watch those names. thanks for watching "power lunch." check out melissa -- there you are. >> i was stalling. >> brian, if you say my name i will be there. tonight on "fast money" at 5:00. sun edison, the implosion in the stock down 40%. what's behind the implosion tonight at 5:00. >> magically appeared. magically delicious. closing bell starts right now. hi, everybody. what a session we have here on wall street. welcome to the closing bell. i'm kelly evans of the new york stock exchange. >> i am i bill griffeth. the nasdaq hit the hardest down nearly 2%. oil breaking below $45 a barrel for a time. we'll discuss whether this is a dip worth buying. that's sort of our theme today i guess. >> in particular, media stocks getting slammed again. cord-cutting fears scaring investors out of viacom which is down 12%. it was down 20% this morning.

fox, too, has its losses but still at 6. netflix is adding to its gains. up 2%. we'll tell you what the ceos have to say about the shift. plus, the auto tech sector is beating expectations. could tesla's problems be hurting momentum play mobile eye which is a very interesting story. we will look at both of those companies coming up in a little bit here. fitbit is falling. many analysts are saying the earnings numbers last night weren't so bad. down 13% today. we'll debate whether this is an opportunity to get in on a high growth stock. first, let's get to today's selloff on the nasdaq. kate rogers is spending the day there for us. what do you have, kate? >> hi, bill and kelly. it is an ugly day here at the nasdaq. the composite's down 1.6%. if it closes lower than 1.75 it will be the worst day since june

29th. "the biggest loser" today keurig green mountain getting absolutely crushed. down 28%. it was down as low as 30% earlier. that after the company reported issues selling its coffee and brewing products and also announced that it was going to be slashing its work force by 5% in order to offset some of those losses. also, tesla is another big loser here today. down 10%. the company reported a narrower than expected loss yesterday of 48 cents a share. better than expected revenues but they also slashed their sales outlook for the second time this year and that has investors definitely worried. back over to you guys. >> kate, thank you very much. let's get to our closing bell exchange for this thursday. with us we have dennis gartmin and kenny pulcari is with us at post 9 and rick santilly is out there in chicago. the mindset is is the glass half empty. >> two days ago the glass was almost full as we took the

market to almost near highs once again. they're using the negative news coming out of the media sector. a lot of stocks getting pummeled no matter who's selling it. doesn't make a difference the the fact that some of the stocks are getting slammed. the negative tone once again rears its ugly head. notice the s&p came right down, almost tested its support level at 200. it did not. we didn't get to t. we bounced back. nasdaq is just breaking 50. still well above the 200. doesn't seem to be -- you look at the numbers it feels maybe more panicky than it really is because it isn't. people should understand that. >> i'm glad you put it that way, kenny. the question would be we're seeing a lot of damage across the stock market. are we seeing damage concomitant in the stock market. the dollar will tell us it's a general risk than sector specific concerns. >> you know, let's keep it real simple. the reason you have momentum stocks is because you have capitol really cheap for large

group of people, let's say hedge guess. capital they paid very little to get. that momentum is caused by policy. we are about ready to change policy. the half empty glass analogy is spot on, bill. over the years i've seen plenty of ceos like disneys yesterday make comments that would have not affected the market now. i think that we need to keep this simple. if you look at the seven months of this year in their entirety, we're virtually unchanged on equities and i think there's a reason, because the religion of financial excesses by central planning, at least in its first chapter, is going to be written very soon. to answer your question directly, yes, rates came down and the dollar came down as stocks came down. that makes sense. it even makes more sense when you put it in the context of tomorrow and one more number in how all of that may affect the fed in the three sectors i mentioned should all move at the

same high correlation. >> hey, dennis, it's not just equities where it's glass half empty commodities. the collapse continues there as well. not just for oil but you have others going well as well, right? >> oh, everything seems to be going down these days, bill. look at cotton which i happen to have liked. it's weak. you look at all of the grain markets, they're weak. the crops in the united states are simply in extraordinary condition. we may not have record size crops because we didn't have record amounts of acreage put into effect but we have had wonderful weather and the american farmer is extraordinarily productive so we're producing enormous crops. they're not going to get any smaller. if they do anything, they're going to get bigger. that's putting enough pressure on the down side. with the u.s. dollar being as strong as it is and as strong as they're probably going to continue to be, that's going to put it even more pressure on the grain markets in particular. it makes it very difficult to sell wheat, for example. very difficult to sell corn into

the export market. >> yeah, okay. we have a side bar, if you will, on this story as well because the collapse of crude oil prices this year is taking a heavy toll on jobs in the energy patch. morgan brennan stepping in with that story for us. morgan. >> that's right, bill. more than 173,000 energy-related job cuts worldwide have been announced since oil prices began their plunge last fall. that's according to the energy consultancy graves and company which notes that that estimate may be low. the first cut came from oiled field services like halliburton, baker hughes as rigs came off line. that industry has lost the most jobs. over 87,500 jobs. now it's the oil majors like royal dutch shell, chevron that are making cuts and exploration and production companies as well. so according to graves, drilling has shed more than 35,000 jobs. you can see that right here.

35,500 and e and p have shed 25,000 jobs. we've got more than 23,000 jobs lost at companies like law firms, trucking fleets, steel producers that make drilling products. even railroads have been downsizing amid lower volumes of crude, coal and metal. if oil and gas prices continue to stay low, these cuts will keep coming. we're going to expect to see another negative number again in the mining sector when the labor department releases its july jobs report tomorrow morning. guys, so far this year we've seen 71,000 losses according to that labor department number here in the u.s. tied to all this pain in the oil patch. back over to you. >> and already showing up in the adp report, morgan. thank you very much. let's get back to the panel. let's show what's happening to chevron and exxon shares, kenny. with everything morgan just said, with oil testing 44, they're some of the lone green spots. the energy sector is positive

for the s&p. >> that's interesting that's happening. brent up just a little bit, wti. the energy names are acting contrato really what the market is. is that because they've had such a move lower that now there are people viewing this as value? >> these two, exxon and chevron, haven't really been hit that much. these are not the guys who are botted out and they're trading. >> they're the biggest, safest names in the group. therefore, there's safety in those. >> you sound like you're buying a dip here. >> i like the market. i don't think the market's going to -- i don't think you're going to see this crash coming. i don't see the market correcting 10%. the s&p is still up 1.3% for the year. the dow is off 2. that's not even a correction. >> i've got it. dennis, are you -- when are you going to start buying in the commodities sector do you suspect? >> i'm he afraid not for quite some period of time and i doubt i'm a buyer of equities for a

period of time. i think we have problems coming to the fore. i'm really quite fearful about what's happening here. we're breaking technical support levels. the fundamentals seem to be tipping over. i'm -- i'll have to take kenny to task and say i'm a little bit concerned. it will be a long while before i'm a buyer of commodities. it will be a long while before i'm a buyer of equities. >> why on the market? why do you think the market looks unattractive generally speaking? >> if you look at any kind of pricing models, i put one in the newsletter this morning that just showed how egregiously over valued stocks are. now as keene said, markets can remain illogical far longer than you and i can remain solvent. we got to even more preposterously over extended levels back in the early part of the century. we're getting to levels that make it very difficult on a fundamental perspective or on a value perspective to be a buyer of anything. i think the sidelines are a better place to be. that doesn't mean one has to be

short. i certainly think the sidelines are a safer or better place for one's money. >> rick, i know it's a long time until september and the next fed meeting. this doesn't sound like a good environment for janet ye8 yellen to want to pull the trigger. >> if you take the fed at face value from a data dependent perspective. >> you don't? >> no, absolutely not. they're behind the curve. they need to put rates at a higher level. they picked a horrible time to find that notion. i think the longer we're at zero interest rate policy the more harm eventually we will face. as far as energy, also bad policy. remember, wrigley made billions of dollars selling gum for a penny a stick. natural gas, we should be flooding europe and japan with natural gas exports for power generation to lower the baseline for all manufacturing globally. it will be a bonanza but we need politicians to wake up and turn their brains on. >> or find somebody's backyard to put the plants in, kenny.

