the assets that an investment management firm manages are held in trust or some other sort of investment company. but generally, the investment management firm does not have its assets tied up in the funds that it manages. there may be some of that, but not a lot. so what happens when a fund loses money? what happens is if loses money and it only has an indirect effect on the investment management company. now, the report states that when the funds the firm manages the client, revenues for the firm will decline. the report paints a picture of systemic risk when that happens. it's not clear exactly how this happens. but the report states that when firms lose revenue, that will have a double serious effect on the economy and we found that argument unpersuasive at all. it is true the firms will become small and it's been a tour of investment management firms that the costs are highly variable were primarily personnel costs and those can be reduced very quickly. so we think that has -- that argument has much merit. going on into the report, the report identifies four potential areas that may

investment management combined with investment servicing. bringing the power of investments to people's lives. invested in the world. bny mellon. >>> welcome back to "street signs". russia under fire by another deadly attack today. the rush hour blast killed 14 people on a trolley bus in the southern city of volgograd. 28 others were wournded. authorities are blaming the 0 explosion on a suicide bomber. this is raising a lot of concerns with the sochi olympic committee. now just moments ago the international olympic committee assured the games would be safe. meanwhile russia's rts stock exchange down more than 1% over the course of the past week. russia is part of that emerging b.r.i.c.k.s. economy. >> chinese ipo missed it here in the united states made a come back this year and 2014 might be even hotter. bob pisani you've been doing a lot of research on this story. not just the chinese ipos but the more conspicuous stocks. we need to talk about this. if you got in at the ipo level back in 2005 for baidu you would have a gain of over 6,000%

investment management combined with investment servicing.ing the power of investments to people's lives. invested in the world. bny mellon. >>> the stock market, like everything else these day, is now hostage to the 24/7 media cycle. that means if you're going to make even a token effort to follow your investment, you'll be bombarded by all thoughts of overhyped information and it can lead you a stray ask cause you to make nasty, money-losing mistakes. as your investing coach it's my job of keeping you from being misled in making those mistakes that's which is why i devoted an entire chapt tore in my latest book "get rich quickly." you need to do your best to ignore. once a month we get reports from the big investment reports and specifically what they decided to buy or cut back on. we here in the media pore over 13f forms that these funds file with the fcc, and trying to find what stocks, like george soros or carl icahn might be getting into or maybe getting sick of and a lot of people make the mistake of assuming they might be wrong if the

investment management combined with investment servicing. bringing the power of investments to people's lives. invested in the world. bny mellon. [ male announcer ] here's a question for you: where does the united states get most of its energy? is it africa? the middle east? canada? or the u.s.? the answer is... the u.s. ♪ most of america's energy comes from right here at home. take the energy quiz. energy lives here. >>> all right. welcome back to the "halftime" show. what a week it's been for twitter? recording monster moves in both directions. what should you do now with the drastic moves? let's debate it. dr. j is the bull, steve weiss is the bear. 1:30 on the clock. doc, make your case, a case heck of a lot easier to make a week ago. >> no, it was easier today, judge, because last thursday, i believe, is when the stock peaked out. it hit 73 bucks a share. turned and burned to the downside. we said, hey, let's take it off. yesterday, judge, i got back in, got out of all of the shorts, got in. here's why, stephen. number one, the site for

we get you ready for your last trade of the day. ♪ bny mellon combines investment management & investmentgiving us unique insights which help us attract the industry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. [ male announcer ] what kind of energy is so abundant, it can help provide the power for all this? natural gas. ♪ more than ever before, america's electricity is generated by it. exxonmobil uses advanced visualization and drilling technologies to produce natural gas... powering our lives... while reducing emissions by up to 60%. energy lives here. ♪ >> welcome back to "fast." in times square. closing out 2013 with a best annual gain in more than 40 years. the trade back on for 2014, let's bring in dennis gartman. hi, nice to see you. >> good to see you, mel. thank you. >> what are the catalysts that are going to push the market higher ne eer next year. >> same thing that has been pushing the nikkei higher. the bank of japan is going to be extraordinaril

