great work. michelle caruso-cabrerin brussels, belgium, for us. >> no doubt much more to come. thank you all for watching "power lunch" today. "closing bell" starts right now. here we go. hi, everybody. welcome to "closing bell." i'm kelly ehave been. >> and i'm bill griffeth. big moves in commodity-driven stocks. not a lot of otherwise. freeport mac moran, conoco getting hit hard as oil drops and the dollar rallies. we have someone who says oil is headed to $50 a barrel by the end of this year. he'll make his case. >> and many revolts over at the fed. steve liesman has details and the impact it could have on rate hikes and this market. >> great story today. i hope you've read it on

cnbc.com today. sue herera has more on brussels. >> here is the latest at this hour and what we know. turkey's president says one of the brussels attackers, the man in the middle in this surveillance video, was caught in turkey in june and deported to belgium. he was later corrected by a turkish official who said he was deported, but to the netherlands before being released. one person has been arrested by bellian counter-terrorism officials. the identity of that suspect is still unknown. two americans who survived the attack at the brussels airport spoke on the "today" show jeff hoffman, a consultant no nato was dropping his girlfriend off at the airport when the bombs went off. >> i just remember it was a whirlwind, like a tornado going on behind him, just stuff flying, then that hit me. i felt it before i heard it. i still didn't know what was going on. i did not understand what was

going on. i thought it was like an accident happened or, i don't know, and then it was pretty clear after seeing the terror on his face that that wasn't an accident. san francisco international airport paid tribute to the victims of the terrorist attacks this morning, as you can see, the front of the main international terminal was lit up in black, yellow and red, the colors of the belgian flag. we'll have upupdate at the bottom of the hour. back to you guys, bill and kelly. >> sue, thank you very much. turning now to the fed. fed chair janet yellen may have a mini-revolt on herhands. steve liesman has been connecting the dots. you see what i did? >> there's a pun there. we just hope the people are smart enough to put it together. a week after janelle yellen convinced markets the fed wouldn't be hiking rates anytime soon, it looks like she has a mini-revolt. five fed chairs coming out to

suggest a preference for rate -- jim bill lard said if the jobs data is strong, you could probably make a case for moving in april. earlier this week, two other fed chairs, john williams of san francisco, dennis lockhart of atlanta, both mentioned april as a month for a possible hike. to be sure yellen didn't rule out a hike next month at her press conference last week, saying it was, quote, a live possibility, but much of the rest of the answers rang a more dovish tone. raising the level of concern over global economic weakness. they also cut the forecast for the number from 4 to 2 this year. the market had been prizing in a hike, a of -- question now is whether what's being said publicly by some fed president is being thought quietly by others on the committee. >> you know, steve, it's not wle hawkish people in the fed speak up like that, that's not so unusual, but you mentioned

dennis lockhart, for example, somebody who is more of the fulcrum in the balance here, so i wonder if that reveals something about how many more people may feel his way. >> kelly, that's right. that's the essence of the story here. it's not that it's three or four hawkish presidents to be lout there. that's not a sign where the committee is going, but when guys like williams, lockhart, bullard step forward and start saying april, after the clear impression of market last week was not that april was on the table, much later on than that, and clearly even though yellen said it was a live possibility, but you're right kelly to point out these are the people we like to watch and see where they're leaning, to give a better impression of where the committee is headed. >> this fed-speak is all done, as we know, in the name of transparency, but it lends itself to a great deal of confusion for market participants, because we do get so many different stories,

right? >> right. so acas big advocate of the fed's transparency, i worry that too much is ceding enemies of transparency. you have a lot of traders who are exasperated. you had a pretty good sense there was consensus on the committee, a 9-1 vote. but you had a pretty good sense of it. now you come forward and really the talk started not within five days of the committee, so i think there's a time and place for everything. the question is, what do you do with that, bill? and why are they doing it? the impression seems to be they're not happy with how the market priced in the meeting on wednesday, and the statements on wednesday. >> exactly right. now it's up to them to kind of steer the course. steve, thank you so much. >> thank you. let's get reaction on the closing bib exchange renee norris, keith blitz here on the on the floor, and rick santelli

out of chicago. ren renee, first to you here. how much of an impact to the think this fed-speak is having an effect on the markets? >> since they made the decision last week not to raise rates, it's kind of put a damper on it, but it also speaks to some of the weakness that we're seeing in the economy. wage growth is very weak, and i think there's a lot of mixed signals that we're seeing here. so i -- i'm on the side, i think, with janet -- fed chair janet yellen, plus a decision to keep rates as they are. it's a global decision, too, so it could have major impact on the rest of the world. >> so you're advocating that they take it slow and steady here? >> absolutely. absolutely. i think, you know, that's the best tool they have, is time. it would be better to take your time rather than move forward and then have to reverse that move. >> i'll let you think about that for a second. let me go to keith first, because the markets really have

done nothing this week, a enwith the macro news, the story off brussels, you haven't had any market response here. is it just a function of fewer traders because of the spring break week? or what's going on here? >> some of it, yeah, some of it does have to do with saucenality. typically the next to the last week is always a slow week as portfolio managers start to position portfolios for maybe the move into the last week to try to get some performance to the end of the quarp. it's particular we're going to be closed on friday and a lot of people will be out next week, so that's part of the slowness. i think it plays into some of the confusion in the marketplace with what the fed is going to be doing. the age of transparency is not doing the market participants any favorite. believe me, i'm not crying in my soup over it. it's one of the things you have to figure out, but it's much different than a few years ago when greenspan would carry hess dossier, and we would watch what arm it was in to determine when

interest rates were going up our down. now we have all these noises and prognostications coming from all the fed speakers, and it's really hard to determine what's happening form a lot of time that leads to paralysis in the market and that's what we're seeing this week. >> rick, maybe one of the changes that people are alluding to, it used to be the case that people thought the fed -- if you could just penetrate their thinking, that would unlock the key to the environment, and now maybe we know there's no there there. the wizard steps behind the curtain, they know as much as the rest of us. is that a better outcome or more worrisome? >> let's put this in context first of all. we're talking about the market. what does the market have to is a? 2s are down four, 10s and 30s are down seven basis points. so right off the bat i think what steve is doing is important, but it certainly didn't affect the market today. i think there's actually a delay, and the real story is what michelle has been covering all day. just the logistics of trade in

and of themselves and the bigger macro how that affects the global economy may be weighs a bit, but when we talk transparency, transparency should be if this, then that, a very clear rules-based transparency. the transparency being here's what will move us, here is the catalyst we are looking at to change policy. what we have is not transparency. it's a mess. and i am not at all surprised there's some dissent these days. first of all james bullard, a great guy, a great friend of cnbc, but he could be in politics, he's flip-flopped so much in front of so many meetings what they're going to do, why and when they're going to do it. >> i think they should all put a muzzle on, comes up with rules basis and not change indeed middle of the game. that last press conference was a disaster, and i think what steve is seeing is all the people on top of this that were so

disappointed out that was handled, how the catchall now is the global picture that i think that the response we're seeing based on what steve's great work is showing makes perfect sense. >> so you favorite what the fed is doing right now, but a knock against them has been they're not so much data dependent as they are market dependent, and it may lead it sliver to some of flip-flopping that rick has been talking about, as the market responses keep changing as well. what do you think about that? >> well, you know, i know it seems like it is flipping back and forth. she's been pretty consistent i think with her thoughts about what we need to do, and the data that keeps coming out is showing that chalkiness, it is showing that it's uneven. so i'm -- i'm still on that side. i think that we do have some time left. the thing is that if we look at

