is good for the banking industry and good for shareholders and good for the economy. >> what you are saying then is you feel like these regulations are a head wind for the banks here? >> they are. not increasingly. >> actually we were sitting here leading to janet yellen's testimony last week she said she would be open-minded to raising threshold for sifi. do you expect that rule to

change? >> i do expect it to change. the question is what's the number? is it 50 million, 100 billion? 500 is what shelby is proposing. regents financial is within his district so that makes sense that. would benefit dramatically in terms of his own consistency. i think it would be good for the industry. >> the story of the crisis is the $50 billion and under banks were wound up responsibly. the fdic method of taking failing banks and returning them to healthy banks worked. they weren't the problem. the big headlines were caused by a much smaller group of banks. >> now you see the action being there, right? you are looking for m&a? >> absolutely. we measure m&a by what percentage of the banking industry is merging at any one time. we are now seeing 4% to 4.5% of

the industry merge. primarily the smaller banks. >> we had the ceo of bb&t and they are making a lot of acquisitions. >> good news. >> does that open the floodgates? >> it does. the fed just approved their transaction with susquehanna. anything below that is fair game. anyone looking for growth they are looking to do acquisitions. we love the southeast. a lot of the best growth is coming out of there. a first horizon or go down the food chain to bank of north carolina, those are great institutions.

>> tune onto "closing bell" tomorrow. we'll hear from barney frank on the five-year anniversary of dodd frank. we'll get barney's take on all of that tomorrow. i know last year when i asked him on the fourth anniversary, he and chris dodd were both on if there was one regret. he said they left too many regulators on the table. >> alphabet soup. >> we'll talk tomorrow about that. >> i want to know his take on the criticism coming from the left, from the elizabeth warrens of his own party on dodd frank regulation. >> i agree. >> heading to the close. 19 minutes left of the trading session with the dow up 11. we are coming back here. s&p was in record territory, no longer. the nasdaq with any positive gain will be closing in record territory. >> next up we'll take a look ahead to ibm earnings which will be out in less than half an hour after the closing bell. big blue in the midst of a turnaround.

>> hillary clinton wants investors to pay more tax on capital gains. her new plan. john harwood will join us.

last month of rocket falcon nine was seen as a setback for spacex and elon musk. >> musk offered few details on the rocket's failure until today when he began a conference call with the media a short time ago. julia boorstin has been on the call. you spoke with him about this in sun valley. >> that's when he called that explosion a setback. right now elon musk explained the likely source of that june 28th explosion. he explained one of the key struts roughly two-foot long inch thick rod of steel which holds down a helium bottle appears to have failed, causing that explosion. musk says the company will take extra precautions to examine each and every strut to ensure this doesn't happen again. he said they are going to include a new contingency software on the spacecraft that allow it to safe itself with parachutes rather than explode.

>> first time we had a failure in seven years. to some degree maybe the company became a little bit complacent. this was certainly an important lesson and something we are going to take with us into the future. >> musk saying that as they work to address the issue, the next launch won't be before september but the explosion should not affect the time line of spacex's manned test flights with boeing scheduled for 2017. musk says the part that failed was from a supplier but wouldn't name which supplier. he said they would likely switch suppliers. as for the effects on the company, every one of their customers has been supportive and none indicated a diminished faith in spacex.

>> more news when ibm revools its quarterly earnings. >> jon ft. joining us for a preview. >> let me give you a few quick things to look at. we are looking for revenue of $25.95 billion earnings per share. currency will play into this in a big way. ibm is set to expect a nine-point currency head wind and a top line head wind from the system end business they spun out less than a year ago. beyond that we've got to look for growth in certain key imperative areas. cloud, big data security. hopefully a backlog north of

$120 billion and cost controls. that business has been slow to turn around. could have more of an impact than that top and bottom line number for you guys. back to you. >> thanks. noticing that ibm is actually up more than 7% this year. >> losing some of those gains we saw. it's been a narrow range all session long. the dow is up 11 points. s&p 500 just below that closing record price. we'll see if we can get above that. 2130 is the level to watch. >> earnings season under way. so far, 72% of the companies reporting have beat estimates. tom frost calling for an earnings decline and he'll explain. s tom. i'm raph. my name is anne. i'm one of the real live attorneys you can talk to through legalzoom. don't let unanswered legal questions