>> rick, i think you should go on fox tonight and get right in that debate because you should be running for president. >> hey, i love my job too much to move to d.c. and get the new job and i'd get it, too. >> listen, i agree with you. i think the fed should absolutely -- they should stop teasing the markets about when and if and are we going to. >> oh, yeah. >> they should just do it. >> quit being afraid of the markets. >> absolutely. >> the economy is the economy. ultimately the real economy will rear its face. what it looks like, not a lot of people can say, but we will at some point know. >> right. i agree. >> before we go, dennis, real quick, emerging markets. more commentary here about how we could be setting up for a multi-year period where they're really just struggling quite severely in some cases, do you agree? >> they are, indeed. look at brazil. they have all the political problems that you've ever seen in a long while. the united states is trying to tell the rest of the world that they need to stop using coal. what kind of symbolism is that to send to the chinese and

indians? i think the emerging markets have some problems ahead of them for the first time in a long time. >> got to go, guys. thank you very much. dennis, kenny, thank you very much. mr. president, super pack being 230r78d right nformed right now somewhere in your name. >> 15 minutes to go into the close. the dow down 125 points. ironically it is energy which is bolstering its performance. meanwhile, the s&p down 16 points. the nasdaq the worst performer down 1.6%. >> tesla and mobileeye down. phil lebeau takes a look at these two forward looking companies and why wall street is sending them into reverse. also ahead, content is not king today. major media players like viacom and 21st century fox are tumbling as the sector continues to recover. julia borsin tells us whether investor concerns are over blown. hello.

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that is down about 30%. today the company cutting about 5% of its work force as it deals with shrinking profit margins. for the first time ever it saw a quarter to quarter decline in sales of its signature k cup, the single serve coffee pots. morgan stanley downgrading the stock. you have to look at a one year chart of keurig green mountain. today it's trading around $52 a share. last november it hit a high of $152. >> would have been a good time to downgrade. >> that might have been the time. it's lost 2/3 of its value in less than a year. crazy. >> incredible story there. also getting hit today is tesla. meanwhile, mobileeye two down. they're losing ground despite better than expected earnings down 10% and 2% respectfully. phil lebeau joins us to explain. what's going on here? >> kelly, it's been a long time since we've seen mobileeye and

tesla whacked like this. these have been the two high flying auto stocks. tesla, this is not surprising given the commentary the company had after recording 2q earnings. all about the fourth quarter and what's happening as they ramp up production. remember, they have brought down their guidance for 2015 deliveries lowering it down to between 50 and 55,000. it was previously at 55,000. it's all about the challenges of expanding that production line as they get ready for the model x, this is the model x. it will be coming in the third quarter. the goal here by lowering production a little bit, making sure that they have a clean launch of the electric suv. as for mobile eye, boy, they posted earnings this morning. blew away previous estimates. they were stronger in terms of revenue and earnings and they raised their guidance both in terms of revenue and in earnings for the full year 2015. i jumped on this conference call this morning. it was very clear. they are extremely bullish about what they're seeing when it

comes to autonomous driving. the number of programs they're working on is increasing quickly. there are now 32 pilot programs with automakers that mobileeye is working on. the ceo said, look, this technology is rapidly advancing. it's coming along faster than a lot of people were expecting. guys, if this was not a day where there was a selloff from these stocks or basically from all stocks i would have expected mobile eye to move much higher because it was an extremely bullish conference call. today that didn't matter. >> yeah, that's the point. we've been talking about it. it's been a glass half empty day. that clearly is the case. maybe not for tesla, which has been, you know, a lot of the momentum but mobile eye really blew it out of the park. getting killed today, right? >> right. that's the big issue here. with regard to tesla, there are a lot of questions about whether or not they're going to have to raise capitol, how quickly they're burning through some cash. there's a structural question that a lot of the bulls and

bears are debating. with mobileeye there's no debating in terms of how many companies are turning to their technology. >> phil, we've had against the back drop of this big hacking conference in vegas guys come out and say they were able to hack tesla. i wonder if concerns about these cars relying so much on the internet ultimately on a lot of the sophisticated technology is possibly why these two names are suffering today? >> no, i don't think so. that question of hacking came up on the mobileye call and the ceo said we're pretty confident our system cannot be hacked, it's self-contained, not exposed to the outside world so to speak. with regard to the report of the hackers who are able to hack into a model s, keep in mind they actually had to physically go into the car first, crack it open in order to get into the inner workings of the model s. even then they praised the model s for the inability of hackers to turn it off at speeds above

five miles per hour. it automatically goes into neutral. there was a little bit of praise in there. we'll see more of these types of reports in the weeks and months to come. >> thanks a lot, phil. we'll leave it there. down go with the rest of the market. >> 40 minutes left on the trading session. the dow is down 118 points. disney among those. decliners again today. showing you all 30 stocks. oil stocks trading higher. we've established that. apple's come back a little bit today as well. you have disney and others going lower today. against this back drop, which dow stock would you buy on the dip? there is still time to go right now in dominic chu's stock. #buythedip. >> a lot of people taking this very serious. this is like march madness all over again. also ahead, viacom and 21st century fox leading the media shares lower today. we'll take a closer look at cord-cutting fears that have been weighing on the industry and whether or not they are overblown. that's still to come. stay tuned. but what if you could see more of what you wanted to know?

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so which dow component stock would you buy on a dip. dominic chu's been asking for your vote. you've been responding in a big way. >> dom joins us with the very latest tally. hi, dom. >> they started off with eight and then there were four and now there are two. just to bring you up to speed on where we stand right now, it's going to be apple in one bracket in one basket and procter &

gamble. which of these two dow components represents the better risk/reward scenario going forward. if you take a look at the charts, it's been pretty interesting so far. these stocks, one of them has hit a near two-year low today. that's procter & gamble. you can see in the orange line. apple shares, they have fallen. in correction territory. still up 4% year to date. different momentum stories here. has one fallen by too much or does apple represent really the only large cap opportunity that's left? we've asked you to tweet in with that #buythedip. take a look. aka advisor says apple versus pg. really? what would happen if a high school football team played an nfl team. apple wins this every day. is p and g a high school football team. this one @stock talk says buy p and g. must have items. maybe procter & gamble has

fallen a little bit too much. this is also a dividend story as well. one of them procter & gamble very thick dividend. over 4.5%. apple, 1.5%. different scenarios here. we'll tell you what the big winner is going to be at 4:30 later on in closing bell. stay tuned. you can still vote, guys. kelly, bill. i hope you guys are voting as well. >> nah, we're not allowed. >> are we allowed. >> i'm shocked by 4.5%. >> no inside information. >> no inside information, guys. i've been supervising the whole thing. >> i'm stuck on the p and g dividend yield. 4.5%. >> no, a little under 4%. between 3.5 and 4%. >> still. >> still very big. >> #buythedip. keep voting on twitter. >> thank you, dominic. >> you've got it. media stocks are taking a hit especially view come and twenty first century fox. >> julia borstin joins us.

