today. >> my goodness, we have long road ahead for general motors. back and forth action. [closing bell ringing] liz: closing lower for gm the bells ring on wall street. looks like a record for the dow and s&p. bring in those numbers. look how stocks are finishing up. direct attention to small and mid-caps. russell 2000 seeing a very strong gain of nearly 2%. the nasdaq up, a 43 point gain. by the way the dow and s&p were lower earlier today. at one point the dow was down about 28 points. the nasdaq was down 10. russell was down three and s&p had been down five. everybody shift to the upside as after the bell shifts into high gear for you as we start right now. david: so let's get right into high action. we have patrick cager, brandywine global managing director who will tell us about a rare opportunity he sees in the market right now. mark travis, intrepid capital

management president, ceo and portfolio manager. he says patience folks. that is the name of the game. scott bauer joining us from the cme. start with you and talk about negative interest rates coming out of europe. i haven't seen signs of them having worked anywhere they have been tried. why are investors bullish on it now? you know, they're really pulling out all stops. they took what we've done over the last four or five years and took it to the neck level. really draghi and the ecb, they feel their economy is stuck in the mud so badly they are really at a point they will do anything whatsoever to get this economy moving. i mean, if you think about it, just four, five years ago it wasn't out of the question or at least out of the conversation that something like that would happen here also. i don't know, when was the last time that happened? when the pilgrims came over? negative rates, really, that's putting money, you know anywhere you want to pump it back into the marketplace.

that's what they're doing. you have to give them credit for that. whether it is really a bullish sign or not. that remains to be seen. i'm more concerned about what's going on here in our economy and numbers that are going to come out tomorrow as to whether our market can sustain what's happened over the last recent months here than the negative rates over there it will be real interesting to see. liz: mark, another mark, mark kiss sill over at pimco, nearly 400 billion in assets over management. he was just with us. he said ecb is telling you what it is going to do, that is to prop up the markets, then go for it. are you worried about unintended consequences or are you with him on this? >> always, liz, you have to balance risk and reward and, from my perspective i wouldn't be in a rush to increst in ex-individuals -- in equity unless i saw a difference in price and value. people were so scared when lehman failed in september 08,

we had a previous period where people were paying u.s. treasury to hold their money. i don't just take a risk-on, risk off approach. we're look business valuation work and trying to find high quality business at cheap price which is tougher as the markets roar up as they have. david: yeah. patrick, we've had a number of people come on over the past couple weeks suggesting europe was a good place to invest right now. but when you look what draghi has proposed i don't think anybody would suggest it implies a great faith in the recovery of the european market. i don't think he would have done this if he didn't think europe was in trouble, do you? >> no. absolutely shows a lack of strength. i'm not sure i would go so far to say it is in trouble. need something to strengthen it further this is no lose situation for the u.s. this action is supportive of asset prices globally. whether it works or not, anything that tries to get the european economy going is probably good for the u.s.

economy as well. should being good for u.s. stocks, continue strength we're seeing in the u.s. economy i think that's building the last couple months. i think this is pretty much no-lose situation for the u.s. economy and stock market, this action today. liz: scott, the market is a voting machine and voted with patrick on that. obviously we see a very big day on wall street, the question becomes, when you say no lose, something could derail it, a headline, is being like that. what do you as a trader look for? is there piece of data, a metric, certain commodities that show signs of stress before they actually happen, margin calls, who knows? >> we haven't seen margin calls in a while. we've seen the huge discorrect between gold, between the bond market and interest rates, and the regular market. and, you know, who knows what is going on there but what i will tell you, my indicator that i watch so closely is the vix, it is the fear indicator this thing is still hovering near all-time lows. i don't see see any risk

whatsoever, what the market is showing me in the near term. i'm not saying going out to the next quarter there is not some risk but at least in the next month or two, i it is not smooth sailing ahead but i think we continue this slow grind right ahead. david: but, mark, i wonder if the vix is reactive or proactive? i tend to see it more reactive in the past couple years than proactive, don't you? you. >> know, david, i look at the time to be most fearful is when the vix is the lowest. david: yeah. >> you mentioned -- liz: that hasn't worked, mark. that hasn't worked. >> no, i understand. i don't think in the short run it probably does and hasn't but i would point out in the last 30 years in the industry, wee haven't been able to predict what would cause the market to hiccup hire. whether that is surprise move by the fed, thigh bottom, russian thybot, russian ruble, nothing the participate pants see would happen. david: push back on what patrick

