and was terribly uncomfortable with it. then at the end basically -- abruptly said we're done, thank you very much. >> long way to go. >> thank you so much, we'll check back with you for the rest of the afternoon and indeed for much of the rest of this week. >> "closing bell" is up next. >> what an afternoon it has been. we're here at the new york stock change. >> that is remarkable. i'll bill griffeth, a smaller iphone and smaller ipod pro and a robot named liam. we'll be live in couper teen no with the latest from the apple event. >> and the shake-up over at val ya valeant, the ceo and why it reminds mike santoli of tyco.

>> what a day they are having with the latest from the president's visit in havana. we have a billionaire hospitality mogul to discuss whether he is eyeing that country as a place to expand. i hope he saw the news conference with raul castro a short time ago. >> speaking of news conferences, breaking news out of washington. donald trump is holding one of his own. let's have a listen. >> certainly should be careful with third party stuff. if trump gets it we'll start a third party. a third party means the democrats will win, almost certainly. you can't be that spiteful. you can't be that spiteful. you'll destroy the country. third party would destroy the country. i'm going to be -- i've already shown it to a lot of people and a lot of people -- like a little bit worried about which judges. i want a very -- we're going to have a conservative, very good group of judges. i'm going to submit a list of

justices -- potential justices of the united states supreme court that i will appoint from the list. i won't go beyond that list. and i'm going to let people know. some people say maybe i'll appoint a liberal judge. i'm not appointing a liberal judge i'll have a list of ten. heritage foundation and others are working on it already. with some thoughts of mine, i've already named a couple of them that i think would be -- probably between 7 and 10 judges that will meet the highest standards. from that list we'll pick supreme court judges and i make that pledge. i want people to understand, that is the single biggest problem -- it would be terrible losing the election because the country is going in the wrong direction. but if the new president is a democrat and picks very liberal people, this country is in big,

big trouble. >> tom, go ahead. b [ inaudible ] >> you have to see what happens. i think i'll get the votes first of all. we'll see what happens, maybe i won't. >> it's a professional team, i'll give you names later but top of the line team. i think we will win without that and everybody says if he gets the votes, he gets the votes, i think we'll do well and have a big night in arizona. and we'll see and it's a lot of votes, just like i said we're going to win florida. a lot of people said, how do you beat the face of the republican party? don't forget, i watch your show and you did a show on rubio. you did a show four or five months ago and he's the future of the republican party, he's the face. trump went against the face --

and 20 points -- 67 counties, i won 66, which is unprecedented never happened before. i think we'll do well in arizona. i hope to do well in wisconsin. and i hope to do well in a lot of other places but i think we should be able to put it away. [ inaudible ] >> let me just tell you, i rent a stadium or whatever, we had 21,000 people near phoenix, we had 6,000 people in tucson over the weekend. and both in the same day, both with short notice, 21,000 people. these are professionalage taters, they put up signs using

the f bomb and all sorts of words that are horrible. these are not good people. the people that are supporters are unbelievably good people. the incident that took place in tucson with the gentleman who i understand was in the air force, i hear he had a fine record in the air force -- a certain finger on a hand, he was talked to horribly and also looking at somebody -- ku klux klan and happened to be african-american, the person who was a supporter. and it was a shame what happened but you know what, he saw a member of the ku klux klan and you people don't write that. it's interesting, it's interesting because at the beginning of the news cycle, early in the morning, they showed the ku klux klan guy walking up -- didn't see that

anymore, i just saw the man hitting and i said, isn't that a shame, they took it out of the cycle, which you did it -- it's terrible. this is an african-american man who is a supporter who has a great family and he has had enough. i'll be honest with you, in this country -- this country have had -- where we're losing our jobs, they've had enough where we're losing all of our trade. you look at these trade deals that they have. they have enough where the military can't beat isis and increases in obama care where you have 35, 45 and 55% increases in obama care and deductible is so high -- people in this country are fed up. okay, mark, go ahead. [ inaudible ] >> the biggest threats. you know, honestly, mark, i

don't see threats. i see people that are trying to go against you but i guess you have that in life no matter what you do, whether in politics or not. i think they are very misguided. i think the people that go against me should embrace me and i'd embrace them easily. they should embrace me because i brought millions -- you've reported on it. never been -- they have said in your circles there has never been an event like that like what we're doing through in the history of politics. i've had people that you know very well, in the history of politics. we have millions and millions of people all over the world they are talking about it and to be honest with you, mark, they should embrace it. but any don't. that wok a threat. if they don't embrace it, that's always a threat. go ahead, sara -- >> all right, we're going to exit the news conference -- i apologize for the satellite glitches there. >> two conferences with an

abrupt end in the last 20 minutes. earlier we saw the tail end of president obama speaking with raul castro in cuba. we'll have more on that story in a moment as well. >> we begin with apple's product announcement. john fortt has the latest. john? >> reporter: bill, we got price reductions on a number of existing products and we also got a couple of new products but not the kind we're used to not at the high end. start with the iphone. the iphone s-e will cost $400, that is a new entry level price for a newer iphone. this looks like the iphone 5s, a 4-inch phone, a number of people still liked that size and this will help them in some markets like china and india where people are getting their first phones and need a foothold into the ios ecosystem. what's different about this phone, the internals are more like the 6s, an a-9 chip and 12

mega pixle camera, able to shoot 4k video, all of that for $399 is an interesting entry point. there's a new ipad pro, higher end ipad with the 9.7 inch screen that we're used to as being the standard size for ipads. this is going to be $600. that's $100 more than we're used to for that size of ipad. but also, lowering the price for ipad air two down to $399. price adjustments across the board here. a few interesting details also on the apple watch. tim cook saying a third of apple watch wearers change out their bands recently so they introduced new bands, including a woven nylon band in multiple colors and more colors of sport band and leather bands. there's also a black loop, lowering the entry price of the apple watch to $299, basically everything gets 50 bucks

cheaper. also worth noting, lisa jackson, now in charge of apple's policy was on stage. a lot of large tech companies have seen criticism own a lack of diversity on stage. lack of women. lisa jackson was on stage at this apple event talking about apple's moves towards sustainability and sustainable energy and also toward projects like a new robot called liam that takes apart iphones and rescues the components of the iphone for reuse in other means. overall, question investors will have is about margins, affect on margins. i would say because apple has been making that iphone 5 for so long, they are probably able to do it at relatively low cost. also flash memory for storage has gotten a lot cheaper, wouldn't be surprised if apple is able to make the phones at an attractive margin despite the fact there's a $399 entry price instead of $649 for the iphone

