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tv   Closing Bell  CNBC  September 11, 2013 3:00pm-4:01pm EDT

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than normal. >> pop! thank you so much. >> thank you very much, everybody, for watching "street signs." >> "closing bell," that fine show s coming up next. we look forward to seeing you tomorrow again on this fine show as well. hi, everybody, welcome to the "closing bell." i'm marie bartiromo at the new york stock exchange. the mood is a bit different today as we remember the attacks on 9/11, 12 years ago. >> i'm scott wapner in for bill griffeths. we remember the day. a lot of american flags around the building today. just to get this building back open as rudy giuliani was an achievement in itself. >> that is my deepest memory. forget being here on september
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11th and watching the upset and the terrible happenings, but that monday, september 17th, that was all about america. that was all about resilience. watching those firemen and all those rescue workers ringing the opening bell sent such a message to the world. i'm proud. i was proud then and i'm proud now to have watched this country and the people of america work their way back. >> you talk about the resiliency. how about the stock market itself. we have 350 points over the last three days. this september rally just keeps going. >> and you look at the history books, september is supposed to be a terrible month. just not having it this year. meanwhile, watch more on the show coming up, can't afford to miss the interview with carl icahn. we're going to talk about apple. you want to hear what icahn has to say. stock getting slammed with disappointing investors with the iphone announcement yesterday. icahn will be meeting with apple
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ceo tim cook, and we'll talk about his next investments, herbalife. carl icahn coming up. >> tell him i said hello. >> definitely. >> is it fun to own the ymca song? in a original case the lead singer of the village people won back the rights to the song which he signed away three decades ago. the police officer of the village people won that kis. he's here in a very special first on cnbc interview to tell us how it all went down, what it all means. is he going to be in costume or a suit. that's what i want to know. >> did you see that? let's check the markets, an hour to go before the "closing bell." you have the market near the highs of the day. near 100 points on the day. about two-thirds of 1%. check the nasdaq, which is giving some back today.
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giving the upset in apple. stock down. a loss on the percentage basis. check the s&p, doing a bit better on the standard & poor's, up 1686. another day, another rally for the dow and the s&p 500. let's check in with bob pisani, see what's driving the market today. hi, bob. >> hi. apple is not affecting the overall market. the nasdaq's down a little but most of the trend, we're to the upside. put up the full screen. we're being moved by syria and china. the s&p 500 is up seven straight days and emerging market etfs are up. the rally has been in cyclical groups. they tend to rally. i don't normally cover ten-year auctions. the important thing here, look at that. we had a successful ten-year auction. we saw a drop in the yield about four basis points. that actually helped the stock market in the middle of the day,
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particularly interest rate sensitive groups. take a look at home building stocks. boom, right up. second week up, results of the ten-year auction. the s.e.c. is going to be meeting tomorrow with all the exchanges to discuss that nasdaq trading glitch a few weeks ago. remember the network that carries the quotes and trades when down for three years. they're all meeting, including the nyse, nasdaq, everyone, in washington. what i am hearing is the likely outcome is going to be a push to implement new software testing and regulation called reg sci here. believe it, the rules requiring testing implementation of new software are kind of soft. this reg sci would tighten them up, have standards for that. they're ready to go, just reviewing them right now. i think you'll see a comment tomorrow about hopefully getting real standard rules and regulations around testing. that will be the big thing. i think the s.e.c. will make some kind of statement tomorrow. hopefully it will include that.
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back to you. >> we'll look forward to that. joining us right now in our "closing bell" exchange, peter anderson from congress asset management, our own jeff cox and rick santelli. peter to you first, can this september run continue? it surprised a lot of people. does it keep going? >> it goes to show you there are no real rules in this stock market right now. i do think it can be on a roll. i think the most important thing we've seen today is the verizon debt issuance. i think you can read into that and say the demand for those bonds has been so overwhelming. that gives you a bit of insight into what's happening in terms of interest rates. i'm thinking rates will probably stay the way they are. maybe slightly higher. it has not deterred long-term bond buying. the 30-year bonds on verizon
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have been tremendously oversubscribed. that tells you volumes about the investor sentiment right now. >> yeah, i think that's a great point, peter. randall, do you agree with that? you certainly see a bit of the demand story when you see so much interest in the verizon deal and equities? >> that's a great point being raised and broader impact happening on the market, making things a bit more positive than what they've allowed the market to broond out in terms of anticipation. you're seeing the economic dow turning more positive in terms of europe, what's happening in japan as well as better, not less nestle grecessarily great better news out of china. i believe that's allowing investors to move away from the safety trade and broaden out to more risk-on type assets. >> rick santelli, not even 3% on the ten-year can deter this rally.
