they are associates of bob greifeld. they like bob greifeld a lot. that is his board.t think that this will cause him to go. bob greifeld is not going anywhere anytime soon. when we start talking about bob greifeld, is whether, you know, that takes our eye off of the bigger paul. our markets are broken. i do not think that any computer systems are good here. i think that they are all suspect to a certain extent. until we get our hands around 40 different markets, we will keep having it whether bob garfield is there or not. it is not and no one is calling me. we are not talking about, with all the difference too, you know, the fast food industry. this is not a mcdonald's franchise. it is an important issue. i give him high marks. charlie: what happened? what really happened? he should have communicated better. i agree with that. let's be honest here, how does the public heard here? it is heard in the notion of it hurts confidence. people are out of the market for a lot of reasons right now. including the fact that we keep printing money and they do not trust the governm

dennis: one last quick answer should bob greifeld be fired? >> possibly yes.it there. thanks for being with us today. cheryl: to yesterday's flash freeze investor confidence getting big jolt in a bad way. joining me with their take, gary goldberg, oliver porche and james fresh ling, you are concerned the nasdaq is becoming the wild west of trading. >> retail investor confidence is disenfranchised, and electronic trading and the idea that bigger is better, this issue is why they had to shut it down. and the retail guys, had to shut it and the mistakes were clear. no communication and your previous guest talked about that and given a second chance to come out and go unrecognized changes were necessary and could have handled it differently and he comes out and says i won't spend my time speaking to the media or focusing on getting the word out and trying to fix the problem. somebody could have gotten the word out what was going on. cheryl: talking about the media, what about the technical side. for somebody in your position you are sitting at your desk and get yo

they got fired up with our interview with bob greifeld tweeting, i'm so darned steamed about this. d. i have been in this business much longer than greifeld. i am just furious. [ female announcer ] research suggests cell health plays a key role throughout our lives. one a day women's 50+ is a complete multivitamin . . >> the markets were frozen on the nasdaq by an estimate of $5.7 dollars. joining us from newport beach, mohammed el-erian, pimco ceo, in terms of sentiment, if we want to draw a big point a think a big point, i want to get to the fed. i want to ask you a question about egypt. do you have comments on whether this is another sort of, we have been calling it a blacky for retail investors in the security industry. it seems like they're not necessarily always getting a fair shake or at lowest not being treated as equally as some of the big players. >> you have had a great discussion all morning. you got jim coming up. i would a confirm that's another black eye and say two more things. up with, it has shown how horrible the crisis management side is, xhun indication was horr

listen i would love to bash bob greifeld right now.racy: right. >> i would love to take his head off, he blew it. did not put money. people are doing that. that's a fools's game. unless you can prove bob greifeld cut back on redundancy. we have the sip technology taken care of. i have to go on a trip to asia. unless you can prove something like that these systems are so complicated, to make sure you have every hole, every scenario covered is insane. now, i think the new york stock exchange. we'll see what they say, but my gut. weed had a price, we didn't have a problem with this type of redunn san system maybe that's true. remember, every scenario is, is sort of unique. tracy: right. >> and it's, i don't know enough about this stuff to tell you. the one thing i do know, and i've been harping on this for a long time. people look at me like, start falling asleep when i say this, the markets are broken in a sense they're fractured. the structure of them are so insane. i understand that part. when you have 40 different markets, not just a

nasdaq ceo bob greifeld in his first comments after the glitch that halted trading for three hours ony is calling for higher standards for exchanges. he tells the wall street journal our systems and the industries have to get to a higher level of robustness. the journal reports nasdaq officials internally pointed to a connecti iivity problem. nasdaq didn't name arca its official statement. the nyse declined comment. the journal says nasdaq officials believe they should have been able to manage the connectivity problems. arca's connection to nasdaq's data feed on thursday morning was intermittent. nasdaq was able to fix the issues in 30 minutes but didn't restart trading for another two hours due to the need for testing and regulatory approval. reports say banks trading desks were also cautioning nasdaq not to rush to reopen, because they fear a slew of technical errors could zap market confidence. mary jo white plans to meet with exchanges and other market players to discuss regulatory practices. she says the halt was, quote, serious and should reinforce our collective commitment to a

