this is the first neg deck hearing the board had since the neg deck appeals began. sequa requires an appeal to the elected legislative body when a non elected body adopts the neg deck. the adoption of a neg tchb declaration occurs when the city proves the project itself and since no other body has yet approved the project, the board is the first decision making body that will approve the project and adopt the negative because the board is the elective decision making body there is no appeal prided to the board in sequa. the item is included on your calen deder as a separate item to allow the public to testify on the negative declaration and provide the board the ability to hear the item. if the board determined the neg deck wasn't adequate the motions on the calendar also allow the board to provide spinge direction on how to fix the environmental review or augwant the environmental review such that the board find it adequate and objective. but, putting it on the boards calendar as a separate matter isn't necessarily legally required. it could have been folded into t

up to 2 meant for public commenters to speak in support of the issuance of the negative declaration and finally, curve will have up to 3 minutes for a rebuttal argument. with that, i will ask members of curb to come forward for their presentation. >> we are just going to set up a powerpoint while i get started. good afternoon supervisor squz members of the public. my name is lisa [inaudible] coalition on homelessness and we organized along side a larger coalition made up of organizations throughout san francisco and some individuals who oppose the jail rebuild as it has been proposed. curb, californias united for responsibility budget is a state wide coalition that provided infrastructure but there isn't one organization that is behind this, it is very broad based and many organizations. in fact, a broad-a copy of our most recent appeal to the [inaudible] as well as about 200 cosigners, i would like to submit that to you so you have that for the record. there are many organizations and hundreds of other san franciscans who stand in opposition. what we have been in active struggle with i

in the prelim near neg tsk deckler aiz they state the project is a maex mm security facility compliant with codes and standards, however when you look that state regulations defined by [inaudible] section 1231 [inaudible] clearly states that outdoor exercise area or areas must be provided in type or 2 or 3 facilities. according to what the plans for the rdf are, this would codify as a type 2 or 3 facility. we believe it is type 2 because it is a promimity to the court house. if you look that definition here, type 2 use for detentions of persons pending arraignment after arraignment or pending [inaudible] type 3 is local detention facilities used for sentence and convicted persons. type 1 which doesn't necessitate exercise space is just for people on arraignment. this is not a case for maximum security facility. as shown in the reliminary negative declaration and appeal by the planning department they clearly state that the exercise areas provided are defined as interior spaces and they say that multiple times. you see where it is highlighted. interior exercise classroom space. the sher

this is the first neg deck hearing the board had since the neg deck appeals began. sequa requires an appeal to the elected legislative body when a non elected body adopts the neg deck. the adoption of a neg tchb declaration occurs when the city proves the project itself and since no other body has yet approved the project, the board is the first decision making body that will approve the project and adopt the negative because the board is the elective decision making body there is no appeal prided to the board in sequa. the item is included on your calen deder as a separate item to allow the public to testify on the negative declaration and provide the board the ability to hear the item. if the board determined the neg deck wasn't adequate the motions on the calendar also allow the board to provide spinge direction on how to fix the environmental review or augwant the environmental review such that the board find it adequate and objective. but, putting it on the boards calendar as a separate matter isn't necessarily legally required. it could have been folded into t

typically -- >> negative quarters -- >> negative quarters and near zero quarters which we also missed in that chart. i would be interested in your perspective, given these anemic gdp numbers when you compare a 2.25% growth since 2009 and your own acknowledgement that that's a percentage less than the 25 years preceding the great, this is the more accurate slide by the way, which does show the negative growth in some quarters. given that anemic growth, 2.25%. you compare the deregulatory lower tax requirement in the 1980s where we had 4.8% growth. do you think that dodd-frank has lifted the economy? >> i think that dodd-frank has led to a stronger and more resilient financial system. the years that you showed on your previous graph that were negative and year-over-year negatives that was what we suffered in the financial crisis, a huge loss in output and in jobs. and to have a stronger, more resilient financial system, means the odds of such a devastating -- episode is dramatically reduced. >> the chair recognizes the gentleman from washington, mr. heck. >> i'm scott wopner live from d

