if you look at large cap, it is very reasonably priced. growing 20%, 30% and trading 25 times maybe. some are in value territory. >> so focusing on the large cap, when you talk about sane valuations are you looking at straight food pegs? >> yes looking at them versus the s&p 500. if you look at the group, it's defensible. you have a lot of visibility under earnings for the next three to five years. we're comfortable saying a lot are growing almost all north of 20%. small mid cap is tougher. you have got to be more selective there. >> i want to talk about one of your top four picks and that that's -- so mid this year and seven pipeline read youts for the full year, 2014. it seems like there are a number of catalysts. which is the key here? >> the first one and they're still in the middle of launching tech sadara. it's an oil product. they have done well in the u.s. and launching in europe. we think numbers are upwards on both revenues and eps and trading at 22 times and we think they're going to do 22% or more gross in the next three years.

are you looking at places where you can be investing, building on your career?hat do you think about the film business? >> you want to be smart about what you are doing. you do not want to do too much. pick your opportunities of wisely. with the help of relativity, we do that. >> we do that all the time. we will say that this is a project that we are working on that is cool. you should read the coverage. see if you like it. really, the movie that we'd together that comes out in november, it is the first film where he is a partner of ours. shot that last summer. that will come out in november. that is the first but we did together in that capacity. we do not want guys investing money where there is any risk at all of not being successful. >> sometimes you do these digital shorts, sometimes you team up with other members of the royal family. what is the goal of things like that, is it just to show a different side of yourself? >> it is fun to do when you can show your acting skills, have a humorous approach to it. >> build your online following, which is good. >>

as you look back, what did you get right and what did you get wrong?, when i got right, it was not only the index fund, a product of a simple mind, you know, if i had been some kind of genius, i would have thought i could beat the market all the time, but i don't have the talent for that. so i did the right thing by my standards and by the simple math of the markets. gross return on the markets minus cost equals no return. that's a formula that's good forever. that really comes out of the formation of vanguard, which is the only mutually owned, owned by our own shareholders, mutual fund organization in the united states. that broke new ground, new organizational ground, like the index fund, it was a huge december it was innovation and extremely disrupt i have been. out of that came the index fund. we went no load, got rid of the distribution force that supported the wellston funds for 50 years almost, and another, you know, consumer-oriented innovation. we realized, tyler, that the consumer is king before anybody else did, except for maybe adam smith,

but if you look at things like brazil, if you look at india, if you look at south africa, if you lookrkey, we still have significant problems in those emerging countries, so underweight emerging, overweight the developed, but you want to stay as a whole overweight a international and underweight on the u.s. you get the idea. >> i do. drew, talk to me about what we're seeing play out in the market. you talked on the valuation effort. your group has done extremely well playing middle america, but things are getting a little risk. as you look at a sell-off, the transports, interest rates were supposed to go up this year, they're not, they're still low, do you think we have more to go? does this market need to retrench a bit more? >> oh, sure. this is great stuff, right? you're seeing a rotation from growth to value. this is all very healthy stuff. the money is moving from more expensive stocks to less expensive stocks. that's a healthy market. this looks fine to us. we are expecting a pullback this year. things have gotten pricey, but this all looks right, but as far as interest rates go

they've been flatlined, done nothing, trading somewhere near 22 every time you look at it, just below right now. if that ever can get a catalyst to move to the upside, that pushes us, otherwise we stay in this range. >> i will tell you somebody who thinks we will break way out of this range, tony dwyer, good to see you. 28 is your target and that's aggressive >> i was on the show and in the middle of a connection, mr. weiss told me i had a better chance of growing hair than doing well the end of the year. you do have multiple expansion and i do agree with everybody on the panel so far, we're kind of what everybody is phrasing no man's land. you have to look at one of two things. is the fundamental backdrop still bullish. to the question about that, why my target is so high. secondly, what are the conditions that create a sustainable market low in an intermediate term up. and when the stock gets between 40 and 50% respectively and you get a whoosh and that forecast indicator i love so much is oversold, the conditions that get you to say, now, i'm in regardless as long as those fundamen

said you were looking in getting into gold. it was surprising given the market pullback. half a percent on the session. would you still look to get into the goal? >> yes. i think so. i was really quite impressed by both gold and crude oil today holding as well as they did. crude only being down 25 cents in wti and gold holding nicely above 1320. that was really quite impressive. i think you have to be -- if you're owning cash, you want to go to the side lines, perhaps, owning a bit of gold is not a bad idea or a commodity or two. for the public, go to cash. i think it's the right place to be for a month or two, maybe even three. >> you say that we might look at 1760 on the s&p 500. why not short this market? why be neutral? >> because it is a bull market still. the highs, we have made consistent new highs and the lows have been consistently higher. i know there's only three positions. i'll say it again. in a bull market, you can only have one of three positions, really aggressively long, pleasantly long or neutral. this is the t

