put him on the wall of shame, all over, he comes on, said i made a mistake, i will not do margin again, let me show you the vision. he helped me under the oil and gas business. he's a character. did i agree with every aspect of his character? absolutely not. did he makes mistakes? yes, a ton of mistakes. he did a lot of things he shouldn't have done, but you would e-mail him and say, what the hell are you doing, partner? oh, i screwed up, or -- >> this is a guy, jim, and michelle you know him, too, and kate kelly is on the phone. all the other stuff we talked about, he's very charismatic. a lot of people forget he does have a new company, american energy partners, 20% owner of the thunder nba team. i sat on a flight with a bunch of folks going from his new company and they loved him. so he's got a --

>> kate? >> i would agree, brian. >> whatever you think about his love of leverage on a personal front and on the corporate, or his alleged legal transgressions, and clearly some of the stuff has not been proven, he was a visionnary. he started chesapeake with tom ware basically from scratch. they had an amount of money in the tens of thousands. it was not a lot of money. he was known for having an eye for drill sites, right? for drying or leasing land that was going to prove valuable, and he built the company into an impressive place. i visited with him there in 2010, and sat down for like an hour. he was employing thousands of people, bringing business to oklahoma city. he had several restaurants. i know, michelle you've been to one or more of them, right? >> right. he had bought a big plot of land

decided there was an old gasoline situation, an eyesore on route 66. as part of redeveloping route 66, he was going to put in the nicest gas station with the greatest selection of american soda pop, and he bought an example of every single soda pop made in the united states, and lined the wall with them like a rainbow. that was the kind of thing he did. he was a wild man. when you're covering these stories, you know, he was under a lot of heat from shareholders. icahn didn't like what he was doing, and there were a lot of things wrong with chesapeake. excuse me. so i would say, i've been to ask you about these things, and his pr guys would say, no, he's not going to answer, but you would ask him and say, yeah, here's the deal, this guy is mad at me, and you're thinking does he know

he's being recorded? i would say, listen, this is on the record. and he said, i don't care, i wanted to sell the truth. he was a self-effacing wild man, given to charities, a lot of cool things. he invited me down to the university of oklahoma to do my show there, had a natural gas motorcycle, first one only, gave me a picture of it she was this swashbuckling guy, by the way, he was a finance guy. people would say he's not an oil driller, but a finance guy. >> he had an interesting mix of interests. we talked about him as an entrepreneur, he obviously founded this oil and gas company. in some ways he was an environmentalist. even orel gore would say -- he himself drop a compressed

natural gas vehicle around the headquarte headquarters. the best slots were reserved for cng vehicles. he was aproud alum news of duke university. overs the years, he was personally supportive of lacrosse players, he was very active in what he does. >> remember the money for sierra club? >> yeah. >> so the guy who was running it, said coal kills, you know, he mentioned some number, but natural gas doesn't, and then it was revealed that aubrey gave the money and that was the end of that. he was always doing stuff. you want to tell him aubrey, man, you play more close to the edge than anybody i have ever seen. >> exactly. >> i talked to my lawyer, i said, how bad, sherman? worse, bid rig, they are going

to crucify him. >> and jail was possible. >> and the financial crisis in october of 2008 he got a personal margin call. we were reminded of this when this went on with michael pearson. when this went on with michael pearson recently at valiant, right? not only was he indicted, but indicted with an unnamed company that was yet to be revealed. that's the other part of that story. one wonders what aspect that played into this entire situation, but there's another part of the story. there's an unnamed -- reportedly large company that you linked to mr. mcclendon's alleged activities between 2007 and 2012,s plus just authority the private equity fund energy and

minerals group told its investors it was season operations and any business activities with mr. mcclendon, basically comes right after that indictment. they say they have invested $3 billion in ventures with mr. mcclendon since he left chesapeake. he says the allegations won't affect their portfolios, but very serious implications. >> i don't know if you've had the -- you're a lawyer. is that person cooperating.

i reached out to chess 'peek. chesapeake energy deeply saddened by the news we've heard today, and our thoughts and prayers were to the family. that's what you would expect them to say. >> scott cohn, as jim just said, is the indictment was a very serious charge, involved under the sherman antitrust act. your thoughts on this matter? says founded chesapeake with mr. mcclendon, and the other issue here, and jack coffee is the fact that chesapeake was clearly cooperating. they said they were cooperating, but they also had said that they

had qualified for the department of justice's amnesty program, and that means in order to qualify for that, according to professor coffey, they have to be the ones who turn him in first, who basically expos the issue first, so chesapeake, the company he founded, completely now turned on him. obviously they had a falling out several years ago, but it's just a remarkable turn of events that cull minute yates with this tragic accident this morning. >> scott, it's worst noting for sure they parted ways in 2013, but also there was private litigation within the last year or so between mcclendon personally and the company, chesapeake accusing him of stealing trade secret in order to develop his new business. that was ultimate will you settled, but that was you willy. on a moore abstract note, el know there's a feeling they had to clean up a huge mess there

were minimal agreements with their partners that were almost unaffordable, so there's been a lot of wood to chop at chesapeake in terms of how he operated the company. >> and they probably had to do this clear le cannot have felt good about chess 'peek, but for the company, there's a great of the responsibility they have if they feel there's this type of conduct, and it seems that they did that.

the business still has very much a family kind of atmosphere, when you talk to bangers in houston, drillers -- >> no, no, doug lawler wasn't a fan. they had a big falling out. >> agreed, but -- >> he went into big in nat gas. no one believed it was in utica, except for the rockefeller company. jim bo, i'm going all in. >> but jim? >> he was a wagerer. he was a bettor, and he bet wrong. >> to kate's point, did he then make a lot of enemies where he was a target when he was indi indicted? >> he had a million friends and a million enemies.