is subpoena happening that is so good for the economy. that europe is so bad that draghi has to take these desperate steps to prop it up could be bad for the united states economy, wouldn't you think that, as the at least a possibility? >> david, i would argue we're trying to import what i call euro-sclerosis. david: what do you mean by that? >> you know, slow growth, high unemployment, stagnant conm we're listening to a french economist and trying to take a pie and cut it up into smaller pieces because we can't make it grow. so, you know, i think it is unfortunate that we're all dependent on central banker here and over there to try to get the economy moving because, our politicians obviously don't know how to figure it out. liz: patrick, you figured out a way you believe that can really make people money and we put your stock picks on the screen. general motors is an interesting one. you also like toyota. but gm suffered today when the rest of the market seemed to be

up. you also like cisco. is there a common thread that moves through these names here? >> yeah. we at brandywine are very much long-term investors and we look for undervalued situations and we look at those things that people don't like. i heard in your market wrap-up, gm was down today. it's a company a lot of investors don't like. it is a really cheap stock in a lot of ways. pickup launch is going great. what i leave with the viewers. everybody talks about the recalls and liabilities. look back over history of recalls, essentially number of times recalls impacted market share is pretty close to never. people get worried about recalls in the headlines. of the company will have negative opinion formed by consumers t doesn't happen. companies hold market share through major recalls. if you want to buy a truck this country, probably going to buy a fm pickup truck more than anything else. they have great pricing power on that. it is a strong balance sheet. this is not the old gm from 20 years ago. this is a very strong company

with great products. david: they have fire as many people as they have. you don't want to get in when it is at its height but you want to buy low. maybe that is what you're suggesting. thank you very much, pat tricker, mark. scout bauer we'll come back to you when the s&p futures close. big move for the ecb as it cuts the deposit rate to minus .1%. it will car banks to hold money. will it help spur growth as a result? it didn't when denmark tried it but maybe it is different this time. liz: biotech getting a makeover and going virtual. fewer employees, no office space, no lab space. how does that work? venture capital firms think this is the future of the biotech industry and they're pouring billions into start ups with no labs. we'll talk to the ceo of one much these new companies next. david: you also want to spur

growth in america, job growth specifically? take a page out of austin, texas's book. its unemployment rate is one of the lowest of any big cities in the united states. we're going to talk to the mayor about what they are doing right and where you can find jobs right now. liz: we would love to hear from you. general motors axing 15 employees, kicking them out, promising to compensate people who suffered due to ignition problems but is the automaker doing enough? tweet us @fbnatb. we've got your answers coming up. ♪ [ male announcer ] once, there was a man

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david: well, it wasn't all green. sprint and t-mobile fall into the red as the street kind of mulls over a potential big merger there. liz: let's head back to nicole petallides on the floor of the new york stock exchange. nicole? >> liz and dave, intricacies of telecom and mergers and hurdles they have to face is something that we're watching closely pertaining to sprint and t-mobile as you noted. you saw sprint-nextel down 4%. t-mobile down 3.4%. this is worries about the he did. oj, department of justice and fcc willingness to approve this deal. with that we've seen it. mobile is down 15% from the rumored acquisition price.

this is supposed to be about a $3.2 billion deal. "wall street journal" reporting that sprint in fact would pay one billion plus breakup fee if this doesn't move forward. t-mobile received 4 billion in 2011 after regulators derailed their plan with at&t. this is not an easy, easy task but it looks like they're trying to continue to move forward and valuing the deal at $40 a share. t-mobile at $40 a share. we'll continue to watch this one but certainly pressure on the stocks along with it. david: indeed there is. nicole, appreciate it. liz: t-mobile has done well on its own. they have broken a lot of ruse and done verifiesly -- nicely. david: mergers are not always the answer. liz: s&p futures are closing. we have scout bauer in the pits of cme. how is it looking, scott? >> it is looking pretty bullish. this is one of the quietest up days we've had in terms of not