you look at that chart. it's right at the break down level. end as little as possible to get the widest amount of protection on something like this. you're doing this on something you own for the most part. >> i'm just not certain this is where i would go if i were a big bear. the three big names which are apple, microsoft and google are not particularly expensive. if you go a little further down you get some hideously expensive names like amazon. i would look where the names are a little frothier and a little more overextended. >> those big names that you mentioned, the amazons of the world don't have a lot of upside. their big story is over. microsoft is not going to go down -- >> it just went from 30 to 40. i think there's a lot of risk in those names. we've seen this rotation out of the high growth, if we go to hell in a handbasket, these are going to get hit. apple has flat lined above 500 for weeks or months now. before the iphone 6 comes out, you could see it down. >>> shares in solar city have gotten crushed, but it is a ray of sunshine

you have to keep your eye on japan. look, the rally we got over the past couple of days, obviously now, meeting selling pressure. that's what i expect. i think the quarter will be problematic going forward. that being said, what you have right now in this environment, i think, is a high degree of complacency and many folks saying, this is good, it's healthy, don't worry about it. really? what's going on with ukraine? [ overlapping speakers ] -- serious enough. i think the energy rally is telling you something about this the situation in ukraine. we'll get the china gdp. that will look lousy. there are a lot of obstacles in the market and we're treating it complacent. >> pete, you're been one of the more bullish guys on the desk. is that starting to waiver? and if not, why? how can't it? >> well, the names we've talked about continue to outperform and the names that are under the pressure are the same names we bring up every single day that are dragging down these markets. i think there was great examples. we had a two-day ra

>> i think you look at the company and what analysts are expecting, and what you are looking at is growth of 1% on the top line, revenue of 1%, sand you kind of wonder how did that happen? how do you get the iphone single digits, ipad could be negative year over year. how do you let the company get to that point? how does that happen? it's a fair question to ask. where did this go? >> steve milanovic, is it a fair question? should apple and steve cooke been better prepared to see the drop-off in growth? >> it's a fair question to ask. i would say mismanagement is too strong a term. on one hand, tim's done things that steve jobs might not have done in terms of capital return and being a corporate citizen. i think it's clear they missed the big-phone market. they overestimated the plastic 5c phone. investors keep asking, can't they stagger things? there's a lot out of his control, particularly the maturity of the phone market. >> it's interesting that you sort of can see that they, in your words, missed the big-phone market. steve, that seems to be where everything is going. how devastating

sort of, you know, look like the person, then you can steal their style. ctly look like carrie washington, but take the best of them and use it for our own looks, why not? that's what we did here. first step, her hair is slightly softer, lighter than it naturally is. and what we did is we added a few pieces just to add a little bit of volume, little -- >> with a curling iron? >> and then definitely the curling iron. >> in pieces, what do you mean? >> clip-ins. >> oh. >> do you like those? >> i love them. >> they won't damage your hair. >> they won't damage your hair. you can use them or not use them. no big deal. >> used to use them all the time. >> yeah, in, out, whatever. and, again, the curling iron here, again, larger iron, the trick here, she didn't separate. vanessa did not separate the curl. she just left it as it is, and that creates that slight curl, and it really mimics the look. notice -- >> don't comb through it. >> right. >> yes, do not comb through it. >> okay. taylor, we did brush hers softly. >> and makeup looks awesome. >> the makeup, the q

difficult because you are looking at unprecedented crippling drought in brazil. talking about three months of nearly no moisture. those are the fancy beans we drink at starbucks versus the instant coffee you might get from a folgers. the drought stunts the growth of branches as well as beans. that can lead to the first global shortage in five years. as crippling effect from brazil. >> how much of world coffee productions does brazil -- >> about half. they are a pretty huge producer. columbia comes in second. columbia's action is actually pretty good and you are seeing inventory is very high for this year. there may be more bad news down the road. a month ago they were praying for rain in brazil. now they might get a flood because el niÑo might be coming this year. cripple theg to beans and branches even more. >> that means prices could go up more. droughtif you have a issue with coffee trees you're going to have an issue the following year. it is not like a rogue a crop that may be able to regenerate. you will have issues with the soil, issues with the trees. man

