the eu is playing hardball with may and have gone into private session without theresa may to hash out the draft >> fred, thanks for joining us and bripging us that news, we appreciate it very much. that does it for "the exchange." i'll tune in for "power lunch. >> i'm melissa lee with tyler mathisen who says venn imis bad should you get in on the action? is the ipo floodgate about to open shares are on track for the worst day in more than a decade. fed fallout. no more rate hikes a big chunk of the dow coming from apple "power lunch" starts right now as we said, the bulls are out. the bullish mood is a perfect

backdrop for the debut of levi strauss going public shares are 33% right now we are tracking all the action from the floor of the new york stock exchange where you can wear denim >> yes the only time in many, many years. the talk for levi strauss, 14-16, opens at 17 the new price 17 opens at 2222. you saw that pop there a lot of happy insiders with this one the timing was perfect plenty of pent-up demand because the ipo market has been closed for four months. a strong start to the year for the market an iconic brand and a reasonable evaluation i don't know if you know, they tracked levi strauss they went higher, the market lifted when it opened after 11:00 a.m., the market took another leg up the fed is no longer a help to the markets. melissa referenced that. we need a trade resolution and

global economy to get the markets moving higher. a big concern are the banks. they are down 6% ton lower interest rate. it's hard to push the banks up when the loan is anemic. as for earnings, micron lowered earnings but insisting the second half of the year will be better i call this the hockey stick plate. look at fedex, dropping 6% today. four dollars from getting back where they were. kelly, back to you >> thanks. levi's was the biggest denim brand. why do they go public now? cortney reagan has a look. >> it's a good question because levi holds the number one market share in the world and the u.s. as a private company in its per

spe spect us, they allow pace of sales that have grown 4% to 8% respectively a lot of experts look and say, no, there's another reason it's to allow the descendents of the family to cash out at that $17 price, the value of the ten individual family members selling their shares and the five family groups will be valued at $359 million because of the dual class shares for the ipo structure, they will retain 81% of the voting rights. plus, if you look at the competitive set, the other competitors both in the u.s. and the world, they are publicly traded here in the u.s wra wranglor is going to be its own. gap and old navy isgoing to be in their own company as well lastly, stock options. it's nice to offer employees to

recruit, especially in the san francisco bay area back to you. >> let's look at how levi's going public could impact retail president of sw retailers, great to have you with us. >> thank you >> courtney was mentioning the sellers. what are the best comps for levis? >> i think those are the comps clearly, if you look at the business, they are transitioning and saying, okay, denim is mature jeans are mature they are going after the women's business, the tops business. they have a new competitive set, including american eagle that's doing a great job in denim, but strong in tops you have to look at calvin klein, not been doing a great job in europe as competition and wranglor, which has guided down three times this year. it is clear denim jeans are

tough. this company is trying to diversify. >> what do you make of the value and the comps? >> i think, if you look at the top line and, assuming the momentum stays where it is, it's a reasonable valuation here. again, you can't look at this as a jeans play because they have been able to diversify into other categories and away from men that were 70% of the business so, that's clearly a growth runway here whereas other brands are mature and have time verse fiing. >> what about the exposure to the department store and their exposure to europe >> yeah, so, two great questions. the dtc or direct business is 35% of their business. like other brands we have heard from like nike to ralph lauren, everybody is trying to get ownership over their business. we know the department store space is incredibly tough.