>> today's media meltdown shows a tipping point. the tv bundle is dying. view co viacom leading the carnage. advertising and slowing domestic affiliate growth. shares down 13%. ceo among the moebls -- moguls playing defense. >> we are being extremely pro active in taking all measures that are necessary to address the changing media landscape. it is a changing media landscape. i think we'll come out on the other side in a much stronger place. >> fox is the second worst media performer. shares plummeting and lower profiting expectations. a new $5 billion buy back failing to calm investors. fox's new leadership insisting that they're ready for the change. >> every aspect of our business is being affected by increasingly rapid change. how we develop content to delivery to consumer engagement

and of course to how we monetize it all. >> disney, time warner and cbs also falling today although o not quite as far suffering from concerns that cord cutting and cord shaving will hit advertising as well as subscriber revenues. those concerns about subscriber declines are also hitting the cable companies. take a look. they're also trading lower today. charter, cablevision, comcast and time warner cable. now the winner from these shifting viewer trends seems to be netflix. it's trading around an all-time high. phil? >> i'm trying to work out the difference. i'm trying to keep up with all the jargon. what's the difference between cord cutting and cord shaving? >> so cord cutting is when you cancel your subscription. you no longer subscribe to cable or satellite tv. cord shaving is when you opt for a smaller, skinnier bundle. for instance, dish has one called sling package, sling tv. you might subscribe and get 20 channels instead of 100

channels. therefore, you're paying less in terms of overall subscriber fees which is particularly bad for a company like viacom which has a huge number of cable channels which aren't as core as disney which have espn. >> it's fascinating, julia, speaking of metrics and everything at one of the seasonal broadcast events the focus is can anybody ever get access to netflix ratings, to its viewer ship numbers which the company has and it doesn't disclose. i think it was amazon who said, listen, for us, total viewer ship is one thing. what's more valuable is knowing your viewer ship history. i wonder for this whole next period of watching content if the old, you know, ratings even as we know them are out the window. >> there's been a lot of talk on the earnings calls so far this quarter about how flawed the ratings system is. they're talking about nielsen. it's important to see who's watching in real time but to measure not just three days

after but increasingly seven days after. there's been a big push to measure real time and seven days and to include that in account of how many people are watching. >> i think it's time we bring a la carte into the practice, don't you? >> oh, yeah. a lot more options. it will be amazing how that will up end it. >> absolutely. >> thanks, julia. >> see you later. a cnbc news update with sue herera. >> here's what's happening this hour. seven people including two children were killed when a mini bus packed with explosives detonated in baghdad. 18 people were injured in the predominantly shiite neighborhood. u.s. officials tell nbc news that russia launched a sophisticated cyber attack against the joint staff e-mail system which has since been shut down and taken off line two weeks ago. it affected some 4,000 military personnel. the justice department announcing the recovery of a

strad did i various violin. the violin was made in 1734. it was one of only 550 known stradivarius known in existence. it went for $15.9 million in possession. patrick kane is the focus of a rape investigation being conducted by police in hamburg, new york, which is a suburb of buffalo. he lives in hamburg during the off season. details of the investigation have not been released although wgrz is reporting that the nhl is aware of that situation. that is the cnbc news update, guys, back to you. see you in about an hour. >> great. thank you, sue. half an hour to go in this session. the dow moving lower. it's now down 145 points. as mentioned, the s&p and the nasdaq are weaker. the s&p is down almost 1%. the nasdaq heading towards its lows of the session. down 2%. right now shedding 92 points for

1.8% drop. >> volume is heavier on the selloff. more on that selloff coming up. a top trader will tell us what he's focusing on as this ugly session starts to wind down. >> fitbit is plunging. we'll have a bull/bear debate on whether to buy on the dip next. [ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan,

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welcome back. with the dow down another 136 points today, there's not a lot of places to hide. biotechs are hitting the nasdaq. that's the under performer. i.b.b. most of you are familiar with. it's on track for the worst performance in two weeks. down 4%. it is up 20%,year. >> the last 25 minutes before closing. before we get tomorrow's jobs number, typically we have a neutral market with anything but today. >> i think we're right on that 200 day moving average for the s&p. we bounced off of it. we'll see if we can hold it. the media stocks are under

pressure. we're selling those. those have been the darlings. they're buying some of the other ones that have been dogs for the last couple of months y. is it so important tomorrow? obviously the traders are kind of 50-50 on where they expect the rates to rise in september. right now you're going to overanalyze every piece of data. >> let's overanalyze that jobs report. what number would you expect would convince the market of a september rate increase do you think? >> i think tomorrow there's going to be a lot of volatility no matter what the number is. we're going to be under staffed. it is august. everyone will look forward to september's number more than this number, believe it or not. i'm not sure this number itself has anything to do with it you about it's going to cause enough volatility and enough angst out there. >> it will have something to do with it if it's a big number one way or the other. >> any time there's an extreme you can trade off and make money. >> are you looking to buy a dip? what levels are you looking at? >> the dips are more severe. the rallies have been softer. if this doesn't hold, i think this move could go lower

quickly. so am i buying the dip right now? i think we're going to get closer to even. we'll see a rally to the bell. i think as you mentioned earlier, we'd like to get back to neutral. >> thanks, matt. see you later, kelly. >> fitbit shares are sinking. analysts citing gross margins. ceo james park addressed that issue on "squawk on the street." >> it's important to note on the gross margins side it was well within guidance and there are three contributing factors to the gross margin decline. one was fx which a lot of other companies have experienced. the other two have to do with one increasing capacity for a best selling product and mix shift to higher asp products. both of those two things actually contributed to our big beats on revenue. >> well, is fitbit right for buying right now? joining us on our fitbit stock brawl, jonathan smith who continues to own shares today and ed maguire from clsa.

welcome to you both. ed, let me just start with you. >> thank you. >> you convinced by what you heard from the ceo that this grosz margin pressure isn't anything to worry about? >> you know, i think when you look at the state of the market that's so early, the mix is -- has yet to play out. so in many respects it's a little too early to tell about the overall margin mix. i think what you can see is that this is a highly competitive market with over 150 different devices in the wearables market so how this plays out is going to be subject to a lot of forces. >> jonathan, i know you're an investor. we know where you're coming from from that standpoint but how do you remain positive on a company where anecdotally we hear that roughly half the people who have bought this thing aren't using it anymore, that they're not registered to use this anymore? where's the growth going to come from if you get that kind of trend that continues? >> yeah, i think the data we haven't seen and james mentioned

this yesterday on the earnings call is the uptake of those people who put them in the drawers into new devices. hopefully we'll start seeing that data as they start looking at that data as they introduce new products extensions for the things they're putting in the drawer. so we'll see. the two main things i always look at are the market where i think the market's going to go and what i think the quality of the team is. on both of those i think fitbit is incredibly strong. whether you believe the idc data showing 45% annual compounded growth over the next five years or not, i don't think very many people can refute that the market for quantified sell for tracking data whether for the application of weight loss or the application of health or otherwise is here to stay. i think whether it's a wearable or not, that may be a fad, but i think fit bit will evolve as that market evolves. the second big issue is the quality of the team. this is james park, eric friedman and their team thinks about that every day.

when you look at the vast majority of competitors they're talking about cars, iphones, other things. i think they have a big focus. >> ed, you're a bear. the shares are down 13, 13.5% today. do you think they have further to fall? >> well, it's hard for me to comment on that. i think what i can say is the market itself is not well defined in terms of the actual growth rate and it's very easy for expectations to get ahead of themselves. when you have competition where a lot of features can get subsumed into a smartphone and then low end devices that cost a fraction of what fitbit's selling for, the challenge is going to be to take that data and monetize that and turn it into more of a software business over time. >> let me ask it this way then, at what price would you buy fitbit? >> i don't cover the stock formally so i can't give you a recommendation on that. >> by the way, jonathan, are you wearing one right now?

>> there it is. >> can you see that? >> very good. >> cameras are trying to keep up. >> you've proven yourself. very good. >> how many steps have you taken today, jonathan? >> not doing too well. i'm at 5,441. >> the day is young in san francisco. not to worry. >> we'll let you go. >> got one, too. >> that's jonathan roosevelt and ed maguire having a look at shares of fitbit. >> thought i'd catch him. >> yours is still in the drawer. >> yes, it is in the drawer. it's going to stay there. not that that's one way or the other. who cares what i think? 20 minutes left in the trading session. here the dow continues a little bit lower. down 124 points now. >> oreo is under attack by bill akman. and by the way, tomorrow the monthly jobs report for july will be released. we mentioned that earlier. the numbers could have an impact on the interest rate by the fed. we will tell you what to watch for coming up. very important on the closing bell here. you're watching cnbc. first in business worldwide.