6s. >> have you played with these. it seems they are repackaging existing products. it's been going on for a few years. it's incremental evolutionary movement rather than anything revolutionary? >> i've been excited to join you i've been putting off going on the demo area to get my hands on those products. as soon as i'm done talking to you, i will be in there checking it out for myself, especially interested in seeing the speed of the iphone se, how close it is to the 6s. >> thanks, john. >> i'm a little confused what this liam is all about. there to take apart an iphone, can't a human do that? >> is he a recycling rob ot. i thought lisa jackson was at the epa. >> let's take a quick check on markets, dow is up 33 points after five straight weeks of

gains from those february 11th lows, nasdaq 13 points. >> is this a story valeant pharmaceuticals making key changes at the top and some that aren't being made that they want. we'll have the latest developments and discuss whether they are the new tyco. remember that debacle. >> we'll go live to havana where president obama is making higs tri and leading u.s. executives are making business deals. you're watching cnbc first in business worldwide. you pay your car insurance

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welcome back, we have a news alert. seema? >> some thoughts on donald trump, he says he foresees a global growth scare through the end of the summer based on a

donald trump nomination. gundlach says the risk reward in the market is so bad right now because you had this easy rally perhaps referencing the recent rebound in the stock market over the past three to four weeks. lastly in regard to central bank policy, he says federal reserve officials' rhetoric flip flopped like crazy in the last several months. that's not just here in the u.s. but across the world specifically in europe. those are the thoughts from gundlach, back to you. >> he's been no fan of the fed and their policy so -- not surprising he would be criticizing, thank you, seema. >> valeant ceo mike pearson is out. hi, meg. >> the stock of valeant is up finally turning around what's been a terrible run in the last couple of weeks with the news of the shake-up at the top. big ackman and pearson on the

way out. they are asking will they start to sell assets, we look at the most recognizable brands, i'm hearing from folks, there is a lot of interest in some of the assets, the question is are the things that valeant wants to sell what people want to buy, you see soft lens and renew, under bausch and lomb. xifaxon, people questioning when we'll get news on these. who will succeed mike pearson, ackman looking for a world class health executive. these this names they are batting around, folks are saying if he would come in, that would

lend experience to the board. he used to be on the board and since left it is completely other question. brent saunders is another name a lot of people talk about. he is a protoje of hassan, a potential successor to ian reed over there. would he want to turn around valeant? maybe not. the third one, jeremy levin has since left teva and running an interesting young biotech company focused on neurology. it's a different situation there. another one is germano, a recent pfizer executive. he is somebody who just left pfizer looking for a new role. could be an interesting one folks tell me. finally, this one is a long shot, david pyott of allergan. you can imagine feeling vindicated after they sold. i got off the phone with david

and he is not interested in taking over the ceo role but is working on a book about his experiences with the valeant battle and said they keep adding chapters and chapters onto it. >> wow, he's working on a book. that tlb interesting. >> how about howard shuler, they asked him, the chief financial officer to step down from the board to resign. he refused to do that. he could be something of a disruptive force there, couldn't he? >> absolutely. already today the story seems to be howard shuller and this battle. he was the interim ceo and now they are saying there was improper conduct involved and through his lawyers he's saying there was no improper conduct, he's not stepping down from the board. this will be interesting to continue to watch. >> meg, thank you. so many elements follow here, meg tirrell and jim cramer

floating an idea earlier. >> valeant is going up because they feel there's a grown-up in charge again. i would like someone from the outside, a bill george, a great cnbc contributor who could be a monitor by the government, you don't necessarily need to have a guy come from the outside and take it over. >> former med electronics ceo bill george will give us his reaction. we'll talk about valeant with him. you won't want to miss it. >> mike santoli joins us with more to how it compares to the tyco scandal. there are striking similarities. >> there really are. this would be a relatively bullish outcome for valeant. they are floating the enron disasters but tyco to me has a lot of the same elements. it was a wall street sensation and got huge by rolling up lots

of businesses using lots of debt. you had a bold ceo, kind of a cult figure after a while who was eventually accused of aggressive accounting. then of course, you have this other element of short sellers coming in saying there was far less than meets the eye and corporate scandals come in. a lot of investigations and cfo got implicated. but they bought real businesses and spent too much, bought real businesses, they essentially were not found to have been in accounting fraud at the core. the management took money out in the form of loans. the ceo did serve prison time on this but it wasn't because the business itself was worthless. eventually ed bream came in and found value. they spun off a lot of businesses and now the remainder of tyco is merging in with johnson control. this stock went from 120 to 9

from 2001 to 2002. people thought it could have been a zero. valeant could be a zero. but i think it's helpful to think about how these things could be in parallel. >> makes the ceo selection if the anl gi holds all the more important. let's bring in herb green dszberg, cnbc aamigo, if they cn find someone in the ceo spot and who should that person be? >> i don't know who it could or should be. i thought that report by mike was really great. i will say a big difference between the two companies, tyco had big entities to sell, this is a bunch of different drugs and it's very interesting, i was going back in my archives and one of my short seller friends told me back in august of 2014, valeant is another tyco.

people were talking about it going back that far that there were similarities and you know, phase two of tyco was when they started splitting the thing off. with the drugs you have to wonder, i know people are out there wanting to buy, value in the assets, but now this whole pharmaceutical buy to hike the price of the drug strategy, it's kind of broken, valeant has told you that. somebody buys these drugs, what's going to happen with the pricing, there's a lot that has to go into that. >> to herb's point, what is it going to be worth to somebody else. the fact that valeant paid a price and put the premise that it could radically increase prices so therefore if you have to go back to lower prices, maybe not as not value as assigned to it and the debt that needs to be serviced. >> are they looking for a turnaround artist or demolition expert, somebody to break it up to find nuggets of value

somewhere in here, do you think? >> when they are talking about -- >> i'm sorry. >> go ahead, herb. >> it's not so much nug gets, there's general value. >> there are real businesses there. it's much more about some ceo who comes in there with fresh books and who can say if we were doing things wrong, let's get it out there. it's not about trying to defend the past business model on the past accounting. >> herb? >> you're getting -- that takes so much to unwind. bill george will not take this job. he's too smart for that. he's got other things to do with his life. i will tell you something, i think there's a bigger story here. i think the bigger story with the breaking of valeant, people forget, this was built on a bull market and everybody was overlooking things and the company was saying they could buy -- the words they used to me -- infinite number of companies they could buy. whether in the drug industry or outside of the drug industry, that's a bull market fen npheno,

if we have a broken -- i would argue not what it was. >> all right. great stuff, mike good job and herb good to see you, buddy. >> good seeing you, bill. >> we've got 35 minutes left in the trading session here. we had huge rallies thursday and friday and we're back to the way we started last week as well with a gain of 26 points on dow. we're at year's highs right now. >> we had that weaker existing home sales report and fed speak and people are still trying to make sense of watching the dollar here which is -- a couple of different things the market is trying to make sense of. >> coming up, charm offensive, mark zuckerberg trying to make inroads in the world's most populist country. >> president obama on that historic visit to cuba as business leaders ink deals. michelle caruso cabrera will

bring us up to date. stay tuned.

