pepsi, sotheby's, coke if you want. do you think is a better buy, pepsi, coke or some of the other? >> pepsi versus coke, two businesses we know globally, soda sales are dropping. two businesses looking to increase growth elsewhere. and i believe in what nelson peltz is doing. i'd rather be in pepsi over coke. but when i look at sotheby's, i think this is a one off. this diamond thing, i think it's rare someone offers up $60 million, $70 million and backs out, can't pay it. if it's a name you want to be in and believe in what dan loeb's doing, down 10% on the day. >> as you saw from yacktman's biggest holdings, he's a staples guy. he's in p & g, he's in pepsi, he's in coca-cola. >> and his largest holding in the tech world right now is in cisco, that's one of his top five. it's interesting because the performance there is not great. but it is solid, scott. it's continuous. and the yield, 3.5% on top of the 5% or so per year. sort of fits in the yacktman style. something very comfortable, not a huge downside and yet the

. ♪ >>> a bit of news to bring you up to date on, three members to sotheby's board of director, sotheby'sway response, dus appointed third point chosing this path. sotheby's had a solid 2013 and 2014 off to a strong start. that the actions are particularly unfortunate given the efforts that sotheby's made to reach an agreement with mr. loeb including an offer to put him on the board with roles on three board committees. that sotheby's striking back at this latest plan from dan loeb. back to our debate now. we've tallied results. josh, you won the debate on best buy. [ applause ] a final trade first? >> pepsi. >> anadarko. >> i like carter, ci. >> josh? >> dfa going higher. >>> that does it for us. "power lunch" begins right now. >>> all right. welcome to "power lunch," everybody. i'm sue herera here and tyler is on my old stomping grounds out in southern california. we'll get to ty in a second. first, a big day for the fed chief janet yellen. before the senate banking committee since taking over from bernanrernankn bernanke. what are we hearing? >> close to the script on the path ahead fo

it has been a busy day for sotheby's. hedge fund manager dan lowe is seeking to add three members to the board. he is the largest owner of sotheby's. wells fargo plans to eliminate some jobs. the reductions at wells fargo, america's largest home lender, would come on top of cuts already made in january. those are your top headlines at this hour. >> thank you very much, carol massar. we have gotten the financial results from names such as best buy, jcpenney, macy's, sears. craig johnson has a look. he is the president at consumer growth partners. he has more than two decades of experience. let's start off by getting your thoughts on gap. >> they are both california-based. gap is ok. they had a strong quarter. retail is very soft right now. 1% is not great. 2% is better. they are lagging. they reported a 3%. pretty good result this afternoon. it has been a challenging time in retail. >> let's turn our attention and add to the mix, abercrombie & fitch. >> some stores are still reporting. all of the three a's, the teen retail

sotheby's said a new york stone cutter couldn't pay so sotheby's is it is owner.cost. not this time, here is why. sotheby's guaranteed, which means they agreed to buy at a certain price. industry executives say that price was $60 million. when it was sold to mr. wolf, he was asking a broker for a mystery buyer. that mystery buyer, probably from overseas, backed out. when mr. wolf defaulted sotheby's had to buy it back for $60 million. they are out millions of dollars from lost commission and a share of the profit. sotheby's values at $72 million, sees real value for a diamond of this price. prices for big diamonds lick this are soaring after china looking for stores of wealth. pink diamond lost a bit of its luster in the marketplace. back to you. >> manager under pressure from shareholders, that's not good news. >> the dark secret for these auction houses is these guarantees and things they have to do to get the good diamonds, good art, become very expensive to get consignments and that's why people like dan loeb are railing on about capitalization these guys are

first, dan lobe, first reported third point nominated three members to sotheby's board.t shareholder. three nominees including mr. lobe himself. harry wilson, considered a turnedaround expert. on yahoo!'s board with dan and another gentleman by the name of olivia reza. could tell you from a source, when my report was first broadcast quarter toing "squawk on the street," sotheby's in a board meeting learning dan intended to nominate three members of the board. loeb telling me when i spoke with him earlier other hedge funds in sotheby's will be supportive of third point, never lost a proxy fight, tradition money manners fed up with the's governance of sotheby's. they want to work constructively with the board, like the new cfo. mr. loeb called for the ouster of the sitting ceo. that being william ruprect. the developments on that story. you saw the stock jump on our report earlier. the other big story today in the new development is in nelson peltz and his ongoing fight to split up pepsi. last wednesday you might recall he sent a white paper, some 31 pages to pepsi urging

it may not seem that what balls can do so much it damage however high-speed sotheby's water bottles areerous. luckily so far known as been heard yet. for corn start out with nice weather monday but by wednesday the rain is here. the rancor last to the end of this week or even until next week. tuesday is transition day it will start out lights and clouding nl hit wednesday hars l hit hard. russia has the most models with 33 and a chicke and second. if car was struck by an amtrak train. the train hit the car flipped it over the two men inside the car are in critical condition. there were no injuries on the train. but next the incredible video of how the pilot kept cool while bird hit the window of a plane. hey! hi! ladies, how are you? let's taste some wine. ♪ ♪ seize your vacation with a southwest airlines sale. go to southwest.com, where our lowest fares are now available as low as $69 one-way. book now at southwest.com and carpe vacay. ♪ is more fun than ever. sees better than ever. ♪ charges faster. and will charge. cool. and heat. from your phone. fact: leaf never needs gas. ever. go