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come up here. right now, the dow is up 11 points. the s&p, we are trying to get a close above the record previous record high of 2130.82. we are below that right now. nasdaq, any positive close is a record closing high. >> technology, the best performer in the s&p right now. >> joining us tom frost. a lot of earnings have beaten but they lowered the bridge to do that. >> the hurdle has been quite low. 71% are now beat. here's the bad news. revenue and sales continue to come in much lower than expectations. not good but earnings have come in very good. >> importantly, are investors treating that as bad news? we want to see revenue growth and economic growth. it does look like the stocks and companies beating earnings are being rewarded. >> people are not looking at that. they are continuing to shrug

that off, which may be a good thing. expectations were really low for sales and revenue going into this earnings season. >> is there one sector more vulnerable than others? >> energy is being hammered. we would expect that to happen with earnings. that doesn't surprise us. this volatility gives us opportunity. there is a lot of opportunity in the marketplace. we are not scared of volatility. i think the biggest surprise i'm looking at the vix at 12. we tell our clients, don't get lulled to sleep. we are expecting volatility to come back up again if that happens, that is not a bad thing. it will create more opportunity. >> what are you watching that could drive volatility back up since we've gotten through the worst of greece it looks like. china has been much more stable. >> wall of fear china, greece looks like it's going to be okay. it's the fed raising interest rates. janet yellen has been specific.

it's going to happen this year. unless it doesn't. >> even if it does you think that is going to cause investors to be upset? >> in a short term. long term it's a good thing. the fed needs more medicine in the medicine cabinet. they have to start raising rates. we are not afraid of it happening. we are expecting it to happen. i think short term it's going to cause volatility. long term it's proof our economy is strengthening. it's a good long-term sign. >> good to see you, tom. tom fross. up next we are coming back with the closing countdown. >> we'll be looking at the close with bob miss any. after the bell ibm's earnings and a preview of apple's numbers coming out tomorrow with the apple watch. td ameritrade, they work hard. wow, that was random. random? no it's

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records. our cloud can keep them safe and accessible anywhere. my drivers don't have time to fill out forms. tablets. keep them all digital. we're looking to double our deliveries. our fleet apps will find the fastest route. oh, and your boysenberyy apple scones smell about done. ahh, you're good. i like to bake. with at&t get up to $400 dollars in total savings on tools to manage your business. bob pisani loves this chart. this is the dow. the s&p and the nasdaq today. nasdaq, the outperformer. little more volatility there. technology leading the way. any positive close will be an all-time high. doesn't look like we'll get one here for the s&p.

need a close at 2130. we are at 2127 right now. the dow, the biggest performer has been ibm. gold testing that 1100 level. finally, we wait for ibm tonight and we will see what big blue can contribute. that might contribute to some of the volatility for tomorrow's action, as well. >> we are in new highs on the nasdaq. it's got a small gain. yet two stocks declining for every one advancing on the nasdaq. again, this happened on friday. we had a new high. 3-2 declining. leadership has been narrow. the biggest cap stocks amazon google facebook apple, those big four are 30% of the nasdaq 100 right now. it's remarkable that these big cap names virtually dominate the market as they've been strong

this month. amazon has been up tremendously. google up 26%, i believe. >> you are right. the technicals internals are not that strong. look at the down volume relative to the up volume today. a lot of down volume relative to the up volume. >> twice as much down volume as there is up volume. at the nyse two stocks declining for every one advancing. yet we are up, narrowly up. my point is when that happens, the major indices are market cap weighted, the bigger names drag everything. my point today was four stocks in the nasdaq 100 are dragging the nasdaq along with it to new highs. a lot of other laggards. 50% of the nasdaq 100 aren't even up this month.

>> we are going out with minor gains. it's the second hour of "closing bell." >> welcome to the closing bell. i'm sara eisen in today for kelly evans. how we are finishing date on wall street. the dow ending up about 11 points. nasdaq is where the action has been. after the best week for the nasdaq since back in october. we closed at yet another record high. didn't take much. 2130 was the number that would have taken us over in record

territory. much more on the nasdaq's record close. news from the white house that they are nominating one of two vacancies on the board of governor of the federal reserve. this is something very relevant to u.s. relations with a developing world and with china in particular. so kathryn dominguez is one of the president's choice for two vacancies. >> notable paper about foreign exchange intervention. >> wouldn't you know that. only you would know that.

>> seems like what happened are corporate earnings. >> absolutely brutal week in commodities. 2.5% drop from the level it was at for gold for instance. that took a lot of folks out of the game. folks trying to meet margin calls el elsewhere. they sold through support there. i had some very strong results from a number of companies, and just a surge in volumes into a lot of the social media stocks. google last week facebook continues that aggressive run towards 100 right here. >> apple tomorrow maybe. >> apple could be the trifecta for that. or even ibm tonight. not so much on the social media side.

