move. and how it impacts your portfolio. melissa: you don't want to turn away for a second. a new controversy on president obama's nominee for labor secretary. several republicans say tom perez used his power as a justice department. darrell issa is one of them and he was a few minutes. lori: reshaping the wireless market. this plan to take over sprint pose a serious threat to industry leaders verizon and at&t? a closer look ahead. melissa: stocks as would every 15 minutes, let's go to the floor of the new york stock exchange with lauren simonetti. the stock is really accelerating right now. lauren: it is. this is its worst decline since the end of february. the s&p at the lows of the session down nearly 1.5%. also its worst decline since february. a rough monday. thsome disappointing data at ho. the impetus behind this selling.

what is selling off the most are the materials. one of the worst performers and definitely today if you take a look at some of these companies, down nearly 8%, nearly 11 for barrick gold. and i also want to point out behemoth mining. that is tumbling along with the gold commodity. back to you. melissa: thank you, lauren. lori: offers guests says investors are wise to jump into this pullback. president of west coast asset management. welcome to the studios today. so you're happy to see the dow down 165 points right now, you see this as a buying opportunity? >> absolutely. this is just one more step back. the volume is kind of late today. lori: may be turning off the

masters tournament a little bit. people have just been in awe of the resilience to your point. the political situation here in our country. looks as if the market is looking for any excuse to pull back. you don't think this is a turnaround, just a little bit of a consolidation situation? >> for the week we will be up. oil is coming down a little bit. all in all a great time to go in because stocks are historically still cheap and the balance sheet is still great. lori: where do you think gold heads from here? >> i'm not a big fan of gold. lori: any kind of a percentage in your asset allocation? >> no, i don't. potentially issues happening in europe and the big fear is gold hafor the potential that is not

working so it is not an asset class right now. lori: where do you see opportunities in this market? >> multinational companies, they are historically cheap. if you can find a company with outstanding balance sheet growing at a reasonable rate and historically cheap compared to where the market is, i think it is a great time to buy. lori: they have been leading this rally. >> what happened last is the biggest names panda dividends did not go up because we were not sure about the tax laws, they have been strong but still cheaper than most other companies. lori: you don't see a problem with buying stocks. >> absolutely. i like it with the wind at my back. i don't mind the 52-week highs in the bond stocks are so cheap. 13 times earnings, great

acquisition candidate. they have a lot of great friends and a lot of great names, paid about 3% to wait with the dividend, buying back stock, it is a great name. lori: diamond foods has been in the news a little bit with accounting issues. >melissa: a couple of issues wih accounting improprieties. the board is a good job investigating and finding out what the situation was. their brands are growing great. kettle chips taking market share. a great acquisition for pepsi or somebody like that. lori: what keeps you up at night in terms of your investment. higher interest rates, unemployment at improvement, what are the fundamentals that would be your cell signal? >> my concerns would be jobs and the economy here slowing down more than it already is.

we have horrific job numbers or earnings numbers or economic numbers, but i don't really see that happening in the next two quarters. lori: one month doesn't make a trend. >> that is right. lori: thank you so much, great to see you. melissa: gold is 9% drop is the biggest place punch in 33 year years. with more, elizabeth macdonald's bottom line. >> this trend holds, this would be the biggest drop, weight is trading as it could be the biggest drop since gold futures began trading in 1974. we know goldman sachs has cut the 12 month price target on gold at 1390. now talking at 1300, but a big fight breaking out among the analysts would talk to. that is they didn't get it right about apple, so how can i get it right about gold?

it is caught in a commodities selloff, a perpetuating cycle right now, trading down about $125 right now. the storyline we are seeing is the bear market after the friday drop, a two-day slump we have not seen since march '83. even going back to 1974. the s&p spider on the etf, the volume at a four-month high. look at this, five times the average daily volume versus the last three months. gold assets are at their lows. that is what we're watching in the action here. the other storyline we are hearing about with gold is at the housing market recovers, real estate recovers, they could be better inflation hedges. more productive than gold, and china growth stories. a very heavy user of metals and

commodities as the commodities selloff because of the chinese growth, gold is taking a hit as well. i will send it back to you. melissa: is it a one-day phenomenon or is there support at some level here? nobody knows the true answer to that question, but what are people saying? >> the support level i hate to say this, 1340. if there is support, will the buyers come back in? for governments and special the ecb and the japanese central bank. the issue is inflation, are we still in a deflationary move worldwide. back to you guys. melissa: so interesting. and the people who put 50% of their value in gold last year. thank you so much.

so the results are in from venezuela presidential election. the front-runner narrowly edged out opposition candidate. who was handpicked by the late hugo chavez took 50.6% of the votes. just barely winning by 235,000 votes. this shows how much the political environment has really changed since the death last month. in october capriles lost to chavez by 11 percentage points. the opposition is calling for a recount, of course, but the uncertainty could raise tensions even more in the country as it already starts fiscal problems and high crime rate. white house press secretary jay carney just said an audit of electoral results would be important, prudent and a necessary step. weighing in there as well. interesting. lori: indeed, it is. deep selloff, sharp selloff,

down 158 points citing the worst dip today. all losing more than 1%. plus a critical patent case before the supreme court today. next. melissa: dig into china's slowing growth. it a factor, we will drill down on it. we have a chinese expert on it could be worse than beijing wants you to believe. our special guest ahead. but first, take a look at metals. gold the lead story. i percentage basis, look at silver. doing better than 10%. copper by comparison only 2%. we will be right back. she's still the one for you -

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do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hours. if you have any sudd decrease or loss in hearing or vision, or if you have any allergic reactions such as rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a 30-tablet free trial. melissa: research in the biotech field have been seeking patents on human genes for 30 years now, but critics argue jeans rdna,

natural product of the human body and therefore should not be patented. the heart of the cases ar argued before the supreme court today and peter barnes is there with where we stand. peter. peter: is it a case for bio companies, doctors, patients, and even agricultural companies which create genetically modified crops. the background of the case is the 1990s. genetics isolated a patent of two types of genes with mutations that indicate a higher risk of breast and ovarian cancer. and it uses these tests to test and diagnose women cut makes millions of dollars for the company, it is a big business for the company but doctors, patients and medical groups say the patents are illegal because they violate this long-standing doctorate of the product of nature in patent law and it says you can't patent something that nature creates lak like genes ie

human body. better and cheaper testing. >> supreme court has held you cannot patent an object of nature. the human gene is nothing more than just the same thing. the human gene is infected piece of the human body, its structure and function are dictated by nature. it's not an invention. peter: he argues by isolating and clipping this particular genetic code, it did create and invent something unique, creating something with human ingenuity, isolated genes in the u.s. patent office agreed. invalidating these patents will hurt medical research and innovation. countless companies and investors have risks billions of dollars to develop scientific advances under the promise of strong patent protection. in their questioning, some of