welcome back, shares of starwood up today. this follows china's bid topping marriott's offer for starwood last week. those marriott shares which rallied now down about 1%. >> meantime, separately starwood has inked this agreement to run a couple of big hotels in cuba. first u.s. hotel company to do so since the 1959 revolution. our chief international correspondent, michele caruso-cabrera is live. just finishing up that very remarkable news conference that you saw live here on cnbc. >> reporter: bill, it was a momentous political event. first, just to see the two stand together and shake hands what's an incredible moment. two countries that have been enemies for so long. then the news conference, they

both came out and made speeches, we were guided to believe there would be no questions afterwards and then there were questions. that was a surprise. then raul castro, leader of cuba, put on the spot forced to aps a question from an american reporter who asked about democracy and human rights and he was visibly uncomfortable in his answer. >> translator: if you ask if we had political prisoners -- i want to know if you have cuban-political prisoners and why you don't release them. well give me a list of the political prisoners and i will release -- just mention list. what political prisoners? >> reporter: there were repeated moments where he said i was told -- i was only going to take one question so he only answered the one question out of three that were posed by the reporter. when andrea mitchell asked

president obama a question, she then turned to raul castro with a question. president obama puts him on the spot, i know you weren't going to, but do you want to answer andrea's question. it was a leading situation and it was clear this is a position that he has never been in and was quite uncomfortable about it. i can say if fidel castro would have been standing there, he would have been extremely comfortable. you can see old interviews with barbara walters where he fended off questions like that without trouble. but certainly a historic situation here today. there were -- there was that economic deal, that commercial deal with starwood. we heard rumors there are going to be other commercial deals, they haven't been announced yet at this point. maybe it's being done on cuban time -- i can say that, i'm a cuban-american. we believe google will open some

sort of internet cafe. we'll bring you video of that tomorrow. >> looking forward to that, michelle, thank you. >> normalization process between the u.s. and cuba opening the flood gates for more deal making there. >> our next guest is a billionaire hospitality mogul, owns and operates 500 hotel and restaurant properties. starwood already investing there. would you see opportunities there as well in hospitality? that's the first front line business going in there. >> for sure, 100%. what people don't realize, there's more sandy beaches in cuba than the rest of the caribbean all together. i've been to every caribbean island. it is so centrally located in the gulf of mexico, from the east coast and texas and california, it's so easy to get to. this generation doesn't realize and even before our time, it was the playground back in the 50s and 60s, early 60s before that

happened. >> it's a very different time right now. you of all people, you are the one that says, know your business inside-out to grow it. you have to know your audience and the political climate of the country you would be doing business in. i asked again, you told us why you would want to do there but would you want to do business in cuba? >> i don't think we understand the political climate still by even watching today. this isn't still let's grab each other and give each other a bear hug. there's a lot of things going on still. i think it's going to take a few more years. it still might take the castros being out and having to become a democracy before it really happens all together. >> got any ethical hang-ups about it. the argument the president and others are making more commerce will you will matly encourage them to open up and being a more liberalized place. but for the time being they have a host of problematic issues and you become kplis it in that in

the status quo. so do you try to just be agnostic about that or is it hey, you know it's going to be a big market, you've got to go there sfl. >> until they get things worked out, i would not go there. you don't know what's going to happen. there's so much still to work out. you could still see it today. i would want to know we're in good shape. everything that can go wrong will go wrong when you're still dealing with a country like that so -- >> speaking of your business philosophy, you have a new show on cnbc tomorrow night. >> tell us about it. >> it's a great show. it's -- i would not have done it if it wasn't on cnbc and i had been a guest visit with you all for past 20 something year. it really is a different type show. it's not in a studio, it's all over location around the country -- >> you're out in the field

kicking tires on small businesses. >> it is. they did a great job casting and they are interesting companies. because i buy so many different types of products from playing cards to live fish to dead fish for aquariums, everything, you've got to see a lot of different types of companies. it is a business show. it is for a young entrepreneur. they will turn that show off at 10:00 tonight or 11:00 tomorrow night and they will say, i know more now than i did when i started. >> maybe they'll start one themselves. >> actually, kelly and i were meaning to tell you about a business we wanted to start. good luck with the show. >> good seeing you, thank you. >> tomorrow minight "billion dollar buyer". >> here's what's happening at this hour. a development in the flint michigan water contamination crisis. rick snyder out with a plan calling for stricter lead test rules than what the federal government currently requires. he wants michigan to comply with

a much higher standard. a new study finding more americans are taking potentially dangerous cocktails of prescription drugs, over the counter medications and supplements. the university of chicago researchers saying two times the number of older adults are mixing too many drugs at once versus five years ago. they call it a growing public health concern. washington's famous cherry blossom surviving the cold snap. the park service is expecting peak bloom this wednesday, in time for saturday's national cherry blossom festival. no winners in warren buffett's ncaa challenge to win million dollars a year for life. buffett's employees had to pick a spotless bracket. no one has been able to do it because of the weekend upsets. we'll keem you posted. that's the cnbc news update. >> way, way too many upsets. >> absolutely. >> especially on thursday. see you later.

>> 25 minutes to go. the dow is -- we're coming back down here, markets up about 15 points, we'll see if it can stay positive. the s&p could be about to turn negative. a leading trader will tell us what he's watching into the close. >> a special report on the annual buy-back bump and whether it could turn into a buyback trough over the next few minutes. sales event is on. with extraordinary offers on the stylish, all-new rx... and the dynamic nx. ♪ this is the pursuit of perfection.

entering the last half hour of the trading session. we have some merger monday activity. what are you watching here? why can't we seem to hang on to altitude? >> actually today is an interesting day. last week we had muted volume until the triple on friday. then the closing print was enormous. you see a little of that today. we're having good numbers. i'm expecting to see action here on the bell. as you said, most important half hour of the day. as far as the overall market, look, you pointed out that transport aren't all that strong. we continue to see the die vergence between oil and rest of the energy sector. as you pointed out, it's nice to see some deals. at the end of the day with the

talk about the fed and interest rates being low, the point of it is to stimulate the economy. when you start to see these big deals starwood last week or the continuation and then of course sherwin today, maybe that will start to set a trend. as far as i'm concerned, it's more than buybacks, you need that corporate activity to get excited again. >> absolutely. the dow only up about ten points. >> we have 19 minutes left, we'll seal if we get action on this rather light volume day. up next, can the presidential candidates actually deliver on their promises to bring manufacturing jobs back here to the united states? phil lebeau joins us. later, bill george weighs in on our jim cramer suggestion earlier today that bill george become a monitor over valeant pharmaceuticals. does bill want the job? we'll ask him coming up. today.