the department stores kind of just, you know, use promotions as they see fit, which is bad for the brand. particularly europe, which is 30% of the business, they have been doing incredibly well they have been growing 20%, which is good. when you know the department space is just starting to unravel and behind the united states, which we have seen get right sized over the past several years. >> thanks. thanks for pulling out the denim shirt in honor of the debut. >> once in a lifetime. now, to the disaster shares getting hammered. the company is stopping a late stage trial for a key alzheimers drug we were spoke to on "power lunch" sounding confident. >> we are committed to providing clarity as soon as possible. we have confidence >> additional studies push out

the launch of this drug in your view >> definitely not. first of all -- >> you stha with 100% certainty. >> we are confident. >> they projected the sales could have reached $12 billion what now for biogen? it gos to 250 from 400, the rating neutral great to have you with us. >> thank you very much >> you have written down the value of this franchise to a zero what is the next step for biogen >> it's what we said in research, to acquire or be acquired, we have to understand the company's growth strategy for their long-term business in a better way >> both sides of the transactions, who could be the buyer and who could be the target >> any company that has exposure to neurology, empty spaces or

depression or, you know, companies, big companies that have neurology platforms or depression where they have leveraged to those opportunities. >> you don't want to give me stock news, do you >> no. >> i'm trying. this is along the lines of a bristol, right the acquire would have to be that big >> it would be a megadeal. it would have to be a large player north of $60 billion in my view. >> reading through your research, if it remained alone, you are writing down the value or lowering your expectation for the franchise as well. beyond that, what does biogen have in the pipeline or is that it does it stop there >> they have more. they have things for stroke and pain and programs with night star in an ophthalmology there's opportunities. i think they are early and

risky. we need to see more data they have programs in alzheimers today was a hit to how to treat patients with alzheimers >> how could the partner be so confident as he was last summer. >> obviously, they say we have good research. to say 100% certainty, then we get this news. this is a big drop for the stock. a big disappointment why is this out of the blue? >> not how i wanted to start my day. wall street is always cautious we were like, oh, it's 50/50 we don't know. alzheimers is difficult to treat. there's a hypothesis, this is how they work. biogen had the best chance of working. we are going back to the drawing board. >> roach has a drug based on the same targeting the plaques in

the brain. their next data read out is in two years. >> that's correct. >> it's along way away >> it will be interesting when we go to medical meetings to see what they are doing. this is a big blow we have to think about complications or other therapies. >> thank you a developing story we are watching this hour a new report alleging facebook employees had access to hundreds of millions of user passwords. we have the details. >> it's not just a report. facebook admitted it in a report, they said employees had access to passwords, as many as 600 million users because they were not encrypted. >> 20,000 employees. here is the thing. they came out with the report and posted this blog it's called keeping passwords secure you wouldn't believe it, but they went on to reveal they had

been storing passwords unencrypted. they fixed the problem and there's no evidence anyone accessed the data base of passwords. the good news is they fixed it no within breached it. it happens in this day and age x with so many different data briefings, make sure it's working. to store passwords of users unencrypted internal >> look, we have to be -- we have to be fair here nothing bad happened with the passwords, but it seems like there's so many security breaches everything is already so much at risk they could be encouraging us to do two factor authentication until the cows come home, but they need to do their part >> for european regulators they are going after all these

guys facebook is under fire from so many fronts right now when it comes to data and privacy, it beats the concerns they are lucky nothing happened with the passwords >> does it say how they discovered it? >> during a routine evaluation >> it was reported by a security >> it was first reported i think it was reported because facebook discovered it, then it was reported but they hadn't revealed it because nothing bad happened >> he's good >> yeah. >> facebook, come on julia, thanks. fine dining in the state of rapidly changing restaurant businesses tyler mathisen is live from the latest creation of superstar chef, thomas keller. tyler? >> it is my lucky duty to be here in this xooising new rornt

in new york city they are getting ready it is a ballet getting ready to form behind me here in the kitchen of the restaurant. we'll have chef keller on, the only american born chef ever to have multiple three-star ratings. that and much more on "power lunch," the rest of the hour stay with us we'll be right back. okay, paint a picture for me. uh, well, this will be the kitchen. and we'd like to put a fire pit out there, and a dock with a boat, maybe. why haven't you started building? well, tyler's off to college... and mom's getting older... and eventually we would like to retire. yeah, it's a lot. but td ameritrade can help you build a plan for today and tomorrow. great. can you help us pour the foundation too?