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taper seems fully priced in at this point. does it not? at least from a bond market standpoint. >> you stole my thunder. everybody i respect is a source. that was e-mailed around the globe. the taper is priced in. maybe they're right. the i don't think the fed has made up their mind, i don't think they have enough information. i can't wrap my mind around that and much less how it's true. we had a great auction. i understand that. nobody was more amazed than i am. here we sit at 2.92 yield. bob pisani said great auction. we are now looking at the third or fourth highest yield close since july of '11. we haven't come off much. i find it fascinating. i still say there's pressure in
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interest rates and i don't know how anybody can say what's priced in when we have no facts. >> what are you expecting in the next couple of weeks? jeff cox, thoughts on that? zooz z >> as we always see, estimates for earnings are coming down. i think the picture will get a lot different, especially in how we see the whole interest rate climate unfold. all this talk about interest rates, such an interesting commentary about the culture of financial repression we live in. the dallas fed came out with a report i posted on yesterday, a lot of my media cohorts didn't pay attention to it. but they put a price tag on the financial crisis, upwards of $14 trillion. i think it's an interesting number to think about the damage that that caused and about how
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this whole culture of easy money, leads to asset bubble popping. ap out about income disparity since 1928, the year before the stock market crashed. >> peter, it's hard to believe -- >> fiif i could just -- i just want to go back to the verizon issue. i don't think can you overstate this. what bob was saying about yields being priced in, et cetera. if you're verizon, certainly you want to issue these bonds now. the thinking is i don't want to pay a higher interest rate when the fed does taper. i get that totally. i haven't heard any answers about this, on the buy side, who are these people buying these bonds with the foregone conclusion that interest rates will be rising. doesn't make much sense unless
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you say to yourself, we think that it's priced in and we don't think we're going to take it on the chin by buying new issue verizon bonds. >> here's a question. we have had a big surge. look at the sprint deal, junk bonds, biggest issuance ever. is this companies just trying to get out, running for that exit door, trying to get the last big round of debt issuance before the rates start to spike? >> well, if that's the case, fine. what i'm saying is you have to -- two sides have to make that market. i totally understand if you're an issuer. but if you're the buyer, you know, when i managed high-yield bonds, i would sit on the sidelines if i thought things would go down in price. >> hey, wait a minute! what if the stock market goes down a couple thousand points because the taper is mispriced in or it gets more digital as we go, sir? i would think those verizon bonds, just like treasuries would rally and you'd have
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principle appreciation as well. so, i don't know, 520 it makes sense. we've seen a huge amount of people and investors go into high yield and corporate sector to avoid what they perceive as questionable sustainability in stocks. the fact there's a shortage of collateral, talk to anybody in the repo market. >> seems like a rough game to me. >> we're going to make that the last word. thanks to all of you. >> 45 minutes before the closing bell sounds for the day. a market holding onto a triple digit move. >> former new jersey governor, jon corzine is asking the case against him for bringing down mf global be dismissed. will it happen? why does it seem after his moves collapsed an entire firm folks like jamie dimond and jpmorgan are getting a harder time from regulators than mr. corzine is? we're taking a closer look at
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that. >> jamie dimond wasn't a senator or governor, huh? >> what are you insinuating? >> carl icahn owns a large stake in apple. we'll get his take on apple and why he's now taking to twitter to announce his investments. >> he's a big fan of twitter. then the ymca song could lead to a change in recording rights. the police officer of village people just won back the rights to the song. how much money is on the line? we'll ask him live on "closing bell."