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>> now they're fending off another one, bill akman. we're here to look at this and what it means. >> yes, absolutely, bill. akman is one of the brashest and most creative. he has some remarkable results as well as losers. he took a huge stake in allergan. that deal didn't work out like he planned by allergan stocks soared. it was consummated this year. at the same time, ackman also made big money on names like burger king and canadian pacific. his famous years' long due diligence have uncovered big winners. nbia he bet was overrated and under capitalized. a trade that reportedly made him a billion dollars. not everything has been a resounding success. ackman's failure, for example, to turn around jcpenney the

troubled clotheier that he sold out of. and herbal life, no bill ackman story would be complete without mentioning that which he considers to be a pyramid scheme has brought a lot of bad press. a number of regulatory investigations along all sides of the trade. it's trading considerably higher than where he bought it. so far 2015 has been kind to ackman. he's up 10% through july no doubt partly on mondelez. they gained 10%. ackman's funds up 7%. i looked at his filings. he bought slugs of common stock in june and july. he also used options, he used derivatives. hard to do the math on where he stood all month. clearly it's benefitted. >> now we know it's $5.5 billion position. >> that's right. >> this is a huge position. mondelez barely got a lift. what does that tell us about how the market perceives out of this

or ackman's prospects. >> i wonder if the market is factoring in nelson pelts and has been on the board and been active and quieter on the name. there might be that activist premium in there. other than that, it's hard to explain really. they've had a nice run up. maybe we're seeing some stabilization at this level. it's worth noting that when ackman himself said i have a new large position that i'm going to announce in the coming months, this was probably three months ago, it was a mystery position. at the time he said he was spending about 15% of his capitol, which was say $3 billion. now as you said it's worth almost 6. so we've seen a big move already. it could be just the market pausing for breath. >> quickly, what's he going to do? what does he want to do with mondelez? >> i think there's much more with the plan. i've talked to people who are aware of part of his investment thesis. they like the emerging market exposure. they really like the margins. they think this is the moment for margin improvement.

the con effection businefektcon somewhat insulated with the health trends that are bedevilling pepsi and mcdonald's. a snik kers bar or a piece of kad bury chocolate are considered a treat, exception to your diet, not a way of living. i don't know if that's true. but apparently studies show that. >> i am anecdotally familiar with -- >> i was going to say. >> -- consumption of these. >> really? >> interesting, right. >> kate, thank you. >> mondelez makes a thinking a quick lunch. that's my accent for you. it is basically a ki tkat but in true norwegian fashion depending on what city happens to be the theme of the wrapping they give you a walking tour of where to go. that's a healthy take on confection. >> what's it called? >> quick lunch. >> i can't believe you did it a

third time. coming back in a little bit. maybe the bias is to the buying side but not heavily so. we're watching this carefully. >> we have had a big selloff today. up next two market bets sides it up. steve parker said the market is focusing and joe said it's a defensive one. you're watching cnbc. ♪ i built my business with passion. but i keep it growing by making every dollar count.

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welcome back. wouldn't you know, i was saying the bias was to the buy side. just as we were going to the commercial he's saying it's 100 million to the sell side. not a lot but the emphasis did go the other direction. joining us as we head towards the close, joaque quinn lon. what do you make of the market? clearly market's in a grumpy mood i think you would call it. >> it's august, bill. >> the u.s. economy is in good shape. europe's turning up. china is starting to settle

down. >> steve, do you? >> for all of the hammering, around greece, china, around the fed equity markets have been pretty straightforward story. if you look for the regions, those markets are performing well. their earnings are going at a faster rate. consumer discretionary health care, those are the sectors with a great year. if you can deliver growth, everything is okay. >> is that what you're buying here? >> we like the industrials, materials. >> the slowdown there? >> yes. >> china accounts for 2.5%. u.s. foreign affiliate earnings. europe is around 50%. >> even with a stronger dollar?

>> that's okay. we talk parody is a different guy. companies are ahead. the story's out there. >> with everything you guys said, it rings true. steve, this market if we take the dow is down more than 5% from the recent highs which is one of the more significant corrections we've had in the last four years even though it's not a real correction yet. there is something going on here. what do you think that something is? >> i think you said it. 5% was something we would normally see in a day a couple of years ago. now everybody is getting nervous about the fact that we're seeing this over the course of a couple of weeks. look, it's the summer. people are trying to take some gains off the table. i think there is some concern around what's going on with the fed and with china. 5% is kind of rounding error when you think about the type of move we've seen over the last couple of years. if you look outside the u.s. we're doing a lot better. european markets are continuing to go higher. i think you have to look globally as opposed to focusing what's going on here. >> we had a money manager watching the money market. i think you're watching high

yields, right? >> watching high yields here and over seas. high yield, credit problems in brazil, then we'll have further down side. watching globally. >> very good. good to see you both. thank you for joining us today. we'll take a break, come back. we have about six minutes to come back before the close. we have the closing countdown. courtney reagan joining me today. after the bell, where will the selloff finally settle with the last trade of the day minutes away. we'll get you coverage from the media to commodities. keep it here, you're watching cnbc, first in business worldwide. and experience a cadillac for yourself. take advantage of our summer offers. get this low mileage lease on select ats models, in stock the longest, for around 269 per month.

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in total savings on tools to manage your business. all right. we've got three minutes left in the trading session here. i hear our graphics may be a little iffy. courtney reagan's joining me on the floor of the new york stock exchange. i was going to show -- here we are. the best performing sectors in the s&p today. energy and utilities are among those. very defensive in many cases and then with the -- sort of a -- you wonder if the comeback in energy is going to last because we're breaking below some support levels for a lot of energy stocks right now. >> exactly. the energy names are interesting. if you look at the correlation between when the commodity, crude oil, wti crude is down in the last 27 sessions so, too,

have stocks been down 70% of the time. that is sort of at least what our cashon tells us. he watches that oil fall. that's crushing in what he thinks on equities. >> where are health care, technology, consumer discretionary which has long been a darling of a lot of people out there who feel that's the place to hide some money right now. that's not happening now as well. >> not at all. those media stocks are in there. you have the disneys of the world, viacoms. all of these names are getting crushed because we're worried about the bundle, we're busting the bundle. the idea is going by the way side. michael koors is up 11%. >> it's here somewhere. >> it's up 11%. >> michael coors is up 11%. >> very powerful. >> it is. it's down 41% year to date. up 11% today. the opposite of what we're seeing. >> show you what the dow did today. there is michael koors. >> imagine that. >> it shows up on the screen. i love how that, would.

>> okay. slight stuter step on the open this morning. then a move south. we're down 114 right now, a decline of 2/3 of 1%. crude oil. i mentioned that earlier. we've been watching the slide there. bit of a comeback late today. it's down 42 cents right now on wti at 44.73. the supply and demand is working against crude oil. >> testing the lows that we saw in march. we can get there. it's pretty amazing to see a four handle if you think where we were six, eight, a month ago. >> you spent the day on the floor. guys are still trying to handicap the jobs number tomorrow morning. we had an adp number soft on wednesday. it's still anymore any number above 200,000 is considered a decent number right now. >> that's right. steve gleason pointed out we've had 58 straight months of very strong job gains. i think it will be hard to derail how we feel about the local market right now and tomorrow unless we get a big, bad surprise. i don't know that that's going to happen.