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welcome back to "power lunch. it's not just stocks pushing higher, bond prices are as well. that drives them to new lows rick is tracking all the action. hey, rick. >> hi, melissa lee you are spot on. talk about heavy lifting, it seems as though the stocks pushed higher and they are dragging the rates with it all maturities with high yields, even at 253 for tens, it's unchanged and three basis points beneath the breakout level we went through like a hot knife through butter after the fed meeting. look at the hyg, for high yield. it's the highest level since october. why is that important? you see what happens when we get nervous. it goes down there's not a lot considering lower rates and rising stock market look at the euro verse dollar. it's a one week chart. the dollar is the surprise

strength and the euro is giving it back, not only the euro, look at the pound versus dollar a lot of dynamics moving the pound. we wiped out all of them against the dollar overnight kelly, back to you >> thank you, rick the fed signals no more rate hikes this year. is this game changing for the market let's bring in jack, founding partner and jeff, chief global investor for charles schwab. welcome to you both. after the feds big move in the fall to kind of back off the four hikes and all that, powell's big flip-flop, that paved the way for the rebound we have seen to this point. what happens now >> yeah, i think a lot of it depends on how much of the weakness from overseas starts to wash up on our shores. i think the fed is getting a sense of that, as is investors, starting to see the dollar slip as a result of that, not with standing the move today.

the question is, you know, are we still insulated but, i will say the announcement the fed set a path for the rest of the year is unprecedented i have never really -- that's something mario would say, but not necessarily a fed chair. >> jeff, do you agree and where do you think there's most opportunity for investors here >> i think investors breathed a sigh of relief they are going to pause. maybe it's less of a threat and recession. they want to continue to rise and risk earnings recession. profit margins have peaked and began to decline as wages hit a ten-year high not just here in the u.s., but germany and japan. the sectors that tend to do better in an environment of slowing sales growth rising costs tend to be health care and staples they are areas investors may want to look to. >> i don't know if you were able to catch the whole press

conference, but there was one question asked of chairman powell the question is, are you concerned the effect of your dovishness is going to inflate asset prices you said, no, we are in a different time now it is different. here we are. we are seeing the same playbook, once again the feds on the sideline we are seeing the momentum trade, the growth stocks, technology is so strong with the nasdaq leading and information technology and the s&p up 4% now that the fed said we are out. >> yeah, i mean, i think, you know, it's got to be careful what you wish for. most of the move, a lot of the move, i should say, was, as a result of central bank policy. we still have remarkably interest rates right now in the ten year are the same rate that they were in march of 2009, right at the height of the financial thing. interest rates are really the

only asset class that has not responded, even though the stock market is up 400% from that point. so, i do think, given we have aggressively a low interest rate, that's propping up asset prices and we have more than $8 trillion of, you know, bonds with negative yields that doesn't seem to be going away i think a lot of what happens depends on rates as fed president caplan talked about how leveraged our economy is to rates. i think the global economy is, too. i think rates stay where they are and going lower. as long as we have a couple dollar weakness, we still prefer emerging markets, stocks and bonds, because they are much cheaper than a lot of equity markets around the world >> here in the united states, how do we think about valuations how much more can we get in valuation from rates coming down >> i don't think a lot i think context is critically

important to why the fed is pausing here it's because global economic growth is slowing. the purchasing manager indices in the u.s., europe, japan and china, everywhere around the world. that slowdown may begin but it is still slowing if we don't get momentum on the earnings front, if revisions go to the downside, it's hard to get valuations i point back to 2016 that was a year after the fed hike in december '15, they put a high probability on the cut by the fed. the fed hiked rates at the end of the year. you didn't see the performance by, sorry, jack, emerging markets in 2016. even they lagged the u.s. stock market because of those concerns about global growth, that context being so important >> thank you both. jeff and jack reacting to the fed's decision yesterday up next, a big warning if you were thinking of buying a

pick-up truck. mortgage rates dropping to the lowest level in more than a year what it means for the housing market, coming up. a cfa charterholder does. you've worked hard to grow your wealth. make sure you're working with a wealth manager who can grow with you. cfa charterholders have the investment expertise to unlock opportunities other advisors might not see. learn what a cfa charterholdr can do for you at therightquestion.org