gram-negative bacteria. that armor makes it veryve difficult for normal antibiotics to get into the bacteria and to kill it. >> so miss addie... >> so stenotrophomas is incredibly difficult to treat because it has that serious body armor surrounding it. >> are you guys going to come out and go that way? okay. >> narrator: the ability of gram-negatives to aggressively fight off antibiotics was now playing out in addie. >> hold the phone. >> she was first put on one antibiotic that's good for stenotrophomonas, and it worked for a while. and then guess what, the antibiotic doesn't work anymore. let's give her a different one. well, then it would, you know, work. a couple weeks-- three weeks-- and then the stenotrophomonas would sort of like bloom back up, rear its ugly head, so to speak. >> and you're doing great! you are. >> finally one day they said something i never thought i would hear. the stenotrophomonas is pan-resistant, "pan" meaning resistant to everything. like a panorama. >> narrator: addie and her

this question of the normal sequence of neg deck and sequa review. i know we see things when they are on appeal and later in the process, but is this completely out of sequence for a normal process? >> the approval definition in sequa may mean the sequa durmt has to be completed earlier in the process or later in the process. what is happening here is because of the proposal that was submitted to planning they conducted a negative declaration, the analysis for the project. this resolution contains commitments to construction and construction documents and site control so that at least for sequa purposes, it is defined as a approval action and the sequa document needs to be complete. when the project subsequently am come before the city, all the approving bodies including the board if the comes back thothe board would have to look that negative declaration prepared now and ascertain whether the analysis continued to be valid for the project if it changed in the future and chapter 31 contains a process for that and in approving any aspect of the projec

the-this negative declaration process we are going through is where we started. it is to me very unusual what is presented in terms of the sequence, but i get the logic of what is going on with that in regards to the general project description that they are working the determination off of and if it were to go beyond the scope it would have to probably do another one. if it is smaller than the scope it makes sense this would be it. so, in regards to supporting the staffs recommendation i will support it. in regards to funding the state funding that is tied to this whole issues, i came in and still believe that we should apply for the state funding just in the event we do determine in the year or 2 we still need another jail to replace what is existing. i also heard many of the comments from not only today but the other day at the hearing, people from the community saying we need to invest in alternative solutions to incarceration. i believe that we need to really continue providing funding and resources so that we can reduce hopefully in a year or 2 we see a sig

believe this is consistent with the prior board of supervisors such approval is contingent on the negative declaration and monitoring in the program. >> thank you, mr. rose colleagues, any questions for mr. rose seeing none, we'll open up for public comment i have speaker cards and if your name is not called please feel free to line up when i call your name line up against the far wall everyone has two minutes (calling names) sir. >> hello supervisors good afternoon you the public will never approve bones for this project basically, the public is almost completely urban aware of what the board of supervisors what your committee is doing, what the chairs are doing you're spending $240 million right now and according to our own figures you'll spend over $550 million over half a billion dollars on this jail project without the public really knowing what is transpiring in the meantime does the san francisco even need the jail in my opinion no according to the sheriff our jails are half empty as far as the as far as the mitigated negative declaration that will not hold up that will be changed a

commission president has been very negative. you can can't their looking for a little optimism and can say what the wrench prime minister said debt relief should not be taboo but in the kfings and it was called unaccept for being called terrorism and what he said yanis varoufakis is what they were doing. brendan: and hanging on was an interview that thomas did and pointed out germany got its own debt relief in 1953. did that change anything in your berlin? hans: historically accurate but practically not helpful. if you want to convince the german public to do a sort of dead profiling and reminding them about 1871 or world war ii is not going to be positive so it was met with a shrug. a lot of what merkel is saying has been very consistent. she's willing to help and extend a hand but has to be tangible evidence greece will implement those reforms before there will be any release of funds. there will be no unconditionable money. vonnie: any word increasing things on greece making it difficult in terms of collateral rules. they see

