take a look at? that was basically flat for much of the day. it has gone up rather substantially. >> monkey security stocks are all. >> all righty. >> thanks so much for watching "power lunch.." >> "closing bell" starts right now. hi, and welcome to the "closing bell," everybody. i'm kelly evans. >> and i'm in for bill griffeth. stocks still not high enough to support many middle eastern countries. >> they'll get stock. he'll be joining us to discuss. plus, as the brexit vote approaches i sat down with boris jops who thinks he should leave

the european union. tune in to what he thinks. >> sounds like you stuck it in over the weekend. here's something you don't see everyday. an industry group asking for war regulations. they want regulation of the banks. they want more regulation of fintech companies in particular. cam fine will join us to explain after the bell. we start with janet yelllye speaking. >> the latest market data raised the latest favorable possibility that firms may have instead have decided to expand their operations more slowly, and i intend to continue to pay close attention to developments in this area. >> so many think a june rate hike is off the table.

let's ask. we have cnbc contributor jack. welcome, everybody. eugene, first to you. just as we were anticipating a rate hike, now it looks like it's off the table, or is that your opinion? >> i think they have decided the glass is half full. the interest rates are not going to be going higher but i'm more tepid than that. i'm looking at the economic data. i think the fed chair was really playing game of trying to calm markets by saying it's all fun, don't pay a whole lot of attention to it. but i don't think we'll get a rate hike in jewel. >> jack, did they successful calm market because despite speight the disappointing numbers, it's positive markets back near the highs on the day.

>> we have a rule. you don't fight the fed. that's the rule number one. now having said that, you can't be scared of the fed. this is a fed slowly losing credibility. listen to the speech she gave today. she talked about how that last unemployment number is more than likely going to put off this net's rate hike. so all of a sudden we're talking about a fed that has got a lot of people confused. guess what. they're looking for perfection. they're never going to find inflection with inflation. until they get away from there, we're going to have a problem and a fed that's locked into the corner. >> that said, we also have a rally before janet yellen spock. how would you square this all? >> definitely crude oil moving higher. commodities are one of the leading groups that led this market higher. top performing indices in through the month of may were all based on commodity, and that

being led, of course, by oil. that being said, i'm with brian sullivan. i don't think you can take a camp and fail to move on the data that proved they should have months ago to a single issue from the bls that is notorious for their revisions. keep a better eye on the adp number, the gallup poll numbers. the trend is your friend. this is recovery and would not be surprised at all to see a june move and i think this would be in the best interest of the fed to boost that credibility that we just heard about by moving in june. >> we saw in may a very strong usz dollar index that's up about 3%. are we going have a very weak dollar index in june? >> i think we will as long as we don't see it getting weaker in any other countries. of course, the dow is going to

strengthen. and so i don't think that the dow will go much higher, but look out what happens with the brexit. >> do you want to weigh in on that? >> first of all, this market is completely unprepare. if we were to get something in june, it would be a stock. the fact that it's stabilized along with oil, more than likely earnings are going to improve over the next course of the half of the year, which means we're not as rich when we were factoring in earnings a lot lower. earnings were a lot lower. they were saying they're declining. it's unusual see this. it doesn't auger well. is it true we've bottomed out? is there an argument to be made that actually the earnings trajectory is going to improve? >> i think there is. your neighbor is driving a new car they're probably paying more for. ask your neighbors how much

they're paying for their health insurance and deductibles. we now know the money was going pay for the doctors' visits or prescriptions raising rates. that's why the health sector is one of the better performances. rising rates are good for equities. we're trying to time a fed that has missed the advantage of moving when they should have. this is an art form. it's not a science. it's not directed on any particular data point that's going to move us. we were told in the beginning of the year rates are going higher. so if you want to do that, go straight ahead. we took it in stride. when they finally get off the mark and do what they're supposed to do. >> we'll leave it for there. thank you for now. >> appreciate your time.

moody's investment purchases, let's get to jackie deangelis with more. >> good afternoon, kelly. that's right. just under that is the level. a lot of people are getting excited that the producers globally and here in the united states are profiting more and that things are getting better, but $50 oil still isn't enough for these gcc states to be in a really good position. in that recent report, they assessed the institutional state. they say it continues to pose a threat even at these levels. remember most gcc countries have tried to withstand these low oil prices. these include diversion of economic plans. saudi arabia is big on that one. but are these plans big enough to carry them through these tough times. moody's is saying probably not, taking a little bit more of a

negative outlook. the analysis looks at how the oil shock risk relates to institutional capacity and who specifically is at risk here. so the uae, qatar, and oman were stronger. the ones you expect to be stronger were the weakest links on the list. definitely having more trouble. so the bottom line here is that $50 oil certainly sounds like it's better but it's not necessarily enough for these countries to be able to weather the storm. remember, when we have a situation like this, it poses geopolitical risk and that's the threat to oil prices right now. at the same time, if that risk plays out, it actually sends oil prices higher, which is better for these countries. so lots of dynamics that play here, kelly. >> for sure. jackie, thank you. our jackie deangelis. t-mobile announcing a set of company initiatives, they'll offer a full share of common stock to millions of existing new customers and customers can

grow their own up to 100 shares a year by recommending tee mohl mobile to others. >> all right. is this going to bring us more? joining us is john legere. >> great to be here. t what's happened since we started them, we're the fattest growing company by a mile. we have the most satisfied customers. we're feeling happy. but a big pain point, not just in wireless but everywhere is the royalty programs. 90% of the loyalty programs is they suck and 50% of what people sign up for, dhiemt use and 70% think it's a scam. so we decided our customers need a good thanking. we had three big announcements. >> it's not just a stock but wendy's frosty and other items as well.

