9.9% stake. they are looking at company and maybe start to move forward with a buyout offer of some sort. we'll see. [closing bell ringing] liz: take a deep breath. you say the bells close out the market for this friday, after past 4hours from major news flow from the middle east and specifically iraq. let's look to see how stocks finished up. dow jones industrials, s&p, nasdaq, russell all seeing gains. dow up 37 points. russell eking out a quarter of a percent gain. with major headlines out of the middle east. we were able to find stability in the markets thanks in part for good news from intel. after the bell starts right now. liz: let's break down today's action with, pete lang, lang capital president. he is here to warn us what he call as significant pullback. tim is p rare dice asset management chief investment per.

officer. he has two-ways to play market. phil flynn lives and breathe the market action. with bob iaccino, chief market strategist live from the cme pits. bob, start with you. we saw gains today. what propelled them? >> today you're looking at a situation there was lot of short-covering after selling from last day or so. people talk about friday moves. it is considering what happens in iraq and how it could escalate over the weekend, i don't see everyone holding position. you heard a bell at new york stock exchange. i heard a bid behind me. that is continuing to the close. adam: we'll talk about iraq and talk about oil quite a bit because it is important. i want to go to tim reali want . volume was light even though we closed up on the dow. a lot of people take this as sigh of relief. is it time for sigh of relief? you think the second half will

be much harder on equities, don't you? liz: tim? >> adam, was it directed, yeah, i think it is the reality we pushed the envelope on valuation in a lot of asset classes. we're primarily focused on leveraged finance game as it relates to high yields and leveraged loans. equities are stretched. growth will be very tenuous in the second half. everything growing on with energy prices we talked about in the past is another really heavyweight for the consumer to carry going into the second half of the year. liz: pete, why are you worrying about a significant pullback or correction? i ask because we have gotten decent data certainly. when i talk about that, i'm thinking durable goods numbers were good. first time jobless claims week by week trending slightly better. what are you so worried about? >> well the bottom line, liz, is that we're beyond simple portfolio management at this

point in time. the fed has kept interest rates so long for such a long period of time, they injected so much liquidity in the market that stock prices are quite euphoric right now. when we look at what they're requiring corporate america to do they have got to justify this increase in stock prices. the only way they will do that is to show earnings and we just haven't seen those earnings. so we've got a big potential drawdown risk, liz. adam: pete, let me ask you along that vain of the earnings -- vein. they're not paying attention to revenue. it has if revenue is flat a lot of way and they're juicing earnings during the last reports. >> well i absolutely agree there but the bottom line is, not only do we want to see earnings growth for the second quarter, we also want to see earnings growth for the first and the second quarters. this is a big problem going into summer. the other potential problem is the end of quantitative easing.

i see two really big props with that. number one, u.s. markets are going to have to compete with investment dollars against the united states government, who is going to be issuing untold amounts of securities. and second, the stage is going to be set for increasing interest rates. this all has me quite quite concerned going into july. liz: if anybody is concerned about anything on the broader perspective it is oil. i get to phil flynn. are you worrisome to you that insurgents are within 40 mice of baghdad now? ing a bad -- baghdad is not where the oil is priced. oil touching 107 per barrel for light sweet crude? >> i think we're in a new higher range for some time. we already popped the top of it. the question, liz, is where do we go from here? i think it would be a very explosive move if baghdad were actually to fall, because if

baghdad is going to fall, that means the entire southern region is going to fall. baghdad has to be the place where these insurgents are turned back. if that doesn't happen, i would expect to see oil prices maybe five to $10 higher, if it happened over the weekend on monday. and this has the potential, i think this is the most serious threat to oil we've seen since the first persian gulf war. depending how things play out on the ground here it could have a major impact on price. we could see prices hit a new all-time high, if this supply actually gets cut off. adam: bob, picking up on what phil said, off% of the oil exported from iraq comes out of the southern part of the country where the fields are producing. are supply disruptions a threat? isn't that something we've already been living with? >> this is not a new story. the reason i say that the violence is new. the level that the rebels getting to is new. but bp was pulling people out of the oil field as year ago. so the reason i bring that up is

because foreign direct investment is what has gotten, for example the ramal yaw fields up from 700,000 barrels a day to 1.5 million they have been doing. that increase of production has kind of leveled off because the foreign investment seen this coming. what phil says is very, very important. the short-term price action in oil is actually in my view not the story here. but notice what phil said, if baghdad false. that puts saudis under pressure. people think they want high oil prices. they want just right oil price. they want baby bear porridge. that brings about demand destruction. demand destruction is the tesla, the volt, the leave. that is demand destruction. 2008 oil prices come to $150. those came to market quickly. liz: the cure to high prices? high prices. people stop using it and find alternatives. switch to the investor audience mind. what do you buy then? tim, you have some picks here.