so if you look at pandora, i agree with you. can't value it on anything, because they're not really earning money. the recent pullback the stock had from 40, normally i would look at that, but pulled back off of 25. and this stock is trading just like the other momentum names out there. so although they're picking up hours, i don't know that they're actually gaining money or gaining real revenue. so when a guy like einhorn comes out and talks about certain names being in a bubble, i look at this name, a pandora, as a perfect example of a name that could be in a bubble. >> although i think -- >> google, apple, spotify, sirius, way too much competition. >> they're very aggressive in the mobile space and done extremely well with the adds. we'll see tonight on the report. we'll find out soon enough. they've been clicking so far. >> i wonder if you think at any point spotify, you know, ipos, money comes out of pandora, goes in there. sirius, murph, raises an interesting question, and analysts yesterday on the street was talking about

when you look up in the ceiling, you see the can light up there.ke the light bull p off of it. >> so far you don't need an electrician. >> you'll buy a product called a worth screw-in pendant light. you screw it in to your new can light. there's your pendant. >> oh -- >> what? >> that's it. look how beautiful it is. comes in all different kinds. they cost about $69 to $85 depending on the choice. they'll work on a slope ceiling. you can lengthen this, go up and down, doesn't matter. works great. >> electricians are not happy about that. >> this is from rihan austin. what she wants to know is this. after water drains in the kitchen sink, it gurgles. my mom has this. >> here we go. >> 15 to 30 seconds. is there a clog. it doesn't drain slowly, though. >> this is called insta-flo made in texas. the stars at night. >> deep in the heart of texas. >> okay. you always want to wear gloves and a mask. when the drains are slow, the gunk and goop and everything in there, you activate this stuff with hot water. now, i'm not wearing goggles or gloves, just for

if you don't think it matters, look at this. the s&p 500 has finished down 70% of the time on the days the minutes are released. the lead today, we also see a drop after these fed minutes come out, mandy. >> that is the question. in the meantime let's get straight to steve liesman with those minutes. >> mandy, thanks very much. the federal reserve held a special meeting we didn't know about to discuss forward guidance. they generally agreed on drop that 6.5%, calling it outdated. that leads to the regular meeting when they decided to reto go to quail at a timive or language that would describe it. shifting gears, remember at the meeting and the statement came out there was a spoof ma maybe the fed had turned more hawkish. the fed was concerned about this at the meeting. some participants were concerned the fomc statement says the rise in the funds rate frars could be misconstrued as indicating a move by the committee to tighter policy. they were saying nothing of the kind really happened, and in fact the minutes say it was noted

>> if you look at the totality, not just. >> it's a lot of money. >> if you look at the totality of the resources of the federal government has in terms of looking at this issue, we have seen that money increase. and i think what is particularly important in terms of the overall national drug control budget is that we have seen a significant increase in terms of our drug prevention and drug treatment service. again, you know, if you think about priorities we're looking at how we deal with this a public health related issue. so those dollars have continued to increase in terms of our overall federal budget. so i think congressman when you look at the entire national drug control budget you see that it is a priority within the administration. >> i was reading in your statement that these numbers just kind of shocked me to my conscience on the fact that drug overdose deaths now number greater than motor vehicle crashes and greater than gunshot wounds. and so pertaining to the latter i have sat in a lot of meetings, including the state of the union address where the president talks about pu

but i know you'll still find it when you know where to look. so ally bank really has no hthat's right, no hidden fees.s? it's just that i'm worried about, you know, "hidden things." ok, why's that? well uhhh... surprise!!! um... well, it's true. at ally there are no hidden fees. not one. that's nice. no hidden fees, no worries. ally bank. your money needs an ally. >>> we hope you will join us on "power lunch" for what will be a fascinating hour. my favorite business author, michael lewis, he's not the favorite business author on wall street today, has caused more controversy with his new book@"flash bbook@ about "flash boys." it's about high frequency trading. someone accused melissa of having a stake in the firm lewis believes will level the playing field. not the case. pnb had to apologize. not true. lewis wrote back on his facebook page, who starts a rumor on wall street? why does a big bank repeat it? does his mother know what he does for a living? we'll get the answer to that and more. lewis controversy building and "power lunch" is at the

