flow. melissa: wow. that is interesting. all right. meantime, markets having a very rough day today, wow. the dow is down better than 1%. nasdaq is where all the real action is. biotech diving. and the fight is loafer ebay and carl icahn ending their war over paypal. who blinked first? carl icahn will tell us his side of the story, live on this program coming up. dangerous territory. fat burger ceo and gutsy move to set shop overseas and u.s. chains move into iraq and crimea. david letterman is out. stephen colbert is in. the new "late show" shake-up that has his conservative persona laughing all the way toking bank. even when they say it's not it is all about money. melissa: starting off with the big news today, because the man himself is coming up in a bit.

activist investor carl icahn withdrawing his campaign to split up and ebay and paypal. we have charlie gasparino and scott martin. fox news contributor. guys, what do we think uncle carl got out of this? he got in at 53 bucks. has he made money? charlie what do you think? >> i think he made a few bucks on this thing. i think he made a broader point. he will take criticism on this he blinked. he is out. he didn't get what he wanted more than a few bucks. carl wanted some fundamental changes with the company including ebay. what i liked about this battle, maybe it is just me, everybody thinks there is inside game in wall street. that you know, the bad guys are running wall street. high frequency traders are screwing everybody, it is an insider's game? guess what? silicon valley sin cider game. i had no idea that marc andreessen, who is good guy, i'm not saying he did anything illegal, made a gazillion

dollars wifing skype from ebay and in a deal he didn't take that much risk. carl did, went in there and look at silicon valley guys. they are holier than thou, they support barack obama. they think they're on the side of the angels. guess what? they're just as sleazy or as sharp elbowed you might say. melissa: that is good idea. >> as guys on wall ll ask him at that you're talking about that charge against andreessen they bought the company, for $1.9 billion. they turned it around -- >> skype. melissa: skype, they turned around and sold skype to microsoft for 8.9 billion. >> he would say he did it properly. he bid it out. you know, i love how carl sort of unwounded the insider game that was, that was played there. melissa: okay. >> make no mistake about it, silicon valley may vote democratic every time but they're just as nasty as those republicans on wall street. melissa: paypal's ceo was on about maria bartiromo today, kind of throwing are carl a bone what they may do in the future.

let's listen to that. i will get your both reaction on the other side. >> we'll continue to look at our alternatives. if and when things change down the road when we think different structures help our ability to compete we'll pursue them. for now we'll stay together. melissa: what do you think about this. >> when this was going on, donahoe was against carl. we got it. we don't need your help. >> how inside did he get? what made him reverse course, you're right, there is value in ebay, keep it the way it is? melissa: the other thing donahoe said i thought was kind ever insulting, we'll get carl's reaction to later, now icahn understands. he has sign the inside. now he basically gets it. >> does carl really understand? i think that quote, i mean in of itself, i didn't watch the interview. i don't know what was said afterwards. the follow-up question should

have been does that mean it is possible a at some point that carl might have want you had to do. i didn't see the interview. i don't know if she asked that. melissa: the question she asked to get there, do you see this debate happened in the future, do you think this will happen down the road? he kind of seemed it, i don't know. >> like charlie said, six months or a year. carl didn't make us do this. conditions changed. things happen with the business that said we do need to spin this off. melissa: secretly agreed to do what he wanted. >> that is one of the questions we should ask carl point-blank. melissa: we will. >> is there a secret handshake here about something down the road? melissa: well, charlie keep that question in mind because we'll bring you back in a couple of minutes when carl icahn is here and we'll all, without question pursue that line of questioning when it comes up here a little bit later on in the show. stick around, guys. all right, so stay tuned as we said for the man himself, carl icahn, coming up on "money" just a little bit later.