>> ironman, would you buy gold here? >> no. this is a longer conversation. what was great for gold a few years ago, when the etf came out and as positive that was for the price of gold years back that's how negative it is now. the selling you are seeing in the paper commodity is being offset by what nobody sees in the physical world. no. the pain trade is lower. there is clearly demand on the physical side that the paper side doesn't suggest. hopefully that answers your question. real quick, this dominguez thing is interesting. you mentioned it but it just goes to show you the importance of foreign exchange in today's world. they didn't nominate her haphazardly. it's because of her expertise in fx. sara talks about it all the time. >> it's like music to my ears

guy. >> it's true. it's true. i didn't nominate here. >> absolutely. >> we've been hearing about this for days now. >> when it comes to the international concerns notably greece and china, it does feel like, i don't want to say moving toward a resolution, but those worries are behind us at least right now. >> unfortunately, greece will probably be back in the headlines in the not-too-distant future. nonetheless, we will take this while we have it. >> banks are open. that is a good sign. >> you can get 420 euros out instead of just 60. they are letting you take a full week out instead of just 60 a day. that will ease some of the pressure on a lot of these businesses. these self-inflicted wounds greece did to themselves they can look in the mirror and see who did this to them. it's not just the germans that wanted strict austerity, it was

the greece politicians that put them into this corner. >> ibm's numbers are upon us. john fortt how do they look? >> not too bad. not up to what some people might have hoped. revenues in at $20.8 billion, shy of that $20.95 consensus. adjusted earnings per share, $3.84 versus $3.78 hoped for. we had that currency head wind. one number i was able to dig out is the services backlog. that came in at $122 billion. from what analysts had been saying, something above $120 billion is what they were looking for. it looks like still has some distance to go to be turned around. revenue, eps just about in line. services backlog looks relatively healthy. stock moving just slightly after hours. >> looks like there was a

phantom trade or something there. we have a big move down then it came back. thank you. joining us for his reaction david nelson from bell point asset management. with us is cnbc contributor michael farr. you are not a fan of ibm. you made that clear in the past. >> i have. it's a tepid response given the controversy around this stock. it was a low bar. analysts have been tripping over themselves the last year to cut estimates. got to remember a year ago the estimate for this company for this quarter was $4.70. if you come in about $3.48 is a bottom line beat top line miss. the challenge for the company is can they grow these, what they call strategic imperatives faster than the rest of the company is actually declining? that's really the issue. they have to shed a lot of employees. they have to shed a lot of divisions. they should one division the

semiconductor division. closed this i believe it closed this month. numbers on that were telling. >> the first quote from the ibm chairman and ceo obviously in the press release is on that transition. expanded margin. continue to innovate across our portfolio. michael farr do you see them getting there fast enough? >> fast enough. that's a tough question. ibm is an easy stock to hate. when people start saying yuck and holding their noses, i start paying attention. you have a stock selling 10 1/2 times earnings with a 3% dividend. it's down 10% on the year. if the old rule is to buy low and sell high ibm certainly isn't hot. they are having execution problems. it's an old school tech business that is trying to become new school. they've got a great balance

sheet. they've got good management. you might be early. this is when you start to take a look at a stock, hold your nose and begin to seek certain opportunities for investors willing to be patient. >> we are far removed from the days of big blue aren't we? it was the market bellwether. it was the stock that led this market. >> i wore my white shirt and red tie for the big blue day. i'm wearing the uniform. >> one of the good things looking at the report is at least the guidance. they are optimistic with their guidance because it's roughly $15.80 up to about $16.50. which is well above what the street was. that is a wide range. if they made it a tighter range, it might be right at where the high end of the street is as far as that estimate. this isn't a blowout quarter by any means. >> let's call it what it is.