i hope not. >> thanks, courtney. >> with the close, we decline 120 on the industrial average. we will have that very important jobs number for you tomorrow morning at 8:30 eastern right here on cnbc. we'll handicap it coming up now as we look at more earnings and whether or not you're buying the dip. it's the second hour of "closing bell" with kelly evans. i'll see you tomorrow. welcome to "closing bell", everybody. that face was for the market. i'm kelly evans. the dow down 118 points on the close. that is the lows of the session. the nasdaq at one point today, down 2%. closing 1.6% showing 83 points for the index. still 5056 is the level. the s&p giving up 3/4 of 1%. 16 points to 2083. the earnings settle down a little bit now. the jobs report is just about to pick up. joining today's pam we have our

very own steve leaseman and stephanie linkman is here from tiaa cref. stephanie, we're down 5% on the highs on the major averages. what does that tell us? >> i think what's interesting within the market, you're seeing the rotation from growth to value. you've lost some key leaders, right? apple. tesla. i don't know if we've lost it, but that has actually pulled back quite a bit. media stocks, cable stocks down 15%. it's not only that the market itself is down you're having the rotation. i think it's in anticipation of tomorrow's number and the data we've gotten this week which on the margin a little bit stronger. people thinking the fed is going to go in september. people jockeying around their portfolios. let's see if it can stick. we have to get the data tomorrow. >> positioning for strong jobs report that brings the fed into question. steve, what about that. what would be really strong for 8:30 tomorrow morning. >> really strong would be north of 2:50. i tried to actually create a

minimum. you have one of my boards, not the first one, the second one. kelly went to question two, not question one which she always does. there's no time. what i did is kind of like my own sense of the sensitivity of the fed here. what would keep them on track? my bottom line number is 190,000 on payrolls. that would be a 02 on wages would be okay. i think 54 on unemployment would still be okay. keep them on track the height of september. little tolerance. depends how we get there with a massive influx into the work force. that would be okay by the fed. >> if you were to borrow the jeff dunlock. steve, the unemployment rate and the steady job gains we've had. >> i think that's right, but i think you have to city sort of sit this mash shrtian down and a little chat. hey, look, there's a lot of slack in the economy.

you would say there's 50 years of fighting getting off the zero bound and nobody is willing to test that. we want to be careful here. there's a reason to wait until september. i think it's kind of a 50-50 proposition. i think they go in september. >> it will be interesting to see what the wages numbers are. >> speaking of martians, look who just arrived. >> i've been calling all day. appreciate that. >> we'll bring in steve in one second. stephanie, you were saying? >> i was saying the wage number tomorrow i think is going to be important especially after the weak or disappointing eci last week. if we could get commodities to stabilize on top of a better wage number, that's what i think is going to really start that fire of, hey, guess what, we're probably going to see a tightening sooner rather than later. >> steve grasso, welcome. >> thank you. >> fresh from trading. you see oil moves closer to $44 mark. energy is the best performing. the dow. what's going on here? >> early on utilities were one

of the best performers. it was energy. early on the market sold off, the dollar sold off. the yeelsds came in. there was so much stuff going on. everyone scratched their head. that market ripped higher. why? here's the thought. early on i think when you start to look at an inverter or possibility of inverted yield curve you start to see even if it's minor, minor raise by the fed you only have about 200 bases points of slack. normally when they tighten we have 400 bases points. financials, what would happen? financials sold off. the energy might have been a data trade, short covering trade that the point. a lot of people scratching their heads. i'm not too confident the way the overall market closed. >> how much volume did we have into the selloff? >> the volume, this is a slow, weak. i wouldn't say that you're going to get any information off of volume this week. >> let's pick up for a second on the theme of the media stocks

selling off having or at least on track to have their worst week since the financial crisis. cbs did turn around but it was real weakness across the board. for more on this mess let's bring in cnbc's david faber. appreciate you joining us at this hour. what are people telling you about how bad it is really out there reflective of the selloff? >> well, it was -- yeah, it's been a terrible couple of days. all of this started after the close on tuesday when we first heard from disney and we got those numbers on espn which they did not shed a great deal of light on. we speak to mr. iger, of course, the ceo on wednesday morning on "squawk on the street." we talked a lot about the bundle and concerns about it. those concerns have echoed throughout the media landscape. not that they haven't been with us for quite some time, kelly. it's that worry about espn subscribers and perhaps there are fewer of them than there were last quarter, it exacerbated the fear that's been out there frankly for years. then time warner's unwillingness to adjust its guidance.

all of that came into the morning. then we hear from viacom which has been dealing frankly with its weakness for quite some time, particularly given its younger sort of demographic for programming and the fact that netflix has taken a lot of that market and it's just been incredible. viacom at 14% actually feels better because the stock was down as much as 22% today at one point simply stunning losses. >> stephanie, we are in the heart of the earnings. a lot of this goes back to disney. when you consider the argument is these new distribution platforms will have different programming for your kids or teens. they don't need viacom's content. will that argument hold or can the companies make a compelling case for their content over others? >> this group has secular issues to cover for sure. it was surprising from disney because they have the best asset. content is king and that's the pricing power. at the same time the market and the landscape is certainly changing. i don't think it's going to change overnight but it is changing. these companies are going to

have to really address it. i think that they will. these management teams are phenomenal. they have great balance sheets and strategists. let the dust settle. it's very -- i'm very tempted to actually buy some of these names on the dip. >> yeah. it's been quite a dip. >> 15% for the group for two days is a huge, huge -- but they've been very big outperformers for the last couple of years. let the dust settle. put your stocks for sure. >> david, steve here. i have a question for you. >> sure. >> what do these companies have to do in order to convince the investors that they're insulated and protected and secure from technological changes? any of them done a better job than another? >> comcast is another one. they bought nbc, they have universal. who is the best in terms of convincing investors that when the world changes, we're secure from it? >> that's a great question. by the way, our parent company comcast has been no exception here getting hammered the last

couple of days. >> right. >> being viewed perhaps as a media company more than a broadband company over the last couple of days, steve. listen, cbs is making a case because it's not a cable network although it owns show time. in all of these slipped down bundles that are being offered that it will be offered. the over the top streaming offerings that are starting to proliferate, it will be a part of it. that's their case. others, frankly i come back to disney to a certain extent and espn which makes the case that regardless of how the world changes, people are going to want their sports programming and they're going to figure out a way to get paid for it. steve, your question is the right one. the problem is many of these couples are grappling with this issue right now as they watch their core business maybe not going to grow as much as it used to and perhaps even some decline and the fact that, all right, it's still a great business but maybe you're not going to have 50% operating margins anymore. >> still have visibility.

i can convince you what my revenues are going to be five years from now based on x from cable but i don't know what they're going to be from these other unknown streams and what the revenue streams are so you actually have to provide investors a premium for the uncertainty. >> yeah. and the fact is that even though they may have built in affiliate increases, the subscriber base coming down means less money perhaps. advertising is still based on how many people are watching. if they're going in all sorts of different directions that bmpgs an issue. then to your point, steve, that's right. it's still not clear exactly. you sell program into netflix, you get paid. everybody is getting paid. how you operate into this new world that is sleelly emerging and quickly emerging is the big question. >> there are companies that are better positioned than others and what they did in the last two days is they took a brush and sold off every single thing. viacom has had issues for years. we've known that as david mentioned. disney has not. have you to pick your spots.