markets though right now getting crushed. the dow is down merman a percentage point. the real action going down in the nasdaq down 2 1/2%. biotech leading the way lower. nicole petallides at new york stock exchange. wow, a big selloff, huh? >> it is really a big selloff. when you see dramatic move in the nasdaq, down noted 2 1/2%, in the moves we're seeing, all three major averages moved into negative territory for this year, four fourth and biotech. as well as some other areas, i.t., health care, consumer services, all with down arrows. tough day on wall street. melissa: yeah, without question. nicole, thank you so much. biotech killing nasdaq. max fund.com cofounder, jonas max farris. scott martin back with us now. biotech index down five 1/2%. the biggest drop since 2011. a lot of momentum names getting crushed. facebook, twitter. what do you think is going on?

is this a fundamental breakdown in confidence? >> this is fundamental break down in confidence in russell 2000, small cap, tech, nasdaq. there is just nothing else wrong where the fed improved picture on interest rates. emerging market stop collapsed. that index is not down. it is stocks 30, 40, 50, 60 p-e ratios and up. a lot of money went into etfs et cetera, in recent years. they performed spectacularly. just total near 99 grade performance you're seeing as far as a bubble. that money is coming out. money, it looks expensive. the nasdaq is expensive relative to the s&p 100. i think the money will shift slowly back into the bigger cap, safer names. you're not seeing money pull out of apple and lower tech names. it is all facebooks. that is where the 4 or 5% decline is. it will probably continue for a while. melissa: hang on a second. i want to bring in jo ling kent. she is live at the nasdaq where a lot of the action is going on. jo, we have seven ipos are

supposed to price all over the place overnight tonight. this is tough market, right? >> this is a tough market. not just health care and biotech companies, hitting, 54 health care stocks are actually down right now, all of them but if you look at the other tech stocks, we would like to show awe few of them, tesla, yahoo!, facebook, netflix, all not doing very well. we're looking at a broader selloff more so than we saw last friday when we were reporting on this the nasdaq being down 2.5% as you mentioned earlier. some of the worst in a couple of years. biotech just dragging this entire index down and certainly not helping the tech stocks that were actually recovering yesterday. melissa: scott, ally financial going public today, not doing what they had hoped and seven ipos looking to price tonight. what would you do if you were in their shoes? would you try to pull at this point? >> i don't know if you pull -- exactly. it's a tough tape. you noted it. when the tape is tough it is not a great time to come out with

idea whether you get a good price or not. the market will hit you. jonas said something interesting. he talked talked about a ther eg markets. high beta names like europe they're hanging in there which is kind of strange. typically they correlate. they move a lot with the s&p. they move a lot more up and down too. they have a higher beta yet they're hanging in there okay. i beg jonas's point. things are okay. they're just getting whacked in the pharma and biotech areas. melissa: jonas, last word to you. >> u.s. growth, mid and small cap index, vo, any etf really popular that did really well over the past five years that's where you have got to watch it. i think you're okay in more traditional u.s. larger cap fund. i think you're okay abroad. i think correction happened by and large. watch the russell 2000 and mid-cap indexes. melissa: we want to bring you baking news now. wow, a lot going on this hour. general motors will take a

$1.3 billion charge in the first quarter to cover various recalls. it would not include a victims fund. this is just a charge. they said they will replace ignition lock cylinders on 2.2 million previously recall cars because of ignition key which can be removed while the engine is running causing possible crashes and injuries. take a look at that. a lot of news on gm. j.p. morgan and wells fargo kicking off what is expected to be a brutal quarter for banks. analyst dick bove's call and why it may not be all bad news for investors. plus activist investor carl icahn why he with drew in his battle with ebay. that is coming up. wow a lot more "money" coming up. don't go away.