much going on, not much going on and boom in the afternoon, it wasn't all this big excitement but buy order after buy order after buy order coming in. traders are telling me there are still buy orders out there. anything going into tomorrow morning there is definitely upside bias on the news coming out. liz: good to see you, scott, thank you so much. >> you got it. have a good one. david: so the ecb will now charge the regions banks a fees for parking fund in the central bank overnight, in effect forcing banks there to pay a price for not lending out their money. the idea is to get more money in circulation. this and other ecb moves to boost europe's economy have been viewed as a positive by markets at least on this day but will the ecb's strategy work long term? joining us now, mesirow financial chief international economist, our tough stone for answers here. -- touch stone. >> good afternoon. david: is there any precedent that you can think of that worked for a move like this,

negative interest rates? >> it is an experiment. it is the first time that it is attempted. it's a very delicate balance because keep in mind the banks have an option. they can adjust the seat on cash on their rolls. so nobody really forced them to keep their reserve at the central bank and pay a fee to the european central bank. the message that is being sent bit ecb is that they want to sow creative market. they want more lending to go to the struggling economies. david: right. >> we'll see if it works. there is some reason to be cautious from here. david: far be it from me to disagree with you, adolfo, you know more about these things than i do, but there was experiment in denmark from july of 2012 through april of 2014. of course denmark not part of the ecb. they tried negative interest rates and the central bank, central bank official said of that experiment, and i'm quoting here, the effect on the real

economy has been for all practical purposes zero. so if it didn't work there, why would it work now? >> well, denmark was facing some other challenges at the time. i don't think they only concerning denmark was to revamp the economy. i think they also had some challenges in terms of standardization of the exchanges rates as you, recall. they are not part of the eurozone. i think the real question is another one. this may work in the short term to prevent deflation but the long term for euro is to have a more growth and in order to achieve that, you nodeneed to have a more competitive economies, you needed to have more structural reform. you need to reduce the public sector size. nothing of that can be done by the central bank. david: boy that's a terrific point. by the way, that's a point that we could also make here. in fact richard fisher has done that quite a bit.

there is a limit to what central banks can do but there is a problem with negative interest rates and we alluded to it earlier. maybe it would sort of reinforce bad decisions, lending out money, to bad risks who can't afford to pay it back? we've seenly seen that game -- certainly seen that game before. >> i don't think that is the risk of europe. overall conditions are very different. this must be seen as a part of a broader package of measures passed today that are meant to really revamp the economy and, reflate the economy that is flirting with disinflation at this point and deflation in some countries. the recipe needed to revamp growth in europe is different. if this is just buying time for political authorities to do more on structural reform and the reduction of the ecb debt. david: the political courage is a very rare thing anywhere but particularly in europe these

days. if they don't do the right things, to structurally change the economy, lower tax rates, get rid of some of the regulation, really get their economies churning again from fiscal point of view, what happens? will all these efforts be for naught? >> i think it will be very dangerous. the economy will still be looking the stamina we would like to see. you see eventually ratios between public spending and gdp raise again. we might go into another round of sovereign debt crisis. higher interest rates, that would really compound on the challenges that we have seen so far. so, i understand the european central bank, that really want to put a bandaid and to do something to help this government to make the right decision. again it is a long way to go before we really can move forward. and those are not the decisions, today's decisions are not really the decisions that will make a difference in the long term.

david: well i hate to rely on backbone from politicians because you very often disappointed when you rely on that. mesirow financial chief, thank you very much, adolfo. >> thank you. david: liz? liz: david, this is fascinating. apartments led the home construction surge in april as more americans rent rather than buy so a lot of apartments are being built. that's great, right? could that actually be what is hurting the economy and the overall jobs market? we'll explain why. plus, no office space and no employees? no problem. it's a rising trend among the next generation of biotechs but how successful is it and how does it work? we speak with one ceo who started his own virtual biotech firm. can't find a babysitter for just a night out? softbank has a high-tech solution for you. details when we go "off the desk." stay tuned. ♪ i'm m-a-r-y and i have copd.