>> the other spen is that you're just paying to be a customer because you've cough up $48 worth of initiatives. >> i think every carrier move we've done, they scratch their heads and say how can we do that. by the way our stock had a 52-week high, so we're doing okay. but the three things we announced. i don't know if you're a t-mobile customer or not but if you're not, this is what you don't get. every customer gets a share of stock. every new customer gets a share of stock and then 71% of our commercials they recommend friends and family and 70% of people say the most important thing to them is a recommendation, so as of now if you recommend something, you get a share, if you've a five-year customer, that's two. t-mobile tuesday. every day is three steps.

you download the arngs get free tlooe steps. step three, there is no step three. here's what you get every week. full-size medium pizza, two toppings, a wendy's frosty and a vudu movie. every week there's a movie, a sweepstake. this week they get 40 people and a party bus to a warcraft showing and the last we expandnd our go-go in-flight. every customer gets an hour of wi-fi. why? just to say thank you. shocking. >> you guys have also ran very well. kind of what those customers are looking for. it's interesting now that you have signed up quite a few subscribers, is there going be a consolidation. sprint by the way, you might

remember this guy. he's now the sprint spokesman. he said he switched. we remember him from the campaign a decade ago. >> 2002. >> can you hear me now. >> two things i would say. one is i love to see sprint and verizon fighting. for three years we've been getting customers from both of them. and the other, marcelo, he's an actor. he's an actor. it's not verizon. we've had three years wulwhere all the industry is giving customers. go at it. >> you've got 6,500. >> 65 million. >> more than that. >> how many. >> 66 million. >> how many do you have to take off the table? >> it doesn't matter. we have an industry that is based around a seg mentation of the infrastructure people buy.

they were operating them. there are cable companies. wireless commerce. customers don't care anymore. customers want you all to use whenever they have to do whatever they want on mobile devices, so that's going to bring all of this stuff together. so i think no matter what we do, it's an opportunity to consolidate and serve customers better. >> so people look at what at&t's done with directv and wonder if you might do that with dish. >> they spend all that money and bundle. that's not what i would do. >> what would you do? >> integrate it. serve customers that doesn't have artificial barriers to it. dish has a lot. cable industry is the same and then there's wireless consolidation. my job is to have a great stand alone packet which is what we've been doing. but then think about roy's the

future going to bring. >> let me justed a real quickly as well. you know, according to one of these analysts, they say you guys are the only to enter the u.s. wireless market in a meaningful way which could make you a target for a contrast. any comment on that? >> what we have is brand as well. if you think about these things coming together. we're not just a consolidation of customers. we're a brand, a way to get to millennials and customers. right now, you know, it's been since the middle of 2014 since at&t added a customer? so right now my job is to grow like crazy. yeah, there's an awful lot of possibility and i love that. >> are you focusing on the presidential race? is it -- >> i think it's an unheralded

time. i'm not sure either is going to have a major impact on the significant industry structure. i'm watching closely like everybody else. >> that neutrality would go a different way under trump than clinton, no? >> listen. we're a complete believer in free and open internet and whichever way it goes, we'll continue. >> push the envelope as you always do. >> is that's correct. >> thanks for being here. about 45 minutes go as we turn our attention back to these markets. down is back up 135. the s&p 500, by the way, i believe, is at a new year-to-date in tra day high of 121.12. the nasdaq's up 34. meanwhile the world's biggest cancer research meeting is taking place in chicago. the companies behind them coming up. also ahead, the head of international hotels will speak with us. we'll take a look at the effect

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answering the question once and for all, who has the lowest. just go to compare.com and get up to 50 free quotes. choose the lowest, and hit purchase. so you can get back to whatever it is you civilians do when you're not thinking about car insurance. compare.com welcome back. about 40 minutes go. i was almost going to say within eye shot of 18,000. not quite there yet. the s&p is up 12, nasdaq up 32. and boeing's is up higher. they're talking about buying shares of it. they're telling reuters the order could match for more than 100 airliners from airbus. >> only one suffered more, banks. >> banks, ooh. >> let's hope a rate hike

doesn't hurt the sector. let's move on, 37,000 people from doctors and professors and pharmaceutical expectations are meeting in chicago. meg tirrell joins us now. meg. >> weill frefredwilfred, that's. there are drugs on the market from merck, bristol-myers and roesch. astrazeneca is also working in this space. also as these drugs get combined with one another, a lot of conversations going on about the cost of these therapies. we spoke with roche pharmaceuticals. daniel o'day. take a listen. >> we take a look. how much access do we have to

life-saving medications. >> every company is talking about this with different solutions being proposed some of that is really one huge topic at the conference. in terms of stock movers, you're seeing companies like kite and juneau. on the filibuster side, abbvie. getting a downgrade from cowen today. and all eyes are going to be on a conversation with vice president joe biden who's speaking here about the white house's cancer moonshot in just about 40 minutes, you guys, so pretty exciting. >> meg, i was reading about these combination therapies that you've talked about a couple of times. we're already concerned, i guess, as a country of drugs that cost $75,000 or $100,000. what happen wheps you combine those for effective treatments. it would be interesting to hear what biden has to say about cost broadly speaking. >> it will be have interesting

to hear what he has to say. i think cost is going to be a huge part of the conversation. no matter what we're talking about with cancer. but it's the answer. we're going to hear from a lot of ceos that they want to own every piece of the combination so they can think creatively how to price it together other than combining drugs and saying what kind of discount are you going to give, am i going to give. >> meg, great stuff. thank you very much for joins us. meg tirrell in chicago. 40 minutes left of the trading day. markets are near their highs. right now we're up around 128 points for the dow or 0.7%. and the s&p and nasdaq up similar rounds. >> i thought you were going to say not 0.7%. >> what did i say? >> you said 0.7 dlp.

we're going to talk about how much airbnb is disrupting the hotel industry and what his company doing to protect its testify. also ahead, best buy shares under pressure. you're watching cnbc, first in business worldwide.

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welcome back to the "closing bell." prospects have improved. it said cost cuts will allow

them to offer more competitive pricing. >> let's check out some other movers now. tyson foods is falling. the markets downgrading the chicken and beef and pork. the firm also cutting the price target from $69. and best buy, they sold $8.12 million in stock. they cut it by 44% as of june 2nd. they say it's solely related to diversify holdings and it has no plans and no desire to explore other opportunities. still those shares down 3%. >> cnbc is getting a read on the state of the consumers today where top names in hotel and launching are meeting to discuss the state of the industry. intercontinental hotels. we're joined by simon hobbs. over to you. >> hi.

richard, it's interesting. we're talking about consolidation in the industry and where the growth is. you've obviously got them doing the big deal, hilton spinning off various bits to try and beat truer plays. where does intercon ttinental f in on this? >> i think when you look at the industry. scaling is important and we have scale. we just got over 5,000 rooms. 1,200 in our pipeline, so we have about 5% of the world's room, 13% of the future's missline. we bought little deals, tholes and restaurants last year. great brand. best largest boutique business. we launched brands in china, even hotels in the u.s. i think we have scale, great brands. we're well placed. >> but the truth is you were part of that conversation. i mean it was 2 1/2 years ago that the original saw it.