. >>> another activist is once again stepping up its fight for sotheby's. dan loeb's third point hedge fund plans to nominate three people to the company's board according to a filing. loeb himself will be one of the nominees. in response, sotheby says it's disappointed that third point has chosen this path. last october loeb called for management changes includinged ceo stepping down. the stock fell a fraction to 50.37. >>> and joseph a. bank has rejected men's wear house's latest takeover offer. it said know to the bid but did say it's willing to consider a higher offer and will meese with men's wear house to discuss price. shares of both companies rose today during the regular session and popped after hours on the news. >> that is the takeover deal that won't go away. >>> turning to health news and some big changes coming to nutrition labels on just about everything you buy at the grocery store. the agriculture department has now proposed new calorie and added sugar listings on many popular foods to more accurately reflect the portions that americans eat

talking about dan loeb taking aim at sotheby's auction house.ns with the story. >> dan says he is willing to work with management, which sounds very surprising that there is a caveat. if they allow him to put three people he chooses on the board. he istely sounds like softening his tone. you remember he wrote this gaping letter back in october criticizing sotheby's . --ticizing the expressive excessive spending culture. there was a point a couple of years ago when they were paying for bill -- for bill rubric. he wants to get on the board and shake ends up. >> does not sound unusual to me. private or public law firms? a lot of the big privilege packages have gone away. he said today on the phone with stephanie ruhle is my hope is we put the differences behind us and work constructively with the board and ceo. >> it will be interesting if they can. if you tell a ceo you think you should be fired or leave his position and then a week later you are working with the guy or a month later, that relationship has to be frothy -- frosty. out and did come

loeb is the largest shareholder of sotheby's.orcing united to cut its revenue projections. revenue for each seat flown will drop after a canceled 22,000 flights due to the weather. no figure on how much lower revenue will be. the change prompted one analyst to project a much steeper loss at the airline. , ukraine.o to kiev what are you seeing on the ground this morning? it has been more than a week since the worst of the violence. the themes in the main square "leslightly reminiscent of miserables." there is a shopping mall directly underneath the main square. you are surrounded by garbage, barb wire, and you walk downstairs and you can buy jewelry. >> when you look at the financial system of ukraine, the imf being asked to come in, it comes down to currency. we have seen the ukraine currency weakened dramatically. kw is the flow of money in iev? the main square, a lot of the banks are closed or operating under unusual conditions. you will see people try to get cash out of atms and not always come away with what they're looking f

sotheby's board is currently meeting in new york city at this moment.b's plan to put three people on the sotheby's board as they are sitting in their very own board meeting in new york city. as many of you know, third point is sotheby's largest shareholder. he has written letters. he has asked for ceo william to be replaced among a number of other things. but he is stepping up his battle wanting to go on sotheby's board along with two other people. you can see the stock is on the move. we'll continue to work this story and have anything new on the "half time" show in 15 minutes. simon, back to your interview. >> let's return to hilton worldwide headquarters where we're still with chris, the ceo. you reported yours first quarterly earnings since becoming a quarterly company. not just that you have the biggest pipeline in the industry. say the industry experts but also this operating profit of $2.4 3w8. mid point which is above expectations. what do you see for the future? >> listen, first of all, we had a great year last year. we finished at the year bot

you are not seeing sotheby's held. liz: i was staring at it and everything else was a blur. current bull market is 5 years old on march 9th. doesn't feel like it. wall street is saving the day because the landmark birthday has been raising the possibility of a major crash for some. will it be this year? we are tackling the question in today's wall street throw down. in the bear corner and predicting a crash in the next two years. we have the founder of maxfund.com. he is a fox news contributor. make your grim case. >> i have four major cycles i developed over 30 years, all pointing down at the same time from 2014-2019. the only time that happened was 1930-34. i have been looking for a peak in this bubble for years and i see a convergence of stock patterns are rising bearish wedge in the s&p 500, rising channel in the dow and the huge megaphone pattern with higher highs and lower lows and this suggests in the next couple months stocks are going to go a little higher, peak around 17,000 and fall somewhere 6,000 durrell2016. liz: is he crazy? >> 17,000? what ever happened to th

