it is reporting earnings after the bell. revenue of $3.57 billion. it is up 10% year to date. we'll see what happens when it reports tonight. >> thanks for watching guys. >> happy easter, everybody. see you monday. >> hi, everybody, welcome to "closing bell." i'm kelly evans. >> and i'm bill griffeth, stocks on track to break the five-week winning streak. we're down for the week and this is the last trading day of the week and last trading hour. we'll look at what's causing the five week rally to fizzle out. >> new rules to curb wall street bonuses are expected next month. we'll tell you what they are and which firms could be impacted the most. >> now, would you pay 10 cents to read an article online? how about 50 cents? we're going to introduce you to the company trying to be the

itunes for print news, if you will, coming up. they are already in europe being introduced here in the united states. >> and offering refunds if you don't like the article too. >> is that right? really, that's interesting. >> after the bell, hall of fame basketball star bill walton will discuss his new book and whether nike blew it when it lost steph curry to rival underarmour. if you haven't read it, i highly recommend it coming up next hour. >> do you think bill will have an opinion? >> did you ever see a cat fight a big? ever been to tucson in july? where were we? let's get to the markets as we head towards the last hour of the week. heather hughes. how are you? >> hi. >> sitting at post nine at the

new york stock exchange and rick santelli from chicago. ben, we're breaking this five-week winning streak but not by much. we haven't had the kind of pull back you would imagine the market would need after the kind of gains we've seen over the last month and a half? >> i think what we've seen is very healthy. we had a strong run and ran into the resistance around 2045 on the s&p and we're taking a breath. quite frankly, it's very -- to me encouraging to see what the market did particularly today as an indication. we have all kinds of noise coming out of the central banks or central governments, meaning china with mr. lee talking about changes in their tax structure, to try to stimulate their economy. you have the bank of japan bringing out helicopter theory by giving gift certificates out to try and stimulate their economy. you have mr. bullard turning more hawkish and we have to wait until tuesday.

this market is within the band widths created by the central banks, particularly janet yellen and the backtracking, if you will, from a very dofish position, whether or not you will retake the idea she is the chairman of the united states central bank and not the world bank. that's what the market was being shown with the last commentary. if you're looking for transpare transparency, all you need to look at the question steve liesman asked janet yellen in the last conference and the response that was given. if that's their idea of transparency, that's about all the market needs to know, not very transparent. >> heather -- i like your wardrobe consultant by the way. so ben is talking about which way are these markets moving and how are investors supposed to read the central bank here. what are you guys advising? >> transparency has led to increased confusion in this case

for sure. oil, china and interest rates are still the leading indicators in the market. that strong dollar may present a headwind for earnings coming out next week and globally that continues -- we continue the slide or sell-off as u.s. interest rate speculation has sparked and lifted the u.s. dollar. corporate profits are holding up okay but revenue is weak. quarter over quarter, five consecutive negative quarters of revenue growth. that's somewhat bearish tone for the markets, although we've had a nice rally from january, february lows, there's still a lot of obvious concern, conflicting signals in the markets between perhaps retail sales revisions and gdp, all along with central banks around the world. dichotomies of what we're seeing and bank of england versus the european central banks and bank of japan which are still full throttle ahead in stimulating mode. it will be interesting before

investors really bid up the markets higher or sell off to the downside, they are waiting to see how the divergences are reconciled. >> oil down, taking stocks with it. what do you think is going on? will we see a resurgence of the dollar at some point? >> i think the gold trade is always a difficult trade. i think the way the year started out made a lot of sense that gold was going to be popular. central bankers aren't going to give the reigns up easily and that took a bit away from the gold market. but the dollar, you know, the dollar is so important. we're just a whisker above 96 on the dollar index. if you recall, we had a mid-december tightening, a session after that we had a 99.27 close. we're close to 3% lower than that even though the fmoc

committee is leaning more hawkish. i think the dollar index is a great indicator for how much of that hawkishness is actually believed by investors and even though it's had a rebound, it doesn't look significant to me. in terms of rates today, i think i'm the only person who looked at durable goods and found something positive to say. if you looked at either year over year or month or month, nonseasonally adjusted, this durable goods number was pretty powerful. i'm going to be very interested to see how we stack this up being a volatile series over the next several months. >> we're seeing on the back of a little of that dollar strength and perhaps for other reasons, oil moving lower. we have that opec meeting coming up and few other things. it's been a nice rally. what if it's running out of steam? >> sorry, was that directed to ben? >> ben. >> the oil trade, you have to be very careful when you're looking at it in the global term.

if you want to look at the rig count. we used to trade with the idea they weren't building rigs fast enough. the whole idea of supply and demand in a commodities market you're being told by the world there's plenty of supply that's a question of flipping the switch or turning a rig back on. the oil trade i think is a function of flows of dollars into that dollar -- dollar trade and money wanting to be in oil as opposed to oil itself as a commodity. what i thought was really interesting in the currency and the commodity trade was that jp morgan announced they are leaving the aluminum market. they actually hauled in possession 40 years' worth of aluminum for packaging for coca-cola in the uk markets. the last time it was above $100 a barrel was the day jp morgan announced they were leaving the oil market. i would keep a close eye on t aluminum trade when it comes to the materials market. as a subsecretary tore that's

performed well today. i continue to go back to look at -- i want to look at gold as a currency, not as a commodity and look in terms of dollars as rick said. >> next thing you know cbs will sell radios or something. >> you saw the $9 billion build in crude supply and most of it is due to imports. the gasoline oils is of course stored cheaper. we're importing more than necessary but as long as that continues, rigs are still -- we're importing left and right. >> would you buy energy stocks here? do you think oil has bottomed. >> i think oil energy has found some short coming every time it dips below $30 a barrel. some guys bid up the price of oil to where it's closer 40 bucks a barrel and thus far but i'm not making a bowled call in

oil right now. >> everybody have a long three-day weekend. see you. >> shares of yahoo! nearly flat as starboard is launching a proxy fight to remove the current board and have it replaced with starboard's choosing. >> we're quoting here, significant board change is desperately needed to hold management accountable and properly oversee any operational turnaround plan, separation or sale of assets. >> here's the question. should yahoo! give the board seats up to starboard, which owns less than 2% of the company? that's what we're going to talk about with eric jackson from spring owl asset management and brian from pivotal research. good to see you both. eric, you would love to see the board removed, yes? >> we're not fans of yahoo!'s board and management team had almost four years now to execute the turnaround plan.