oil at the center of at least one of them that hit a 52-week high and that is sun corp. >> i think guys, we want to continue on, i want to make a couple of points which, i've been trying to make for the last year-and-a-half. the delusion of energy independence as you're starting to see unravel. we're talking a little bit iraq. keep in mind other things. look at producers at margin such as venezuela, nigeria and libya. libya is being run from a hotel room. i think delusion to the concept we've been fed we'll be energy independent and somehow this is all going to work out. i've been on your program many times decline rates in shale and issues about to happen over the next couple of years. so high prices may cure high prices in the long run but, you know, in the short run they're going to be very, very painful. one of the things we want to focus on as investors is finding those opportunities kind of mispriced. obviously with oil prices going up. we all agree we have new floor,

and the floor is $100. what all of us on this program we can pontificate until we're blue. saudis and russians told you they need north of $100 to run their countries. price will be north of 100 bucks. we're looking to say where we can find opportunities mispriced. for us we think the western canadian market offers opportunity. transportation options are coming. discounts will go away. we mentioned earlier talking about suncor. warren buffett was in suncor a year and change ago. certainly can't go wrong there. adam: tim, suncor actually hit a 52-week high today. would have been a good play if you had been warren a year ago. let me ask, pete, i'm curious if i don't even want to touch the energy sector because i don't like volatility, would corporate bond be a safe place to go? how do i do this. >> absolutely. i love that thought. bottom line, tim, i agree with you, there is a lot of risk there what investors need to be doing is focusing on lower risk strategies. for example, high yield

corporate bonds, i think we have three to show you today, including blackrock, lord abbett and dreyfus. these are really good plays. the five-year yield, 12 to 15%. but here's the twist that we offer. we love to be defensive and our targets are only 7 to 8% per year in bond. so what that allows us to be is tactical in nature. what i mean by that is i mean we can withdraw from the market and sit in cash for periods of time. for example, next week might be a really good opportunity to move to cash in if in fact iraq falls. high-yield bondeds are a good place to park your money. we're looking for yield, not a lot of growth in the market. liz: phil what happens to oil prices on monday. phil? >> depend on action on the ground. if it looks like baghdad is going to fall, we should be sharply higher. if looks like things will calm down they could be sharply lower. my understanding is that baghdad

is not going to fall as easily as these other cities. there is going to be a massive campaign to keep that. iran will have boots on the ground. we may not, but iran will. they will be fighting to keep baghdad. my concern is the longer term outlook for iraq. this is not going to go away overnye. the market has been pricing in for some time that iraq could be producing maybe 8 million of barrels of oil in the next decade. that is probably not going to happen. and even if the situation comes down -- calms down with terrorists today who will push them back? who will have power to retake that area and right now looks like nobody. when the united states says hey listen, we're not putting boots on the ground, they're taking options off the table. that will embolden these terrorists. they will not stop at baghdad. they will try to take over turkey and other areas as well. liz: oh, lovely. we have that to look forward to, great. pete lang, tim, phil flynn, and

bob iaccino. great to have all of you in this discussion. thank you all so much. let's look, oil did end the week above $106 a barrel as the crisis in iraq worsens. in fact during the session touched 107. is the oil surge a wake-up call we're all too energy depend sent why haven't we moved more toward an energy independent future? who better to ask than a man with the plan, millionairep boone pickens. bc capital. adam: ukraine, slowing growth and the united states, and struggling chinese economy but there could be a hitten and -- hidden and bigger threat that investors are ignoring. dr. doom and gloom himself will be here to talk about that. not so much dr. gloom and doom here. liz: we need to hear his thoughts. tinder, what does that look like. upping the game in on demand car world but adding a social media

twist to it. it could help you make network connections, all kind of ideas. it costs less than 50% of what it costs you to do uber. we're talking to the cofounder of this company. adam: tell us what do you think about car sharing. do car sharing services, should they face same regulations as taxis? tweet us @fbnatb. your answers are coming up. ♪ [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the trading floor

