systems housing employee reverse of that trade come off situation has been compromised. just a bit, and i do believe additionally they're working with federal law enforcement to that you're going to see lowe r work with it. just a statement from adp on that. they say their systems were not hacked. back over to you guys. >> that's it for "power lunch." commodity prices. right now they're winded. thanks for watching. >> "closing bell" starts right now. >> we saw australia cut their rates. sara, you see the markets are hi, everybody, and welcome to the "closing bell." i'm kelly evans with the no. under pressure, right? >> absolutely. we've gone from the u.s. is going to raise and other people were going to lower and maybe we were going to pause and the rest >> new york stock exchange. >> and i'm bill grif equity. would catch up with us. this looks like it has more when australia lowered it, it conviction than yesterday's rally. the energy sector so far is the set off foreign exchange issues biggest loser today, materials and financials are not far and there's a concern with the banks trying to fight one another and tlr you're going to behind or ahead depending how have some issues. you look at it. you saw japan trying to get into we're well off the lows. >> also coming up, hedge fund negative territory, everything went the wrong way. today for australia it worked giant kyle bass starting a new but i think it really scared fund just for his china-related

people. >> and, rick, the dollar index, investments. i know you say watch the close, find out more why he's still betting against china in an that's most important, but it hit a low that we haven't seen exclusive interview with our david faber coming up. also markets down big today since october of 2014. the trend still seems to be in and clorox shares are up higher, place right now. 2% now. it was up 4% earlier on the back of earnings, plus they've >> absolutely. announced an acquisition. even the fact that it did a mild we'll talk about all of that and u-turn, it's still higher than how basketball star steph curry yesterday and yesterday is your is helping clorox's bottom line. comp going back. it doesn't change much. and after the bell, cbs kicks off a big week of media actually it isn't even the level as much as it is how we're earnings. getting there. wheel bring you those numbers and even my roller-coaster and hear from less mun vez on analogy. the problem is it's been stopping at various points with the con fresh call. quite wide spreads between them, let's talk with bob pisani. so no matter what currency you're looking at against any he's back tracking the selloff other currency, the volatility, right behind us here. what are those three things let's think about it. you're talking about today, bob? every country that investors are in have the currency and that's >> i think we're getting a the ante. little bit of a reversal of that's the lowest common three key trends. denominator that ties everything take a look. number one, stability in china. the data has been very choppy together. we want to continue to monitor that. the other issue is, you know, if and the manufacturing data was

we start to see much more of not particularly supportive for fall about rates, it's going to bullishness on china. that's a problem. change the dynamic. number two, the dollar has been we're down seven on a parallel weak all throughout the quarter. a lot of people happy about shift. that. five, ten, 30s. but some are arguing that may be it looks to be the lowest shield stopping. in fact, the dollar index now has reverses on the upside close anywhere from 2 to 2 1/2 today, not good for the overall weeks depending on what maturity markets. you look at. and oil, we were thinking we we have a boat load of data were bottoming at $26. especially productivity. we want to watch that very oil has been down 5% in the last closely, because in the end, couple of sessions. productivity is cumulative. if you're light over a number of these three ideas have helped power the market forward and years, it takes a lot of today those cyclical groups that horsepower and economy that you're never going to get back. were a big part of the rally >> you know, sarah, just last month, the energies, materials, financials, all thinking through your points about what central banks are doing here. cyclicals are the ones leading the dollar index is still below to the down side. these are the market leaders for the quarter. 93. neshlgs, financials, materials, i wonder with all of this happening does it give the feds some wiggle room if they were to and health. their actually the ones that raise the rates and what kind of have been moving the markets forward and why we're slightly cascading effect would they off of the heise, only 2% on the have? >> it's interesting. when think first raised them in s&p 500. another problem that we've had, poor profits from a lot of the december, it was not as big as it was in the first quarter of banks. the year. european banks have been the fed keeps saying they want to raise rates.

reporting. down 7% today. i would be surprised if they do. their profits were down 64% over certainly the odds do not look very high, but i this the fed in switzerland. would have some coverage here. remember the big swiss bank. the question is do we want to take a look at the numbers here. get into central banks fighting their fixed income revenues down with one another even further. 32%. the core of the company's i'm not sure they want to take the risk. that's the kind of volatility management putting money at ubs we've seen. >> kind of can you top this. and their transaction-based income down 32%. steve, what are you watching as we head to the close here? why is that? because rich people weren't sure where do you see opportunity? what was going on and they >> so, for me, i think that didn't do any trading or much in apple bucking the trend, it's the way of activitieses. been down. so the uncertainty is creating obviously we've seen it collapsing on itself and that's problems for all of those banks out there who have clients that -- that was green today and the decided deer in the headlights, rest of the market was red. i'm not going to do anything. i'm still long and i got longer. the good news, bill, is the so i'm a suffering man. important thing is they're i've been a hoper in apple. seeing inflows into their wealth the line in the sand, 2043. management division. so rich people are still there. that's your flat on year. they're still putting money there. that's the easy barometer. they're just not doing anything outside of that, the 200 day, with it right now. that uncertainty, a big problem. 2015. guys, back to you. >> for ubs anyway. 2116. s&p cash, sorry. >> nothing like confused rich let me clarify that. >> we've got that. people. >> trader's market. >> yeah. bob, thank you. we'll see you in a little bit. doing that trader speak again.

our bob pisani. thank you, folks. >> thank you. our apple shares are up right >> we've got about 15 minutes. now. a little bit less go to the they're trying to avoid the close. the nasdaq is down 44. session losing streak. so it's in a way the reversal of hate an eight session losing everything we saw yesterday. streak. apple ceo tim cook telling jim >> exactly. >> the nasdaq down almost 1%. cramer last night that india >> we'll have much more. poses a great opportunity for plus billionaire head fund the tech giant. >> this is another huge one. >> okay. >> india will be the most tighten kyle bass speaks exclusively with our david faber. populous country in the world in they're going to speak about china and the potential impact 2022. india today has about 50% of on china's u.s. markets as well. also coming up the earnings their population at 25 years of age or younger. onslaught does continue. it's a very young country. we'll break down the numbers for people really want smartphones you as soon as they hit the tape. there, really want smartphones. keep it here. you're watching cnbc, first in business worldwide. and this year the first year, lte begins to roll out. ♪ ♪ (singing) huge market potential. >> well, despite apple's uptick you wouldn't haul a load without checking your clearance. today, tech stocks overall are dragging the nasdaq lower. so why would you invest without checking brokercheck? bertha coombs is in the middle check your broker with brokercheck. of the action site in times square. bertha?