they haven't and came up with the new three-year turnaround plan. now it's four years into a turnaround and i think it's a great thing starboard has filed these nominees and all shareholders like us win when we have choices. we'll look at all of the considerations from starboard and yahoo! and vote in the way we think is going to add the most value. >> would you agree in terms of replacing it whole hog? >> it's unfortunate but as eric said, the board has performed poorly and it's difficult to tell to what degree it is every individual member of the board or just the board collectively. we've seen resignations on the board and they are always due to other factors, but is it possible that perhaps disagreements might have been part of t the existing board has been unable or unwilling to make necessary changes to management

and/or effectively how to manage the assets. a change is necessary. it's hard to manage status quo being better. the bigger question is whether or not this slate versus another slate -- >> yeah, brian, isn't it possible that there's not a lot you could have done to fix yahoo! in the last few years. they were just dealt a very tough hand by the previous administration. they lost market share and their business model was not producing as well as it used to. so was there much they could do aside from just selling the company outright? >> if that was the case, identifying that was the case means you pay an executive to run the company at a different rate, you have different people in charge of the asset and focus on tax strategies and focus on different things. you don't invest in new business lines or if you do invest in new business lines, you make sure you have a plan and it was pretty clear they didn't have a practical one when they bought

tumblr, for example. >> what about the names we've heard as potential candidates as part of starboard's slate here that they like to see put in the company. are these the right people for the job? >> i think collectively they are just as qualified if not more qualified than the current members of the yahoo! board. so i think there are a number of intriguing individuals on the slate that was put forward today. it's interesting to consider some of the background such as there's an nbc universal executive part of the mix and was responsible for subscription revenue for several years, it's kind of interesting to think about what might -- what jeff smith and starboard may be thinking in terms of taking this business forward. it's kind of like a general election here where starboard and yahoo! has to kind of hit the campaign trail. kiss a few babies and shareholders and tell us what they want to do. >> very quickly, eric, you

mentioned you're a shareholder. why hang around if you're this unhappy with the company, you could sell your shares. >> well, we're playing this for the value that's still to be unlocked. we think this core business is worth more than zero, where it's valued today. we think it's worth a heck of a more than aol got from verizon. we don't want to see this thing sold for a fire sale type of price. and there's obviously value that still conceivably be created out of the asian assets if there are smart individuals brought in with that expertise too. there's still a lot of upside here. >> hanging around to bring it back from the brink. good too see you both, thank you. have a good weekend. >> we have 47 minutes left in the trading session here. the dow is down just five points. the fblue chips not doing as wel

as small caps but we're heading towards a down week for first time in six weeks. a story only heard here on cnbc, we took an in depth look into the accuracy of the government's gross domestic product reports and found a series of errors that should give investors and executives and policy makers and the fed reason for concern. that's coming up next here. >> and starbucks ceo saying u.s. political leaders have failed the country. and his company is out with a new ad campaign. we'll get details and debate whether more ceos should be speaking out coming up on "the closing bell."

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heading to the finish on thursday. let's check on the big movers in today's mark.

barclay's downgrading range resources and trimming the price target to 24.27. its trading at 30 right now. the oil and natural gas company faces severe financial challenges despite a 30% increase in its stock price over the past month. tivo is in merger talks with rovi. it's unclear how much of a tie-up would be worth. manage what they would call the company? >> tv. that works out well. can the data be trusted? steve liesman joins us with a special report. >> instead of calling gdp gross domestic product, call it gross domestic problems. we did an in depth analysis of the government's reports on gdp and suggests large and persistent errors that sh give

everyone pause in relying on data for key decisions. we went back to 1990 and found an error rate of 1.3 percentage point. the government reports some of this. that's compared to the initial report revised to more complete data. initial report of 2%, it will be revised to either 3.3 or 0.7%. we didn't see systemic overstatement or understatement of growth in our reporting and the associate director at the bureau of economic analysis put together the report for the government told cnbc, we're working to try to get more accurate data to advance the gdp estimate as more information comes available and they have gotten data quickly than in the past. despite big improvements in

computer power and communications elsewhere in the economy, the size of the revision from '08 to 2013, same as those from 1990 and '95. the error rates, same as they are in the advanced, pretty much the same. revisions will be just as large three months later at the end of the quarter as they are one month afterwards. this raises questions whether or not the government should be using private sector data and raised funding issues and what we did do because it's not a terrific way to run a railroad. >> no, it's not. thank you. >> is there a better way than to do this economic forecasting? >> joining us right now bob pisani alongside gisele guzman. welcome to you both. >> thanks very much. i think the important thing here, gisele, you've been telling me for years it's not getting any better and they need

to improve their economic forecast and you have a better way to do it. can you explain that? >> we're trying to inject science into the dismal science by fusing economics with computer science, using big data and machine learning and sophisticated algoritms. >> we use these words but what's the secret sauce. what are you doing to get more accurate forecasting than the old methods being deployed like gdp? >> we look at large traunchs of data, all of the activity that's happening on the internet and any other source of live data and we extract expectations from that and put it into a framework and the really like secret sauce of the system, it learns from itself, it's constantly learning and changing and adapting because the world is dynamic. data is dynamic, not static. >> you put the data out there for people to see and show the

forecasting and so far the numbers appear to be more accurate than the regular economist forecasting. i want to put up the cpi for january, for example and compare your numbers versus the estimate. you had a cpi in january for negative 0.1%. your forecast was 0.0% and came in at 0.0%. the same thing, down 0.3% and your estimate was less than half of that, down 0.14% and actual number down 0.16%. what are you doing right and they are doing wrong? that's a fairly big discrepancy and you seem to have gotten that right. >> this is man versus machine issue. the machine is doing better than humans, humans tend to have a lot of biases -- very significantly for a long period of time and kept thinking it was going to keep declining like

that where we saw zero. one of the most interesting things we get, we get the sign flips, every time the month over month from flips to positive to negative, we catch the flips. >> we should probably be asking the gdp keepers why but i'll ask you anyway, if we have the capability to provide more accurate, more realtime data, why aren't we doing that? is that an up front capital expenditure? >> it's an investment issue. but it's also kind of a culture issue. because economists have a certain way of doing things, they look at the world in a static way, like they'll make a model. what we're doing with using computer science, we're kind of breaking a lot of rules by doing things like data mining and machine learning. for example, the phillips curve. it's not working. and we're not kind of we hadded to those ideas. >> there's a long history for data series and people are

reluctant to tweak them because it may affect their ability to do analysis. evenly though it may take a year for the real number to come out, they'll say, still better to do that than change a number with 25 years of history that might render our analysis incomplete. >> those time series you're talking about, they are revised data. so you're not looking at what actually hit the market at that point in time. they do have that. they just started that in the late '90s, started that effort to keep it. what you see is the official published statistics, it is revisions, it's not what was there at that moment in time. >> exactly, which is important when people are going back and looking at market reactions, might have been a different sign let alone -- >> we have a lot more on tradertalk.cnbc.com. >> very good. >> great stuff. >> bob, gisele guzman. good stuff. >> dow is down 8 points. s&p is also in the negative territory today. oil is lower and vix higher.

transports are down 36 points. the russell small caps are trying to hang on to positive territory today. >> they are. >> would you pay 10 cents to read an article? we have a co-founder of a company trying to modernize content in a new way. >> if i get a refund for not liking it, you bet. >> could be waiting longer for big bonuses. details after we come back. some say "free the whales." for them, nothing else is acceptable. but nothing could be worse for the whales. most of the orcas at seaworld were born here. sending them into the wild wouldn't be noble.