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liz: time for speed read. five stories one minute. tesla opened first charging station in beijing china. this is the i same place where elon musk handed over keys to first nine model s cars in china earlier this year. alibaba nice a 50% stake in the soccer team. how much is? 192 million. the company's latest bid to expand into entertainment. cheaper smartphones running microsoft's windows operating system are on the way according to a microsoft exec.

they can expect prices of tablets an smartphones to dip below $200 this year. >> >> online tv viewing up 264% from a year ago. according to adobe, more than 1/5 of you in the u.s. are watching television streamed online. "game of thrones" is about to become the most watched show in hbo history. the fourth season of the series, is averaging 18 million viewers. short of the record set by "the sopranos" in 2002. that is today's "speed read." david: with home prices on the rise, many americans are existing to rentals over buying. it is triggering a big jump in apartment buildings. liz: is the boom in multifamily buildings actually hurting the economy and killing jobs? joining us is a guy who believes that. maury harris, ubs chief economist and managing director. how can the building an construction of apartments, maury, be hurting the u.s. economy? >> it doesn't hurt the economy. it is just that the economy would be helped a lot more if we were building houses.

to build a house generates over 2 1/2 times more jobs than to build a single unit in an apartment building. so that, you don't use as many resources to put up the apartments as you do on the houses. so there's a limit to how many more construction jobs and materials, production jobs you're going to get when you build all the apartments instead of houses. normally, would you see more people going into new houses rather than apartments. so, the problem is that we're not getting nearly as much as we potentially could out of construction employment. david: maury, is this a trend that we're going to be seeing more of? is this a temporary blip? >> oh, i think, if you look five years down the road, some of the people who are moving into apartments are going to be in a better position to move into houses. but if you look out over the next couple of years, just how much improvement we could have and in those construction jobs and in what housing does for the economy is limited simply because people are moving into

residences that don't take up as many resources. liz: okay, so people are referring -- preferring apartment life now. therefore the construction companies are saying let me jump on that party train. what would it take to stimulate actual single-family housing? >> i think part of it is just the passage of time because what you're missing here is the household formation by your people in your late 20s and early 30s. a lot of these people have to pay off more of their college debt before they will be in a position to get a mortgage. that is just a long healing process. david: you're also seeing of course a lot of first-time homebuyers. you mentioned the student loan problem. there is also the fact that many of them are moving back home. i'm wondering if that is why new homes are not being built as rapidly because the kids are living there and just taking over the home front? >> well, i think so-called doubling up does have a lot to do with unemployment and as we all know unemployment has come

down quite considerably. but it still need to come down some more and probably will. all this is a gradual process. i think as the young people get more settled in their jobs, have better job opportunities, you will start to see them moving out but the first place they will move is more likely to be into apartment buildings than into single family homes. liz: maury, we're getting may jobs report tomorrow. what are you looking for? >> i think we'll see a pretty good jobs report based on what we already know about the month so far. probably saying jobs up somewhere in the neighborhood of 230,000. probably can hold on to that big drop we had in the month before in unemployment rate down to 6.3. even with construction being disappointing and housing being disappointing, fortunately we've got other parts of the economy that are doing pretty good. david: maury harris, ubs. great to see you, maury. appreciate it. liz: bye, maury, thanks. if we want ideas how to spur job growth in the country then head

on down to austin, texas of the that city has the lowest unemployment rate among the nation's big cities. how are they doing it? we'll ask austin mayor, coming up. david: plus general motors, releasing the results of an investigation, latest recall of vehicles responsible for a lot of deaths. what was behind all of gm's bungling? we'll find out. liz: one billionaire investor challenging the president to a one-hour workout and guess what? he is 86 years old. we'll find out that story and maybe they will get a charity donation going between the two of them. david: by the pound? ♪ ♪

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david: internal investigation by general motors into its fatal ignition switch crisis and decades-long delay are recalling vehicles, concluding according to them there was no deliberate cover-up. instead the problem was linked to quote, a pattern of incompetence inside of the company. >> what they found in this situation was a pattern of incompetence and neglect. repeatedly individuals failed to disclose critical pieces of information that could have

fundamentally changed lives of those impacted by faulty ignition switch. david: it resulted in dismissal of 15 employees, majority occupied senior and tech executive roles. they would begin a compensation program for crash victims. >> we will be implementing a compensation program for those who lost loved ones or who suffered serious injuries as a result of the ignition switch failure. to that end, we have engaged ken feinberg to review options an ultimately he will administer the compensation program. david: this internal investigation is by no means the end of the recall probe for gm. u.s. attorney's office in manhattan has a criminal investigation underway and states attorneys general and sec are looking separately into the gm's handling of the recall. gm's stock ending the day in the red. it was up in the beginning but came down. liz: one of the issues about