>> you know, wells, it looks very well positioned. u can poke holes in the numbers, but wells goes for the reported number. they've got 18 quarters now of quarterly increases in eps. they want to keep that record up. earning estimates have to go up. and it looks strong. also remember, capital markets, the first quarter is supposed to be the good quarter. that makes you concerned about jpmorgan, goldman, citi. the first quarter is not so great on commercial banking. it's a second-quarter story. so it seems, in our view, to position wells fargo pretty well right now. >> so i want to go back to jpmorgan for one second, because you have, you know, pretty positive things to say about the company, maybe don't jump into the stock right here yet. but are you at all concerned that some of this -- the aura, the jamie dimon effect, the touch, whatever you want to call it, has lost a little bit of its aura? what do you think on that question? >> i think that's been kind of out of the stock going on two years, ever since the whale incident. if you

let's are you ready? look at that. >> ooh. mm. >> and full of ice, strawberries, and instance movie. >> these are old two horsepower professional blenders. this costs about $500. it is a good blender. i want to show you what happens when you combine two horsepower, professional power with our incredible ninja blade system. what i did is fill up both jars with solid fruits and vegetables and solid ice cubes. the drink will be nice and cold. we call this complete nutrient juicing. let me show you the difference between the two. are you ready? here we go. all right, you see it is going together? going, going, gone. you see what i'm seeing here, brenda? you see the way i have that smooth texture? no tamping required. that is what makes incredible, complete nutrient juicing. would you like to taste it? >> i would. i can't believe how fast that was. >> that with solid vegetables and ice cubes. it is a terrific drink. it tastes great and is super healthy. it is the choice of this olympic superstar. >> my lifestyle is crazy and hectic.

when you look at the number of positions do you also look at the temp poeptions they have? what we are hearing is there's a ton of temp positions filling kind of -- back filling demand for services but the question is if you are only looking at fte's and equivocating and doing your math that way, we're not looking at what the demand is because we're also seeing what the part-time people are doing. >> if you say you have 10 positions to do 100 cases, whether those are filled with temp workers or permanent workers isn't the issue. if they say they need 15 people to work those cases, we are saying you haven't shown why you need 5 extra bodies to do the work. >> if i can give an example, our supplemental request asks for two 9702 employment training specialists. we currently have budgeted 19.15 fte we currently have filled 9, so you just look at those numbers and say there's 10 vacant positions, why are you asking for two more? then you go across we have 17 temp exempt 9702 positions, so results in an adjusted count of negative 8. it's difficult to get this data and we shared it

when you look at the nbi index, it does look positioned to fall further. one reason why this is the case is it got oversold. but it can't respond to oversold conditions. and that's a sound -- that's a sign that rallies are limited, and it's a sign that the index can fall further. so i think you're probably looking at, on the downside, 2,280 to 2,500. >> joe, analysts are coming out again, second day defending some of the momentum names that have sold off. we'll talk to the analysts a little bit later. it's the netflix, facebook, yahoo!. they say, hey, these stocks have fallen enough, maybe you want to take a look. >> really. right. >> you don't think so? >> as eminem said, "here comes the cold water." no, i don't think so. you don't buy the falling knives. one of the reasons is the passive money, the mutual fund money won't be there. you want to buy something, buy the quality names that pete or jim and josh have talked about, an ibm like you did yesterday. >> at some point, the names will be a buy, are they not? >> not with my money. >> netflix is down 25%

there are two drugs in particular the analysts are looking for mid 2014 catalysts and those are rhgus. can yousaying they could be more than billion dollar blockbuster drugs. >> we're looking on four different products for five different diseases. a bad disease of the bones and this helps restore balance and improves the bones. we're going to be releasing some data in the middle of the year. so we're looking forward to that release of data. we're planning to initiate studies in kids that have bad bone diseases later this year as well. that's what's going on with the program. the gus is for a really rare disease called mps 7. there's only a couple 100 patients with this disease. should have an opportunity to improve the symptoms of that lethal disease. it's an investigational therapy. we're starting the treatment studies and expect to be in phase three later in the year. >> you do think that does have a potential to be a billion dollar drug? >> we think there's about 12,000 patients in the united states. based on the estimates of what we think the population would be worldwide, one in 20,000. i

you have fire coming out of your eyes. >> look at this. g to fry somebody with your eye beams. >> it was monumental. it takes up your whole pc. you need a boost when people are selling there. >> they are done and that is worth pointing out. we vpt mentioned it this morning. the letter written by the chairman. saying we tried and tried to be engaged with you. our efforts have been rejected out of hand repeatedly. we read in the report of the trancecks of our company is extremely bur rat tick and nothing could be further from the truth. we believe would be necessary from the enterprise. you can see it is a significant impact. there had been the thought that they would be able to reach consmation. >> oh may. you going back to the huggies? >> no gold diapers. did you see bp down by the way? >> a lot of things going on. i do not trust this market. >> i don't trust it. i think that at any given moment we are going to hear something out of putin. these are not joe blow guys. they call putin and say pull out of ukraine? no. bp, pound sand. >> share