melissa: huge news today that activist investor carl icahn is settling his long battle with ebay. carl icahn responds to the deal. that is coming up here on this show later in the hour. don't miss it. meantime financials may be feeling the heat this quarter as bank earnings kick off tomorrow. analysts are expecting some of the biggest names on wall street to report lower numbers than last quarter. here to break it all down what's

ahead is our own charlie gasparino along with legendary bank analyst dick bove is with us as well. dick, thanks for joining us. what do you think this quarter holds for the banks? >> i think for most banks it will be a pretty good quarter. i think big ones in the capital markets arena that have a lot of trading activity, a lot of investment banking activity like goldman sachs, morgan stanley, jpmorgan, they are going to face some difficulties. then of course there will be big fines levied at bank of america and a smaller one at citigroup. when you get away from those five companies you see earnings in the banking industry are up for the quarter and i think this will be extremely good year for banking. melissa: citigroup's stock down almost 10% for the year. if you pick one out they are having the hardest time doing anything right, dick? >> we had a sell recommendation and had a sell recommendation on it for four months now and basically our problem over the that three quarters the revenues

of this company actually went down, not up and the loan losses in fourth quarter went up. then of course you now have the federal government going after them which presumably will result in another big fine. so i think there are management issues that need to be worked out there, control issues. and it is a stock i would stay away from. melissa: charlie, nobody has the line into these banks and into what everyone is really saying better than you do. where do you think the surprises are going to be this quarter? who is really grumbling? >> i don't know about the surprise but i think the stories will be interesting coming out of morgan stanley and goldman sachs. this will be sort of, i think, it will reveal to a certain extent whether the goldman sachs model, which for many years was, you know, propry irterri trading. can't really do proprietary trading. but trading based on positions of your clients, whether that model, that goldman made so much money under lloyd blankfein and gary cohen and also blew up the firm back in 2008, whether that model going forward works in a

dodd-frank environment? likewise, there will be a story coming out of morgan stanley. james gorman is embarking on a fairly radical transformation of morgan stanley from a firm that was like goldman sachs pre-2008 to a firm much more based on dispensing advice both on brokerage level to retail customers and to investment banking clients on a broader capital markets level. is that, is that model working? we're going to see that affirmation of both of those models i think in a couple weeks. melissa: yeah. >> i think consensus is, and dick can check me on this, goldman sachs will not make as much money. we're going to see cracks in their business model. you never know. goldman sachs pulls one out of their hat every now and then. make this is it. morgan stanley model will be interesting to see where they come out on that. those are the two things i'm looking for, which model of an investment bank going forward, take the bank banks out, it will be a battle between more gag and goldman. melissa: dick, before we run out

of time you make a point that the trading business is tough and look at a market that is tanking today and lost a lot of confidence, how do you think that impacts these guys going forward? >> well i think in an answer it is very negative. i think charlie's point on trading at goldman sachs is the most fascinating one. basically they're getting off the new york stock exchange. they're closing their dark pool. and i think they're going to take their trading business overseas away from the u.s. regulators. so i think watching what goldman sachs does in trading will be one of the most fascinating things this year. melissa: very insightful. dick bove we always appreciate your time. thanks for coming on. >> that's a great story if that is true. melissa: we'll follow that. charlie, stick around. we'll bring you back when we have billionaire carl icahn later this hour. >> is he a billionaire? i think so, yeah much. oil prices slipping lower. energy analysts and fox business contributor phil flynn is at cme

we're holding levels we've not seen in a long time, phil. >> they are, you wouldn't normally think with a big selloff in the stock market you would see these prices start to break. it is not happening and i think it is not happening because there are geopolitical risk in the time of year. oil susceptible are to move highers. seasonally very strong. switch over to summer blends of gasoline. we have all the things going on with russia and ukraine and that is rockin'ing the market and keeping it well-supported. melissa: phil flynn, thank you so much. when money talks, everybody listens, that includes silicon valley wonder boy elon musk ever tesla. we were first to talk to the attorney who is filing a lemon law suit against tesla. here is what he had to say yesterday in our exclusive interview. >> tesla is a very difficult company to sue. they're a dictator. we're saying that we can file this lawsuit in wisconsin and other consumers across the country don't all have to take a trip to california just because