it from the spective we are in a recession as far as corporate earnings are concerned, so there's a sensitivity whatever we do there have a an impact. the dollar has strong, so there's a lot of different things going on here that's creating this very shady kind of situation here. >> we've had a 2% economy renee for 20 quarters. >> right. >> nothing has really changed that much, and the unemployment rate is toying in the 4s. what exactly are you referring to? >> well, i think the worry is that we talked about -- and she's been consistent with this -- unemployment is -- >> it's low, and it's -- >> okay. go ahead, renee. >> the wage growth is weak. we have no growth in wages at this point. that is one point she's been

consistent about as far as being able to use that as a tool -- >> so the real issue is, is her policymaking a difference? wages? >> yes. i think that's a huge -- >> and how is that exactly that zero and negative rates throughout the world will help wages? >> well, you're absolutely right about that, but we're the one bright spot here in the rest of the world. we're not strong enough to pull everybody else along here. >> and they're weak enough to change our policy. don't you find that disturbing? >> i do. i do. but at the same time -- >> well, we're on the same page now. >> we're not disagreeing on that. i think we're disagreeing on how we get to there. i'm very much on the same page. wage growth has to improve here in the united states, period. >> the game is a do you think she refuses to move rates until we change the residents in the white house or the political landscape? that's never been my thought.

it's never been my thought. >> no, no. everybody thank you so much. >> nice chatting with you, keith. >> about 45 minute toss go here. light volume here. the dow is down 82 points. the nasdaq is even worse. it's given up about 1% today. the s&p 500 broad index down. we are starting to see it move lower. we'll go live to brussels for the very latest in the aftermath of yesterday's terrorist attack. plus a look at why so many of these terror attacks are occurring in europe. >> and oil prices dropping today, but tom says we'll see $50 oil by the end of the year. he'll explain why, coming up on "closing bell."

owen! hey kevin. hey, fancy seeing you here. uh, i live right over there actually. you've been to my place. no, i wasn't...oh look, you dropped something. it's your resume with a 20 dollar bill taped to it. that's weird. you wa to work for ge too. hahaha, what? well we're always looking for developers who are up for big world changing challenges like making planes, trains and hospitals run better. why don't you check your new watch and tell me what time i should be there. oh, i don't hire people. i'm a developer. i'm gonna need monday off. again, not my call. e*trade is all about seizing opportunity. and i'd like to... cut. so i'm gonna take this opportunity to direct. thank you, we'll call you. evening, film noir, smoke, atmosphere... bob...

you're a young farmhand and e*trade is your cow. milk it. e*trade is all about seizing opportunity.

i'm a customer relationship my namanager with pg&e.er, i've helped customers like plantronics meet their energy efficiency goals. so you save energy and you can save money. energy efficiency and the environment go hand in hand. and i love how pg&e's commitment to the environment helps a community like santa cruz be a better place to live. and being able to pass that along to my family is really important to me. just being together and appreciating what we have right here in santa cruz. see how you can save energy at pge.com. together, we're building a better california. starbucks plans to introduce a chase reward cards. it's going to allow users to earn points on purchases regardless of whether or not it's at starbucks. interesting. they're meeting with shareholders today, biff.

the stock down 1% now. >> michelle caruso-cabrera has left coupa, and president obama's trip to latin america. she has made her way to brussels where she's covering the aftermath of yesterday's deadly terror attacks. what is the latest, michelle? >> reporter: as you can imagine, the mood is quim somber as sun sets. i want to show you a newspaper from today that really says it all. ed headlines literally translated says "hold on" but what it really means is "stay strong." that's certain what the people of brussels are trying to do. if you look at the video from the center of town where there's a large plaza, a traditional gathering place here in brussels for key events and you'll see a makeshift memorial that we often see. flowers, candles, cards, a somber mood and at times people singing to try to come together. and they all wait to see what

happens next. there's still a manhunt on, and there are concerns about whether or not there's going to be another terrorist attack. back to you. >> michelle, thank you. >> thanks, michelle. we should mention as well, the flight to treasuries, rick mentioned it, too, but a lot of people in this market pointing to as much as what's happened in the last 24 hours as anything that's come out of the fed. in the last 12 years more than 500 people have died in eight european attacks. why europe has become a key target we joined by johnny moore and john brown, a former member of parliament in great britain. thank you both for joining us. johnny, first to you. if this finally makes all of europe, all the political leaders want to get real tough and real serious, how much will they have to do? >> a lot. they're behind.

you know, isis has disrupted terrorism in three distinct ways teakically, technologically and theo logically. isis was so brutal they were excommunicated by al qaeda. it's not just their brutality, but technique. they've traded frequency for scale. al qaeda would plan to for years to do now you just do it on the smartphone, and they've had leveraged in the ideology to a -- and now we have this refugee crisis, which is complicating it even more. i'm sorry to say, it's a terrible, terrible thing to say, but i'm afraid this isn't the end of it. it might just be the beginning. >> john, is europe -- we posed the question at the top about why it seems to half more often in europe than anywhere else. is it just a function of unlucky

geography? access is easier? or is there a political strategy that's not working in europe right now? you're a former m.p., what are -- >> first of all, i must say i totally agree with johnnie. this is not an al qaeda gang, this is a caliphate, and very much more difficult. first of all, as you rightly suggest, europe is closer. secondly, europe participated in gulf war 2, so there's resentment and also countries like france and italy have colonies in muslim countries which are allowed to come in. they had a huge muslim population growing in france. there's generous high welfare in socialist europe. that's very attractive to economic migrants as opposed to political refugees. and there are slack border patrols particularly in southern europe, and free movement. if it's easy to come in through

greece, italy or somewhere else like that, or spain, and then head free of controls to rich germany, the netherlands, and hopefully even to britain, but thank goodness britain is not a member of the shennen plan, so there are a lot of my gragts hole e ed -- held up in france. >> is europe the leading edge of what might happen in america too? or t? because the populations in europe of migrants or people committing these crimes is so much higher? >> definitely jump is -- oh, sorry, johnnie. >> definitely the concern is greater in europe than in the united states, but we have to understand, we have already had 60 prosecutions of isis sympathizers in this country. the fbi says they're tracking people in all 50 states. we've had four isis-inspired attacks. so i would hesitate to say that we should be worried any less, but it is true that the scale is

different. you know, what we are looking at in europe is basically an uncontrolled problem. we don't even know who is there, and in the united states, i think we've done a bit of a better job and we're protected geographically and other reasons, but we shouldn't be less concerned. isis is already here. we've just done a good job keeping up with them. >> john, we should say for disclosure purposes, you have been a big proponent of britain leaving the european union. >> still am. >> and you get the big vote coming up in june. >> do you think an event like yesterday changes people's minds about that? does it hasten the exit of britain from the european union? or not? >> well, i'm sitting in florida, but i'm pretty sure from my contacts with my friends, it's really significantly increasing awareness of the threats of a socialist europe that allows these immigrations to happen

from places where there's a clear clash of civilization, and that harvard professor's book was delayed publication for two years, because it was too dramatic. i agree, i think it's going to boost quite considerably the no vote in the britain, and already duncan smith, the former leader of the conservative party has moved across to the out camp, and most importantly boris roberts, the mayor of london, a very popular politician. it has enormous implications for the euro, the second currency of the world in a monetary world that is tottering. >> thank you, gentlemen. john brown and johnnie moore there. the s&p is down 13, the nasdaq the hardest hit, giving up about 1%. they're down 51 points, and the gage up by nearly a point today. transports, bill, no surprise.