>> that's right, bill. we're seeing weakness particularly with small caps. biotech is off 1%. the big caps are weak as well. the fang names, facebook, amazon, google, and netflix all lower and a few downgrades have really been critical today as far as what we've seen in terms of stocks moving to the downside, hitting names like sba communications which was cut to a neutral from an overweight at jpmorgan following disappointing earnings. jpmorgan cutting seagate f we can bring in that chart. they're among the biggest drags. they're the lowest performers today, biggest losers today. very bc, seagate's ability to play in a merger right now, (ee-e-e-oh-mum-oh-weh) being much more limited. (hush my darling...) also chip stocks are lower as (don't fear my darling...) (the lion sleeps tonight.) well. they said their march 2016 (hush my darling...)

monthly sales increased less man snoring (don't fear my darling...) than what analysts were looking (the lion sleeps tonight.) for, up about 10%. woman snoring but that's a lot less than we would normally see this time of take the roar out of snore. year. and finally today twitter yet another innovation only at hitting an all-time low of 1390. a sleep number store. three years ago that stock price at $26 and hit an all-time high of merely $75 a share. bill? >> our machine is down with the graphics. i'm going draw that very quickly. >> come through the wauchlt let me show you a twitter right now. it's hovering just above $14 a share. it went down to 1390 today. this was a stock that was nearly at $75 back in december of 2013. how its fate has changed. >> jack dorsey running as fast as he can right now. bert bertha, thanks very much. let's get to our "closing bell" today. sara hunt. right next to her is steve

grasso and in chicago where the cubs have the best record in baseball -- he would have told us that anyway, rick santelli would have told us that. steve grasso, it seems to lack conviction today. there seems to be more conviction with this selloff. what's going on? >> if you back to late february, china increased its fiscal deficit to gdp ratio and i think that's what got people to cover their shorts or positioning trade. you had energy, materials, industrials. they all ran. welcome back. have they run their course now 45 minutes left in the trading because there's still no signs session. the dow down 148. of real global growth to really was down 220 at the low. sink your teeth into. you can see of the 30 dow so i think you're seeing the components, five are positive today. pfizer is the leader to the upside with a gain of 2.7% on the earnings beat. the giant also raised its full year earnings forecast as it

boosts sales of new cancer treatments. stock to $33.67 today. we have auto sales. how did we do, phil lebeau? >> not a bad month. 1 1 17.4. when you look at the individual automakers they were either up slightly or down slightly. for the most part they were in line with estimates. fiat came in slightly above estimates that were out there from a number of firms. taking a look at what was driving sales last month, again, strong pickup sales. we receive that month after month. suvs also very strong. average incentive, $3,021 according to true car. that's an increase of 13% to april of a year ago, but keep in mind the transaction price is

also higher. as a percentage of that transaction price, we're still around that 10.5%, 11% range, which is not anywhere close to what it was back in the heyday where you saw huge incentives really diluting the profitability of the sales of vehicles. here we are. roughly in that 17.2%, 17.3%, 17.4% range, guys. this is where we could actually see salings ramp up dramatically. keep in mind the biggest determining factor if you want to look at how strong auto sales are, look at consumer confidence. as it goes, so goes auto sales. guys, back to you. >> all right. phil, for now, thank you so much. we'll see you. our own phil lebeau. and our david faber has been out at the milken conference. >> david joins us for a cnbc exclusive interview with kyle

bass. it's all yours. >> thank you. kyle bass joins me now as he has over the years many times. we have recently spoken about china, focusing on your funds in terms of your believe that it will have to be devalued because of nonperforming loans in the banking system. >> that's right. >> has anything changed in the last six to eight weeks when we last spoke to change your opinion? >> no, nothing's changed my opinion. in fact, it's only gotten more harden hardened. >> why? why has that been the case? >> you know, i watch what the official establishment is saying over there. they're saying that, you know, their new economy, the service-based economy is growing double digits while their older economy is still, quote, crashing, as per the last event i attended. the interesting thick about

that, they want everyone to focus on the new economy where the banking system's loans are all with the old economy. and so i think that the thing that has changed in the last six to eight weeks is you had the g-20 meeting in shanghai where yelin decided to go from hawkish to uber bearish or uber dovish, sorry. moving from a hawk tore a dove weakened the dollar vesa visa sri all the others around the world. it's pushed back time. >> pushed back time, that's it. >> yes. >> particularly people push back on your foreign reserve estimates saying you're low in terms of what you think are their estimates, i mean their reserves, excuse me, and how quickly they'll go through them. why do you feel comfortable you have the right numbers when you're an outsider only able to deal with certain things. it's not like you speak chinese or mandarin.

>> we do have someone that speaks mandarin that works at hay machbl however, i deal with the numbers as they're set forth. by the way, the pbocs reported the asset side of their balance sheetd for many years, for more than 20 years some of the reason that we think we're right and the others are wrong are really simple. one of the arguments is the cic investment is not in there, is not in the fx reserve numbers. we believe it is because in 2007 when they formed cic, they should have reduced the pboc's balance sheet by $200. if you look at pboc's balance sheet on trade, they look perfect in lockstep. until china, the sovereign, reveals it, it's all con jekture anyway. i'm opinionated that we're right until they prove us wrong. >> all right. what if they do prove you wrong? it's possible that the reserves are larger than you anticipate

or do they still maintain even if the number's larger? >> the currency again is the net product of the real issue and it's the credit in the banking system. so the currency is just a barometer, and i think the world seems to focus on that myopically month after month, which we actually don't really care what those balances are. we know the construct of the chinese banking system is so difficult to understand. it's so much larger than ours was. it matches. it's four times the size of ours going into our financial crisis, so you've heard george soros say that china is in a more precarious place or say there were a lot of similarities between where they are today and where we were. i would absolutely agree with that. when you look at the structure of their system, which very few people have done. >> right. your contention or your big reveal sometime back now was that the bank system is far larger than we even are aware of

and they're far larger, correct? >> that's right. >> and you have nothing you've been able to unearth that disproves what you believe to be a number far larger than what we were aware of? >> no. do you remember our abcp facilities? all these structure investment vehicles, those blew up the u.s. banking system? it was only 2.5% of our system. >> there was a leverage though. >> there was an enormous amount. >> it's not necessarily the case, is it? >> but in china, it's four times worse in a system that's twice as large as ours was. so, again, the construct of the system and the fact that when you look at defaults in china, there was one default in 2014, nine in 2015. there have been 16 through mid-april of this year. we're on pace to do 50. interestingly enough half have been soes and a couple have been federal soes instead of local.

so this view in the marketplace that the chinese government in their only nip tense, in their and to make sure serving fine is one that i don't believe in and i know many of the market players do. so that's really our fundamental difference. >> understood, but you seem to be describing it as them flipping a switch going from an industrial economy to service economy. that's not what many expect they're doing. the there's a transition that's going to take time. nobody expects otherwise. >> if you're going to transition from an old call it industrial-based export economy -- export based economy to a new consumption-based service-based economy, what are you going to do with the old loans that are all in the banking system to the old sector? those are going to have to be dealt with? i guess that's also a key point. it gets back to there. the other interesting point is when you to a service-based economy, when you look at jd.com or you look at alibaba, those

are not the same jobs and intensive businesses. you're going with an economy where you had to come up with 20 million job as year where you have to keep a business in place to a new economy that's not capital-intensive or jobs-intensive. again, there are sin tax errors in these views in my opinion. >> and, finally, kyle, very quickly, japan, which is something we have talked about over the years, the yen has gotten far stronger recently. negative rates seem to not be performing the tasks that have been hoped for. what is going on there? >> kuroda is playing a game that one of my friends mark sunderland said only he knows what game he's playing. so far this year now you have japanese rates out past ten years, nominally negative. yet your 3046 year rate has dropped from 30 basis points to