investment management combined with investment servicing.ing the power of investments to people's lives. invested in the world. bny mellon. [ male announcer ] this december, experience the gift of exacting precision and some of the best offers of the year at the lexus december to remember sales event. this is the pursuit of perfection. >>> wall street is going out in 2013. we're capping off a near record year going back to 1995. i thought you made an interesting point. you know, who knows what's going to happen down the road but if you equate this from the 1990s, 1995 was really just the beginning of the great bull run. >> of course, we know that ended badly. >> we know how that ended. >> for all of those out there who say they want a 10% correction. >> we've already had a big run to this point. >> absolutely. >> the dow is up 93% since march of 2009. >> the s&p 500 in terms of the bull market is up 72%. that puts it right smack in the middle of what the average length and scope is of these runs. >> for the dow, hp was the best running. it w

investment management combined with investment servicing. bringing the power of investments to people's lives. invested in the world. bny mellon. >> time for beast of burden? >> the first three notes of beast of burden may be the best guitar lick in all of music. that's trade school. >> it is. >> right there. >> time now for pops and drops. big movers of the day. we have got a pop for go go. >> we have got the ceo on. it's a great trading stock. >> a weak period of december, ebay is sicklically great to begin the year. below the $50 level. >> a whole lot cheaper. you don't have to worry about it. >> as usual, you had me at monster. it's a nice pop and better than normal volume. that's a strong move. also four times normal option activity. >> and we got a pop here. for glow in the dark pigs. scientists managed to breed green glowing pigs. they are perfectly healthy and should live as other pigs. scientists hope it will open the door to genetic therapies to treat human decisions. >> you have to eat that pig bacon, is there anything you have to

bny mellon combines investment management & investment giving us unique insights which help us attractminds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. just by talking to a helmet. it grabbed the patient's record before we even picked him up. it found out the doctor we needed was at st. anne's. wiggle your toes. [ driver ] and it got his okay on treatment from miles away. it even pulled strings with the stoplights. my ambulance talks with smoke alarms and pilots and stadiums. but, of course, it's a good listener too. [ female announcer ] today cisco is connecting the internet of everything. so everything works like never before. >>> a second new big arena could be coming to the strip in las vegas. jackie robinson said he wants to build a $1.3 billion stadium on the site of the gaming corridor's old water park. the 22,000 seat arena would be in addition to the one being built on the other side of the strip by mgm resorts. the players says the project will be privately funded

still with andy lynch, fund manager from schroder investment management. , as anobal basis investmentanager, do you like defense? do you like american defense? do you like these kind of stories? >> the defense sector is one we are under way. -- underweight. 2 reasons. austerity, reduction in government spending, less money to go around for defense. more to fight over. the second reason is that the countries where people are still they are uae, saudi, extraordinarily savvy negotiators because they have a domestic defense industry they need to support. they can get the international guys up. off, areffering 10% you going to do 12% off the deal and then you go back and say, can you do 15%? nobody makes money at the end of that negotiation process. i think defense is a difficult market to be in the -- to be in. >> let's talk about retail. we will catch up with caroline. she is at the heart of the retail mecca. the retailers are pressing the panic button. talk to me about retail. surely it is an area that i want to be in. how do you feel about retail? if you are online, you can still do ex

bny mellon combines investment management & investment giving us unique insights which help us attractndustry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. >>> welcome back to "worldwide exchange." i'm dominick. so we here at the show thought about it's the season for holiday wish lists and holiday shopping lists. we put together a list for the all i want for christmas for all the world's biggest leaders in the political sphere. we came up with a handful of them here. first off, barack obama, all he wants for christmas is for the healthcare.gov website to work. they've always had these glitches with the website. he wants all those going away. >>> this is jm morgan's ceo jamie dimon. all he wants for christmas is a bespoke suit as opposed to a lawsuit. jpmorgan has set aside billions to settle lawsuit claims. he wants a regular old custom made suit. tim cook, ceo of apple wants a break from invery faster carl icahn. tim cook has some $147 billion in cash and