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valeant shares down sharply on news the head of the sequoia fund, robert goldfarb is stepping down. at one point accounted for a third of sequoia's portfolio causing the fund to drop 11% this year. we told you about how common this fund is as a retirement investment option at many companies and valeant continues lower down another 6.5% today. >> wall street executives may have to develop patience when it comes to their bonus. mary thompson joins us with more. >> these rules are required by dodd frank and incentive pay or bonuses, this is take reproposal, the first released in 2011. while that date isn't firm, it's expected to be released sometime

next month according to people familiar with the situation. joined by six regulatory agencies and sources say it will likely mandate a certain percentage of incentive pay be deferred for more than the three year standard that was adopted by banks after the financial crisis. it may also expand the number of people subject to rules on deferred compensation beyond the current group of executives that are currently applies to. while many financial firms adopted clawback measures on their own. it will probably mandate it be a part of any pay plan. finalizing is part of president obama's effort to get elements of dodd frank finished before he leaves office. regulators have noted the changes the banks have made after the crisis and one source familiar with the situation says regulators are considering the cumulative effects the laws have in discouraging top talent from taking top jobs at banks. the added restrictions are seen as a way to prevent banks from taking unnecessary risks.

>> mary, real quick, what's the time frame for implementation. >> once they release that, you have a 60 day comment period and it's looking to be finished by the time president obama leaves office. it would be by year end. keep in mind speaking with some of the other people that have been briefed on what is being considered, right now as i mentioned, the deferred time is three years and some people say it won't be as long as ten years what they have in europe but more likely four to five-year range. it isn't a drastic change for people with aa good amount of pay deferred. >> mary thompson with the latest there. let's get straight over to sue herrera. >> here's what's happening at this hour. the state department says 12 americans were injured and two more government employees or their family members are still unaccounted for after the brussels bombings. separately belgium locwer its security alert one notch.

after being arrested for committing multiple crimes including prostitution. 51-year-old bruce wayne wallace was in court to face charges along with a female accomplice. bond was set at $5,000 for both. gerber is recalling a unspecified number of baby pouchs containing carrots and peas and pears due to a packaging default. they were sold at stores nationwide and online. nascar has fined danica patrick $20,000 for walking towards the track to gesture at another driver following the crash on sunday. she crashed hard the wall. cane apologized for the accident. that is the cnbc news update this hour. back down to you. see you in about an hour. >> i saw her hit a guy in the chest last year after an incident on the track. she's a tough cookie.

>> don't mess with danica. >> it's ahead of a three-day weekend, in two and a half, we'll hear the whoop whoops -- >> we're down 4 points you don't know the dow. making money off digital content. a company trying to be the itunes of news. why the american dream of owning a home is getting more expensive. ♪ there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.

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what's recommended for me. x1 makes it easy to find what blows you away. call or go onliand switch to x1. only with xfinity. 25 minutes left in the trading session. did you see what happened? joining me with steven gilfoil, cannot tell you how excited sarnlg is by the trading activity in the last couple of hours. the dow just turned positive. >> we're all going positive. this 2035 level on the s&p 500 is the level we had to hold last night, which we did. it is the level we only dreamed about this morning when we had to hang on to 2022, which we

did. everything storming back against the best wishes of the federal reserve speakers, whatever the heck they are trying to accomplish. >> in market doesn't want to pull back. we're going to have a down week right now. >> we're going to have a down week only because of yesterday. you're not getting the kind of pullback you might have expected after the kinds of gains we had in the five weeks. >> this is a bullish sentimental indicator, we have end of the quarter next week, which is huge. a lot of projections are showing negative imbalances for that day. overall the momentum here, even though resaw resistance in the 2050s, i think we have a chance to get over that. >> let's see what happens. see you later, sarge, thanks. >> a pay per story news service is available in the u.s. and instead of paying for full subscriptions allows users to pay 19 to 39 cents per article. if you didn't like the article, you can get a refund. some are calling it the itunes

of news. how will it impact digital media? joining us here is the co-founder alexander cloping. >> news isn't cool. why did you see this as such a valuable business model? >> i was a journalist before and our industry is in a little bit of trouble. i don't know a lot of friends of mine had a subscription to a newspaper and a lot are installing ad lookers, an important source of revenue for publishers and also quite a bit of smart people that really want to get real good journalism but don't want to take subscriptions. what if we license all of the content from all of the newspapers and magazines and put them on platform and no payrolls and let users only pay for articles they like. >> you almost answered my question. how do you make money? you license the content and turn around and resell it on a

piecemeal basis? >> we take a 30% cut of every article we sell. we sell a whole lot of articles. we already launched in holland, where i'm from and germany and we sell millions of articles every month. >> who's buying? >> it's funny, it's young -- a lot of young people, half of the users are under 35. they have this problem that they go on facebook and twitter and so much information available but where do you go if you want the best stories every day, the stories that explain the how instead of what happened. that's what we tried to surface? >> you could be an amazon like product, one user face away from the wall street journal, new york times, the economist, financial times, a lot of placed gated their content already. you can go through one portal. does that happen as soon as i download your app and put more information in there, i can pay from content from different

places? >> exactly. you go and sign onto the platteform, it's in beta right now and i'm sorry about that. running as quickly as we can and then we have editors that deem the best stories and better we get to know you, better we can do and recommending -- >> i'm not setting up preferences per se. you're just figuring out what i'm choosing and -- >> if you read a lot from the wall street journal, we figure that out and show you more from the journal because you apparently like that. >> what about when -- you mentioned this is in beta, you have to be invited. what kind of hurdles do you face before you can open it up to everybody? >> we want to figure out what kind of users in the united states will be most interested in this kind of service, i expect people who like reading "new york times," financial times." in the end we get pretty good excitement around here, i think one of the reasons, refund

thing, right, if users didn't like a story, they can ask for their money back. this is something that gets people talking. it's an interesting new model for journalists. >> what does it mean to not like an article? i didn't agree with it -- >> that's a possibility. so much on the internet is quick news, just another day on a story and so many people are tired of that. if you pay with real money for an article, only just a couple of cents and ask for your money back. great reason for a user to get better articles. >> do the times and post and everybody, do they view you as a customer or as competition? >> no, i really want to do this together with the publisher. i'm a journalist and want journalism to do really well. especially the original deep background -- >> are you taking food out of their mouths? >> i'm helping them out. >> gaining percents on the dollar but they would have gotten the whole dollar without

you. >> the problem is young people are not subscribing in a big amount to publish to newspapers and magazines. >> your canballizing and finding new readers -- >> exactly. when people sign up they can do a couple of articles and when you become a fan, why don't you take a subscription to the journal, it will be cheerp. it makes the journal happy and me happy. >> we know spotify came out of your part of the world. blendle, look for it. >> the dow is up 7.77 points. in any case the s&p is lower by one and nasdaq higher by 1.5. we're supposed to be entering the heart of the home selling season but we'll xman why home prices are becoming increasingly unaffordable. >> will game stop's earnings help them get back in the gain