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it's trading at 40 plus right now. maintained the buy rating and noted that apaypal relationship with visa or mastercard is likely and they will allow money transfers to cuba through its recently acquired zoom. we're hearing that country mentioned a lot right now. >> good way to send payments. from trump to clinton, the presidential candidates have been promising to bring jobs back to the u.s. can they really deliver? phil lebeau joins us. >> odds are they won't be able, with a lot of factors impacting manufacturing. we're just going back to the last recession, if you go back to 1980, it's a steady decline. we've gotten back about half of the jobs that were lost during the recession in '08 into '09 and 2010.

couple of things for blue collar blues. plants still in the u.s. use far fewer workers. when we talk to manufacturers, they indicate it's wonderful if you can reshore jobs but they are able to do with more advanced products they are able to sell in the u.s. at a higher price than they can take those profits and rnd and plow it back into training and retaining workers. that's the bottom line. the commodityized products used to be made in the u.s., they've been offshored and not coming back. those more advanced can be made in the u.s. and still made in the u.s., limited as it might be, where the job growth will be in the future. >> i think about when ross perot ran years ago and called it free candy that all candidates will talk about wanting to give out. this is an example of that. it's not to pick on any particular candidate but it's just of course you want to be

able to assure somebody you can bring jobs back but it won't happen until it's economically feasible. >> it's more of a trade issue than anything else, bill. if the candidates want to talk about that and whether trade policies need to be shifted, nafta, other trade agreements, that's a legitimate discussion that should be had that could impact manufacturing job growth but in terms of simply saying you can't move a plant, we'll force you to keep it in the u.s., that's the kind of rhetoric people should take with a huge grain of salt. >> for sure. phil, thank you so much. looking into where those manufacturing jobs have gone. 13 minutes to go, we're holding on to gains. nasdaq is up 8. >> when we come back, the ceo of global x funds will make the case for investing in argentina. you thought i was going to say cuba, didn't you? back after this. (patrick 1) how about a 10% raise? (patrick 2) how about 20? (patrick 1) how about done?

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probably could have figured this was going to happen, art cashin told us during the break, the market on close orders are flat. they've pared off already.

>> joining us, global x funds, the fed is not going to raise rates for the foreseeable future. where do you go for income? >> income is something that clients are looking for in this environment and mlp is probably the best in our opinion. all prices have stabilized and you look at the infrastructure, they are somewhat isolated from oil prices and they are a little bit of a business model, generating attractive income at 7%. >> that was the case for them a year ago and people have gotten burned, is it worth reaching for extra income but taking on the risk that has come from the huge fluk situation in share price? >> we think it's worth it. you certainly want to stay away from expiration and production but want to look at the infrastructu infrastructure, pipelines that transport and store the energy. attractive asset class. >> we mentioned you wanted to

make the case for argentina, when everybody is focusing on cuba. why argentina? >> well, u.s. markets are about fairly priced now, you want to look at opportunities in emerging markets and momentum has been negative for years, turning around now. and within emerging markets, argentina is a significant market, really opening up, a lot of positive things happening, growth and generally normalizing and the argentinian market. >> we have the president after cuba going to argentina. maybe helping to highlight the positive changes. so what else? in this environment that you have recommended that people dip their toes into emerging markets more broadly or just be selective with ones you mentioned? >> i think you can do well in emerging markets broadly. we do prefer there be young emerging markets out of the russia and india an china. if you buy low cost diversified

fund, you're likely to do well. >> i love that, emerging markets minus the bricks. >> that was the place to be. >> we need a new ak crow nim. >> where else in the united states? >> the income sectors have in general been hurt. one of the things we like in the dividend paying space, we like the high did he have devidend p dividend. you want to have a broad diversified portfolio and ideally equal way to process companies to diversify the individual companies -- >> got to hang in with those dividend payers, even the utilities once in a while. >> thanks for joining us. >> we'll take a break and we've got seven minutes left. we'll have the closing countdown in just a moment. >> move over siri, apple

unveiling a robot named liam. what liam is up to and talk about the tech giant's future. you're watching cnbc, first in business worldwide.

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e*trade is all about seizing opportunity. so i'm going to take this opportunity to go off script. so if i wanna go to jersey and check out shotsy tuccerelli's portfolio, what's it to you? or i'm a scottish mason whose assets are made of stone like me heart. papa! you're no son of mine! or perhaps it's time to seize the day. don't just see opportunity, seize it! (applause) three and a half minutes left in the trading. breaking news on american express. >> we have the numbers for the ceo expense for american express

in 2015. earned $22 million, down 3% from 2014. the stock in 2015 was down 25% in its slide is extended into 2016. it's down just about 12% year to date. of course, the company lost a valuable customer with costco and as a result they are undertaking a big cost cutting program right now. ken chenault getting a hair cut on pay in 2015, down 3.5%, look at the share price during 2015, big, big decline there off 25%. he has taken action to right the ship at american express. undergoing cost cutting program, looking of course to make up for the lost revenue from that costco account. >> back to you. >> two and a half minutes left and bob pisani is here and as we mentioned, no buy or sell side with the dow up and not a very

volatile day and did see selling on the open this morning. it was a merger monday. you had we think finally the bidding war for starwood is over. marriott, the winner again. >> at least there's no other deadlines. >>

the beginning of this year they were hittingny bed they could,

now they are not forced to do that because of the rise of crude. i think that's also a positive in terms of overall volatility. >> that's why the dollar is so important. we had a guest suggest, if you want income you should be looking at master limited partnerships, mlps. >> i don't know. here's -- >> want to hear your side of things. >> the problem with mlps, i understand you get the dividend stream. there have been recent court rulings that they are going to be able to cancel the contracts, that puts a huge unknown out there in the mlp space because if they can cancel those contracts, then you're not going to get the dividend stream. i happen to be in the camp that i don't think oil has completely bottomed. we could see this turn around if you get a stronger dollar. the mlps for me are way too much uncertainty to get into for an income trade. >> bit let's real quick talk