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. welcome back. dow is higher six out of seven days. seema breaks down the big movers. >> as the dow sit on a triple digit gain, take a look at top performer, ibm up 2%, outperforming its peers in the large cap tech space. facebook is another big winner, hitting an all-time high. mark zuckerberg's fireside catch
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tonight at tech crunch conference tonight. on the downside, netflix shares under pressure. btig analyst rich greenfield downgrading from new tal to buy citing valuation concerns. shares have gained 200% just this year. apple getting slammed after unveiling two new iphones. the 5c is being seen as not cheap enough for emerging market audience. second, investors were hoping for a china mobile deal announcement but the street did not get that. in response, rumored apple suppliers are feeling the pain as well. qualcomm, cirrus, all these names, trading lower. back to you. >> thanks so much. meantime, former mf global ceo jon corzine wants the case against him toe be dismissed saying the cfc manufactured charges he's responsible for misuse of $1 billion in customer
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money. mf global settled and mr. corzine so far isn't facing any criminal charges. >> it's interesting. is corzine getting off easy, compared to the government's relentless scrutiny and investigations of jpmorgan and jamie dimond, in particular. turning now to securities to talk about it, tom curran, partner at patgar and abraham, and andrew. good to see you. is jon corzine getting off easy because of his political connections? >> no question. if anybody did what he did and his firm did, borrowing over $1 billion of customer money, no question the book would be thrown at him. instead he's got civil charges and relatively watered down civil charges. that's shocking. >> that's not -- >> so, he was a former senator, former governor. you say that's the bottom line? >> absolutely. >> hold on. hold on.
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>> tom, your time is coming. hang on. >> contacts matter. when you have the sort of contacts that a former senator and former governor have, that's huge. i think that's a major reason why regulators haven't lowered the boom on him. >> tom? >> i think it's crap. they don't allege he has a reason to know this -- they were doing what they were doing. they don't allege he actively participated in it. they allege he failed to ask -- or to see whether anyone was doing this -- or engaging in this kind of wrongdoing. he's a ceo of a far-flung enterprise. the cftc seemingly had a problem with him -- or his firm taking risks. well, they're a commodities firm. what do you think they're doing? >> but you can't borrow customer money. you can't do that. >> no allegation he knew they had. they don't even allege it. >> from a control person liability perspective, it doesn't matter -- >> no, they have to -- >> he's the supervisor.
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>> they have to prove there was a reason to know -- >> you can't -- >> you just can't do it. >> this goes back to the argument that the same kind of argument you hear surrounding the financial crisis as we remember that five years later that not a single head of any single financial institution went to prison, was arrested, was charged with anything. >> so what? >> at what point -- doesn't the guy at the top have to have responsibility for something? >> you don't look at -- >> of course. >> you can't bury your head in the sand. >> hey, tom, let me ask you this, do you think that it's been -- it's been overdone, what's going on at jpmorgan and jamie dimon? they're constantly -- >> shame on jamie dimon and jpmorgan for failing to throw themselves on their knees at the feet of the regulators. the regulatory industrial complex who thinks they must have done wrong because they make money. shame on jamie dimon, i guess.
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>> you say shame on jamie dimon but not shame on jon corzine? >> i'm not saying shame on either of them. >> you just said it. >> i am looking backwards -- >> did he just not say it? >> i was being sarcastic. >> was this the regulatory industrial complex -- >> you don't look at results and look backwards to blame. >> jamie dimon has five department of justice investigations going on right now. they have been absolutely hammered. what happened at mf global is much, much more serious. >> hammered? >> they are resisting investigations. the more they resist investigations the more investigations they face. the regulatory industrial complex -- >> just because you say it loud doesn't make it right. >> tom, if jon corzine gets to benefit from either the trades or whatever the people under him that he may not have known about explicitly, if he bets benefit of that by virtue of his bonus,
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the stock going up, why shouldn't he pay a bigger price when the ship sinks, even if he didn't know about it, the guy driving it? >> do you seriously think facing a criminal investigation, having the fbi crawl all over you -- >> it's closed. >> -- having the cftc sue you -- >> isn't that appropriate? $1 billion is missing. >> if he has money he must be investigated because something bad happened. >> it's not his money. it's customer money. >> they are missing $1 billion of customer money. >> they don't even allege he had any reason to know his underling was doing this. >> you have to know. >> you can't bury your head in the sand and say, i don't know. >> is that called willful blindness? >> how are you not knowing if you're the ceo sdm. >> it's ridiculous, tom. >> this is a multibillion dollar business. do you know what's going on in the mail room at cnbc?