you will likely see a flag to not negative gdp, and earnings have yet to be negative. be positive for the current quarter. tom: you do not specifically talk commodities, but it is in an opportunity in mining stocks, particularly gold miners? tony: there is an opportunity because pessimism is so pervasive. however, this is human nature. when something gets a huge value -- remember when gold was ripping? one of my favorite cult was to be negative uncle because there were five gold shows on "discovery." [laughter] tom: no, it is true. tony: "gold rush: alaska," "jungle gold." anyway, i digress. human nature does not change. you create an oversupply situation with something gets too much value. brendan: i like is the next because it also called for the housing market. tony: how about energy? you had workers on oil rigs on discovery. vonnie: you have a sixth sense because we're going to go to oil. tony: no i just watch too much tv. [laughter] vonnie: this is on oil. thank you for tweeting and. watch for asia. tom: this is a very important thing. watching and waiting is the

we are looking at a dell -- dow negative for the year. joe: amazing week and another huge day in europe. yesterday we saw gains at 2% and 3%. we saw them again today. very exciting final day of the week. alix: janet yellen had a speech at the city club of cleveland. i was taking a look at what they were doing. expectations for rate increases in september increased. that was interesting. joe: it was made clear hike was coming but it was interesting there was no major market reaction one way or another from that speech. it landed very quietly like she probably wanted. alix: maybe because people were on vacation. i want to take a deep dive into my terminal and take a look at what the iea is afraid about. a lot of people talk about how bearish they were. this chart shows you non-opec crude oil production. that is the u.s., russia, mexico. you're looking at 57 million barrels of oil a day. almost double what opec produces. the iea says that will stop growing. mexico will have negative supply growth, as well as norway in china. more pressure on

so while all three elements were negative and jarring, they were only negative and jarring to specific owners. maybe not you. maybe nobody else. the woods were darker and scarier than usual. that, not the actual facts created the big sell-off. the sense we were lost in the woods obscured the opportunities to come back from a marketwide pullback, namely declines in stocks that have nothing to do with the three approximate causes of the sell-off. i make it clear on day one like monday, i told you everything was going to go down. said that on "squawk on the street" because of this woods effect. day two, yesterday, i said we would get certain clearings, meadows where we see opportunities. this time investors realized that domestic retailers and biotechs had nothing to do with greece china or puerto rico. they've gone down as much as other stocks in some cases more. nice gains were available in those groups for anyone brave enough to take them. today's day three. on day three not only did we see the folly of selling everything off on those worries, but we recognize the scariest outcomes in

which goes negative because of the bookings on the top line.come to the end of june, that last week, which he tsipras announced the referendum and the banks were closed, you get the acceleration in the bookings and it stays elevated through the first week of july when we had the referendum pending and we had the cancellations come back to normal. through the standoff. ultimately the resolution. two things to point out, the first is that the cancellations never reached 100%. they were never double what had you last year. that's good news for the greek economy, given that 20% of its gdp is based in tourism. it may than those that travel to greece internationally, which is probably booking.com's main pull were pretty much aware of the risks they were taking when they booked greece. or the belief when the banks are closed. it's quite a good place to go to. >> greece is a very small market. don't take it out on that stock. >> let's all go to mykonos. how could you not be there? >> the cocktails will still be $25 apiece. >> you have to dance, kayla.

saying the negatives are priced in.t to more supportive policy from the chinese government. construction of new projects slowed. >> i wonder if they factored in a 40% drop in the shenzhen index. are they looking at that as a wealth effect? we'll see. >> stock number three, lululemon. gugenheim naming lululemon, lots of bang for your buck. they see underlying momentum and comp store sales growth. it should be good. their target $80, about 20% upside. >> athletic wear the golden children within the retail index. lululemon, nike under armour done well. >> advanced micro devices. sitting on a 2 1/2 year low. earnings would be weaker than anticipated because of weak pc demand. it's down 16%. pacific crest is piling on saying it sees downside to $1.70. saying new designs are not winning new customers. >> you used to need a new computer every three year because of processing capability. now you can run a 5-year-old computer and it runs fine. today's under the radar number ophthotech corp. working on cures for eye problems. cow