investment management combined with investment servicing.g the power of investments to people's lives. invested in the world. bny mellon. >>> it's >>> it's friday. that means another edition of "nae "that's outrageous." joining us is adam sank, welcome back to the show. and jon fortt is staying with us as well. first on the list is delta's steal of a deal. the booking website experienced, let's call it a glitch, and discounted, really discounted some round-trip tickets to nearly nothing. and thaey're honoring it as wel. >> they have to. i booked a trip to the mars recovery for $100. and knew they operated the mars rover. >> they're going to own up to it. you can fly to honolulu for that $85 ticket you bought. >> $200 to hawaii but $40 to l.a. >> they did have to honor them. i guess with all the 75% off e-mails floating around this time of year -- >> it was within the realm of reason. >> it's amazing how often it's happening. >> you wonder how often the opposite happens and they charge you 75% too much. >> it happens all the time but they don

investment management combined with investment servicing.ing the power of investments to people's lives. invested in the world. bny mellon. >>> good morning. welcome back to "squawk box" here on cnbc. i'm joe kernen along with michelle caruso cabrera and andrew ross sorkin. becky will be back on thursday. the headlines this morning, one trading day left in what's been a really good year for stocks. the dow, it has had its best yearly gain since 1996. before that, it was '95. before that, it rwas '94, i think. the s&p 500 had its best year since 1997. the major averages of only close to 2 losing months this year, june and august. today, also marks the final batch of economic reports for 2013. which if there were going be any today, we would say it's the final batch, right? >> of course, because it's december 311st. >>> today we'll get the case-shiller home prices index report. and the chicago purchasing manager's index is out at 9:45 eastern. when we'll all be so gone. and then the conference board, consumer confidence -- no, we won't. well b

investment management combined with investment servicing.ing the power of investments to people's lives. invested in the world. bny mellon. >>> you follow my love affair with stocks. i showed the importance of getting started early in investing. you learned how to find the good ideas, how to research them. i want to wish you success in trading and investing and to remind you when you hear from the nay sayers you can't make money at home the story of my life at every turn is the opposite. you can make money in many different ways. stick with cramer. always a bull market somewhere, and i promise to find it just for you right here on "mad money." i'm jim cramer, and i'll see you next time! >>>. welcome to the new year's eve live edition of the kudlow report and what a year it's been for stocks. you can call it the buy and hold boring rally or rodney dangerfield get no respect rally. call it what you like. this was the best year for the dow since 1995, 18 years ago. washington didn't have a thing to do with it. our resilient economy, a free mark

visit vwdealer.com today bny mellon combines investment management & investment giving us unique insights help us attract the industry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. >>> escaping the cube, is what we call this segment. means following a passion and making some money while doing it. today following two sisters like everyone else love cupcakes. now it's also their business. >> we had a very frank conversation with each other and said are we going to do this or spend the rest of our life wondering what if? >> hi, i'm katherine. >> i'm sophie, sisters and founders of georgetown cupcake. >> my background was in fashion. >> and mine in adventure capital. i was on the invensment time on highland investors. we still ended up talking about this dream. >> we had this passion for baking too afraid to act on it. >> when happy where you are and have a stable and secure position to give that up for something very, very uncertain and unknown is very frightening

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the senior portfolio manager with turner investments. great to have you with us. >> thanks for having me. >> what point, because twitter is essentially in its own bear market from its high. it's down 24% or so. what point would you say twitter is now a value, it's time to get back? >> i don't think we're that close on a price basis. other opportunities, you mentioned that are better opportunities in the short term and intermediate term and longer term. google and facebook and are better investments than twitter at these price. twitter, not a lot has changed since ipo. it was a great ipo. company has great opportunities internationally. overall, the opportunities still much greater at facebook and google. >> chris let me ask you about facebook. a market cap larger than disney, which i can't mentally process, quite frankly, nowhere near as profitable, maybe at some point in the future it will be. in the meantime, we're seeing headlines like the story in the guardian this weekend that teens in the united kingdom, for example, have basically

investment management combined with investment servicing.the power of investments to people's lives. invested in the world. bny mellon. [ male announcer ] the new new york is open. open to innovation. open to ambition. open to bold ideas. that's why new york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years... we're new york. if there's something that creates more jobs, and grows more businesses... we're open to it. start a tax-free business at startup-ny.com. >>> all right. let's go back over this nike, i think it's the only opportunity that presented itself today. nike was a good quarter. they're spending a lot of money. i believe china reaccelerates in 2014. this reminds me of disney when it fell from 66 to 63 and went right to 72. that's nike. there's always a bull market somewhere, i promise to on "mad money." i'm jim cramer and i'll see you monday. >>> president obama begins his year-end news conference by declaring victory on the economy