>> oil there, too. >> still ahead, john milligan sitting down for his first interview since taking over the dual posts. that exclusive interview is still ahead. first, though, the gop establishment stop donald trump, the train received another passenger today. jeb bush endorsen senator ted cruz for president, but some political watchers are scratching their heads because of that move. we have details on that, coming up.

our cosmetics line was a hit. the orders were rushing in. i could feel our deadlines racing towards us. we didn't need a loan. we needed short-term funding fast. building 18 homes in 4 ½ months? that was a leap. but i knew i could rely on american express to help me buy those building materials. amex helped me buy the inventory i needed. our amex helped us fill the orders. just like that. another step on the journey. will you be ready when growth presents itself? realize your buying power at open.com

the board as revealing as ever, utilities the only chip in the green there, up about 0.6 of a percent. and by the way, another approval for a deal in this space as well. staples trying to also fight into positive territory, but in the meantime you have energy, the weak performer with oils prices down, technology declines as well. coupled with the rally in treasuries you were mentioning early. meantime house speaker paul ryan too many to the podium this morning, warning americans against getting disheartened about the current state of politics. our john harwood is in d.c. with details.

>> you thought the republican race was bad when marco rubio was talking about donald trump's hands, when donald trump was defending his anatomy, now we have an anti-trump super-pac using racy pictures of donald trump's wife in an ad in an attempt to help ted cruz. donald trump then responds by saying he's going to go after ted cruz's wife, and ted cruz reacted to that today. >> we shouldn't attack each other spouses our each other's children. that's gutter politics. it's not complicated that it's gutter politics. donnell knows that. >> now ted cruz did pick up the endorsement of jeb bush today, but a lot of establishment republicans don't like ted cruz either. this is someone who called mitch mcdonald a liar on the senate floor. paul ryan did what he could do to tell both parties to raise their game. >> we are slipping into being a

divisive country. we are speaking to each other in echo chambers where we only talk to those who agree with us, and we think there's something wrong with the people who don't agree with us. we question and impugn motives instead of testing ideas. that's where it doesn't need to be and where it wasn't and where it shouldn't be. >> this is something that president obama has been talking about for some time. he repeated it at his news conference today. the question is whether words from the speaker or from the president can have much effect. neither of those guys can control the candidates, the voters in their primaries or the media, guys. hey, we mentioned earlier jeb bush endorsing ted cruz. there have been other endorsements of cruz lately as well. do you think they'll have any impact in this campaign? >> none. endorsements from establishment politicians have simply had no effect. if they did, marco rubio would have won south korea south korea where nikki haley endorsed him

or jeb bush would have done better in his own campaign. this is a different dynamic here, and i think, if anything, jeb bush's endorsement of ted cruz would probably help donald trump, but more likely not have an effect one way or the other. john, thank you so much. >> thanks, john. time for a news update on the latest out of brussels. sue? >> thank you very much. is the terrorists may not bush has trained at least 400 attackers and dispatched them to europe. security officials tell the a.p. those fighters have been given orders to find the right time, place and method to carry out their mission. two americans are missing following yesterday's deadly bombing at the brussels airport. justin and stephanie shultz have not been seen since dropping stephanie's mother off at the airport moments after the terror attack. they currently live in brussels,

stephanie's mother is fine, but she's working with authorities to try to track them down. the hunt continues for suspects in the twin bombings, officials believe the man on the right of your screen escaped the airport. they have identified the man in the middle as ibrahih al bawkrawi. p turkey said they alerted officials and they believed him to be a terrorist. brussels remains on the highest of alerts. earlier today in argentina, president obama called defeating isis his top priority, but he says it's difficult work. isis has claimed responsibility for yesterday's bombing that killed 31 and injured more than 250. i'll sent it back to you guys. bill? kelly? >> sue, thank you very much. 30 minutes left as we head to the close, the dow down 83 points as kelly has been pointing out, it's the nasdaq that has been hit the hardest

percentagewise. up oil prices also lower today, but our next guest, tom kloza says prices could still hit $50 by the end of this year. he'll make his karabell. and credit suisse announcing a joint venture to target rogue traders. wait until you find out how. the details and what they mean for all the banks, coming up.

welcome back. as we head into the close, joins me is -- i realize the volume is light, alan, but we're still seeing notable weakness. oil is lower. what is driving all this? >> i think two things. oil being lower, it's broken below 40 again, i think that's weighing on not only the energy sector, but the whole market in general and the feds. last month it seemed like we were going to have a rate hike. now since monday it seems like, hey, maybe in april, so that's wehing on the market. a short week, we're closed friday, a lot of guys taking off.

there is a global flight to safety? >> i don't know about that so much. you heat to say this, and anytime someone gets killed, it's tragic. it almost seems routine. that's crazy, routine and terrorist attack, but it seems like the market right now just brushes them off. >> we've even heard analysts say the travel stocks certainty reacts as much as they would have expected, because it's the reality of the world today. alan, thank you so much. oil price versus closed lower than normal, down 3% after a built in crude inventories came in three times above analyst expectations, but you know oil has been on a tear since last month, since that infamous bottom put in on february 11th. with the summer driving season convictionly approaches, where do oil prices head next? tom closes with you. you say it's higher, just not right away. not right away.

i would say on a pendulum, we're kind of this way, which is closer to the bottom than the top. that pendulum is maybe 35 to 45 for wti. a lot of problems in the next month or so with crude oil builds. we saw 9.4 million today. we'll probably get to about 550 million barrels. >> a record stockpile. >> about twice what you need. at some point that oil has to be sold, but a couple months from now we'll start to use more than we're accruing, thanks mostly to what is an incredible driving season ahead of us. >> you think that one will break record, because the price of gasoline is already on the rebound. >> it's going to be a cheap year, kelly, maybe where we average 215 or something like that, but people are driving. i dispute some of the government data on it, but no question that in 2016 we're going to break the record. back in 2007, we thought that

was it, 390 million gallons a day. we're going to be probably 410, 420, something like that, more drivers, people using bigger cards, suvs not so hot, but record gasoline demand. the bottom was put in on february 11th, i mentioned earlier on the day that opec started jawboning about a possible production freeze. >> do you you this it will happen, a, and b, will it have the impact that they are hoping for? >> i think that the opec jawboning and non-opec jawboning from russia probably don't amount to much. what happened since then is a lot of money flew into the market and a lot of money bet on the long side. some of it is smart money, in it came in at 26. some of it may be dumb money if it came in at $40 a barrel, but it's money that moved it. >> how do we move from report stoppiles to a situation where

the oil price absorbs that if it has to, and then moves $10 higher going into the back end of the year? somewhere in the second half of the year we start using more crude oil globally than being produced. u.s. shale production is dropping very, very slowly, but it's dropping. there's other missing oil or dropping in oil from nigeria, kurdistan, some other places like that. so maybe somewhere in june or july we'll use more than we bring to market, so we start to draw down on these humongous sort of global inventories, but assuming your forecast is correct and we go up to close to $50, doesn't that bring some of the other producers in like the shale region that have been cutting back? is it counter-productive then? it gives a lifeline to some of the shale producers, but they're like the producers of anything. some of them are low cost, they probably can bring it to the market for $27 and make money.

some of them it's probably over $50. it's a about illustrate like running a baseball team. you can son of play with the books and stuff. the dallas ko boyce used to always show they never made a profit, because they paid so much money to the executives. so the same thing that happen in oil. [ laughter ] >> you see what he did there? >> great analogy. >> slipped it in. >> investors trying to figure out which companies or horses or teams to bet on. tom kloza, thank you. the dow is down 75 points today, there's ease down as it moves lower than that line. >> that was the pivot point for the s&p not too long ago. it's been said you can get almost anything up from amazon. >> you can add the package to your online shopping list. seriously those details are next. >> and it has been almost two

months since john milligan was named ceo of gilead sciences. he will join us for an interview coming up. stay tuned for that.