i i'm here to oppose the negative declaration and in opposition of san francisco k34i789 $24 millionf taxpayer money for applyingfor a jail loan from the board of during the course i work with trans and non-conforming people of color on bryant i'm aware of the conditions been terrible given the points mitigated with negative declaration conducted on the project there are flags about the rebuild jail construction plan as it stands will violate the bs cc building regulation and results in the recreation of states funds when thinking of the people that t.j. i serve primarily transgenders and people of color we're talking about a vulnerable population the black population in san francisco and the population is 4 percent black in the jails they've released the report black people will be 7 times more in jail and trained women will be incarcerated at some point if their life transgenders are vulnerable and jail is no place for them they deal with the stress in society as well within those facilities i urge you to consider our appeal to construct no build options and trains women need a pla

however, the intensity is negative. and that stands in contrast to some of the school choice items we ask about where we see the positive margins as well as the positive intensities. and so then we asked about testing. pluralities, subgroups of school parents say too much time spent on standardized testing. and that is up significantly since last year. here's the outline of the topics we'll cover for the rest of the presentation today. from the more general to the more specific. we'll talk about the direction of k-12, rating the federal government's performance on k-12 education and schooling issues. school type preferences for the total sample for school parents. why would they choose one particular school type versus another. and then we'll go through some charts about this school choice reforms and then wrap up talking about common core, standardized testing, as well as the state intervention in low-performing schools. here we see some of the trend lines for the general public's views on k-12 education. the red line

one of the negative impacts of that occurring across the board not just for ccas, a lot of time you go to the tier users, paying a lot more and do energy-efficiency work. it can go for higher or more expensive products that they can utilize to reduce their usage and do behind the meter solar. adu you have reduced that down a little bit and make it left cost competitive for solar and behind the meter efficiency work to occur. once again, that is a problem that will be seen by cca and pg&e customers and doesn't directly impact cca, but if one of our bools is to did a lot of energy offense behind the meter type of work, there could be a small negative impact. tier 5 customers in the city, last time i saw the numbers were 5% of the load. you are not talking about a lot of customers that this would impact. so i think it's something to be paying attention to. there is also a state legislative bill by assembly member tinge, ab 1110, could have have negative impacts on how greenhouse gas get reported. some of the behind meter solar rooftop may not be counted as greenhouse gas-free. i know the

we have a thick book but those are some of the provisions where a negative declaration is concerned. the standard of review is whether a fair argument has been made or can be made that there is a significant unavoidable environmental impact from the project and sequa defines a fair argument as based on substantial evidence in the record of a physical impact. >> to go back to the stable description issue that i brought up the stability of the project description, maybe you can clarify this for me. i am looking at the county of [inaudible] versus city of los angeles case that stated interpreted the national environmental policy act stating a accurate stable finite project description is a essential element of a legally sufficient eir under sequa. i know this isn't a eir but i come back to the question of how can we approve any type of environmental determination when all is no project before us. usually we get a complete project and there is planning around height, density and bulk. we have this vague project before us they are approving after we finish this suposeedly. how can we have

mexico will have negative supply growth as well as norway in china. more pressure on saudi arabia and saudi arabia is getting maxed out. huge issue for 2016. i will take the overage and say it will rise again next year. to talk about greece and deep dive into the terminal to look at the greek etf's. the market has not been trading but there is an etf, trades in the u.s. that track rake stocks. anyone who is trading this is the same gambler who wants to have big moves. after the referendum we saw this huge crash on the day after the referendum but it has made an extraordinary come back and regained 80% of its losses. despite the fact there has been no underlying trading in athens. one fun proxy of looking at greece. alix: i want to talk more about greece. our guestned by -- begin the term grexit. joe: this is like having a legit celebrity. it is unfortunate it is a much in the news. we will not have the final resolution this week. we are just about to see another deal being struck which will do a little more than kick the can a little bit further down

