baird says $24 instead of $50. this still has the stock at an outperform.bs keeps it at neutral, but cuts the price target to $20 from $40. you are seeing a lot of pain in anyone who relies on the mining sector. joy global the biggest maker of underground mining equipment, not getting a lot of orders right now. olivia: thank you, matt miller. some top stories at this hour, amazon expanding its portfolio of cloud computing services, buying a little technologies which announces -- elemental technologies. amazon is paying about $500 million. u.s. prosecutors are spelling out their case against a traitor they blame for the so-called flash crash. a grand jury has indicted the man. u.s. will try to have him extradited from london. investigators say he made many of the trades that led to the market flash crash now five years ago. on international space station, nine is a crowd. the crew grew by three after the arrival of a russian spacecraft. there haven't been nine people at once on the station in two years. are returningrs to earth in about a week. those are you

baird. welcome. it's nice to have you here, brian. >> thank you very much for having me. >> why don't you do that. put it in perspective for us because we had seen phenomenal gains in this particular sector for some time. >> sure. yeah, i think we really do have to look at this in context. if you look at the various biotech indexes over the last four years, they're up almost 200%. so the fact that we're seeing a very sharp sell-off over the last couple of weeks, i think we have to put it in perspective and say, you know, biotech has been the leader in a multiyear bull market to begin with and just when we start seeing some macro selling, because it is a leader, it has a tendency as a sector to lead the downturn too. so it's not totally surprising that when the overall markets are in decline that we're seeing biotech sort of leading the trend downwards. >> a lost people today were wondering whether or not this sector was starting to bottom. you don't think so. >> well, you know, i don't know so. i thi

i was talking with baird. he says it's a similar situation. that's brian scorny over at baird. because they already had a positive phase 3 trial r5edout. expectations are for this to be positive as well. he puts the up side here 15% to 30% potentially for the stock if this trial is positive. but just like tetraphase, because it's not expected to fail, if it does unexpectedly fail, maybe down side is 65%. and because friday is options day. i was just talking with your options guru dan nathan downstairs, he says the options are pricing in between now and mid october a move of about 20% in either direction. this for sempra, another maker of antibiotics. >> nice plug for "options action." meg tirrell. biotech in general had a pretty good week. it resumed sort of a leadership position this week. right? >> folks were nervous for a little while. but the proponents of biotech are pulling through, i guess. >> meg tirrell, thanks very much. our stock therapist. let's trade it here on the desk. dave seaburg? >> biotech in general, i gravitate toward the larger cap names the names that are

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austin's brother, creighton baird, is one of the rope swing engineers.e everyone survives to tell the tale. >> to actually jump, you need two ropes. you always want a back-up rope when your life is on the line with something like this. you only mess up once. >> to build the rope swing, the crew is riffing off existing hardware left by past climbers. >> and there were five bolts placed on the arch in the '80s. we attached the two ropes we jumped on to webbing and caribiners to attach to the five anchor points. >> a rope could break. a bolt might come loose. or, as creighton discovers, a slight misstep could land someone over the edge, onto the unforgiving rocks below. >> if i would have slid maybe another foot and a half, it's 150 feet straight down. >> it's a close call. >> i got careless, i wasn't thinking, and i made a mistake. luckily, i just bought some brand-new climbing shoes with rubber on the bottom. i was able to recover like a boss and live to do the rope swing. >> everything is in place for the moment of truth, with devin's cameras poised to r

interestingly, baird, which cut the rating on caterpillar because of joy holds outperform rating on joy lysing the price target in more than half, $24 from $50. ubs cutting its price target on joy to half, leaving its rating on a neutral. take a look at brent crude today. obviously, this is one of the assets we are going to be watching closely. the market is tracked so well with crude over the past couple of weeks or barclays is out, saying the damage you guys going to average $50 a barrel in 2015, cutting its estimate on debbie ti as well as on brent today. matt miller with the latest on financial markets. we have more reaction on the jobs report coming from dallas mayor mike rawlings will be back with us after the break. ♪ erik: good morning, it's a friday here at bloomberg world headquarters in new york city. i'm erik schatzker, you are watching the second hour of market makers. --"market makers." stephanie ruhle will be back in a few minutes. i've been missing my partner inclined -- in crime it. a down day for u.s. stocks in the wave of a disappointing jobs report. we hear more deta