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the nasdaq up a tiny fraction right now. we have a quick look at shares of wells fargo and ubs initiating coverage with a sell rating, with risk to the revenue growth and credit performance. it is down 1.8% right now and in fact the financials are the laggards in today aesz trade. >> they are. >> but spring is in the air. when many get ready to put homes up for sale. more people are staying put and that means trouble for buyers. diana? >> reporter: that's because affordability is tanking fast. low production from builders have buyers in a crunch. we hear of more and morbiding wars as demand heats up with temperatures. how bad is it? 9% of the 456 counties measured by realty trac are now considered not affordable by historical standards.

that's up from 2% last year. median home price growth outpaced wage growth in more than 60% of counties. where is it worst? counties in denver, dallas, austin, san francisco and omaha and st. louis. affordability is best in baltimore, birmingham and providence and chicago. weakening affordability and even mid-sized cities, many of which are undergoing a great rebirth is pushing people out. rered fin says the typical home sold in 2015 was about 4% farther from a city center than in 2011. they also say their agents are reporting back that would be sellers are not listing because they are afraid they won't be able to find or afford their next home and bill and kelly, as i was walking over here, i got a new study from american express and it showed the majority of people moving in 2016 and more people are moving this year than last year, the majority of

renting the highest level since 2012 and that says a lot about this housing market. >> wow, hits home. >> the shift continues in our economy. diana, thank you very much. we have a news alert right now regarding ted cruz, john harwood stepping in with that. what's going on? >> there's been a tau dri back and forth involving wives of candidates a super pac went after donald trump by posting a racy picture of his wife from a photo shoot. donald trump responded and said he would go after heidi cruz and retweeted an unflattering picture of heidi cruz alongside one of his wife. that set off ted cruz who just moments ago went after donald trump. >> i don't get angry often. but you mess with my wife, you mess with my kids, that will do it every time. donald, you're a snibling coward, leave heidi the hell alone. >> when candidates are trailing, they are looking for moments to galvanize public attention, we'll see if this works for ted

cruz, guys. >> i know we're supposed to be following every turn of this but had to sort of stop lately, john. it's a little bit bizarre to hear insults flying back and forth. >> extremely bizarre, never seen anything like it in all of the years i covered campaigns. >> at least not at these levels of the campaign, running for dog catcher maybe but -- >> yes. thank you, john, see you later. >> 12 minutes to go here. looking at the market that's tried to climb back and make a comeback, the dow is up 4 points, still negative territory for the s&p 500, oil prices lower and the dow is higher and transports are down 40. >> we're closed tomorrow for the easter holiday. our friend david darsthe puts his unique market spin everybody looks forward to coming up. stay tuned.

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i used to like that song. welcome back, art cashin came by. it's an eye-opening number. the number of imbalance is $1 billion to buy but the veteran tape watcher artcash in feels that will pare off before the close. some of what we're seeing right

now, this gain in the dow after having been down more than 100 points but we'll see what the impact is as we head towards the close. joining us, our independent investment consultant david darst and from capital markets. how have you been? >> enjoying this market run. >> we're having our first down week in six weeks here. but the impact that energy has had, that's still the engine running this train here. what do you make of that? >> if you look for example, last year, everybody talks about an earnings recession, it was up 7% if you exclude the energy sector. same thing will happen this year, 5 to 6% of earnings outside of energy and something probably 2 or 3% when you include it. i think the underlying trend is really healthy and energy is kind of on fis indicating the broader issue. >> isn't it getting expensive? so many people tried to pile

into the name they perceive is safer or not related to energy. >> if you're talking about market leadership, what is the market telling you? we have a weak economy but that companies are able to grow in light of that are really valuable. you're talking tech companies or -- doing well. >> coming through the friends and firefighters ringing the closing bell today and we have some of the members of new york's bravest coming through. they'll be among those ringing the bell today. that's what the applause is about here as they make their way towards the balcony at the new york stock exchange to ring the closing bell on this thursday. what's with the kelly green tie here, darst? >> that is the sixth in a row of green ties, bill, to commemorate st. patrick's day since i was traveling in israel. it's a carry-over, the thing markets have to pay attention

to, an easter acronym. number one is earnings and number two is asia, also japan. east, s is saudi arabia as representative of oil. t is terrorism. you don't want any more big incidents to influence investor business traveler or consumer confidence. the "e" is the economic data flow. and it's been kind of mixed. you've had housing on the good side and personal consumption on the good side and durable goods orders and manufacturers to the down side and r is the responsiveness of central bankers to what's going on. particularly relating to currency. >>s that's not going to fit on a tweet by the way now that you're on twitter. >> they said they are going to expand it to 140 characters and i look forward to that day, bill. >> don't hold your breath. >> jonathan, we mention how much of the weakness is in energy. would you look around for opportunities to play in that

space? >> i think the areas that are the most problematic are materials more so than energy tied to what's going on in china. i think that energy is healthier but i wouldn't be nibling at this stuff as much as focusing back on the winners in growth land from last year. they'll reassert themselves and that's where i would be focus. >> you're looking for canadian banks, safest banks in the world, 11 years in a row, a yield of blended the top five, about 3.8% and canadian dollar is down 26% from 18 months ago. you're buying in at a cheap level. if you're looking to hide and get some yield. >> good to see you both. >> happy easter. >> good long weekend as well. we'll come back with the closing countdown for this thursday. >> howard shultz, his latest

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last six weeks now we saw five consecutive gains weekly gains and this week we will not. it's our first down week in that time. over that period of time, we've had a healthy gain in the dow of about 10%. same thing for crude oil, we're down this week after pretty decent gains in the market. and we're down to 3956 and how about gold, the worst week this year but it had been on a tear up a point. a lot of that was attributable to the lower dollar. >> the big thing that moved the market this week. fed officials. fed speaks coming out and confusing all of us. we're not sure where the fed's position is right now. next week we'll have more. janet yellen is speaking in new york. the head of the new york fed and another fmoc will have here.

three or other fed speakers. >> we look forward to that. [ bell ringing ] >> don't forget, closed tomorrow for the good friday holiday. friends of the firefighters ringing the bell here at the nasdaq it's lab style innovations. stay tuned for the second hour of "closing bell." have a great weekend, kel. >> thank you, bill. welcome to "the closing bell." we started deeply in the red, the s&p broadly couldn't quite do it, down a little less than a point. we'll watch to make sure that shakes out. 2036 the closing level for the broad index and nasdaq up 4.5 points. we're waiting on earnings from game stop. we'll bring you those results as soon as they are released. you can see the share performance interday today there. joining today's panel, we have senior market comment ator mike

santoli along with kayla. mike, we mentioned to go out with a gain here and final trading day of the week. >> only modestly, i do think the market is kind of refused to submit to this idea it was having to pull back in a serious way. maybe it will. we came into this week up 12% in the s&p 500 in 26 trading days, even bulls and bears alike saying we should pull back more. it's happened mostly below the surface. if i'm going to quibble with the elements of this week's trading, it's that it was those defensive stocks that continued to lead and financials can knock it out -- big downgrade of wells fargo. >> transports had been the one for ten weeks in a row through this week. they are so interesting, when they were selling off hard last year it was kind of self- -- same thing, they've been really strong but in a stealthy way.