28 basis points. their japanese yield curve is flat as a pancake and the mega banks are suffering and suffering dramatically. what happens when negative rates don't encourage spending? they actually cause preverse spending like denmark. the textbooks aren't working for the academics, and so what happens next? i feel they're going to have to go into some sort of jubilee where they forgive the debt. i don't know what happens. the unconventional policies aren't working so they're going have to go to unconventional. i don't know where that takes them. >> we can talk for a lot longer, but we stro leave it there. kyle, thank you. >> thank you, david. >> kelly, i know you're thinking of it, and you, too, bill. back to you. >> it ee interesting. we had been focusing on the lows in february on what was happening in china and it

honestly seems like the political events have turned what everybody has thought of that now seems to be a memory of the past. >> as we always say, fed policy is like pushing on a string. you cannot predict what markets will do. you can can't control them to some degree. thaerng y thank you. we're going to head to the close. dow down. >> moving lower. clorox a bright spart. that's due to an earnings beat and rates guidance. meantime it turned out parliament hill was a horror show for hedge funds, many of which were deep in the red. up next we'll look at the biggest losers and whether the two in 20 fee structure is in jeopardy coming up.

welcome back. dow keeps moving lower. it's down 140 points. the s&p is down 18 and nasdaq down squarely about 48 points. health systems are tumbling too. it's down more than 5%. reported disappointing earnings, and that was followed by a bank of america/merrill lynch downgrade. the price target cut down. shares of valeant, meanwhile, are spiking after standard & poor's and moody adopted the

drugmaker's outlook. just shy of the $36 mark. this following the release of the long overdue annual report last week. although, we haven't gotten the first quarter yet. standard & poor is looking at whether valeant can meet its profit forecast. although that might be a big if. >> the markets moves anyway. as you know, hedge funds are having a hard time recovering from a very tough month of april. kay kelly sizes up the worst performance of that period and tells us whether the old two in 20 fee structure is in jeopardy. kate? >> it's been touch, not of least was the family office with steve cohen. at the milken conference the normal publicly shot cohen talked about his fund's brutal february where he saw a huge down swing over a single four-day period. > .

>> in february we drew down 8%, which for us is a lot. and my worst fears were realized. so, yeah, i think the business has gotten crowded. the strategies were not that much differentiated. people think they can hire a threaten and like magically they're going to earn returns. >> cohen says he's amazed at the lack of the hedge fund market right now and is surprised investors aren't putting more pressure on underperformers to shave those fees. the rebellion may be coming. it was recently voted to scrap the hajj fund holdings and hajj fund assets in the first quarter of this year fell by the largest amount in seven years according to hsr. cohen's fund is now flat for the year. bill ackman's fund is down more th

more than 18%. so the combination of bad performance and overcrowded industry, you can see the rest of investors are going to start demanding better terms. >> isn't it interesting the dichoto dichotomy. when steven cohen says there's a lack of top talent at a time when we've had more hedge funds than ever before that i think he said during that panel discussion of all the resumes that come into point 72 a little bit smaller than s.a.c., 2% to 4% of them are actually what they're looking at. now, that's not unusual for any kind of institution that has a lot of applications to look through. he likes to see people who have a strategy, they really stick to it, and they do it for years and years. >> it's like charlie munger said. investing is really hard. anyone who tells you it's easy, it's stupid. it sounds like classic mungerism.

it's really, really hard to beat the language. >> some of the hedge funds are interesting. david einhorn, for example, out with a quarterly letter. he says, look, you know. our timing was poor, our thesis was it. we did it a quarter or two too lachlt it's sort of full of that mea culpa, which is kind of refreshing. >> kate, good stuff. thank you. >> thank you. >> tomorrow jim chanos will be our special guest host on the "halftime report" at the conference out in beverly hills. it's at 2:00 p.m. eastern on cnbc. >> there's been so much to watch it's hard to do anything else. time for a cnbc news update with sharon epperson. >> kelly, here's what's happening at this hour. some 200 soldiers arriving in moldova. moldova is located between

romania and ukraine. a group of 97 syrian refugees and iraqi refugees arriving in rome as part of a safe corridor to europe. that were part of a larger group who will fly legally to italy. police in washington, d.c. say a man attacked a metrobus driver this morning and then hijacked the bus before killing a pedestrian at a nearby gas station. the suspect was taken into custody. and how about this story. jetblue telling a passenger that whenever a baby cried they would each get 25% off a fuehrer price. this is true. after four babies cried each passenger was given a free round trip ticket. jetblue says it's aulg in honor of mother's day. i'm wondering if i buy a ticket from jetblue today from new york to california, can i get 25%

off? i'm a mom. >> and take a baby with you and don't pack a bottle. >> 22-year-old babies don't work. >> all passengers, not just the mom dealing with the baby. >> not just the mom. everybody on the flight. >> cry, baby, go. >> they're antagonizing the kid. >> thank you, sharon. >> sure. >> where were we? oh, by the way, i should mention. right this down. jim chanos is at the conference in new york, not the milken conference in new york. >> hard to keep track of it all. the dow jones industrial average, a leading trader will be joining us momentarily to tell us what he's watching. >> and the earnings parade is picking up. cbs is leading today's lineup. we'll tell you what the street is looking for.

we'll have instant analysis too. stay tuned. in new york, not the milken is looking for. in new york, not the milken is looking for.

welcome back. a little more than 20 minutes left to go in the session. i'm down on the floor here with

kenny. good to see you again. the market kind of keeping sinking lower. >> it's true, but look at where we are. we're still at the 2050 range. rallied back. today we're a little low but still at 2060. there's no sense of change in psychology in terms of a big increase in volume or pressure on the market. >> it seems like a lot of people are looking at apple. first string of losses since 1998. does shah have a broader impact? >> i think it has more of a psychological impact. it's broken down, so it's broken through technical levels. 92 is a real support level. it's almost like a triple bottom. we bounced off a little earlier. didn't get right to 92. fairly close. we bounced right off of it. i think apple's going to hold in there. listen. if all of a sudden we get mega mackerel news, all bets are off,

but if everything comes as expected, i expect apple will be okay. >> what is the expectation? >> 200,000 is what they're looking for. as long as it comes within there, it's fine. if it's much stronger, you have the whole fed issue and rates and that would cause the market to become unsettled. >> we'll see what happens. kenny, for now. thank you. >> that's a good looking beard on that man, too, by the way. 20 minutes left in the trading session. the dow is holding with a decline of 160 points. one stock that's higher today, clorox, proving once again it's more than just bleach. the company beat earnings expectations and made yet another acquisition. we'll get the details from the company's ceo when we come back. plus the nfl has made cbs the most watched network. coming up we'll see how it

helped. we have a preview just ahead on "closing bell." ♪

flip your way through your last 9 shows with the tap of a button. change the way you experience tv. xfinity x1. welcome back. shares of pharmaceutical by 5% today.