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are driving a navy shi ship, you look at a lot of evidence to figure out where you were, global positioning system. when you take a look at the rising air temperatures, ocean temperatures, sea level, decrease in the arctic ice, how the animal did, how the ecosystems were moving, there is far too much evidence to be able to conclude anything but that the climate is changing. >> when did the military start to think about this as something that the military needed to prfor and getting concerned about climate change in the context of growing international conflicts? >> about seven years ago, the center for analysis, a board composed of very distinguished three and four star admirals and generals released a report that for the first time identified climate change as a threat multiplier and an acseller ant to instability that could impact national security. after that, there were a number of very important reports from both inside and outside the pentagon and, in fact, the center for naval analysis is going to reissue the report in about three weeks updating -- updating their seminal

>> you look good. ooks good. >> you too. i wish i was home to help you. >> i wish you were home to help me period, home period, not only to help me -- >> hopefully -- >> i eat a lot better when you're at home than cold cuts and hot dogs. >> yeah, i worry about that. >> well, don't worry about me. i'll be just fine. you got to take care of yourself. >> with her transfer to prison imminent, schneider still does not know how far away she will go. she fears she will be sent to the same prison in which she served time prior to her resentencing, the ohio reformtory for women, 150 miles from cleveland. >> marysville, if you want my honest opinion is the armpit of hell. >> as you well know, there's no guarantees with this judicial system. >> right. >> if you wind up in marysville, we'll deal with that when the time comes. it's a long trek from here to marysville to see you. come back home sooner or later. >> they can't keep me forever. >> hope. >> your time is up. you have to send your visitor back down. >> tha

so if you look back in time, in all the information that's out there, it doesn't support the fact that you have to give up return. it's something that they're hiding behind, as opposed to acting. and that's part of the problem. for years, they've said that if you do socially responsible investing, you're going to have to give up return. but in fact, having strong environment, social and governance practices as a management team is actually best business practice, is what it is. >> but i would argue something else. if you're a foundation and you're -- actually whatever your mission. but particularly if your mission is human rights or environment, how is it possible that you can have your investments undercutting the work of your grantees? if your investments are driving the problem that you're asking your grantees to solve, that's a problem. those should be aligned, your investments and your grant making. >> here's what one foundation executive would say to that. i talked to him last week. and he said, ask them how anyone's hands can be completely clean in a society as capitalist as our

you never really know where to go. yoefrg looks good, but you can't decide to go for the waffles or fruit first. >> it's harder to look at pete than amanda. >> you know, that's just not right. >> no, it is right. >> yeah, 100% right. >> is jeff bezos losing his golden touch? >> my answer to that question would be yes. the problem, the spending has been going on, we know, quarter after quarter, and trying to acquire and get themselves into a question. some of the spin, they're trying to get themselves not just the cloud, but over into china. there's an issue, because mark mahaney was saying, competitive levels over there will be absolutely brutal for amazon to compete. yet they continue to put money into this. yes, they beat on revenues, but the earnings numbers are not that great. when you look at the forward guidance, you can understand why this stock might start to roll over. it was popping up early last night after the -- after the results were given, but then suddenly started to roll over. and today getting smacked. >> the prob

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when you look at that quarter, the numbers they put up, it's similar to facebook where the numbers were outstanding. but in this case, under armour crushed everything -- >> do i hear you saying that you no longer like the financials? >> no, that's not what you're hearing me saying. i love the financials, but i don't see what the catalyst is now to move them to the upside in any meaningful way now. it doesn't mean i hate them. but i don't know -- they're kind of in a pause now. >> i see a market, steve weiss, that may have trouble moving higher if you have no catalyst of the financials? i mean, how can the market march forward if the financials are taking two steps back? >> well, we've heard that before. that the financials aren't moving, so it's not confirming the uptrend in the market. first of all, i'll give you the catalyst. i like them. >> well, there you go. [ laughter ] >> but what we're seeing really is a synchronized global economic expansion. the u.s., throw away that numb bother, weather-related. focus more on countries like spain where you're seeing unemployment come down, ge