them sounded like they are concerned about giving these kind of patents to companies. lori: it is a fascinating discussion, thank you very much. melissa: let's check the market, lauren simonetti's on the floor of the new york stock exchange. despite rall losses, couple of sox are surging. lauren: it is still merger monday. both of these stocks to the upside and reaching all-time highs. the other major merger we are talking about today is dish,r)ñe operator, unsolicited and surprised bid for sprint nextel offering $25.5 billion in cash for that company. also has a more public at a proposal the japanese company so we will see how this one goes if stocks are trading in typical fashion the company making the bid is lower and sprint shares

up more than 13% and a five-year high. melissa: thanks so much. new questions of the man that would become labor secretary tom perez. congressman darrell issa and others are blasting perez for his taxes and the justice department. lori: that will be good. all kinds of asset class relationships. there is a dollar, stronger today with the u.s. equities selloff and gold breaking down. worst levels in 32 years, worst loss, that is. stick around. [ male announcer ] in your lifetime,

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>> 20 minutes past the hour, this is your fox news made. in north korea despite the weeks of tension, people are out in the streets. north koreans are celebrating the birthday of their first leader with a two-day holiday. no new missile launch threats today from his grandson, current leader kim jong-un. clusters want criminal indictment against the captain and crew of the costa concordia

cruiseship. the captain could be tried on charges including manslaughter causing a shipwreck and abandoning ship. and the men's winner of the 117th boston marathon with a time of two hours, 10 minutes, 23 seconds. earlier kenya won the women's championship with a time of two hours 26 minutes. the boston marathon is the world's oldest annual marathon. now back to melissa and lori. melissa: thank you so much. controversy brewing over president obama's nominee for labor secretary tomas perez. days before senate confirmation hearing, a g.o.p. report criticizes perez for what they call a christia questionable de.

joining us now, senator darrell issa. i want to catch up our audience as background, tom perez has been a champion of theory where racial discrimination is determined based on statistical outcome rather than on the specific case. while he was the head of the justice department, perez intervened to underwrite two complaints against the city of st. paul in exchange for st. paul dropping a supreme court case that challenged the impact directly. i guess the question in that is are you comfortable with somebody as labor secretary who doesn't trust the supreme court to decide what is legal? >> you've got it exactly right. interfere with the body we trust which is the supreme court to make a final decision on this. this interference he did it secretly, even so secretly he gave less than candid crew

answers ultimately failed to tell us the truth about private e-mails that he sent circumventing his official responsibility. he did turn these in, we're very concerned this is a person who at least the senate should look more thoroughly. having said that, this is more than a year now, about a year since we sent our first leader and the administration would like to have you believe we timed this. we didn't timed this, we ran out of time with stonewalling and sent subpoenas and published a report because we felt that people should know. melissa: there is the quid pro quo, and then as you said there is the way he responded to it and how forthcoming he was or was not. on november 28 he asked a trial attorney if it was ethically

permissible and that attorney noted there were no ethics rules addressing such a deal. how do you feel about that? does that cover him? >> you can do that, get an ethics commission opinion of somebody who works for you, but this is the problem. he had a responsibility to the american people, certainly to the whistleblowers involved that he failed to meet it. more importantly it is clear, the men ahead of civil rights but let's let the supreme court make a civil rights decision because he didn't like the potential outcome. that is the kind of interference that creates caselaw that is the opposite of what it otherwise would be. more importantly he deceived the american people, held at a secret, use private e-mail to circumvent the process, and all of that is in the report for the american people and more importantly for the president to consider as to whether or not this person should go forward in this capacity. that is the kind of thing we've got to get to the bottom of.

we published the facts, let the president decided this is somebody he trusts in one of the highest positions in congress. melissa: go ahead and look at your phone if you need to. we don't want to stop you from getting that call if it is important. let me ask you though, this all came to light long before he was nominated. what does that say about the president's opinion, does he not think this is a big deal and what is the likelihood that he could be confirmed? >> ultimately the president has the right to the appointees he wants, and that is a senate decision to make. in my case yes, i believe the president is aware of this person's interference, the president wanted this interference, the president wants civil rights as he describes as rather than a supreme court decides it, that is where we are different. i trust the supreme court, never would have done with president obama did in his first state of the union which was to

chastise the supreme court justices beneath him because he didn't like their decision. i think that's where the american citizens are. it isn't subject to political whims. that is what we have to decide over the senate is do you confirm somebody who doesn't trust the supreme court, who secretly interferes with its process and ultimately failed to tell the truth when asked. melissa: thank you for coming on the show. >> thank you. lori: technology now. assembly line workers hired in china for what is considered a sign apple is preparing to release a new iphone. on a hiring freeze you might recall at the holiday season but has added about 10,000 workers for the last week. they will be working at the company facilitie's facilities y manufactures iphones. according to the "wall street

journal," the person familiar with the situation says they will be busy mass-producing the new iphone. melissa: china's economy putting on the brakes last quarter growing 7.7%. according to government data. our china expert gordon chang says even that number is dubious. and he is here next. lori: who is up, who is down. most issues are down on this selloff monday. we are back after this.

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lauren simonetti. stocks off the lows of the day. nothing to get excited about. we're still off 155 points. >> major selloff today, lori. the worst performers on the dow are caterpillar, chevron and exxon. that is because of the selloff in commodities that we're seeing but let's talk about a bright spot and that is citigroup where i am right now. as you can see it is up 1.6%. we had a double beat on earnings and revenue for citi's first quarter profits that. was food news. they saw strength in investment banking and securities businesses but the cfo cautioned on the conference call that consumers are not confident enough it really drive this economic recovery. back to you. lori: we'll take it from here, lauren. let's talk commodities, selling off as well. sandra smith in the cme. sandra, especially metals, gold, silver, by percentage leading to these declines. a lot of reasons causing the breakdown of precious metals

but what are you hearing there. >> the easing of inflation concerns drove up the price of gold. weaker china story with gdp coming in much weaker than expected. you have a stronger u.s. dollar. you have this massive levered liquidation in all commodities across the board but gold and silver getting the brunt of that, guys. we're down $13 in the front month gold contract -- $138. i confirmed on cme website the gold futures contract and most active contract is hitting record volume as we speak. we already topped the previous record for a single day of trading. that is just in the electronic session. not even combined with the pit trading session. so you're seeing huge selling on heavy volume in the gold contract. melissa is right, silver on a percentage basis down even more, down 11%. copper, industrial metals, they're also getting hit hard today. guys, on top of this fundamental story that is pushing gold prices lower you've also got the