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while autosales overall stay down crash test results could cool them off phil has that story for us >> reporter: the tests are important because more and more people are using pick-up trucks for every day travel it's not just a work truck or restricted for certain parts of the country. when they did test crashes with 11 pick-up trucks, they tested how passengers were protected when the right front corner of the truck hit a corner at 40 miles per hour the conclusion, the trucks with older design struggled to protect the passenger. here are the results for the full-size pick-up trucks a good rating goes to ford f-150 as well as the ram 1500, nissan titan. that is the best rating possible ihs says the honda ridgeline is good marginal the chevy silverado and the gmc sierra

the poor rating went to toyota tundra we reached out to toyota they are going to study it and incorporate the lessons for the future this chart says it all this is why the test is so important. truck sales continue to grow in fact, pick-up truck sales up 4% in the market it was fraction allie higher we'll see more emphasis on pick-up truck safety >> i expect it to be a big emphasis >> the news from an hour or so ago. boeing was asked customers to pay more for safety features that were important to the crash of the jets we have seen in the last five months >> reporter: sure. >> customers did not pay more. that's one of the issues here. >> reporter: first of all, the technology was on all the airplanes. having said that, airlines, when they order these planes could make a decision, do we want to have some type of alert system

a visual alert system in the cockpit, whether it's on the heads up display or somewhere else to alert the flight crews as opposed to doing the training and conveying this is how the system works some airlines, lion air and ethiopian didn't want to pay to have the alert systems put in the cockpit. doesn't men the technology wasn't there the crews did not have that technology to alert them other airlines said, yes, we want that in the cockpit this is one of the aspects of airline design and sales that those airlines, as they are ordering these remember, they are ordering them 50, 75 or 100 airplanes at one time, a multibillion dollar order, they are looking to save cost wherever possible in this case, some airlines opted with the 737 max to say, we don't want the alerts in the cockpit. we should point out, that will likely change once the software fix goes through in fact, it is expected to change it will become standard

equipment in all 737 maxes >> i have a follow up question when we were speaking to the head of american airlines pilot union, he said the maxes in american flights were safer because they had two aoa sensors. how does that correspond with the optional safety feature some airlines had and others chose not to have. >> reporter: correct there's two angel of attack sensors on every airplane. the issue is whether or not you take information from both of them and feed them into the m-cat system the way this system was set up, that's the system that ultimately pushes the nose of the airplane down in certain situations, based on the data. what they were getting is data from one of those. that will likely change with the software update where it's mandatory both sensors feed into the system >> amazeing this is optional in the first place. phil, thank you. >> reporter: you bet ahead on "power lunch," oil

lower today. gasoline prices shooting higher. where do prices go from here tyler sitting down with thomas keller in his brand-new restaurant march madness is on. what thean dce means for the business of sports betting "power lunch" will be right back sometimes, they just drop . cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪

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hello, everyone. here is your cnbc news update at this hour. former brazilian president was arrested today on corruption charges. he left office on january 1st and no longer has the partial immunity that helped him avoid profession beto o'rourke is calling for transparency as the country waits for the completion of the mueller report on the 2016 election he made the comments during a day of campaigning in new hampshire. >> i want to make sure that the independence and integrity of the mueller report that looks into what happened to our democracy in 2016 and the threats that our democracy still faces that that investigative process is allowed to finish the court so we have the facts