this company is breaking up. they are getting smaller. that's the only future for this company. they've got an $84 billion revenue run rate annually. when you have $7 billion in the cloud, it's going to take a lot to move the needle. they have to shed a lot of divisions, fire a lot of employees. >> they have hundreds of thousands of employees. we have more news from john fortt. what do you have? >> something i wanted to point out along the lines with what guests are talking about. i wanted to call out the numbers. ibm saying strategic imperative revenue is up more than 30%, if you were to adjust for currency and that lower-end server business they spun out. cloud revenue up more than 70%. when you ex out those other things. business analytics revenue up 20%. while they have a services business that is giving them headaches, trouble in hardware also when they lump in these

areas they said they want to see 20% year over year growth they do appear to be growing. >> we are seeing that stock move lower now, down 2.6%. is this even on your radar screen? >> yeah, if you go lower. the old reason on ibm was they had visibility. they could tell you two, three years out what they were going to earn. they don't have that visibility any more number one. number two, what do you pay for a company with declining revenues now for the last two years? what's the right multiple? i'll tell you. it's a nine multiple. they are going to make $16.35ish next year. where does that put you at? $148 stock. will it trade there? i don't know. that's where it should be trading though. >> michael farr are you going to push back on that? ibm has prominent backers in the form of warren buffett and apple, which it has a deal with when it comes to enterprise.

what do you think? >> organic growth has been a elusive for ibm. you've got a stock that is 50% discount to the market pe almost at these levels with 3% dividend? you're buying this thing at a very reasonable value. >> buying what? >> by the time the story turns, you are going to pay more. you are going to pay a higher multiple. the patient investor starts bargain hunting. you get this at nine times earnings. that looks compelling. >> it's not good when the only bull we have on the group is holding his nose to it right now. we have more earnings. >> we have a news alert on shake shack. >> not earnings-related. it's going to move the stock. shake shack down 4% in a relatively decent trade in terms of volume here.

this after the company files with regulators to have a secondary offering of stock. up to 4 million shares will be sold by existing shareholders. shake shack having a secondary stock offering. it won't get any of the proceeds. they will all be sold by existing shareholders in the company. nonetheless, shake shack shares down by 3% on those headlines. >> the old delusion of the float. would you rather buy the secondary shares or the hamburgers? >> i'd rather buy the burgers. if they can spook the stock down low enough, it's got more than 4% to the down side. i'm looking at 36 million shares outstanding. you are taking that up by another 4 million shares. that to me is more than 4%. in other words, i think you can see more like 7% 8% dip before it gets interesting again. >> you agree? >> i do. you see where they priced the

secondary? my rule of thumb is see where the secondaries get priced and see how the stock trades after that. if they price it at $51, the stock holds and bounces that day, then maybe at least on the long side you have something to trade against. >> very good. >> thank you for that forex shoutout. catch guy and the rest of the crew "fast money" 5:00 p.m. gold hits a five-year low. they'll speak to dennis gartman how he is playing this move lower in gold. 1080 overnight was the low. big tech earnings continue tomorrow. apple reports results. obviously a big important one for apple, for tech and the market. big question is how the apple watch is selling. >> or not. >> we heard a load of pessimism. could it make or break the watch's future? >> hillary clinton reportedly wants to raise capital gains tax

rates. we have details on that plan and how it could affect the market and your money. that's later on "closing bell."

we have established it's a big week for earnings. we kicked it off with ibm. tomorrow we get results from a lot of tech giants including apple. >> for more on how the apple watch may play into this earnings round, let's bring in senior analyst who interestingly has a neutral rating on apple stock. $125 price target. we know they don't necessarily break down the numbers of the apple watch. will you get a clue in the other category or revenue numbers as to how it sold? >> yeah. we'll get some idea. we are expecting four to 5 million units of apple watch around 4.5 billion. >> that's hardly a category killer though right? >> it's not. the feedback on watch has not been grade. anecdotally we have spoken to many people. everybody is like it's okay. it's like an extension of the phone.

doesn't do anything the phone doesn't do. >> do you think tim cook has sleepless nights over it? should we be focusing more on their bigger categories? >> it's an iphone company for now, right? >> absolutely. we think this is more of an iphone company. that drives the stock and the earnings. i'm sure tim cares about the watch. it's their brand-new product. this is the first major product after steve jobs. >> you hit on it. that's why a lot of people are wondering how the watch did as a symbol how this company can move past the jobs' era selling brand-new products. >> as far as a brand-new category, i can't remember that apple has ever done the numbers they are likely to do with the watch.

i agree it is going to be about the i foechblt a certain amount of focus will be on apple pay because of what happened today with the spin-off or friday of paypal. google wallet. i think a lot of focus on apple will be about how the iphone and iphone 6 sales in china, what kind of read through they have in china as far as how things are going over there. in ibm's report asia pacific was down 19%. that was the weakest area of all for them. this isn't the same as ibm sells, this isn't cloud and services. it can't be great in china for the other read throughs. >> none of us is wearing a watch.