you were in talks with the chinese. you basically bid around everybody, correct me if i'm wrong. >> you are wrong naturally. >> who did you talk to? >> i don't comment on rumors. there are always rumors around us. scale matches the industry. you can acquire scale or grow organ organically. there are two things, one is value creation. doing an acquisition. and secondly is being true to the brand portfolio. for us it's about the consumers needs, how do we have a portfolio of brands. it means we can meet the different needs and different occasions and we're not in any way required or need to do a deal with a level of growth we have embedded in the pipeline. we feel very comfortable with our siel and scale and brand. >> i want to ask you about the vote on the european union on

june 23rd. very, very well known uk retailer. my colleague wilfred was talking to him earlier and he was basically saying, look, everything is exaggerated. people watching here across this country have got it now on their radar. what should they make of what's at stake here? >> look. you know, i wish i knew. there's uncertainty ever which way is the reality. now rngs as company, we haven't made any public comment on brexit. i think for us because the uk is only 5% of our business, u.s. is 60%. china is our second largest market, it won't have a big impact on the business. business doesn't like uncertainty, so the uncertainty of the vote and what happens after the vote is what's unfortunate. other than that, it's for the british people and we'll dewith whatever happens. >> richard, i wanted to ask you about a different topic that's close to my heart. not brexit.

the european soccer championship. olympics. how much do big sporting events like that make to your earnings? >> they're great for a couple of weeks. something about the olympics. often people build too many hotels. it's terrible thereafter. really t margin for a global business like ours. it can be nice while it lasted in the city. >> fair enough. meanwhile the place is having it tougher. that took a little bit of bite oust your performance. what can you tell us about trends there? >> well, i think you've seen it. we've seen quite a downturn in some of those markets. if you take the u.s., you saw it falls. with big increases in the other markets. middle east, saudi, particularly have been impacted. it's is sudden drop that was the impact. not the fact that it came down. it was the suddenness.

hopefully we won't see the negative impact. we're a global business. things happen around the world. >> the major dynamic has been for all of you to try to sell directly to the consumer, many tlau your rewards program which arguably have too much of the business, i would expect you to say from your point of view. talk us through how important that is. is that uniform across most of the plays or at least a low price guarantee which you didn't have in before? >> yeah. it's not about undercutting. it's about how do we do from our guests. we only own seven of our hotels. so from loyal guests who we want to serve 'cross their needs, across our portfolio, it's the

best way to go. when we create a rope, which is really important to create grand loyalty. they do a very good job for price-sensitive travel ledgers. we don't want our guests to be going to another channel that's more sfensive when they can come direct. sigh them operating toechlgt it's important that you get the best deal coming direct and that's clearly important to a lot of customers. >> we'll leave it there. nice to see you, richard. richard solomons, the ceo of ihg from the international hotel conference. >> thank you for that and also to richard solomons. >> time now for a cnbc news update with sue herera. sue? >> hi, guys. here's what's happening at this point. the california supreme court allowing jerry brown to put his

bid together for insofar. belgium's king felipe and prime minister charles me shell visiting the site with a passenger train slammed into another train in belgium. the accident came just hour after reported lightning strikes and a signal disruption on that line. nfl commissioner roger goodell telling people at a golf charity there will be no decision by the fnl. the courts will make their own decision. while all iphone users have tried siri, only 3% have used it in public. the reason, people are uncomfortable talking to their phones. >> talking to their phones whether taking video. i have no problem but siri never

understands what i'm saying. >> especially if there's background on the streets and in new york. i can barely hear myself think. >> i'm glad you say that. sara eisen would say it's because of my accent it's charming. in the last interview i felt uncomfortable because i was the only one without a british accent. >> there are many british accents. it's very nice. we're near the highs of the day, up about three quarters of 1%. oil is strong today and the energy sector is leading the charge. coming up a leading trader is telling us what he's wearing during the close. >> and later martin shkreli back in court a few hours ago. we'll bring you the latest developments.

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welcome back. rally to kick off the week. i'm joined by steve grasso from stewart fran kel. is this because the expectation

has been pushed off? >> it's probably the reason for it. 90% of it is that. oopds. >> there was another aspect of her comment which was maybe if there is some slowdown of the economy, i mean that could change, you know t calculus entirely. so how do you weigh the odds of keeping a june hike on the table in the sense that she might be talking more of a slowdown? >> they want to raise rates. we've been hearing from fed governors time after time, day after day, that they're leading toward the june hike. they want to raise. it's not data dependent. if you look back at when they raised in december of 2015, the market was right around flat on year. if the market stays here or higher, i think they go in june.

>> steve grasso. wilfred, back to you. >> the etf is up. the dow up 0.75%. the s&p up a little less than that. coming up, the battle over brexit. he's offering a strong opinion on the potential departure from the european union. my lites of my skpleexclusive interview is back. and the bad boy martin shkreli facing new charges. details on his latest troubles. you're watching cnbc, the first in business worldwide. you pay your car insurance

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welcome back. just under 20 minutes remaining.

about 8-2 gainers outpacing decliners. remember, this started this morning. oil has been rallying. it picked up a little bit of fuel during janet yellen's remarks but then at the same time came off a little bit. nevertheless we're back toward the highs of the day. >> now, janet yellen didn't mention a brexit. let's turn our attention to that. of course, britain's possible exit from the european union. it's given the lead camp a four-point lead as the momentum has shifted in favor of an exit. that's despite all warnings from outsiders. a british exit could movie up to 4,000 jpmorgan jobs would leave the uk. i caught up with a prominent exit campaigner and spoke with him, weighing in on a uk vote. here's what he told me about

dimon and even president obama. >> jamie dimon and jpmorgan, they're the very people who urged this country to embed itself in the euro, which has turned out to be an absolute catastrophe. yes, it's true have over the years have benefitted from the eu setup, but it's also true that huge numbers of people and modest earnings in this country have not seen their wages rise. indeed they've seen the wages fall. as a result, many of the signature policies of the eu. one is the euro. the other is uncontrolled migration across the eu territories. since you bring it up, it's fascinating listening to americans on this subject. now americans -- i think they are generally amazing when they realize the loss of democratic

control that is entailed by the eu system. they would never dream of sub assuming, subordinating, subjugating their own democracy. >> did obama come too far? >> we love hearing from it. angela merkel signing off for the moment. let them speak. in the end this is a decision for the british people. i think that when we vote, hypovery much that we will, on june 23rd, it will actually be a blow for freedom and democracy. the eu system, i think american viewers would appreciate this, is profoundly scler rotic. that's partly not because of the euro but partly because of the legislation that comes from brussels in a one size fits all