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>> no, but you know it's $1 billion of customer money missing. >> the buck stops here. the buck stops at the ceo's office up. better know what's going on. >> individual liability now. now, we're not talking about the company being responsible because the company settled up. but -- >> who's responsible? >> individual liability -- >> who's responsible, tom? who's responsible n your few? >> his co-defendant -- >> look, she took customer money and -- >> the secretary? >> if she did that, then that's on her. >> blame the secretary, not the chairman of 9 firm. not the ceo. >> they don't even allege he had any reason to know. >> he has to know, tom. he's the supervisor. >> he's the head of the firm. >> you say that but the cffc doesn't say that. >> security law says that. >> they have no proof. they have to show he had a reason to -- >> tom, that doesn't pass the red face test. >> thanks a lot, guys. >> thank you.
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>> well, we're looking for accountability. we're still looking. thanks, guys. appreciate your time today. 35 miss before the closing bell sounds for the day. a market up 96 points on the dow jones industrial average. >> starbucks and netflix may not have anything in common except one important thing. they're at or near all-time highs. find out next why one of our pros says is the better buy. which one is the better buy right now. >> and then -- ♪ hey hey macho macho man ♪ i've got to be a macho man ♪ i've got to be a macho man >> remember that tune? now the original lead singer of the village people has recovered copyright control over many of those songs. find out how he plans to cash in on the luke ra tifr songs coming up on "closing bell."
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two big names, two big moves. talking about netflix and starbucks. jolting to all-time highs. which is a better buy for your portfolio. good to see you both. gina, let's kick this off with you. netflix has had an over the top performance this year but you prefer starbucks. how come? >> netflix, if you dig deep they have a negative tangible equity. their profitability isn't keeping up. i prefer starbucks. starbucks is a play on growth in china and the asia-pacific region. we've seen incredible growth there. store count is up and they're continuing that. and even with that enormous
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store growth, we've seen revenue growth up 111% for that region compared to 25% in north america. but the per store revenues are actually still lagging the rest of the world. there's still enormous upside despite those massive numbers i just told you. i think starbucks has a much better fundamental story. >> j.c., let's take a look at the charts. what do you look at for starbucks. looks like a chart you want to own for the last year. >> that's true. what i really like about this chart, i think it has upside potential. the reason i say that, if you look at a chart, you see two very bullish patterns that have developed over the last 18 months. they're both rounding. for the sake of this story, we can call them coffee cups. the first occurred in 2012 and ended in 2013. as approach approached the
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breakout point momentum picked up and shot higher. last coffee cup pattern in the last couple weeks, momentum building up and stock price is shooting higher. one caveat i do have is both technical price patterns have a price objective of $80. so we're roughly $5 below that point. yes, there is upside. technically the upside is becoming smaller and smaller as we're breaking out here. >> i see. it's sort of the low hanging fruit that's been picked. any thoughts on netflix? >> we ran up to $300 and look back to 2011, you saw $300 was very critical resistance. after that it came crashing down. i'm not interested in these loe levels for netflix. >> thank you. stick around. coming up, we have one of netflix's largest investors coming on. carl icahn will tell me why he's bullish on the stock and he would have sold it a long time
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ago if not for this. >> when i wanted to sell it about 100 point ago, i really wanted to sell it. my son threatened to leave. my son. and i really helped that kid all my life, you know. >> plus, find out what other companies carl icahn is inve investing in. we'll talk about apple, which he's been tweeting a lot about, and why it's getting slammed again. that was a great interview with you and carl back in july. >> this was a lot of fun. look forward to that in the 4:00 hour. right now a half an hour to go. dow's dropped a little bit but still up about 95 points. another good day on the street. >> sure is. he may be known as the village people's first cop but he also portrayed a naval officer for one famous song. ♪ in the navy you can sail the seven seas ♪ >> the original lead singer of the village people just used a
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little known provision in a copyright law to regain ownership of this and many other well known songs he wrote including "ymca." he'll join us and tell us how he plans to cash in on the lucrative songs. if you're serious about taking your trading to a higher level, tdd#: 1-800-345-2550 then schwab is the place to trade. tdd#: 1-800-345-2550 call 1-888-284-9410 or visit to tdd#: 1-800-345-2550 learn how you can earn up to 300 commission-free online trades tdd#: 1-800-345-2550 for six months with qualifying net deposits. tdd#: 1-800-345-2550 see how easy and intuitive it is to use tdd#: 1-800-345-2550 our most powerful platform, streetsmart edge. tdd#: 1-800-345-2550 we put it in the cloud so you can use it on the web. tdd#: 1-800-345-2550 and trade with our most advanced tools tdd#: 1-800-345-2550 on whatever computer you're on. tdd#: 1-800-345-2550 also, get a dedicated team of schwab trading specialists tdd#: 1-800-345-2550 who will help you customize your platform tdd#: 1-800-345-2550 even from the comfort of your home. tdd#: 1-800-345-2550 and talk about ideas and strategies, one on one. tdd#: 1-800-345-2550