we all have an iphone. >> where is my watch? >> i left mine at home. >> will we get to a point where a watch is a functioning entity in technology that we have to have like we have to have a cell phone of some kind? mobile device? >> i doubt it. i'm not wearing a watch that. makes it four for us. a watch has to completely replace phone for it to become a functional device. that doesn't seem like it's going that way, at least for the next couple of years. beyond that, who knows how this technology will evolve? it's not there yet. >> all right. very good. >> see how those numbers look. apple has been running higher. >> several nice upgrades upgrades to $155 from reasonable analysts. >> bias for another good quarter. >> right. there could be a down tick if the watch numbers miss by a lot. it slowed down significantly

after that initial launch. again, i don't know who didn't expect that. usually what hurts the stock is what you hear that you did not expect. most of us expect these numbers slowed down dramatically after that launch. >> thanks for joining us. >> let's send it to dominic chu for a quick market flash. >> we've got an ipo story here. we have first data corporation. the payments processor owned by kkr has filed registrations for an ipo for a place holder amount. that typical up to $100 million number there. no details, what the pricing will be or valuation will be. just a ipo they filed with regulators. first data that was taken private by kkr just before the financial crisis in 2007 they bought it for $29 billion. now they are looking to ipo this

company, first data. more details as we know. another big ipo story in the works. >> can you tell i'm in a lot of pain? >> pain? >> i'm sad. >> is it about golf? >> jordan spieth's grand slam dream coming to an end. >> he still did really well. >> missed by a stroke. his incredible run at the majors has been a hole in one for under armor so far. will this defeat -- >> i'm just glad it's over. this golf tournament has lasted for way too long. >> you are still going to talk about currencies for days to come. >> that's exciting. >> we will talk china. it's been a rocky ride for china stock market lately. what impact did that have on some of china's biggest disruptors like alibaba. >> we still have the pga championship coming up.

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along musk is making headlines how much the rocket launch delays is costing spacex. >> the cause of that falcon 9 rocket explosion saying while everyone of spacex's customers have been supported, none have diminished faith, delays will cost the company significantly.

>> like an airline, if flights don't take off, you lose the revenue associated with that period. so the lost revenue will be meaningful meaning in the hundreds of millions probably. >> while the likely cause was a faulty strut they don't know dentively yet and further investigation may reveal more over time. hundreds of millions of dollar ss to watch. under armour has been a big winner from jordan spieth's year so far in golf. >> you were crying because spieth fell short at the british open this afternoon. it could be a hole in one for

under armour. dom chu joins us. >> jordan spieth and a number of other players in the field of the british open were sporting under armour gear. every time they do this spieth in particular we see under armour shares ride on the coattails. the stock trades for a variety of different reasons. one in recent memory this year has been down. that is the intraday chart. under armour shares dipped after it became evident spieth would not be part of the championship playoff. 216 million shares outstanding, talking about $120 million in market cap that swung on the heels of that. that is a big assumption to make. under armour trades for a variety of different reasons. it was up on the day. an interesting move as some people did handicap under armour

shares on spieth's performance at the british open. over the course of the past week, we have seen under armour stock rise and fall some of that, at least a small portion has to do with jordan spieth's performance. let's not take away what under armour has done medium term. year-to-date is up about 31%. over the past 12 months up 51%, turning it into a massive company in terms of a real competitive with the likes of a nike and adidas group here in the united states. when we talk about jordan spieth we are not saying everything under armour does in terms of a stock is tied to jordan spieth, there are some traders out there legitimately or not who have a view that perhaps jordan spieth is a way you can play. >> was that you, dr. j? did you sell? >> no. i wouldn't do that.

i did note soon as he missed and that bogey was recorded the stock fell 60 cents, 70 cents. it did gather itself from that point. that is what it meant to at least the people trading at the momentum broke at that time. the stock still finished with a nice gain on the day. >> you hive to admit. when nike signed that cracks who knew he was going to have that kind of a career? that was a huge move marketingwise for nike. signing spieth to a deal. they are getting a huge return. >> you are absolutely right. the interesting part about these contracts, they are all hush hush with regard to what the actual details are. when nike signed tiger to that blockbuster deal and nike redid that deal with rory mcilroy, we said jordan spieth signing with