revenue did miss. they say they expect lower prices for generic price this year and mylan's ceo heather bresch will join us. stay tuned for that. better than expected revenues. >> ben is the ceo of clorox. i'm going start with the fun facts, if i may. it was founded back in 1913 to make bleach. what percentage of your volume these days, of total revenue is bleach? >> thanks for having me back, bill. clorox was actually founded this day on the 3rd of may in 1913 and today bleach cots for 10% to 15% of our revenue. we make a difference in many

people's lives with many different products. >> ironically bleach was down, so thank goodness for diversification. >> that is correct. >> go ahead, benno. >> actually the one thing i would say in defense of bleach is liquid bleach sales were down but we're selling a whole range of bleach products, bleach sprays, other products like toilet bowl cleans that are bleached-based. total bleach is up. clorox cleanup which is our bleach-based cleaner is up. >> i think you're trying to bleach people's insides. anyway, you guys have this acquisition of renew life, which has full body cleanses and probiotic products. why is clorox getting into the health and wellness and supplement business? >> yeah, kelly. since our inception, we've been a health and wellness company. that started, of course, with

bleach and our disinfecting products and then continued with our britta water filtering and burt's bee. this gets us deep sbeer health and wellness into the area of digestive health. we're very excited by renew life. first of all it's an attractive business, "i's" profitable and in a fast growing space and it's a very good fit, we believe, with our capability in that we believe we can make a difference with our distribution capabilities as well as our markets and innovation capabilities. so the people of renew life have done a fine job of growing this business very strongly over the last few years and we think we can build on that over the next few years. >> i wondered what you made of warren buffett and charlie mung ger's comments over coca-cola defending that saying, listen, it's overhyped that it's bad for you. is it possible that this whole health and wellness thing is a

passing fad? >> it doesn't look like that and certainly many trend wls that's on the younger friend with millennials as well as with the aging demographic population, health and wellness is one o the lasting consumer trnlds and here to say and we're seeing that with the water business. as you know, we own britta water filters and it's a business that's been growing double digits as well. we're promoting a healthy lifestyle which includes filtered water and we're doing that very successfully with consumers today. >> and you've relied on steph curry to be the face of that business. how much do you attribute that to his reputation?

>> in the third quarter not much because we only started advertising but we believe steph curry is an ideal brand for bury ta water filters. it's interesting he's one of the few athletes who's promoting healthy food and nutrition he's a great role model. he's dad and loves not just any water but britta water. >> benno, he is, but this was not like under armour kind of snagging him back in the day. you guys must have paid up big for this, right? >> well, look. one of the things we always do is look at returns on our investments and we think that the returns we get from this partnership with steph are actually going to be really great. and i can tell you as an oakland-based company and oub obviously the company is based in oakland as well where the golden state warriors are, he

makes conviction-based endorsements. the reason we can work with him is he loves the idea of making a difference to families with kids who promote tidea of drinking water. >> $1 million? $2 million? what's he going for? >> hopefully he's healthy when he plays. >> absolutely. he's a joy to watch. thanks for joining us. >> happy 103rd birthday to clorox. >> thank you very much. preeappreciate it. >> benno dorer, ceo of clorox. $300 million to buy on the close. >> then after the close, cbs, tv's most watched network, but the biggest drawback may be behind the scenes and the future of its stock structure.

julia boorstin tells us what to expect from the cbs earnings report after this. i am benedict arnold, the infamous traitor. and i know a thing or two about trading. so i trade with e*trade, where true traders trade on a trademarked trade platform that has all the... get off the computer traitor! i won't. (cannon sound) mobility is very important to me.

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up next, cbs earnings will be out after the bell tonight. julia boorstin joins us with a

preview of what to expect. julia? it's projected to dwloe grow to 94 cents. les moonves gives and the quarters ahead. plus any insight he gives into the strength of the digital revenue the company is bringing in as well as the company's direct to consumer's apps. i'll be back at the top of the hour as soon as the cbs earnings cross. guys? >> thank you, julia. we'll see you soon. our julia boorstin. joining us, john frosh. you could go either way. you could understand the argument for the bullish case and the bearish case, but really what does your gut tell you? >> long term, we're definitely bullish.

very, very loose monies. long term we're still very bullish. >> despite the gdp figures, do you think it's really the story? >> this is lousy gdp numbers. we finished the year decent. this is like a plow horse economy. it's not racehorse, but we still think it's got strength. >> on the fed, do you think they would raise interest rates next month? >> we're looking at june. we need more medicine in the medicine cabinet, so we think they should raise interest rates and we think they will, although we think it's going to be slower than it was in the past. once again the long term, we're telling our clients, continue to think bullish. >> it doesn't seem like the market is set for that. so what are you doing with your

portfolio in anticipation? >> great question. we're looking at the duration on our fixed income very low. we're staying away from treas y treasuries. we're very afraid of the long end of the yield curve which will get hammered. >> theoretically financials would do well. utilities. do you go in that direction? >> for that reason we're bullish on financials. interesting even though they've gotten hammered. we're continuing look there once again, telling our clients ignore some of the noise you hear out there. this headline risk is -- we're ignoring it. >> good luck with that. thanks, tom. >> thank you, bill. >> tom fross joining us. we'll come back with the countdown. amazon looks like it could be setting its seitz on espn. nay have the tech giant revamping sports tv. you're watching cnbc, first in

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a lot of convictionconviction. >> there's a couple of things that are changing the tone a little bit here. a couple of things that are mattering today. i would say it's china. i would say it's the dollar, and i would say it's oil. so china manufacturing was a little weak. remember, china's been stable. maybe we could go into asia. that kind of reversed the little bit. then the dollar we had, the whole dollar, remember, has been weak, and the dollar came back today. so the third part was oil, and oil was down today. oil was supposed to be improving and now we see that a lot of the production still pretty high. >> apple, right or wrong, it's considered something of a bellwether for the market. down eight straight days today. it finally came back, although it came up 1.6% there. >> i hope everyone saw jim cramer's great interview with tim cook where he basically tried to gently move the conversation way from china and more toward the opportunities in india, which was intriguing.

and then by way of earnings coming out. cbs will be leading the parade and cbs will be seeing how they're doing and if they make comments about the viacom situation as well. >> of course, the whole success thing. keep an eye on oil and the dollar. so far, modest reversals today. not sure if it's the start of a trend. >> thanks, bob. see you later. scotts miracle-gro is ringing the "closing bell" and look what sprouted up on the balcony. and also it's exactech ringing the bell. i'll see you tomorrow, kel. >> thank you, bill, and welcome to the "closing bell," everybody. i'm kelly evans. a down day across wall street. it looks like wall street is going out with a decline. the s&p down 18 and the nasdaq sold off into the close, gave up 54 points on the session, better than a 1% trop.