he lived large. he lived large. >> hey, jim -- >> he had guys who hated him. >> scott, hold on a second. apparently we have new video that's just been fed in. taking away the car. >> that's a 2013 chevy tahoe that mr. mcclendon was driving. >> listen, this is where you're going to say in the stuff. a shoutout to oklahoma city. i mean, aubrey mcclendon i think, for whatever you thought of him as a business person, he did a lot. michelle, you mentioned this

earlier. oklahoma city has struggling, devin, chesapeake, sandridge, a lot of these companies in oklahoma have been hit harder than any in texas, and i think that oklahoma city, and he owned 20% of the oklahoma city thunder, he still does, but i think that oklahoma city lost a favored son. even if you didn't like him, the guy did a lot for that city. >> sue, do you have more news? >> he would say, it costs $3 for a bottle of milk. think about the three bucks at that point for oil? how many things it has to go through and why oil was there for a wronged fuel, that it's much cheaper , i want you to understand our business, and he

went to the utica shale, look at the jobs we're creating? look at this, you can't get in a hotel rook. he's got the largest wine collection, doing side deals going on, i mean, if you said you liked aubrey there were ten guys who hated you. they would just hate you. you know who you're defending? you realize, look, there's two sides to every story, and there's kind of a gentle soulful guy. >> and one of the most well -- he may not be a household name, but one of the most connected. but the board of duke is a heavy hitter list. tim cook, adam silver, steve palucca, there's a dormitory of mcclendon hall. >> i believe there are gargoyles

in the shapes of their faces at duke. >> guys, we now have a statement from american energy limited partners. they say -- it is with deep sads in that aelp confirms that earlier today its founder aubrey k. mcclendon died in a car accident on midwest boulevard in oklahoma city. his tremendous leadership, vision and passion for the industry had an impact on the community, the country and the world. we are tremendously proud of his legacy, and will continue to work hard to live up to the unmatched standards he set for excellence and integrity. please join us in expressing our condolences to his family. that we got just a few moments ago from aelp. >> sue, thank you very much. we conclude with this shockic turn in the story, the life and death now of aubrey mcclendon. just yesterday indiana dieted on antitruth charges and today dead

in a single-car carl on a highway in oklahoma city. we're going to wrap it up for "power lunch" and turn over our continuing coverage to bill and sue at the stock exchange. bill and sue, join us bill and kelly, i'm sorry. >> thank you very much. you're watching "closing bell", we're down here at post 9. we will get to our normal coverage of the day on wall street with the dow up eight points right now, but we want to continue this exploration of the shocking death of aubrey mcclendon. jim cramer is still with us. you're having more time to reflect on this. you know, the personal thing is just incredible to think about, but the impact this will have on the industry that he was a big proponent of. >> in the end i think a lot of people felt he was one of these

guys where he took done too much debt. i think there's always going to be a play where he believed that natural gas was the clean bridge fuel. he did -- was very aggressive in different shales, was a visionary, but i don't want to put too much -- this is an industry on the ropes because of too much success. the lowest cost. no one believed him. it is the lowest cost in the country. he had tremendous, tremendous ideas about what our country was going to do to be energy independent. he loved that. he was always telling me we're this close to having natural gas vehicles, the f150 or natural gatt. he had the natural gas motorcycle. he had a tremendous vehicles, and he was too right. he said ten years ago he told me we have more natural gas in this country than in the middle east. i'm like, yeah, you're really very funny, aubrey.

he was dead right. maybe we're number two, or number one, but i'm shook, when i e-mailed him last night, imc'mon, he'll come on, because he's never afraid of telling the truth. he'll say listen, i don't think they're right or here's what i did, but it's hard to speak of him in the past tense. it's like -- as my executive producer said, has he come back? i said, no, i don't know what the deal is, this is not like audible aubrey. >> each industry seems to have their face. for many -- in many ways, they oil guys are very secretive. we heard becky quick got an exclusive interview with rex tiller of exxon today. that's incredibly rare. they hide unthe ray dare. to your point, mcclendon was the

opposite. he was in the froont row of the thunder's games. >> willing to be a very tall -- >> he was pretty much the face -- >> willing to be a very tall male. >> i also think it's interesting, look, we don't k w know, whether he took his own life or the tragic accident, but at least last night with his statement, he sounded very defiant. he struck a tone of anger and resentment, and 110 years, nobody in my industry has been charged under the sherman act, he hired a lawyer from williams and connelly, which can put up an aggressive defense. it seems out of character to me to think that he would decide to take some sort of tragic step. i'm not speculating either way other than to say he seems to be going down swinging in terms of the litigation.

>> this is somebody, kate and jim, on the cover of "forbes" 2010 as americas's most reckless billionaire. his media reports and board dissatisfaction had been swirling around the end of his tenure, somebody who it was reported had the company working on bankrolling trips his family or friends were taking, you know, to you islands. that kind of thing. for there to be controversy around aubrey mcclendon is nothing new. it's defined the man for years. >> did he do things that the press said were ethical -- did he break the law? i thought he was going to fight it. bid rigging is a bad crime, and they haven't gone after someone for that for 100. i thought, man, it's sherman, this is going to be a bad one, let him on and tell the story. there was also some charismatic. you know, i always sent him an

e-ma e-mail, would you get on the show and explain whether you did this or not? you kind of wanted him not to screw up, but he had a propensity to screw up. i feel bad for his family and everybody. >> there's the soda pop. there's all the soda pop. did you see them on the walls? he was so proud of this. >> i remember this story. >> he sways very proud of his comeback at american energy partners, telling that story, i remember john raymond, the partner, private equity backer, came on "squawk on the street", with faber, right, jim? talked about how much financing they raise the. he was a very proud guy, and very much engaged in this second act. >> the wrong fuel, i think he correctly understood there was a lot of natural gas.

>> i really enjoyed how he was such a proponent. he had this vision that the whole country was going to be driving natural gas cars at some point, never moved as fast as he wanted to, but that gas -- >> and he was anti-coal. that was the most self-interested, but also coal is bad. there were always two sides. i remember when it was mortifying that he lost all the shares in that margin call. i said if you come on, you have got to tell people do not margin. i want you to look in the camera and say do not go on margin. so he comes in and say i've got something to say before we start. do not use margin. you know, that's him. he comes on and admits it. we go to the university of oklahoma. when he riding high, there's nobody like him. jim, i want to teach you about wine.

he was a wine expert. it was like, i don't really like red wine. he's like -- he always had something to teach you. he was always a guy who had an edge and an angle, but there was a delight to him that you -- he was rogue-ish. he was roguish about his views. i now they were times when i want to myself just don't put him on, but he was too big to not put on. >> i will say this, though. there were signs he was on a reel. i did some stories how he was looking for new financing, having some trouble. i believe hess was putting together a -- and ended up with a public offering, but he lost an underwriter in the process. there was in litigation with chesapeake. he really hadn't done any media in a long time. i think he felt started. so there were clears of

struggles. there were rumors of tension between him and hi private equity partners, so it was definitely a tough choopt, as for many in the business, but particularly for him, and the fact he had had a reversal of reputation, if not fortune. >> i was surprised how it was his success and the success of the industry that brought down the price of natural gas so much. he of all people should have known that when you start producing that much -- >> i remember he told me there's an area in the country, you've got to guess, and it was ohio. and no one knew. he knew. he knew it was ohio. all right. we are going to leave it there. i know we'll have much more coverage. bill and kelly are picking it up. it's a did you have day, and for his family, a man. >> a rockefeller of his time.