about apple for a moment. they unveiled several new things and dropping the size of the iphone, is it moving the needle? >> not really. >> on apple announcement days typically there's not a dramatic stock reaction. i don't think that's too surprising. i'm on the record saying one day we're going to look back and say can you believe all of these people in the media gathered up at this building to see a new phone? until we get to that point, the world will still expect more. you get a positive response to the product strategy and everything else on offer and still not think after the stocks had a nice little run that it's worth anything. >> john, shares close negative today. >> slightly, by what, a penny? >> it was virtually an unchanged day for apple. the fact they are able to extend their brand into the area that mike addressed as far as if the average price of a selling -- for a cell phone is right around 300 bucks and they are able to

push this phone without -- without making this a real -- i thought the sea wasc was bad sty could do. this won't be viewed as a much cheaper version but it's for what mike addressed, when you've got a phone that is a smaller format that many people prefer, then the larger one that i prefer, that might take up a lot of pocket room, i think that helps apple extend that brand and bring in more people to the ecosystem. >> we'll see how this goes over with the consumer. >> shares of valeant after the ceo announced bill pearson is leaving. many are wondering who could take on this position. jim cramer shared his thoughts earlier today on "squawk on the street". >> valeant is goeing up because

people feel there's a grown-up again. i'd like to see bill george, come in and be a monditor by th government. >> with us now is bill george himself. thank you for joining us. would you take on this role? >> well, i appreciate the compliment. i have a great deal of respect from jim cramer, i enjoy my job at harvard but i do have somebody who is better, who really knows his business and that's david pyott, ceo for allergan, raised the stock 29 times and did a fantastic job and valeant made a run of it and forced the sale but david would be fantastic. they do need a dramatic change. one thing i don't think they should do is retain mike pearson during this time. they have to take the lid off and find out what's going on until pearson is out of there,

they can't do that. my candidate for that until they find a ceo is bob ingram the chairman who comes from gsk and knows the business, they've got to move very quickly. i said six months ago they should make a change in ceo. i think they waited a very long time. >> our meg tirrell spoke with david pyott. coming back, you said it's a caretaker roll, i guess. is that enough here? i mean, you can argue that mike pearson didn't help or people tried to point at the cfo or whatever. thgs a strategy which i'm not sure how you either double down on it and it seems like if pershing square is on the board, they supported the original strategy or perhaps want to see a continuation of that. if they don't go that route. are you suggesting they are trying to make themselves into a very different company?

>> absolutely. they have an unsustainable business model that's been clear from the outset. you can't continue to run a pharmaceutical company on three% rnd and 3% tax. they became a tyco and it doesn't work. i don't think it's caretaker, i think it's a dramatic 24/7 job that someone has to do a total remake and good a sustainable new business model and back into being a real company. i think they will have to dismantle parts of the company with the $30 million in debt, staring them in the face. they've got to move quickly to reduce the debt. the best way to do that is spin off some of the good companies they acquired before they get rundown like bausch and lomb. they have accused howard shiller of improper contact. we don't have information what's going on. we get bits and pieces.

they owe us that and i think the honestly the activist hedge funds like bill ackman and value act have been remarkably patient, too patient here. it's time for dramatic change and clean house and take the thing apart and put it together as a whole new idea. >> mike santoli here. what would a potential ceo need to know. you talked about transparency before taking on this role. does he have to have a real reassurance that the business model will work or maybe the accounting concerns are unfounded? how is that going to play out. >> i think he needs to get in and look at the books or she or whoever it is, going to have to examine the books. no quality person is going to take the job until they've gone top to bottom on the books. i think there's a lot more problems that will come out and it was not the couple little things here. if they can't release their statements, that's a huge red

flag. and he needs to talk to some of the debt holders as well and see if they'll restructure the debt. they'll have a lot of government agencies coming after them and shareholder suits, it's going to be a massive turnaround. if they want to avoid bankruptcy, they are going to have to move fast. i think it's salvageable. there's a lot of good parts to the company there but it's been mismanaged. i think they need a clean change and pearson should depart all together. someone has to step in and run the place and start these changes and give us, the investor -- i'm not an investor, but give investors some insight into what the truth is about what's going on, not just dribbling things out. >> we look at the share price and people piled into this name chasing the smart money. they are all out now or a lot are. if we look to a board to find somebody and make a move towards

a different kind of valeant, is this the board that's going to do that when you're talking about big investors who are responsible and value akt's case for selecting mike pearson himself, going back almost a decade. >> i think that's their mea culpa, they'll wash their hands and move ahead. one of the things that i think we all noticed over the past five trading sessions, as it fell down 56, the $26 a share was the explosion in volatility and in the puts. a lot of that kelly, comes from the cds, credit default swaps and they got so expensive that rather than buying those as people did with other stocks that have had similar types of drops, they went for the put options, which is an insurance policy against the equity. so as they did that, it just basically was a feeding frenzy, driving the stock harder and harder to the downside. that appeared to have -- i don't know about stop completely but

it slowed dramatically today. as i say, we hit 2599 bounced and ran to the upside and over $31 a share. closed at around $29. if we stabilize here, volatility comes in, that will give them the time to do all of the things that the gentleman from harvard is proposing. >> and brian kelly, when you look at the shares here, do you say at some point they fall and it becomes an interesting and longer term investment hold here? >> at some point, it's not 26 bucks though, i'll tell you that, this probably a lot lower. bill pointed out three things, problems that they have. one they have to find a new ceo. that's willing -- that understands the business that can actually come in and create a new business plan. two, they have to wade through all of the problems that we know they had because they told us that. number three, they have to craft a whole new business plan and execute it. for me, it's too many unknowns. maybe this is the bottom. i don't know. i think there's just better investments than trying to wade

through all of that. >> bill george, before we let you go, anybody on your short list who you think would be the right kind of fit for the job? >> there's a lot of quality people in health care. i think the question is would they take it? david pyott wouldn't take it and he's the best qualified. will they take the job? this board, particularly these big investors will have to give them the time to do the job. this is not a three-month or 12-month turnaround, they are going to take 3 to 5 years but move fast and restructuring the balance sheet quickly. that they can't wait on. in the next three to six months, they've got to move fast on that i think. but i don't have a particular name. the only thing i can say back to the business model when you have an unsound business model, you're building on a house of cards. it's a house of cards and honestly, if something is too good to be true, it probably is and we've seen the truth come out here. thanks for joining us. >> thank you. >> bill george there.

and brian kelly, thank you for your time as well. be sure to stick around. there's more coming up next hour on "fast money." they are going bear hunting. are the biggest bears ready to throw in the towel? they'll start with former director under president reagan, david stockman, what might get him to turn around. apple unveiling the long awaited smaller iphone. will it translate into bigger profits? that's next. and mark zuckerberg in china trying to persuade that country to lift its ban on the social network. find out whether facebook will be able to crack the massive china market. you're watching cnbc, first in business worldwide. it hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can help grow your business.