>> ichiro suzuki ended his baseball career where it started in japan he was pulled from the game of the mariners 5-4 win over the a's. he was greeted by hugs, cheers and of course, tears he collected more than 4,000 hits playing in japan and the u.s. what an amazing career that is the news update this hour guys, i will send it back to you. >> sue, thank you. oil prices closing for the day, ending fractionally lower crude is up 30% so far in 2019 our next guest is making a bold case for oil saying it should reach $75 and could top 80 let's bring in the head of commodities research, ed, great to see you i don't know when you made the forecast does it change at all or get altered because of the fed yesterday? >> no, we are not changing because of the fed, although,

there could be indirect effects depending on the fed impact on the u.s. dollar, which could be -- >> negative? >> a boost for commodities we are making it on the lack of financial flows into the oil at the moment the market is a lot tighter than we thought it was going to be. partly, that's the sanctions on venezuela. partly, it's because opec countries, particularly saudi arabia are taking more oil out of the market than we thought they would be. partly because we still have more sanctions coming up with iran in a couple months. >> the bigger lever, it sounds like is, the supply control or supply constraints, i should say, as opposed to global economic growth, which appears to be slow everywhere in the world including here in the united states. >> sure. we are looking at $1.3 million a day, oil demand growth, 1.3%

it's consistent with a 2.6% level of global gdp growth nobody is expecting a recession to take place. nobody is expecting a big increase in growth, even dependent upon the u.s.-china trade talk demand could be higher than that or lower than that the big story on oil is the supply side. some of it voluntary in the case of opec and russia and other countries. some of it involuntary in the case of supply disruptions that are happening and the risks for the disruptions. >> they are making pledges to spend money in shale, in shale country. how does that impact the forecast for the wti at this point? >> well, we are going to see wti converging in may by the end of the year because of new pipeline take away capacity that has bottlenecked the oil from reaching export markets. we should see over 2 million

barrels a day of new pipeline capacity that should bring the spread between brent and wti from the $10 range to closer to $5, maybe lower than that. the matrix coming in is a long-term story. there's been a lot of talk about lower investment by the independent companies, both the publicly traded ones and the private ones, less investment leading to, potentially, lower production growth. we have two majors, exxon and chevron that have given robust guidance for their production growth through 2023 and 2024 if you look at all four majors, adding shell and bp to those, they have now entered the shale place as well. they are seeing a targeted 3.1-3.2 billion barrels a day of combined production before the middle of the next decade. that's really kind of a

considerable floor of the basis of production growth every year. they have even indicated that production growth could be higher than the targeted rate. it's a big change. it means that the u.s. will be less of an accordion as a supplier to the market we are an accordion now. we have been with production rising, as prices go up, falling sometimes, rising slowly when prices go down now, the majors are in there for the long haul. they are going to stick to fairly robust investment program. >> ed, thanks for joining us, we appreciate it. meanwhile, as the fed signals no more rate hikes, mortgage rates are dropping to the lowest level of the year it could mean big cash >> absolutely. mortgage rates tanking after the fed announcement not that there's no more rate hikes, but the central bank would buy bonds

again. they loosely follow the yield on the treasury we have gone from 5% on the 30-year fixed to 4.34% today, according to mortgage news daily. to put it in perspective, if you are a home buyer you are now paying 150 bucks a month less than you would have if you bought in november the question is, will it be enough to juice home buying for the spring and make up for the prices we are seeing home sales dropped off and affordability has improved slightly first-time buyers are struggling to get into this pricey market >> what is the rule of thumb for deciding whether or not to refinance? >> it is math. we are going to try to convince you. i know what you are doing. it is the math of what it costs you to do that refinance, versus what you are saving over the long term and how much more you could make by investing that cash into something else other than your home >> that's a big part of it

>> or using that extra money as extra payment toward principle at the end of the year >> if you extend out the life of the mortgage and pay up front to do so -- >> a bigger discussion than we have time for. >> what time is your train >> now >> thank you let's head over to tyler he is live in new york at star chef thomas keller's brand-new outfit >> if you know wonderful restaurants and great dining, you know chef thomas keller. >> welcome >> what are we seeing here behind us? >> you are seeing our young chefs getting ready for tonight's service. our second day, as you mentioned. they are hard at work preparing for tonight and getting used to their environment. >> it's really a ballet in process here a half hour ago, the place was empty. now it is buzzing like a beehive. we'll talk more with chef keller in a moment.