it rules in a whole new negative coloration i'm about to go. in short, there's a heightened risk of a further rollover here. but this kind of sell-off will give you an opportunity to buy high quality stocks at bargain basement prices because the risk is not systemic. it's cyclical. a general feeling that we're teetering, hence the notion that we're topped out for now. here's how i want you to think about china. i want you tow this i of it as -- to think of it as the new greece and the possible woes of the most populous country on earth. you know what i mean. greece held europe hostage 770 million. and let's look at the earnings calendar on the off chance that what companies say might actually matter as opposed to what happened today. hey, but it can happen. look at amazon visa starbucks their stocks did go higher. they might be the place to be. the problem of course is those three were about the only ones that went higher. any more amazons, visa or starbucks on the horizon? i don't know. looking at though, let's see. we get results on monday fr

to the community or negative to the businesses or negative to the sourndz then tonsillitis that's not the right project it is the right project for mobility as well as the context of being here ♪ great location of studio presidio we celebrate this significant e significant milestone thank you to everyone and after another extended closer that was completed of the 79 hours that recommends me of the 55 hour closer we have traffic on to ultimate reside and it is a drastic change if you've not a had a children. >> to drive on it i want to thank iron and hewitt on the concessioner for the work i've been talking to peter they went into the weekend with 8 hours and i want to thank flatiron and keeping you informed witness and all the men and women who worked with that organizations for they're successful work for the past weekend if you could give them a round of applause (clapping.) several of my team members have been highlighted and i certainly want to thank b june and his entire staff but i always want to put a point on the team in our organizational of public and private partnerships ch

it sounds negative, propaganda. and it certainly could be negative, right?hink of an enemy or some of the in opposition of you putting out misinformation or lies. during world war ii, the enemy of the united states, the axis, did use lots of propaganda. be not sees especially -- the nazis especially were well-known for their propaganda in their country. but today, though we are talking about the home front and propaganda used by the united states to support the war effort. and as such, you have to keep in mind that really propaganda is many things. what it is is a deliberate dissemination of information and/or ideas to aid or harm individuals or nations. so it can be positive, right? positive -- it can be a positive thing. normally it is designed to appeal to emotions, to cultivate desired opinions, and positions. playing on your emotions, taking a feeling and turning that into a way of getting you to think a certain way. but it also can be just a motivational tool used to elicit action and those already in agreement with your position. kind of like a coach

however, the intensity is negative. and that stands in contrast to some of the school choice items we ask about where we see the positive margins as well as the positive intensities. and so then we asked about testing. pluralities, subgroups of school parents say too much time spent on standardized testing. and that is up significantly since last year. here's the outline of the topics we'll cover for the rest of the presentation today. from the more general to the more specific. we'll talk about the direction of k-12, rating the federal government's performance on k-12 education and schooling issues. school type preferences for the total sample for school parents. why would they choose one particular school type versus another. and then we'll go through some charts about this school choice reforms and then wrap up talking about common core, standardized testing, as well as the state intervention in low-performing schools. here we see some of the trend lines for the general public's views on k-12 education. the red line

it may be actually negative by the end of the year. iran's supply, let's see what these guys can actually do. i think it's probably already out there in the market. iraq is the big concern. saudi arabia said that they won't -- not necessarily not cut. they just won't cut alone. so all opec has to do is come in here and do something. if they've got someone else on board. but to play for oil going to a disastrous end here i think it's very late in this trade right now. >> so is it time to buy enp companies degraded? >> the safest place to me would be either in the highest quality enp, anadarko, or a hess which has got a little bit more of a diversified model. i think these are companies that are 40% through the 200-day moving average. this is not where these things should be trading. i think this is, yes, an interesting longer-term opportunity for sure. >> i want to ask b.k. about some of the other commodity-related plays. i think this is an old girlfriend of tim's. decade low in vol. got crushed today after being -- >> after being down