>> good job. we have about 40 minutes left in the trading session. it's nots been a very volatile day on wall street. the dow up just 11 points. we have a lot to get to before the close of trade, but kelly and i will be back with more on this shocking death of aubrey mcclendon as we continue after this. woman: is that a newspaper?

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if you are looking for ways to save energy, your first step is to call pg&e. together, we're building a better california. kelly, you kind of set the stage there. it was a single-vehicle accident. it happened a bit after 9:00 a.m. this morning. there is a lot of specs lace about what happens, no witnesses. response vehicles were there in a matter of moments, according to the police information officer who spoke arier at a news conference. one wonders whether or not that

was the computer on board the car. some cars have those s.o.s. features and they notify police departments and emergency vehicles whenever there is an issue. we don't know hot they became informed. it was on a quiet road, basically under an overpass, you can see there the vehicle was completely burned out. they don't have any information from the vehicle's computers yet, another police sergeant packo baldoramma did say there earp no signs of skidmarks. he veered off the double line, apparently at a high rate of spice, that's what we know right now. we have a statement from t. boone pickens and he says, quote, i've known aubrey mcclendon no fearly 25 years. he was character mattic and a true american entrepreneur.

no individual is without flaws, bus his impact on american energy will be longlasting. that just came out moments away from t boone pickens. we also reached out to the energy and mineral group from a comment about the fact they wrote a letters to their investors, or told their investors to cease any and all business activities. that's a quote with aubrey mcclendon the former ceo of kreismt apiece because of this federal indictment on bid rigging, which if proven would been a violation of the sherman antitrust act. it has serious implications, if proven for the energy industry. emg has invested $3 billion with him since he left chesapeake. they say that have serious

implications for the energy industry? keep in mind the years that this indictment covered was 2007 to 2012. there is an unnamed company that is also involved in this indictment, and they were indicted on the allegation that they were going to rig the price of oil and gas leases in oklahoma. as we've pointed out, that is an allegation that mcclendon vehemently denied. he said the charge filed against him was wrong and unprecedented. he said, quote, all my life i've worked to create jobs and provide bundened -- he's proud of his track record, he said and he'll fight to prove his innocence to clear hi name? kelly and bill? >> all right, sue, thank you very much. let's talk more about this? on the phone with us is neil dingman an energy analyst at

suntrust robinson humphrey. we're all trying to get over the shock, but you think about it, just the series of event that have taken place in the last 24 to 36 hours have just been breathtaking, as we contemplate the end of aubrey mcclendon's life here. your reaction? >> shock is the first thing that comes to mind and some things that jim and your guys westbound saying. i would say, you've got to give him the credit aubrey and his team really led the u.s. energy land rush in the eight '80s, when he founded chesapeake and took it public in the early '90s. you almost have to give aubrey mcclendon credit for both of

those. what would be the implications of that for the industry? >> you know, i think they would have to go back for obviously a lot of these bids through the state departments, and try to look if there's anything connected? >> i think the chance of that to me would appear to be relatively low, but again, i think they just have -- you know, you wonder if there's a next pioneer to define the next ute that. jim cramer talks about the utica. there ooze pioneer, whether it's in the u.s. or canada or somewhere?

we certainly now have lost one of the pioneers that had the foresight to do that. >> this was the day in which you're following chesapeake shares, watching the debt, seeing how the company was reacting to hess headlines way before we got word of this, neil, you know, as check apick -- how do you see them moving forward? >> you know, at least it sounds like there's little connection there, i think aubrey had distanced himself, obviously from being removed from ceo, so i think doug lawler and the team there, certainly they have gone a bit of a different past, and seem to be cleaning up some things that were left. >> how eye sneak was chesapeake. we talk about how much debt was the economy, the leverage, the different ways in which they were getting in trouble.

to go go out and eye acreage, certainly you didn't have any production whereby to finance that, so he had to come up with creative ways. he certainly did that. >> if you're just joining us, we're talking about the death -- shocking death that occurred this morning of aubrey mcclendon, the former ceo, cofounder of chesapeake energy, who died in the single-car crash this morning around 9:00 a.m. local time outside of oklahoma city. neil, i just wonder, it's way

too early, we're sitting here thinking about this man and all his accomplishments, but yet now we had this at the end of his life, the shocking indictment, this serious indictment. what do you think his legacy will end up being here? >> you know, i think the comments you read from boone were probably more what people will remember. again, obviously, bill, it is a shock to hear something like this, but again i think anybody in our energy industry, you know, whether you liked aubrey or not, you have to give him credit for what he established, what he's ability to show in the business. i think a lot of industry folks like myself certainly have a ton of gratitude towards him. >> i think about steve jobs and the impact he had there and the way he was described as a visionary and genius, but also a flawed human being. i'm hearing that today as well, neal. >> exactly. i think that's probably a good

analogy. there are rules out there already set in place, one that jim didn't mention, where aubrey made a start, the forced pooling, for example, where you can buy small track and force everybody, and really get a start by doing things like that that were creative that hadn't been done prior to him. >> neal, thanks. neal dingman from suntrust robinson humphrey. back to sue herera. >> we reached out to the doj, and they just gave us this statement, quote -- the department of justice is saddened to hear about the death of aubrey mcclendon. we offer our condolences to his family and loved once, end quote. this about 24 hours after they served that indictment on mr. mcclendon, charging violations of the she wering, which if proich, the maximum, he

vehemently denied 1r50i89ing that act. >> ken langone certainly shared his frustrations as well, sue. we will have more clearly on the shocking death when kelly and i come back after this.

we're looking at his legacy across the shale industry. joining us is an analyst at sterne agee, year reaction here? and what are your dealings with the man? >> i had been out to their headquarters in oklahoma city and med with him there and in conferences. he was certainly a larger than life personal, a very persuasive person. a deal maker. he was able to drive that, that growth vision that the company had, which allowed it to grow, though the complexity he attached u89ly proved it was a doomed strategy. i think that let to his departure from the firm. >> what impact -- if there had been no utica, if there had been no, you know, aubrey mcclendon

pounding the table for this, where would we be in the energy industry, do you think? >> well, he certainly was, as aggressive and as bold a wildcatter as there was in the industry, but we shouldn't say he was the only one kind of doing the work. but, you know, in essence what he did is the problem i have spot prices for natural gas at 17-year lows today, and he and the other explore action companies proved ultimately too good. there's so much gas that has been discovered and unlocked that it's created a price problem, and that -- everyone's talking about oil these days, but natural gas is causing a lot of distress among a lot of large companies. >> if anything oil seem to be following the same pattern. i just wonder again going back to the point about what happened with the injures department's indictment, what would be the impact on the industry if the charges proved true? >> i think it's hard to

extrapolate a broad conclusion. you have to really go situation by situation, you know, chesapeake did settle with the state of michigan last april, regards allegations on bid rigging there? i think it's hard to find a broad interpretation, and i would note that generally speak, the land grab phase of the u.s. shale growth era is largely behind us, you know? it's possible, but largely unlikely we'll unlock one of these shale places going forward. >> what happens to natural gas, do you think? >> ultimately, you know, this is not eventful for the price of natural gas. we need a very, very hot summer and a very, very cold winter to get gas inventories back to equilibrium.

