. >> kay kelly, thanks for that. this is on top of developments we learned earlier today. >> yeah, i mean -- >> where are you in terms of these trades? >> in general, what it tells you some of the biggest players are at least taking profits. maybe they're not as bearish as b.k. i think the apple exit is interesting. >> it tells you also that there's a lot of action together. i'm not saying the guys are doing the same thing. frankly, if i get a lot of news that people like appaloosa is out of the names like apple, it's not because people are worried about the release of the i-7. we've seen that. that's also been the tale of the consumer stocks this week. we know what happened to macy's. this doesn't happen if there isn't mass allocation all at once. >> last part is that when you see a big fish come out of these stock names, maybe that was the pressure that was put on it. to tim's point, when he first started, maybe you see apple pop from here. it will do it without me, though. >> how about pepsi? saw pressure today on

kay kelly sizes up the worst performance of that period and tells us whether the old two in 20 fee structurein jeopardy. kate? >> it's been touch, not of least was the family office with steve cohen. at the milken conference the normal publicly shot cohen talked about his fund's brutal february where he saw a huge down swing over a single four-day period. > >>>. >> in february we drew down 8%, which for us is a lot. and my worst fears were realized. so, yeah, i think the business has gotten crowded. the strategies were not that much differentiated. people think they can hire a threaten and like magically they're going to earn returns. >> cohen says he's amazed at the lack of the hedge fund market right now and is surprised investors aren't putting more pressure on underperformers to shave those fees. the rebellion may be coming. it was recently voted to scrap the hajj fund holdings and hajj fund assets in the first quarter of this year fell by the largest amount in seven years according to hsr. cohen's fund is now flat for the year. bill ackman's fund is down more th more than 18%. so the co

it left from paris, france, and headed to kay row, egypt, when it vanished from radar. i want to bring in kellyor more. what do you know? >> well, this is where we stand at this point. betty, it's 7:30 in the morning cairo time. the sun has been up for the past couple hours in that region. a search and rescue is under way on the part of the egyptian search and rescue officials as well as the greeks who have now joined this rescue effort. we understand nbc news being told by the greek national defense they have sent in two aircraft including a c-130 hercules and an early warning aircraft, and two helicopters standing by in the southern island of karpathos. and the greek intelligence telling us they have a few miles from where it disappeared. the flight left charles de gaulle airport, the biggest airport in paris, 11:09 local time last night. it was three hours and 49 minutes into the flight to kcaio when it simply vanished from radar. no indication of what happened. and no weather issues, betty. apparently the weather was clear in the area at the time. the egyptian civil aviation ministry is inv

bill, kelly, back over to you. >> thank you, kay last. back at headquarters, indicate rogers.hat are you hearing at wynn? >> there are nerve news of $998 million. the one thing to watch will be mac macau. the company did get a nice pop last month on its preliminary fm chal statements for q1 and announced new reports for macau in vegas. the good news for wynn moving forward is that on monday macau posted a drop of 9.5% in gambling revenue for april. that's the 23rd consecutive monthly decline, but it wasn't as bad as expected. back over to you guys. >> all right. thank you all. we will see you coming up at the top of the hour when all the earnings come out. we're coming back with more mariachi music and bob pisani will be doing the mexican hat dance for us. >> verizon is holding a rally as nearly 40,000 are holding picket lines across the country. keep it right here. you're watching cnbc. first in business worldwide. mary buys a little lamb. one of millions of orders on this company's servers. accessible by thousands of suppliers and employees globally. but with cyber threats o

kay. and send us your photos today with the #proud american. here's producer kelly? ella sue decked out in red, white, and blue. >> congratulations. >> we miss you, kelly. >>> we want to get over to heather now to take a look at your headlines. good morning. >> good morning. we begin with a travel headache. imagine walking into an airport and being handed a handwritten boarding pass. that's right. that's exactly what happened at new york's jfk airport this holiday weekend. a computer outage causing massive frustration. travelers waiting up to 95 minutes for international flights. up to 1,000 people on line last night. the problems expected to trickle into today. there's no word when the issues will be resolved. >>> panic at the beach. a 13-year-old is rushed to the hospital after he was bane by a -- by then by a shark while he was on his surf board. >> we heard a yell, oh, my god, he got bit. you saw blood dripping out. >> the five-foot shark that grabbed the teen's right calf at neptune beach at jacksonville. meanwhile this, another shark attack on the west coast.