investors are getting set for another earnings barrage and that includings results from cbs. etsy. match and zillo. we'll see all of those coming up. joining the panel we have less santoli. michael. start with you and some thoughts. we did kind of weaken into the close. ail day. it was pretty negative. >> it seemed to have backed off. it was overnight stuff that drove the market. i think we tested mulch stocks could test the mackerel forces. i don't mean they're all bearish but they're confusing and got stretched. this yen rally against the

dollar, they can't figure it out and it keeps carrying farther. so all those things, i think, just created a little bit of a gut check for what this rally is. >> in the last hour they mentioned it didn't help sentiment but you could have seen that going the other way, right? maybe it with us the right thing to kind of give a leg into commodities and risk appetite. you could make that case as well, but it didn't happen. >> none of them huge. so the australian rate cut, continuing issues about china's not exploding. but it's nothing great. there's not a lot out there that you can point to that would offset some of the sort of not so interesting stuff that's going on in the rest of the world. there's nothing to get excited about. that's not just today. if you look at this whole result season, there have been a lot of things to be, i guess, more tepid about the market. >> yeah. i mean brian kelly, what you do make -- the dollar move is fascinating to me. it's a total unwind.

it's been so fast, taking us back so quick throw levels that prevailed before the huge rally. i'm sure it's a near term boost for some companies but especially if the company does anything in june. where do we go from here? >> let's put the dollar falling in context, right? we had 18 months of the dollar rallying. it rallied at about 20%. we've now had 14 months where it's come off at 7 1/2 to 18%. we're still in a major dollar bull market. a couple of different things. japan at some point in time is going to have to's. th eas ease. it's the only way out. are they going to unwind all the good that the weak eurohas done for those countries? at some point it's going to come back. going into the jobs report as a trader, i don't think you want

to be short u.s. dollars, especially after this decline. >> you know, you mentioned euro, brian. what's happening with these banks? they're still saddled with underperforming loans. look at the euro. you've got to imagine mario draghi's frustration here. >> absolutely. that's the trillion-dollar question for everybody. how can they do more. the european banks are unique in the sense they're financing major financiers of the commodity boom. most is coming from the european bank nchl the world they're a unique type of species. now, ubs in and of itself, you can refer to several other things. they're horn't. their wealth management was horrible and they didn't say it was getting better, so the operating environmental for financial firms is just terrible. there's no growth driver for them. so this is not surprising.

and even if the ecb does something more, i'm not sure it's something that file turs like ubs. >> it comes back to the u.s. banks. so much of that was predicated operates going higher. now they're kind of casting around for direction. >> only predicated on that. i know everyone has another story that they're cheap and there's other reasons that they look okay. butly say the yield curve didn't exactly flatten tremendously in the u.s. the treasuries did rally. so to me i look at this -- all this action and say stocks are chaming around. i don't think anything that's going on right now seems particularly alarming in terms of something fess during that'd going to turn into something worse. >> we've moved into the tech season which is interesting because of last year's trachltd we had apple coming off of ooh

streak and facebook and amazon couldn't be more loved. >> you can't buy the whole basket. you have to choose selectively. tell me something interesting. brian mentioned this. we're talking about the bank of japan needs do more. mario draghi may be pulling what's left of his hair out but none of its working. i wonder just how mh of that is filtering into people's psychology when they see the yen going to 106 despite the fact that they've gone to negative interest rates. yes, they didn't do another round of whatever two weeks ago, but you just start to wonder like have people started to completely lose faith in the ability of monetary policy. >> you wonder if japan spieled the party for everybody. all the opposite of what they wanted but we'll come back to that macro discussion in just a moment because cbs earnings are out. let's check on the stock and get to julia boorstin with the numbers. julia? >> hey, kelly, a big beat on the top and bottom line of cbs. the company reporting a

quarterly earnings of $2 a shower. expecting 94 cents. revenue coming in at $3.85 billion versus $3.83 billion. just a hair lighter here. the story, surprised to see the stock up 2.5% now. advertising was extremely strong going 31% overall and 49% of the cbs television network. they say that the advertising market is poised for even more growth in the prime-time lineup and they see robust advertising marketplace in the back half of the year with political spending. so certainly a bullish story there for cbs driven by advertising with an outlook for more growth moving forward. back over to you. >> those shares up about 3%. thank you. tomorrow don't miss the interview with cbs ceo les moonves. that will be ak 10:00 a.m. on

"squawk on the street." joining us is tom eagan. what do you make of it? >> you look at the marketers especially on cbs. >> there are stories in the paper today how the advertising model could be under threat as hulu and others are maybe launching their own cable network. how would you tie it all together in terms of what cbs is saying about the environment? >> there was some concern about the advertising. and we're just not seeing that right now. >> mike? >> tom, the story is playing out that it's relatively positioned and sheltered from the worrisome trends in the big media rate now.

in other words, cbs is going to be included in any kind of skinny bundle. they have a little bit less to lose of their cable network if the bundle starts to fray a little bit. but how much is left in the stock to persuade people they with can, in fact, revalue the company higher? >> to their point, that's why we like cbs the most. their major acquisition is their broadcast network. unlike other media companies they don't have a stable of cable networks. i think, yeah, we see room to grow. the company outlined their divestiture a couple of weeks ago. it's like $1.5 billion incremental revenues. >> let's get back to our julia boorstin with more here. julia? >> hey, kelly. i'm digging through the report. it's interesting to point out that while cbs got a big boost from the super bowl and other nfl games, they break out what the odd market would look like

if they take out those numbers. so excluding the super bowl and nfl games, they saw a 12% growth in underlying advertising at the television network. so that shows there's significant growth at the anymorework driven by the programming. a couple of key points. they say the subscription streaming service, cbs all access and shows are reaching newer and younger audiences and are beginning to make meaningful results. dhiemt break it out any more than that. they say the high market advertising is on the rise followed by others that are expected to surpass $1 million this year. certainly the growth of the core business even excluding the lift from the super bowl. back to you. >> so 12% underlying growth, okay, that starts to sound a little more like the environment that we're working in. it reminds me a little bit of apple where tim cook said we had our super bowl last year and now they're comping it and it's not

a pleasant experience. >> no, it's not. can i ask tom a question? >> sure. >> tom, what do you think of this idea that's floating about? i know reuters had a story about les moonves and the management at cbs is looking at ways to collapse the "a" and "b" shares structure. i wonder to what extent that overhang or the governance issues sur rounding the shareholder, if you get rid of that problem would you actually see a rerating of the cbs stock of something close to, i don't know, time warner? >> yes, i think you would. there is concern about that. i myself was krnled myself about vie con being shoved on the foot of cbs. i don't think that's going to happen because, "a," cbs doesn't want it, and, "b," if they tried do, that i think the cbs board would revolt. and if they tried to get rid of the cbs board, you'd have huge lawsuits. there's a buying opportunity