under armour they don't do clubs, but could have a huge impact. they signed him before he had any major success. i've got to imagine a lot of these contracts have escalator clauses. where this they perform at a certain level or beyond they have perks start to kick in. we don't know what the details of jordan spieth's contracts are, but it might have much more of a monetary impact. >> i think more outfits would sell more outfits if they were better, in general. >> you hear those crickets now? >> he's angry at me. >> you nongolfer. there is a report that has been out for several minutes from the information saying qualcomm could announce lay-offs

of up to several thousand employees. i did put a call into qualcomm. they have no comment on this report. i will point out, qualcomm, last reported just over 31,000 employees. if they were to lay off as many as 10% of the work force, it would be in the thousands. also last quarter qualcomm ceo did say that this quarter they would announce their cost-cutting plan which is expected to include some lay-offs. last quarter they said they're feeling a squeeze between the rise of samsung in the high-end phone space. this cycle, samsung is not using qualcomm chips as they have in the past. market share gains by apple, which uses its own application processors in its phones. those processors tend to bring in quite a bit of money if qualcomm can get in those phones. qualcomm is not in iphones. the phones qualcomm is in are being squeezed. we have seen htc in trouble.

that is a maker of android phones. microsoft backing away from the phone business. microsoft microsoft windows phones go in step. we can expect to hear more about that this week. >> thanks very much. we'll see you later on the ibm conference call. here is a cnbc news update with courtney reagan. here what's happening. president obama meeting with the nigerian president in the oval office. obama praising him for his commitment to fight religious extremists and wants to partner with nigeria to help it become an anchor in the region for prosperity and stability. the california waterboard proposed a $1.5 million fine for water taking during the drought. the move targets a group of central valley farmers with century-old claims to water. >> the southern pennsylvania train authority was forced to

stop sell special rail passes for the pope's upcoming visit to philadelphia due to high volume. in a span of ten minutes, the website received about 900,000 visits and roughly 1,700 transactions per second. >> scary moment during today's tour de france when a rider crashed head-first into a telephone pole. he lost control of his bike after another rider made contact with him. thomas was able to finish the race and hold on to his sixth place position. much mordangerous than golf. that is your cnbc news update. back to you. >> thank you very much. ibm earnings conference just about to begin after those numbers just hit. stock falling sharply here. it's taken a tumble down 4.3% in the after hours. missing revenue estimates. we'll update you on all the details in the numbers from that

earnings report. >> plus hillary clinton reportedly wants to raise taxes on short-term investors. the capital gains tax. >> donald trump is in hot water with veterans right now. john harwood has the latest from the campaign trail.

let's take a look if you are joining us how we finished on wall street. dow finished up 14 points. ibm was the big contributor there. now it is moving lower. we'll talk about that in a moment. nasdaq, any positive close was an all-time high. we did get that. >> third time in a row. >> record territory there. s&p just missed an all-time high by a couple of points there the big feature was gold down hard overnight in asia. that sell-off continued into the united states today. it's testing that 1100 level. it's at 1095 right now. >> crude oil breaking $50 a barrel. energy was the worst performing group in the s&p. ibm is a mover in the after hours. just releasing second quarter earnings. shares are down about 4.4% going into that conference call. just getting under way. we'll bring you the latest.

the headline is maybe in line on terms of earnings but still there is a 13 straight quarterly decline for revenues of ibm. the ceo has a turnaround on her hands. investors wondering when it will come to fruition. >> in politics presidential hopeful hillary clinton reportedly set to unveil her plan to revamp capital gains taxes. >> could have a big impact on the portfolios of many investors. john harwood is in washington with details of what we know she will propose. >> hillary clinton will jump-start the debate over capital gains taxes with a goal of encouraging longer term investment by corporations. this is something that we discussed at the cnbc delivering alpha conference last week. carl icahn was saying more immediate returns for shareholders. larry fink was making the case of blackrock making the case that we need more longer term

responsible management of companies and not play for the quick buck. just to set the stage, let's do a quick recap of the history of cap gains taxes. we haven't had a differential between the top income tax rate and top capital gains rate. after the tax reform in 1986 they were the same at 28%. bill clinton came in after his balanced budget deal with republicans. we had a renewed differential. capital gains of 20. when george w. bush came into office both rates came down. 35% and 15% for capital gains. under president obama's fiscal cliff deal 39.6% honored income and top rate of 23.8% on capital gains. hillary clinton is going to propose a gradation. assets held less than a year is taxes ordinary income. she is looking having a couple of levels. not less than a year but two or three years and longer-term