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welcome back. 35 years after way his rights to songs he wrote for the village people, the group's original singer has regained control over those. >> that includes the mega hit "ymca." village people super fan jane wells. >> reporter: it's fun to stay at the ymca and fun to regain rights to a song you heard decades ago replayed. ♪ it's fun to stay at the ymca ♪ it's fun to stay at the ymca >> reporter: oh, man, i love that song. victor willis, the police officer in the village people, he wrote the lyrics to that song. he thought he never really reowned it until his wife, a lawyer, discovered a 1978 law
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that says musicians can regain control after 35 years. he's the first known artist to publicly come out and try to regain control of these rights and those songs. but imagine all the other artists from 1978 who might want to do this. maybe there are. eagles, fleetwood mac, bruce springsteen. this could effect the bottom lines of music companies. an attorney who represents dr. dre saying there are massive renegotiations going on under the radar because the record companies don't want to lose another 60 years of copyright on it. willis isn't sure what he'll do with the rights of the songs he regained control of but he might stop the current group touring as village people, at least in the united states which could set up a macho, macho man standoff other royalties. >> thanks so much.
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here's the macho man himself behind the victorious lawsuit. joining us, original singer of the village people, victor willis. thanks for joining us. >> hi. good afternoon. how are you? >> how much money could this mean to you annually? >> i couldn't really say, you know, depends on how the songs are played. >> they get played at yankee stadium about 160 blocks from where we're sitting down here at the new york stock exchange. every yankee home game they play your song at some point during the game at a break in the action. are you going to get paid now every time they do that? >> i'm pretty sure it adds to the publishing. >> how hard did they fight this? tell us what you've gone through and obviously become victorious. can you walk us through what happened? >> well, this has been a six-year fight legally to regain my rights. as you know, they at first tried to say i was work for hire,
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which was eventually dropped because i was not a work for hire. you know, i wrote the songs at my house. eventually the judge ruled in my favor, so it took up to 35 years before you can reclaim your rights, which is something you made note of that my wife mentioned to me and brought to my attention that the law had changed. that after 1978, after 35 years, an artist could reclaim their work. and so i filed for my termination a couple years ago. >> you know, i saw as part of this story that you may not let other members of the village people sing "ymca" anymore. are you really considering that? if so, why? it's such a popular song. >> well, you know, the other guys in the village people, you know, ray simpson, they're
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basically -- the real reason is i don't think he does justice to my songs when i hear him sing them. on the other hand, for example, when village people received their star on the walk of fame in hollywood, i wanted to participate and they said no, which was very hurtful. i mean, you know, it's just a situation -- it basically gets down to where i'm not really decide if i'm going to allow them to sing them or not sing them. i haven't made up my mind. it depends on their attitudes basically. >> why would they not let you participate in the walk of fame. i couldn't tell you why. there are a lot of things they have done, i guess because of the fact i was the lead singer and i was the writer. and the control of everything was basically in my hands where
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they started a group called the six of us, which, i mean, they even decided to sue me. they said a lot of different things about me afterwards, because they wanted to -- they wanted to be in control. so, you know, that's the situation. >> there are a lot of songs that are potentially from other artists that are in play here potentially. i was looking back at the billboard list from '78 and '79. we got "stayin' alive" and night fever from the bee gees, the champions, my sharona. do you think other arts from '78 and '79 are going to come and do the exact same thing? >> if they're smart enough to do it, they should. they should get a lawyer and reclaim their rights if they signed them away, like i did. at that point i just wanted to get out there. i didn't even read any of the
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contracts that were put in front of me. i just signed them. >> why did you sign them away in the first place? like i sa like. >> like i said, i was young. that was my first time getting into the business. and i was, you know, going to be a recording artist and a star. and, you know, when somebody just puts that offer in front of you and just says, here, sign this, you don't -- you just sign it. >> you didn't know? >> no, i didn't know. >> are you going to do anything with the songs now? musicals, broadway? what's the plan? >> it's undecided as far as which way we're going to go with the catalog. we've gotten several offers from -- weave gotten offers from publishing companies, record companies, et cetera. so, you know, it's all up in the air. but something will be done with it. it will be done right. >> all right, victor. good luck. good to have you on. >> thank you very much. >> thank you. >> iconic music.