the outlook is very challenged. >> what do you think -- >> i think his charisma in the industry, the he was ability to push and get deals done, and what sort of helped the company in growth mode was he would make these massive acquisitions of leases, then would be able to find a partner, mostly a large international partner, to help kind of defray the costs of future drilling. that technique was good as long as gas prices were high. >> do you think that was what was at play, that there was a need for bid rigging at a time when maybe the industry had been too successful and they were starting to sense the end of the boom at that time? put that in context for us, if

you would. >> i certainly can't speak with any kind of inside knowledge, but i think this may have been just been an instance where you have a cup 8 operators that are already intimately involved in operations a.ened in other areas, perhaps he recognized that they were competing with each other. it's really hard to speak with certainly about what might have been driving these allegations that came out yesterday. >> it wouldn't be the first industry where there have been charges of trying to avoid -- whether in some cases for talent and perhaps for acreage. as our previous guest said it was the eagleford and utica that he almost discovered. when people are writing the story, they're going to focus a lot on that. and on his impact across oklahoma city. look, he brought the basketball team, he brought the seattle supersonics to oklahoma, and his

restaurants were all over oklahoma city. you know, he really was the guy. i just wonder from your experience as well, what kind of void that leaves? >> he certainly had a vision for oklahoma city. if you were ever on that campus, the initiatives he took to allow oklahoma city to compete with dallas and houston for young talent is very impressive. but on the flip side, it's important to think about what that did to the company's ability to generate strong returns on capital and to achieve the financial metrics that a lot of investors wanted to see, so it was a double-edged sword, in that he benefited the community, but perhaps a leaner organization with electric complexity may have done better for chesapeake investors. >> who fills that void, though, now in the industry? >> clearly his role had changed the last four years especially

after he left chesapeake p. >> a lot of large well capitalized company that are still andively engaged while the majors have been hesitant, there's companies like noble energy that are kind of exploration junkies at heart, that continue to test concepts, even large pioneer natural resources, they're known as the alpha dogs in the permian basin, but they remain active explorers. i think the dna that these management teams have will always sort of drive them to try to sniff out the next resource play they can develop. >> by the way, tim, we mentioned he left chesapeake a couple years ago. what was your most recent experience? did he seemed to be in the middle of the industry or not? >> i saw him on 57th street in new york, as many people often

did in midtown, walking very rapidly in a suit with a bri briefcase overflowing with papers. he was likely doing some sort of fund-raising or marketing meeting with potentially investors. he was frequently spotted in new york. he always moved in fifth gear, always a very driven personality. there was an energy that he had. you can't see how that really motivated. when you hear about how hard people worked for him at chesapeake, you know, the dedication and loyalty that he sort of, you know -- he -- that people had towards him. on. >> i'll ask you the same question that i asked neal. what do you think that his legacy will be? >> he's one of the legendary wildcatters that unschlock the shale revolution. unfortunately i think what he did was positioned a company to

benefit. i think his ability to sniff out and aggressively pursue the shale plays is his legacy. >> okay. tim, thank you for joining us. tim redsman from sterne agee. our hearts go out to the family of mcclendon. we just got word of the last couple hours of his death. >> his wife katy. they three grown they should. more on that as we continue after this.

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welcome back. if you're just joining us we've been dealing roughly for the last hour our show of the shocking news of the death of aubrey mcclendon in a single-car crash outside oklahoma city. brian sullivan is back with us. we're still trying to absorb the shock of all of that and the impact on the industry, of course the day after he was indicted. >> i think when "power lunch" ended, we were chatting off camera, and the best analogy, he's kind of like the boone

pickens of gas. every industry has -- >> the face of the industry. >> exactly. >> i think -- because aubrey, first all, he's a very tall guide. he had the white hair. he stood out he walked very quickly. he was a natural proponent for natural gas as well. last year i was on a flight and happened to be sitting around the folks with mcclendon's new company. they were so bullish on him and the company as well. sort of like, we've got aubrey we're going to be final. i'm obviously paraphrasing, but this guy sort of got booted out of the company that he build, in a scandal, came right back

swinging, trying to i think from an unmichelle caruso-cabrera and i chatted about this a bit in the previous hour, this was also a face of oklahoma city. not just with the thunder, but a guy says we're oklahoma city, we're not taking a backseat to anybody. we can do this, opening up restaurants, bringing the thunder there, and oklahoma city has had a tough time. larger than life guy in the industry, and really the face of the national gas revolution. >> do you know his intentions with the new firm? we talked so much about his original vision now, about the pricing across the industry, of course, and the number of players, very different case. i wonder what the next chapter will be. >> i know they had some money, capital, backing, some big ideas.

>> the strategy was -- i don't think he was evangelicalist, is too far or strong of a word to see, and sort the irony is because of the evangelical nature of that push, it actually hurt the industry, because people realized that they too got in, he was really a titan. >> victims of their own success. >> sully, thanks, we'll see you later. >> we have six minutes left. we'll get to some market coverage here, what has been a very quiet day. the dow up just 14 points. we'll come back with the closing countdown? just a moment. ct. ct. kind of like grandkids equals free tech support.

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yet very interesting development. meanwhile, volatility continues lower, the vix hovering now well below their 20 level. we're all thinking about aubrey mcclendon and the elements of that today, and the impact in the industry there, but overall in this market, what do you think is going on? a huge rally yesterday, and now a quiet day. now it's a bit about the fed. so here's your opportunities about i think evan entry point.