we mentioned others recovered from the recent lows. >> but it's interesting when we were having the transports rally in the broader market was selling off, we were saying why is there a divergence between the two. there is a sense they are converging yet again. to make's point, the fact we've come up 12% since the lows, that is quite a lot of distance for major averages to travel the dow and nasdaq and s&p to be down half of one percent, as well as a major terrorist attack, that is resilience yens to sap the least. >> especially because we're seeing dollar strength here and that's impacting all kinds of markets. we've seen gold had one of the worst weeks in some time, especially against the pound and dollar quite strong. relatively speaking off the recent high, how much of a headwind is that? >> the fact we had lower oil for that period of time and it moved like this, should be a driver

for earnings. as a matter of fact, if you think of the energy names, we haven't seen any revisions within energy earnings, which usually there's a 90% correlation. when we've seen the move we've seen in the commodity and have some sort of revision or commentary surrounding that. we haven't seen that at all which makes me believe that's not going to be say lasting rally or they don't believe the commodity can actually stay at these levels for a long period ever time. we're coming off a massive momentum-driven short covering rally and a lot of beaten down sectors, there's been a lot of repositioning, covering of shorts and really fearing getting short even though we've had this move. i think a fundamental investor sits back and says, what do i buy here? what are names that screen well in my sort of universe? there's not much that stands out from a real fundamental perspective that you can step in and say i'm confident enough i'm going to be okay. >> we're still asking the question, kelly, of where the confidence came from in the rally in the last six weeks.

on february 23rd, said we're going to see a lot of demand but it's going to come from companies and they are going to be buying their own stocks and we have seen that. that win do is closing going into earnings. so mike, how do you think that's going to play out when we don't have that demand at the bottom of the market. >> it might be a placebo effect. i'm not saying that the buying doesn't actually happen and cash doesn't go in investors hands but i wonder about the excessive focus on this one element of it. i do think it does speak to the fact as david was saying, you can't make a great valuation case here across the market. so i do think it makes sense during earnings season ahead of earnings season when we're mostly going to get preannouncements to have a stutter step here. >> what would you do with health care and biotech? whether for political reasons, business model reasons or high profile stumbles of valeant, there's probably something to be said for the more -- companies

haven't gotten swept out. >> we were having this discussion a little while ago with head of our health care trading on the desk here and you know, made a very good point. the sent. in the space is destroyed. fundamentally, you look at the large cap names, they do screen okay. they've been beaten down say lot and have -- programs in place that are driving earnings. you look at it and say from a fundamental perspective, i can make the argument that the large cap names are okay from the perspective of investment given the fact they are beaten down. but the sentiment is so negative surrounding the space it's going to take a long time to repair, very long time to repair. one point to kayla's point about what drove the rally. think about these momentum funds that really feed off the facilitation of the short covering rally we saw. they helped really drive in a massive way that rally that we saw. i think hedge funds will be ultrafocused on where

momentum -- where the screens are and sort of like what direction they are being pointed in in sectors that could be moving in the future. >> the market seems to have a lot of different herds here. dividend low volatility stocks still near all-time highs, mike. >> david is correct that the first thrust off of the bottom of february 11th was driven by the low quality, heavily shorted beaten down stocks. but really that did not close the gap with the very traditional blue chip names that really do continue to have heavy investor demand. it's dividend yields, very stable businesses, splv, an etf for the s&p low volatility index. it's 100 stocks that exhibited the least volatility relative to the indext. it's just about at 52-week all time high. >> you said grandma's portfolio is overvalued. >> it's campbell's soup, household name stocks in your pantry. the problem is you can argue they are getting overvalued.

people are paying too much for the piece of mind that comes with a steady business. >> i think kayla, i read in the journal that general mills is trading at its highest fope sin 2002. is general mills a growth name or indicative of how high the tide has gotten. >> to make's point, there does seem to be an overcrowding of people saying when there is high volatility, go into dividend names and look at the companies that have paid the most stable dividends over history and they crowd into those names. it's almost like they lose sight of where the growth will come from for those companies and they just say we're in it for the income in the near term and dividend stream and we'll think about the fundamentals of the stock later. >> i see a couple of things, part of what's driving that, the fact it's a world scarce of yield. we don't have good safe yields for people to say for next 40 years it's going to go and it's

going to be fine. there's kind of a half step back into equities and people are saying, i have to be exposed but let me do it in a say waive. we had the bad correction in 2011, right into 2012, it was these very stocks youtd performing in a big way, a half step into stocks again. >> does that tell you that you can actually bet on this rally broadening out if tapering in the weeks ahead then? >> look, i look at it and say i don't believe we're going to see that occurring. but i look at the rally actually -- i think it's going to expand. i think you're going to continue to see this rally grind higher and the higher it goes, the more you'll see hedge funds forced to get into this trade to participate here given the fact they just can't take the risk of completely missing the mark. i do think the rally grinds higher. >> exactly. we have an earnings alert on game stop to get to here. >> fourth quarter earnings from game stop beat expectations,

$2.40 adjusted but revenue below expectations for the fourth quarter at $3.53 billion weak revenue guidance for q1, increase 25.8% led by growth in technology brands but it's that guidance that seems to be weighing on investor sentiment, and stock down 5% after hours. given the proliferation of virtual reality, it will be interesting to see if game stop will be playing a role in this new space with facebook sam sung among others investing in virtual reality. something to watch in the conference call which begins at 5:00 p.m. >> back to you. >> also looking at the hard wear versus software revenues and how they are continuing to make a transition to mobile and streaming. >> absolutely. i'm not a fan of the stock at all. even with a 4.9% dividend yield. this is a perfect example of a name that has a high yield that people stayed away from. they don't believe in the business model.

i'm not a big fan of these types of stores and i think they can grow earnings and talk about growing earnings of roughly 12% a clip per year. but i don't see this being a sustainable business from a growth perspective, one i would want to invest in. i think down at the levels down at the 29 and change level, 28 and change level which is probably where it's trading after earnings here, maybe a step in for a trade and you can buy it here for a trade up maybe to the mid -- low 30s but i don't look at this on a long term basis. >> total battlegrounds stock, more than 40% is sold short. it's been a consistently heavily shorted stock at last report. merrill lynch had a list of crowded stocks, ones that were overowned by portfolio managers, gamestop was one of them. clearly people think it's kinds of this special situation maybe they can confound the obvious critics but for today, not enough here to keep the buyers

interested. >> i'm thinking of this week when the rumors were out about xbox launching a digital trade-in service and saying it's on exploratory but gives you the sense that companies that own content and consoles might want to be bringing some of this stuff back in house and gamestop is going to have a challenge there. >> that's a great point. shares down almost 6%. >> thanks for sticking around for us or suiting up early. much more coming up at fast money at 5:00 with the former ceo of citi. donald trump's campaign responding to the comments by ted cruz, calling trump a snibbling coward. >> we just got a response from the campaign manager from donald trump who said ted cruz's remarks reflect the fact he's desperate to stay relevant in this campaign, he's almost mathematically eliminated and he

defended his borks donald trump from the charge he's sexist by saying he's had strong working relationships with women at his country throughout his career. and those relationships have been very smooth and successful, strange campaign gets a little stranger, kelly. >> that was from his campaign manager, john? >> that was from donald trump's campaign manager, that's right, trying to dismiss the effect of what ted cruz just said. >> john harwood following the twists and turns for us. pre-orders for the new iphone and ipad pro begin today. one is skeptical who doesn't think they've done anything innovative in nine years much. starbucks taking out ads calling for a return to civility in our society. we'll look at whether ceos who get political are hurting or helping businesses. you're watching cnbc, first in business worldwide.