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we've got about 20 minutes before the closing bell sounds but a market holding onto gains. 126 points. >> i thought you were going to talk about the songs i mentioned that were big for you, right? >> i'm -- >> stayin' alive, night fever. that's bringing back memories. >> yeah, taking me back. >> yahoo! ceo marissa mayer getting ready to speak. we'll bring it to you live. >> former players may provide financial benefits for owners, too. owners could make money on this deal. how? it's a shocking story. comes up later on on "closing bell." [ tires screech ]
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it's been a impert than expected year for the stocks and ceos of yahoo! and facebook. >> yahoo!'s marissa mayer and mark zuckerberg are expected to speak at tech crunch conference in san francisco. we'll air that on cnbc. that's where would he find ju a julia. highly anticipated. >> that's right. marissa mayer and mark zuckerberg expected to take the stage an hour later.
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now, yahoo! shares are down a bit today, but the stock is up about 95% over the past year. so now attention is shifting to what mayer will buy next, with acquisitions of ten startup since she bought tumblr in may and what is coming as yahoo! unveils a new mobile look. facebook topping $45 for the first time since facebook's ipo days. investors want to hear how zuckerberg plans to keep this up, his vision for the next five years. topeka analyst hopes to hear zuckerberg talk about how he plans to drive the next billion users and ramp up video and deliver against last year's promises. last year's first public comments since the ipo, facebook shares shot higher in after-hour
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trading and stock closed higher the following day. we'll see if zuckerberg moves the market so dramatically today and tomorrow. back over to you. >> thanks. we'll look forward to those two folks coming up with their speeches. again, we'll show it to you here on cnbc. meantime, the market's up 109. 15,300 with about 15 minutes to go. >> we'll take a short baek. when we come back, this market rallying again. s&p 500 goes for the seventh straight win. up next, find out whether this rally has legs and if there is more room to run. to do somethig you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪ paying ourselves to do what we love?
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got a rally under way as we approach the close in ten minutes. twoo we've got the dow up 100 points. >> to answer that is jay from jhk capital investmenters ha ad.
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i want to point out the pin you're wearing today as we remember 9/11. >> i've got my flag. >> things have come full circle. if you saw the ceo of cantor fitzgerald this morning. he's raising money for sandy victims. you see how america steps up to help americans in need. >> it does. >> we talk about the resiliency of the market and of all of us at the top of the market after that day. put this market into perspective here. we're up 100 today. we've been up 140, 110, now 100 on the dow. the best start to september. >> it's a relief after the downturn in august, thinking we would go to war in syria, which is up in the air. if we don't go to war in syria, i think we'll go higher. wiv one of the things that's happened is we are less and less
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dependent on foreign oil. the oil and gas boom in the united states is a phenomenal nom no phenomenon. the market did go down but not as much as i thought it would. the gas didn't go up as much as i thought it would. >> crude is at $107. i want to point out art came by. we're looking at a bias to the buy side as we approach close. we've got a market that certainly is a momentum market. would you put new money to work here? >> i would. the observation you made yesterday, your trip to the mayo clinic, talking about technology and health care. two great sectors to put your money in now. the other great area is oil and natural gas. the other point is new york tax-free municipal bonds. yielding 15 -- 5%.
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usually it should give you a yield less than 30-year treasury. it's giving you a yield higher. we like tax-free bonds, health care sector, oil and gas sector. >> real quick, do you think it's a negative that volume is flat? >> they're saying tapering is over our heads, syria is over our head. i think market is trading light on those two things to play out. i would love to see the fed taper as soon as possible. take 10 billion bonds off the table. let's see what happens. if nothing happens, take another 10 billion off. we can't keep buying back our own debt. it makes no sense. in the long run it will be a negative to the country. let's get that off the table and move forward. >> ed, be well. coming right back with the closing countdown. >> after the bell, exclusive interview with carl icahn.