it sounds negative. propaganda. it certainly could be negative right? you think of an enemy opposite to your out disinformation or lies. during world war ii, they did use a lot of propaganda. the nazis were infamous for their successful propaganda in their own country. today, then, we are talking about the united states to support the war effort. as such, you have to keep in mind that propaganda is many things. it is the deliberate dissemination of information and ideas to aid or harm individuals or nations. it can be positive. right? top again it can be a positive thing, it is not always a negative thing. normally it is designed to appeal to emotions, to cultivate desired opinions and positions. it takes your feelings and turns it into a braid to get you to think a different way. and can also be a motivational tool used to elicit action. like a coach talking to their team. getting them pumped up to talk to their team. empathizing. of course, it can be very negative. even looking at the propaganda used by the united states at times. you can also use fea

however, the intensity is negative. and that stands in contrast to some of the school choice items we ask about where we see the positive margins as well as the positive intensities. and so then we asked about testing. pluralities, subgroups of school parents say too much time spent on standardized testing. and that is up significantly since last year. here's the outline of the topics we'll cover for the rest of the presentation today. from the more general to the more specific. we'll talk about the direction of k-12, rating the federal government's performance on k-12 education and schooling issues. school type preferences for the total sample for school parents. why would they choose one particular school type versus another. and then we'll go through some charts about this school choice reforms and then wrap up talking about common core, standardized testing, as well as the state intervention in low-performing schools. here we see some of the trend lines for the general public's views on k-12 education. the red line

entertainment it is for july 16, 2015, and item 2 for case e at bay street a appeal of a primary negative declaration is proposed until august 6, 2015 and item 3 capital avenue conditional use authorization is proposed for continuance until august 16, 2015 i i have no speaker cards any public comment on item the items proposed for continuance? okay. not seeing any public comment is closed. >> commissioner antonini move to continue items 1, 2, 3 to the days proposed. >> on that motion commissioner antonini commissioner johnson commissioner moore commissioner richards commissioner wu and commissioner president fong so moved, commissioners, that motion passes unanimously 6 to zero and places you under commission matters for the adaptation of draft minutes for june 21st, 2015. >> any public comment on the draft minutes not seeing public comment is closed. commissioner wu. >> move to approve draft minutes and second. >> on that motion commissioner antonini commissioner johnson commissioner moore commissioner richards commissioner wu and commissioner president fong so moved, commissioners, that

dow now in negative territory for the year. all the gains. >> those that already reported today, today marks the busiest day of the earnings season. amazon starbucks and visa amongst those reporting within an hour. we'll preview the numbers and watch them deliver those results here on cnbc. can it make a dentist appointment when my teeth are ready? ♪ ♪ can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight attendant to please not wake me this time? ♪ ♪ the answer is yes, it can. so, the question your customers are really asking is can your business deliver? here at td ameritrade, they work hard. wow, that was random. random? no it's all about understanding patterns like the mail guy at 3:12 every day or jerry, getting dumped every third tuesday. this happens every third tuesday. we have pattern recognition technology on any chart, plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. for all the confidence you need. td ameritrade. you

the way you've put, it everything is so negative. it's too bad that she mentioned only the negatives. don't want to mention all the positives. >> playing rough. now you might think i'm going to throw the penalty flag on trump, but, no katy tur peppered him with tough questions, he's entitled to push back hard. sometimes he got a tad too personal. the nbc reporter handled it just fine and the way they butted heads made for a revealing interview, more so than if it just been a series of oh, so polite questions. all right. still to come your top tweets. sanjay gupta mired in confusion as the media outlet questions his story about brain surgery in nepal and the simpsons play a little politics. "buzzworthy" is still ahead. >>> sanjay gupta went to nepal after an earthquake two months ago and the doctor reported on cnn about his life-saving efforts. >> they just have more patients than they can accommodate which is why you've jumped into action. tell us about this little girl that we're seeing on the screen whom you just performed brain su