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get live squawks right in your trading platform so i can reach ally bank 24/7 but there are24/7branches? i'm sorry- i'm just really reluctant to try new things. really? what's wrong with trying new things? you feel that in your muscles? yeah...i do... drink water. it's a long story. well, not having branches lets us give you great rates and service.

i'd like that. experience a new way to bank where no branches = great rates. ally bank. your money needs an ally. adam: looks like more people are on the hunt for a home as record number of people visited trulia's site. liz: le's head back to nicole petallides on the floor of the new york stock exchange to see how the stock is doing. >> look what is going on here with trulia and taking up the group along with it. we saw the stock moving higher by almost 3% today, liz and adam. basically trulia saw a record 51 million plus unique visitors in the month of may. that is great news for them. they have been spending plenty of on advertisements and advertising. so a 45 million-dollar ad national campaign certainly helped them along as well. to see trulia jumped 3%. we saw the rest of the group including zillow moving higher on the good news from trulia and

the growth they have seen in their audience and unique visitors. back to you. adam: thank you very much, nicole. liz: as sunni militants move closer toward iraq's capital of baghdad, just 40 miles away they are, oil tallied its biggest weekly gain for the entire year and settled at it highest price since september. adam: with iraqi security forces apparently unage to stop the -- unable to stop the militants offensive what is next for oil markets? joining us on the telephone legendary investor boone pickens, bp capital management chairman and ceo. for years and years you've called for the united states to have an effective energy policy and we still don't appear to have that or do we? >> they didn't pay any attention to me, did they? adam: doesn't appear they did. >> i mean you don't have a plan. no plan at all. i bet you could call washington and get somebody on the phone and say what is the projected production for iraq at the end

of the year? they don't know what the hell you're talking about. it is four million barrels what is projected. today they're doing about three. the country is in a civil war. there is no question you're in a civil war. you are not going to have a chance to get to four million barrels by end of the year. 60% of the gains projected for opec for next year were to come from iraq. so wipe that out. liz: boone, how will we feel that as consumers here in the united states? >> well, okay i'm repetitious on this, but only my chance for anybody to pay attention. liz: go for it. >> you have to have some plan. we have resources in america but we do not have oil to cover our demand in the united states. we're using about eight or 19 million barrels a day in the united states and that's about 20% of all the oil production in

the world. now we produce about eight 1/2 million. so we're importing nine million barrels say, nine or 10 million barrels. where does it come from? half of our imports come from canada and mexico. whoops, there is an idea. why don't we put canada, mexico, together with the united states with a north american energy alliance? they would love to have full access to our markets and we would love to have their oil. but work with them, have a plan and execute. second step would be take your heavy-duty trucks over to natural gas, if you did that knocks out three million demand a year. if you did that. what are we getting from opec? 4 1/2. that i keep saying, quit doing it. because you're paying both sides of a war. adam: haven't we since 2005 become much more efficient?

i will look at the entire energy picture. you talked about combining forces with our neighbors to the north and south. the united states produces, i believe a statistic from. eia, 84% of the energy we consume, i realize we don't produce enough petroleum, but aren't we going in the right direction? >> very definitely. if you give an award from washington to industry you would pick out the oil and gas industry. they have done the best job of, yes, being more efficient but being more, their technology moved forward. they employ more people and they and they're vilified in washington. it is incredibly stupid the way the industry is it treated. they do a big job. if you want to criticize industry today, you know what it would be? you created too many jobs. liz: hold on a second. let's try to spin this forward in a positive way. at what point is it better for all of us to be driving leafs and ford cars that are

electrified and same with the gm volt? driving these right now? >> the cost of them. you know that. does it work? it works good, heck yes. battery is good. i'm for anything american. i do not want opec. liz: so you're for tesla. you are for the gm leaf. you are for ford's hybrid escape. >> sure, i'm for anything american. that's fine with me. it doesn't have to be fossil fuels. let's talk about fossil fuels. could we negate the threat from the petroleum reserve. it would take 10 years to draw down 400 million barrels from that reserve. >> it would take 10 years. do you want to draw it down? here you are, your oil price is set by opec. you say, oh, no, no, listen to me, that opec produces 30 million barrels a day. the world produces 92.