ceo bob greifeld, a very public face for nasdaq, and including the facebook ipo issues, will bob greifelde out with any kind of explanation? we will watch closely for those details. >> all right. dominik, thank you. meanwhile, wal-mart plans to buy $50 billion more in u.s.-made goods over the next ten years. we are here today at world's biggest retailers kicking off its first two-day made in america meeting. they are bringing together retailers, suppliers, government officials, all in hopes of bringing manufacturing to the united states. wal-mart has the u.s. consumer to worry about. this is a challenging time. recently cutting profit in sales forecast for theier, saying consumers are reigning in the spending. u.s. business accounts for two thirds of wal-mart's overall sales and we are talking to the man behind that. a huge portfolio that he runs. joining me on a cnbc exclusive, is bill simon. bill, good to have you on the progr program. >> thank you for having me. good to be here. >> i want to hear what you are trying to achieve. before i do, let's go back to the second quarter earnings

meantime, here at the nasdaq, a very strong message from ceo bob greifeld speaking out this morning. estors it's still safe to put your money in the 3,200 nasdaq stocks. what do investors think about what greifeld did yesterday and what he's saying today. make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today. a quarter million tweeters is beare tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. >>> for more on the ripple effects that nasdaq has sent through the rest of the market system this morning, we're here with kenny, a trader at o'neil securities. you walked us through the thick of it yesterday having. having a day or night to sleep on it, do you feel any dif

that is what bob greifeld told the fox business network exclusively. ashley: thank you, as always. more about these housing stocks. taking a tumble today. ashley: time to check these ten and 30 year treasuries. down seven basis points. 3.80%. ♪ ily reunion. you must be garth's father? hello. mother. mother! traveling is easy with the venture card because you can fly any airline anytime. two words. double miles! this guy can act. wanna play dodge rock? oh, you guys! and with double miles you can actuay use, you never miss the fun. beard growing contest and go! ♪ win! what's in your wallet? bounce is great because the freshness lasts for weeks in the drawer. why can't everything stay fresh that long? [ male announcer ] how do you get your bounce? [ man ] lasting freshness. ♪ >> i am jo ling kent with your fox business brief. stocks are posting the hottest games. stocks are still on a third straight losing week. moody's is putting the bank inside of other large banks. of those things, goldman, jp morgan chase, morgan stanley and wells fargo are under review with downgrade implications

there are two things bob greifeld had to do, to fix the problem.on why you don't have duncan neiderauer and other exchanges pointing fingers but there for the grace of god go i because of technology. three days best nasdaq blew up, the goldman sachs had a technology snafu. adam: right. >> a year ago, knight capital had huge technology snafu it, wasn't the new york stock exchange fault but it occurred on the new york stock exchange. you had flash crash where was a new york stock exchange issue where the market imploded in seconds. nobody pointed to fingers at him with the technology snafu. what we have is bizarre market. it is not just one market of the it is many markets. it is 40 markets with stuff like bats and direct edge and black markets. pools. think about it, nasdaq and its stocks is responsible for pricing mechanism, the feed, which is the sip which we'll not get into here but it is responsible for that. it is getting it from all different sources. this is very complicated. i would direct people to holman jenkins column in the "wall street

so this is -- really a black eye for nasdaq no doubt we need to hear from bob greifeld of the nasdaq very soon, people want answers. but the bigger point is we could see market share losses as this fracturing of the market continues. sec needs to get involve end really make decisions on market structure bill. >> i need to ask brian, as long as we are talking about this, to use that term options, what kind of options do you have yb in terms of where to go to trade when a primary dealer of whatever you're trading goes down. >> basically the option here is to go to the futures market. if you needed volatility, you still had that in place. so separate anything related to the nasdaq. same thing you talk about the cme group staying open. s&p minis were still open so people could come to our exchange and change the spx options. certainly you could look to other indexes. good thing we didn't go down globally. to the point to others here, this is a down moment. almost feels like an extra vacation day in the market. i guess that's how you have to treat it. whether it is before the close today

bob greifeld, obviously, something that he didn't think at all. he cannily, he was not on a plane, so his people were working hard to make sure everything went back. but again, technology's complicated. these issues will happen, unfortunately, but what we have here is a resolution in terms of controls. and i think that's something probably that nasdaq and the regulators have to work on to avoid things like this happening not only in exchanges like nasdaq, but also in trading firms like in the case of knight capital. ashley: but, look, to err is human, to really screw up it takes a computer, and when you have all of this information all coming in very complex systems, part of the problem was the nasdaq couldn't push the old reboot, reset button because it was so interconnected with all the other exchanges. is this something we have to live with? >> no, we have to definitely review the technology. nasdaq has been in the electronic trading for 40 years, so obviously, i'm really surprised that the data feed was something that could be going wrong toda