i think that is a negative for the euros which is a negative -- that of course, as you imply could hastenhe move towards grexit. financial touple touche and's have it up to 75% that they could leave the euro. al couple of financ institutions have it up to 75% that they could leave the euro. todd: it is clear much of europe once that to happen. it is clear the greek public favors savoring -- staying in the eurozone. will see efforts by greek authorities as well as the eurogroup to reach a solution over the next several days. as we have seen over the past several months, it is difficult for greece to find a common ground with its creditors. i think there is a bit less confidence at this stage and tovestors have moved price in a slightly higher risk of grexit. it is all about the euro, is it not? where does it go, actually? todd: i don't think it is all about the euro. it raises volatility across asset markets. that is going to have a wide would print in terms of currency performance. the yen is going to strengthen and the pound. non-dollar safety even currencies. -- safe haven currencies. t

it has negative implications. it is negative for the shale industry. financial accidents is going to be default rates. they have issued high-yield bonds. we are going to see further cutbacks and the major losers are going to be those areas losing money with oil prices below 50. >> if it's not time to go bottom fishing yet, is it really time to make the consolidation yet? the lake consolidation we have bp.hell and was it too early to make the move shell made? about increasing so a combined company would be the biggest producer in the world. company no other gas for sale. nobody is going to buy gas from it. consolidation is going to be more in north america than europe and among the majors. >> yesterday i had the same conversation. it makes sense. if i am an investor i am looking at what they paid a couple months ago. are we still thinking maybe they are paying too much for this company? >> it really depends. has an influence on the gas price as well. we have iran very likely returning to the world stage. have two point 6 million barrels of oil productio

as you can see there, it's seen both negative, deep negative territory, just to get back to maybe flatn the session. and of course this stock, melissa, remember, last october 98 bucks a share. back in march it was around $37 per share. and now it trades to do 62 today. it's been a roller coaster ride for sure. back over to you, guys. >> just to be clear, no guidance yet? >> no, we have not heard anything just yet. but again, you've got jack lazard, the cfo, tony bates the president and nick woodman kind of all present in some way, shape, and form in this call. >> dom chu, thanks so much. so far woodman giving his vision of the company. no guidance yet, although michael factor of wedbush writes us and says usually the guidance does come on the call and he expects the stock would trade higher even -- >> in the stock's defense the stock rallied 20% into these numbers. it's trading at 70 times earnings. so if you you believe it's a hardware company you sell it here and you sell it because they only grew 7% sequentially quarter over quarter even though 6% up on the year. he's talking about

suddenly people who had been negative on the stock had their eyes open.nd decided well they had to own shares of panera. just on that one line about panera 2.0. plus 10% of panera shares fell short -- kpd panera vaulted $15 or 8%. it wasn't a better tasting role that did it it was the low expectations that were beaten. buffalo wild wings even crazier. here's the situation with the big boys. investors didn't care about dwd at all. 13% of the stock was selling short largely because people thought rising wing prices would kill profitability and the charts were hideous, it was the definition of low expectations so when sbuflbuffalo wild wings reports, guess what they mentioned that same store sails are getting ever so slightly better, something not in the poor expectation script at all, the stock rocketed $18 nearly 11%. it's not counter intuitive unless you put it in the context of expectations. i don't think either of these moves would have occurred if chipotle didn't get all sorts of love on its way up in the last quarter. the managers in some of these com

because negative quarters are ly --quent, typical rep. rothfus: negative quarters which we also missed in this chart. given these anemic gdp numbers, when you compare to grow since 2009, you acknowledge that is a percentage less than the 25 years preceding this. this is the more accurate slide, which does show the negative quarters. growth, 2.25%,ic can you compare the deregulatory environment in the 1980's where we had 4.8% growth, do you think dodd-frank has helped the economy? janet yellen: i think not frank has led to a stronger and more resilient financial system. -- dodd-frank has led to a stronger and more resilient financial system. years that you showed on your previous graph that where you're over your negatives was what we suffered the financial crisis. it was a huge loss in output and jobs. to have a stronger and more resilient financial system meets the odds of such a devastating episode. >> the time of the gentleman has expired good the chernow recognizes mr. heck -- the time of the joan and has expired. the chair now recogn