that is often for the benefit of big companies. we mentioned jpmorgan, but not for the benefit of startups, of innovators, entrepreneurs and people who want to change things. >> they're saying it might be more beneficial for the small companies contrasting with what jamie dimon was saying. an interesting point there of what annoys him is maybe jamie dimon has a best handle, but for american people they would never giving up their sovereignty. interesting though, jamie dimon over in london on friday making his views, hasn't had an impact on the polls. >> i notice even one of the namts that follows bill blaine who's a brit sort of changed his position. for years i've been reading his proeuropean tirades in his

morning notes and last week he thought maybe leaving was the right thing do. >> i think we need to bring back the polls. there was the poll in the uk that gave a four-point league. if we bring up the poll of polls, we'll show you once it's got momentum behind it and it has narrowed the race, it behind it. but very, very close as you can see the implied betting odds showing that just two weeks ago it was johnson's. it's getting very, very close. >> would say having spent a little time over there, even britain seemed far more regulated, i would say, liberal place than americans by comparison. the way it would be by itself. the way it would have a relationship, really interesting to kind of contemplatime templa >> i think ultimately it's very close. the markets are waking up to that, the polls. it's up for about 6% again today

and we're over 2.5%. >> you're head back there. >> i am. looking forward to it. >> great storying by the way. >> thank you very much. lots of british voices on the show. that's thebest thing about it. just 30 minutes to go. >> i'll leave in 30 minutes. the dow's near the highs. three-quarters of a percent. oil is up 2%. td ameritrade has new data. they saw aggressive buying and will join us yet and talk about which specific stocks clients have been buying. this is my retirement. retiring retired tires.

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welcome back. art cashin just walked by. markets are a little bit off their highs at 118. for more on they were ee joining by j.j.kinahan from td ameritrade. what were they buying? >> it's interesting. they were buying tried and true tech stocks. apple. when it gets into the low 90s,

it really does brick out the buyers. we saw that. facebook, which in late april had the nice pop, but it sort of paid off for people with it in may. too often we see pops sell and pay off. people love the products. sometimes they buy them because they like them but also because they're well run. it's good do that. >> there was talk of fed hikes from the fed. >> it relates to the sells a little bit. if you think about it, when we ended in may there was a profitability. you saw ex-son, halliburton. these were stocks bought earlier in the year for exactly that reason. high yield blue chip stocks because it looked like as we ended the month there was going

to be a rate race. it paid off for them in terms of yield. exxon is up 12.5%. >> what about the overbuying we saw in may and again that old song about selling in may. why do you think that that certainly wasn't true. >> no, it wasn't true. you know, it was the biggest percentage gain we've ever seen in the history of doing it. so that's really interesting. as we bought up, at the end of the month, near 2,100 at the all-time highs that you guys talk a lot about today. it paid to be buying stocks for people in may and it's really interesting. if you look over the last if you're, actually june has been the worst performing. may has been up, i believe it's the third year in a row. albeit 1%ish for the years but it's been higher. >> do you think june will be a good month for the oil stocks? >> you know, looking at oil right now, it does look at because of unfortunately what's

happening in florida that it seems to be having things higher for oil, but we'll see. i think just as there's 2100 on the s&p, more so here. those are two big benchmarks for both of them to hold. >> just briefly would you say there's not any of that despite the surge of interest? >> i think the public is involved in the markets, kelly, but i think you see the volume's not here. the professionals are a little bit reluctant. we've had this talk of fed rate hikes, et cetera. then we have the election. it's tough to really see what is the reason for people to sort of go all in. it's great to see people starting to nibble a little bit more, a little bit more. if you're not smart, you should. be. again, we have so many uncertainti uncertainties, right now, it would be tough to tell people to go all in.

>> jj, thank you very much. do you know where that phrase comes from? sell in may comes back from come back ledgers day. a horse race. >> history, i love it. the ascension of donald trump and hillary clinton. the respective parties' presidential nominations have occurred within the same time frame. is that a coincidence? maybe not according to a new survey. we'll get you that in a couple of minutes. you're watching cnbc, first in business worldwide.

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sign up at etrade.com and get up to six hundred dollars. welcome back to the "closing bell." a couple of minutes to go. the dow is up 116 points, just off the highs. not do so well -- >> the declining stocks, market breadth has been positive. we've been doing well in the last few weeks. look at that. the russell 2000, that has been a laggard. in the last few weeks, small caps have been moving up. this is very healthy rotation. more interesting news today is what's going on in the oil sector. we see all sorts of things going on around the world.

the demand sup, problems in nigeria. look at some of these energy stocks. transocean, chesapeake, american trade. >> it does suggest, in fact, the oil price is more than janet yellen. >> oh. a lot of people now believe $45 is sort of a new ceiling and $50 is what we're trading. there's a lot of psychological mental changes going on. i want to point out a small company, this is an oil and gas producer in the basin. the stock's up 7%. if you would have said, i'm floating 20% more sales, the stock would have been down 20%. the fact is they increased their production notice. they're going to produce more oil. they're being rewarded for this?

this would have never have happened six months ago. this is a sign the market is starting to change. the production is not necessarily bad and that people believe $50 might be more of a permanent thing. >> thanks for joining us. ringing the bell, superior energy services. the dow up 113 points. that's it for the first hour of the "closing bell." kelly. thank you, wilfred. welcome to the "closing bell," everybody. i'm kelly evans. here's how we're finishing the day. the dow going out with 112 points. the s&p 500 up 10 points. it did, i believe, notch a new intraday high, but it closed around 2109, up half a percent. the nasdaq is up a similar amount, 26 points. that's since its gain in nine sessions. >> coming up we'll hear from camden fine, the ceo of community banks of america on its call for more regulation on

financi financial regularity. stay tuned for that. coming up mike santoli, steve liesman and "fast money" trader, mike adami. it's interesting. we started out. and as much as people focused on her backing off of a rate hike this summer, they also focused on her comments about things slowing down. that leaves us with a broad rally? >> i don't know exactly,000 parse the market's reaction to what janet yellen specifically had to say except i think they're okay. she didn't come out, i think, and try to do a strident hawkish message that said, hey, keep june or july on your radar in a big way. but i think that the oil rally -- the fact that the high yield market is super strong, dell marketing for their emc deal this week, i think all of that

stuff is fairly supportive of the market but not in any kind of real enthese yas tick buying kind of way. it's trudging higher. we did close 2109, the heise for the year and nobody's really excited about it. >> are you excited about it? >> i'm always excited. about what in particular. >> what did you make of the comments from janet yellen? what did you think she was trying to achieve with them? >> well, let's take a step back and talk about where she was before going into this. she said a rate hike would be appropriate, quote, in coming months. generally upbeat on the outlook of the economy. upbeat about the chances for global financial system to really settle down and stabilize. had that disappoint jobs report. so how does she approach it? basically with the same message but took off the time contingency. in other words, the phrase, "incoming months" was notably missing. what does it do?