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welcome back, apple shares closing slightly lower. josh lipton is out in cupertino california with more details. >> new products certainly announced today but also here at this event, top of everyone's mind that ongoing fight between apple and the fbi and ceo tim cook addressed that fight at the top of the event. take a listen.

>> we believe strongly that we have a responsibility to help you protect your data and protect your privacy. we owe it to our customers and we owe it to other country. this is an issue that impacts all of us. we will not -- >> reporter: tomorrow remember that apple faces off with the department of justice in court in riverside, california. we'll bring you those headlines as they come. as for the product, the star of the show was the new iphone, iphone se. >> it is fast, twice that of the 5s and shoots 4k video. who is that for? there are iphone users who prefer the 4 inch display. it sold 30 million iphones with

4 inch displays last year alone. many of them are on the 5s, but the 5s came to market in september of 2013. so a bit outdated. now apple has given those fans a reason to upgrade. you can also say that phone at $399, that was certainly lower than analysts i was talking to. forecasted it to come in at $450. at $399, you're hitting a more price conscious consumers and finally a year from now, kelly, if they cut the price and let's say $399 to $299, you can start seeing how the iphone se becomes more attractsive in emerging markets as well. >> we'll see if that can spur demand. will this resonate with consumers and investors, lance, chief correspondent over at mashable. good to see both of you. lance, what are your thoughts on the slew of products, is this

about the iphone? what about the ipad? will any of these move the needle for the company here? >> it is sort of this market focused product release, it's about all of the people who feel disenfranchised by phones that are too big, maybe things seemed too expensive and they really -- the iphone 5 s is beloved to them. and apple is almost managed to thread the needle here. step forward while still going back. they have taken the iphone 5s chas sis and shoved a bunch of components. it is powerful. i'm impressed with that. i think it will sell well. i talked to people who love a smaller phone. this is the new ipad. this is the new world of the ipad. it's a market that stalled, just stagnated and people weren't buying them anymore, the new

marketing spiel here is look, you want to trade up your pc for this ipad and this one is not so big and unwieldy. it has all of the power and has that little key board and works with the pencil. >> francine, is it true that people have such demand or attachment to their smaller iphones or is this about the price point? what do you think is going on here? >> i think it's a collection of all of that. i agree with everything that lance said and what would move the apple needle move, when they expand to emerging markets where they can't afford an $800 iphone. india just surpassed united states as a second largest smartphone using economy in the world. 220 million. by decreasing the iphone, iphone se that opens up the market for billions of new customers to bring into apple's eco system and family. >> mike and john, i wonder, there's plenty of secondhand iphones that i'm sure are

cheaper. i know there's a premium to get them in emerging markets. is a $399 phone still going to be something that opens up a whole swath of new customers for apple that don't currently aren't able to get their hands on an iphone now? >> there's still the gap there. from an investor's per spigspec the case has been apple can hold price and margin, they don't have to concede necessarily to the lower part of the market. maybe this isn't really a big concession and that bullish case is intact. there's a possibility that it doesn't access an ee norm nus new market -- >> good point, is it worth is it. >> i preenltly bought two iphone 6 pluses on one of the sites that's big for that. ga zell. basically -- >> secondhand. >> bought them secondhand because we needed to change just enough between now and the launch of the 7 in september that i'm anticipating.

so i didn't want to get locked into a two-year deal, wanted to buy one. i went on there and bought them and paid i think $500 for each of these 64 gig phones and the fact that this phone when it goes on to ga zell and people are reselling it, ebay, wherever, that's going to be in the $299 or -- $249 range, opening up more people to the iphone. >> lance? >> two things worth noting here. if the iphone 5 s took up such a large chunk of iphone sales, 30 million units last year, what choice did they have but to deliver a fresh 4-inch device with this power. $399 is for the 16 gig ba bite model. when you're taking 12 mega pixle pictures and 4k individual video, you'll fill it up fast. people are not going to go for the 399 unit. that's a good point.

>> thank you both for joining us. good to see you talking a little apple. we have a news alert to get to. breaking news on omega. >> hedge fund omega advisers received a wells notice from the sec. wells notice is a letter that the sec sends to firms or individuals when it attempts to bring some sort of action against them. we're not sure which securities this potentially involves or details of this wells notice. omega has been around since 1991 and $5.2 billion in assets under management. cnbc has reached out to omega advisers and we'll come back if we get any further details. for now, back to you. >> thank you. >> the height of buyback season, nearly over? find out if that could be a red flag for recent rally coming up. plus, elizabeth holmes, hosting a fundraiser for hillary clinton at a private home. why is it no longer being hosted

at theranos headquarters?

♪

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hosted that featured chelsea condition. you note that is a private residence, not the theranos headquarters as many suspected would be the host venue. a lot of reporting suggesting that after an early draft invite went out saying that last week by the time we got a copy of the official invite for this fundraiser today, take a look what it said, the event featured chelsea clinton and hosted by elizabeth holmes, ceo of theranos, but it was not to be held at the headquarters. that is possibly because of some of the controversy and criticism surrounding that company. it's a revolutionary health care company very disruptive and controversial. some questions have been raised about the effectiveness of the company's health care products and also the transparency that the company has handled those products with. now today though, we saw that the event was moved from headquarters out to the private event.

elizabeth holmes still listed as a host but a little distance between the clinton campaign itself and the company as such, kelly. >> thank you. no surprise i guess. when people get wind of this, if it's chelsea clinton fundamentally involved in driving this, maybe you can kind of see of connection there but hillary clinton not present. >> no candidate will go out of his or her way to say no month money. optics to me is the only level on which this was really objectionable. we really don't know anything about theranos, if it was found to be kind of bilking the insurance system in terms of overcharging, that's a different thing. to me it's obvio obviously fric press she probably doesn't want. >> i do agree. it's one that i guess chelsea has very tight relationship here. and her mother is famous for coming out against many of the

pricing policies of exactly these -- whether it's biopharma or big companies themselves. >> a lot of silicon valley seem to be involved in this one today. just happening today, a few hours ago. time for a news update with sue herrera. >> the only surviving suspect from last november's paris attacks says he was planning to restart something before getting arrested. authorities captured 26-year-old abdeslam during a raid last friday. billionaire ee lon musk filing to divorce actress riley to send their second marriage. musk first married riley in 2010 before divorcing in 2012. they remarried 18 months later. they are calling the latest split amicable. >> a space station supply ship carrying a commercial 3d printer and fire making supplies. nasa wants to learn how fire

reacts in a weightless environment. >> bar tenders at hamilton getting a big surprise. take a look at that. actress and comedian amy schumer giving them a $1,000 tip on a $77 tab. schumer said that she's been there and knows what it's like because she worked as a bartender and waitress before making it big. that is the cnbc news update. great story. >> you do that too much and all of a sudden, that's -- $1,000 is a lost money. >> amy schumer tweeted she has fallen on hard times and needs the money back. maintaining her sense of humor. >> she did it at another theater presentation and it was like a $500 tip on a $40 check. so she has a habit of doing that. >> i love it. >> thank you, sue. will facebook mark zuckerberg's latest trip to china -- >> the create of between two