i know how it is. you're all set to book a flight using your airline credit card miles. and surprise! those seats sometimes cost a ridiculous number of miles, making it really hard to book the flight you want. luckily, there's a better way... with the capital one venture card. with venture, you'll earn unlimited double miles on every purchase, every day. and when you're ready to travel, just book the flight you want, on any airline, then use your miles to cover the cost. now you're getting somewhere. what's in your wallet?

welcome back. 16 minutes left in the trading session. nikes has been a drag for the dow today, reporting better than expected earnings, but revenue came in lighter than expected, and the company's future orders also missed forecasts. and yum brands is reportedly in talks with kkr and other suitors about possibly selling a nearly 20% stake in its chinese division, a deal that would value that business at roughly $10 billion. kelly? amazon opening up the cable store onlinehere consumers can order their triple play from comcast. julia boorstin has more on this move. >> that's right. it's an unlikely partnership

designed to simplify comcast products. a new page at amazon cable stores sells the company's flagship service. including mod manies and routers. prices are the same as on comcast's own website, but buying on amazon included dedicationed customer service. last may it dedicated more than $300 million towards new customer service efforts. down the line, comcast -- amazon could sell other products lie comcast's home security service and this store seems designed to carry other carriers. charter says it's in talks with amazon as well. the idea is while people are shopping for, say, a tv set, amazon could offer tv service as well, similar to what best buy has done. this partnership just takes it digital. kelly? >> what's so interesting about this, julia is most companies

are so focused on maintaining that consumer relationship, what comcast seems to be doing is acknowledging it hasn't done a good job of it and willing to hand it off to amazon. >> comcast is hiring its own consumer relations people. it's really good getting other ways to sell its service. if it can improve customer service through am zone, it's willing to do that, and it also wants to open up who is buying it and how people think of it. this is manage that you could do through amazon, which we all think of as a fairly innovative retailer. >> i don't know. i don't get this one. i know i'm going to sound like i'm repeating kelly's question, but it just seems like, as you said, julia, this is making it -- this is an easier way for them to buy the service from comcast. what could be any easier than going on comcast's own website and buying whatever you need

from them? is the this just comcast admitting that amazon can do a better job of this than they could do? >> well, amazon is definitely reaching a really broad audience. let's say there's a millennial consumer who wants to buy a new television and wasn't thinking about signing up for a service. maybe the fact they're going to be exposed to this,ed idea of buying a new bunding through amazon would encourage them to pay for a bundle of tv and broadband that before maybe they wouldn't have thought about. >> it's interesting, too, because this is a time when the fcc has made it easier for google to become an interface between the consumer and tv content, kind of getting in the middle of that relationship, julia. i just figured the industry would be obsessed with trying to maintain control to keep anybody streaming interests down the road from getting more of a foothold there. >> it's really interesting. it does indicate maybe we could

see more partnerships between comcast and amazon, but remember that comcast and amazon are probably already partners on a number of level, in that comcast can sell the content to amazon prime streaming, so a lot of these companies are really frenemies. >> jeff bezos and brian roberts are very smart people. i'm sure they have thought this through somehow. julia, thank you. >> 12 minutes to go here, dow is down 73 points, nasdaq having a tough session. s&p broadly is down, and nike also chevron caterpillar having some tough sessions. up next, why the growth in driverless cars could be a sell signal for tess larks coming up.

e*trade is all about seizing opportunity. and i'd like to... cut. so i'm gonna take this opportunity to direct. thank you, we'll call you.

evening, film noir, smoke, atmosphere... bob... you're a young farmhand and e*trade is your cow. milk it. e*trade is all about seizing opportunity.

coming up to the last eight minutes, art cashin told us just before the commercial break that the martial on closing balance to the sell side too million to the sell side. we'll see if that has an impact

as we head towards the close. how are you doing, steve? welcome back. >> thank you. you're a proponent of driverless cars. >> i will you it. >> i'm a skeptic, frankly. i'm not sure the demand will be -- you think that means bad news for a company like tesla. >> oh, yeah. their coarse look smooth, whatever. the problem is they don't make money and the technology might be great, but they might be too early. $40 oil isn't helping tesla. the better questions is who lasts longer, exxon or tesla at $40 a barrel? back to the driverless cars, there are millions of americans who would live driverless cars with the commutes, and that technology is right there. if the government were to approve it or get out of the way of approving it, we're a few years away. so last time we were here, we made a bet on gas prices. i've got another bet for you. three years from now, you can go

buy a car just like getting heated seats is an option, driverless cars will be an option. we are that close. >> you're here to within this. >> let's talk gold, too. as that price wiggles around, you're saying don't believe those people who tell you. >> i -- i -- i cannot stand it. i think people get ripped off on. it's an inflation hedge. first of all we're closer to deflation than inflation. even if we have good inflation, it's 2% maybe? there's no possible way that gold is going to pressure more than that unless they come up with a way for gold to be produced for something else other than families. >> i think gold has an identity problem. >> huge. >> even the gold bugsth decide whether it's a -- >> you have one commercial say you buy it for this reason --

>> if you see it as a risk asset would you buy it there instead? if you think that we are going to see a lower dollar at some point, you see equity prices go lower here? >> i think you can find better options. i'm not again it. i understand the angle, but i think you can find better on whiching than buys gold that might be -- >> we're almost out of time, buzz that's a way to play the advertising? >> absolutely. we're in the same time zone for the first time in forever. we all have app and web sites, we can see it, time delays will not work for the olympics. and plus with all the political nonsense that's going on this year, and it's crazy, you'll see the media stocks do better than in the past. >> thank you for joining us. >> good to see you. nice to have a wager with somebody. >> yeah, yaep, i'll do it again. we're coming again with the countdown in a moment. and after the bell, we'll

get the state of afarce at gilead with new president and ceo john milligan. keep it right here for that. it's time for the entrepreneur of the week. aaron hated leaves tess beloved pooch at the kennel when he went out of town, so he started dog vacay, an online service that connections owner with pet-loving sitters. our cosmetics line was a hit. the orders were rushing in. i could feel our deadlines racing towards us. we didn't need a loan. we needed short-term funding fast. building 18 homes in 4 ½ months? that was a leap. but i knew i could rely on american express to help me buy those building materials. amex helped me buy the inventory i needed. our amex helped us fill the orders.

just like that. another step on the journey. will you be ready when growth presents itself? realize your buying power at open.com you ppremium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™, you could pay no deductible at all. sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at

see car insurance in a whole new light. liberty mutual insurance. 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) two and a half minutes left before the bell rings. bob pisani has joined me. not a lot of volatility, maybe until the afternoon session

here. the dow, as you can see was down, what, 80-plus points? and near the lows of the day. we're coming off that right now. wti down 3% today. this is the may contract reporting now for west texas intermediate, and it's down 3-point something, almost 4%, and then the ten-year yield we saw a bid. whether that's related to brussels or not, we don't know, but the ten-year yield down two basis points. >> the good news is they're basically moving sideways. eight days in a row it's move less than 1%. with the volatility we had, it's calmed down dramatically. in a sense you want to consolidate the big gains we had. the bad news is we're seeing some real pressure on commodity stocks.