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new york's newest and hottest destination, hudson yard, the $25 billion development with shopping open for business tyler mathisen is there. hey, ty. >> thank you, melissa. it's called the tack room and the most eagerly awaited restaurant in new york city. that is because, in part, the head of it is chef thomas keller welcome. great to have you on "power lunch. >> thank you >> last night was opening night. how did it go? >> it went extremely well. the difference between opening on broadway and the restaurant

is we can have as many people in the restaurant as we want. we can limit it. >> the restaurant is quite large. the footprint here is big, how many seats >> just less than 200 seats here we have another 30 seats in the lounge we have a small lounge downstairs with another 30 seats in it. >> this place, tack room, has a very, almost casual feel, almost a throwback feel describe why this restaurant, with what i would call a very accessible continental menu. there's nothing on it i don't understand why this restaurant, in this place, at this time? >> good question 11 years ago, my partner, steve, came to me to ask if i would come together to be part of hudson yards i accepted when i was a youngster, my mother ran restaurants, continental cuisine.

my entire life, i have aligned myself with this food. we do very fine dining, i have all the wanted to do continental. 11 years agowe started working on this and today we open it >> it's very comfortable the kind of place you would like to come and hang out my question, i guess, is, as you do this, how has fine dining or dining at this sort of level changed over the years it is less formal? can people come in without a sport coat what is the feel, the vibe >> we want it to be -- we coined elf as our kind of our mantra. we want our restaurant to be energetic, a little loud and fun. so, that's what we go off every night. we want our guests to be comfortable and feel that expression of energy, but also feel like they have reference points to the food and their surroundings, the way it feels >> this is far from your first rodeo in opening a restaurant in

a brand-new audacious development in what had been, up at time warner center, not the nicest place 20 years ago. hudson yards had long been fallow what does it take to come in and do something like this here? >> it takes a lot of dedication and vision i remember meeting the related group early 2000 and they were telling me about this project at the time warner center, which was the convention center. there was no community there that building spun an entire community around it. you see what's happened here in the last four years. not just hudson yard, but the neighborhood it's a community hudson yard itself, we have restaurants that are becoming the corner stone of the community. they are very diverse, anything from what jose is doing downstairs, very affordable to

the tack room, historical. many restaurants like this in new york in the '40s and '50s. we have david chang doing his asian downstairs we have a lot of opportunities for people >> when one goes out now in new york city, the restaurants are full, the economy is strong, the place is buzzing it's not always that way and you, out at the french laundry, you have ridden through periods where the economy has gone down a little bit >> yep >> how do you adjust when that happens? >> what we want to do, i don't think we adjust, i think we want to give value to our guests for what they are paying for as long as we continue to give our guests a great experience and when they leave that restaurant, they take that experience and memory with them, it adds value to that. it's not always about how much money you are spending, it's what you are getting for the money. >> a couple quick questions. i notice, there are hundreds of people working

how many jobs did you create in this space >> we are open seven days a week, 160 jobs >> 160 jobs. as i sit here today and look out over the years, back over the years, you can see how technology has changed things. there are screens here that bring the order into the kitchen. social media you have to have a presence there. how has that changed the economics of what you do and how does it show up in what the customer pays? >> sure. these screens help us facilitate the ordering and the cooking of the food the social media aspect helps us bring awareness of who we are to the greater population >> you have to pay for that. >> exactly there is an expense on that. 10-15 years ago, we didn't have that added expense of a social media department now it's literally a department within restaurants that expense has to be passed on to guests in one way or another. >> let me ask you an impolite