>> is your mike working? >> it is, yes. >> so we can hear you know. to your point, focusing on economic data that comes out, we've been a positive adp report. >> jobs number was pretty strong. >> the yield curve is starting to -- >> oil, though, continuing to be important to this market. we saw the oil rite because of this meeting. >> there is an expectations. >> a great pointivities that helped to support oil and oil helped difference it's. >> equity is up because of oil. here's your chance, folks. >> really there? >> very good. >> see you later. so we're going out here a pretty

quiet diaw day digesting yesterday's huge gains. see you tomorrow, kell. >> on the close, stotts are a little higher, the dow up 32 points, adding about seven for its part. the transports were higher, the nasdaq was up 13 points, and we'll have more on the market in just a moment, but first, let's get back to the newsdesk. let's have sue herera join us, with the very latest details of the shocking death aubrey mcclendon. >> thank you very much, kelly. mr. mcclendon died earlier this morning in a single car crash on

a country lane in oklahoma city, and here is the spokesman packo baloramma. >> he pretty much went through a well. right before colliding into the embankment. there was plenty of opportunity for him to correct or get back on the roadway, and that didn't occur. he went straight into the embankment and ultimately died from his injuries, we believe. >> the car, of course, was engulfed in flames. mr. mcclendon was 56 years old. the indictment was handed -- he was due to appear in court this morning or midmorning. keep in mind he denied it vehemently. according to the justice

department there were companies involved and the companies decided who would win the leases. the winning bidder allotting an about the to the other company. that was the allegation of bid rigging and lease rigging for oil and gas properties. he said that he did not do that, he is going to defend his reputation, he had retained an attorney for that purpose. however, earlier this morning, the private equity fund energy and minerals group told their investors they were season all operations with chesapeake energy corporation and mr. mcclendon based on the allegations of the antitrust law and the violation thereof. they say they would not do any further business with mr. mcclendon and they had invested $3 billion in ventures with mr. mcclendon since he left chesapeake. the indictment alleges that he orchestrated what they call a

quote/unquote campaign to keep bid prices down from the years 2007 to 2012. mr. mcclendon says he did not do that. he was claiming if indeed they carried through with this indictment, he would be the first gas and oil industry executive in more than 110 years to be charged under the sherman antitrust act. violations of the sherman antitrust act would carry a maximum penalties of ten years in prison, so kelly, they have confirmed that the body they recovered this morning was 56 years old former chesapeake ceo augustry mcclendon. let's get more on this, jim, you knew the man, spent time with him, knew the story, and still obviously just trying to make sense about what happened. >> about a dozen years ago, he came to me, went out to dinner and said we're going to be energy independent in this country, and i laughed, and he

said, no, you don't understand how much oil and natural gas and what we can do with technology, i need you to understand this, because i think you would be open-minded enough to believe it. we had a bunch of dinners together, and i said let's take a look, he came on the show multiple times, was dead right about everything. he did not necessarily game it correctly. he almost lost the company with a huge margin call. came on a second time when he was under heath from shareholders, was always willing to speak the truth. was he a gambler? absolutely. did i like him? i liked him very much. i thought he was a really good guy. >> i know you tried to reach out last night and didn't hear back. i said, come on the show, man, you always do. tell it like it is, like you always do, because i'm sure there's another side of the story. you know, aubrey was different.

i said, what are you doing with all this self-dealing stuff and the wine collection? c'mon, man, just man up, stop it with this stuff. he would say, there's other sides of the stories. i'm not saying anything that wasn't public, but in the end when i asked him to come on and tell people who are watching "mad money" to not use marge, he came on and said i'm the poster boy to not do that. when he went to the utica shale, he wanted to show me every kid who a a job, he was building something and no one even knew about utica. he snuck in and got a lot of leases. i remember him telling me about hainesville. he was always one step of the game, admitting he was more of a financier than an oil man. you hated him or liked imhad. i was in the latter camp. i own that. i'm proud of that, and i hope his family is doing okay. the guy had a vision. he had a lot of mistakes that he

made, he made a lot of wrong choices, but he had a vision and he was up front with us every time he was on. >> you mentioned how proud he was of the jobs he created. there were reports he would put in the newspaper the pictures he had hired just drawing taken to highlight what we are doing local, you should be excited about this areaened a the prospects, and his attention to detail and other matters. looking at the peanuts in his restaurants and all different stories. i just wonder to your point a moment ago good, what was his next chapter intended to be with the new firm? >> he was worried about this one. he was on the wrong side of this trade. he kind of knew it. it was hard to raise money. >> i said, show me worth, will you? show he would say, this guy got 1500 per and they were like dirt poor farmers that he had found oil on, and -- natural gas mostly. he thought utica had more oil

than natural gas. he got that wrong, but boy did it ever have cheap natural gas. he was always trying to sigh look at the jobs we're creating, natural gas, cleaner fuel than coal. in return he would admit he did things wrong, and he would say stuff -- like his lawyer is dying, but he really didn't have handlers. he just told it like it was, and sometimes he was dead wrong, and sometimes he was dead right, but with this show, he was always honest. that's what i liked about him. >> changed the country. >> i am missing him. >> thank you for joining us, jim. i know you'll have more on "mad money." we'll have more on this story in just a few minutes. other news of the day, we're looking at the privacy versus security fight. taking center stage at the security conference out in san francisco, or eamon javers is

there. he's joined by the defense secretary ash carter in a tv exclusive here. eamon? >> thanks very much. i am here in san francisco. we're at the rsa cybersecurity conference. i'm joined by the secretary of defense. thank you for being here. >> thanks for having me. what is that board and what are you hoping to learn from the executives here on the west coast? >> it's a brand-new mechanism to advise my on how the department of defense can better connect to america's great innovative community. the reason to do that is our military, the finest fighting force in the world that's ever known today, one of my jobs is to make sure that it's that way, 10, 20, 30 years down the road. we've always had two great things. we've had our wonderful people.

they all volunteer for us, and the second is the connection to american technology. we need to keep that connection going. eric is going to help me think about and implements ways of do that. i'm grateful to him. he's one of the great american innovative minds, and he's willing to do it, willing to spend his time helping us to do what we are trying to do, which is protect the country and make a better world for our children. >> you're here in the apple/fbi fight is going on. the tension between silicon valley and washington, d.c. is probably as great as maybe it's ever been. i wonder what you're hearing in your private meetings. >> first of all, i'm not discussing that particular case, it's a law enforcement matter, not a defense matter, but to the general question of the relationship between the public sector 24 i represent and the

innovative center, i think what i'm hearing here certainly is the wickness to reach out in the other direction. and the req any that the only way that we're going to have data security of the kind that we all need and that the department of defense very much needs is in cooperation together. so i'm trying to build bridges between washington and silicon valley. >> is there a lack of truth? it seems like there's a deep sense of suspicion, possibly. >> it's mixed. some are not familiar with the -- and that's simply being here and connecting them to us and our mission, but what i find is that people who are out here at this conference, and part of the tech sector, they're doing what they're doing for a reason.