tweet us at "squawk on the street" and we'll get your answers. bines investment management & investments unique insights which help us attract the industry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. everything looking good. ♪ velocity 1,200 feet per second. [ man #2 ] your looking great to us, eagle. ♪ 2,000 feet. still looking very good. 1,400 feet. ♪ [ male announcer ] funny thing happens when you shoot for the moon. ahh, that's affirmative. [ male announcer ] you get there. you're a go for landing, over. [ male announcer ] the all new cadillac cts, the 2014 motor trend car of the year. i was going to the library to do my homework. it took a lot of juggling to keep it all together. for some low-income families, having broadband internet is a faraway dream. so we created internet essentials, america's largest low-cost internet adoption program. having the internet at home means she has to go no further than the kitchen table to do her homework. now, more

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investment management combined with investment servicing.ents to people's lives. invested in the world. bny mellon. to appreciate our powerful, easy-to-use platform. no, thank you. we know you're always looking for the best fill price. and walk limit automatically tries to find it for you. just set your start and end price. and let it do its thing. wow, more fan mail. hey ray, my uncle wanted to say thanks for idea hub. o well tell him i said you're welcome. he loves how he can click on it and get specific actionable trade ideas with their probabilities throughout the day. yea, and these ideas are across the board -- bullish, bearish and neutral. i think you need a bigger desk, pal. another one? traders love our trading patterns, now with options patterns. what's not to love? they see what others are trading -- like the day's top 10 options trades by volume -- and get ideas! yea i have an idea: how about trading that in for a salad? [ male announcer ] so come trade at the place that's all about options and futures. optionsxpress. open an acc

investment management combined with investment servicing.ringing the power of investments to people's lives. invested in the world. bny mellon. >> announcer: you're watching "worldwide exchange." >>> good morning, everyone. here are your headlines this morning. bullish on the u.s. the imf points to tapering and a budget deal as it raises growth prospects. >>> chinese credit crunch fears grow as interbank lending rates spike despite a pboc cash incompete injection. >>> more fallout today for target after the u.s. retailer suffered a massive data breach that could affect millions of people who thought they were just shopping for christmas present. jackie deangeles is at cnbc headquarters with the full story. jackie. >> reporter: good morning, carolyn. an unfortunate story. consumers may have decided to take their holiday shopping business elsewhere this weekend. retail consultant customer growth partners estimates target's sales fell 3 to 4% despite last year. more than 40 million debit card accounts may have been hacked by people who infiltra

investment management combined with investment servicing.the power of investments to people's lives. invested in the world. bny mellon. >>> two geopolitical stories causing fluctuation today. the turkish lira lower after the turkish prime minister erdogan replaced half his government. the political instability is making investors nervous. and take a look at the dollar versus the yen. the japanese prime minister abe visited a shrine, and that angered china and south korea. the buck hitting a five-year high today against the japanese currency. and it is up about 21% so far this year, mandy. >>> that high just one bullish sign for the dollar. will 2014, though, be a breakout year for the greenback? let's bring in sara eisen, kathy and ed. to all of you, great to have you with us. kathy, do you think 2014 will be the year to buy the buck and against which currencies? >> i think so, mandy, especially in the first half of the year, particularly the first quarter. the story here in the u.s. is really the story about how 2014 is going to be america'

investment management combined with investment servicing. bringing the power of investments to people's lives. invested in the world. bny mellon. ♪ >>> welcome back to ♪ >>> welcome back to fast money. time to hit today's top trades. first up, new developments in the target data breach, the company confirming today, that debit card pin numbers were stolen through target -- target does say the data is safe and secure, because it was still encrypted when taken. jim, does this make you feel better? >> it doesn't necessarily make me feel better as a consumer, dom. but i have to tell you as an investor, i like this stock. this is a retail stock, really well known, well regarded outside of this incident, that trades in the midteens on a price to earnings multiple with 2.8% dividend yield. it's been clobbered and has a cheap valuation because of this. you know what, what retailer these days hasn't had a security breach? customers are going to come back to target the way they do to all other retail stores that have these sort of issues. and you know