first of all, that quote that bob greifeld said, that should send shivers through the spine of everybodyasically what he said is they should halt the market all the time because professional traders that he's talking about, the high frequency guys, have always had access to these individual data feeds and they co-locate their computers. they're always seeing a quote faster than everybody else just by definition. that's why the system is so screwed up. let's get back to yesterday for a second. nasdaq is the security information -- the security processor. they call it the s.i.p., the security information processor. they basically consolidate the 13 different stock exchange quotes into an ndbo or national best bidder offer. something failed along the way. there's all different points of failure. who knows where it was. some evare blaming arca. i don't know. something failed. that's a problem. that's a simple problem, i'm sure they're fixing it, but it tells you there are so many points of failure in the system. it's going to happen again. back to my original point was this happened. they're

some of the problems bob greifeld has is the fact he has to deal with regulators and his member firms is going to get out to the public in general later, my main concern is making sure people trade directly with us. we are going to see what happens. when this thing gets out, i will be the first to bring in a. connell: we will have charlie back on for that and we don't know what it is or exactly when it is coming but possibly as early as today, may look better. thanks. let's get to the markets, syriac, everyone is focused on this week. our next guest believes that if we see a strike in syria, market rally. gray wolf execution joins us. why is that? >> everyone is trying to get a feel for what the market is rallying. some people say when a fight begins that should cause the market to rally. others say the inaction or delay is causing vote rally but the bottom line is low-volume period, and stocks are rallying. in the past at least when the market has rallied when strikes have begun if you look at 2003 and also 2011 and see a big pullback in wti crude which had big surge, right now is st

liz: so this morning i headed down to the nasdaq to speak with ceo bob greifeld. him to respond to harvey pitt's comments and criticism nasdaq and greifeld were facing. here is what greifeld said. >> i think it is hard for people outside direct involvement with the problem to comment and comment intelligently on it. so -- liz: you're taking a smack at harvey pitt? he is not -- >> i'm saying for anybody who is not there, right? people who are not on the open lines, who are not in the head trader alert communication, it is hard for them to know, right and hard for them to comment intelligently in terms of what happened. liz: in terms of what happened. he got a little testy there, but, adam, obviously this was a situation where they're going to look at it, figure out how to make sure it hopefully does not happen again. adam: there is no defying as we switch gears to another big headline, that microsoft ceo steve ballmer was a passionate man who loved his company. >> i have four words for you! i, love, this, company! yeah! liz: why notany, howard deanesque there. but

liz: bob greifeld, of course, is the ceo. does this hurt his reputation? is he solid on this? >> yeah. there's only so much a manager can do, they've done some right things, they're a strong precash flow company, they have a decent dividend, but he can't really wade into the market and stop these trends, so i think they've done what they can, but the stock's cheap, and i think it'll get cheaper, and the collateral damage is that the stock will likely fall. liz: and yet you still have some of the sexiest names out there such as tesla, tsla. they could really go anywhere at this point, they stay with the nasdaq. you had l texas instruments leave the new york stock exchange and come to the nasdaq. >> well, for various reasons companies list on different exchanges, there's a cost standpoint, there's a financial reporting standpoint. so for different competitive reasons, companies may choose the new york stock exchange versus nasdaq. i think it's a little bit more intricate to get listings on either one of the two, so it's a little more variable. liz: i always like to say perspecti

nasdaq ceo bob greifeld defended the way his exchange handled the outage on fox business earlier today. here's what he said. >> it indicates to some people you guys don't have your arms wrapped around your system. >> well, certainly we are deeply disappointed with what happened yesterday. our entire industry we had open telephone lines with them, we made sure the entire industry was ready to come live. and we did come live. we came live quite successfully and finished the day in normal course of business. >> that's still not totally comforting to investors. the nasdaq said that it knew 30 minutes into this outage what caused the problem. they're still not identifying the source of the problem. but it was another two and a half hours before officials were ready to resume trading activity. they were working towards a smooth open, they said. greifeld said he and others were just too busy trying to get things up and running to make any public statements. that didn't seem to calm angry investors who were stuck with more open positions and questions than answers. and meanwhile today sources