that is that they want to do something that matters, that has consequences, that makes a difference. when you familiarize themselves with the mission of national security. my experience is that overwhelmingly, they recognize that's an important thing to do. they like to make a contribution. they recognize that technology is a critical part. we just need to show them a way that we can cooperate. >> one of the ways, you and pentagon officials talking about offensive side of war against isis in syria and iraq. i know you can't talk a lot about the details of what it looks like, but can you give us a picture of what does that mean? >> okay. remember this is in a theater of war against isil, which we're combatting and going to defeat.

it's always been part of you attack command and control, maybe a bomb, maybe you send radio frequency jamming radars and so forth. in the cyber age, their ability to command their forces, ability to repress these pope laze on the territory think occupant? you can undermight be that via cyber. we are doing that in the theater of war. >> where do you draw that line between the theater of war and the overall internet. in you're conducting operations there, would that spill over to facebook posts or -- >> we're very careful how with do this. >> we do that in bombing campaigns, but isil hag to be

defeat defeated. >> to find out where the cyber-vulnerability are. this is something that a lot of companies do. it's a way of essentially getting the white hat community to help you protect yourself against the black hat community by telling you where you're vulnerable. a lot of companies do that. s in defense defense a best practice that i might boffo to our advantage?

one thing they'll get is is they'll get a reward for having hacked the pentagon. i think that's why most people are doing it. they want to help us, and they think it would be a very conspicuous achievement. generation or more ago, one of your predecessors said what's good to america is good for general motors. that was in a very different era. today we have multinational. >> can you say that same thing today about our most powerful and important company today, apple? is what's good for america also good for apple today? >> in general, the companies represented here at this meeting

benefit from things that the united states and united states only has provide d the other is the wonderful innovative environment. but also the environment of freedom and security. if you look around the world and say where else that can be provided? yes, they're all multinational companies. we have competent security institutions, our depend of defense is wonderful at protecting our people and protecting a lot of friends and allies around the world. most of the people recognize it takes a climate of stability in which to operate a global business. that's the environment to provide. by the way, i guess in the old days ford used to sell cars

overseas, and that's good. it's good for the united states. our job is to protect the environment in which after of that can occur. >> thank you for joining us. >> thanks for having me. back over to you, kelly. mr. secretary, thank you. and we'll have more details on aubrey mcclendon's death. we're back in two.

an we've been reporting, a sing of-car accident p. aubrey mcclendon has died. >> one days after he was -- and lease rigs, allegations that he vehemently denied, and he vowed to basically fight those charges he was 56 years old. the police department in oklahoma city, pauko baldoramma saying he basically went into a wall. they'll be analyzing the computer data from that particular vehicle. there were no witnesses, though

there were first responders on the scene very quickly, so one of the questions is, did someone call in that accident? or did the car's computer notify first responders about that? we've been talking about reaction coming in, and here's a statement from t. boone pickens who said -- i've known aubrey mcclendon no nearly 25 years. he was a major player in leading the stunning energy renaissance, he was charismatic, a true entrepreneur. no individual is without flaws, but his impact on american energy will be longlasting. the department of justice -- and incidentally mr. mcclnden was due to appear in court later this afternoon on the indinlts. the department of justice -- we offer our condolences to his

family and loved ones. he leaves behind a wife and two grown daughters. in addition to that aelp says they confirmed that earlier today their founder died in an accident. his industry leadership, vision and passion for the industry had an impact on the community, the country and the world. we are tremendously proud of his legacy and will continue to work hard for the unmatched standards he set. kell deeply mourn his lost, please join us in expressing condolences to his family. he was a wildcatter certainly, one of the first to go owl and buy wholesale parcels of land through the united states and had to do that through very creative financing. that really reshaped the industry and the shale industry in particular.

chesapeake is deeply saddened and our thoughts and prayer are with the family during this difficult time. here with he at post 9, mike san tolli, look with stephanie. i haven't had a chance to hear your thoughts yet. >> obviously an unfortunately unfortunate turn, but this is kind of how these booms and busts get mirrored. his personal, that's always the person that's always lead ago commodity boom. the way you lead is you go all in. you best the most boldly of anybody doing it, because commodities are commodities. you don't have a better mousetrap, you just play bigger, harder and longer. when you have the bust phase, everyone examines the excesses and you go back and see where lines were crossed or not, and then you have the justice department cases really a sad turn, when you had this one

person who was the face of this entire phase of economic development, really. >> you may agree with his strategy or not, but he certainly was this visionary. he was talking about shale fracking before we even know what those words were. he really understood the industry and he went all in. he was a capitalist. that was his personal. the in editor of the newspaper there. adam, what else have you guys learned at this hour? >> well, we're trying to -- we're following the story, looking at the reaction in the community. aubrey mcclendon was very

involved in the community, about you created and led two companies in oklahoma city, chesapeake and american energy partners, also a very large contributor to united way, has his company's names on the arena in downtown oklahoma city, on the riverwalk, and has been very much involved in community projects and companies throughout oklahoma city. so there's a lot of reaction today from civic leaders and community lead eers very sad to hear of the news today. >> some analysts were displeased, and oklahoma still was transformative.

there's a lot of questions being asked about what the other company that is unnamed in the indictment so star, does it seem as if the business itself is really back on its heels or not? >> well, the energy industry is very much down right now. commodity prices have fakeded all the energy companies chesapeake has a new leadership team. have moved on and have ground and focused quite a bit on moving to a different phase in that company's growth. mcclendon really led the land grab and growing the company under the current leadership, chesapeake is much more focused on the finances and drilling

where they were mcclending moved on to american energy partners, which has developed companies and resources throughout the united states and argentina, mexico and australia, so they have continued to grow, but yeah the low energy prices over the past year and a half have definitely had an effect on those two companies and the rest of the energy sector and the rest of the community. >> adam, any stories you can share from your interviews over the years with aubrey? >> yeah, he was always very accessible. the last few years a bit more private, but very much had been previous to that had been a resource for me and for others in the community aggressive on -- certainly his contributions in the community,

but also in just his willingness, at least in the last few years, willingness, he was involved on different boards, panels, spoke to -- you mentioned his involvement in shale development, and he was very outspoken in educating other companies, and, specific leaders on how that process worked? >> before we let you go, adam, who do you think steps into the void for oklahoma city now? >> well, there are other energy companies. as we mentioned earlier, the downturn in energy prices has had a big effect on that.

we'll have to see where those prices go. >> adam, thank you for joining us. we'll have much more on the story for you after a short break. td ameritrade, they work hard. wow, that was random. random? no. it's all about understanding patterns. like the mail guy at 3:12pm every day or jerry getting dumped every third tuesday. jerry: every third tuesday. we have pattern recognition technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. td ameritrade.