elon musk wants them to. melissa: that's what he said in that tie-in. just minutes after our interview, tesla responded with a statement on their website saying in part, quote, there are good reasons to be keptal of the lawyer's motivations. service record shows the tesla service team did everything reasonably possible to help his client and they were continuing to their efforts to service his vehicle right up until the.the suit was filed with no warning. it is your move, elon. we're ready to give you equal time. just come on the show. remember the 250 ups workers got fired last week for going on strike? we brought you the story and ups reversed their decision. all 250 employees are back at work. the power of money. bull dock activist investor backing down? carl icahn and charlie gasparino are joining me here on "money." trust me you want to hear this one. show me the way to san jose. they're bumping up the minimum wage by 25% and they're seeing a bump in fast-food hiring? how is

that possible? something tells me there is more to the story. fat burger's ceo is here with his take on this one. do you ever have too much money? can you start tomorrow? yes sir. alright. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. when csx trains move forward, so does the rest of the economy. csx. how tomorrow moves.

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melissa: some new food for thought in the wage war that flies in the face of conventional wisdom. san jose, california, bumped up their minimum wage 25% and saw increase in fast-food hiring that beat the national average. fat burger has a new location opening in san jose. their ceo is here along with scott martin from the "wall street journal." veronica daguerre. i'm glad you brought a french fries and fatburger shake. that is why we invited you. >> sure. melissa: absolutely not.

if you look a chart what happened here. they had higher minimum wage in san jose. hiring dipped dramatically. we have the chart. then it back up. what do you make of this. >> i don't buy it. i think other factors going on. melissa: like what? >> new development and economic recovery in general. you're not just going to see job growth by raising wages. prices will go up there. is no way. melissa: what do you think, scott? this is the proof everybody on left needed. they say you raise the minimum wage, people have more money to spend and spend it in places like fatburger. here is the proof. >> right. to andy's point there is something else part of that data, not included in that data set. look what happened in the san jose and surrounding areas, prices of food is going up. somebody is paying for that. that's the problem. the wage thing is debatable and if you want to raise wages fine. guess what? you will pay forfeit you're buying a product that is being made. melissa: veronica you, you look at the other way. this is area where economy is

booming. wages gone up across the board. housing prices gone up across the board. incomes have gone up across the board. it makes sense hiring would be rising as well or no? >> it makes sense but san jose is not representative of the rest of the country. do this in detroit and other markets really struggling? granted the wage issue it is very complicated but if you look at these people's hours, were their hours cut? are they working less days? what are the sales like? we still look at long-term effects. >> most employers will pay more than minimum wage to get better employees to keep them. this translates into higher costs for consumers. this is what consumers voted for. this is what they get. melissa: i was in the san francisco bay recently. i saw in-n-out burger said they were hiring for $15 an hour. it is one of those places is the employment market very tight. you tell me? >> it is tight there. expense sieve there. cost of -- is very high.

for sure not only is do you have to pay above minimum wage to get key employees, you will have to pay that to keep them and it will be reflected in prices. melissa: if i buy the cheeseburger there will it cost more than anywhere else i buy it? >> for sure. not only do you have rising wages, you have rising commodity prices, right? beef prices are at all-time high ever. melissa: yeah. >> what is around the corner? obamacare. melissa: tell me about that. beef prices all-time high. how will that impact business? >> cost everyone, consumers across the board 25 to 50 cents to have argue per because of price of beef. related to the weather and drought and lack of supply of cattle. so it's a big problem. melissa: veronica, from empirical standpoint, price of everything, whether it is labor or whether it is beef it is all going up. >> it is all going up that's why people say we need higher wages because you have to keep up with costs of inflation. they say there is no inflation. go to the grocery store. go get milk or lettuce and costs are higher. so it's a real issue.

but i think long term though, is this going to be a sustainable thing for smaller businesses? maybe fatburger can deal with the wage increases. but a small business with less than 100 people handle that. >> keep margins, you will kill the margins. melissa: we have to go. leave the burger. >> i want the shake. melissa: although i'm keeping all of this. up next you probably heard how pizza hut is heading to iraq. fatburger is no stranger to setting up shop in countries where no one else is thinking of getting in. we're getting andy's take on the challenges businesses face when they head to the unknown. carl icahn joining me here on "money." our very own charlie gasparino will be with us as well. after calling a truce with ebay. piles of money and cheeking burger and fries coming right up. people with hearing loss.