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we'll have an interest with bill in a few minutes. will sales live up to previous versions of these devices? josh lipton has taken a look for us. >> apple still generates 60% of the revenue from the iphone. no surprise, star of the product launch was the new iphone s-e, it has a 4 inch display, faster chip and same processing power as 6s and support for apple pay. they are betting fans of the 4-inch 5s will have a reason to upgrade. at $399, it could appeal to more price conscious consumers, sc which can shoot 4k video does compare well to the 520 galaxy s-5, also getting smaller, the ipad pro. with a 9.7 inch display rather than a 12.9 inches, when i

talked to ceo tim cook, it remains optimistic about the ipad. especially given the partners with companies like ibm and sisco. ipad sales have disappointed wall street. whether this new device can change that product's trajectory, back to you. >> thank you, josh. not everyone is impressed with apple's news products. our next guest says the future doesn't look that bright. holds positions at stanford and duke universities, we thought this was a fascinating argument, let the market be a testing ground for new products but you don't think that what's apple does to their detriment. >> it was nine years ago the first ipad came out and bigger screens and smaller screens and

adding the latest processors and hyping the heck out of it and making us get excited about the same thing being repackaged in different ways. we go to these apple events and watch them on tv, must be magic because apple released them but the emperor has no clothes, there's no real world shattering inno vacation happening anymore from apple. >> it's interests because in the whole lure around steve jobs, he didn't wait for the market to tell him what it wanted. he had the vision and said this is what i'm delivering to you. is it true that may have been a one trick approach and apple needs to be more open to trying out new stuff? >> jobs did have two big tricks, the ipod and iphone second. the iphone created the mobile ecosystem that we live with today. everyone is building businesses on smartphone eco system and entire lives are going towards mobile and it's hard to figure out what comes after mobile.

i'm wondering if you have an idea what comes after mobile that apple should be thinking about that they haven't gotten to yet. >> mark zuckerberg figured that out, bought oculist and it's not going to be perfect when it comes out. it doesn't matter. facebook got it out before it was perfect. they are going to let the market use it and listen carefully and keep tweaking until it makes it perfect. three or four years from now it will be amazing and facebook will be the leader in virtual reality and apple will be sitting there dusting technology it's been working on for the past seven years in the lab and never perfect enough to release. >> that said, even if there's a market in front of it, it seems to have been okay with saying, we'll wait and get the product right then we'll bring it to market and do it our way. can they do that if something

like virtual reality is the next big thing. >> that's been the approach. it's been what has been considered a strength of apple's, they didn't feel they had to be first in experimenting and testing the concept but perfect s. i don't know virtual reality is going to be the thing that every company with the profit pool the size apple says needs to make a firm stand in. can we not assume that apple is working on virtually everything? we don't know about it. >> we've heard reports for years of various things they've tried perhaps not rolled out to the market more broadly but a sign they are innovating nonetheless, correct? >> they haven't even gotten maps right yet. i use google maps. basic thing like mapping software they couldn't get that right despite the fact they stole everything they could. that's how apple was built on stealing technology from others. >> kayla, you agree?

>> well, i don't agree they have to be good at everything. they've looked at the addressable market and decided maybe the resources are better spent elsewhere. there was a quote earlier this week that steve jobs focused on the product, where tim cook focuses on the customers and the employees. everyone is sort of fighting over the same landscape, same environments and seek co-systems that he wants to make the customer and employee experience the best. do you think that's a fair point. >> it is, bit things move very slowly. we're on this curve where you have multiple technologies coming and converging. facebook 13e7b9 $20 billion on buying what's app because it realized it was left out of the mobile area. it owns that space and owns many spaces. apple is still selling the same product as a decade ago.

>> it might have been the case up until now that investors rewarded apple for sticking to where it does best, where it has a franchise and didn't like that a company like google had this money spread around trying all of these perhaps high faluting things that weren't coming to much. has that changed now and is there something better about valuing the companies trying a lot of things? >> i don't know that the market is telling apple that it has to go and just throw money at new ideas and just see what sticks. but if you look at the valuation of the company, it's depressed. it's a big discount to the market and at least what it's saying, we don't believe there's a brilliant thing to be done with $200 billion sitting in the bank. i do think one of the potential critiques is that there had been very slow and reluctant to make sizable acquisitions. you could argue a company of its maturity should grow that way. >> we have more news out of apple at this moment. josh lipton rejoins us. >> kelly, i hear you talking

about apple's new products but what about some content. a headline just crossing here from the new york times that apple's first original tv project is going to be a nonscripted series about apps, kelly. saying one of the things he says with the app store that was always great about it was the great ideas that people had to build things and create things, not a lot of specifics here, about financing and title time line or even how people watch the show. but we do know apple has great ambitions in content. a lot of speculation going head to head with rivals like netflix. maybe more color about those ambitions now. back to you. >> thank you, josh. >> this is fascinating. it reminds me almost of enews talking about its own reality shows or something. is this going to be apple chit chatting about all of these cool apps or something? what do you make of this news? >> apple just discovered netflix and figured out what netflix did

about eight years ago. come on. they can only copy so far. they've got to do real innovation here. every big thing they released of late has been a copy. same as a blackberry, belong samsung and lg. this is a company we're raving about. i'm laughing at apple now. >> you know, i don't think yet the market is that concerned about that element of it. it is never necessarily rewarded the absolute best device in any catego category. >> what about streaming idea, this particular show? >> this is as meta as it gets. i think a company that has more than $200 billion in cash, they can afford to do some things here and there that are misses instead of hits. but i'm scratching my head as to how that plot will actually move forward. >> yes, we all look forward to it. thank you for joining us and appreciate your time this afternoon. >> absolutely. >> we'll head live to brussels

to get the latest for the manhunt in the suspects for the deadly terror attacks and justice department charging serve iranians for hacking, how vulnerable you're key infrastructure is later on "the closing bell." 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 today, we're seeing new technologies make healthcare more personal with patient-centric, digital innovations; from self-monitoring devices that can interpret personal data and enable targeted care, to cloud platforms that invite providers

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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 and use your miles to cover the cost. now that's more like it. what's in your wallet? we have a news alert. >> this is from a letter put out by bill ackman and pershing.

they are cooperating with the investigation into drug pricing and in addition to that they say that pershing square has no intention of changing its particular strategy at this point based on anything that despite last year's heavy investment losses, that's according to the letter. pershing square says it has no plans to change the strategy and it is going to investigate with the u.s. senate committee's investigation into drug pricing. and that's in a letter from pershing. that's all we've got right now. and as more details come out, we'll bring them to you and i'll see you in a minute for a news update. >> thank you. mike, just quick thoughts on this one. >> no plans to change the investment process does not surprise me at all. he obviously always been somebody who ran a concentrated portfolio of great ideas and trapped in valeant. couldn't get out in a graceful way.