the major tech event features top-name performers and speakers like san francisco giants ceo larry bairdnd the foo fighters playing thursday night. >>> warriors president unveiled the tee's dream arena at the dream force conference. this is the first animated view of the team's proposed mission bay arena. the warriors say right now the goal is to open the $1 billion project prior to the 2018-19 nba season. it has the support of san francisco mayor ed lee but opponents say the 200 or more events per year will lead to traffic and gridlock. >>> steve nash will soon be joining golden state as a part-time coach. our sister network espn reports that nash is in advanced negotiations to be a part-time development player or development consultant with the team. the deal would make nash an occasional tutor to golden state guards as if steph curry needs more help learning how to play. he's originally from canada ask went to college in santa clara before blossoming as a star in the nba. nash has been plagued by injuries in recent years and retired back in march. >>> spencer christian is checking on

larry baird always loves to hang out with the celebrities.there's baitman, how good is marlin bird been since he was acquired. a little roll to right. chase utley not able to handle it. the always hustling duffy in from second. two run score on that. 6th inning the 3-1 lead disappears. one swing off the bat of adrian gonzalez. and jake peavy has got himself a tied ball game shortly after untied, ethier. look at bird get a glove on it but it's gone and the dodgers lead it 4-3 until the 8th inning. that man byrd comes through two outs, two strikes. and duffy started the rally with a walk to score. and that's where we're at. 4-4 with the giants batting in the 10th inning right now. meantime, the giants making a little under the radar move right now for an outfielder by the name of alejandro de aza. de aza hitting .251. number one game for the under achieving team may help the team down the stretch. >>> and team that is have had aspirating season. pretty entertaining ball game tonight in oakland in terms of action. jake molenski sounds like a gua

our producers met 18-year-old stedman baird in the original "lockup" pendleton. >> last time we were here, it was summer and you were out in the cage. and now it's snowing and winter and where are you? >> back here. i got out, though, for a couple of months but i came back for battery. >> what made you do that? >> i don't know, just got into it with someone. >> you have seen your mom? >> not since she came to see me coach. i don't really like seeing my family in here. [ bleep ] >> how do you feel about getting out? >> i'm nervous but anxious. i don't know what it will be like out there. it's been three years. i don't know what it will be like. i don't know. life one day at a time. you make mistakes, you have to learn from your mistakes. >> he could be acting just fine while here's in school and then the very next second he could be having an outburst and be hurting someone. and it just comes out of nowhere. you don't ever give up because you never know what's going to work today that didn't work yesterday. >> the challenges are understanding what makes a kid react before he thinks. i

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if people have not baird up. concerns me we have fallen as we have, bull is on the front so to speak smiling sort of still. david: right. >> i'm not sure we're ready to go higher quite yet. david: eric, on the other hand we heard warren buffett talk to our own liz claman about how the economy is recovering. he is buying into stocks like ibm. ibm has not seen price levels as it is right now since 2011. so there appear to be some solid companies with valuations that are pretty low. should we start picking them up? >> well, warren buffett looks at things over a three-to-five year period of time, maybe even longer. for the average investor i think there is going to be a lot of pain ahead. i think you're going to see with these ridiculous valuations a situation where we could see 10, 15, 20% down from here. and so, if you're, if you're in the market, needed cash, you definitely want to get out because likely will get a lot worse. there will be carnage ahead before we begin to move upward. so, you can't compare it to b

baird. at ally bank no branches equals great rates. it's a fact.of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda. >> uber is once again just filing its surge pricing to customers. the company just released a study stating they just wouldn't be a reliable service if they didn't implement surge pricing. uber claims it's necessary to insure you can push a button and get a ride even on the busiest night of the we're. i've always said those who complain about it, obviously don't fly on airplanes or check into hotels. >> i'm done -- i'm not sure i ever really did complain. it's disappointing when it's raining and you hit search pricing. once the consumer gets used to uber, they put enough screens in there saying, hey, here's how much it's going to cost? are you ready? are you ready to pay? okay. here it goes. i think people are used to it now. at leasty oug to be. >> we'll get there eventually. >> meantime, we have ye

we recommended and it was approved to eliminate pem co and replace from baird. that negative relative under performance is reflect ovpem co prior it relacement >> it was pem co underperformance >> relate today duration call. >> long and raw? >> they were short duration and also-trying to remember the period because that is the last 6 months of 2014. it would have been brazil [inaudible] emerging market jz some duration [inaudible] >> that isn't duration policy if they are in brazil >> in addition. >> let me ask a question on the public speakers, i believe the third public speaker mentioned the stable value portfolio with a fee of 38 basis points and commented that was too high. this is a stable value fujd, 38 basis point, do you think that is too high a fee? >> it is industry average. you can get a little lower but the status of what galliard took over when they took over in 2014 was the market [inaudible] below 100. there was also the desire to ad[inaudible] which created concerns from the providers that that would result in outflow that were futher depress the