it doesn't reverse pollgy. what does the market look for? the market cares about is the fed going up or down, that's the easy part. the harder part is the concern is the fed going to make a mistake. and what yellen told them, if you're worried about me going too soon, i'm not going to make that mistake. yellen told them, i'm not doing that. this notion out there that somehow yellen signaled that we're going to do two rate hikes this year, i'm not buying thachlt i didn't see that in the comments. >> guys, we look at some of the places that were doing well today, neshlg names certainly, some of the financials too. what's an investor to do? >> the path of least resistance seems to be the market wants to

go higher. despite all the things we've discussed, we can talk about the fed for the next four hours without equivocation, but i'll say this. the good news is, with the russell it looks like it's starting to break out after a year and a half down year trend. you're starting to see some health again in the health care sector. look at what the ibb has very quietly done, trading above that 285 level. and crude oil is sub bornly bid. the other side of the coin, we can talk about this, yes, the market is concerned. >> you know, guy, an interesting question is even if it clears the way for stocks, which way do rates go? do they move lower? higher? >> you know how i feel. i think even the folks at the

federal reserve have to be sitting around scratching their head wondering why there's such resilience. there are many answers to that. not the least of which the rest of the world has raids. i think we have $10 trillion. but that's got to give them a little bit of pause if not outride concern because they're going to move up the front end. but the back end is stubbornly low and my contention has been the yielding curve. steve and mike can speak to this. they can argue against it, but it's not a bullish thing. >> by the way, i was amazed to read. there isome municipal debt that's trading lower than u.s. treasury debt in terms of its yield. to the point i was making there are now buyers holding it. they reach and search for yield. >> without a doubt. i don't that the fed is puzzled

or fruz straighted by this. i think it's the world we live in. i think high liquidity, low growth world is okay for stocks. it can be okay. it can be okay for companies to operate. but, you know, i don't think that right now we've had any particular level of flatness on the treasury yield curve that raises alarms. it's not a magic number that says now it's too flat or just flat enough. >> speaking of raising alarms, let's get to this. the national association of business economics out with a new survey. they view the rise of nationalist views as a national factor to constrain economic growths. many see it as a reflection of the republican presidential kpaenlt donald trump who came up in q and a with fed chair janet yellen earlier today. >> if the republican candidate becomes president of the united states that there is the pobts of an economic crash all over

the world because of the world viewing donald trump, of how they view donald trump. is this a possibility? thank you. >> i'm sorry. i've got nothing for you on that. you know, we're very focused on doing our jobs, and we'll see what happens. >> so she didn't take the bait, i guess you would say. it's not bait if they're setting concerns about nationalism? >> it's not hard to make a jump from what professional economists are thinking to the federal reserve. dennis lockhart and john williams both talked about the concern over the drift on trade, overall uncertainty in the economy. but all of these things matter to them. if 60% think that, you can bet more than a few fed officials

have the same concerns that are out there. they can dmot speak about it publicly. all they can do is sit there and say this is another -- it's not quite a black swan event. >> one interesting thing we've known for the last couple of years, it useded to be growing faster. >> it's the other way around. >> is that a sign that it's ended and that's partly why we have such large stagnant growth? >> that's certainly one of the elements of it. there's a lagging effect about the economy and the actual economy. you know, we're talking about immigration. it's at a multi-year low. i do think that there's some element of it. basically it's lag indicator. now, i do they're than harris was talking the potential of a confidence shock between the conventions in july and the november election not necessarily because of whom

might get elected but we're sitting here debating the fundamental issues of is free trade good. nobody's paying attention to fiscal budgets except we're going to spend more. all of these things lend credence to it. >> i want to chime in with just one idea, kelly, which is that when trade is opening up and trade is increasing, multiples on stocks go along with it. when you think about it, it makes a whole lot of sense. what's the area i can sell my stuff. the world actually physically gets bigger. when you talk about what happened in the '90s with the fall of the soviet union. stock multiples reflected that because of concerns about trade which is why in the other question there for the named survey, that asked what was the number one threat to the global economy and they said nationalism. that's why you have some concern of pressure on multiples because

the world physically gets smaller. >> what would you do with all this information and the fact that we're heading into a pretty enormous election? >> we're going to talk about this obviously through november, through january, no question. it's not going away. multiples have been expanding. so regardless of the discourse and regardless of what people say, markets don't seem to care. nine-gap earnings were around 18 times. gap earnings were probably closer to 24. in my opinion given the environment that the world is currently in, that's rich. doesn't seem to matter because people are searching for yields. so we could talk about donald trump's policies all we want. they want to grind higher. until there's some skpolk news event i can't put my finger on. >> thanks for joining us. >> thanks, kel. >> get ready for "fast money." coming up here, banks usually cry out for less

regulation, but the head of the community baerngs of america is going to explain why he wants regulators to get tough on fintech startups, plus martin shkreli back in court and pleading not guilty to new charges. kate kelly will be there with the highlights. you're watching cnbc, first in business worldwide. get to the s you really want to go. with the united mileageplus explorer card, you'll get a free checked bag, 2 united club passes... priority boarding... and 30,000 bonus miles. everything you need for an unforgettable vacation. the united mileageplus explorer card. imagine where it will take you. & in a world held back by compromise, businesses need the agility to do one thing & another. only at&t has the network,