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melissa: the nasdaq continues to dive this hour. the throwback to to jo ling kent at the nasdaq. where are you seeing the most weakness? >> we're seeing weakness and 99 of the stocks. the only one in the green as a transport and company in minnesota. the only index positive for the year. the worst a slide in two years at the nasdaq, melissa be at melissa: thank you so much. breaking news, carl icahn is pulling out from his campaign to split ebay and paypal. carl icahn is still: this a win. we have carl icahn. are you with us? >> yes, i am here. melissa: earlier today we had the ebay ceo on the network and he basically said you didn't understand before, now you

understand the situation better. is that a fair way to characterize the situation? >> i would say i certainly keep learning about it. i understand it better than i did a month ago. thought we had great potential a month ago. now it has much more potential than i thought of them. melissa: do you believe the company has to be broken up and hope they do that sometime soon? >> i have said that publicly. it definitely should be split, but i feel it is not a great necessity to split it up right away. both of us believe in the value of the company, the great potential of it. i think we both believe it would

enhance the value and i believe very strongly it has value by splitting it, and therefore i believe eventually will be split. i do think logically if he wants to see it and hence value, eventually this has to be done. charlie: how are you doing? listen, what i loved about this phase of your corporate activism is you showed kind of what went on inside silicon valley, the skype deal as you described it, how one of the board members of ebay made a lot of money buying skype and reselling it later. some of your stuff, your criticism of the ceo. do you still think he is competent to run the company?

you recently said he is not a very good ceo. has your mind changed on that? >> you have to be flexible in this business. i talked to him i would say maybe eight, 10 hours the last couple of days. we talk about the company. i like ceos who are passionate. the kind of guy i think that has been there every waking hour on this. we talk. this business you can rush to judgment completely. i've always said i would say really doing a terrible job. you can't say there was a terrible job there. did a good job. not like motorola where enough of it gets there. not true of this company.

i talked with a number of large holders who really believe in the guy. i was glad when jimmy lee of jpmorgan came over. nothing to do with this, we had this planned for two months. but he is a good guy. i said sure i talked to him. we got to talking. a great chairman of motorola as far as i was concerned. i think, charlie, we have to split the company up. melissa: i want to ask really quickly, you were talking about something else. the one who makes all the deals, what were you guys talking about?

>> even if there was, i wouldn't talk about it. we just mee made with a lot of investment bankers. >> is it fair to say you have done a 180 on donahoe? what about what was what you claimed in inside deal. >> charlie, i signed an agreement, we will not go into that. i can talk about what i want to do, but as far as i am concerned our great director, i will not get into these things. i have to do what i have to do. i do share the obligation to making money there. we have a confidentiality now, i will be talking to john.

if you look back at what we have confidentiality, once we got them, 20% annualized return on those stocks. in this case we add something to the party and go to the next chapter. melissa: the criticism of guys like you and the other activist investors is you get involved, you make a lot of noise, you make money but you don't necessarily affects change, driving the stock market higher for your own gain but is not a fundamental change in the company causing a distraction for management. >> i have been doing this god knows how many years. if you look at the record, what is really annoying about that criticism is used to criticize me back seven, eight years ago, you do nothing for shareholders.

they cannot say that now even if they don't mind their nose growing, they can't say that. we made hundreds of billions of dollars. now you only care short term. that is the wrong thing. i've held things eight years, 10 years, 12 years. it is just the mantra they keep on throwing out. >> what do you think of going out and writing letters to all of these fortune 500 companies? saying you guys are bad for the market. >> honestly i spoke to mary about that. i will say we had a talk and he did say it that way.