. >> reporter: last week sotheby's auctioned four paintings recovered by the monuments men. see where the nazis numbered the stolen painting. he took the painting to the museum where other works are, but the whereabouts of other major works remain a mystery, including this portrait by raphael. >> i think there are hundreds of thousands of works of arts, cultural objects, library books that are still missing. we're still gathering them. >> reporter: just last year german authorities found they had found 1,400 pieces in this munich apartment including works by matisse and picasso. nearly seven decades after the war, the hunt continues. mark strassmann, cbs, new york. >>> coming up after your local news on "cbs this morning," the latest storm to hit the south and east coast. >>> plus, google's expanding empire. we'll look at the controversy of the takeover of a storeship container. >>> we'll talk about a company beyond beef and talk with its ceo. that's the "cbs morning news" for this thursday. thanks for watching. i'm anne-marie green. have a great day. -- captions by vitac --

it's part of a sotheby's sale of more than a thousand items owned by the late stanley seeger, a wealthy collector of historical oddities. also included in the sale: 100- year old dinosaur eggs and a cocktail shaker once owned by al capone. still to come: why earnings from that 3-d company could clear up what's ahead for the stock. and...our two best supporting actors duke it out for oscar gold in traders unplugged! plus... why working americans are taking job stress home at night.. bill moller joins us after the break! it's a fact. stress in the workplace is rising. several employee support organizations report this. and the negative consequence are many both in the workplace and the home. bernie dyme is president and ceo of the workplace resources company, perspectives - and you're seeing this too. >>in a big way. over a million peopleu.s. employees are really having problems everyday because of stress related issues. >>where does this come from? the productivity demands on the average employee are increasing? >>i think the economy has had a huge impact on this kind of phenomenon. that

. >> reporter: last week, sotheby's auctioned four paintings recovered by the monuments men.ill see where the nazis numbered the stolen paintings. there it is. robert edsel took us to the metropolitan museum in new york city, them a dozen paintings recovered by the monuments men. but the whereabouts of other major works remains a mystery, including this portrait by rafael. >> i think there are hundreds of thousands of works of art, cultural objects, library books, documents that are missing. we're still gathering the pieces, we're still solving the mysteries. >> reporter: just last year, german authorities announced they had found 1,400 pieces in this munich apartment, including works by matisse and picasso. nearly 70 years after the war, the treasure hunt continues. mark strassmann, cbs news, new york. >> pelley: and that's the "cbs evening news" for tonight. for all of us at cbs news all around the world, good night. >>> your realtime captioner is linda macdonald. in the wake of a u-p-s truck shooting... we've learned the techniques drivers are g bay area's most dange >>> t

never happen of course president but we are putting our keys and a farmer has more from such today sotheby's olympics have ended his defeat in his teens seen the prices of raw she's at least to the nation's media. he said that before the games at best many people it said russia would be nice to demonize those tight with of course they finished top with a record haul of medals the trading day seemed old he went on to get an oven to two anecdotes about one of the big east does that these gangs the thickest night to either the missile click event he told the media that he actually meant to which use any twelve years old. add the half bath i say taken with each other and then at that time she predicted that one day she would be an olympic champion had a tree that was dissipation and also address the criticism the russian had sites in the run up to the stains inside the basically if you come from two dairies. all these years we have been working in conditions of criticism but it was constructive criticism in the first place. very friendly and helpful on the part of the international olympic commi

dan lobe says he will nominate himself and two others to the board of sotheby's.bay mighting back against carl icahn. saying that icahn has been at the forefront of misleading attacks against the board. the next guest says it is showing no signs of stopping. joining us is lawrence delevine, covering big money. big money. >> big money. >> i mean, you jumped it. i can't believe you did that. what a hash tag jerk. this is lawrence's first time -- he's a georgetown guy. >> i know. >> that's means 50% right now -- >> i'm scared. >> anyway. >> we're going to give him a nickname. and you jumped it. and there you go. big money is going to be his nickname. >> harvard is in front of georgetown. that's the way it works. >> i don't know what that means. >> let's get to -- let's get to big money story here at the point. activism, it seems like it's picking up. it seems like it's at new heights. is it? >> it's a huge day for activism and hedge funds in it. it's like the nba trade deadline. they have clearly established themselves as a major hedge fund strategy. >> they're outpe

at the london art auctions this week, sotheby's and christi's setting all-time sales records.y buying the boulevard mon martre went for $32 million. christie's selling the checked tablecloth for $57 million. the bull market in ferraris, that's also continuing. this testa rossa sold for $40 million. that's a record for a testa rossa. we don't any if the rich are taking money out of stocks and putting them into cars and paintings, but collectibles certainly in a strange way the more stable market right now, which is odd and unusual. >> $40 million. that's a nice car. i'm not sure 40 bills is worth it. >> that's a lot. you can buy 20 something brand new ferraris. >> what would you do with that many ferraris. >> three of mandy's home. >> thanks for watching "street signs," guys. >>> and welcome to "the closing bell" on this monday. i'm kelly evans down here at the new york stock exchange. >> how are you. nice to meet you. >> great to have you back. >> nice to be back at the new york stock exchange. that would make me bill griffeth. today is one of those days we don't have -- look