that showed the $.77 on the dollar that women are supposedly making is correct.lly entirely when you lookt the other factors, there is a 3.5% wage gap between men and women which is still not great there it is the dollar.% on you wrote the gender disparity also economically a logical. if women were paid $.77 on the dollar, a firm could dramatically cut labor also cosy replacing male employees with females. they do not ignore the opportunity because it does not exist. women are not paid $.70 on the dollar for doing the same work as men. is the president trying to make an issue out of something where there is not an issue? >> the issue here is that when the president talks about a 23% pay gap between men and women, people understand and are led to believe the entire 23% pay gap is caused by discrimination on behalf of employers and when the target corporation are hiring women and they pay 77,002 , economists know that is not the case. can be explained by a lot of variables and factors besides discrimination. when there is a three or four percent pay gap and maybe that is because of discrimi

and at that point, you look to take profits. where at least a certain point, you can say comfortably, maybe the run is at least going to stall for them. but i think you see it up 12% from here. that's what i think. >> and i think satya nailed it at the conference, melissa. from what i watched and what we've heard on that clip we just showed. he seemed to have a comfort in front of the audience. and i think a lot of those 5,000 developers there are going to be aggressively developing for what he and microsoft are doing with the cloud. and with the new mobile devices they're putting out there. i give him a lot of kudos. i think this is a great start. >> i think it's the cloud and the developers. he brings swag. >> for the first time microsoft has swag in a long, long time. >> since the days of bill gates. and he didn't have the same swag as we got on steve jobs for so many years. when he's on the stage, he has a presence. and i think the communication level with the developers -- it's very reminiscent of the good old apple days fo

you don't want to compete against them. >> take a look. i know what you showed. ow that graph again of ibm. and then put up the graph since february 2nd of ibm. and let's start to take a look, put this into context. 1.72 to 1.97, here we are at 1.89. yes, it's off because of the reaction. people don't embrace exactly what they're trying to do at ibm. they're trying to get out of the hardware business and move into the growth area. >> -- new ceo came on. that's what they've done. she's been unable to set expectations low enough to beat them. they've got two major businesses, hardware and services. they're both under siege. they're highly competitive. margins are coming down. if you take a look at how they're bringing revenues in from other parts of the income statement, the balance sheet -- >> but to your point, they're going to growth, right, jon? n overlapping speakers ] >> but i'm 5'8", they have the same challenges. it will shock most of the viewers, that i'll be on pete's side. >> shocking. >> even though i have been against ibm for a long time. i liked what i

there's a piece about here you. lookr. and the article is by -- liza minnelli. >> by liza. i know! yeah. >> jimmy: that's an honor, huh? >> high -- high scoring, yeah. >> jimmy: absolutely. >> yeah. i know. so sweet of her. >> jimmy: that was super nice. have you met liza? >> oh, i met her a lot. >> jimmy: you have? >> yeah. i met her -- like, i met her when she came to "cabaret" the first time. but, most recently, last year, we've done some shows together. we did some gigs. >> jimmy: that's right. >> and you know what? it was called "liza and alan." first it was called "liza and alan: one night only." we did two nights. >> jimmy: yeah. that's good. >> and it was called "liza and alan at town hall." and they're doing a record of it actually. the record is coming out -- in the summer. and -- but there was a big sign -- with lights that said "liza and alan." and i came to the sound check, i was like, "i am having that." so i, i got it. >> jimmy: you do? >> i managed to bludgeon the producer and -- at my house in the cat sk

everything on the headline looked better, revenues, earnings, guidance. youwhat didn't look good? growth. their monthly active users, engagement was down. if you go back to that date, all of these stocks, the yelps, pandoras, everything, they were all basically at all-time highs. that's when the party ended and i think it continues. i think you sell rallies in all of these names. >> what's your trade on twitter? >> this is a tough one and there's two events that are coming up. next week on the 29th they'll report their second public quarter, okay? listen, i can't imagine that some of the user issues are going to be a lot better. the company blamed it on boarding. that people logged onto twitter and they don't know how to use it. i don't buy that. i think the growth has stalled. i like the company but to me then you also have may 6th, 465 million shares coming unlocked. i know a lot of insiders will not sell. there's one chart we have up there. the stock is still -- it went public at $26. it's the $42 or so. it's still up a whole heck of a lot. if this party i