not just gold liners, for example, but metal stocks, that's a group all down about 6%, your acoas and your steel stocks. a lot of names down 5% today, and a lot of this seems very carefully correlated to the dollar. not only rallying this morning, it appears to bullard's comments more hawkish comments there's a four-day for the dollar in this, you can see the big move that it's had >> for those expecting a pullback for the bill rally, really what we're having a is sector rotation. one is, so clearly we're doing it on a sector-by-sector basis. >> and materials and energy are a much smaller part of the market weighting on the s&p. on an equal weighted index, the s&p is down more than the actual -- if you look at the rsp, down a lot more, so keep an

eye on the dollar index. that's clearly moving around. >> thanks, bob. see you later. the new star of "billion dollar buyer" on cnbc is ringing the closing bet right here at the new york stock exchange. it's the technology fast 500. stay tuned for the second hour of "closing bell" with kelly. i'll see you tomorrow. thank you, bill, welcome to "closing bell." i'm kelly evans, right across the board pretty much, here's hour we're finishing up the session, giving up half a percent, the s&p down about two thirds of 1%, 13 points or thereabouts, nasdaq down 1.1%, up 512 points. lots of evidence of a risk-off attitude. oil prices low, treasury yields we're keeping a close eye on here, too. joining today's panels.

senior markets commentator mike san tolli along with carol roth, and for more on today's action, tim seymour. welcome, guys. mike, first i know they say it's lightened trading this week, it's a shortened, holiday week, but still unnotable change today from what we have seen in terms of the rally. >> yeah, the past couple days has been a very subtle gentle low volume pullback below the service. that's been that kind of counterpart to the equity rally. everybody was saying we're doing for a pullback, and that's true. i think a lot of the fact that people are skeptical of it has a chance for the pullbacksing to relatively contained. >> well, relatively contained until we start getting more and more earnings.

i think that that's going to really tell the tale here. from my perspective, i can't imagine we're going to have a lot of good news coming out. this time around we're not going to have the weather to blame unless somebody says it was just too warm, and that is now the excuse. so between the fact you're getting mixed messages out fed, oil. it seems like there's too much risk. >> we are waiting on a couple earnings. we expect kb homes possibly as well. nike was down 4%. perhaps some weakness there. some currency effect as well. >> but they will be, and i think everyone is waiting for the earnings season you talk about

the dollar impact of the futures, really they're not that bad. the question is if you look at ni nike. the comps get better, and year over year things aren't that bad. so there are haves and have-nots, we'll see that as they come through. central banks have squelches, i think bears would be disappointed. i think people would have expected a bigger pullback, and right now it's still a market that's trading ahead of itself. and the felt lately had a lot of

fed-speak and potential contrary directions. it's not every lining up and basically telling people don't worry about it until june. i think we're male a lot of what -- which is being departmentant. >> but here's what's so interesting commenting how this is no longer an pointing the finger as central banks. they've had a difficult year for some of those funds, especially the ones with exposure to china. rising and falling, saying at this point this was no -- adding that he thinks central banks are affecting assets markets, not only do they have no effect, but they positively damage it. >> houismts have i said this? i think particularly for the

mainstream investor, the fed intervention around the world isn't helping the situation, then you get the frustration with the extra risk, and the fact the market is now sort of going away from fundamentals and relying on every word, whether it's the fed or ecb says it makes the average investor very, very nervous and creates an extra left of distrust in the market, which isn't good for anything. this market does tend to overshoot because of mechanical way that people are responding, but i feel like you have people around a long time. the marginal benefit is not so great. so it's going to create more volatility than the potential

gain. >> what would you say, this is a fund reportedly was down about 22% in the first weeks of march. it's probably the worst stretch on record. by the way, i'm not here to batch hedge funds, i think someone calling it a battlefield isn't doing their homework. which you just cannot do, so where a lot of the problems have come, a lot of people have been -- or just that they're going to bet on a black swan event that you cannot time. so it's hard to feel bad about that. if you're managing money, you're taking into effect that central banks have a lot of power.

we want to get you the latest. the manhunt continuing in belgium. sue herera joins us with the latest. sue? >> kelly, here is what happening. interpol has released a photo of khalid el barkawi. authorities in the bahamas are whether hes had bahamian nationality. his older brother was one of the bombers tess airport. the islamic state has dispatched hundreds of fighters trained to attack in europe. president obama and the argentine president held a joint news conference. the president rejected ted cruz' proposal to heightened surveillance in muslim communities. >> any that would target them

for discrimination is not only wrong and anti-american, but also counterproductive. it would reduce of strength, the antibodies that we have to resist terrorism. >> and pope francis urging the world to unite in denouncing the brussels attack, saying those responsible for the bloodheld have been blinded by cruel fundamentalism. security was tight at the vatican, as people gathered for the weekly audience, and it is also holy week, of course. we'll have interesting developments, kelly, we're trying to confirm some of them. >> thank you, sue. michelle caruso-cabrera is in brussels with the latest tonight. michelle? >> reporter: hi, kelly. yeah, there's still very somber mood here in brussels, as you can imagine. we are seeing the impact of the latest attacks from last night.

in terms of the daily living here within brussels and within europe. for example, the metro is closed tonight, not because there's any imminent threats, but due to an abundance of caution. we couldn't fly into brussels, because the airport is still closed, and will be true for the next couple days at least. instead we flew into paris, where there is absolutely a heightened level of security, and as we crossed the french/belgian border, we were abled to get in easily, but getting order has a border check as they do that manhunt and try to find that suspect. here in brussels there's a large vigil over in front of the stock exchange, which is a traditional gathering point. a very large plaza, where we see similar to what we saw in paris. candles, flowers and cards. just one of the newspapers here

from brussels, the headline is "war" in the center of brussels. they very much feel like they are under attack, and take on a tonity that we have heard from leadership, as this is an act of war, as they fight this stateless actor that doesn't acknowledge borders in any way. back to you. >> michelle, the airport, is that on its way to being reopened? >> reporter: so we have been told that the commerci flights are going to be stopped, they said, at least through friday and they almost suggest they don't know when they'll restart them. private passenger flights have begun, so can you private charter and cargo flights have also resumed as well. but when it comes to actually being to get out our in, still, all right 180,000 people have had that you are flights disrupted. that number will climb every

day. >> and many people trying to get there to do business michelle caruso-cabrera, thank you. the still was shut down for something like a week after the paris attacks. >> there's always a certain level of the language turns to this is war, this requires a sort of martial response, and then there's rethinking. is it more about constant vigilance as opposed to a counter-attack. it is local policing discipline type of thing, as opposed to let's go get them and keep them on the defensive. locally, anyway. >> you have to look to paris and say, what did they do? how did they shift their behavior after the previous attack? appeared did brussels take any cues from them? from my perspective this has much broader implications. i think it has implications across europe, god forbid

possibly implications here in the united states, and i think it's one of those things that nobody can be complacent on. i don't think the local dealing of it is going to be enough. i think that we need to have a broader joint effort to root it out before it becomes too big to handle. >> tim, i wonder how long you think the shadow lingers across risk markets here. it was clear there was a tentative mood in markets today. i think so. shocking, sad, and while i think the near-term impact for global or for mac rho doesn't change the global economy, i think it's added unquestionably like we needed another question mark here, but as carol is referring to, whether it's actually pressure on greece on some level could become greater from inside the european union, because some people feel this is a source of the my grant kind of issue, and at least there are place where is there are weak spots. there's different reasons why people can raise the ante.