level. is the debate going to get more attention or is donald trump? that is the political question of the week. >> he seems to be holding that ball when it comes to attention. we want to bring dr. j into the conversation. hillary clinton's proposal on cap gains matters a lot. >> as far as investors are concerned. it will be mr. trump that trumps everyone as far as headlines. as far as cap gains, i know we are all focused on this and john called it out. i believe it's 20% plus 3.8% obama tax on top of that for cap gains. maybe there could be some sort of splitting off of how you pay the rest of that. in other words, it could be that she offers a 20%, 23.8% rather for the shorter term capital

gains and for two and three year maybe they drop off the obama tax, 3.8%. >> bearing in mind who is in congress, that could change in 2016 is there a political appetite to do this? >> it's not going to happen before the next presidency. here is what we don't know. if she going to propose a higher rate than we have now but lower rate for longer term investments? that may be the one we have now or is she going to as john suggested, look at going down to 20% and losing the obamacare 3.8% extra tax for long term investments. we don't know what the rates will be. we know there will be a strong push from republican presidential candidates to 0 lower the capital gains rate. that will set the stage for

campaign discussion. we'll see what kind of alignment of forces we have. >> we don't know whether it will shift what she wants to do in terms of company thinking from the short term to long term. lots of questions. >> chinese stocks have come crashing down to earth after that massive rally earlier this year. has the bubble burst in china or are the opportunities too good to pass up after this pullback? we'll talk about that coming up. >> extramarital affair website ashley madison hacked. a group going by the name the impact team threatening to release that ation. probably making people nervous. but not outspoken comedian jim norton. he will weigh in on this hack attack. you do not want to miss what he has to say. have 30 years of customer records. our cloud can keep them safe and accessible anywhere. my drivers don't have time to fill

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many companies in china are owned and run by the communist government there. a private sector is up and running driven by a new entrepreneur. disruptors who will change china and the world. >> joining us post nine is founder and ceo of advisory company and author of "china's disruptors." here at the new york stock exchange, we've come to know jack ma of alibaba. you write about a whole group of

entrepreneurs that have come to power in china. tell us about them. >> the entrepreneurs have come up since the cultural revolution. right now we see the jack ma guys making history. before that we have a couple of older generation of entrepreneurs doing well. more importantly is the newer generations, younger guys who are in their 20s and 30s. they are trying their entrepreneur pursuit. that is what we think is the real power of the chinese entrepreneur. >> power is the word. we watched this tenuous relationship between the communist party overseeing the government and this rise of the capitalist mentality as they try and create this consumer-orient ed in china.

what is their relationship with the communist party? >> the communist party was supportive of state enterprises. as they are becoming prominent, the government recognizes their value. >> there is a time -- as we are seeing now when the stock market goes crazy, the communists step in and want to control that environment and not let the market forces take hold. could that happen do you think with these entrepreneurs? >> i think short term after the market crash, the government was trying to stabilize the market for right or wrong. in the longer term as entrepreneurs become more powerful, that is a trend. that is a power. that is a force. from our standpoint the government is coming along to support them as well. >> how much of a change is this? when i think of china i think of the exporters and government support of the export model as

engine of growth in china. is this part of the change of the chinese economy toward a more consumer-driven economy, less dependent on the chinese government? >> certainly there is a change in the china model. right now the trend is to become more innovative. the focus is on innovation. we have been seeing the likes of jack ma and other entrepreneur companies who are innovative who are very fast and we think they are going to be changing the whole china market. >> 7% growth should we believe that number? >> it looks right. >> we don't wring our hands over that? that isn't recession territory for china? >> that's all right. thank you. >> thank you for joining us. his book is called "china's disruptors." >> everyone should be investing there. second biggest economy in the world. ibm recording second quarter earnings sending shares lower.

that conference call getting under way. >> fresh highlights.

ibm reporting second quarter earnings after the bell.

the stock is lower, down more than 4% here in the after hours. >> jon for thett's been listening into the conference call joins with us some details. >> one thing i want to point out that's a cause for some concern is problems they're having in growth markets, specifically brazil, russia and china. ibm saying actually india saw modest growth but brazil russia, and china all saw double-digit declines. there are also additional costs that ibm has taken on trying to grow certain businesses. they seem to be alluding to the apple business the partnership that they have and the enterprise when they said they're trying to bring on higher skilled workers to work on certain accounts. and that is a cost that is affecting margins there. but growth markets outside of brazil, russia india, and china actually saw 5% growth but those are big markets. those brazil, russia and china markets, big markets that pull them down overall. back to you. >> 7% of ibm revenue.