general motors that top executives were insulated from recalls and that kind of information s that nuts? why not ask ceo of ford during his final interview as ceo tomorrow? i will speak one-on-one with alan mulally. it is the exit interview you need to see of the man who took over ford at its most difficult time. managed not only to save it but not take a bailout? what is next for alan mulally, considered one of the top leaders in the history of ceos? tomorrow 3:00 p.m. eastern with alan mulally. there is a new generation of biotechs springing up with tiny operating budgets but gigantic goals of carrying diseaseses. many of virtual biotech companies have no office space. how does that work? only a few and no full-time employees. what is the a third of 4 to 5 billion annual funding for

biotech going to these virtual firms? we have the ceo of virtual biotech firm. thank you for being here. >> well, very good to see you liz as well. thank you for having me. the obvious question, how do you you have a biotech company with scientists working sometimes for years on projects and no lab and no office space? >> well you know, it was actually very funny that the, you know, we always imagined that it is going to cost you billions of dollars to invent a drug and bring it through the regulatory pathway in order to have it approved. you actually do not need a lab once you have a drug. once the, basically researching the random walk. but, development is pretty straightforward. you actually, you do not need a lab for that, and so the image that we have of lab scientists in lab coats, once you have a molecule that is actually in patients is does not require a lab. liz: you know from what you speak. you've got a phd in tissue

engineering. never heard of that before, tissue engineering. but you also worked in the venture capital field. so this is a perfect melding of those go. >> yes. liz: tell me how it works. tell me what, describe what your average day is like. >> so, well the average day i would probably wake up between 7:00 and 8:00 in the morning and i would go to bed at 2:00 or 3:00 in the morning. it is a very demanding job. i have not taken any vacations for the past four years. i worked saturdays and sundays as well. the average day is really spending time trying to insure i would say, day time between 9:00 a.m. and five p.m. when all my contract research organizations who are basically my partners and ones who are helping me with the work, when they are active, i basically call them and discuss with them what's going on. or i go visit the sites, clinical sites and verify doing the proper job. it is called monitoring. after five p.m., usually spend rest of my day reading

scientific pubcations looking at legal work or working on intellectual property, have an actual corporation just as legitimate, just as big i would say a very large organization. liz: well you have got a chairman. that much we know. and he used to be running vertex pharmaceuticals which is a $17 billion company. how did you convince him? and at some point do you envision that you will have to bring on employees full time as you grow? >> well, you know that's a very good question and one that i think josh was concerned originally when he joined. vertex probably had 2,000 employees, give or take. as you said he is worth nearly $20 billion. it was all built originally by josh. so he really knew about the business of building a large biotech company. i think he was very surprised to see that things had changed over the past 25 years.

nowadays you do not need 2500 employees or 2,000 employees to actually bring a drug to market. how i convinced him is a long story itself but i think "the wall street journal" used the word badgering. "the boston globe" used the word harassing. and everybody -- liz: was ultimate, was the ultimate opportunity here but what do you envision for yourself? do you eventually want to go public? do you want to be taken over by gigantic pharmaceutical company, pfizer or eli lilly? >> we keep all the, we keep all our options open. and we of course, evaluate whatever options are available. i think we want to build an insanely valuable company which will do good for the patients, which will become valuable because it is directly bringing the drug to the patient. for me priority number one, bring our drug, we have one drug to treat childhood form of blindness as well as age related macular degeneration.

my goal is to bring this to patients. these avenues can be more helpful avenues being ipo or m&a, more helpful to patients i dell would consider them. i think they're not very relevant. they're financing strategies. they're not helping patient. liz: we're cheering you on. >> thank you, liz. liz: keep us posted. definitely, like that, david? david: i like the fund-raising strategy, harrassment. call it the musical merry-go-round. some of the big names in streaming music could being takeover giants for tech giants trying to keep apple at bay. apple just bought beats. they have to be tamed. a bridge to growth. a technology hub with the lowest unemployment rate among the biggest metro areas. the city's mayor will be here to tell us about his city's recipe for success as we look to tomorrow's big jobs report. stay tuned. ♪ we asked people a question,

how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going have to rethink this thing. it's hard to imagin how much we'll need for a retirement that could last 3years or mor so maybe we need to approach things dferently, if we want to be ready for a longer retirement. ♪

liz: if you want a job you might want to head to austin, texas. with cities of population over a million, austin hat a unemployment rate 3.%. that is lowest in the country. compare that to the national rate of 6.3%. david: what are they doing right and what can other cities learn