all of these negative things that really don't exist. betty: when we come back, arnold donald takes me on a tour of the breeze to show me why carnival is the king of cruising. later, richard fain of royal caribbean pulls out all the stops on their latest ship. he's out to prove that in order to pull ahead of the competition, it's go big or go home. richard: i got you! [laughter] richard: they want the biggest and the best, and this is the biggest and best cruise ship out there. ♪ betty: have you been on every single one of your 101 ships? arnold: no, i haven't been on every ship yet. but i've been on quite a few. betty: when you walk onto one of carnival's fun ships, you notice are the amusement style attractions. it's like a county fair on water. after you dry off, it's time to take in some extravagant, vegas-style entertainment. ♪ ♪ >> put your love to the test betty: and then it is off to a meal fit for a queen or king. and you can burn the calories off all in the same place. arnold: we have personal trainers that consult, also dietit

you agree the chart does not show the negative quarters. >> i don't see the negative quarters. your label says year over year. >> but you see more than four or five years between -- more bars that would represent -- >> year over year often means the fourth quarter of one year over the fourth quarter of the previous year or the third quarter over the third quarter of the previous year, and because negative quarters are infrequent typically -- >> negative quarters and near zero quarters which we also missed in that chart. i'd be interested in your perspective when you compare 2.25% growth since 2009 and that's a percentage less than -- this is the more accurate slide which shows the negative or near zero growth in some of the quarters. given that near anemic growth and you compare the lower tax environment in the 1980s where we had 4% growth. do you think dodd/frank has lifted the economy? >> i think dodd/frank has led to a stronger and more resilient financial system, and the years you showed on your previous graph that were negative and year over year negatives that was what we

as an aspect of being negative.n there's also weakness in pcs which amd underscored with yesterday's preannouncement. what do you own here in this space? you cover the space. is there a stock you can actually recommend given these three major concerns? >> yeah, we like companies that are enjoying higher dollar content. so companies like skyworks and corvo who are seeing a doubling or tripling of their content, whether it be in china or globally, smartphones are still growing but if you can add to that a doubling or tripling of your dollar content then you've got some security. we also like things like texas instruments that are extremely diverse, not as consumer levered, more industrial aug automoti automotive, customer concentration not so severe. >> cody, thanks for your thoughts. appreciate it. cody ackrey of ascendant capital. i did not hear from cody, karen, micron technology. >> no, i didn't. clearly -- >> which was on our screen of stocks that had lots of sales to china. >> the stock, though, had a horrible e

their outlook for the industry in that country saying full-year vehicle sales could be slightly negative as china's economy slows down. >> ford is not cutting production or sales targets for that country. primarily because it's strongest in smaller cities in western china where demand is still robust for cars and suvs. >>> strong sales in china made volkswagon the strongest ever. it now accounts for a third of vw's total sales. >> chinas market closed lower today, but not as shashlly today, the composite fell 1.7%. one respected wall street watcher who called the bottom of the shanghai composite in 2013 says the move in china mirrors the u.s. crash in 1929 and he expects the index to decline even further. >> although chinese basedas stocks are not widely owned, there are a lot, 144 to be precise. and it has hit these stocks hard e rating some $140 billion worth of paper wealth. here are the companies that lost the most market value. more than 7.5 billion down jd.com 4.5 million lower. vip shop. >>> so as the economy slows, chinese consumers are spending a lot less. as court any reagan re

and the years that you showed on your previous graph that were negative and year over year negatives that was what we suffered in the financial crisis a huge loss in output and in jobs. and to have a stronger more rusilient financial system means the odds -- >> time of the gentleman has expired. the chair recognizes the gentleman from washington mr. heck. >> thank you, mr. chairman. and thank you so much for being here. i'm aware there's an accumulating amount of research and scholarship, matter of fact kind of tracking the long term decline of entrepreneurship and business formation. fewer businesses are being started and fewer are living past the five -- surviving past the first year. as we all know there's a declining number of community banks in this country. my question to you is what can you do, and what can we do to help community banks serve their local economies? >> well community banks are really vital to local economies. i've seen this first hand when i was in san francisco and president of the reserve bank there. it's something we're very focused on at the federal reserve