investment management combined with investment servicing. bringing the power of investments to people's lives. invested in the world. bny mellon. >>> welcome back to "squawk box" this morning. we're wrapping up 2013 with a look at some of the year's most influential people. skoet conbrings us this profile of pre pbharara. >> today we announce three law enforcement actions. >> the financial world listens. pre bharara is the de facto sheriff of wall street. he's been busy tackling shady transactions. dubious deals -- >> misrepresentations about income -- >> -- and insider trading. >> the scope of illegal trading was deep and it was wide. >> the crackdown on insider trading has completely changed the way information flows on wall street. in that critical phone call, there's no telling any more whether a federal agent is listening in. >> 77 people convicted since 2009. and in 2013, the probe peaked with the sac capital, the hedge funds billionaire owner steven cohen still in the government's sights. >> bharara is not just looking at insider trad

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investment management combined with investment servicing.ing the power of investments to people's lives. invested in the world. bny mellon. ♪ [ male announcer ] the parking lot helps by letting us know who's coming. the carts keep everyone on the right track. the power tools introduce themselves. all the bits and bulbs keep themselves stocked. and the doors even handle the checkout so we can work on that thing that's stuck in the thing. [ female announcer ] today, cisco is connecting the internet of everything. so everyone goes home happy. >>> looks like we're on for a fourth straight month of gains for u.s. equities. we're flying high on the s&p 500 about by a point. the dow was higher by 20. the nasdaq just under 5. european equities have been pretty flat in today's session. we're up near five-year highs on an average of these markets. xetra dax is up near an all-time high but today just down .1%. the ftse is up maybe .1. volumes are pretty much derisery. they're still feeling pretty optimistic for the year. i asked the president and the c

bny mellon combines investment management & investment servicing, giving us unique insights which helpreate powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. and it feels like your lifeate revolves around your symptoms, ask your gastroenterologist about humira adalimumab. humira has been proven to work for adults who have tried other medications but still experience the symptoms of moderate to severe crohn's disease. in clinical studies, the majority of patients on humira saw significant symptom relief, and many achieved remission. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal events, such as infections, lymphoma, or other types of cancer, have happened. blood, liver and nervous system problems, serious allergic reactions, and new or worsening heart failure have occurred. before starting humira, your doctor should test you for tb. ask your doctor if you live in or have been to a region where certain fungal infections are common. tell you

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"squawk on the street" will be back in a minute. ♪ ♪ bny mellon combines investment management & investmentunique insights which help us attract the industry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. where does the united states get most of its energy? is it africa? the middle east? canada? or the u.s.? the answer is... the u.s. ♪ most of america's energy comes from right here at home. take the energy quiz. energy lives here. >>> you might be busy with some last-minute shopping on christmas eve. others are busy with last-minute repairs to the international space station for example. two engineers are wrapping up to repair part of the cooling system. this is the second space walk in history. it came after some of those lines shut down. a six-man crew had to take down a lot of the nonessential equipment, including their experiments. can you imagine doing this 260 miles above the earth? >> "gravity" movie of the year. i loved it. >> we'll keep you posted as to h

bny mellon combines investment management & investment giving us unique insightsz.elp us attract the industry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. >> safer: arlan galbraith, who called himself the pigeon king, convinced hundreds of american and canadian farmers there was good money to be made raising the birds for food. >> safer: how did you first hear about this whole pigeon business? >> i went to canada and met him. they had an open house up there. i mean, seemed--seemed like a nice guy. and everybody we talked to said this guy was--he was on the up and up. nobody had a bad word to say about him anywhere that we could find. >> safer: so aaron and joline humbert, ohio farmers, signed up. where were you gonna make money out of this? that's what i don't quite understand. >> we was kind of getting in on the ground floor of this, and all his plans was, you know, to raise pigeons for food consumption. >> they've had such tremendous d