what this means for ceo bob greifeld. nasdaq cutting 132,000 from greifeld's bonus last year.y the support of the board, enjoy's the board's confidence. but does that last. back to you. >> thank you very much. don't go aby, everybody. we'll be back in a just a couple of minutes. what you wear to bed is your business. so, if you're sleeping in your contact lenses, ask about the air optix® contacts so breathable they're approved for up to 30 nights of continuous wear. serious eye problems may occur. ask your doctor and visit airoptix.com for safety information and a free one-month trial. 20 years with the company.hool. thousands of presentations. and one hard earned partnership. it took a lot of work to get this far. so now i'm supposed to take a back seat when it comes to my investments? there's zero chance of that happening. avo: when you work with a schwab financial consultant, you'll get the guidance you need with the control you want. talk to us today. we provide the exact individualization that your body needs. this labor day, don't invest in a mattress until you visit a s

but i know bob greifeld. he's one of the most logically savvy ceos identify ever experienced, problem the most. he's also one of these guys who doesn't shirk responsibility. if they screwed up they will tell the whole story. the fact is nyse has had issues as well. i still prefer the computer over the human intervention. >> a lot of people are talking about software problems in this and software that should have been updated, quote-unquote legacy software has been around for a long time piled on other software n-at the integration is no good. is that possible because some people are saying that nasdaq and the exchanges repointsed any changes in software. >> well interestingly, larry there's some software issues. nasdaq is a very inquisitive company. the issue here was price reporting. if you go back underneath that i believe from my days there part of that is a regulatory issue. you got to make sure every exchange has a fair shot at your business and full transparency. they had to shut down because they could

>> it was our first question to ceo bob greifeld this morning, down on that floor right behind me.e technical issues and the discussions of the moment. was there any sign of hacking? he said absolutely not. any espionage? absolutely not. it doesn't mean it couldn't happen in the future, stuart. we have seen this happen at the wall street journal, new york times, some other financial institutions like big banks, but this, in essence, was a breakdown of one of the technical systems called a security information processor and that, in essence, is a system that dissemnates price information to some 13 other exchanges out there and 40 so-called dark pools, smaller, lesser traded, less liquid exchanges, but the issue becomes for the nasdaq, what about the faith in the nasdaq? everybody's wondering about the twitter ipo. we asked them about that, saying how do you make sure that you still lure that business? he says we're still one the big electronic exchange. i asked in the end as i pass it back to you, will you be investing more to fix the system problems? he said no he, we don't need t

. >>> now, nasdaq ceo bob greifeld has defended the way his exchange handled thursday's three-hour outagea first on cnbc interview, he acknowledged the nasdaq needs to get better at, quote, defensive driving. but he reiterated the exchange followed proper procedures. >> where we have to get better is what i call defensive dri driving. so the systems are able to operate by themselves, and this system's been in operation for 20 years. defensive driving means what do you do when another part of the ecosystem, another player, has some bad event that triggers something in your system? you have to -- and it's our responsibility to systems operator to handle those kind of unforeseen situations. >> well, joining us next, our guest here on the line, dave lauer, architecture consultant, and he's with us. dave, what do you make of the glitch? do you think that it was a one off? is it unprecedented? is it more serious than what we make it out to be? >> well, i think the glitch itself as a glitch is a little less serious. the reaction's probably the worst part of it. but i think it's part of a pattern

if you remember, bob greifeld on the show saying we need to come up with better defensive driving. you cannot outsource -- >> big software muckity muck. >> keep it to yourself. >> big gates. >> keep it to yourself. >> larry ellison. >> we have news on microsoft, no less, to segue to a big software company, though i don't want to suggest it is bill gates. microsoft reportedly -- >> just watching the -- >> okay. microsoft reportedly in talks to invest in four square. this comes from tech crunch. the reason might be the same as why microsoft pumped hundreds of millions of dollars into facebook. that was bing. bing competes with google and april toll provide local data and mapping and that's all of this is about from a defensive posture. >> that's from groundhog day. bing! remember the guy, every time he -- bing! whenever he steps in the -- whenever he says something to bill murray. >> you think whoever wroept tte script is getting royalties from microsoft? >> i don't know. let's go back to the story we discussed at the top of the hour, which initially, andrew, the strike was going to