we will have a look at that. >> thank you very much. that is a look ahead to the macroagenda. a short break here on "countdown." the time is 7:49. bloomberg here on television. ♪ >> welcome back. you are watching "countdown." 7:52 here in london. we are getting reports the weir group is in merger talks. let's get more details on that. caroline joins us on set. could be some movers ste tart of equity trade today. >> a finnish company could rise as much as 22%. the weir group, a scottish based company, but it is the u.k.est supplier of pressure pumps. it could be offering to mrge with this company for .5 billion pound. that is how much the entire merger would be. it is over-all valued about five billion pounds. stand s a share we under is being offered, valuing it at about three billion pound. weir is turning the corner as an engineering company. oil and gasses markets pick back up. their business has been improvement. maybe that is why there is the appetite to spread the cash. the reports are in the times at the moment, the u.k. press. they have been talking informallyly for a

but if you look at how much sugar are in those coffee drinks, you would be surprised. it's way over your daily limit. so, what i say is stick to herbal iced teas -- those have lower sugar -- or grab some seltzer water and add a little bit of juice to it and drink those for a sweet drink every day. and watch the caffeine in those coffee drinks, too, 'cause that can add up. >> so, what should we be drinking? >> okay. you should be drinking lots of water every day -- about 6 to 7 glasses of water -- one cup of juice a day, three cups of milk, and that's what you should be drinking every day. the rest you need to think of as "that's something i'm gonna have occasionally." it is not a daily drink. you drink these drinks every day, that's why you look to the right, you look to the left -- 1 in 3 teens will develop diabetes in their lifetime. 1 in 2 african-american or hispanic teens will develop diabetes in their lifetime. and this is why. you got to stop doing this. >> what about flavored milks? >> so, flavored milk -- the great thing about milk is it's the number-one sourc

you can't segment who you're going to trade against. look, you make a lot of great statements but unfortunately none were backed up with facts. i haven't talked to a number of fund manager, they look for ways, they spend a good part of their time on the trading desk figuring out how to avoid high frequency traders. statistic. from virtus filing, s1, they only lost one day out of 238 days of trading. how do you do that? the advantage is looking into the average order and getting in pro front of it. they're sucking it out. they're returning it out of a higher price after they scalped you? >> that's -- all right. >> didn't mean to stump you. >> that's the point. how does a firm have only one day of trading losses out of 1200 and change? >> looking at the daily sumization of all of their profitability is not the right way to go. you need to look at trade by trade. i am certain that they are not only lost money in one trade. >> i didn't say that. one day. >> one day. >> we're talking about 1238, one day out of more than three years -- four years

most of the time when you look at photographs of the roofs if you look at the angle the roof doesn't look that big but if you were stand on your roof at home and look at it roofs with this type of roof they're actually at all in height >> i understand that. >> so the 33 to the 39 is how did planning department it's based on how they measure it. >> but 33 a 33 and 39 is 39. >> 39 is the pitch the top point of the roof. if you guys are worried about that you can go to the roof and drop a tape >> we can't the roof was on changed. >> i'm saying if you ignore the pitch part of the roof and i'm pretty sure you'll get close to 33 feet. >> okay. that's a good query and neither of you. >> actually, i have a question for mr. duffey anyway. >> just from the suggestion they would like to build it from the plans that's a great idea but sheet a two in the presentation exist front elevation i don't think that's accurate on the plans. it would be great if we could make this work on the plans but they're not showing proper evaluations on the plans of the existing roofs. if you look at the photographs

you. we will look for your work. thank you both for being with us here. >> thank you. national captioning institute] cable satellite corp. 2014] tonight at 9:00 p.m. eastern on c-span. >> more than a year there have been allegations that i knew about the planning of the watergate break-in and i was involved in an extensive plot to cover it up. the house judiciary committee is now investigating these charges. on march 6, i ordered all materials that i had previously furnished to the special prosecutor turned over to the committee. these included tape recordings of 19 presidential conversations and more than 700 documents from private white house files. on april 11, the judiciary committee issued a subpoena for 42 additional tapes of conversations, which it contended were necessary for its investigation. i agreed to respond to that subpoena by tomorrow. >>