where we'll later find out there will be no merger between vie con and cbs. >> interesting. brian kelly, what do you think here? >> it's kind of interesting, remember, because we had -- part of the reason why disney missed several quarters back was because advertising was slow particularly on espn. and then cbs comes out. everyone thought it was because lieu and facebook were eating their lunch. cbs is unique in that we have an ee lerkz year, a huge election, and cbs is going to benefit from that. i'm not sure if there's a read-through for the roast them but this is probably going to be a good year. >> all right. tom, thanks for joining us here. we'll have an early look three this. tom eagan of telsey. we have breaking news to get to with our phil lebeau. phil. >> kelly, as expected, we've been talking about this for more than a week, google's self-driving car is collaborating with fiat. they're going to be develop

prototype minivans that will be used by google as its develops its driving autonomy. a cup ol' things to keep in mind. it's prototypes only. they'll build these 100 minivans that will allow it to test its vehicles that it's testing around the country. this is not an agreement for the sale of vehicles to the public. that's an important thing to keep in mind. however, one thing to also keep in mind, this allows fiat chrysler to really jumpstart its understanding of self-driving vehicles and the technology that goes into them because for some time there's been a lot of chatter in detroit that fiat chrysler remains one of the few automakers not talking about self-driving cars but now it's signed a deal with google and the self-driving car program at going toll build 100 pacifica hybrid minivans that will part

of the self-driving test program for google. back to you. >> wow. phil, we know that sergio marchionne was looking to gm and others as a partner in order for that company to grow. is it possible that having been spurned, if you will, that maybe this is, you know, kind of a plan "b"? >> i don't any if it's a plan "b." i think it's a little too sign to say that. i think it's possible that eventually you could see a tech company like google, like apple, if they truly want to buy an automaker, fiat eyes ler chrysl twhanlt to sell. but i could see him in a couple of years saying, okay, what about google, apple, or another company. >> it wouldn't be just that twhanlt to get into cars. it would be if they'd like to crush their profitability, they would do that. but i can't imagine. this is a really great and

interesting story in that these companies, these car companies are really at risk of becoming like the foxconn of the next generation automobile, right? they're just going to be contract manufacturers for the people like google and others whose names we don't know who actually power the car, make the brain of the car. i would imagine that sergio marchionne and the danellis are sitting there saying how can we possibly compete from an r & d perspective. this maybe the moment they will be the foxconn of automobiles. >> brian kelly, what were you going to say? >> a couple of thirchlt things. one, there's a structural change going on. i think you're going to be in trouble. you're going to have fewer cars sold. the second comment i would make, of all the cars chrysler make, why isn't it going to be a

minivan? >> nobody wants to be seen driving a minivan. >> that's true. but do you want to be seen driving in the back of one? let me throw out the idea you want it for a test vehicle. hate as loet of space inside where you can put research equipment in there that you don't have in your other vehicles. who knows why they want 100 of the minivans to be part of the test fleet, but they will eventually be driven by the google team or they will be driven around as they go around the country. >> so fascinating. i'm thinking about the white minivan i had to drive in high school. i used to put the visor down and pretend i wasn't in there. >> would that change if you had your own self-driving car? you wouldn't want to. >> sure. you could be having a party back

there. >> lie down. >> get a few extra minutes before school. let's get to still lowe's top earnings. 13 cent as share. analysts were looking for 9 cent as share. however, they had better than expected revenue. $180 million or so in the quarter. it also raised its revenue guidance for the current quarter and the full year expecting revenue to be between $825 million and $835 million. the company saying we're off to an incredible start in 2016 according to the company's ceo experience ross cough. a couple of other thungs to tell you about, marketplace revenue was expected to be higher.

display revenue was higher than expected. unique users up a healthy 42% during the quarter and also on a year-over-year basis. its premier agents who spend more than $5,000, their numbers increase by 82%. nevertheless, zillo losing money and the quarter up 13 cents for the quarter. analysts were expecting a lochlts revenues better than expected. kelly, back to you. >> thank you. brian do, you want to make a quick remark about this before we go? >> yeah. i would say quickly, you know, it's interesting if the real estate market is cooling, what are brokers going to do? they're going to tiadvertise mo. >> i appreciate you joining us, brian. >> my pleasure. >> be sure to stick around. catch brian kelly and the rest of the crew on "fast money" at 5:00. today they're talking with john stoltzfus and why he's bullish

despite the selloff. we'll talk earnings, and the ongoing price probes in the drug industry and we're joined exclusively by mylan ceo heather bresch. that's coming up. you're watching cnbc, first in business worldwide. we needed 30 new hires for our call center. i'm spending too much time hiring and not enough time in my kitchen. (announcer) need to hire fast? go to ziprecruiter.com and post your job to over 100 of the web's leading job boards with a single click. then simply select the best candidates from one easy to review list. you put up one post and the next day you have all these candidates.

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welcome back. we've already heard from cbs and zillow. seema mody has the numbers. hi, seema. >> delivering a profit of the 1 cent. the street was calling for an earnings loss of 2 cent as share for the quarter. this is a beat. revenue of $82 million, up roughly 42% year over year. also beat consensus helped by a boost in users, 1.6 million active searls, and it continues to navigate to a shift. mobile visits growing faster than desktop visits. keep in mind this is a company down 60% since going public in april of 2015. in fact, this is the worst performing ipo of last year, but, again, up around 5.5%. kelly.

>> thank you, seema. >> etsy has been malaligned since going public. frankly there's a lot of errors from the ipos. it's less unique. >> there's not a lot imbedded in this valuation right here. about 30% of its market value is cash. basically people are not ascribing a whole lot of value to the business. it's been asleep. it makes sense some investors will feel like if there's any, you know, it's obviously worth a shot. >> but, you know, you probably could argue it came out of this moment of unrealistic extendations for valuation for unicornish sort of companies. it's sort of come down. market has given it what is probably a reasonable valuation. i think the stock's bunked a bit up from its lows. i give them credit for going out there, going out into the world of the capital markets and not, you know, going around 13 or whatever a, b, c, d, e, f, g, h,

i, j, k, dirty terms, all that stuff. it's a clean company. now it's about selling knit caps. >> and the cutting boards. amazon has taken on netflix. now the company appears to be getting ready for new competition. sports giant espn. and the polls in indiana, they're about to close. could donald trump all bullock up the gop nomination win in the hoosier state? we'll talk about that right after this. of the next patient.. no problem. it's a pretty huge file. done. sorry for the wait. that was quick. as part of our research, i also compared lab results with notes about prior treatments, then cross referenced it with thousands of medical journals. and i get the benefit of much more data, and a lot more time to plan the best treatments. i stay focused 24/7 and never sleep.