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welcome back. martin shkreli was back in course facing new fraud charges. kate kelly has more. >> hi, kelly. it's now an eight-count criminal case. prosecutors added a new conspiracy fraud count over a company shkreli he allegedly looted in order to make good on losses he sustained. man who worked with him also charged. griebel charged as well. it centered on timing and whether or not they got sufficient time to go through the new count. ultimately the judge agreed the two parties should convene again without having to set a firm

trial date yet. shkreli who sport his trademark smirk refused to speak to reporters but his attorney ben brafman had this to say. >> we appreciate the court gave us additional time to file the appropriate motions and materials with respect to the super seeding indictment. i do not believe the new count of the indictment with respect to mr. shkreli adds anything of value to the flow of the case against mr. shkreli personally. >> based on the judge's calendar, that trial could get started as early as january or february of next year. >> he's pleaded not guilty to the fraud relating to the prior hedge fund. >> he's pled not guilty all along and he pled not guilty today to this conspiracy to commit securities fraud. there are a number of different issues. there's a fed fund he ran. there are fraud and wire fraud

and securities fraud charges and conspiracy charges associated with all of these entities. >> when i was doing this years ago, it was unusual to charge the attorney. it seems like more and more they're charging the tone. is this the first inclusion of him? >> no. he had one conspiracy count prior to friday's super seeding indictment which was unsealed. that led to this new charge. one new charge for shkreli, one new charge for griebel. >> is this normal aggressiveness? >> i'm not informed enough to say how common it is for the lawyer to be charged. i'll take your word for it it's relatively unusual. i don't want -- it seem like a large and encompassing case against shkreli. that said, his lawyer seems very confident and he is a tough defense attorney. >> eoh, sure. we spoke to him as well. he's politically motivated.

>> absolutely. ironically, the derma prim issues that the anti-bacterial drug that he jacked up in price is not involved here. this stuff predates his tur atturing. of course, he said he's inoh said all along. it will be the middle of next year before we have all of it. >> up next. cart quintanilla has details of his new show plus, actress susan lucci will be here to explain how streaming and the popular world of reality television is impacting the roles she choose. and find out what it was like to work with warren buffett on "all my children."

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cnbc is introducing a new series. >> here's a clip when he chatted with producer andy cohen. >> i'm so glad i left when i did. it's the wild west now. we're not only competing with the 500 other cable channels but

netflix and amazon who seem to have unending bales of money. amazon and netflix, they live at bank and they have all the money and spend every. it's kind of terrifying, i would think. it is the wild west right now for programmers and developers. >> isn't it a gold rush? >> it is a gold rush, but there's so much bifurcation and so many other ways to watch and people are fast-forwarding through commercials. so it is also a scary time, i think, for traditional -- you know, look. cable networks are now considered traditional. and, you know, all the people that i talk to whoo are under 33 don't have a cable box. they watch tv everywhere but tv, so that's scary to cable providers and programmers. >> you know, carl, it's scary, but it's like the best of times.

like he said, people are watching tv everywhere and all the time, right? >> yeah. it's just that it's been split into all these different pipes. it's funny as we listen to andy. i remember a time when cable was the one they were worried about because it was siphoning off viewers from big fat broadcast pipes and now it's cable that's under the gun. it speaks to the era we're in. we're in a watch content. everything is on demand. if you're in a position to create things that draw eyeballs it's harder to get a hit and get attenti attention. >> your series itself is kind of a metacommentary on this, right? >> it's very mehta. it's digital have ittial. talking about the proliferation of digital video. we talk about this stuff all the time on the air through the eyes of companies, the netflixs and the amazons. we talk about valuation and what it tributes to revenue. but we thought it would be

interesting to look at it through the eyes of those responsible for being creatic and now you have all these additional buyers for their work, but, again, the problem is getting attention. the problem is creation. >> you know, carle one of the, i guess, secondary effects of that issue of the abundance of tv is -- and the fragmentation of viewership is sort of redefining what's a hit. how big does something have to be? do s there a silver lining in that? there's one or two shows that manage to actually turn the trick for them a little while. >> it's interesting you say that. grazer talks about franchises having multiple platforms. so for instance, he's going to do a move. say it's "friday night lights." that's going to move to television as a series and that could spin off into another version of "friday night lights"

as another series. you create the myth, the narrative, and then you put in a all these revenue corridors and then you collect all of the revenue streams and aggregate it in the end. but it is a lot harder than just putting m.a.s.h. on monday nights in the '70s and having that money go straight to cbs. >> carl, how much is this like newspapers, say, the end of the '90s, early 2000s when the revenue base clearly eroded because revenue ads went the way of craigslist and they're searching for it and trying to find a revenue mod. it strikes me a little less disruptive. people are making money in this, but it's not always entirely clear what the revenue model is. >> yeah. that's absolutely true. and as we saw with reporting for newspaper, people who had to actually pick up the phone and write a story, that's who we're

talking to, the producers, the show runners, the programmers who were in charge of delivering that editorial artist take content so to speak. but all of a sudden your deadlines are not at 4:00 for the papers the next day. they're every 20 minutes because the web is begging for content. so the parallels are very good there. >> what a joy that can be sometimes. >> will you have something on your website about parents of teenagers who binge watch too much? i'm writing this down. >> that would be some content and i know a lot of parents who would log in. is it called a bingeing intervention? >> first you have to watch season one of "binge" which is now streaming. time now for a cnbc news update with sue herera. legislation to help puerto rico restructure its $70 million debt is likely to be debated by

the house zbrining on thursday. that's according to a rupp leadership aide. the u.s. navy banning drinking and restricted off-base activity for its personnel in japan after a sailor was arrested under suspicion of drunken driving on the island of okinawa. a large-scale military training exercise involving 20 nato and partnered countries kicked off in poland as part of an effort to reassure european nations over russia. all right. this is a lots of money? billionaire steve cohen paid 65.2 million for the hamptons majs in 2013. never lived in it. now he's partially tore it down to build a new one. the new one cannot be bigger. hence the raised skeleton that's

still standing. he already owns another mansion down the road which he bought for $18 million. i have a funny feeling it also has to do with the tax rate because if you leave part of the structure standing, it's a renovation, it's not newly built, so your tax rate is different. >> and they say there's no investment in this. >> it's regulatory arbitrage. >> is that net investment? you tore down a structure and put up one. essentially of higher value. >> if you notice, he left the chl up and some load bearing things up. i don't know exactly what the zoning is in the hamptons, but in many communities if you leave part of the structure standing the new structure's tax rate is based on the year that you tore it down, the old rate not the rate of when it's completed. >> i'm just trying to figure out how it works into the national accounts. if you tear it down and destroy it -- >> that i don't know.

>> the -- the overall net effect on gdp. >> i have an urge to knock that chimney over. it's standing there bearingly holding itself own. >> it will be big no matter what. we have a news alert on fedex. seema mody, what's up. >> there's a 60% increase, a dividend payable july 1st to stock holders of record as the close of business on june 16th. shares basically flat after hours. kelly, back to you. >> thank you, seema. that's a nice pop to go from $25 to 45? >> that's good. big retail stock. >> that's what people are looking for. fed iks fares, you see they're trading a little over $163.