if 30 million barrels a day is operating as a cartel, which they are a cartel, they drop supply, when demand goes down. is what they do. they want the price above 100. because, i think they're telling the truth. they have social commitments. they're paying off people of the people don't work and they have to feed them. they have social commitments that are real. iran says they need $123 a barrel. liz: boon, we have to go but your oil forecast for oil prices, mid summer. next summer? tell me how much iraqi crude goes off? say it all goes off. civil war takes over and iraq shut down. you will have 150 to $200 a barrel. adam: you will have demand destruction. liz: boone pickens, great to see you. maybe we'll drive american

vehicles like boone says. he doesn't have to have fossil fuels. he is for all american. >> bye. adam: nouriel roubini often called a permabear. next he will tell us what is keeping him awake at night. whether he sees any upside at all in the global economy. liz: the game of musical chairs in the media business could get a whole lot more interesting as big media is about to make a major new play for the rapidly growing spanish language market. we've got inside scoop. adam: and we're all bombarded with ads from times square to our smartphones but not all of them are entirely accurate. we're going to tell you about something of the most misleading ads coming up. ♪ ♪

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know better sleep with sleep number. adam: time for a quick speed read of some of the day's other headlines, five stories one minute. first up, boeing wins its biggest order ever from a chinese carrier. china eastern airlines has agreed to buy 87, 737 jets valued at $7.4 billion. bmw and tesla executives met this week to discuss electric cars. both automakers want to find ways to raise popularity of battery power vehicles. google wants to collect your health data with google fit. according to a forbes report the internet giant is planning to launch a new service and aggregate data from popular fitness trackers. anheuser-busch and miller coors is revealing what is inside bottles of bud and miller light, posting ingredients after pressure from a food blogger. the fbi will auction off 300

bitcoins valued at $17 million. they were seized because of fbi's crack down on silk road last year. that ask today's "speed read," with time to spare. liz: what is inside the beer? adam: just enjoy it. hops. liz: me, the big beer drinker, no. we've already seen two big media merger deals this year. at&t's plan to buy directv. that is huge one. even bigger, comcast's purchase of time warner cable. could another massive buyout in the industry be on the way? adam: we have more on the story with jo ling kent. jo? >> adam, according to "wall street journal" spanish language broadcaster univision had talks with several media companies including cbs and time warner about a potential sale. univision is controlled by consortium of investors who are said to be asking for $20 billion for the company. that is pretty big bump for the 13.7 billion they paid for univision back in 2007. now it is no surprise that

univision would ask for high premium. the his pan specific population is fastest growing in the u.s. it is expected to increase from 1% to 26% by 2050. despite fierce competition from telemundo, univision is by far the biggest spanish language network in the u.s. look at 30 they are, it posted 2.6 billiondollars in revenue. that is up 8% from the prior year. operating income increased 12%. around it is more than just the headline networks they would be buying univision. they would have univision sports, 62 tv stations and 68 radio stations. as far as winning over key advertisers the median age of those watching univision is 38, versus 52 years old for the four major networks. the network is calling itself dvr proof with 93% live viewing versus 38% recording. liz: fascinating business,

fascinating company and. adam: they have the longest running tv show. come on. >> what more could you want except fox business. thank you very much, jo ling. adam: thanks, jo. he has been called dr. doom for years but is economic superstar nouriel roubini have any reason to be optimistic? he will tell us and tell you what is on his mind next. liz: taxi service uber-may be valued $17 billion but facing all the massive protests from european taxi drivers. but what could be worse? maybe a new threat from a startup in this country. we're speaking live to the cofounder of one of those startups which has a very unique sales pitch. adam: if you thought gm's ignition problems were in the rear view mirror, think again. one of its most famous cars is being recalled as well. ♪