for the good of the country, you can't have short-term, he did specify. you can take it several ways on that. melissa: i have to ask you before we go, the dow down 207 points, a really rough day on the market, are you nervous but what is going on or are you buying things? what do you think of this trade today? >> we do you need specific companies. i have said for quite a while you have to be nervous about this market. i think this market, i really believe there will be a major correction, i don't know when. could be three days, could be three months, could be three years. i don't think these earnings are necessarily up because companies are doing better. make the assets more productive. one of the major reasons is low interest rates.

so therefore doesn't surprise me this kind of market, obviously i am long. you don't want to see very much hedge. i said over the last six months or so on and off. melissa: i hope you will come back, thank you so much. coming up, lots more on carl icahn with ebay. at the end of the day it is all about money. we will be right back. ♪ ♪ ♪ [ tires screech ] chewley's finds itself in a sticky situation today after recalling its new gum. [ male announcer ] stick it to the market before you get stuck. get the most extensive charting wherever you are with the mobile trader app from td ameritrade.

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>> i am melissa francis with your lack o fox business briefs. he shrugged off talks is looking to get out of the handset business. >> i believe we could build a software business that could cover a lot of the declines you have seen in the past. melissa: it investigates the faulty missions which is. the ceo says it is a temporary step as she seeks the truth. number of jobless claims have fallen to the lowest level in seven years. the number of new people requesting benefits dropped to 300,000 last week, a level not seen since before the financial crisis. that is the latest from the fox business network, giving you the power to prosper.

(dad) well, we've been thinking about it and we're just not sure.

(agent) i understand. (dad) we've never sold a house before. (agent) i'll walk you guys through every step. (dad) so if we sell, do you think we can swing it? (agent) i have the numbers right here and based on the comps that i've found, the timing is perfect. ...there's a lot of buyers for a house like yours. (dad) that's good to know. (mom) i'm so excited. melissa: lienor investor carl icahn just time to despite his with ebay earlier today he believes paypal should be split off eventually. let's bring back our panel for reaction. what did you think of the interview? >> that was great, very interesting. this will be a split, just a matter of when they will basically announced by the way

this is a good idea. as a split product or split company, if you split off paypal from ebay, you don't have much left. melissa: what is the point then? >> it is a strategic move by both sides. it was taken a twitter war was not exactly working. maybe ebay getting sick of the press release war, who knows. maybe they figure they will make more money, make better decisions working together. interesting his tone how it has shifted so much it is almost funny. melissa: what did you think? >> i thought there were two news items. he clearly stated he has done a 180, the ebay ceo. he cannot be more adamant before this interview today not too long ago because we interviewed him about a month ago basically said he is incompetent.

in one month time he is not incompetent anymore. i thought it was fascinating he sat down after they wrote all those letters in the "wall street journal" about how he wrote all those letters to fortune 500 companies about short-term is some and he reached out. has somewhat come back a little bit. has not been on the warpath since he met with carl. it sounds like there has been a handshake deal to do something with paypal. a little bit like carl got something because even if he backed out and said i cannot effect any change, i am out of this thing he would still attack, i think he is not a very good ceo. he had the impression. >> smells like doggie poop at

these two guys are suddenly getting along and playing come by yeah. >> i like carl a lot, but i'm telling you weeks ago or maybe even minutes ago in corporate finance time carl icahn basically said he is the worst ceo in corporate america. now he is a great ceo, why hasn't changed. melissa: the dea dealmaker of a lifetime about something else. all right, thank you so much. liz claman is coming up shortly. the dow down 200 points, the market having a tough day. liz: we are all over the market is important final hour of trade, we will be running you through everything. the transports which actually looked pretty decent to the big equity movements. but of course we are live at the nasdaq watching everything have