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five weeks of gains brings us to another rally. dow up 21 points, boeing having a nice session. the s&p broadly was up 2 points to 2051 and nasdaq, outperformer of 13. facebook has been banned in china for serve years but mark zuckerberg is doing his best to gain access to that huge market. isn't he, julia? >> that's right. he is indeed. zuckerberg held a number. high meetings making an effort to get china to drop its ban on facebook, known as the great fire wall blocking western social media companies. he had a rare meeting with the propaganda chief who oversees controls of chinese media as they implement new regulations to monitor digital and social media. facebook ceo held a conversation with jack ma on stage at an

economic forum. zuckerberg kron keling the movements through facebook. he didn't comment on dangerous smog levels or the vi lents crackdown on demonstrators in tiananmen square. facebook looks to maintain its massive growth. china is home to 700 million internet users. zucker burg met with chinese president xi jinping last year and showed off his mandarin skills last year. a hot area to watch. >> guys, he had a lot of negative feedback after that picture of him running buy tiananmen square with a big smile and people are like, first of all, you're running with a smile by tiananmen square and secondly the air quality is such a problem. the whole point being feels like so much of a pr effort, we're here talking about whether cuba

is worth doing business with. this is an interesting approach with china. >> i think it's hard to make the case that china is not worth doing business with if your facebook from a business perspective. maybe we're getting too caught up in the imagery, considering the interlinkings we have with china in general. i do think maybe, zuckerberg has been so up front with principles. this is how we do business. everyone goes by their own name. all of that stuff, maybe it does undermine that idea that they are taking the high road a little bit. >> do you think it's an issue with users, americans are they going to look at this and feel any -- >> i don't think so. i didn't -- i didn't kelly. and i thought that doing what he did was exactly why he did it. it was a pr stunt. but what's wrong with that? he's running around in tiananmen square, as you say, he has 1 pts 3 billion reasons to do that. and getting a bigger piece of

that pie is going to be massive for them. now, google abdy indicated left china will go back at some time, i believe. but they have stuck to their principles. i don't know that he's violating his principles by going there and being as up front as he is wanting to get better exposure in china. >> will it work? here's somebody who the chinese editorials refer to chinese son-in-law, married to a chinese-american. he speaks mandarin. if somebody seems like he might be part of the family, you would think it would be mark zuckerberg -- >> will it work on whose terms? in other words, if there was some kind of way they were allowed in on a partial level, would that be acceptable to zuckerberg? i don't know you can say it is den continued to be so opening -- >> when you play ping pong over

there, 40 years ago playing ping pong over there, 50 years ago now, that's not anything but the pr stunt it was as well. you're trying to make friends and trying to get into the next biggest market on earth. and i can't blame them for that. >> stock buybacks helped give the market a boost. we'll explain why the bounce may be coming to an end. and walter izaacson laying out the two original sins of the internet. we'll tell you what they are and whether they can be fixed later on "the closing bell." nk's app. now what? how will you keep up with the new demands of today's digital economy? the fact is: some believe they won't need a traditional bank down the road, so at cognizant, we're helping banking and financial services companies think digital, be untraditional, and reimagine what the bank of the future can be. our clients can now leverage customer intelligence to predict their financial needs and provide more contextualized products and services.

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stocks get a buyback boost during february and march. is the upcoming end of this buyback season now a red flag for this market? deirdre joins us with the details. >> there's this belief that stock prices go up when companies are buyers and when there's a lull in buyback activity they enter trough two. we crunched the numbers and discovered that indied the buyback party is almost over and that may be a bearish signal for markets. since 2010, 35% of annual s&p buybacks happen in just two months. that would be february and march. during the same time, markets have traded positive in every instance and see big average returns but as march comes to a close, the buyback bump is almost over. data also shows the next five months, april through august have accounted for just 25% of buybacks and guess what, also

over those months, all of the major benchmarks have traded lower the majority of the time and posted negative average returns. also watch out for quarterly blackout periods before earnings releases when companies cannot do buybacks, one of which is set to begin today. some of the biggest market swoons have occurred during the periods and to keep in mind as we head not just into another blackout but also that five-month stretch where buyback activity has historically lulled. back over to you. >> thank you, there's so much focus on corporate buybacks on a stock specific basis, we've heard people analyze from a trading day point of view and when does that window close and we know they've been a huge buyer. but is this the most important factor for market here? >> i would say not the most important factor but it's one of the most important easily identifiable factors. we can see this as one block of demand for stocks. to place it in perspective,

buyback totals for the s&p 500 have been running around 140 billion per quarter. that's how much stock trades a day. so that's roughly the proportions of total buying that occurs. so one quarter's worth of stock for one day's worth of trading. but if they are mechanical incrementable buyer of their own shares, it could work on an incremental basis. they have been underperforming for the last year. >> is it part of your strategy looking at -- >> no. >> timing windows or just companies you like -- >> that is easy. no. it does tend to moderate volatility. for exactly the reasons mike describes, if you think of it as a hand underneath the market at a certain level, that would be a reason for not that the stock has to go higher but perhaps a stabilization spreading out of volatility and of price distribution at that level. so for that reason, it's not a driver at all for me.