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finding one that works 24/7 with no daily hassle is just too good to pass up. so call now and ask about your risk free 30 day trial. get a lyric in your life. >> the economy may show some signs of picking up but the data shows 15 percent of the population lives in poverty a the largest number living

in poverty since the census bureau started to keep those records 54 years ago. liz: should we pay more attention to incoming and wealth and equality? vs what is going on with the iraq war overseas? great to have fewer here. we had iraqi oil production in crimea but you feel the problem is here with ourselves? >> yes. which has many homemade problems apart from the geopolitics and if there is the rise in in, and that technology is with fewer jobs and trade and globalization to asia and other parts of the of growth

the best doctor or sooner or investment banker. so those trends will continue so the things you do would be invest that would imply the rise of taxation if you like it or not. but it's with cold blood dash globalization or immigrant. >> we just saw this week senator warren spill to allow a student loan holders to refinance down at 3.8% and then finance reforming the tax code does it make more than $1 billion are taxed higher without the deduction. is that one way? >> there are many problems out there but i like it or not you have the bigger

backlash as a result even though those other things are suffering so to look at practical solutions like it or not to finance not wealth distribution but into a trading from those set are displeased with globalization and immigrants then we do something good. with that parliament election in and did you see those parts of the united states with extreme labor and with the immigration but we have to do something.

>> if that were only problem to super impose this with the situation in china there are tensions between china and other nations with russia and ukraine and now iraq which matters most to the investor audience that could lead to real what is a steadily improving economy? >> short-term right now that the middle east could lead to to energy to escalate to that could spike the prices. >> of all production goes offline we couldns; see which hundred $60 of apparel. but right now the fighters go on where it could occur.

but all of the supply will disappear but then the price will go higher. >> which is the bigger threat the rise of nationalism or the issue's allure in a comedy quality at home? >> in some sense they are related because the manifestation is economic you see it in asia and europe and in the united states. either we get the economic opportunity with blue-collar and white-collar now even they are substituted to the emerging market with that backlash that is economic and political. >> are you hopeful about anything? >> but to be the increase of

the distribution to go to the of physical then we will have a problem. david: thank you so much. great to have you. sparking interest and a lot of outrage with the surge of pricing. what does that mean? what new-car taking its customers for a ride offering way cheaper prices samsung competitors. we talked to the co-founders next. >> dell believe everything you hear but we will break down those product claims out there one of them is on your screen right now.

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>> the ftc released a report on companies that have some of the most misleading advertisements in packaging and here are some of the most popular items. almost paying $500,000 in claims to remove the of false ads from the 100 percent pure bamboo products that were made out of rain on. crating of $4 billion fund after cleaning defrosted many priests were clinically proven to improve attentiveness by 20 percent.

snap chad is misleading consumers for north carolina waiting they would disappear forever but their ways to preserve those photos. kellogg is on the list again as agreed to stop using terms like of natural and nothing artificial on the up packaging. and a $6 million settlement offer the product that says it boost energy with the immune system and metabolism liz: i was sucked into that one i was clean -- i was the queen. ridesharing services are so hot to rapidly growing in popularity but people are complaining about the high cost. so house ligulate to take a car service if prices are half the cost? the startup also offers

social networking opportunities as start up in sampras's go called hitch it does cost less here is the right from uber because between 15 or $20 on reit but its $10 a flat rate on hitch. have a co-founder. what is the hitch and? >> it is true ridesharing we identify the route that you take to take you on that route wheel people going roughly in the same direction to distribute the cost for all riders. adam: what if somebody calls with nobody else? >> we've do the affair up front based on our algorithm but that is what you get if it is alone it is still your price 61 you do something

that involves social networking? >> correct. absolutely. we identify who you are riding in a car with so we will pick them up and expose you to mutual friends and interest kind i'd like the icebreaker to get to know the people that you ride with. we have had some interesting attractions. people use each other's software products recently someone from a hired pugh somebody they got tips on how to use it to appropriately so not only the price point but also that social interaction peace. liz: us in gold by could change a life. this is very interesting. to bad for those people who don't like to talk to people >> we put up pads on cray's

listed facebook but to be on as they are enthusiastic they have been a referral so they brought us the other drivers that are excited by what we are doing. our drivers ultimately drive on other systems or platforms and they noticed their cargoes with three empty back seat so we utilize the vehicle better with the new social experience as well. adam:. liz: what about regulation? are you ready to deal with that? >> we have already in california there has been a very specific rule book and we are following those. we've made sure we follow the insurance policy and we do believe there is some regulation but it is ever evolving expect to receive more -- to receive more.