do your homework. pick your spot. you pick the great companies. i don't think that cbs has actually -- that got overdone. that is one of the stocks that turned around. >> stephanie, these things have fallen incredibly. i'm not sure the value guys are quite ready. >> no. >> they're not ready where they started to pick them up. they used to trade at seven times ebidad and moved up to 12. >> you're totally right on that. that's why i said before. the stocks have been great outperformers so you have to let the dust settle. viacom, worst case, that's something like six times. so it gets to the point where it's getting a little extreme. >> steve grasso, are you cutting or shaving the cord at home? >> ultimately when you look at it, when you look at the skinny bundle, it will always be a premium. you might have that guy that looks back and says i was better off where i started from instead of that perceived savings ultimately in the long run. no, but, cbs, thursday night football, super bowl, there's a

lot of reasons to buy cbs. >> we've got to leave it there. david, roo elli appreciate you joining us. david faber on this media mess. let's get to zynga reporting quarterly results. julia boors sin has the report. >> zynga, loss of 1%. better than wall street. zynga's bookings coming in. that's the measure of revenue. 174 million versus expectations of 157 million. the stock is trading lower on guidance. the company's guidance coming in lower than expected projecting a loss of 1 cent per share for the following quarter whereas wall street had been looking for the company to be break even. i spoke to zynga's ceo mark pincus about what drove this quarter's revenue better than expected as well as earnings. he said it was in large part because of advertising pointing out that advertising grew 44%

over the year ago period. people are trying to reach his audience, very engaged. social game players who are starting to really treat social gaming as if it's more like a social network. the user numbers for the quarter both monthly and daily are lower. kelly, back over to you. >> thank you, julia. steve grasso, parting thought on zynga here. >> yeah, you get what you pay for. i haven't really played in zynga. i don't want to play now. it's really in the over the head waters. >> parting shot we'll call it. thank you for joining us. everybody be sure to stick around and catch more of steve grasso coming up with the "fast money" game. they'll speak with larry haverty who has a contrarian poll. don't miss that. yesterday's studs are today's duds. money has been pouring out of stocks like tesla, twitter, and apple. those growthy names. we'll tell you what names could emerge from the shadows to become the next big name play. commodities getting crushed. oil creeping closer to the $44

mark. can anything stop this slide or is it time to play contrarian and jump in. we'll talk about that on the "closing bell." you're watching cnbc, first in business worldwide. letes in 170 countries. the microsoft cloud allows us to immediately be able to access information, wherever we are. information for an athlete's medical care, or information to track their personal best. with microsoft cloud, we save millions of man hours, and that's time that we can invest in our athletes and changing the world.

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we've got a few names reporting their earnings. dominic chu, what can you tell us? >> let's talk beverages. keurig. today it's monster. an earnings miss. analysts looking for 91 cents. sales coming in light, $694 million. analysts looking for $756 million. monster right now is trading down by 5.5% on 111 shares worth of volume. that's the story right now. year to date monster was up 33% going into this number. the other is noodles. the quick service restaurant chain also misses on earnings, 10 cents per share. analysts looking for 12 cents. sales coming in slightly higher, $12 million. analysts looking for $118 million. they offer full year revenue and earnings guidance below analysts estimates. as a result, noodles shares are down and down pretty big. i will notice light volume. noodles is down 13% with 7,000 shares traded so far.

noodles year to date was already weak, 43% to the down side going into this number, kelly. back over to you guys. >> dom, your challenge for the rest of the hour is to find an earnings name that moves up. we'll leave it there with monster and noodles. some of wall street's famous growth names selling off. where is this money going? joining us with their new growth stock picks is mark lasheney and david nelson from bell point asset management. welcome to you both. david, we'll start with you. >> sure. >> what do you see the new growth names being? >> you've seen what's happened in media. a lot of money managers questioning. you have to look where advertising dollars is going. that's facebook. that's a tough name for me to bring you. it's a little embarrassing.

that's where it's going. the growth is astounding now. >> you see facebook as one of these new names. >> sure. >> that has been a winner of late. mark, where do you see growth? >> kelly, i think we're seeing growth inside a sector that's already been doing well. it might be subject to a rotation within it. that's health care. the leader has been biotech. some of the proceeds that have been coming out of the biotech companies that are being sold might rotate into upper sectors whose valuations have been fully monetized. a company like medtronic is one. health care facilities are expanding to account for more procedures and caseloads. as a consequence not only are sales increasing domestically but abroad. we think there's great opportunity in the medical device company area. >> before i bring in the panel you have to explain to me pnc, the bank. >> financial services have recently got a bid.

pnc is what i refer to as a super regional and a demographically sound area of the country, particularly the southeast. the banks of course are benefitting from an uptick coupled with sturdier picture. that's the bread and butter of financial institution and the banks in general. pnc is a sweet spot. >> mark, i'm sorry. >> go ahead. >> question for mark. mark, do you think the financials can actually outperform if we don't have a really steeper yield curve and we only have a gradual increase in from rates? do you think there's enough to the story to get you the earnings power that you need? >> yes, stephanie, i do. simply because no one's expecting a return to a price multiple of two or three times. i think 1.5 is the new 2 or 3. so i think there's further up side given the fact that you still have fairly depressed valuations with many institutions in that space trading slightly above book or in some cases like citigroup

trading below book value. i think there is up side potential even in the midst of a flattish yield curve in increased loan activity in general that's a far cry from a year and a half to two years ago. most of the increase in profits was leaking loan profits back into the profit picture. yes, i do. >> i want to ask a dumb question for lazy investors. if you're like me, 4:00 in the afternoon splayed out on the couch in your bathrobe at 4:00 in the afternoon in your bathrobe. the whole market's down, right? the whole market's down. you want to be stock investors. is the whole market cheap here? >> no. >> can i buy stocks the way we used to back three or four years ago when the whole market was cheap? what are we down? 100 points off the top? can i go in and buy the market and make money? >> i think index investors are going to be hard-pressed. i think it's the portfolio

managers to pick and choose. >> that's not the answer i want. >> what's the answer you want? >> i want an answer for the lazy investors. >> give it to a money manager. >> you need good money managers and good portfolio managers that know how to pick a stock. >> mark, let's get to your last pick. it is more macro to steve's point. it looks like you want to buy the home builders. >> i like that. >> there's for the lazy investor, steve. you can buy a proxy for the home building space instead of trying to see if you want to own d.r. hold ton or polte. it's a play that's likely to continue. job growth is occurring. people are leaking out of the rental market as rental vacancies have dropped down and rental rates have gone up. it bodes well for the housing market. >> guys, we'll leave it there. i always find it reassuring the market rewards the hard market.

>> show the lazy investor. lean back and chill out. >> we wouldn't need the show. >> the lazy investor. >> mark and david, thanks very much. steve, thanks for sparing us the bathrobe. the bulls in full retreat on wall stre wall street can tomorrow's big job report spark a selloff. what can it mean for the numbers. oil falling below the $44 a mark. we'll tell you what's behind the crude selloff coming up on the "closing bell." more and more, data is visual. in fact, the number of mris has increased by ten percent a year. and a radiologist might view a thousand images to find one tiny abnormality in shape, contrast or movement. because it's so challenging, a research project is teaching ibm watson to see.

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welcome back. more food companies. let's get back to dominic chu. >> groceries, high end and natural organic ones. sprouts farmers market moving down in the after hours session down by 6%. just 17,000 shares have traded so far. the company sprouts farmers shows 22% in shares. revenues come in slightly better, $902 million. analysts looking for $900 million. however, 2015 full year earnings per share guidance falls below analyst's expectations. that might be one reason why the stock is moving down. also separately the company has announced that their previously put in place executive succession plan is being executed right now. doug sanders will step down from that role and be executive chairman. the current cfo will now take the job of ceo. an executive change at sprouts

farmers market as well as an earnings match and slight beat. guidance falls below estimates. bojangles', those shares you can see actually up a little bit. up by 1.5% on very light volume. 6,000 shares traded so far. with bojangles' you're talking about a company that did have an earnings beat here. we can see right now that bojangles' has earnings of 23 cents a share. that beats the average analyst estimate of 16 and $121 million in sales. that slightly beats the average analyst estimate of $120 million. they also gave 2015 full year earnings per share guidance between 75 to 78 cents a share. analysts were looking for 69 cents. a better estimate for forecasted earnings per share full year. again, kelly, it may not be a big one but i did find an earnings beat, a sales beat and a guidance beat. back over to you. >> that is the trifecta, dom. appreciate it. doing a lot of work for us. the july jobs earnings

report is out tomorrow. the current unemployment rate is 5.3%. steve, what would a good jobs report mean for this market? >> that's a good question. you tell me and stephanie tell me what the market wants. does the market want a strong jobs report? what you have is a little bit of a race, right? the market wants the economy to be in good enough shape to withstand and justify the rate hike the fed wants to do. there's two kinds of trade. there's a trade on the fed hiking rates and there's a trade on the fed making a mistake either way. i think that's where the market gets concerned. that's where taper tantrums come from. when the market starts to get concerned. here's my minimum, right? this, by the way, these are my numbers. this is my sense of the federal reserve. there's no science about this. the jobs do 190. i think that's okay for september. wages, 0.2% or higher. i don't think you need all that much from wages. you can be stable to be rising. unemployment, 5.4.