our top story, we're joined by paco balderamma. we pressured you calling in. everybody is wonders if there's

new information? >> there's new information. we were able to retrieve the black box from the vehicle that was obviously incinerated, so that should shed more light into what actually happened, how fast he was going. we have determined that he was not wearing his seat belt just prior to the collision. but still, a lot of unanswered questions. >> what time did the wreck occurred? >> 9:12 a.m. here central oklahoma city time. we had several people call in saying a vehicle had been involved in a bad wreck. mr. mcclendon was traveling northbound in a 2013 chevy tahoe when he went left of center on midwest boulevard, went off-road, and collided into a support wall off west side of the underpass. the vehicle immediately burst into flames, and obviously people called 911, we responded,

but unfortunately he was pronounced deceased at the scene. >> paco, can you walk you the timeline, what things to expect? >> sure, stephanie, basically early next week the accident record should be completed. the black box is the thing that's most helpful. surprisingly i just took a look. i'm very surprised we were able to retrieve anything from it, because it was partially melted from the heat of the vehicle. that will give us more information from the exact speed, whether he hit his brakes, things like that.

we want to be as respectful as we can to his family, and he does have a lot of people he knows, and they love him here in the oklahoma city area. >> mrs. mike santoli, obviously you haven't been ability to reconstruct everything that occurred here, but do you know if he was leaving home? was he heading back to home? is there any way to retrace exactly what brought him to that point? >> sure, mike. my understanding is that he has a farm very close to that area. so we don't know if he was leaving, going someplace else or exactly where he was going. he was traveling northbound. he was supposed to turn himself in at 11:00 a.m. here, and obviously that didn't occur, because he wrecked at 9:15. that's the timeline. we were able to determine really within an hour who the victim was, and then obviously made it a priority to notify his family

of the unfortunate events. >> was he heading out of town or into town? >> well, no, he was going towards the edmund area. oklahoma city is centrally located. edmund is north. he lives just north of oklahoma city, so i don't know where he was going, honestly. >> what can you tell us about that route, if anything? any reason -- have you had any previous experience of people speeding, losing control of a vehicle, anything like that? >> speed limit is 50 miles an hour, a two-lane road, and south of a major turnpike going into tulsa. yeah, we have accidents. it's very possible he had a medical episode just prior, and that's why he went left of center. we just don't know. unfortunately we may never know. what we do know is that we recovered the black box. we also know that speed was a

factor. we believe he was traveling well above the 50 miles per hour, and probably would have survived the crash if he would have been going a little slower or the speed limit. >> appreciate you joining us. bringing us up to speed on the latest. we'll have more for you, and we'll continue to follow the story of aubrey mcclendon's shocking death earlier this morning in oklahoma city. et and. the championship game ball? that was sebastian diaz. good guy. and all i had to do was ask for their money and pretend i was investing it. their life savings is now my lifestyle. female announcer: don't let someone else live the life you're saving for. find out if you're dealing with a registered investment professional at investor.gov. it's a great first step toward protecting your money. before you invest, investor.gov.

our top story today, a shocking death, we're now joined on the phone by john gurtis. john, do you know him? >> i do. i met him in '94, '95, about 20 years ago. >> he was 25 years old, he spend his entire life in the business. he took a business and grew it effectively into the second largest gas producer in the country. in many respects typifying american industry.

>> at what point do you remember him telling you, hey this could change the country? >> it wasn't long after their founding, really in the 2000s, and keep in mind he and his organization essentially sdoufrd the hainesville shale. so he was early with this, and not only early in the -- but also in terms of discovering additional gas resources. this is a person who was vastly curious, a very intellectual person, very driven, scienc science-centric, and in the van guard of the evolution of gas resources in this country, with

obviously essentially global implications. >> what happens to his last company he was involved with, american energy partners? >> you know, to answer the yes question, i don't know. i have not been that close to entities. obviously the industry is in tremendous financial stress, and those businesses were heavily debt capitalize. all these organizations have many capable people, but this is an incredibly unique individual, very visionary. he's very much a deep thinker about where the try and these companies were going. this is not a replaceable individual. >> john, mike san tolli here. >> of course we don't know if this is the case, but if we can suppose for a moment that

there's some truth to the justice department case here, that there were some corners cut, how crucial do you think that is for chesapeake's financial success if that were the way that business was done there? >> that's impossible. i understand the question, but it's impossible to know. there's so many subtleties, i think we all morally understand what is generally right and wrong, at least you hope so. this is a very dealing intensive industry. aubrey crew up as a land man. a land man is a deal make. actual push the nfl, but i would not suggest -- the -- whether it was pushed on the margin or not,

it still would have been you can'tly the sect larger gas producer in the industry. >> and after he was able to identify the opportunity and go after it, of course then everybody else followed suit. john, what do you think the next chapter was? what do you think he intended with his new firm? >> he was looking at argentina. he was looking at things in south africa. there were a number of places globally that have prospectivity for gas shale resource. so they were starting to look internationally at potential nodes of opportunity. that's an element of it, and obviously continue to evolve in the u.s. the prosecution of shale development and its newers entities, but i think what was a recent vision was starting to

look at international domiciles as well. john, thank you for calling in. up next we'll have more details on the former chesapeake energy's exec. "closing bell" is back in two. we were born 100 years ago into a new american century. born with a hunger to fly and a passion to build something better. and what an amazing time it's been, decade after decade of innovation, inspiration and wonder. so, we say thank you america for a century of trust, for the privilege of flying higher and higher, together. ♪

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welcome back. our top story of the day, aubrey mcclendon, you just heard analysts speaking of him calling him someone who really can't be replaced. he changed the world, and in so doing, radically changed the landscape of oklahoma city. eric joins us with more details. >> obviously the last guest talked about how he was a deal maker and sometimes he would push things a little far, that was very similar to his approach with the co-owners of the oklahoma city thunder. they were the seattle super sonics at first and there was controversy about moving them. publicly they want they weren't going to do it, and mcclendon eventually got fined, because he started commenting saying we didn't buy the team just to keep them in seattle. you'll remember a lot of corporate celebrities like howard shultz, he was the owner, a starbucks owner, sold it to

the group, because he thought they were going to keep them in seattle. they were able to move the team and that's gotten the city a lot of attention actually because of the value and good play of the thunder. >> eric, they also have to continue i think paying to put chesapeake's name on that stadium. >> chesapeake -- no, you're right. it's a tricky deal there. because tom ward was the cofounder of chesapeake, and he also bought the team with mcclendon, but ward is not partnership of the ownership group anymore, so there was a lot of dealings, and it went back and forth, but chesapeake is the naming sponsor of oklahoma city's building. we don't know what happens to that and we don't know what happens to his ownership sake. the thunder said they would send out a statement later today. >> but as you said, he owns about 20% of the team? >> clay bennett is the primary

owner. mcclendon was the second tier. there were about eight total owners all involved in this partnership. >> just a capstone in some ways to the way the oklahoma city change grew, and flourished before his very success brought those prices crashing back down. thank you a lot, eric. we'll have more when we come right back. this just got interesting. so why pause to take a pill? and why stop to find a bathroom? cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess.