. >>> sales of sotheby's getting hammered today after the auction giant disclosed the buy of this $83on diamond defaulted on the purchase. this follows last night's earnings miss. let's start talking numbers. j.c. o'hara and ron doughton. it's one story, right, one guy, whatever, one buyer defaulting on an $83 million diamond. does it tell a bigger tale or is this a temporary blip? >> i think even before this event, we found that pricing power at the company has been eroding for some time, when you just look at the ratio between sales growth and accounts receivable growth, it's actually been desalarating for a couple quarters which is an indication it's really been tough sledding in terms of pricing. >> what about the charts here? >> it really depends on what time frame you're looking. longer term, the charts are kind of neutral, kind of moved sideways on my screen. intermediate, i kind of like it. has a nice little uptrend. shorter term it's definitely under some pressure. i want to go back to the longer term chart i brought along. what stands out is the inability to break above that

ebay is fighting back and many companies have said let's try to -- sotheby's is an example -- where they try to work with the activist. ebay is saying no. >> it is mind-boggling to believe what the company is doing. they are continuously attacking him. musk, the cofounder of paypal, has said you need to separate the company i cofounded. scared of exposing their lack of substantial growth relative to paypal. they want to keep this and hide some of that stuff. are activists playing a vital role in this case? he says no-brainer. he dumbs it down. these two businesses do not belong together. look at what they have done in the past. musk -- he dumbs it down. look at the valuation. he dumbs down his comments not only for the institutional shareholders but the retail people saying this makes sense to me. you want to get as many people on board as possible? >> that's it. >> this is a technique to do it. perltz is doing the same thing. less yogic as be he has been and more like carl icahn - no-brainer. >> he likes that phrase. ist's going on with ebay probably emblematic of what we will see from

a rare pink star diamond is headed back to the sotheby's auction house after the buyer defaulted.ll, sotheby's says it's currently in discussions with the buyer while considering other options. >>> and still ahead this morning, how to avoid germs and beat the buzz. plus, move over cinderella, belle and jasmine, the push for a plus-sized princess coming up after your local news and weather. ♪ oh, there's an energy crisis happening alright. a human one. and it's time to fight it. quaker's good energy is just what you want. it's how we help keep go-getters like you... going... and getting. one bite at a time. try new chewy sweet & salty. a crave-able combo you gotta eat to believe. quaker up. in this season's most important fashion trend, the long shirt. designed to flatter, with playful hemlines and length for everybody. the new long shirt. visit the shirt boutique, only at chico's and chicos.com. [ female announcer ] we eased your back pain, you turned up the fun. tylenol® provides strong pain relief while being gentle on your stomach. but for everything we do, we know you do so mu

to all of this was done christie's and sotheby's established and still have full-time employees lookfor any suspect art, and i was in any given year a dozen are returned and won't be sold. but here's what happened, and it's a shame. is that momentum was lost. the leadership that the u.s. showed really began to dissipate, and the museums over time started to assert tactical defense when claims were made, like, for example, the statute of limitations has run. they even preemptively filed injunction suits to prevent claims before they were made. they said they did it after researching it themselves and determining it was alluded but there was no objective measure of that. and then we ended up ironically having started this whole process falling behind and finding that the dutch, the germans, the austrians, the british established their own commissions, and they were functioning better than we. the austrians incorporate the washington principles on the law to return 250 paintings. for sure those commissions are much criticized but at least they exist. we don't have a commission. we do no

president of realogy whose brands, of course, include cold well bankering, century 21 and soth eb sotheby'swhat are you seeing in the housing market at the moment? >> well, at the moment we have very low inventory levels and robert shiller's point that is driving an increase in price as you know peak to trough pricing was down about 34% on a national basis. we've got about another 20% to go before we're at i think market value. and the prices continuing to react to demand, outstripping supply. so, i think he's correct. that's going to continue sometime into the year and i think that's probably a fairly good forecast for price. >> diana? >> one thing on your conference call this morning, you said prices will have a positive effect on home sales going forward. i imagine you mean because it brings more people up from under water. but the realtors themselves blame the bad numbers this month on weakened affordability, that is prices rising too high, do you disagree with that? >> no, affordability is on a relative basis still very attractive, dropped from 173 to 168 and it's still very high and i