they don't have quite the global brand or diversification lazard brings.when it comes to emerging markets and international asset management and also they have a restructuring business in case the economy does falter they have great recuring revenues. >> thanks for your time. appreciate it. >> thank you. >> john rogers. after the break, the latest from the amazon conference call and we're keeping you up to the minute on all the big after hours movers including expedia, zynga and much more. stay tuned. h this is lame investors could lose tens of thousands of dollars on their 401(k) to hidden fees. is that what you're looking for like a hidden fee in your giant mom bag? maybe i have them... oh that's right i don't because i rolled my account over to e-trade where... woah. okay... they don't have hidden fees... hey fern. the junk drawer? why would they... is that my gerbil? you said he moved to a tiny farm. that's it, i'm running away. no, no you can't come! [ male announcer ] e-trade. less for us. more for you. "first day of my life" by bright eyes you're no

joining us now is lazard's jake fuller. he downgraded expedia yesterday.tripadviser is up. what's going on? >> three things in particular. first, we've learned online travel demand is great. second, competition in this space is pretty stiff. finally, trip adviser is an important company in this space. it came up short in the quarter largely because they misexecuted on a new advertising platform rolled out by trip adviser. they lost market share particularly in europe. to be sure, competition in the u.s. has stepped up and that's costing them -- costing them something, but it was really that trip adviser issue that led to the shortfall. >> yet today we played dreamer on "street signs" team, went on the website, trip adviseor, and i noticed that you book on tripadviser through booking.com. i think a popular perception is they missed because booking.com killed them here in the u.s. what i am seeing is booking.com has moved up the curve. i think largely taking it in europe at this point. >> what's the best possible name in your coverage universe, jake? who do

we've got two top experts, lazard capital markets director art hogan and fusion analytics vice president and cnbc contributor josh brown. humor me. humor me. suppose we don't see it until -- the fed pullback until december or january. what do you think? how would that affect your thinking on the stock market? >> so that's actually the million-dollar question now, and i think the answer's very simple. you don't have to nail the timing on the fed possibly tapering. what you have to do is start preparing for it. and b, and be acceptful of the fact you that you might be early. so the first thing you that want to start thinking about is whether or not you really need to stick with these core bond allocations that everyone believes are so conservative. the reality is they're probably not quite so conservative. if you're going to get volatility, larry, from both sides of the portfolio, which side is worthwhile taking that volatility from? odds are it's the stock side. you'd rather get the volatility where at least the up side is going to pay you off over time. >> and the bond side. art hogan, m

you've got lazard and jp morgan moving up today.nk this one continues to trade higher, although i'm taking a little off the table. >> let's look at the nasdaq 100 lower on the day. led there by e bbay and some otr things. coming up, not so fast, stephanie link. it's your turn on the hot seat to manage a trade gone bad in valet. you tweet it, we'll trade it. we're honoring your request on winning plays when we come back. >>> welcome back. not so fast, stephanie link. our traders are quick but not always right. in april stephanie made a bullish call on valet. let's take a listen. >> they're doing better in base materials, the base business. and that i think is where you're going to see an unlock of value going forward. expectations are extremely low and you get a 5% dividend yield. >> maybe they're growing lower, steph, because the stock is down 14%. >> let's see when they say on their production report next week. we had very good points on rio this week. we have held it throughout the downturn, but we're now buying it. >> you're buyi

a drink called the cold milk foam is being initiated and dun kin brands are initiated buy at lazard to bring it to more than 50,000 locations which is more than mcdonald's. >> and you are talking about the west coast as being a move for them. >> that is a pretty good stock. >> it is the best performing restaurant ipo, and maybe tied with bloomman this year. >> well, i know that we had the noodles, and i did a positive piece about noodles last night, and the piece was not hot, but the piece was trying to explain how the stock could double and perfect green mountain corp said that you have to be careful, because the comp store sales are growing, but the restaurant group chuy's has been strong. this group has been very strong. when i see these kind of dunkin' getting the momentum, and, you know, by the way, krispy kreme had them on "mad money" and they are at a 52-week high, and there is a doughnut and coffee love affair and a bull market in these products. >> yeah. i think that the lazzard talks about the 100% no price model and the new products, and baskin internationally is a big deal.