investment banks piling in negatively, bearish on gold. goldman sachs had a huge call last week selling investors to short gold prices at these levels. so no one i've been talking to here in chicago is saying this is buying opportunity as far as gold is concerned i talked with mike williams at genesis asset management. he is basically saying things could get uglier from here. a lot of folks are not ruling out a drop to $1200 a troy ounce. that is definitely floating around out here. guys, back to you. lori: unbelievable break down. gold is in freefall mode. before we let you go, tell us about oil, down as well today. >> down big. we're looking $2.54 right now. now only below $90 a barrel but below $89 a barrel. this is the china story. those weak economic numbers coming out of china, the gdp numbers weighing in on crude. they are a huge consumer not just of crude but commodities as well. you get the huge story and

huge selling in the raw materials. back to you guys. lori: sandra smith, thank you so much. melissa, speaking of china? melissa: china reporting weaker-than-expected first quarter growth of 7.7% year-over-year. how much can we really discern from the world's's second largest country from these numbers alone. joining me, gord dan -- gordon chag, author of the coming collapse of china. i always wonder when we hear the numbers, what are number? are you distrustful of the 7.7. >> i don't believe the 7.7. electricity, most reliable indicator of chinese economic activity, in three months of quarter, electricity production increase was 3.0%. because the growth of growth domestics product is historically the growth 85% of the growth of electricity. we're looking at economy 2.6 maybe a little more. melissa: 2.6, you think that is real number, not 7.7?

>> it is closer to 2.6 than 7.7. the other troubling statistic is producer prices. china is still a manufacturing economy. well in that quarter you had producer prices basically down 1.6% in each of january and february and down 1.% in march. so how can you have, you know, a deflation and robust growth at the same time? it just doesn't occur in our galaxy. melissa: they have averaged 10% growth year-over-year for the past three decades according to their numbers. >> right. melissa: if they were doing 10%, what would they look like right now? >> they would be very, very different. that is the reason why there is really big concern in china. it is not just the numbers coming down. it is also what is propping up the economy which is the construction boom. you've got high-speed rail lines to know where. you have got ghost cities. they are creating debt than their ability it service it. i went back to my dad's hometown three weeks ago. it is a dusty agricultural town. i hadn't been back for five years. but when i came back it was a new manhattan there.

it had skyscrapers, apartment blocks and nfl sized stadium. wide boulevards. melissa: is it full. >> one elderly resident said to me, where are they going to find all the people for this place? you know china has a collapsing demography right now. the country's population will peak in three or four years. the workforce has already peaked in 2010. so the question is, well where are they going to find population to support all this urbanization. melissa: this is huge deal. because all the companies that have been reporting good earnings and talk about good things on horizon even if times are rough in america they are expanding and growing in china. this is why we care about this. do you think all the companies know this? they must, they're there on the ground and see it for real? >> some of them do because some are really affected by this for instance, caterpillar which sells heavy equipment they have been affected last year. so i think you're going to see this. corporate results in china and they're reporting them now, are really dismal. i think that is reflection --. melissa: that tells the real story. let me ask you about bird

flu real quick before we go. obviously we're hearing about more cases every day. how big of a deal is this is and how big of around impact does that have. >> it is too early to tell. this could end up being nothing or czars-like crisis. eventually they will have see enormous endemic. they dump 20,000 pig carcasses that run through the middle of shanghai. in the northwestern china there is outbreak of human corpses decomposing in yellow river. they're dumping all this crap into the environment. eventually that will catch up and they will have an enormous epidemic. melissa: wow, god done, thanks for coming on. we put it all in perspective. lori: some visual. thank you, gordon. more on the market here. we have a sharp sell-off underway. gold prices biggest one day doop in gold since 1980. charlie gasparino has more who made money and lost in this recent selloff. melissa: sprint shares surging more than 13% on

dish's $25 billion bid. how a deal can change the wireless industry as we know it. first look at the ten year and 30-year here when we have markets in selloff mode. you can see the yield falling just slightly one basis point on the 10-year. it is sitting at 1.7. we'll show you the 30-year as well. the yield falling more significantly there. three basis points. we'll be right back. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past.

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a disappointing economic report out of china sparking a selloff down on wall street today. a drop in homebuilder sentiment in the united states also taking a toll on the markets. look at the dow. we're 150 points off the session lows but still a rough day for the markets. just in time for tax day senate democrat jeanne shaheen is proposing a bill that could simplify the tax filing process for millions of americans. according to "the hill", certain taxpayers would receive a page-long return with much of the information already filled out. simon & schuster announcing a one-year pilot program will offer its ebooks to libraries. the company is last of the big six publishers to keep the entire e catalog off limits from libraries. the pilot program will start this month. publishers feel free libraridown loads could lead to lost sales. that is the latest from fox business, giving you the power to prosper

melissa: so what does the plunge in gold today say about the state of the u.s. economy and who has made money and lost money amid this selloff? that's right, fox business senior correspondent charlie gasparino has all the juicy details. >> love record selloffs. they expose a lot particularly in gold. this is currency hedged about the future of the united states economy. a lot of people made speculative bets. melissa: right. >> here is what we know as of now. one thing this plunge does prove that u.s. monetary policy has failed. one of the key things that the feds wanted to do when it printed money, qe1, 2, 3, and i believe we're on 4, essentially spark inflation and job growth. we have very little inflation. if you look at latest unemployment numbers not a lot of job growth, particularly not meaningful job growth. we have amount of workers permanently not looking, long-term unemployed. melissa: those who have given up. >> about the same where it was two years ago. if you averaged in what people have given up, where

it was, the employment right now compared to three years ago we would be at 10%. this is a pretty dire situation. monetary policy has failed. making, being one of the losers here, i don't, i mean it in the fact they lost, not that they're losers, the american people, our government has failed us. this economy is really bad. who made money off this and who lost in the market in terms of speculation? melissa: yeah. >> a lot of people talking about goldman sachs. last week, three days ago, i believe, goldman sachs came out with a pretty prescient call. they said gold would tumble massively. they cut their long and short-term price targets. guess what happened? it tumbled from what i understand. this is speculation. goldman has no comment as of right now. goldman went in after that as a firm began to short gold. this is what i hear. they know i will ask this and. who lost money out of the this? clearly one of the biggest losers i don't mean them to comment on this is john paulson, the great hedge fund manager who made

billions off the collapse of the subprime market. he made a huge bet on gold. one of the biggest, biggest bets i think ever by a hedge fund manager. what i understand he is undo, his holdings are down about a billion dollars. i'm getting that from charlie brady of fox business. who is who is winning, who is losing off the speculation. it is goldman winning, paulson losing off the speculation and who is losing long term, clearly it is the u.s., the american people. i mean we allowed the fed to print money and we got nothing out of it. why does gold, what does gold have to do with that? gold is declining people are saying why do i own this? there is no inflation. lori: want to jump in here because i think it is so interesting investors say don't fight the fed. i wonder if the breakdown is in gold is march get -- market gyrations is taking over its feeling we've all been wondering about for many months. >> remember, we talk, i'm talking about the failure of monetary policy. i think the, and i think it