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see if he's any closer to convincing tim cook to boost the buy back program. what does he think of the iphones. next hoir of "closing bell." the world is changing faster than ever, creating new opportunities for those who stand ready to seize them. in a time when the biggest risk is playing it safe, we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, our flexible, collaborative approach helps forward-looking companies not only run better, but run different... to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because now more than ever, the future belongs to those who challenge the present.
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with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. welcome back to the floor of new york stock exchange with maria, matthew as well. another day. higher here in september. a month a lot of people expected would be a little rocky given everything going on, syria, the taper. you can go down the list. it has not transpired yet. >> at the beginning of the month, some folks thought it was new money coming in, new money coming in, new month, new money, that could be. at the end of the day, this is a momentum market. you are seeing a lot of momentum names like facebook do well. what do you think? would you call this a momentum market? is it a positive?
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do you to want buy into a momentum market? >> you definitely to want buy into it. if we -- >> can we interrupt? >> that's the real reason -- >> a special day for everyone's favorite anchor. happy birthday, maria. >> you guys -- oh, thank you so much. >> we love you. >> thank you so much. >> ben has to carry the cake, naturally. >> thank you so much. >> we're going to spare all the viewers at home, we won't make you sing. >> thank you. >> open the cake. it's magnificent. you'll love it. >> we're going to go around the corner. finish your interview. >> i so appreciate that. >> happy birthday. >> thank you. >> tough day to have a birth day, but i appreciate all my cnbc family for doing that and for you guys. thank you. >> happy birthday to maria. let's continue the conversation, if we can pull ourselves together. do you feel as though the correction's still looming, it's
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just going to be pushed further on. maybe into october rather than september. >> i've been wrong saying a correction could occur at any time. it hasn't happened. i remember getting to key levels here. we broke 1680 in the s&ps. that was a key point to hold. if we hoed that we could break new highs. s&p is low due to apple. the transport index is feeling the pressure of higher oil. your guest that was just on was talking about oil, energy is catching a bid. they're fining sectors that have been underperforming and they'll take us higher. >> do you to want buy into the momentum? do you want to buy into those areas like energy catching the bid or do you think some areas like technology group are catching the bid? >> a little rotation. facebook is performing very well. that's underperformed for so long and now catching a bid. exx
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exxon, chevron, massive companies starting to rally. there's plenty of money to be put into it. >> let's not forget -- >> next hour, carl icahn coming up. >> thank you. >> happy birthday again. >> let's not forget all that's looming. the syria question is still hanging over the market. it just doesn't feel as immediate -- a missile strike, that is, as it once did. that's why, perhaps, the market has come back the way it has. are we getting a little overexuberant about that whole issue? it's still out there. >> we've seen politicians taking their time across board here. this is no surprise it's taken this long. with all the uncertainty sernce there and all the people against it, we drew a line in the sand. doesn't matter anymore. we're trying to save face. it's not as big a concern as we thought. especially for oil. if we talk about oil, we're not as dependent on foreign oil.
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>> hard to imagine. two weeks we'll have earnings start. is that going to be -- look n terms it of catalyst, the taper's coming, the fight over the budget, the next fed chairman and then earnings. we've got a lot ahead of us. >> with all that said, why would we be buying it. if you take the momentum and we can ride it out, there could be a massive trade on the table. >> we're going out on session highs, too. >> keep buying momentum. we'll break about 1700 in the s&ps, no doubt about it. >> that's going to wrap up the day on "the street." another positive day. august losses, while they're gone now, the september rally continues again in a couple minutes maria will come back with carl icahn. it's a cnbc exclusive. stay tuned for that. 4:00 on wall street. do you know where your money is?
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welcome back to "closing bell." the dow higher for last six out of seven trading sessions. wall street with more momentum on the upside. dow up 135 points, nearly 1% higher, 15,325. volume not great but we still had momentum on the side of the bulls. nasdaq was down, largely because of apple stock down after yesterday's announcements of the cheaper phone. nasdaq down 3725. s&p 500 up five


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