baird and along with microchip boosting the sector, up more than 3.5% and communications also ahead. a lot of talk about the revamp of the apple tv hardware, but apple anticipation seems to be putting pressure on netflix according to traders. shares were up as much as 3% above the open, a big reversal today down for the seventh day in a row on very, very heavy volumes. back to you. >> all right. thank you very much. it's been, of course, a really wild ride for investors lately, and who better to speak about it than warren buffett, the great one, sitting down with our becky quick earlier today to give us his take on the recent selloff and what you should do about it. take a listen. >> i'm no good on what's going on in markets. i have no idea what will happen tomorrow or next week and sometimes they get very volatile like this and other times they put you to sleep, but the important thing is where they are going to be in five or ten years and i'm confident they will be considerably higher in ten years and i real very no idea where they will be in ten days or ten months. >> some of it m

bernie sanders is talking about labor law reform baird -- labor law reform. remediesill daley with -- small bill dealing with remedies will be introduced in the house and senate. in a couple of weeks. that will be debated and people will get the chance to say whether they are for it or against it and we will debate that. the more we debate it, the better off it is. you will see a lot of that because workers understand how they get it put to them like the lostaws. they were excluded from the law before we had the change. theyge, were excluded from the laws. work in fields get excluded from the laws and our laws just are very, very archaic. when you look at government employees areeral state employees or county or employees, it's all over the map. their rights are skewed back and forth. tot don't have the right collective bargaining of any sort, even though they paid a for bad decisions of elected leaders. andll see a lot of that there will be a good debate. the debate will decide. ask every candidate, you support it or don't support it. that do will be good an

baird. >>> in the headlines at this hour, facebook's instagram now hitting 400 million monthly active users making it far larger than rival twitter. instagram had 300 million users just in december. facebook shares are up 20% this year and higher today. first niagara soaring up 15%. the regional bank said to be working with jpmorgan to explore strategic al terns tifs. >>> and m wylan suing over statements made over an unsolicited offer. >>> china's president taking the stage, a full day of meetings including a tour at a boeing assembly plant, dinner with bill gates, and business round table with u.s. and foreign ceos. michelle caruso-cabrera is live in seattle. hi, michelle. >> and that business round table is going on right now, tyler, in the building you see right behind me, the westin hotel. we know who is in there because they put out a list and we were able to get in there to set up a camera earlier. you can see general motors ceo mary barra is sitting there with tim cook on her right, warren buffett on her left. seattle is no stranger to chinese leaders. believe it or not, every

have a lot of people baird up, the fact of the matter is getting back to the fundamentals, the inventoryish for crude, take that with negative positioning, you have crew making movements this week. as for the of that height, the dollar got stronger, the fed height, there'll be a lot of pressure to push oil down again. i will welcome that as an opportunity to see what transpires from that because in and of itself that it not be enough to push oil down given everything else that is going on. >> this is a good question to be asking what the energy trade is next. obviously the fed decision could be a catalyst for a big move in oil but also oil stocks on this announcement. i will go right to the energy sector because i want to know what will happen. a lot of people are looking for opportunity. this was supposed to be the growth sector, oil sold off, everybody got out. are they looking for a spot to get in? >> if you are pure technicians looking at high-quality oil service type names they are looking nice on a chart, a lot of work to do as i would like to say but they are looking good, interes

clyde baird, what handsome guy. loves to go on walks. walked to pasadena one day, from pasadena, california, 100 years old and a true georgia had some fun down here, but you'll have more fun up there. god bless. back to you. >> love you, willard. thank you very much. >> now to sophia bush, star of nbc's "chicago pd." third season what, shall we expect? >> it's an intense one. character quitting and handing in her badge, so i'm in a bit of a pickle, and it will be a rough road to get me back on the right path. >> sounds good. >> you'll talk to tamron more about that, and you're not a name dropper but we did pry out of you that you're head now to go do a great event in the city. >> yes. i'm -- look at me. i'm blushing. i get so excited about her. i'm going to do this wonderful event, you know, the u.n. is in town and michelle obama is here to help launch an amazing initiative with the girl project and so i'm going to go up and try to play it a little cooler when i'm around her. >> it's a big deal though, good for her. >> thank you. >> soph