is clear it has failed. we don't have meaningful inflation. we have very little inflation, except for maybe in commodities. there is lot of reasons for that as well. like oil. but, we, and we don't have meaningful job growth. melissa: yeah. >> but the market, stock market, that is down 150 points today, that is decoupled from the real economy. take today out of it. the market is close to 15,000 for a simple reason. because the fed is printing money and it is less inflation, you know, less of inflation move. just pure common sense. if the fed is printing money, let me make this point, if the fed is printing money by buying bonds which drives down the interest rates and returns on those bonds, you're going to buy stocks. that's why the market is up. melissa: but it's an interesting commentary on monetary policy what you're saying because -- >> commentary is the real economy, not the stock market. melissa: but a lot of people thought it is a reason to buy gold the fact that the fed is out of control and they're printing and printing and sooner or later the chickens come home to

roost. this is saying no matter what they are doing, they have no control. they're trying to spark inflation. they can't get it done. >> yeah. melissa: a total vote of no confidence on the fed? >> don't you think so? melissa: no, i'm saying that is very interesting perspective. >> i kneel bad for ben bernanke because what he, in his shoes is saying, there are two things to get the economy run by white house and washington. print, lowering taxes, you know, stimulus programs. and then you have monetary policy in terms of what the fed does. he knows that the fiscal policy is not working. melissa: right. >> president obama's stimulus plan did not work. we have gridlock in washington. amid that, he, the only tool that he believes he has to prevent a great depression and he really believes this, is the to print money. the problem is, that, i don't know how much you can print. by now we clearly made it past the great depression. we need significant job growth which we're not getting and it is not happening. lori: yeah, it is like you're looking at exit strategy about, right? that would be the trigger for the other shoe to drop

with the market. market is -- >> let's not confuse people. the dow, take that away from the economy. this is a play, people are buying stocks because interest rates are so low, why buy a bond? melissa: there is no other place to make money. charlie gasparino, good stuff, thank you. lori: all that said. let's go update you on the markets as we do every 15 minutes. doreen mogavero is on the floor of the new york stock exchange. i'm not sure if you listened to the conversation with charlie gasparino and breakdown in gold and perhaps the stock selloff is perhaps a vote of no confidence on the federal reserve and monetary policy? your thoughts? >> i'm not sure that is exactly what is happening here. i'm hearing a lot of things in the gold market things like margin calls and stops and forcing the price down more than if it were just people selling it because they didn't like it. it is more of a forced selling situation it is than people turning their opinions. but i do think that the stock market although this morn it held up pretty well

seems to be selling off more and more in the afternoon. i'm not convinced that this is not a buying opportunity. the market, the american stock market is the only place to you put your money still regardless what is going on in gold. a lot of traders i'm talking to are looking at this as a buying opportunity. lori: that's interesting. you're confident and bullish, doreen. where do we end up the session? i'm not asking you to look in crystal ball. our earlier guest says this is temporary pullback but the fundamentals are still in place? >> it seems to me. a lot of peel have tremendous cash on the sidelines. a day like this is a lot of people are waiting for. if they get another one tomorrow they say, yeah, bring them in. lori: what do you think about volatility? >> the volatility index is up today. as a high it was up over 23%. if you look in terms of a number, 1451 where it is trading right now, if you look back for years we've seen the index trade as high as in the 80s, right. >> most of the last four

years it has been trading 30, 40 range. 14 is a still very low. if it hits 50 it is still very low. lori: that is great perspective. doreen, thank you very much. melissa: are you feeling the blues this tax day? we'll tell you how some companies are trying to brighten your day with freebies. we'll explain next. lori: can't buy me off. every changing wireless market, dish bidding 25 billion plus for sprint. first a look at the day's losers. change makes people nervous. but i see a world bursting with opportunity, with ideas, with ambition. i'm thinking about china, brazil, india. the world's a big place. i want to be a part of it. ishares inteational etfs. emerging markets and single countries. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses.

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melissa: talk about dishing out the cash, dish network making a 25 billion dollar plus bid for cell phone

carrier sprint-nextel. so what are the details of this deal? dennis kneale joins us now. >> it is a stunning development. do we really think a satellite tv broadcaster like dish network has what it takes not only to buy sprint-nextel, the number three wireless carrier in the country, but also to actually run it? i know it is supposed to be all digital packets but it really isn't like that. a couple things here. we'll figure out, can dish network get the deal done? sprint agreed to sell 70% of itself to softbank in japan, a giant portfolio and wireless carrier there. that is wonderful synergy deal they thought and get extra cash they needed in business. along comes dish, forget the softbank guys. we'll give you $25 billion. hear is the thing, the debt on the company would soar up to like $36 billion before dish borrows an extra nine to finance this deal. that is $45 billion in debt on a company, they're combined sales are barely more than that. also sprint is a big bite to

swallow. dish has let than half the sales that sprint does. you wonder what they're thinking. wall street kind of likes it. dish talked down 5%. sprint's stock at one point popped 16% where value was higher than the combined $7 a share dish is coming up with. you got to wonder whether wall street thinks other bidders come in? softbank may have to raise its bid. why should a company that specializes providing cable programing shows to tv shoms by satellite get in the cellular business? dish spent $3 billion on cellular airwaves some analysts estimate has a value after tax of 15 billion. that is great. sell that off to some cellular company? should you get into the cellular business? it is a very thin margin business. how many people in this country are left to sell new phone service to. lori: you don't like this deal sound like? >> i think it is awfully bold of him. anytime for years when you see a big company, is specially stray into something it is not its core

competency at all. melissa: there isn't some combination or some really smart about the this or some new technology? >> guys i talk to you could use dish networks satellites in the sky as back haul to help a cellular network. that would be a nice partner to have. another guy says the ejoe of dish thinks all phone and tv will ultimately skip television to cell phones. that is good from that standpoint. today, wal-mart has its own branded service of cell phone service. why not rent cell phone service from somebody and resell it to somebody if you're dish. why buy the entire cow? melissa: good stuff. good perspective. lori: tax day is here. some people actually like it. melissa: what? lori: a survey by the pew research center one-third of americans enjoy doing taxes. it may be because marketers are using it as a excuse to create publicity to hand out freebies. melissa: something. lori: here are some of the deals you too an cash in on.