>> because global rates are so low and yields are so low, they're say i'm going to please shareholders by having a slightly higher yield than a safe bond and that is maybe diverting away from an investor. i don't think anyone would blame fedex on underspending. >> it was interesting to hear. he said, we're the biggest guy, that last question is still an interesting one. >> they want to maybe supplement them around the edges. >> the danger that every stockholder is concerned about with company with too much cash is that they go into businesses that they don't have the compared advantage in. and when they do stuff like -- you know that exxon was big into

faxes. >> i raerd that not long ago about one of the guys. >> lee raymond who made his name by getting exxon out of all those lousy businesses. >> that's the latest on fedex. but we have breaking news on viacom. david faber. >> david. >> it seems like every day at this time we get some new. this one is very interesting. it involves a change in the buy laws of viacom on national amusements that seemingly will make it much more difficult to get any deal involves paramount done. let me given you the specifics here. national amusements announcing today that as a majority of the viacom stock, of course, sumner redmond owns a share of it. it has delivered written consents. it's effective immediately in order to protect what they say.

what they have done and this is kind of wacky stuff we're starting to see here. they have specifically changed the buy laws so that it requires that any sale or financial transaction affecting all or a portion of paramount pictures must be unanimously approved by the viacom board of directors. you may recall, of course, philippe dauman who has said they're in a process to sell what may be a minority stake in paramount that would then give effect to larger valuation overall for that studio, which is, of course, 100%. viacom. the hope was by the end of the month they might announce something like that. it hayes today imagine a potential buyer of any minority stake in paramount having read what i red to you saying we're prepared to go ahead with it. that doesn't mean the board won't vote unanimously. it does involve sumner redstone

and his daughter shari redstoredstone. he doesn't speak anymore but it was written. he doesn't get involved in any deals involving paramount. again, national amusements has changed the by laws to say if you do anything involving paramount, you need a unanimous vote of the board of directors to do it. by the way, just to make sure it doesn't get undone, they also say they can only amend the buy laws by unanimous vote to appeal any amendments that have taken place. so, guy, it's another shot on what is this increasing war, amazing really when you think about it between the controlling shareholder of a company and the board of directors of that same company. we've never seen anything quite like it. >> you know, when we spoke last time it seemed that the theme was between shar are redstone trying to move in one direction.

philippe dauman, viacom. except her going the other. stop me when i'm oversimply fig. so these moves today, are they perceived then as sharrie redstone trying to move in her own way and move power away from, you know, the current leadership there? >> of course, what sharrie redstone would say is this is not me doing this, but this is my father, sumner redstone, and they would refer you to drchl spar which was issued on friday at least when i read it which indicates in the opinion of this gentleman, the psychiatrist, that sumner redstone is capable of making these decisions. but, yes, its is clearly saying to the board of viacom right now, it's saying we're in charge and we're going to do what we need to do. one of the key points of contention between the two has been the potential sale of the minority stake in paramount, sumner redstone and shar are

redstone. clearly sending the message that says we don't want you do anything there potentially, at least as long as we need to agree to anything that's done. as i've said many times, this is stilt not the final shot. that will happen when by written consent they replace the board of directors. it has. happened yet but they're making sure no paramount deal is getting done. it would seem to me unless they agree it passes muster for both sumner and sharon. >> david, thank you again. it's a complicated one. now after matt damon bashing the banks for their role in the financial crisis during his commencement speech on friday. >> you've got that house in the hamptons that other people pay for and you might have their money but you don't have our respect. >> up next, the head of the

independent community bankers of america reacts to day mon's comments and why there needs to be more than one part to the financial space. we'll be right back.

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welcome back. let's get a check. the dough and s&p up. the dow is up 113 points, the s&p up ten. it's also the highest close of the dow since may 10 and the highest at the close of s&p since november 3. the nasdaq posting its eight gain in nine sessions. whole foods, one of the top performers on the nasdaq. barron said it could help the stocks sore 20% in the next year. now to the banking industry, community banks are asking for more rules to be imposed on fintech funders. joining us now is camden fine, president and ceo of the

independent community bankers of america. welcome to you, sir, what are the dangers you see? >> i think credit granting is a special area of banking, and you have to be very careful. we just lived through a horrible financial crisis a few years ago triggered by sloppy credit practices, playing fast and loose with lending. there are no shortcuts in lending and everybody should play by the same credit rules so we can avoid a meltdown we had seven years ago that i guess they're saying the banks had a chance and they didn't. so give the new players a chance. >> you know, it wasn't all banks that played fast and loose. the community banks did just fine during the crisis as far as lending and their standards and so forth. the economy went to hell, but the community banks continued to

land in the community bank area. it wasn't a slam, bam, thank you, ma'am kind of thing. you have to know your borrower and the type of risk you're taking for the loan you're making. >> what threat is it when you have them accessing customers for loans that you otherwise would don't? in other words if they're doing it in a shoddy way, what's the harm to more institutions. >> what happens is it all rolls downhill and eventually if one of these major online lenders blows up and hundreds of thousands of people or million ofrs people are hurt, that will trigger a new wave of regulations that will impact all stake holders in the credit granting business. that's what we're worrying about. look. there are 30 major league baseball teams.

every single one of them plays by the same rule sunshine don't know if you want to go there. i don't want to take your met a sfor too far. i want to ask you two questions. when they came up with dodd/frank the regulators themselves were concerned that the regulations would push money out into the shadow banking system away from the tougher regulations. is this an example of that and is it others leapfrogging ahead of them in a way that really points to your members essentially not keeping up technologically? >> for the first question, i think the credit box has gotten too tight. i think the regulations have gone too far.

i think certain regulations did need to be tightened. but i think that box has got p too tight. they have driven thenl into the nonbank lightly regulated system and there are dangers there. so, yes, i think the regulators and their regulations have had an impact on pushing people to what they would call the shadow industry. they're strong innovators. they're coming up with new products, new innovations every day. in fact, in some cases community banks have actually partnering with fintech firms where that makes sense.