investment management combined with investment servicing.ing the power of investments to people's lives. invested in the world. bny mellon. >>> as we look back and look ahead. in 2013 we saw a shrinking defense industry overall. we're wondering how it's going to do in 2014. jane wells who follows that industry joins us with her predictions. first we're going to look back, check how jane wells did with her score card for 2013 predictions. she predicted the f-35 would be fine. that's true. most expensive flight in pentagon is still taking flight. >> jane's second prediction that cash will be king spent on broad. this also correct. we saw it this year with lockheed martin, united technology, boeing, who all spent big abroad. finally, jane predicted we would see a drone war here at home. a little early about this one here. we didn't see it take off but at announcement from amazon -- i'm going to overrule that. >> i think we give her a ding. >> absolutely. >> these shooes at least 2 for 3. >> let's see what jane has to say for 2014 and the defens

managers are they coming to you? do get a lot of face time? >> both. new york is not the central hub of activity in the investment world. t of managers come up there. we spend a lot of time traveling. we have well over 1000 meetings in any given year with managers both in person and phone call. we spent 25 to 30% of our time on the road traveling, including international. we had a member come back from europe in the spring. other members in asia. we are out there and all over the u.s. as well. >> i know you were not at the helm of the endowment. how are you preparing? we talked about how the s&p 500 is up so much this year. more than 25%. this is a relatively easy year. for the next wildcard? how are you positioned for that? >> i started march 10, 2008 and was in a number two position. what i would say is if you look ago, relative to 5.5 years the portfolio's position is better, we understand the risks better, the university, financially, is in a much better position today than it was 5.5 years ago. that allows us to do different things. >> you were not the only endowment that got hit. bunch of hedge funds, everyone was

investment management combined with investment servicing.of investments to people's lives. invested in the world. bny mellon. >> welcome back. in case you missed some of today's top moments, here is is a rapid fire recap of tonight's executive edge. >> the connection between consumers and brands is not as strong as it has been in year's past. if you look at the amount of advertising that there used to be, it's like a 17% decline. what the brands need to do is push their game. >> the worst recession since the 80s. now they have learned that the world is is a riskier place than they thought. >> the next big american brands are going to be starting on the line. we will wear 98% of our businesses online. >> it's kind of like a bumper car but it's got a drift bar on it so that it lifts it up and it spins freely in circles. almost a million people saw it. >> why is that okay? >> there are no elbow pads or knee pads. >> everyone brings you back to online. i think amazon truly reaps the benefits of all online. >> so if you want to talk about valuati

bny mellon combines investment management & investment servicing, giving us unique insights which helpry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. ♪ >>> welcome back to "street signs." less than two hours in the final trading day of the year and going into 2014 walt will have its on the economy. what is in the cards for the gdp, jobs and the fed? let's ask deutsch bank chief economist joe. let's start off with your gdp prediction. hit us up. >> we've got growth pretty strong next year, almost 3.5%. i could actually see something closer to 4% if we get a little bit less fiscal drag and that's possible with this recent budget. the economy will look better, build upon the gains we've seen in 2013. that means the labor market will be better and also the fed will continue its tapering. qe should end in q3 and that means that rates should head higher. i think you'll see a ten-year note near 4% by year end 2014. >> that's a little more aggressive than our previ

bny mellon combines investment management & investment servicing, giving us unique insights which helpattract the industry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. you'd do that for me? really? yeah, i'd like that. who are you talking to? uh, it's jake from state farm. sounds like a really good deal. jake from state farm at three in the morning. who is this? it's jake from state farm. what are you wearing, jake from state farm? [ jake ] uh... khakis. she sounds hideous. well she's a guy, so... [ male announcer ] another reason more people stay with state farm. get to a better state. ♪ ♪ >>> welcome back to "squawk box" and the headlines this morning. mortgage applications fell to a record low. applications fell 6.3% last week as mortgage rates fell. s&p 500 companies bought back more than $128 billion of their own shares during the third quarter. s&p dow jones indices which compiled the figures said that's the highest level since the fourth quarter of 2