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will indiana deal with it. ? our john harwood has more on what's riding on the hoosier state tonight, john. >> especially a lot is riding for the republican nominee rate rays which in the last 24 hours has gone off the rails in way i've never seen before. let's start with this remark by donald trump last night. it turns out in light of what happened afterward to be kind of tame. >> i think he's crazy. honestly, i think he's crazy lyin' ted does not have the temperament to be doing this. he's choking like a dog who's losing badly. we have to put him away tofrmt you have to get out and vote. >> he decided to up the ante by

repeating a completely unsubstantiated claim in the "national enquirer" that cruz's father had been present with lee harvey oswald before the kennedy assassination. that was enough for ted cruz to unload on donald trump that is quite unprecedent. >> i'm going to tell you what i really think of donald trump. this man is a pathological liar. he doesn't know the difference between truth and lies. he lies practically every word that comes out of his mouth, and in a pattern that is straight out of a psychology textbook. he responds that everyone else is sflieg whemt on to say donald trump is a serial fill

lavenderer er. this is the kind of thing that is very difficult for a party to recover from when it's sometime to unite. the polls tell us that donald trump is likely to nail down the his packet to the republican nomination by winning indiana tonight. hillary clinton is beating bernie sanders. that's pretty much a foregone conclusion. if this is a preview of what it's going be like between hillary clinton and donald trump, it's not going to be pretty, guys. >> i was wondering as yu nail this down, is the market pricing in some kind of outcome here or is it just too difficult to look at it in that kind of way? >> it seems like the market is focusing on the detailed policy prescriptions. you can't be -- if you're looking for something gloomy, look at the political discourse. there's something there to make you a little less confident about the next six months. this is not the stuff of adults.

>> i think that's the way individual in vesters are going to react and they're going to kind of have this anxiety. however, the market as a whole, i think, is very fixated on the cut to the chase, all of the prediction markets are saying it's hillary clinton's election to lose. it seems like roughly something like continuity as opposed to something disjointed. i think global invests if trump surges in the polls, he's a nominee, maybe that -- >> that sounds like complacency, which is worrisome. you're right. the bookies have a one in four chance of a trump presidency. >> but the polls look a little closer. you're right. that's what they're passing around, the early sense of who's going to be ahead in a head-to-head one. >> head-to-head poll. you have to be careful. >> they're very reliable. john, thank you. we have a news alert on under armour.

seema mody is back. seema? >> henry straf ford, the chief merchandising officer has decided to leave after six years of service hchl'll be leaving in july of 2016. kip folks will assume the responsibilities on ann interim basis. robert thufrt will be believing in july as well. changes there. we're looking at stock down. kelly. >> thank you, seema. this company, kevin is the whole thing. >> without a doubt. the head of map my fitness is -- >> i love it. it's a little wonky. >> it was an explicit decision on their part not to go on the

gadget side but much more focused the software. >> it's a change of underpants, the outerwear. is it plank, you said snit's phil knight. >> i think both guys would be offended by that, which is why it's probably correct. >> let's get straight to sharon epperson. >> here's what's happening at this hour. in washington secretary of state john kerry says he believes a cease-fire deal could be restored in syria despite escalating violence but he warned president bashir al assad there would be repercussions unless he sticks to the agreement. sheldon silver once one of the state's premier power brokers has received a 12-year prison sentence and a fine for corrupt charges. he arrived at the courthouse amid a sea of reporters. he will surrender july 1st.

the purchase price was not disclosed. and beyonce's latest album "lemonade" is proving to be a record setter. all 12 tracks are on the billboard's top 100 listing in the same week. that breaks the previous record of taylor swift on her album "speak now." mylan reported better than expected earnings. up next, heather bresch will break down the quarter and whether she's against it. plus broadway smash "hamilton" receiving 16 tony nominations. coming up, why this musical may be having a huge impact on uptown new york real estate. stay tuned. ♪ today, we're seeing new technologies

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shoshow me more like this.e. show me "previously watched." what's recommended for me. x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. welcome back. we pretty much gained back all of the gains and then some especially nasdaq which was down

54. the dow was down 140 closing around 17,750. we have a bunch of earnings. let's check on shares of cbs, zill zillow, and etsy. see ma mma mody has more. >> earnings came in better than expected. 11 cents adjusted versus the estimate of 8 cents. $285 million versus the analysts' estimate of 282. up 36% from a year ago driven primarily by growth at tinder. in fact, tinder, that's the online dating app, surpassed accounts and successfully launched its a la carte pay feature.

that's another dating app. they will continue to be a topic of discussion potentially on this conference call coming up in this age where most of these dating apps are free, the question becomes whether there is a demand for these premium dating apps like match and others out there. so something to keep in mind. the stock up 4% after hours, kelly. >> see maseema, thank you. >> comment on tinder, mike. >> no. basically the answer is not on tinder specifically. i wouldn't call it a bust. but there was excite meant when it was around 15 or 16. i think people, they want to like it. it's really one of the rare plays on anything like online dating. >> infamous former drug executive martin shah r reallils back in court.

>> the big news for shkreli is there may be more charges against him. they may file them next month. there are expect to be further fraud charges. as a reminder he was arrested in december and charged with several charges. so he did come out of the courthouse with his attorney who you see there, ben brafman afterward saying this was a good day for martin shkreli and taking a couple of questions from reporters. here's what he said. >> he pled not guilty. we plan to proceed to trial. i don't want to talk about an indictment. similar to a painting that has not yet been placed on canvas. >> good words from ben brafman. shkreli is expected to be back in court june 6th, kelly.

>> thank you. mylan reporting its earnings. fell short on revenue despite drug sales. shares were up 2%. joining me now from post 9 is ceo heather bresch. welcome. >> thanks. >> there are a couple of companies that have come to represent the entire sector and you guys are in a very different business, but what about drug prices? what are you experiencing. >> no. and i had said earlier today i think this rebasing, which has happened in our sector over the last six to nine months is actually a real positive for us because it's taking the air auto of what i think was holding a lot of stocks up and forcing the investment community to look and refocus on fundamentals. i think there's been a lot of confusion between washington and wall street talking about drug

price. they were pharmaceuticals that took in abusive practices. i think the system overall if you look at the generic industry, we represent 88% of the volume in this country have saved $1.6 trillion over the last ten years. so i would say the system works and it's about really taking a harder look at company by company and our profiles and what makes it different. >> i think it was pair ago who had said they see pressure on their generics pricing. is the opposite handing? is the scrutiny going to make it harder for you to have general price inflation going forward? >> i think what you see, there have been companies that have a very, very niche focus on it. when they have concerned a competition, there's pressure on that pricing. when you look at a mylan that

has ore 300 products. over 1,500 around the world, our ability to really use this basket of products and leverage both of our operating platform, we manufacture over 80% of what we sell and to be able to work with our customers who have become global, so our ability to compete on this larger basket is much, much different than these companies that have a very small number of generic products. >> so you guys went after pair a go. you lost thachlt ceo papa went interest that to now going to run valeant pharmaceuticals, try to turn it around, shore it up, whatever he has to do. is he the guy who can do the job? with your direct experience last year, what do you make of his new role now. >> you know, won't speak to what he'll do in the role. i guess what i'm surprised by is his commitment to the share holders about why pair go as a stand alone basis is much better than it would have been.