the drug pricing thing, you knew this was going to continue to be a political issue. >> like hotel california for hedge funds. >> belgian authorities stepping up search for other suspects in the deadly attacks. michelle caruso-cabrera has the latest on the manhunt. >> reporter: nbc news has learned the two brothers identify as the suicide bombers here at the airport and metro were known to u.s. authorities. both of them were listed as a potential threat in u.s. databases. this is according to two u.s. officials. they were named as suicide bombers in the brussels attacks known to counterterrorism authorities. they wouldn't say on which of the databases they were listed but it raises the question how is it that belgian authorities can describe them as petty criminals not on their terrorism watch list. that's going to be another big question, how they were missed.

the investigative process continues about tuesday, the justice process for salah abdeslam continues. he was supposed to appear in court today and did not but his lawyer did. his lawyer was chased by reporters as he approached the courthouse. we learned today in court that abdeslam will no longer fight extradition to paris. in fact he wants to return to paris now instead. >> tell me why he wants to go to france, please? >> because i think that this is the most important part of the trial and his explanation, he has to give them there and not in belgium. >> he told reporters in french that salah wanted to tell his story. the terror left has been lowered by one level. that's going to be a relief to people living here because the lines to get into the subway, the security level has been so

tough. people have been getting checked every single time they go into the metro station and led to very long lines and tough commutes. trying to figure out what to do with abandoned luggage and bags at the airport. there's a lot of abandoned luggage they have to figure out what to do with as they get the airport kre contradireconstruct. >> a difficult task, thank you. that is the latest out of brussels. time for a news update. >> here's what's happening this hour. north korea says it has succes successfully conducted a rocket engine test. migrants at greece's border with macedonia slept on a

railroad tracks to bring awareness to their plight. they are demanding to be allowed to continue their journey across europe. pope francis washed and kissed the feet of 12 refugees including three muslim women. it commemorates jesus' guess tour of humanity. this is first time women were allowed to participate in this event. the rolling stores are rolling into havana for a free concert. the city is all abuzz with anticipation since mick jagger visited havana in october. i guess you could say the cubans might get their satisfaction. pun intended. >> i see what you did there, sue. >> have a great long weekend. >> thank you, happy easter. howard schultz wading into politics again and not first ceo to let his opinions be known. is that a good situation for his business and shareholders? and later basketball hall of

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welcome back. starbucks getting political again. out with an ad in the wall street journal that reads, this is not about the choice we make every four years. this is about the choices we made every single day. it's not first time the company has been vocal about the subject. back in january i spoke with how arld schultz and asked him about the current environment leading up to this election. >> i wish there was much more civility and respect to the american people as opposed to mudslinging that continues to go on. it's just not helpful and consistent with what the american people want and that's one of the major reasons why it's forecasted at 50% of the americans are not going to vote in the presidential election. they have lost faith and confidence in the process. >> schultz isn't endorsing a presidential candidate other ceos have. including bri answer france who

came out in support of donald trump. warren buffett coming out and endorsing hillary clinton. should ceos be getting so political? cnbc contributor sara and jimmy join us. what do you think, is it a business risk for them? >> i don't think it's a business risk. they have the ability to do what they want when it comes to commercial activity. this should not surprise anyone that howard schultz or brian france is advocating in the political arena. do i like it? not particularly. but that is their right under citizens united. they can do whatever they want. howard schultz has been outspoken. thgs the not the first time we've seen corporate america get involved in this realm and i don't think this is going to be the last time.

>> is it about -- is it about paying for political speech, citizens united thing or is it that this particular campaign, the tenor of it has made different business leaders feel like they have to speak out? >> go ahead, sara. >> i think that people and these ceos are rightly concerned about this campaign. it has been one of the toughest and we're having a very low brow conversation right now in particularly in the republican primary. having said that, i do think this is not only good politics for mr. schultz, because that ad didn't say a whole lot. it's also good marketing for starbucks. let's be clear. the point of that message was to take a break, to feel good and do something, you know, kind for someone else, to be at a higher level as a person. well, those are great brand values if you're starbucks -- >> i was going to waded into --

did the thing about writing on the cup and things in the past, to do something to elevate the dialogue about the race, they have gotten blowback for it. it hasn't been handled that adeptly. so again, is it too much of a risk to be this out front or this forward about it? >> certainly not the tone in particular that starbucks and schultz are striking right here which is a very high road, everybody aaspires to think they would agree with something like that. i think it's no accident that ceos we're talking about are founder type ceos. not going to be dislodged. they are identified directly with the brent -- it's their company. they get to say what they want. >> it's true. >> it is true. >> sara? >> that is an excellent point, that he's untouchable. you can't imagine most ceos spending corporate dollars to buy advertising to wage into a political debate. unless there's something to the

marketing of it behind the company and the brand values you're trying to espouse, i think in this case there's a little bit of both. there's no doubt that mr. schultz is a very political figure. but there's a company angle to this as well. i think this particular ad was smart marketing. >> jimmy, you might agree, he tells a great story told to him about the holocaust and kids sharing a blanket, everybody should share your blan ket as a society. what about the organizations where brian france endorsed trump, saying it hurt nascar's image when they've been trying to appeal to a broader audience. warren buffett maybe sawon't fa the same thing for backing hillary clinton. for those two it seems a bigger risk -- >> i used to represent nascar and the speed race tracks when i was a lobbyist. i should put that out there. brian is welcome to endorse anyone he wants to as anyone is

allowed to do. but at the same time, do i think that nascar fans are going to be upset? >> if brian france endorsed hillary clinton that might have made news. but that he endorsed trump, that doesn't shock me. there is something, sara made a good point, this advocacy, whether benign versus more sort of in your face, in georgia there's an anti-discrimination bill and you have lots and lots of corporations saying to governor diehl, don't sign that bill because we're going to move out of georgia. same thing in north carolina and maybe south carolina. these corporations are becoming far more active and i don't know that's necessarily a bad thing. i also don't like the idea that corporations have all of this humility to spend this in a political arena unless they are going to be transparent about it, which they are. >> we have to go. sara, thank you so much. jimmy williams.

basketball legend and long time grateful dead fan, bill walton is it here to discuss his college career and nba career. where he sees the future of the sport heading and so much more. know your financial plan won't keep you up at night. know you have insights from professional investment strategists to help set your mind at ease. know that planning for retirement can be the least of your worries. with the guidance of a pnc investments financial advisor, know you can get help staying on track for the future you've always wanted. every auto insurance policy has a number. but not every insurance company understands the life behind it. ♪ those who have served our nation

have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life. some say "free the whales." for them, nothing else is acceptable. but nothing could be worse for the whales. most of the orcas at seaworld were born here. sending them into the wild wouldn't be noble. it could be fatal. when they freed keiko, the killer whale of movie fame, the effort was a failure and he perished. but we also understand that times have changed. today, people are concerned about the world's largest animals like never before. so we too must change. that's why the orcas in our care will be the last generation at seaworld. there will be no more breeding. we're also phasing out orca theatrical shows.