office deboat give you 25 pages of free black and white printing. melissa: whoo-hoo. >> amc theater hands out free orders of small popcorn at concession stand. that is five or six buck. >> that's a good one. lori: if you're still reeling from dealing with tax forms, my drove massage performing free 10 to 15 minute massage. >> okay. you got my attention there by the end. i could have a massage and some popcorn. it doesn't really ease the tax burden but something. lori: something about the deadline today that has everybody all stressed out. melissa: that's true. coming up tonight on "money", with mort zuckerman, boston property ceo, to talk about how america has gone to the great recession to what he is calling the grand illusion. all the happy talk about the economy is painting a false picture. he said we're not advancing. we're going backwards. that is depressing. tonight eastern at 5:00 eastern on fox business. nice to have a big name like that when we have massive

selloff to get his perspective. lori: food stocks are performing so well this year. baron's editor jack hough says there are stocks with lower valuations that could do a better job fattening up your bottom, not just your bottom line. tracy and adam shapiro joins us on fox business. don't miss it. ssion a for a fin. this is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. a lot can happen in a second. with fidelity's guaranteed one-second trade execution,

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yes, it is. trust your instincts to make the call. to treat my low testosterone, my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and medications. serious side effects could include increased risk

of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where applied, increased d blood cell count, headache, diarrhea, vomiting, and increase in psa. ask your doctor about the only underarm low t treatment, axiron. tracy: good afternoon, i'm tracy byrnes. adam: i'm adam shapiro. tracy: stocks are selling off on weaker-than-expected economic data out of china. we're tracking the markets every move this hour and we'll hear from one strategist who says now is not a good time to be defensive. adam: gold is also tumbling. it is seeing its worst one-day decline in 33 years. we're live from the pits of the cme with reaction. tracy: wow, yeah. investors have been stocking up on financial comfort foods this year. but it might be time to put your portfolio on a diet. summer is coming.

why not. baron's senior editor jack how look at stocks with lower valuations than pricey food stocks. but it is the top of the hour as we do with stocks every 15 minutes. lauren simonetti at the floor of the exchange. lauren, the market is down 167 points. >> this is ugly. hi tracy and adam. stocks are down two days in a row but this comes after a stellar run-up, one. best weeks of the year. we're down 1% across the board. i want to look at the financials. citigroup posting a rare up arrow up more than 1 1/2%. as you see lots of other banks are down today. the news behind citi and the reason it is up because it had a double beat, both profit and revenue coming in better than expected with citi's first quarter report card. it is not clear out of the woods for citigroup. the ceo on the conference call said economic growth around the world remains volatile. citi, as i said rare green

arrows when most banks and stocks on a day like today are in the red. tracy and adam. back to you. tracy: lauren we'll see you in 15 minutes, thanks. adam: now gold is tumbling. it is seeing its largest one-day decline in 33 years. with more on what is behind the selloff, liz macdonald with emac's bottom line. goldman sachs called this. >> good to be with you, tracy and adam. it is been in a parabolic move in search of a pin. 139012-month price point. we're talking some analysts, i talked to, 1300 by the end of the year. what is happening the computer is triggering stop-loss orders so it is spiraling and cascading down. whether gold finds the threshold remains to be seen. this is the number to look at, 9.94%. if that intraday drop is what it hits that is the worst since gold futures started trading on the comex in 1974. we talked to marti at barrick asset management and here is what he was saying.

he is essentially saying gold is no longer a safe haven hedge anymore, not needed anymore. earlier in the day investors look at stocks and real estate state more of an inflation hedge. we'll put what marty on the screen. here it comes. he is saying the u.s. dollar is stronger. he is saying inflation is not a storyline right now. as china growth slows, china's use of commodities and metals is also slowing. so gold is being caught in a rip tide right now of a commodities selloff as it oil breaks below $90. oil is around $88 a barrel. tracy: not selling because of this but more so of computer-generated stop losses, right? >> that is interesting. you wonder when that will hit the bottom right there. tracy: right. >> also we're seeing historic action in the spdr gold etf. five times the trading volume going on in the prior three months. that was one time the

biggest exchange traded fund. it lost nearly 20% of its assets. now down to around $59 bbllion bucks. so we'll be watching this one closely because again the storyline out there was, hey, massive money-printing worldwide, you can devalue your way to prosperity. that was the storyline. looks like there's a serious turn around. we have to talk about the ecb and what the ecb president said to cyprus. if you're going to be selling your gold for, you know, for whatever reason, which cyprus is doing, about half a billion dollars, you have to pay, use the money to pay back ecb loans. whether that trend takes hold in other eurozone countries remains to be seen. not pressure to sell. not pressure from the ecb to the governments to sell their gold. it is to use profits to pay back their loans. adam: a lot of people are getting hurt by this decline in gold. emac, thank you for being here. >> that's right, adam. good to be with you. tracy: good stuff. despite today's selloff, scott wren, senior equity

strategist from wells fargo expect as a good year at least for markets i joins us now. scott, thanks for being with us. i know you had, you slightly revised your s&p 500 target up, right, around mid-march. things obviously looking a little bit better. if things keep going well do you keep revising your targets up? >> no. really, tracy, we've been the to gnat these last handful of years we haven't had to revise our target more than once, if at all. dealing with retail clients you don't have much credibility if you're changing your target all the time. if we do it, we like to do it not more than once. we like to do it as early in the year as possible. we moved the midpoint of our range up about 3%. we've had a good year so far. i think we're going to finish having a good year. i think volatility is going to pick up. hopefully hire on this pullback we'll see some opportunities to pick up some stocks. adam: scott, prior to today, it is adam by the way, some analyst who is were bears saying look, what we're witnessing in the run-up to

the s&p as well as in the dow is similar to what we saw 187. come this summer it would be a complete switch. you would disagree with them. why are they wrong? >> well, here's the situation adam. i think we're in a modest growth, modest inflation environment that's probably going to last for the next few years. i don't think there is going to be a recession through at least 2015. i think that, retail investors are way, way undervested in this stock market. they're starting to get a little more interested now. interest rates are not going to go anywhere i don't think. the federal reserve has the market's back. yellin and chairman bernanke both reiterated that point numerous times. so i think we have earnings growth, we have a global recovery, that is a little stalled right now but i think it is going to is being sell rate as we move into 2014. i think you want to be in the cyclical sectors. really the recovery is going to continue. it will not be stomped out

by higher interest rates. i think it is not, we're not going to dip into another recession so i think we have some good things going on and the fed is behind us. >> we're down near session lows today. your s&p range is 1575 to 1625. you're saying enough with the defensive stocks. we have someone coming on in a bit to talk about how food stocks have seen their day, maybe, all across the board get out of the defensive sector? >> i'll tell you, tracy i've been surprised. usually when we see a market run like we've seen by the november lows is almost ails led by cyclical second torgs. we like discretionaries and. it is rarely led by staples and health care. i will look back and it will not be health care and staples that have done the best. it will be some of these other more cyclical sectors. adam: scott, why consumer

discretionary? i thought consumers were a little bit frightened by the latest read we got on consumer sentiment? i raid somewhere might be a inaccurate, consumer spending was down 8% over last five years? >> really these consumer discretionary stocks have been pretty well. they have been the business performing cyclical sector. i think our projective work anyway says confidence will improve. the labor market will improve. housing market will continue to improve. business sentiment, investor sentiment. if you believe that that then these consumer discretionary stocks should do pretty well. if you look something like home improvement retail which has been on abs statute -- absolute tear still looks good in our work. homebuilders really don't but home improvement retail really us did. sometimes it surprises me the work we're doing, projected work says hey, consumer stocks are still a good place to be for the rest of this year at least. tracy: s&p 500, 1625.