we talked about this earlier. depends how you get there. if you have an influx to the labor ing up the unemployment rate, i think that will be okay by the fed. >> i liked your opening remark, i don't know what the market wants. stephanie, it reminds me of kind of does the 30 year bond want a u.s. recession? what do stock investors want? more aggressive fed or better economy? >> better economy so the fed can do what it needs to do and start this whole liftoff process. they've said they'll be data dependent and they'll go gradually. that's what most people expect, right? we just need the data to confirm that they can start this, right? we got good data in the beginning of the second quarter and then it started falling, right? that was disappointing. >> it's back, steph. cnbc rapid update thinks that the 2.3% gdp reported friday is close to 3 after the construction number, the auto sales number helped a bit. there was one other number. >> you've had good housing data and that's also very supportive.

you have good nonresidential construction. banks are lending again. you have good activity. certainly not where we were back in may of 2013 where the taper tantrum happened. you do need some momentum. >> these are the early indicators. the manufacturing numbers have been weakened. the up sides of the economy. manufacturing has been kind of a weaker aspect of the economy. probably hurt by two things, lower oil prices as well as the stronger dollar. adp was a little weak, 185. may come in at 200 if you have the government. services though very strong. you have the best numbers 2005 and claims, it says neutral there. what that means from my standpoint is it's good enough for 200, 225,000 jobs number from the claims number. >> before we go, steph, which part of this market is most vulnerable tomorrow morning do you think? >> well, let's -- i think financials are the ones, right? if you get a disappointing wage number, disappointing job number the financials are going to go. probably the bond yield comes

down, right? i think that's -- we all kind of want the financials to lead the market. it's a big part of the s&p rating. it's almost 17%. if you don't get that, i think it will be a little bit of -- unfortunately we'll be a little upset. >> busy morning for you. >> time for a cnbc news update with sue herera. hi, sue. >> hi, kelly. police say the homeless man who attacked people at a nashville movie theater had a canister of propane, lighter fluid and a lighter and may have intended on setting off an explosive key device. he ma made a gash on the canister of propane rendering it useless. the outbreak of legionnaires' disease has risen to 10. 92 people have been hospitalized. five cooling towers have tested positive for the bacteria including one at a nearby hospital.

le legion nars is contracted by inhailing contaminated air. forest fire costs will reach $4.2 billion this year. dry weather in california, oregon, idaho causing the numerous wildfires. people were lining the streets of east haven, connecticut, to get a glimpse of the sub way cars, one of them that survived the 9/11 attacks in new york city. this was found in the tunnel underneath the north tower of the world trade center. it will become a permanent exhibit at a local troll lee museum. that is your cnbc news update, kelly. back to you. >> thank you very much, sue. two stocks enter and one stock leaves. apple and procter & gamble are our buy the dip finalists. find out which one in correction territory you the viewers think is the biggest buying opportunity here. ufc champ ronda rousey has been des sim nating her competition. find out whether her next fight

will shatter pay per view records when we speak to lorenzo fatito. stay right here. g you have to wear this thing? ♪ can it tell the flight attendant to please not wake me this time? ♪ the answer is yes, it can. so, the question your customers are really asking is, can your business deliver?

let's take a look at the dow

today. the nasdaq was a weak lent down and crude as well here. it settled down around $44 and change. and a couple of stocks that got hit particularly hard today, tesla settling down a little under 9%. fitbit after the gross margin concerns down more than 13%. viacom reflecting real weakness was down 14% today. we've been counting down to this moment all day. dominic chu has been tracking tournament style which stocks twitter fans are buying on the dip. it's finally time to reveal the winner. over to you, dom. >> kelly, you and the panel and maybe all of our viewers out here i want to have a drumroll but i think you guys all know who the winner is going to end up being here. out of the eight we've got it down to four, we've got it down to two and then there was one. let's take a look at the charts first of all just to set this whole thing up. if you take a look at apple and procter & gamble year to date, one of them is obviously an

outperformer. apple in the green and p and g in the orange line by 17%. it hit near two year lows today. apple has 1.5% dividend, p and g 3.5% dividend. two different companies in different stages of their life. the winner after all of this perhaps no surprise is apple. apple ended up winning the whole thing so interestingly enough, i want to make some observations. our poll, guys, very unscientific. anybody could vote in either online or on twitter with the #buythedip. we asked the simple question, which one represents the most compelling buying opportunity. some folks said people are voting with their hearts and not their wallets because there are a lot of apple fans who like apple because they like apple products. maybe it's not the best buying opportunity. that's one school of thought. let's take a look at some of the

tweets to give you a context. first of all you have some folks saying long term i like p and g. i won't buy apple unless it gets down to 108. i'm going defensive. xom price is appealing #bythedip. david hale said if i had to pick it it'd be apple though the b and g dividend is tempting. then some basically come out and say apple trades at 14 times earnings, p and g 24 times earnings. why by limited growth snok apple buy the dip. very unscientific. what i would point out to kelly, you and the panel is, i'd love to see we're going to take a snapshot of this, all eight stocks, all down to the bracket. we're going to come back and look at this maybe towards the end of the year, like in december and see just which one of these eight stocks really ended up out performing. it might be apple. that seems to be the overwhelming sentiment. some of these stocks have a pretty decent shot.

maybe they're being left behind. interesting observations as we tallied all of those votes throughout the course of the day. >> i love it, dom. the tweets themselves are so interesting themselves as well. stephanie, wondering looking at the fact that apple comes out on top, does that make you worry? >> no, not so much. it is corrected. it's trading 14 times forward. has a bundle of cash. they're plague it into r and d. you don't have the next product right away. you have to wait. people think iphones have peeked. you think of the peter lynch way of investing. a lot of us have better products. a lot of us like their products. >> investing what you use. you like this. the crowd's take. would you have picked this one out of the dow of 30 to buy on the correction? >> well, it would have been in the top five for sure, yeah, because it's a quality company and all the things i mentioned. it was kind of great. maybe it's not the time right

now to be buying it but i think for the long term if you're patient you could -- >> you've changed your whole orientation. now that you're at tia creff. >> longer term. >> you're thinking of teachers retiring down in florida. >> in their house dresses. >> in their house dresses being able to live comfortably. in the way you were more short term oriented. now you're cool to step back and let something go through the vagaries of the market. >> absolutely. i think if you have conviction in an idea you've got to be patient because it's not going to go straight up. >> i like that idea. >> we can throw this out. speaking of a dip, commodities getting crushed. oil closing below $45 a barrel. we have more on what's going on in this sector with helene macrof. great to see you again. >> thank you for having me. >> whether it's a trade, investment, what have you, how much more weakness do you expect in oil across the commodity space here?