been. let's quickly mention we have one of the top strategists when it comes to equities in the world. liz and saunders, the senior vp, 2.25 trillion. we're going to ask her, this is a different kind of selloff. we have seen some real volatility. is she change anything about her investment strategy? we haven't covered, plus gm breaking news. melissa: he was worried about this market, people should be worried about it. coming up, the all-american battle for fast food supremacy moving into risky territory from iran to libya. he will not believe where your favorite burger joints are headed to get an edge. and stephen colbert gets the call to fill some of the biggest shoes in laced night, but is he the right guy to take it from

david letterman? tell me what you think. you can never have too much money.

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so call... to talk with an insurance expert about everything that comes standard with our base auto policy. and if you switch, you could save up to $423. liberty mutual insurance -- responsibility. what's your policy? melissa: we want to show you what is going on. you heard carl icahn say there was a correction coming. take a look at the dow accession lows down more than 200 points. tech and biotech with the transports hanging on. on a percentage basis getting hit the hardest. in order to gain an edge, but nothing on that burger.

i need to open a location in libya. the ceo is back along with scott martin joining us as well. feel like mcdonald's holds up saying we're getting out. why do you go where others are running away? >> consumers love american burgers, shakes and fries. melissa: is that true? even in italy? >> 100%. the consumer wants that, food is transcending of politics. he does not transcend religious preferences, but in the market like that is not the issue. melissa:'s and the danger the difficulties of getting supplies there are so you and others demand you cannot charge enough to cover that cost? >> local employees working in their market, even competitors

like mcdonald's, it is all based on local business owners who own the restaurants. melissa: i would think that would be a real issue into some of these locations. >> you may be bringing in some markets and others prohibited by law from doing that. >> you have a local menu item may be based on some of the local preferences or the people we ha.melissa: thanks to all of. destined to check out the late-night landscape, is stephen colbert ready for network primetime? you can never have too much "the opening bell" " can you start tomorrow?

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melissa: the market absolutely crushed. the dow right now down two21 points. the nasdaq getting slammed down 300%, the lowest level since november 2011. nicole petallides. some people calling what happened before the fed cap. now we are tanking. >> and going the other way. volatility has been ever present since 2014. saying i cannot figure out this market. that is because they saw the high flyers so great, we are seeing the accelerated selling down 3%. the transport in the green. up 14%. it is chose to there's a lot of nervousness and volatility anticipated here. they are going to be safe havens. gold, utilities and the like. melissa: it is absolutely true.

we have had carl icahn on, talking against the own interests, anybody can be concerned. out of the big high tech names to value because those are your dividend payers. as the 10-year yield drops. you see the value stocks get a little bit more in favor of the dividends. melissa: will stephen colbert be successful as himself and not as his colorful persona? is he doing it in character? i don't know what his own personality is like. >> that is probably what will get people to tune in, what are people going to like it? is he leaving his twitter handle behind? they need somebody to take on jimmy, can he pull it off is the

question. melissa: it is an interesting choice. maybe this will do it. in the meantime focus on the market for us. alas, a tough day about it. >> even real estate is hanging in there okay. we're talking about interest rates as interest rates go down, the interest rate sensitive sectors like utilities, telecom, those will benefit so there are places to hide. you have to look at some of these sectors hanging in there. melissa: this is it. they have to take a step back. little bit of a lull in the

activity soon. melissa: we will have to leave it there. that is all we have for now. attempting the market, "countdown" with liz claman to take you through this very important hour of trading starts right now. ♪ liz: just this moment we have hit the lows of a very tough session. we have breaking news, in the last hour of trading the major indices and just about everything else except hitting new session highs within just the last couple of minutes. getting crushed, there are a few exceptions. let your eyes go to the nasdaq down 121 points nearly 3% clip. the selloff is pretty dramatic and could be the worst in the last two years. the russell 2000 right now shedding