that would make today a buying opportunity. scott wren of wells fargo advisors. thanks for taking the time. adam: thanks, scott. >> thanks, guys. >> today's selloff can be blamed in part on weak economic data out of the china but how reliable is the information? we'll talk to the man behind china's beige book. tracy: i've always been skeptical of that. homebuilder stocks are tumbling even though we talked about how the home improvement stocks are doing well but the homebuilders are tumbling as they fall for the third straight month. there are still ways to make money in housing. we'll tell you how and where. as we do this time of the day looks how oil is trading, tumbling down over $2.82 a barrel. $88.46 a barrel. we'll be right back.

adam: homebuilder sentiment fell for the third straight month as builders continue to feel the pain of high housing costs. jeff flock is in illinois with more of on all this. >> how to make money even though the homebuilder is not doing so hot. this is nice residential neighborhood. you think most of the people that live here own their homes. well, not so much in this market. this is a place, talk about buy or rent? how about buy and rent. i have eric workman with me. as i talk with you, we put up the hot board of the homebuilder etf. they're in the dumper. talking about the dumper, there it is behind us. >> that's right. >> take a look the rental market of existing homes still very hot still. >> superhot. business for us has never been better. >> walk me inside. this is what they do. these are the mack companies located outside of chicago. they buy homes, distressed, let's walk in and see what they're doing. and then they fix them up. that is what you're doing

right here, right? >> that's right. we talk about new construction. we take existing homes, and we redevelop them. we make them like new. >> gotcha. look at the homebuilder stocks today. trouble. i mean they have been up nicely, but i will tell you today they're way down. in the last month they have been way down. you have had tremendous interest from wall street for your properties. reits, others getting involved? >> absolutely. wall street has certainly been interested not only in the business model but in our company for quite some time. the best tenants of the market are interested in this type of property. >> this property will be like knew. guys, do you mind if i walk on this. walk past you, eric, follow me upstairs. i'll tell you, one of the best markets, for this, chicago obviously is a place where you operate but cordings -- according to folks at realtytrac there are a lot of good markets. let's put them up on the screen so viewers see. >> chicago is very good market.

we have a diverse economy here in chicago land. so our tenant base is very good. >> these are tenants that can not afford a home with down payment. they can buy their own home. a lot of people burned before don't want to own a home. they would rather rent. this becomes very attractive. adam: jeff flock, thank you very much. tracy: quarter past the hour. we've got to go back to the floor of the new york stock exchange. the dow is down 193 points. hanging out near session lows. it is not, right? >> we're right another session lows. almost off 200 for the dow. a lot of people will view this as a buying opportunity if there is any solace in a selloff like we're seeing this monday. we have a lot of deals today. that's what we're talking about right now. we have, thermofisher buying life technologies for more than $13.5 billion. both of these stocks are up. all-time highs. thermofisher hanging onto a

gain. it was up to $84 a little bit earlier. that has come down a little bit. the other merger we're talking about unsolicited surprise bit by dish network for sprint-nextel for $25.5 billion. that is dish trying to get into the wireless business and find out different creative ways to get live television off the mobile devices right? back to you guys. tracy: good stuff, lauren. it is kind of a merger monday in a weird way. >> you may not hear that but we may be repenting it today. tracy: see you in 15 minutes, girl. we have is did int ing data out of china. it is clearly weighing on the market, gold in particular. it may not be bad as it seems. we have the president of china's beige book. he will join us with a look what is really going on. adam: first a look how the dollar is moving right now. this is america.

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>> at 20 minutes past the hour i'm lauren green with your fox news minute. in venezuela nicholas maduro, hugo chavez's hand-picked successor won the presidency but by a vary narrow margin. maduro won 50.7% of the vote. the challenger is demanding

a recount. he has been the acting president since chavez's death on march 5th. in north korea despite weeks of tension people are out in the streets of pongyang. they're celebrating the birthday of their first leader with kim il-sung. no missile launches today from his grandson, current leader, kim jong-un. the death toll from the bird flu is rising again. 14 people have died from the influenza strain,. chinese health ministry says there is no indication of human-to-human transmission of the virus. those are your headlines. i'm lauren green. back to adam. adam: lauren, thank you very much. china's economy hit a unexpected speed bump. gdp in the first quarter fell below what china expected. he says the headline numbers don't reflect what is

actually happening in the chinese economy. joining us now is leland miller, managing director at avisent international and president of the china beige book. thanks for joining us. last week the china beige book would appear the chinese economy is growing stronger coming off the 7.8% gd. in the previous year. we get this number today, 7.7% in the first quarter. and what is the difference? are the chinese lying? >> it is not a question of lying necessarily but chinese data lags. chinese gdp, quarterly gdp, people assume it is preceding three months but actually collected it is released very early in a quarter, two weeks in. usually leaks nine days in. so you have it taking two to five months back, not the previous three months. so it is a mixture of old data periods. adam: let's go forward, what does the china beige book actually indicate? will we see chinese gdp go above 8% again? >> we don't put out a headline number or 7% or