from that r them. we have austin's mayor lee, lefting well. your knave guy. you were a navy pilot and ended up a commander in the navy reserves. i wonder if there are any lessons thaw brought to your job as mayor that you learned from the military that might have helped you organize that city well? >> i guess there would be a lot of different things. the main one being able to stay the course and stick with your plan, and follow through on it. and keep your keep your word too. that is one of the most important things about dealing with people. whether you're in the navy or in regular life i think. david: i agree. liz: you said stick with your plan but you actually have to have a good plan so it can be effectuated and work. what has been put into place that provided austin with the opportunity to say, we have the lowest unemployment rate in the nation for cities our size and bigger? >> well, a lot of things play

into that. first of all i have to say we're very fortunate to be in a business-friendly state from a tax perspective especially. we have a great natural environment. we've got a, one of the biggest public universities in the country which keep us supplied with a big talent pool. we have a large creative sector. we've taken steps, we partnered with the state of texas for the last several years now and our local chamber of commerce to device an incentive program that was targeted, designed to bring in companies that would in turn bring in other companies. it is also been cash positive for our taxpayers and performance-based. i think it has been very successful. we used it sparingly but it had a big effect. david: that is interesting to hear compliments to a man running the state. he is a republican. you're a democrat. >> right. david: it is great to see democrats and republicans get together to do the right thing for the city. do you think that can be transplanted to a national level? so far we haven't seen it.

>> i would like to see that very much. we have a lot of common interests. the governor, as you pointed out, he's a republican, i'm a democrat but we're both interested in economic development and job creation and transportation improvements. >> austin also has the cool factor, mayor and it's certainly a draw. >> right. liz: there is hipness to it. and you get a great demo. young people want to come there. there are startups and high-tech companies but clearly you provide ad very friendly atmosphere for business. what is it specifically that you find businesses respond to most when they're thinking of setting up shop in austin? >> well i have to say that you talked about the cool factor. and you have to have a place that they can bring their employees and their employees will be happy. so austin is kind of rich with cultural opportunities, recreational opportunity, we try to keep a clean city, a place that people would be broad to live and enjoy being here.

that's a big factor in employers making that big decision. david: how do you with employers? i know there are a lot of special deals often made with cities and states in general. do you work with each employer individually to see how you can help them out? >> we actually do. if someone comes to austin, is interested in one of our economic incentive programs, we deal with them at the city level on one-on-one basis. but, as i said, we always partner with the state. we rarely go out on our own because, the state has much greater resources than we do. and we want to make sure that's a, comes into play because it's a big factor. liz: well, from google to apple, we put up logos of companies that said, look, we want to open different opportunities within austin. who is your dream company? is there, is there a sector you would love to lure that you don't have right now? >> well i think our big opportunities in the future are

going to be, come about as a result, we're getting a brand new medical school at the university of texas. liz: great. >> along with a new teaching hospital. we have tried for a long time with varying degrees of success to build our life science and health technology business. i think this will be a grrat catalyst for that and a great opportunity. we think it is going to create 15,000 jobs and two billion in economic impact every year. liz: mayor, we hold you and your city up as a great example of working together and making good things happen for hard-working people. thank you for coming on fox business. >> thanks a lot. i appreciate it. david: thank you, mayor. liz: the mayor of austin. >> thank you. david: good city. fun city too particularly if you like music. apple snapped upbeats music. a couple of other big tech names are looking to tune-up their music strategies as well. we'll tell you who could be in play. a lot of players in there. in just a moment. liz: meet the personal concierge for the digital age?

is that it? it could even be your party companion. want to know more? we'll bring you complete details how much that is costs. >> what is that? boogie action? how much does it cost to get you to do that, when we go "off the desk." (mother vo) when i was pregnant...