obvio obviously xeen ophobia, these are things that scare me, happening in this country and adds risk to the market where we were already worried about china, recession, and earnings, and this adds something else. >> tim, thanks for joining us. >> thank you. tim seymour. they'll be talking more on "fast money" at 5:00 p.m., also talking to one of the managers of the best performing hedge funds. he'll reveal where he sees value, and the one thing you need to own in this market. up next, more on those responsible for the manhunt. we'll. plus gilead losing a patent lawsuit. ceo john milligan discusses the impact of the ruling. you're watching cnbc, first in business worldwide. economy is growing, state, the with creative new business incentives, and the lowest taxes in decades,

attracting the talent and companies of tomorrow. like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. and in syracuse, where imagination is in production. let us help grow your company's tomorrow - today - at business.ny.gov

man 1: he just got fired. man 2: why? man 1: network breach. man 2: since when do they fire ceos for computer problems? man 1: they got in through a vendor. man 1: do you know how many vendors have access to our systems? man 2: no. man 1: hundreds, if you don't count the freelancers. man 2: should i be worried? man 1: you are the ceo. it's not just security. it's defense. bae systems.

seema, what's happening? it's moving forward with negotiations with zoom line. the stock is moving after hours. crane company, terex corporation confirming it has received a revised nonbiden proposal to acquire all the outstanding

shares. even though it's still an existence, but it seems like terex is embracing the sweetened bit. just another example of a chinese company looking to acquire u.s. shares. and on your screen they look like a beat on the bottom line. we'll get you more details in a couple minutes. the manhunt continues in brussels. belgian police still searching for a third suspect. joining us on the phone is michael shoyer, former head of the cia's bin laden unit. do you sense now there's an added urgency, prachs even a is a different approach in terms of finding these people involved, but also trying to root on the notorious kind of activity in

this mollen beake neighborhood. >> the police are just outclassed because of the governments having led all of these people in. i could tell you, you know, how incorrect it is to blame all of this -- though it's easy to do so -- on xenophobia, or things like that. what's going on in belgium and france and what will occur in other places in europe and north america is the result of immigration policies and open borders. it's not the police's fall. it's not the intelligence or military service's fault. it's the fault of two generations of elected officials. >> michael, what kind of policies, if we're talking about closing the borders, or at least securing them and other kinds of ways, does it come down to asking people if they believe in

western values? how did that possibly get at the hard of the problem here? >> well, border control -- it doesn't have to do with values, it has to do with your judgment of what they're up to. border control until the last two or three decades have been the norm. indeed a sign of sovereignty. now we have given the law enforcement and intelligence not a chance to do their job, because they don't know who's in the country and what those people are up to. it's going to cost money and employ a lot more guards, but i don't think we can sit here and keep taking hess attacks time after time. i would seriously disagree with the idea this is a police problem. we are fighting a war which has been recognized by the enemy in 1996, in which no western leader has yet to treat like a war. >> michael, it's carol roth. obviously a hot button issue in the current election cycle, and we're hearing two very different

sets of stories and two different camps. one side obviously the trumps and the cruzes. on the other side, the democrat side that's not who we are as a people. so what would you advise if and how do we get people to come together when there is this divide at the same time this is going on in the rest of the world? >> well, the first thing i would advise is it's not one party's fault or the other. it's been a massive two-party failure for 30 years. i think we have to realize that america is not in the business of making other people like is either overseas or bringing them here to do so. the government of the united states or britain or france or belgium is responsible for only one thing, and that is the protection of the people that are here in the country's borders and its national defense. the rest of it is all hooey. that's not who we are, well,

we're also not dumb enough as a body politic to let people in who will blow up us simply because we're afraid to say don't come in. >> michael rpgs thanks for joining us. >> thank you for having me, man. michael scheuer, former head of the cia's bin laden unit. seema mody has more. >> kb homes, the homebuilder is up improved to 16%, the ceo in the press release sake we ended the quarter with a healthy backlog and continued positive momentum. you can see the stock up about 6.5%. now let's switch focus to pvh. 1.52 adjusted verse the expectations of 1.46. revenue at 2.11 billion. that also beats street consen s

consensus. we will be looking for details as to whether it will divest some of the heritage brands, a report that's been circulating the past couple weeks. also the agreement with apacks, to acquire tommy hill gigger's china joint ventures. you won't wand to miss "mad money" for an interview on that. it's interesting, kb home had been one of the outperformer since the recent market lows, a tougher session today, as they try to get a sense. >> and kb was an outperformer. it's still down well below the mid-2015 highs, so it seems as if people don't like it strategically, so it seems like there was room for a bit of pleasant surprise. >> but it's an interesting dichotomy going on, wherein the existing homes, obviously we saw that down. there's not enough supply in the market. that's driving up the prices.

at the same time, while kb homes may be benefiting from that today, at some point a lot of the first-time home buyers are being priced out of the market. so the question is, when do they two things come to a head? >> i remember reading recently a report breaking up the market into the first-time buyers, move-up buyers and premium buyers. it's just not the inventory for people, and i wonder at what point, the numbers overall of nothing like what we saw in terms of the number of sales, mike, back during the boom, but there are some characteristics that could start to influence the psychology, perhaps in a way we don't want a repeat, people saying we better buy. >> some kind of an art officials reduction does create that dynamic where you will reach. it's definitely an issue. i think it all points to a slower pace of turnover, real lir a slower pace of activity, something that isn't in ago re

gatt enough. >> there were so many people put out of work going into entirely different lines of work after the crash that now they really need to get more people involved watching kb home shares, having a nice rally. up next an exclusive interview with john milligan. he'll discuss the issue, and a major patent lawsuit. the company just lost over lucrative hepatitis-c drugs. and not know it. or realize it. coming up, a look at how the plunging price may be hurting your retirement fund. we'll be back in a moment. you're an at&t small business expert? sure am. my staff could use your help staying in touch with customers. at&t can help you stay connected. am i seeing double? no ma'am. our at&t 'buy one get one free' makes it easier for your staff to send appointment reminders to your customers... ...and share promotions on social media? you know it! now i'm seeing dollar signs. you should probably get your eyes checked. good one babe.

optometry humor. right now get up to $650 in credits to help you switch to at&t. sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances.

♪ he has a sharp wit. a winning smile. and no chance of getting an athletic scholarship.

and that is why you invest. the best returns aren't just measured in dollars. td ameritrade. jauron mill i sigana, along with our meg tirrell. go ahead, meg. >> thanks for having us here. thank for coming to see us. >> our pleasure. that surprised a lot of people. they're looking for a 10 per royalty. what's your expectation? all i can tell you is we think

the merck patents are invalid, and we do plan to appeal the case tess end of the day. >> i want to talk about the hepatitis-c franchise. obviously it's been the biggest driver recently, and i have to ask you about the pricing controversy. this has obviously been something that's gained congress. were you surprised that the surprise of this drug and the combination drug was such a controversy? >> well, first of all we priced it in alignment with the current standard of care at the time, even though the drug was clearly going to have a greater benefit to a greater number of people. subsequent to that, the system has worked well. we have provided additional rebates, competition has further driven down the prices. we're in this unfortunate situation where the headline of a very high price. behind the scenes there's quite low prices. figure in the v.a., we've been

working closer, the price is well below half. well below half of what the list price is, and we think it's a good price for the v.a. and other parts of the system. the other thing that's surprising is this emphasis on price without a talk about the value or benefit we bring. we seem to forgot this is a short course of therapy, 12 weeks for most patients, eight for some. the fact that these patients are cured and you don't have to go on life-long treatment, so it's a different thing to think about, also very difficult for the system to comprehend the fact that it's a cure. >> just the argument that people make, yes it's cheaper, but a lot more people want it know what's happening, or is this hout it should have played out? >> if you think about the problem, it's the capacity for

the system and identifying new patients. we did have -- about 240,000 americans last year were treated with either drug, far more than ever before. >> so pretty good access to treat that many people. that's how many can treat in the year. we were utilizing a great capacity of the doctors in the system, this is now what i think to be the right step. for the future it's identifying the patients. identifying and getting them into treatment, and that of course will take many years. so that they can get cured and on with their lives. >> i have to spiff vote into the biggest questions from investors, which is what is the next driver, and everybody thinks you think you have to buy

something in order to grow. >> there's nothing more fascinating than being in an investor dinner with two groups pairing off, that we don't need to do anything because our pipeline is so rich, or we should do something now to help increase growth. sometimes i don't even have to talk in those meetings. it's quite interesting. biotech needs to innovate. and then the patents go away and the products essentially disappear from our top line and bottom line, so we constantly need to innovate. we have been successful with internal and buys companies in the past, and it's a strategy we're going to continue to go along. particularly or nash franchise, we're continuing to help people with liver disease. nash is a very important and growing problem in the united states and around the globe. we think we have several drugs that can potential treat or reverse the systems.