he admit they'd were distracted. he gave a personal commitment to drive that company. so when you see the captain jump ship, you have to ask yourself if he wasn't capable of running and doing what he said he would do and running the helm to go to another ship, i don't know. i would go to the credibility before the competency. >> that being said, pairgo is half of what you would have bought it for if successful. what does that mean? is it a bullet dodged or do you think down the road you'll be able to do something? >> you know, i would say if you look at our track record of acquisition, we have been very strategic about making one plus one equal four. it's what we could do on a combined platform. ly tell you sitting here today

we're 100% committed to our transaction. as far as perrigo is concerned, you can have a great set of assets. we see that happening. >> you guys have been very aggressive. you paid like a 90% premium for that company. you obviously tried to buy perrigo. you raised the price on the epi pen. how do you go out and say this is how we've done it, our strategic acquisitions. but we're not of value, how do you make sure you differentiate yourself out there given as kelly points out there's a taint on the market about that? >> no. and look. what we have said and committed to is for us to do our part, to make sure the street t community understands the investment community where our growth and

why we are different. i would start by saying when you look at the investments we've made over the last ten years putting a manufacturing platform. in fact, we were krcriticizing them. bringing our north the product. so our organic drivers have been very core to us continuing the growth trajectory we've had. the acquisitions we've done have broadened our acquisitional footprint and injectables where we didn't have the incredible mass. sitting here today, we believe we have an operational platform that has products. we've got to a commercial footprint across the geographies that's truly second to none. so there's huge differences between that and slashing cost, slashing r & d, slashing jobs, and raising prices. >> heather, thank you for joining us. >> thank you. heather bresch is the ceo of

mylan. twitter may have tried to beat amazon out of a deal, but that doesn't mean amazon is backing out of sports. up next what it means for the video games and the $10 founding father has broadway buzzing. the smash "hamilton" seasonal only rewriting history but changing the landscape of new york. you're watching cnbc, first in business worldwide. i'm only in my 60's. i've got a nice long life ahead. big plans. so when i found out

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welcome back. our partners of re/code getting into the sports business. they were to head a new amazon sports group. this news comes after twitter beat out amazon and others to stream thursday night nfl games. the question now is what will amazon do with the new sports unit. do you think they're trying to make this a new sports platform? there are so many already but we know it's a critical area if you want new viewership. >> amazon is not one of the media companies that you think staked their claim on live. twitter says it's live events an content of some sort. that's what regular linear tv is all about. to me amazon doesn't necessarily fall into that bucket because they haven't tried it yet but it's one of those things if you want the most valuable original content, you can't ignore

sports. >> ron? >> i'm conflicted. aside from that just speaking, you know -- no. it gets to a point where they're going to have to go -- if the whole argument for not cutting the cord is live sports and you hear that from everyone who has the live sports, whether it's fox -- any of these guys, that's what they're staking their claim on. so the idea that they're going to nip -- there might be little things like a thursday night t again, my adult hockey league, whatever it is, if they're going to get to the point espn 12, amazon 13, they're going to have to go to this place if they really are going to hit that faster. >> people will be watching them like a hawk. the flag has been planted. >> youtube is an interesting player. packages of highlights and things like that. >> you watched what happened to the basketball game last night. hamilton nominated for a record 16 tonys today. the great white way isn't the only place seeing a boon.

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welcome back. hamilton breaking records again today, now with 16 tony award nominations. the musical isn't just one of the hottest tickets on broadway. hamilton hype is slowly becoming one of the hottest areas for manhattan real estate. dolly joins us with more on that. no way this is a hamilton effect. >> well, maybe not directly. but it's certainly interesting they both happened at the same time. the median price is up 75%. >> what's the connection with alexander hamilton himself? >> he lived there. his house moved a few times. very interesting back story. but the fact that it's up 75%, and according to realtor.com,

3.5 times more people are saving listings in that area than anywhere in new york. 3.5 times. that's incredible. >> is there something else going on up there? >> great transportation. take one train, "a" train, one train. only one, which is great. no bus and train. it's even walkable. it's a nice area. there are nice restaurants. it's home to p university of new york, home to sugar hill. you can buy a three-bedroom for $875,000. >> that's a real bargain. >> exactly. well, by new york standards -- i mean, you know, it really is. >> i wonder if what the musical maybe has done is reinforced the usage of the name of the neighborhood. >> exactly. it's a branding play. >> harlem or near washington heights. >> it's a branding place, no question. people now looking, saying, let me check that out. as we're seeing, they're buying.

>> we know anecdotally that the foot traffic at trinity church where his grave is has picked up. people always taking photographs now. so if it's already starting to go up, i mean, i guess the question is, there are other parts of the city where it's been more patchy, things might be cooling down. >> a lot more patchy. even washington heights, which is right next door, isn't as strong. this is really a peculiar area that has been incredibly strong, with the only explanation practically as a branding play. >> i should buy a place in a town called chester arthur village, then write a play -- >> and get some tony awards. >> good luck with that. >> it's cheaper to buy an apartment than it is to see the show. >> dolly, thank you. the cbs coverage call is under way. and also, a look ahead to tess louisiana's report tomorrow, after this. one of millions of orders on this company's servers.

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welcome back. let's check in on the earnings movers this hour. start with the biggest ones in terjs of percentages. espy and zilo up 12%. cbs is up 2%. that conference is already under way, guys. interesting, i don't know

necessarily what to make of it. a lot of the smaller internet names have shorter interests. >> plus, you have the david einhorn buying into yelp yesterday. they're not necessarily analogous businesses, but in the category of busted ecommerce or web advertising plays, they seem like maybe they're getting people involved on a value basis. >> maybe we'll hear more about yelp in the conference tomorrow. and maybe that does give kind of a glow to some of the names ahead, that people had walked away from. >> as you said earlier, the fang trade is kind of over. you've got to pick through it, and get after your g, or -- >> the f & a will work. >> yeah. tomorrow, you also have this 3g day. kraft coming up tomorrow. curious looking at those guys. >> by the way, almost like a throwaway sentence in a journal article recently, that beer could be a probiotic. in this era of health and

wellness, you know, wouldn't that be ironic. >> it becomes a virtue, why not. great earnings, the stock up, made a new high. >> i really did not need to hear that, kelly. my beer consumption does not need anyone telling me it's actually good for me. >> clorox, as we learned, is betting on helping you clean out your insides, too. thank you for joining us. rob cox, michael santoli. "fast money" begins right now. kelly, thanks so much. fast money looking over times square. our traders on the desk, pete, karen, dan and brian. tonight on fast, everyone obsesses about apple. there's another tech stock that's on a brutal losing streak. and it's piquing the interest of some of our traders. we're going to give you the name. a top strategist said we're setting up for an 11% rally in the s&p. what has him so bullish.

stevie cohen set the bull market is coming to an end. what's got him so worried? but first, apple's long national nightmare finally over. the stock surging more than 2% today, closing just off the highs, l