8.5%. we talk about strength in sectors and strength in regions. what we saw in the first quarter, official data apparently did not is a lot of strength in the retail sector, strength in services. everyone saw strength in the real estate sector so that was similar but our data was stronger than official data. because of that there is every reason to believe that going forward official data might reflect that as well. adam: here is what i was investor and going to play in china, i would be concerned about retail. doesn't the chinese government go in to buy up inventory fudge numbers on retail? >> retail sales is difficult number. a lot of people like to use it as proxy for consumption the problem it has a government component. if the chineee government buys a bunch of army uniforms or police department buys more cruiser that is probably retail sales but doesn't show household consumption is going up. what the chinese beige book does we break out government sales and business sales and consumer sales so you get an actual consumption number. >> you say the chinese

economy becoming consumption based economy. do we see that transformation happening according to your data. >> what you're see something investment going up so rebalanced chinese economy should show not just consumption going up but the share of consumption going up vis-a-vis investment. it is not clear at all that is actually happening. adam: let's talk about real estate. very simply i think the latest number is roughly a trillion dollars worth of loans in the chinese banks last year, almost double what they had done previously. this would all be from the state putting money into a system a lot of people believe is a real estate bubble waiting to collapse. are all the people saying they are going to pop, are they just wrong? >> no. but you have a system that is basically structured around an implicit household sector tax. as long as you have bank interest rates that are below market, then you are forcing savers to put their money somewhere where they will get some sort of yield and appreciation. that is why people instead of dumping their money into

banks, dump it into money and other property and other assets that fuels a sector. adam: how do i invest going forward on a day like today? >> have real time data. we break it down by sector and regions. if you actually look at the official data release it is almost impossible because they're not transparent on any of the numbers what is it going on where. we have, 60 to 80 pages of data that shows exactly what is going on. adam: these are surveys you conduct with over 2,000 different managers and personnel within china, within the economy. >> that's right. we break it down. we break the country down by regions and by sectors and do quantitative surveys and qualitative surveys in every section and region of china. adam: leland, thanks for joining us on the fox business network. all the best to. >> good stuff. these worries over china slowing gdp totally have commodities plummeting. sandra pits smith is in the

pits of the sce with gold making history. >> things are happening down here as well. talking to traders volume is way above average in most cases in a lot of trading pits we're trading in front of the back month pit of the s&p 500. we're seeing a lot of action tied to the metal prices. when you look at gold right now on an intraday basis we're sitting right near the lows of the session, guys, down $140. one single trading day, guys. this is one of the biggest moves we've seen in over three decades in the price of gold. we dro ad little it about more from here, it will be% the biggest move we've seen since gold began trading on the futures exchange. we easing concern over inflation that is leading to a gold selloff. dollars floating out of gold into the stock market can. even though the stock market is down today, still sitting near records. these guys will tell you that money is going into stocks and into the green back. that is where you're seeing a lot of trading action in today's trading session.

by the way a lot of big invests banks are warning not to hold gold as the slide continues. by the latest cftc report show traders, large investors, hedge funds were adding to their bullish positions last week ahead of the dive we saw for gold into that bear market territory. so a lot of trades really got caught the wrong way in this. so a lot of those longs bullish trades getting shaken out even at these levels, guys. that's why a lot of folks are saying we could see a further selloff from here. if you want to look at the crude oil market, we're seeing the same sort of selling there. crude down $2.62 on the session. we've fallen below 90. we're below $89 a barrel in that crude oil, guy. that is a china story. gold part of the china story. with crude it is all about china, that weaker-than-expected economic data. they're the world's second largest consumer of oil and when you get weak economic data there, you get a selloff in oil that is what is happening there. the trade, the selloff in commodities continues, guys. back to you. tracy: sandra smith, thank

you. the selling begets selling. adam: talk about that. if you were listening to leland might be a great opportunity to get back in they're saying the chinese economy not down and out just yet. tracy: absolutely. adam: coming up with mortgages 10% down or less are on the rise. could we be looking at another housing crisis? gerri willis will explain why. tracy: as we head out to break let's look at some of the winners and losers on the s&p 500. there are winners. sprint-nextel no surprise on news of a deal. plus life technologies also thanks to merger monday up 7.4%. we'll be right back.

tracy: a lot of red on the screen. wal-mart, microsoft, procter & gamble green. everything else very, very red. let's ha head down to the floorf the new york stock exchange. lauren simonetti standing by. the major averages again hovering near the lows. selling off, that is what is weighing the most on the dow down 186 points right now believe it or not off of the lows down more than 200 moments ago. as you can see jcp down 1.85% of this was a stock that was up for most of the session giving back those losses. this is what jcpenney is doing, drawing $850 million from

$1.85 million credit line sooner than analysts expected. obviously they need some money to finish the redesigning of their home department. they have to stock the shelves. coming u out and saying the home remodel is impacting the overall stars. back to you. tracy: thank you. ashley: wants to talk about mortgages because more lenders are loosening up offering conventional loans which means without government backing and with down payments less than 20%, some even less than 10%. gerri willis with details on the story that first appeared in "usa today." >> you may think it is troubling but if you want to be a first-time home buyer, probably needs 20% down. as a whole lot of dough if you need to do that. a lot will say we're headed down the same road of 2006, 2007, but i believe responsible people can

put down less and maintain payment of the bankers are doing their job making sure they are not making up these numbers as they go. here is the story, here' here iy it is happening. it has to do with mortgage insurance. it has gotten expensive, essentially doubled while private mortgage insurance, a business that largely died during the recession is now back big time. those two factors are making it more possible for people to take out loans. you add in housing prices are rising making the business look less risky to conventional lenders. a fifth of the mortgages on offer for these conventional loans with less than 20% down. so we're starting to see this bubble up. people who are first-time buyers can get out of that marketplace and if there is anything we want right now, it is more opportunity for individuals.

tracy: i don't think this is a recipe for disaster, but they will have to pay that pmi. for some it could be a deduction depending on how much money you make, but for others it is extra money out of your pocket. >> we're looking at housing prices that are still down dramatically from the highs of 2006, and i have to tell you, that is an opportunity for individuals out there. ashley: the key is the banks making sure people qualify. the administration pushing to lower lending standards. >> you have to be smart enough to figure out if this is the loan you need. ashley: don't miss "the willis report" with gerri willis at 6:00 and 9:00 p.m. on the fox business network. >> and we will be talking about this story. did you know that in the

construction industry virtually every material going into housing right now, prices are going up and going up dramatically. all the components are going up, up and up. if you are negotiating to have some improvement done to your home. how to keep the price at a reasonable level. tracy: we will watch tonight, 6:00 and 9:00 p.m. maybe time to put your portfolio on a dice. why you should cut back on food stocks to fatten up your bottom line. tracyashley: and take a look at, 30-year treasuries. all stations come over to mission a for a final go.