we brought in a product which i think can jump-start that program, and of course we've been working in oncology and seek to bring in more products, more programs to augment what we're doing internally in those areas. i don't think we need a big transaction. i do reserve the right to change my mind in the future and perhaps there would be things that make sense, because you have to be open-minded as a ceo. >> a lot more questions for you, and we hope you'll come back and join us, but thank you for joining us. >> thank you so much, meg. >> john and meg, thank you both. let's get the latest details on the investigation. sue herera is here to get us up to day. there is multiple reports that the suspected bomb maker in one of the paris attacks with us waufle two suicide bombers that

died in the blast. reports say in a gym laachraoui's dna matched both sites. and in argentina, president obama vowed to com boot isis until it is finally destroyed. he stressed the world has to be united, he also said isis is not an existential threat to the united states. a bit earlier today vice president biden and his wife vitted the belgian embassy in washington, d.c., they took some sometime to read and sign a condolence book. belgians have begun three days of mourns for the victims. authorities believe that several people with links to the attack may still be on the loose, including one man on surveyian video seeping escape. you're up to date, kell. we'll keep you posted back down

to you. >> credit suisse cutting another 2,000 jobs. we're going to discuss whether the business models of banks leer credit suisse are broken, coming up. how well do you know what's in your retirement portfolios? that's later on "closing bell." with extraordinary offers on the exhilarating is... the thrilling gs... and the powerful rc coupe. ♪ this is the pursuit of perfection. perfect driving record. >>perfect. no tickets. no accidents... >>that is until one of you clips a food truck, ruining your perfect record. >>yup... now, you would think your insurance company

would cut you some slack, right? >>no. your insurance rates go through the roof. your perfect record doesn't get you anything. >>anything. perfect! for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claim centers are available to assist you 24/7. for a free quote, call liberty mutual at switch to liberty mutual and you could save up to $509 call today at see car insurance in a whole new light. liberty mutual insurance.

man 1: he just got fired. man 2: why? man 1: network breach. man 2: since when do they fire ceos for computer problems? man 1: they got in through a vendor. man 1: do you know how many vendors have access to our systems? man 2: no. man 1: hundreds, if you don't count the freelancers. man 2: should i be worried? man 1: you are the ceo. it's not just security. it's defense. bae systems.

welcome back. we are on track to break our gains, our five straight weeks of gains here on wall street. this week it looks like we're headed for a decline. the s&p down 13, it's now actually back in negative territory for the year, the nasdaq down 52. credit suisse is accelerating the restructuring plan. cutting 2,000 jobs. this brings a total planned job cuts to 6,000 people now. first of all, we believe it's importanting to in invest equities, but now what you have to do is -- there shall

activities like the distressed debt trading that really don't fit the new strategy, and now we've cutting them down. >> the ceo reiterating the concerns today. credit suisse out with news that it's partner been with palin tier to track down rogue investors, so there's a lot of different trends going on, but the point about how it's fundamentally changing -- is important. >> the pendulum is swinging back in this direction, especially for a lot of big european banks. they need to raise capital. some parts don't really fit that. the swiss banks can restreet back a little more, but you see barclays is in this mode as deutsche bank. they're really reducing their wall street-like activities after really 20 years of getting in in an expensive way, trying

to do it with credit suisse with first boston going back more like 30 years. the question is what happens? the u.s. banks under heavy regulation, obviously they're going to be not quick to pick up that kind of decisional business. they're not going to be jumping in and saying we're going to take up that slack in the market. it's an absolute legitimate question. if you're at j.p. morgan, they're in these businesses to stay, at least they'll say, in a smart risk-adjusted way. they probably will spin it as an opportunity, right? >> but can they in this regulatory environment, and see specially at a time when we're going into an election season, you know on one side, it's all about wall street is bad, and big banks, too big to fail. can they afford to say we're going to take more of our

business and put it into this riskier business model? i don't know that they can. the question is how much -- is it really activity that would exist absent the 2,000 traders who are looking for opportunities? maybe not. i remember when bear stearns was going under and it was folded into jpmorgan, and essentially jpmorgan said -- jamie dimon said i think it was something look 30% of the head count. -- >> even if you're doing that trading, it still goes back to a liquidity issue. >> it's going to be shadow bank, hedge funds instead of banks. we have a new alert on the proposed merger between staples and office depot. seema mody, what is happening? >> the story continues gets tore interesting, a u.s. judge is rebuking the fkc's legal tactics in the staples/office depot

merger calling the tactics, quote, disturbing, in particular the sung said they pressured amazon for a favorable testimony. the ftc is responding, denying it did anything wrong. of course it's been challenging this proposed merger for quite some time. we are seeing shares higher after hours. kelly? >> thank you, seema. this is a 20-year-old story almost of its own, mike, but this is a big move in the shares now, which might be ceasing out they may be able to move forward. >> an interesting twist. this suggests that at least a judge thinks that the government overreached that really it was not a big threat. people have been saying that forever, that basically these are two diminished retail franchises. >> and the most excitement this space has seen in a very, very long time. valeant is rallies today.

up next we'll tell you why you may own the stock in your retirement portfolio and not even know it. plus a look, for a new cars and suvs. stay tuned. one crest 3d white smile... ...is all it takes... ...to turn the tables. crest 3d white toothpaste... ...removes 5 times more stains... ...than the red box. for a smile like that, crest 3d white... is the way to whiten.

it begins from the the second we're born.er. because, healthier doesn't happen all by itself. it needs to be earned every day. using wellness to keep away illness. and believing a single life can be made better by millions of others. as a health services and innovation company optum powers modern healthcare by connecting every part of it. so while the world keeps searching for healthier we're here to make healthier happen. welcome back. shares of valeant weren't higher today, but this year it's down nearly 7 on%. we've talked a lot about hedge fund titans getting crushed.