liz: you are in the san francisco area you have the die-hard taxi drivers right now on sixth avenue to pay a lot of money what are they called? a medallion. they don't like you. they are a greek -- angry. >> they are but what we provide is a completely different model a taxi cannot support. they don't have the understanding of where you're going you're who could be paired with your ride and just like uber with one driver one passenger ours is a true bride's chair to bring multiple parties together you cannot get that with any other platform so i expect less resistance on that front. >> what kind of money have you raised and the uc dollar signs when has a $17 billion

valuation of it went public? mcfadyen is crazy we have been hustling and what we have so far from some great to investors in the valley and abroad so we are excited with the teams that we have and we're ready to get bigger. liz: watch out for hitch. >> good luck to you. >>. >> now with the current generation as well as thousands of other vehicles if your car could be on the recall list. it looks like us fighter jet but it is a difference if supersonic defense.

-- yvette. ♪ 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. ♪

if we want to be ready for a longer retirement. so i can reach ally bank 24/7 but there are24/7branches? i'm sorry- i'm just really reluctant to try new things. really? what's wrong with trying new things? you feel that in your muscles? yeah...i do... drink water. it's a long story. well, not having branches lets us give you great rates and service. i'd like that. experience a new way to bank where no branches = great rates. ally bank. your money needs an ally.

>> the crisis is getting

bigger as the recalls bringing the total 14.4 billion vehicles in 38 separate recalls. >> does gm know i about crashes or injuries. >> four crashes because it is similar to the ignition problem but first let's run them down. it is the late model camaro 2010 through 2014 model year 460,000 chimeras and in addition to that they have a seat belt problems of chevrolet's sonic has the turbine shaft problem and the buick lacrosse for dual fryer ring splice problems.

to put this into perspective you reported the recalls looking at compared to the number of coal -- cars sold last year it is almost that number. 15.6 is what we saw last year. most of that has been recalled. here's the problem with the camaro. this is what it looks like the switch the key and fob are what units but it is so big and occasionally during the can and a bold bid to that with the commission and it turned it to the accessory position out of the overrun position so it cuts off the power steering steering, power brakes and the air bag will not deploy. this is not the same problem. this is a different switch the fob is part of the decade they will break it

did have fans that is part of the fix but just another thing for gm. when bow its end? >> hopefully soon. liz: and forget harry potter there is of revolutionary new aquatics device taking writers to new heights. we have the story. >> putting race car drivers >> and this man aiming to become the first person in history to get one by a 10,000 miles per hour on land. we will have that next. it's a studebaker. ♪ ♪

predicting the future is a pretty difficult thing to do. but, manufacturing in the united states means advanced technology. we learned that technology allows us to be craft oriented. no one's losing their job. there's no beer robot that has suddenly chased them out. the technology is actually creating new jobs. siemens designed and built the right tools and resources to get the job done. 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 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 red blood cell count, common side effects include skin redness headache, diarrhea, vomiting, and increase in psa. ask your doctor about axiron. >> danny green holds the current land speed record. the windspeed racing car as

finally had the cockpit completed. it molded to his body and printed in titanium. all eyes will be on him if he tries to break the current record, 750 miles per hour, which he also sat. liz: and a real life hover board. you can now fly through the sky on this new invention from frankie frankie the product. it looks at the wake board, except there is a hose that uses high-power water to propel you through the air, reaching speeds of around 23 miles per hour. the hover board is available for pre-order and it will be on sale next month. adam: the number one thing to watch this week. chair of the federal reserve, investors listening closely for the feds update on economic

forecast. liz: and the imf know that when it came to global growth. we have very conflicting data in the u.s. and china. have a great weekend. we will see on monday christine lagarde. >> our top story tonight, chaos in iraq and its effect on the world economy. we will bring you up to speed. radical islamist insurgents have been terrorizing northern iraq. on cents in april to help the iraqi army. the air force is now conducting airstrikes against insurgent positions. and that the white house today, president obama ruled out sending american troops back into combat there and said it will take several days for the u.s. to intervene. let's get straight our panel tonight. with us now,