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>> i'm lori rothman with your fox business rates. sparking a wall street selloff on wall street. taking a toll on stocks. the dow down 180 points. in a sea of red, there is some green. shares are getting a boost on the buyout. the company agreed to take private in a cash deal. expected to close in the third quarter. kool-aid man is getting a makeover starting today he will

be getting a new personality as a consumer generated celebrity trying to show he is just an average guy. he made his first appearance back in 1954 and s. take on various looks throughout the years. haven't we all? that is the latest from the fox business network, giving you the power to prosper.

ashley: breaking news, oil and the day with a drop of 3% with a new low for 2013. you can blame or think the chinese. tracy: food stocks have been surging this year. some of them as much as 30%. our next guest says think about putting your portfolio on a diet. consider stocks with similar

qualities but much lower valuations. senior editor here with us to action looks like he has been on a diet himself. let's talk about the food stocks. i will even pull out mcdonald's and schiphol base and kellogg's. they have been on a tear. >> the packaged food stocks up 20, some cases 30% this year. investors want two things, they want stable and dividends. the problem is the higher the price goes to lower the dividend yield goes. the advantage for food stocks has finished. those s&p 500 companies that pay dividends. tracy: so you say they are just expensive. >> i got the spreadsheet out, look at the earnings visibility, yes, stocks have stable earnings for companies like ibm, google, exxon have had earnings the past six years just as stable.

so you can really get a better deal if you look the dividends stability elsewhere. tracy: what is with the justin bieber analogy in your article? you're not taking credit for this? >> i wish i had. i tr tried to throw reference io every story. tracy: we try not to talk about him in my house, i find him quite annoying. so you are just saying it is like a hollywood thing. >> 19 times earnings, gigantic premium and ford returns. tracy: let's get to your picks, boeing. they've had a lot of problems. >> has had a lot of bad publicity. tracy: the whole battery thing. >> but that is business as usual

when you bring out a new plan. there are always malfunctioned, complications. the sales cycle here is much, much longer than news cycle on these problems. boeing cash flow is set to double, the stock looks cheap. tracy: travelers is your next one. >> the portfolio is down, so they are doing an unusual thing, actually getting pretty strict they are behaving in an economically rational way in the margins are moving higher as a group. tracy: pretty conservative group. found this one threw me a little bit. you see sequestration. >> the company earns more than $8 per share and highlighted what the impact has to be. this is a company with a free cash flow yield of more than 13%. that gives you plenty of room to pay big dividends, buy back shares. described as a takeover in slow motion.

tracy: black & decker is a play on homes, right? >> right. i cannot say hiring is on a tear, but it bodes well for tools. tracy: i do have a toolbox as my house. occidental petroleum before we go. >> i this is a company on the leveraged, pretty standard business of buying up the older wells, 36 sheet stock with a good dividend. tracy: jack hough from smart money. and we talked about justin bieber. ashley: i am speechless.

you want to talk about dishing out the cash? just a perfect $25 billion plus bid for cell phone carriers. then as now joins us to look at details of this one and i guess ricky ricardo would say explain this one, does it make sense? >> two dennis: i think this is a bold deal, but with huge risk in dish network with the tv shows to the homes of 14 million paying homes. and along comes the sprint deal it agreed with cells of the percent to softbank in japan, and now -- says we will give you $2,515,000,000,000 in cash and stock to turn into our cell phone company and we will on both the service our dish network offering. couldn't you just resell it without put that much money? cell phone has commoditized.

adam: are they trying to get in on the tv coming in with the cell phone and the ipod? dennis: the legendary founder of dish believes everything will be moving by the small screen. another analyst says the backhaul can handle a lot of the cell services and the data going on, but overall it is a huge strain from core competency. what you think every digital packet is the same, doesn't matter, all just little bits, ones and zeros. to be different from what runs on dish satellite in which runs on sprint. we will see if they get a hold of this and what they feel a combined company would have in debt even though combined revenues are less than 50 million. that is a heavy debt load. adam: thank you very much.

tracy: things get complicated. the quarter until, stocks as we do every 15 minutes. the new york stock exchange. explain what the heck is going on out there. about 50 points off our low. i heard you say gold is a lot of margins. >> i think it is a lots of core selling. i don't necessarily think the pressures coming from people not deciding they don't want to own it anymore. they can't own it anymore in a lot of cases. tracy: is this a buying opportunity? >> i am not a gold trader. i would be going out of the way to give you a real opinion on that. as far as the dow jones is concerned, a lot of people are looking at it as a buying waiting for the market, now that it is coming in, still going and further.

we get a pop up again, those are people putting money back into the market. tracy: a lot of people looking for this falling off a cliff moment. right? >> i'm hoping there's a positive side to this. tracy: there always is. thank you very much. adam: the supreme court taking up the case which could reshape the biotech company. human genes, and kennedy had saican they bepatented? tracy: the losers on the nasdaq, and there are plenty. we will be right back. with the spark cash card

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tracy: the supreme court is hearing arguments today over a question that could reshape the biotech industry. and companies pool patents over human genes? judge andrew napolitano is here. let me be clear, i am glad we're covering this. i hate the notion are talking about replicating the sequence of my jeans. >> the nine justices on the court can tell that. i predicted this this morning. when i was done with stuart varney having read summaries they all augmented, it is clear they don't like it, they don't like it because they don't like having to make a scientific decision. you tell me if you think this is a legal judgment or scientific judgment. it's an inflated molecule from the gene created by nature or by

man in aid of understanding nature? if created by nature it is not patentable because it is not new, useful and nonobvious. if it is created by man it is patentable and that will revolutionize the biotech industry and make some people extremely wealthy. adam: would have wound up where it ended up being mutilated hadd not the scientists actually an inflated? speaker that is the argument in favor of the patent. the other argument is, but this isn't like they created a rotary engine for automobile. but what did they start with, they started with a most unique thing on the planet, which is actually made or god made or however you want to look at this human genetic code. however they get over this will

determine the financial fate of investors because if the plaintiff in this case does own the patent for this molecule, the plaintiff can experiment with it, buy it, sell it, lease it and prevent all others from doing the same thing. tracy: they're saying it could be like $4000 that i can sequence my genes and whattonic for 10, 20 people of me? this has ramifications on the entire world. >> we don't know where this is going to go. this type of science, it has to be financial protection for the sciences, that is the argument, the need for financial protection. the science is intended to tinker with the genetic codes as to eliminate cancer and alzheimer's. it could also be used to produce

certain people. adam: if somebody manipulates corn seed, they can patent that, right? >> they demonstrated a sufficient removal from the natural core so it was clearly man-made. has this company demonstrated a sufficient removal from nature to man, one could argue this product is clearly man-made. tracy: we have these legal geniuses, how do they come to this decision? do they call a scientific geniuses and tell us everything you know? >> they have riddled the scientific geniuses have said, but they take a couple of basic legal principles. if the plaintiff can't move the case, the burden is to prove that this is man-made. if they can't prove that, it is natural and it is not

patentable. tracy: i'm bummed we have to go because this is fascinating and we are entering freaky town. >> my gut feeling is that is natural and not patentable. adam: this is not freaky, this is kind of fun. going to the white house this hour, president obama celebrating the anniversary loue victory. today's visit kicks off at exit for the crimson tide spring training ends this weekend the annual spring scrimmage. i am waiting we to say something about alabama. tracy: the south. liz claman has every angle covered with her expertise. "countdown to the closing bell"

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