but a common retirement. the company has dragged the overall fund down more than 11%. sarah kraus wrote this story for "wall street journal," and there are companies that you name and remind us of who they are, whose employees put a lot of their retirement money into the sequoia fund. >> sure there are more than 50 companies that offer it in their retirement savings plan, national indemnity, so there's a number of different firms that have this,. >> why do you think that is? >> it's common to offer a variety of lineups. what's unique is that it holds more concentrated positions. where it might be a broader mix or more diversified. >> what is the fiduciary responsibility in terms of

suitability? i can't imagine for the average person who is working at a big company, suitability standards have headed 30% of any position concentrated in one stock if you're in that fund. it just seems like there's a huge mismatch. the concentration of holdings within the funds you selected definitely a consideration for investment committees that are looking at it. from folks i have talked to in my reporting, it's something they're taking seriously when the concentrated bets have an up side, it seems like a good things for savers, but we have learned that can easily go the other way. >> but do the funds themselves have any sort of fiduciary responsibility, knowing the fact that you have, you know, all of main street's money coming into this fund? >> there are responsibilities and rules in 1940 act funds. that's the nature of a mutual fund, so, yes, that is a component of their responsibility. >> mike? >> you know, one of the elements that you mentioned in your piece is that before the valeant

debacle, having sequoia in your lineup would have been a real selling point, because the fund is otherwise closed to investors. >> it's been closed to varying degrees. for some people who have access to an exclusive product and strategy for a long time that had performed well. >> and has historical tie toss warren buffett. >> it was founded by a friend of mr. buffett. their national -- there's several threads that tie back to warren buffett. >> and there's some companies, one a chemical company, fmc, a law firm? a significant amount of the people that had their money in this. as an approach, you know, i understand sell coy use might be more cans traited, because they said, hey, we're value pickers, but the fact that valeant keeps popping up, which is by definition is a different kind of approach than valeant investors traditionally would want to look for is what's so interesting about this, too, and

why retires may know realize. >> it's a unique fund, but also in terms of the type of company that concentrated bet was placed on. if you are a saver, you do hold funds within your retirement accounts that are more than just a sort of broad-based automatically allocating funds to know what's this that portfolio and peel the onion back a bit. >> thank you, sarah, much more on "wall street journal." phil le bow gives us a look at what will be trending on the roadways. google has neither confirmed nor denied that it's trying to sell its robotics company, but find out what the company said from our inquiry, coming up on "closing bell."

car enthusiasts anxiously await the start of the new york car show to get a look at the latest vehicles and that's where we find our phil lebeau with this year's highlights. what do you see there, phil? >> a little luxury and a little fuel efficiency and, yes, a little star power here at the new york international auto show. let's start first off with luxury. check out the porsche macan. i've seen, it been out for a while. you know what? this is the four cylinder version so, yes, it looks like the other versions of the macan but it's a porsche four cylinder

and it will be coming to the market in july. price tag for the base model, keep in mind it's the base model, just under $50,000. fuel efficiency, this is an important car for toyota. it's the prius prime. the prius prime will have -- it's a plug-in electric hybrid version. first 22 miles all electric. the range, when you go with the gasoline in addition, 600 miles. it goes on sale this fall and remember prius sales, they were down last year, first time in many years under 200,000 in sales in the united states. they are hoping to pop it over that with the prius prime. finally the lincoln navigator for star. this is a concept. the gull wing door which is massive for both the driver's seat as well as second row and the steps up, that got a lot of attention, but i say it's the star power because matthew mcconaughey, the spokesperson for linkin o. he came out to talk about a little bit of the navigator concept and that's certainly got plenty of attention here from the people who are at the show who wanted to get just a glimpse

of matthew mcconaughey. guys, that's just a taste of the new york auto show. >> yeah, but could they see him, or did the car block it? that is a huge vehicle, phil, and those doors, i mean, i guess they wouldn't hit the car next to them when they open, but i didn't mean that the gull wing thing is becoming so common. >> it's -- it's gull wing, not falcon wing, that's what you see on the tesla model "x" which has two hinge points which prevents it from hitting vehicles next to it so this is the true gull wing, so it would hit the car next to it if it was parked to another car in the parking lot. we're not going to see this. mark fields says it's a concept, a vision of the future. you won't see that door or that exact vehicle coming from lincoln. >> i mean, mike, it's still there. >> also hit your card if they were waiting to get into the car. >> just trying to get past the four cylinder porsche. >> what's that about? >> i can't wrap my head around that. >> isn't that like a moped, phil? >> what's the point? >> no.

wait, guys, you put a turno engine in a four cylinder vehicle, it's basically like a six cylinder, and i know people are going to sit there and say it's a porsche. you shouldn't have a four cylinder porsche. with a 252 horsepower and the handling techniques that you get with that vehicle, for those people who are looking for a crossover it will give them better performance than any other crossover. but have you to wrap your head around the fact that it's still a porsche. >> why have six if you can do it with four? thanks so much. our phil lebeau over at the new york auto show. to sell or not to sell? what everybody is asking google about its interest in boston dynamics. more on that next.

[ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, they could save you in out-of-pocket medical costs. call today to request a free decision guide. with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks, and virtually no referrals needed. join the millions who have already enrolled in the only medicare supplement insurance plans endorsed by aarp... and provided by unitedhealthcare insurance company, which has over 30 years of experience behind it.

with all the good years ahead, look for the experience and commitment to go the distance with you. call now to request your free decision guide. one...is all it takes...... ...to turn the tables. crest 3d white toothpaste... ...removes 5 times more stains... ...than the red box. for a smile like that, crest 3d white... is the way to whiten. i have an orc-o-gram we for an "owen."e. that's me. ♪ you should hire stacy drew. ♪ ♪ she wants to change the world with you. ♪ ♪ she can program jet engines to talk and such. ♪ ♪ her biggest weakness is she cares too much. ♪ thank you. my friend really wants a job at ge. mine too.

♪ i'm a wise elf from a far off shire. ♪ and sanjay patel is who you should hire. ♪ thank you. seriously though, stacy went to a great school and she's really loyal. you should give her a shot. sanjay's a team player and uh... welcome barks after a much ballyhooed entry google play be looking to get out of the robotics space. google "x" which purchased ston dynamics less than three years ago may be looking to sell it. the company has not confirmed nor denied the report but seld it to cnbc. it has been the home to the project. and we have a number of projects related to robotics already as

the lap facilities helpful for this kind of work and defining real problems and hoping to create moon shots. we want to develop the product but not with a specific technology. does this tell us more about alphabet or more about the robots which have been a global sensation, mike? people watch these things and are blown away. a real opportunity to make some money there. >> tells you something about alphabet that they are not going to get locked in to one attacking issue and maybe they want to explore different ways to do it and, therefore, if in fact they felt this was a limiting way to go about it. >> it's very interesting because usually you think of google/alphabet as a horder, not somebody off who is divesting things, but there's very specific issues related to this beside the fact that the robots are just freaky, and they are probably freaking everybody out, but it sounds like there may be some issues internally with the management team of boston

dynamics and the management team of google and having very different visions. that's why they are not getting out of the robotics business all together. i think they are a little frustrated with the direction that boston dynamics has gone in and don't see any sort of near-term revenue, so while everybody is sort of obsess and think this is hot -- >> think about the way google goes about other things. it's not here's the really cool device we're going to show you. it's platforms and operating systems and that might be more of the way they do it. we'll figure out how to run these things and solve these problems and not make cool videos. >> they also had several years to get under the hood of this company, perhaps absorb what they need for other ventures like self-driving cars, anything you need. can take that technology and maybe move forward. of course we'll keep you up to date on what hatches i can't get enough of watching it. they are so creepy and sophisticated. >> i want to literally hide under the desk. i'm completely terrified of them. >> next show we're having one as a co-host. carol and mike. that does it for "closing bell." "fast money" begins right now.

i'm sue herera and here's the latest at this hour. reports not confirmed by nbc news say the suspected bomb-maker in the paris attacks was one of the two suicide bombers who died in the brussels airport blast. officials say the dna was verified as one of the attackers. president obama held a joint news conference with argentine president in buenos aires in the wake of the bruce el attacks and defended his strategy against the islamic state. >> there's no more important item on my agenda than going after them and defeating them. the issue is how do we do it in an intelligent way? what has been working is air strikes that we're taking on their leadership and infrastructure and financial systems. >> moantime the state department