>> the problem is we are still just over supplied. one of the reasons we had a recovery was anticipation of u.s. production ruling. not only has u.s. production not rolled yet but the opec countries have raised production. saudi's up nearly 1 million barrels since september. iraq has added close to 1 million extra barrels. we are in a situation of massive over supply. yes, demand has been good, but unless a producer voluntarily sits out or blows out, we think it will be a if you have market for oil. >> if the prices are going lower, better to sell it now. >> it's becoming a bit of af death spiral. one of the issues was there was an anticipation of a demand driven recovery. you had a host of opec energy ministers saying demand is great, the future is great for oil and we'll be at 75 by 2016. if they're all going to overproduce, they will ensure that that does not happen. so i do think that this

confidence gain that opec talked in june is not materializing. i think there's going to be pressure within that cartel to relook at the policies. >> what is it going to take -- >> that's a great question. >> what is it going to take -- >> that was my question. >> this is the question. >> i love this question. we put a piece out today. it's really a question of how does saudi define a win? people said it was about market share. they're not winning market share. they're getting bested by russia, by iraq. india, nigeria can supplant them. they're burning down their fx reserves. yes, they have 660 billion but they had 800 billion at the start of 2014. how much pain are they willing to pursue in this policy? i think they're going to be constantly re-evaluating that. >> who's the lowest cost producer? >> we are the lowest cost producer. that's not how you think of saudi arabia. what do they need? post arab spring, saudi doubled down. don't go into the streets, don't

ask for change and we will take care of you. they need $100 oil to make the math work. >> isn't the other question what is real pain? >> right. >> i think we learned 42 was not real pain in the united states, right? >> in the united states. i think the difference is you may have a shareholder vote but in my countries i cover people go into the streets and demand leader's heads. the question is at what point does a population get rested. i think venezuela. nigeria, algeria, they are getting close to tipping points. rich gulf states, u.a.e., qatar, kuwait. >> saudi is in the middle. >> united states, what will it take to cause a real decline in u.s. production? >> we're still in that experiment. with the efficiency gains producers are saying what worked at 90 will work at 60 and work to 50. we're waiting to see when u.s. pro decks rolls. >> i wish we had another 20

minutes. >> thank you. >> thanks for joining us. the earnings keep on coming. let's get back with dominic chu. >> first of all, invidia shares are up 90% on trading volume. the semiconductor maker specializes in graphic chips. reports right now in earnings beat it looks like earnings miss 5rks cents per share that misses the average analyst estimate of 10 cents per share. revenues come in better. analysts on average looking for 1.10 billion. they see their current quarter revenues coming in $1.18 billion. analysts looking for $1.10 billion. sales beat as well as a forecasted revenue beat for the current quarter and that's probably what's driving a lot of those 9% share gains after hours for nvidia. also what's happening with lions gate films, down 6% so far on

relatively light trading. so far 23,000 shares have traded. for these numbers you're looking for an earnings beat as well for lions gate. 26 cents a share. analysts looking for on average 7 cents. revenues come in $409 million. analysts looking for $428 million. two big movers in video on the upside on heavy volume. lions scape down 6% on relatively light volume. >> dominic, thank you, sir. 34 seconds. that's all ultimate fighting superstar ronda rousey needs to crush her opponents in the ring. up next we'll talk to big business of ufc with its ceo. lily, i want an iphone, with a great data plan to share pictures of this smile. well, all of our mobile share value plans come with rollover data so the data you don't use this month rolls over to the next. wow. using unused data for all sorts of uploads. my constituents love... to... watch...me talk. today's leftover data means a brighter future tomorrow

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and learn more about the kinds of plans that will be here for you now -- and down the road. i have a lifetime of experience. so i know how important that is. ronda rousey, arguably the biggest star of the ultimate fighting championship. knocked out her last opponent in 34 seconds. her last four fights have lasted a grand total of 134 seconds. the next one will shatter her next record. the success of rousey is ufc ceo lorenzo fertita. hello. >> hello, kelly. >> how important is rousey and her success to your franchise? >> you know, ronda's success is obviously very important to the franchise, but it really goes beyond that. she's taking the sport into places that it never has been.

i mean, she's breaking barriers in every way, shape and form. >> ironically the video that launched her to fame was illegitimately posted to facebook. did you guys miss out big time on revenue you could have otherwise monetized here? >> no, we're not worried about that. at the end of the day the events that she participates in break records, seems like she breaks a new record every time she performs. whether it be in the octagon, or in we talk about pay purview sales, ticket sales. she has become a legitimate star for the ufc and just in sports in general. >> do you think she can be a crossover star, the kind that stephanie or others who aren't necessarily interested in watching these women fighting might say, i want to ftune in t see if she can do it. >> we're getting exposure now, she's getting exposure in magazines like cosmopolitan, marie claire, "vogue." those aren't the ones that would necessarily cover the ultimate

fighting championship. she's breaking down those barriers and bringing a whole new group of fans that want to watch her fight. we've heard of 14-year-old girls getting together and having ufc parties to watch her fight. >> so as we talk about breaking barriers, lorenzo, what is most important for you for the value proposition? is it getting your content directly to fans? is it partnering with pay purview platforms to create hype and leverage their platforms? this week when we've seen a lot of concerns about people cutting the cord, how do you see the future of delivering your content? >> we're opening to various ways of delivering content. we've tried to position ourselves to be able to take advantage of wherever the consumer will go. of course, we have our traditional distribution with fox and fox sports, fox sports 1 and fox broadcast. we've had a long standing relationship with pay per view providers, in demand, directv. we're still committed to that platform. we've launched ufc fight pass which is our over the top product which allows people to

go back and look at any fight in the history of the ufc and many other mixed martial arts fights. we do live content on there, live fights. for instance, in this past weekend when added more subscribers on that weekend for any other paper view than we had. >> well, as they often say, it fakes takes a star and you found one. >> thank you for having me. >> ceo for ufc and those are tiny outfits, i should add. jeb bush, chris christie, republican presidential candidates taking the stage in tonight's debates, why the first debate can be a game-changer for the race, next.

>> tonight's gop presidential debate may be the most anticipated in history. john harwood is in cleveland for the double event and joins us with a preview. >> reporter: the top ten are debating at 9:00 but there are two debates, including one start income a few minutes with the seven candidates like bobby jindal and rick perry and the former hp executive. that debate, too, could provide breakout moments.

listen to pat buchanan. >> somebody is going to excel in the seven and we'll get clips of that and those clips will go on to fox and msnbc and cnn and cnbc and these other and they will say here is the best exchange on this one. you shouldn't diminish the potential if you can get into -- >> you can get a lift from the jv game. >> exactly. you can build yourself up with exchange and maybe next week you're in the tournament. >> reporter: and the best way to build yourself up and get played in that 9:00 p.m. debate may be to go after donald trump, the candidates in the early debate that are most aggressive, lindsey graham and rick perry. we'll be watching, kelly. >> we certainly will. can't wait to tune in. john harwood in cleveland. >> john macafee could face jail

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pickle. he pled his case to jane wells who joins us with highlights, what do you say, jane? >> kelly, first he was accused of murder and escaped central america pretending to have a heart attack and he was arrested in tennessee after a police shootout. he said no, that was a joke but the arrest was not a joke. the cybersecurity pioneer told me he was living in lexington, tennessee and arrested for driving under the influence and having a weapon in the car at the time. he blames it on a prescription of xanax which he says his wife wanted him to take because he's paranoid the government of belize wants to kill him. >> never taken them before and in fact, i wasn't paranoid, i must admit and i think my lawyer will plead that at trial. the weapons charge, i always carry weapons and if you are not impaired in the state of tennessee, it is not illegal to have weapons in the car. so we'll just have to wait to see what the judge has to say about that. >> he said at that moment, he

was not armed in las vegas, though his body guards were. he was released on his own and he's pitching subjects at. we have more and the arrest. >> look forward to that. what surprised you most? i don't want to steal too much from the interview about what he is doing right now. >> well, i think the fact he's living a small town in tennessee, he said why not? the fact he's trying to run a business and gets up at night, up and down, up and down because he thinks somebody is after him and that's why his wife said he needed to xanax. >> thank you so much. jane wells with the latest interview. guys, thank you for joining me this afternoon. you will have a big morning, you both will. closing bell and "fast money" starts in moments.

>> have you noticed the move in edison, not today's 25% decline but down 47% since it's announced deal with vivid solar. we'll go behind it. >> wow, 50% of the value. all right. straight over to you guys. thanks. "fast money" starts right now from the nasdaq overlooking times square. tonight on "fast," three different sectors, three major sell offs. a biotech break down and media stack massacre. behind the carnage in these three areas telling you whether any of these stocks are worth the buy. the sell off of the street, major averages seeing heavy selling pressure. the nasdaq dipping 3% and dow near a six-month low. here is what made the today's sell off different. it was the winners that took us lower, starbucks, home depot, disney. are we in that market, steve