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welcome back. carl icahn releasing a statement on aubrey mcclendon. icahn with involvement in chesapeake. seema mody has more. seema? >> that's right. carl icahn, the biggest shareholder in chesapeake energy and we've been following the reaction to aubrey mcclendon's death from individuals in the energy space and activist investor carl icahn tweeting out aubrey mcclendon was one of the brightest men i've ever dealt with. i've personally always found him to be a gentleman in our interactions. carl icahn calls to say i'm saddened to have heard the news and as i said, kelly, icahn associates holds an 11% stake in chesapeake and, of course, they have an active investor in that stock. back to you, kelly. >> all right.

seema, thank you. you know, we're just asking again about -- a couple of things. chesapeake the company itself obviously but, again, his involvement with that ended a couple of years ago. chesapeake has put out a statement as well today but pretty much, you know, that kind of says all you need to hear from the company on that front. >> without a doubt. >> what's interesting about icahn. he's one of the guys, it's all business, right? this is not about i think you're a bad person, i'm going to attack your can. i think you're a bad allocator if you have issues with how you manage it. >> and i think it's interesting that everyone can acknowledge this guy's instrumental role in basically creating an industry even though he seems to have kind of overstepped, got himself into some financial trouble and other kinds of trouble as well along the way. >> remember when the icahn news hit, we were all so surprised because chesapeake stock was in a free fall at the time so we thought, okay, maybe icahn is seeing something we don't. clearly he was putting his money with mcclendon with the team and assets that he built. maybe it was or wasn't with

mcclendon but it was the assets he felt that were very valuable that mcclendon was really very responsible for having and putting into the company. >> all right. we're going to wrap up the day on wall street. have a little bit more energy news for you too, when we come right back. ...earned you miles to get to the places you really want to go. with the united mileageplus explorer card, you'll get a free checked bag, two united club passes, priority boarding, and 30,000 bonus miles. everything you need for an unforgettable vacation. the united mileageplus explorer card. imagine where it will take you.

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cnbc. welcome back. just talking about fracking gas, the impact that's had. oil fracking, that's the story. multiple energy companies slashing their dividends lately. sliding oil prices biting into profits. becky quick sat down with rex tillerson of exxon mobil and asked about the future of his dividends. >> when we make decisions about the financial structure of our company, the divestants programs, we're really thinking about 20, 30 years out and we're thinking about the long-term shareholders and we know the dividend is extremely important to them. the dividend is safe. we have, again, as part of what we feel is the obligation to our shareholders. >> and you're going to hear that, guys, from the exxons and chevrons of the world. what kind of impact, as much as other companies have said that, bhp had said basically i'm going to slash the dividend over my dead body and then did, so how much -- why is it so important, mike. what would be the impact on the stocks if he couldn't honor it. >> as it comes to exxon,

tremendously heavily owned stock among individual investors. this is not really a stock that hedge funds and many actively managed mutual funds own so clearly they own it for the dividend. by the way, the market has been telling you exxon was the last of the majors that you had to worry about. its yield is 3.5% and chevron 5% and for conoco phillips to cut its dividend, close to 8%, so the market kind of figures out who can sustain a dividend at these levels and who can't. exxon with its credit rating sold $12 million in debt in a blink just last week. obviously it has the capacity to pull levers and do it. i think this price in oil in what we've seen the last year, year and a half, dividend cuts, buyback suspensions, capital rayss, exotic capital raises coming a mile a minute. >> 12 billion or so the last week so i think the companies are getting a pass. if you notice for a day, the companies that come to the equity market, stocks are down 4 has, 5%, 6% and then they rally because the balance sheets are there for stronger, right? so if exxon and chevron, the two

real behemoths, if they have to cut, that tells you how bad things really are, but i think this will get a pass after the initial shock. >> catch becky's entire interview with rex tillserson tomorrow morning at 6:00 a.m. not one you want to miss, talking to rex tillerson. meantime, mike, everybody is still trying to track the oil price stock market correlation today. >> yeah, it actually, you know, was wavering around the flat line on both of those things and it's loosened up a little bit. a few bucs off the low a little less tenuous but actually overall today was kind of a sneaky strong day. you close near the highs. you would have expected the market to just kind of sleep off yesterday's party a little bit more, but below the surface, more stocks up than down. i do think people still feel like they are positioned very defensively. by the way, heavily shorted stocks were screaming higher, hunting the bears today. >> i think the economic data this week has been pretty okay. i mean, the ism and auto sales,

construction spending, adp, i mean, auto sales to me was the biggest shock honestly because everybody has been talking about it peaking and it's stayed pretty strong so people feeling a little bit better, not rushing out and getting really aggressive and seeing the rotation in industrial sectors and energy because industrials are getting better, no worse. >> just tactically speaking, makes sense for the market to get up to the threshold level, 2000 on the s&p or the upper end of the range before the big jobs report. >> brings us right to that big report. you know. there's a lot at stake, mike. let's just say there's a disappointment what happens. >> an undershoot on a number of jobs. >> i actually think that might be okay if we're still above 100,000 or so. massive undershoot i think you have to start asking questions if that one key component of the recovery, the labor market is in trouble. the treasury market, by the way. >> doing okay.

>> well, they are kind of preparing for a strong number and for the fed to be back in play, right? >> watch the wage number. that's going to be very important. >> stephanie link, michael santolli, appreciate it. that does for us on "closing bell." "fast money" begins right now. "fast money" does start right. live from the nasdaq market site overlooking new york city's times square i'm melissa lee. traders are peter najarian, steve grasso, brian kelly and guy adami. doesn't a big bubble just burst on the market but it shouldn't scare you just yet because one strategist says that very thing could spell big gains for stocks. we'll explain. plus, from first to worst, the best performing stock in the s&p is now officially in bear market territory. what that is and whether traders are betting on a turnaround. but, first, we start with a breaking news on former chesapeake energy ceo aubrey mcclendon and let's get straight to sue herera with the very latest on this developing story, sue? >> an accident happened earlier this morning about a