you have to know who you're lending to and what's going on with that loan and that borrower. >> cam, while we have you here, i want you to take a listen to this. this weekend mat day mon had something to say at mit. >> let me say something about bankers, the ones who brought you the biggest heist in history. it was theft, and you knew it. it was fraud and you knew it. you know what else? we know that you knew it. yeah, so you sort of got away with it. you got that house in the hamptons that other people paid for when their own mortgages went under water. you might have their money, but you don't have our respect. >> i don't know if you had heard that already or not. >> i saw it on your teaser. >> oh, my gosh. what would you say? you're sitting across from matt damon and he's going into the big shore thing. what do you say? >> well, i think matt damon was just channeling and tapping in to the anger and frustration

that the general public feels about what happened during the great recession and on wall street. i think there's a feeling that justice was not served. you know, in local communityies kmurnlt bank ceos have been prosecuted civilly and criminally. community bank ceos have not gone to jail, but american public did not see that same thing happen on wall street. so there's a feeling just as damon said that they got away with it and millions and millions suffered. real suffered. they know that something went wrong. >> right. there were other -- arguably a lot of other bad players involved in this too. >> yeah. there were a lot of bad players, and there have been no really high-profile prosecutions. and i think there's frustration

and anger. i think matt damon tapped into that. i think that's what that's all about. >> cam fine, thank you for joining us. >> thank you for having me. >> appreciate it. cadillac is working on changing the way people buy cars. customers might be surprised the next time they walk into a dealership. you're watching cnbc, the first in business worldwide. or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. and if you thought that was amazing, you just wait. ♪

the next time you walk into a cadillac dealership, you might be out of luck. it will be virtual. cadillac isn't alone. phil lebeau has more for us now. phil? >> kelly, this is the kind of story steve liesman loves. cadillac is looking at the idea of virtual dealerships. now, we're nowhere dloes this happening but the whole idea is instead of having a whole plethora of vehicles, a big inventory, you geeshet a smaller inventory, maybe in some cases, no inventory. they can take a virtual ride. the whole idea here, they need to bring down the number of vehicles they supply to their dealerships. look at the number of sales per dealership. you know why that number is so low? because cadillac two times, three, maybe four times more

dealerships than their competitors. they simply have so many dealerships that they don't have sales as great as the others. last week we were in new york and talked about the cadillac house. you can bet that virtual reactireality is a big part of that with them thinking of new ways to extend their brand to get people to look at their vehicles, consider their vehicles in different ways. at the end of the day, guys, this comes down to the dealers to go along with general motors. there's going to be a lot of resistance because those dealers look at those vehicles on their lot and they'll say, i don't know. maybe they'll come in. i want to make sure i have what they're looking for. the color, the options, et cetera. on the other hand general motors says, huh-uh, it's a lot of inventory we need to bring down as quickly as possible.

>> and you can understand that. phil lebeau, thank you. you'll recognize her in her longtime role as erica kane from "all my the industry. i think that's the first time someone did a twirl on their way over.

welcome back. you probably know her best as erica cain in "all my children." susan lucci has been busy with other roles, too, including army wives, joy, hot in cleveland and her latest project, devious maids tonight at 9:00 p.m. eastern. welcome to you. thank you for being here. >> thank you so much. i am delighted to be here.

this is the first time in my life i've been on the floor of the new york stock exchange. >> but you've had warren buffett on your show. i had no idea -- tell us how this all happened. >> well, i believe that warren buffett is a friend of the creator of all my children. he was wonderful. he was great. i had several scenes with him. he had a lot of props to handle at the same time. he was a natural, honestly. >> did he give you any investing advice? >> i only wish. >> mike? >> i wonder what your thoughts are about this whole tv universe we live in right now. clearly, a show like all my children couldn't have been on for decades without this inherent interest in it. do you think people are finding something similar, either with your new show or different kind of serials that are -- >> what a wonderful question. there are so many choices now. certainly, the nuks for any given show are going to be, you know, fewer numbers than they used to be. but there are options.

and you mentioned this devious maids. it is that genre. he embraces this genre. it is hilarious. it is sexy. it is intriguing. it is surprising. and he gets to do that all, and lucky me, i get to do all of it. >> if i want to watch all my children, is that available to me? i'm not joking. i'm just wondering. >> you know, they were available for a while. i don't believe that the first ten episodes are available. >> but after that? >> after that i think -- >> how many after that? >> you know, i don't know the answer. >> like four digits, or five? >> i don't even know about digits. >> do you make money on all these out there? >> unfortunately, no. >> what kind of deal did you sign? who is your agent? >> thank you very much. >> you make money on repeats and reruns? >> $1.19. it's not a good return.

>> $1.19 adds up. >> what happened is there were no real european rights coming to abc. so we didn't have that wide distribution for all my children. but with devious maids, we are really very much a hit all over the world. so now on my instagram account, i'm getting responses in french, in spanish, in russian, in chinese, and arabic. >> it's better now. >> it's much, much better, thank you. >> we have to ask before we let you go. what's the biggest money mistake that you've made and learned from over the years? >> probably not to buy as many shoes and clothes. >> you wish you had or hadn't? >> they're not good investments? >> my husband finally had gotten through to me that there's a better way. >> susan, thank you for joining us down here. really appreciate it. good luck, of course, with the next season of devious maids. that's susan lucci and the new season airs tonight on lifetime. i thought you were going to ask

her advice to get your kids not to do the binge watching. >> she wants my kids to binge watch. she's not on my side on this. >> the title of this song, mark zuckerberg's passwide. how the founder was hacked. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. with it, i earn unlimited 2% cash back on all of my purchasing. and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... which adds fuel to my bottom line. what's in your wallet? in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades,

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welcome back. not even the ceo of facebook is safe from hackers. mark zuckerberg's pinterest, linkedin and instagram accounts got hacked in over the weekend. he uses the same password for each site. it's the world's most intelligent person when it comes to these matters. if you think a repetitive password across sites, is it okay that the rest of us do that, too? >> he's going to show a lesson for all of us. it wasn't the simplicity that allowed him to get hacked. it was the information was in the database, and they tried it on the other platforms. >> the fact that he repeated it is what -- by the way, we all do this. maybe you don't, steve. >> i want to interrupt. i want to shout out to alex who just sent me the wikipedia entry

on all my children, 10,755 episodes. >> wow. >> number of seasons, 43. it was five digits. that would be quite a binge. >> steve, mike, thank you so much. appreciate you joining us on "closing bell" this afternoon. "fast money" begins right now. "fast money" starts right now. live from the nasdaq market site, i'm melissa lee. the traders are pete, karen, dan and guy. tonight on fast, missed the rally? we've got a strategy that a top technician said has beaten the markets since the 1990s, and it's the simplest thing you can do with your portfolio. why are they saying a recession is likely. david rosenberg will be here to explain. pop quiz with a ceo's 40% of his stock. first, we start off with a rally th j