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♪ david: okay, you saw the leaked video of president obama pumping some iron, not a lot, but some iron in poland. billionaire t. boone pickens, our boy boone, stepped up to the plate, posting a video of himself, sprinting up a hill an subsequently challenging president obama to a workout -- wow. keep in mind, boone is over 80 years old. i challenge president obama to one-hour workout. my cardio is better, workout energy plan for america #no sweat. look it up. we're waiting to see if the president accepts the challenge. i know i couldn't do that. good work, boone. liz: they meet on relative basis and talk about energy that would be funny if they get together do

do that, charity maybe. twitter is coming under fire from investors because of slowing user growth. shares of the social media site which is doing pretty well today, lost nearly half their value this year alone. it may have found a solution. a music acquisition. david: jo ling kent is here with more on this story. jo? >> dave, liz, twitter is in talks to buy soundcloud according to "the financial times." it shares music files. this development comes after the little bluebird reportedly had talks with pandora and spotify. twitter's new interest in music coming after apple bought beats electronics for $3 billion. here is some recent history on the potential deal. back in march, twitter took down its own music app which was #music and stopped working all together in mid-april. ceo dick costolo of course is under pressure to find new ways to generate that precious user growth. take a look at this, according e marketer, twitter's user growth

rate is continue to decline from high of 50% in 2012 to just 15% in 2016. there's a little bit of good news though. twitter's growth rate in asia-pacific expected to increase and go up in central and eastern europe. investors, they seem to like integrating music into the equation. stock closed 3% higher today but also there was some other news as well. they acquired a native advertising company as well. but of course we also have the "new york post," reporting that music industry sources say google is in market for music streaming service that has been quietly, they have also been quietly surveying the market. liz, dave. liz: we should mention twitter has been chopped in more than half since it went public or at least since the high of $74. it is at 33. jo, thank you very much. >> thank you. david: still a pandora guy. this next story is for you, liz. liz: okay. david: parents having trouble finding a babysitter could be in luck. there is new alternative that never gets, will always be

available. only needs to be plugged every night. we bring you that story when we go "off the desk" in a moment. liz: while samsung and apple dominate the global smartphone market now, a new phone with 3d technology could send shudders through the industry hearts. very soon, yeah, we're giving you he details when we come back. ♪ for that moment, where right place meets right time. and when i find it- i go for it. (announcer) at scottrade, we share your passion for trading. that's why we give you the edge, with innovative charting and trading features, plus powerful mobile apps so you're always connected, wherever you are. because at scottrade, our passion is to power yours.

but with less ergy, moodiness, i had to do something. i saw mdoctor. a blood test showed it was low testosterone, not age. we talked about axiron the onlynderarm low t treaent that can restore t vels to normal in about two weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especlly those who are or who may become pregnant, and children should avoidt where axirons applied as unexpected signs of puberty in children or changes in body hair or incased acne in women may occur. report these symptoms to your doctor. tell your doctorbout all medical conditions and medications. serious side effects could include increased sk of prostate cancer, worsening prostate symptoms, decreased sperm coun 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 red blood cell count, common side effects include skin redness headache, diarrhea, vomiting, and increasen psa. ask your doctor about axiron.

liz: let's go "off the desk." amazon is a company that is teasing a device launch event on june 18th with this video. everybody is looking at something. what is it? will it be a 3d smartphone we've all been waiting for? signs pointing to yes. the people are interacting with something handheld. amazon is inviting a lot of people to this launch event including fox business. not just present developers. keeping fans guessing what this new device might be. all we know the big reveal is in

seattle. fox business an jo ling kent will be there live. david: it moved the stock big-time today. it was up 4%. also "off the desk," you need a babysitter, how about a robot? japanese tech giants, softbank, plans to start selling personal robots next year. potential uses include babysitting and party companionship. i'm not sure what they mean by that. the robot reads human emotions using cloud based, artificial intelligence and analyzes gestures and voice tones. it will go on sale select softbank stores in japan. it will cost $1900 which actually is not bad. 1900 bucks. liz: can it keep cookies before dinner? david: i wouldn't trust it with my baby. liz: we asked you on twitter if general motors is doing enough to answer the recalls.

david: number one thing is watch the jobs figure. the all-important may jobs figure. it is expected to rise by 218,000. the unemployment rate rate expected to rise to 6.4% from 6.3%. liz: that does it for us. don't move, "the willis report" is next. hi, gerri. a huge day. you've been covering gm for a long time. consumers are very interested to know what is your angle on this. gerri: liz, dave, we're covering gm. we have a attorney representing victims and a former regulator weigh in on the gm story. coming in on today's show, sec comes in with high frequency traders with concerns over their role in the stock market. we'll dig into the new proposals. we're getting set for the u.s. open golf championship. the most successful female golfer of all time, all time, annika sorenstam is with us. handwritten letter from ronald reagan is sold. we have the letter here on set. we'll show you what it says