they'll continue to receive the highest standard of care available anywhere. and guests can come to see them simply being their majestic selves. inspiring the next generation of people to love them as you do. welcome back, those golden state warriors are the hottest team in basketball but in the early 70s, it was the bruins led

by bill walton. and despite constant injuries walton won two nba title and most valuable player in '78 and out with a memoir called "back from the dead" recounting devastating injuries and triumphant recoveries that helped build his storied basketball career. bill, thanks for coming down. >> cnbc, i've made it to the top of the mountain. it doesn't get any better than this with kelly and mike and kayla. i wanted to get here on time to ring the bell at the end. i've rung the bell before and love ringing the chimes of freedom. >> they don't stick around for much. they wanted to wait for you to come through. >> it's been a fantastic run to come into new york and partner with simon and shuster. it was a labor of love. it's a message of all of the

moments in my life or most of them, because when i turned it in, they said it was too long. so what do you mean it's too long, it's my life, i'm 63. how many words did you want it to be? 120,000 words. how many did i turn in? 285,000 words. >> wow. >> there's a lot of stuff in there. >> what's the best story you had to leave out? >> we're working on that. the editing process, the battles back and forth. i wrote it myself and did the audio book myself and worked on the ebook, a lot of great art work and pictures and stories. my life has been one of climz to the top, i think it's going to last forever and kas strofic health crisis crashing to the bottom and having to start all over. kind of like what's going on here. the whole thing all rolls into one. and the ability to climb back up.

but it's a story of success and failure, hope and despair and life and death. because this last one for me, my catastrophic spine collapse and failure put me on the ground for years. and i lost everything. i lost my job, lost my income and insurance, lost my hope that tomorrow will be better. couldn't get off the ground. couldn't eat or sleep or drink or do anything. i was going to kill myself. if i had a gun i would have used it. but i got better because other people sacrificed for me. >> i had no idea about any of this. if somebody told me bill walton was calling a game for the conference of champions -- what's up with them and march madness, the acc is making a run? >> oregon ducks are going to win it all. they play tonight and it's going to be fantastic. they are going up against duke today. >> do you think steph curry is overshadowing march madness? >> he is on top of the world. he is the world right now. it's just a fantastic story.

we love him. >> how much did nike screw up losing him in the shoe contract? >> i love nike and phil knight. phil knight is the most important man in the history of all sports. there's a lot of other important people, but phil has been there from the beginning and made it what it is today and some guys get by. and that's the way it works. in life, in business, at the new york stock exchange, at cnbc, risk and failure are all part of it. and that's what sports teaches you on an every day basis. you come, you got a plan and got an idea and got a dream, sometimes it works and when it doesn't, you come back to your core and you start over again. >> all of these companies are trying to recreate themselves and find the next big thing and nike says it's this self-lacing sneaker, that's the future. >> i'm going to get one of those. the gear, the apparel, the

style, the culture. all of of the things that the future is about. and when we -- i'm twice as old as all of you people right here and so what i learned over the course of these 63 years, particularly the last time, because nothing changed my life. nothing had more of an impact than being on the floor wanting to die for all of those years. and then just -- then i got better and so what i have learned, tolerance, patience, perspective and relativity. and this is a big picture. it's not just today -- >> but you are a learning point, a lesson in the household growing up -- i have to ask you the truth. you're the cautionary part of the story. we played basketball and my dad was a coach we would never behave. he would tell us about the story of john wooden and bill walton, one of the greatest basketball players and grew his hair out

because he is kind of a hppy. >> i am a hippie. >> it's been a pleasure having you on the team -- >> but we're going to miss you. >> we're going to miss you and you came back and cut your hair. is that true? >> absolutely. i absolutely. i argued with coach wooden on everything, on facial hair, on hair length, on wardrobe, on nixon, and vietnam and why the cheerleaders couldn't be in my hotel room on road trips. i lost every argument. he would sit there and look at me, and this was his position. because he was an english teacher by profession. that was his deal. he was the first grade basketball player, but he loved baseball more. but what he really loved is education. he loved words, he loved teaching, he loved being a mentor and coach. we were teenagers. we were 17, 18, 19 years old. so while i'm scrambling with him and fighting with him on every issue known to man, the coach would sit there like this, okay. just look at me like that. finally he would have enough and

roll his eyes and get into his speech. bill, that's all fine and good, but i'm the coach here. there was nothing more important than being on the team, sacrifice and discipline. group dynamics, and how that all plays out. we come down here every day and see these guys and the dream and the hope. how hard it is. you win, you lose, but you've got to keep coming back. i'm grateful to be back in the game of life again. i have no pain. i take no medication. i had no idea what life was like without back pain. i lived with it. but now, steve, my spine surgeon, my partnership with simon and schuster, i'm on top of the world. >> you can come down to the stock market anytime. >> i would love to. >> a real pleasure. the book is bill walton, back from the dead. of course, you can find that much more detail in the story. that's only part of it as well. we look forward to the sequel,

bill, thank you. >> kelly, mike, caleb, thank you for having me. thanks for letting me play in your game. >> we're always watching. u.s. officials charging iranian hackers with a cyber attack on critical u.s. infrastructure including banks and a dam. there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.

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welcome back. the justice department charging iranian hackers with hacking critical infrastructure. >> this is the indictment that was unsealed earlier today against seven iranian hackers. the u.s. government says accessed 46 u.s. financial institutions as well as at&t and also a dam in new york state in which the hackers were able to get control of the so-called systems that control the infrastructure itself. one of the issues that came up in the press conference earlier today was why indict iranian citizens who are in iran who are not likely to ever be within the reach of the u.s. law. james comey addressed that today. >> people often like to travel for vacation, or education. and we want them looking over their shoulder, both when they travel and when they sit at a keyboard. that's the message of this case.

>> this is similar to an incident back in 2014 in which the u.s. government actually indicted five chinese military hackers. there you see the wanted poster of the seven iranians indicted today. i asked the department of justice officials today, they say this all reflects a new approach by the u.s. government in the past they used to hold back, afraid to reveal what they knew about these hacks because it would reveal to the other side how much intelligence they had. now they say they're willing to go out and publicly name and shame and identify exactly who was responsible for the cyber attacks, kelly. a new approach here in washington, d.c. >> we'll look for that, eamon, thank you. what the panel is watching for next week before this long weekend.

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have a great long weekend. we'll see you next week. "fast money" begins right now. >> right now, at the nasdaq market overlooking new york city's times square. tonight on fast, we've got the new iphone se, it's right here on set. the surprising and exclusive "fast money" survey found out not all good things come in small packages. we'll explain. plus, several left for dead stocks could be the only thing revifg your portfolio. the walking dead stocks that are seeing surprising surges. the former cfo of citigroup is doing something that could change the face of wall street and could not necessarily be good for the big banks. stocks snapping a five-week winning streak. the question facing investors now into the weekend is this dip a buying opportunity, and if the answer