and if they didn't decline, actually, overall revenue would have been up 1% if you take out the impact of currencies. good point there. jon fortt, thank you. >> you'll recognize him from various appearances on comedy central including the hit show "inside amy schumer." >> up next bill's been looking forward to it all day. joining us live from post 9, "closing bell" will be right back. but not every insurance company understands the life behind it. those who have served our nation. have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life. ♪ ♪ ♪ ♪

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well we're playing a clip but no sound. >> why is that? >> and that's because our next guest, well let's just say his act is better suited for late night pay cable television. >> which is why perhaps he chose netflix to showcase his latest bit. joining us right now we are pleased to welcome stand-up comedian jim norton. his show is called "jim norton: contextually inadequate." and it will be available on netflix on thursday. welcome to post 9. >> thanks. >> how have you been? >> i'm okay. i hate watching myself. i hope the sound didn't work. >> just to comfort you further, it's all in hd too, jim. >> that's the beauty of me jim.

it's like none of my flaws are surprising. nobody looks at me and says i thought he was better looking. no, he's as awful as we expected him to be. >> you're doing the same shtick. >> yeah. i'm the same person i was 20 years ago. >> but you're going to netflix. >> it's where the special is airing. netflix everybody has. some people don't have hbo. some people don't have showtime. everybody has netflix. >> and they let you curse all you want. >> they don't care. as long as you're good. if you're not good and people don't watch it it doesn't matter if -- >> do they pay well? do they worry about rate sngz do they care about ratings on netflix? >> i went through epiix. they have a netflix buyout. i don't know how much they pay. but i hope next time it's good. a lot of times in showbiz they pay very little. as i'm sure you guys know. one of those things where it's like i think it's going to be great on tv. and ech, that's what i get? >> no comment. ashley mad sorngs the site that is for cheaters basically and has millions of people got hacked. we wanted to know your thoughts on that because we know you've written a lot about sort of this

kind of topic. we all read your "time" magazine piece next year. >> about privacy invasions and stuff? >> about prostitution. >> oh, that one. >> prostitution was the first one i wrote. my parents called me, i read your article. good. but a lot of stuff i've written about privacy invasion which this kind of combines all of it. it's like look you're stupid to join a site like that. i have nothing against ashley madison but if you're going to hook up with a married woman the last thing you want is an electronic record for the husband to find. so that's like a big risk to take to begin with. >> 34 million members on this thing. 34 million. >> there's a lot of unhappy people out there. i have nothing against cheating but just do it smart. don't sign up with your real name and credit card information. i'm happy to cheat and this is who i'm going to do it with. how do you not expect to get caught doing that? >> that did appear to be one of the real issues there, just as jim is saying it's not just that people cheat but it's also that they're going to put an electronic record out there and then they're going to assume that the site that is hooking up

cheaters is actually going to protect your credit card information -- >> there goes the business model, right? >> but i mean a lot of us think that sites like target for instance, to not talk about ashley madison for a sec, would purge or not hold on to that information after they've charged your credit card. but indeed they hold on to it. and that's against a lot of what they set up in the first place, how they get you in there. >> didn't radio shack just do that? as they were going like brumt or whatever. >> just as fire going over the edge. >> they throw your personal information back, no, we'll never give it way. then they give all of it away or sell it to make some money. it's awful. but again, you're kind of crazy to join a site like that if you're married. not just morally, but you're going to get caught. >> the show is called "jim norton: contextually inadequate." and we look forward to seeing it. we'll be binge watching it on netflix starting thursday. >> i hope they reshow it a lot. and i didn't curse. so this is a win. >> i've got to tell you we all had sweaty palms waiting for norton to get up here and you

did very well. >> thank you. >> thank you, jim. good to sigh. dr. j, thank you as always. >> thanks bill. >> "fast money" coming up in just a few seconds here. >> melissa leerks what's on tap for us here? >> we have the ultimate burrito taste test and we are trading the stocks. >> keeping it classy again tonight. >> that sounds like a good one. over to you. >> "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 tim seymour, pete najarian, dan nathan and guy adami. tonight on "fast" gold crashing. the yellow metal hitting a fresh five-year low in today's session but commodities king dennis gartman says this is only the beginning of the plunge. find out where he says the next stop is for the gold trade. plus what do apple, gopro, yahoo! and microsoft all have in common? they're all reporting tomorrow night in what we are calling trillion-dollar tech tuesday. but one of those names has got our traders worried and we'll tell you which one. but first, ibm, one of the largest dow components, out with earnings moments