question, do you want people coming in and instagraming your food and tweeting while they are here >> i don't really care it's about the experience for the guests as long as they are not invasive to the dining room or disrupting service, i think it's totally fine the younger generation likes that they want to share what they are doing with their friends and whoever really cares >> chef, thank you for letting us in here today nice to see you and it's a great experience i can't tell you, this is a fun neighborhood to come to. this is a fun place to be. thomas keller, thank you so much appreciate it. >> is he going to let you sample anything, tyler? >> i don't know. i had wonderful food here last week let me tell you, it's worth the trek to the west side. >> dollar, dollar bills. tyler, great stuff >> thanks, tyler >> our thanks to chef keller as well march madness is under way one of the times where sports gambling is legal outside of

nevada for this event and three others the nba playoffs, start of mlb and the masters are all around the corner how much is at stake that's next.

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march madness is under way it is expected that 47 million americans will be wagering more than $8 billion on the tournament with new sports gambling laws passed, states will have a chance to bet ore sporting events including the masters and the major league baseball season what does it mean for the business joining us is chad millman head of media at the action network welcome, chad. >> how are you doing >> are the dollars increasing overall or shifting from illegal to legal >> i think it is increasing overall. i'm in las vegas this weekend and talking to bookmakers, there's a level of excitement, a level of audience they have not seen before and at action network we have been seeing it all week the increase in subscribers, traffic. because there's such a conversation of sports betting right now people who didn't

necessarily know what it was are hearing the conversation and thinking, all right, this is legal. i'm a sports fan i want the know more about it. what can i do to participate >> seems to me the teams are jumping on board you know, i see pop-ups all the time now they say, okay, join our contest and you can win points and it's all about, you know, calling plays as they happen and prop bets and this kind of thing. so do you see that this is helping engagement with the sporting events overall or the same audience and just seeing it because it was previously hidden >> oh no there's definitely the opportunity for increased engagement it's only been legal in new jersey since june so it's hard to gauge the increase participation but the more people betting on sports the longer to watch and more events they watch, significantly like you see it in football i think the average is about --

a fan to watch about three games per year in total but a person who's betting on a game watches 16 games over the course of the year and talking about a pretty wide discrepancy betting versus not betting. >> in new jersey people come into the state to place their bets and right now -- it reminds me of what's happening with marijuana. it's patchwork an all td all th states look to it as a revenue source and will it be a revenue disappointment to states who thought we're one of a few we get a win fall and then all of a sudden if it's you bick wous, maybe not so much. >> new jersey had a massive amount of success since they launched in the summer first six months, more than $1 billion in handle, the total amount bet nevada had $5 billion last year. talking about 20% of the market

in 6 months of what nevada had done in the state of new jersey. but it's entirely dependent upon what the states allow. new jersey did so well because they allow people to bet on their phones and if states get into a habit of saying you only be allowed to bet at brick and mortar facilities then you see disappointment in the revenue numbers and the states need to think of activating people on the mobile devices. >> who do you think is going all the way? >> i have virginia beating virginia tech in the final four. >> wow. >> i like to do a go for broke be memorable final four so i stick with the number 1 seeds. >> we taking melissa to virginia and do a hometown broadcast. chad, good to see you. thank you so much. >> thank you. >> beat georgetown check please is next this is your invitation to a higher standard of luxury.

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off the session highs and all about apple up 4%. got some upgrades, a price target jacked by a couple of firms out there ahead of the big event next week. >> go figure, yeah. >> great stuff, tyler. enjoy the food enjoy the ballet. >> "closing bell" starts right now. it is the final hour of trade. dow component nike about to report earnings. biogen losing $18 million in market value and levi strauss surges on the first day of trade. we have an exclusive interview with the president of the new york stock exchange. "closing bell" starts right now. ♪ welcome to "closing bell." i'm sara eisen along with wilfred frost. near session highs the dow up 200