>> when you look at his oracle valuation, when you look at the roe's, it is hard to make money, yieldery flat. when you look at something like bank of america, they have a are below the roe's 10%, so why should they be trading above book at any point? so the valuation side, you have to be careful. this is not back in 2005 when they were growing at 10% and they had 25% roe's. a lot of these institutions are not hitting their 10% threshold, so a lot of them will be trading right around book him a maybe 10 times earnings if you are lucky. if you look at other institutions like wells fargo, they are having roe's in the double digits, and they're getting valuations that are much , 12,historical comparable 15 times earnings. >> adam, it is amazing to me how this conversation is so different from 24 months ago. >> so different. very quickly, at one point we americati or bank of both trading at a discount start to move up to more of a 1.4, 1.6 even where we see wells fargo? >> when you start to see their the mid teens.n when you start to get a 15% roe, that is when they start trading 1.5 time

if you look at operating profit, 8.3 trillion was expected. it came in at 8.4 trillion. i say you can call it what you want. it is down from a year earlier. market saturation. at least in the premium space. these companies are struggling to generate growth. that seems to be the story through the next 12 months. >> how does a smart phone's sales battle -- >> you see the smart phone market last year. samsung took 31% of the industry's revenue. apple took home just 15%. that battle will no doubt take the headlines this year. price point becoming the focus. cheaper phones weighing on profits. it is not necessarily about getting new people to buy smart phones. it is more about keeping and stealing existing smart phone users. fingerprint sensors, this year could be defined by one thing. simply screen size. samsung's goes on the sale and it has a 5.1 inch screen. big screens are what sells. apple has not featured in this space. it is where samsung has eaten up market share. that could change this year. there is talk that apple will unveil two iphones this year. one might have a

flawed.ythologically it gets to the point of when you look at it, don't you say the firm, look at thectivities underneath the label of the firm to see if they are really risky? anding the nuance of that getting it properly and focus before they make any decisions is really important. thatu have a designation, is a very significant development. if you owe money in mutual funds or a large-cap funds, you own that equity piece. it is held by a custodian. if you do not like it you can hire the funds manager and transferred to some other firm. the idea of what is going on is not affects the fund necessarily accurate. one of the most active areas in our financial services space is housing finance. what are we going to do about fannie and freddie? you said you thought there were some good things in there. to be a complete endorsement. not that you have had more time to read it, could you support what chairman johnson has put out there? the status quo is terrible. you have fannie and freddie. guaranteeing nearly all the mortgages have access to government money without congress needing to acce

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in manufacturing, you are looking for volume to absorb your fixed overhead. uld love to have the margins that you get out of parts and service in used cars. there was always that attention to the dealer network. if you think about the dealers and their franchise agreements, state-by-state, they are -- they have tremendous legacy and are regarded in a state that is very tough. very powerful. dealers are approaching this appropriately. let's not have a massive right and lose -- a massive fight and lose everything, let's compromise and see what we can get done. ohio just excepted. limited. i am going to build a battery plant somewhere, i will do it in a federal -- a friendly state. there is a study out that shows state-by-state where he is approved relative to limited showrooms. some are within the nsa. no one else is doing it. taken another approach. he looked at the business model and said, i have all of these dealers, i do not have to re-create a service organization, i do not have to spend a lot of capital on tools and facilities and brick-and-mortar. i will

that's what you look at.eally think -- i continue to think, scott, that the companies should be separated. and i really do believe that john wants what's good for the company. john wants -- the only difference between john and i now -- we both see the great potential, have had really good talks. i personally believe this. john didn't say one way or the other, but i believe that john also believes there should be a separation sooner or later. i think the question is not if, but when. however, i can't speak for john and he didn't say that to me. so i want to make that keer. >> i got you. couple of things jump out at me. you've just got john donaho a great ceo with passion for the company. what happened to the -- >> i don't want you to say i called him a great ceo yet. i'll call him a great ceo if the stock goes to 150. >> but, seriously, this got so nasty. you went after him pretty good. negligent, incompetent or worse, i believe you said. >> okay. i want to address that. when we went into it, i was focused mor

you looked like -- you didn't look like you. >> no.hink that was me. >> the tanning booth, you definitely did not look like you. >> that's awful. take that down. take that down. >> that is awful. what do you want me to lie is. >> #jerk. all right. >> like a spider monkey. let's go to a toast to cnbc's 25th year on the air. joining us with 25-year-old whiskey. >> this has been maturing in oakwood for at least 25 years. when we look at whiskeys like this, less than 1% reaches the age of 20 years and above. it's a big, smokey whiskey. notoriously known for being smokey and a freight train of smoke and crushed apple juice. >> freight train of smoke. >> and fresh apple which sounds delightful. i look at that label and think ben riach. >> it's kind of in the back of the throat but after a couple whiskeys it becomes a lot easier to pronounce. >> we hope of course cnbc will be around in the next 25 years. >> we hope? we will be around. >> we will. that's right. are there whiskeys that reach that age? >> absolutely. there's a lot of -- 25, 30,