>> for a while we did see the early face of the recession, an outsized effect and companies were rewarded, we have etf for stock buybacks launch and they did quite well of the investors starring to say -- we do think you can be more productive with your own cash. >> i don't know if that's the calculus, we would rather invest in our own business. a big problem investors have, the companies with the heavy cash flows and enough money to spare buyback are not the ones with high returns on investment where they are going to be able to do something else productive. that's the frustration. you have lots of very mature companies like saying, you know what you retirees, you should spend more money. younger people who are -- don't have the income. that's the gap we're looking at in the market. >> good analogy. >> why are more and more comedians taking their content to streaming services, the creator of "between two ferns" and bajillion dollar properties"

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welcome back, existing home sales may have fallen in

february but that's not stopping real estate from being a hot topic in the tv world. nbc aus new streaming service launching a spoof on real estate reality tv. here's a look. >> i'm victoria king, the top broker at platinum realty. i'll die before i take an offer before asking. >> denzel washington used to live here. bruce lee used to live here. >> what's up? i'm the top realtor at platinum realty. my only rule is i don't play by the rules excepts for my own which i do play by. >> i would recommend going in at asking. >> i have 4 million twitter followers and 1.2 million instagram followers and six stalkers, i'm a big deal. >> joining me now is the show's executive producer scottal kerman and dolly lens. i will never forget when i

saw -- thanks to my younger brother and sister "between two ferns." this was years ago, i was laughing so hard -- >> thank you so much. >> now bringing the so much. >> and now you're bringing the world to -- >> this is my wife's idea. my wife greeted the show as "between two ferns" of the real estate world. we poet really love real estate shows and both love watching people in the stressful situation of buying a house and we were buying a house ourselves so we were in that high stress situation so we said this is really a show because of all the insane people that we would meet so that's what is it is. a reno 911-style show where realtors meet the most insane l.a. is a kind of weirdos that you would ever meet and try to sell them houses. >> dolly, has this hit home a little bit? >> it hit home way too much. you know, i think there's so many brokers. you know, it's a culture thing

as we were talking about offscreen. it's a culture thing. if the company culture is wild, wild west, anything goes. guess what. that happens and trickles all the way down the line. if the company culture is we're buttoned up, we're proper and we're fiduciaries. >> the company calls her on the show the wild, wild west. >> the best. >> and the head of the company has a chessboard with all the real store faces and heads on the chess pieces and moves them around in front of the people just to let them know if they are doing a good job. >> >> and a new manager. and what i found interesting about this, not a bull market in real estate. if this was 0506. a classic sign of the times, but i'm not sure what this will tell us. this morning we learned the numbers weren't that great. in some places like you are eastern new york or miami it's hotter, but what do you read into this in. >> i've been amazed even all through the downturn you would expect the reality real estate shows would have gone just away

and far from it so there's something fundamental about it. >> like the great depression, the greatest of depressions, you know, when people wanted to go to the movies is to see rich people on the screen and the most popular movies were the ones with sort of wishful filament and i think that's what these things are. >> the chessboard answers partly and you're also spoofing kind of an inherently ridiculous thing, the over-the-top reality shows. >> the show gets really strange the more you watch it. i mean, there's like people dying in houses. dolly, that's probably happened to you. >> at least once. >> how many episodes have you filmed or are you planning? >> nine episodes in this first season. two are available right now. one on two tube for free. anyone can watch it and the second episode is for free as well on seeso. >> what do you think about this? >> i love it.

i'm addicted to "property brothers." >> the by the way, do you know "property brothers" are magicians in real life? >> that's something strange i just found out. >> that's pretty cool, scott, and you're tapping into this though exactly at the right time because to kelly's point it doesn't feel as much like this is the signal of a real estate top as it is that there's just so much interest from joes and janes like me that are watching these shows. i can't turn it on once i have it on. "international house hunters" even worse. >> there's an episode as well where people go decide which island to buy which is just insane to me that thereby more than one episode. >> some of the traditional hgtv shows on cable and what about putting the first episode on free on youtube and seeso, streaming model, it's reasonable but is it the kind of platform that will get in front of the people who need and want to watch it in. >> it will certainly bring a lot of folks that are ipad watchers and the mobile viewers into that world much faster, so i applaud

you for that, scott. you and your wife i think you're hit it exactly where you should. >> i brought a bunch of 20 somethings to watch the show and all of them are signing up to seeso. thought it was better than the bravo show and thought it was amazing and can't wait. >> when you were pitching this, was that part of the creative process, or did you just have, you know, a number of options to pick from? >> it was something to think about. pitched it to probably eight different places in two days and we got two offers. >> wow. >> one was seeso and seeso just made the more attractive offers. we'll make "x" number of episodes. don't need to pilot this and you make it and here's the budget. it was way more attractive than the more traditional model which was coming to us saying, well, we'll make a ten-minute pilot and if we like it we'll the show. seeso had full confidence in us. >> do you think this becomes a pilot in itself or a show that becomes available on traditional television? >> i love the model of show and how to do it and would love to

do spinoffs, do the new york version starring her. >> and look at 3.99, it's one less coffee a month, right? >> right. >> and we use that money to buy coffee. >> perfect. >> so it's very ironic. >> scott, dolly, thanks very much. it does look pretty hilarious. check out "bajillion" dollar properties." walter isaacsson on drank of society. we'll discuss that next. are y? no, but i am studying the visual storytelling in your movies. you know, it's amazing how much information is contained in a single image. one visual can make or break a film. i am analyzing images for factory managers, sales people and healthcare professionals. that's good watson. but not exactly movie material. perhaps the healthcare professional could be played by matt damon. you're learning, kid.

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welcome back. in his latest article on linked in walter isaacson says these are the two original sins of the internet and one of them is internet anonymity and walter is saying the most journalistic organizations made their content free online and thought they could survive on advertising alone. it's interesting with the latter. remember, part "the wall street journal," rupert murdoch was heavily criticized for keeping that gated and what about internet anonymity? is that going by the wayside?

>> the facebook exam s&l a great one. the whole ecosystem exists on the basis of one name, true identity and i don't think that has tonight only way it happens. i do think there's anonymous platforms and you have twitter. >> there you go. >> accounts and identities as you want so i do get what walter is saying here about these kind of genies that emerged from the bott toll. i don't know that either one will be totally unwound. >> what do you think? >> just what make is saying about twitter in particular. this is a problem in them, the bullying, and all these trolls on twitter and so forth. folks that think they can take it and can't take it. they can dish it out and can't take it and it drives a lot of folks off of things completely so that's something that they will have to deal with. >> we still have anonymity and apps like hammer and different ways people can comment, under, you know, whatever their identity may be. feels like that one could persist a little bit longer and maybe they are flocking to the business models that are less that. >> i mean, look, in terms of

adds supported it's not really working for the entire media industry so they are looking for the alternatives. >> especially with ad blocking coming up, too. >> that does it for us on "closing bell." f-money begins right now. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square i'm melissa lee. our traders on the desk are tim seymour, karen finerman, brian kelly and dan nathan. tonight on "fast." are you down for the year? we may have stumbled on a wonderful way to beat the market that could save your portfolio. are the perma bears ready to throw in the towel? one of the biggest bears is here with a surprising call and gas prices have been falling for the past year but why aren't restaurant stocks representing the benefit? a surprising answer from the ceo of one of the largest companies in the united states. we start with apple, is biggest story on wall street and main street. the stock is losing gains after the company announced updates of several key products earlier