for details, visit vwdealer.com today bny mellon combines investment management & investment giving usttract the industry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. >>> welcome back. moviegoers will get nice presents on christmas day with a number of films in theaters, they include the "wolf of wall street" "grudge match" secret life of walter mitty. our next guest is interested in those films because he's in a unique space, runs the largest related entertainment [ inaudible ] joining us from kansas city is property and ceo and president david gray. thanks for being here. >> good to be with you. >> i'm curious to what extent you think the consumer is still spending at theaters is going to go to these movies tomorrow and what that means for your company? >> they're going to go, we hope and expect, spending very well. this year has been a great year across the entertainment recation space. skl our portfolio. a great year at the box office. box office starte

there's a weekly poll of active investment managers who say they're 80% invested o. 90% or whatever. for the first time ever they reported a 104% invested. that means more money in the mark than they have under management, they're borrowing a bit. in the fund, people can buy long and short funds and buy leverage funds. they can be 200% long or 200% short. when you look at the amount of money in the leverage long fund, it's 12 times than the leverage short fund. anddebt is at a new all-time high, and that's masking some of the debt the public is going into because they're buying -- >> robert, you're saying they're too much giddiness to the point that professionals are borrowing to go long, and even individual investors so we set up the perfect storm for the perfect crash which will land us where. >> the market is actually slowing. not people know this because the momentum of optimism is increasing but if you work a 26-rate of change on the s&p and the -- >> robert, we have 30 seconds left. the dow is up 72, we're at 16,570. the market is rocket ago to the upside. you're known for your

bny mellon combines investment management & investment servicing, giving us unique insights which helptract the industry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. see who does good work and compare costs. it doesn't usually work that way with health care. but with unitedhealthcare, i get information on quality rated doctors, treatment options and estimates for how much i'll pay. that helps me, and my guys, make better decisions. i don't like guesses with my business, and definitely not with our health. innovations that work for you. that's health in numbers. unitedhealthcare. where does the united states get most of its energy? is it africa? the middle east? canada? or the u.s.? the answer is... the u.s. ♪ most of america's energy comes from right here at home. take the energy quiz. energy lives here. ♪ >>> with christmas right around the corner, i want to make it easier for you to give your kids the gift that keeps on giving. stocks. pick the right ones

bny mellon combines investment management & investment giving us unique insights which help us attracttry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. where does the united states get most of its energy? is it africa? the middle east? canada? or the u.s.? the answer is... the u.s. ♪ most of america's energy comes from right here at home. take the energy quiz. energy lives here. >>> you're in luck, because you caught cramer on a good night. i'm not going home to sip that cheap scotch on my dirty linoleum floor. and by the way, i apologize to doers which i once suggested was linoleum floor scotch of choice. i'm in a great mood. maybe a manic mood, which is me at my best. let's say i'm pretty darn productive when i'm in high gear, i'm revealing many of my secrets in method to my madness. pull out your pencil, maybe some paper. start jotting things down. because what i'm about to tell you could be incredibly useful. better than giving you stock picks, giving yo

investment management combined with investment servicing. bringing the power of investments to people's lives. invested in the world. bny mellon. >>> well, it was a year ago today that bill ackman laid out in a presentation why he believes herbalife is a pyramid scheme and the stock would go to zero. since then the stock has soared 136%. >> i told carl after the whole thing, he called me up and literally said, bill, we can be friends now. i wish i had a recording in the conversation. i simply said to him look, carl, you are no friend of mine and that was it. every time he goes on tv, i'm going to defend myself. >> i never said i want to be friends with you, bill. i wouldn't be friends with you. >> okay, carl. >> you said to me you'd like to be friends so we can invest together. >> you think i want to invest with you? >> i wouldn't invest with you if you were the last man on earth. >> that was right here, you know. i'm sitting in that chair over there. >> i love that interview. that was like the best thing our network has had in years. i'm no

he's managing executive of investments at pnc asset management group. so jim, we end this year obviously on a very high note, but when you're this high up, it makes you wonder how much higher can stocks go in the new year. >> well, that's the question on investors' mind these days, suzy, as you said, but certainly santa has delivered. ended up the year with an up day today. we do believe this santa claus rally which will go through the first couple of days of january will continue. on the backs of very strong economic data. >> so what is your outlook for 2014 in terms of how much the major averages could go up? i mean, you're coming off a really strong year, up 30% or so. >> as you say, we have benefited from the asset purchases of the federal reserve over the last couple of years, but particularly in 2013, we'll see almost a plus 30% year on the s&p. if you include dividends, not likely we'll see that in 2014. we're more in the single-digit range, something in the 8% to 12% range, depending on how earnings go. but it will be a month year for equities,

investment management combined with investment servicing.e power of investments to people's lives. invested in the world. bny mellon. afghanistan in 2009. on the u.s.s. saratoga in 1982. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation because it offers a superior level of protection and because usaa's commitment to serve current and former military members and their families is without equal. begin your legacy. get an auto insurance quote. usaa. we know what it means to serve. you can fill that box and pay one flat rate. i didn't know the coal thing was real. it's very real... david rivera. rivera, david. [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. >>> and a recap of the headlines. ski wear makers big jump, moncler jumps. its shares getting more than 40%. >>> asian shares dip as china's pmi drops. it is a big divergence between germany and france. >>> and taper talk keeps up with experts predicting a reaction in the markets regardless

bny mellon combines investment management & investment servicing, giving us unique insights which helpindustry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. >>> you might know security company rsa, the company that makes these. the new report suggests they allowed nsa to install back door encryption software. e-mail e-mailen . >> it's definitely a serious allegation. this is a complicated story with big stakes on all side. rsa is pushing back from a reuters report on friday. in that report reuters said the rsa security company had a $10 million contract with the nsa. as part of that contract, what rsa did was allow and allegedly nsa influenced encryption key to be part of its suite of products. the whole reuters piece in general portrayed this as part of an overall nsa effort to undermine broad public encryption so nsa could crack into any secrets protected by that encryption. rsa is pushing back against that story telling us this contract was, in fact, not

investment management combined with investment servicing.ringing the power of investments to people's lives. invested in the world. bny mellon. >>> this is "worldwide exchange." i'm ross westgate. these are the headlines. watching and waiting. few investors think the fed might make a move today. but they're not completely ruling it out. >>> the banks of england warns on a surprising lack of growth, but unemployment figures surprise to the upside. the biggest fall in total unemployment since 2000. meanwhile, the german economy is in a festive mood. it shows expectation improving. and india's central bank defies expectations for a rate hike. to try and bring down soaring inflation. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> if you've just joined us, thanks for tuning in to "worldwide exchange." the fed is front and center today. ahead of that, u.s. equities are showing us that we might open to the upside today. the dow was down 9 points yesterday. we're currently some 60 points abov

bny mellon combines investment management & investment giving us unique insights which help us attractbrightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. >>> welcome back. social media giant facebook offering up 70 million shares. stock down about 1%. not as bad as it was doing in the premarket now that it is open for trading. it's set to join the s&p 500 so dilution today will be set for demand tomorrow. do you find this to be good timing? >> i think it's great timing. if you do the math, the delusion fr -- dilution from this offering is around 1%. so even without it being included in the s&p 500, we think this is a very good deal for investors still. >> zuckerberg is going to take profit on about 9.9 million of the shares that he's selling. it stills owns about 62% of the voting rights. what do you make of the optic to this. are they worrisome to you? >> it's always nice when the founder or the largest shareholder is selling in conjunction with the company and the

investment management combined with investment servicing. lives. invested in the world. bny mellon. ♪ i want to spread a little love this year ♪ [ male announcer ] this december, experience the gift of unsurpassed craftsmanship and some of the best offers of the year at the lexus december to remember sales event. this is the pursuit of perfection. >>> as we wind down 2013 we're taking a look at stories that heat up the marketplace in the last 12 months. investor carl icahn kept things entertaining not only with big bets that paid off but fights with the rivals. >> reporter: from dueling with dell -- >> they actually go out and scare their own shareholders. >> reporter: to agitating apple. >> it's an absurd price relative to the market. >> reporter: no investor has roared louder this year than carl icahn. the activist arguing for change at business after business. >> he's certainly the most vocal. you know he has a very big microphone. he's taking on the world's richest and most beloved companies. >> reporter: but one of icahn's biggest battl