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tv   Fast Money Halftime Report  CNBC  June 17, 2014 12:00pm-1:01pm EDT

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and small caps leading the way higher today. jentiva with a bid and the merger gains anti-trufs approval. back to you. >> bertha, thanks. thank you for letting me ride along for "squawk alley" this morning. that does it for us hitting noontime on the east coast, hand you over to the "fast money halftime report" and scott wapner. >> welcome into the "halftime" show. today's game plan. transformer. breaking down the wall between hollywood and china. mark gannis on the blockbuster premiere and the business thunt awaits. and oil shock. troops head to iraq. live on the ground with the very latest. worst trade of the day. the incredible question that stumped miss usa. what nia from nevada didn't know, the video you have to see to believe. let's meet today's starting lineup. joe, steph, josh and pete trading today and we do begin with some shocking new numbers
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of just how prevalent insider trading may be on wall street. according to a new study, nearly one in four public company deals. a stunning 25% involve unusual activity in the options market. the same kind called out by pete and john every single day on this show. "squawk" host andrew joins us with the latest on this stunning story. >> reporter: thank you, scott. remarkable to think that literally a quarter of every single merger that takes place that we see announced has some type of unusual activity, and not just unusual, but meaningfully unusual activity. the professors that did this study actually said that there is a, i think it's a 3 in 1 trillion chance the unusual activity was not informed by something else. not random. it was real. seen it anecdotically on your program, more than that, where you talk and go back at deals that get announced and what
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happened to the options before. bizarrely, the fec does not seem to be focused on options as stocks themselves. it clearly a place they've missed. in part of type of litigation they've pursue and more importantly, seem to miss regularly according to the study, activities that get announced and not completed. a deceit get announced, not completed, a 22% less likely chance they will go after that deal. i don't know if it's because computers operate too slowly or don't realize that's happens. that's the case and quite pervasive in a way frankly somebody who covered mergers of past decade, i knew there was something amiss but didn't realize it was this far afield. >> and perhaps, andrew, as disturbing as the numbers we bring you, say 1 in 4 and 25%, you allude to the sec litigates less than 5% of the 1,800 m & a
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deals included in the sample from these professors. >> and clearly go after -- look, there is an issue of resources. they spend their time looking at the biggest transactions, and the biggest players, and to some degree you could argue looking for the biggest headlines to the extent they can deter this activity. that's clearly how they've used resources. i should note, the sec earlier this year hooked up, teamed up actually with the technology firm that's actually helped it's u.s. governments historically tlook lou vast troves of data around terrorism. and are now applying that technology to trade. so it is possible this study which, by the way, the most exhaustive study done i can remember from 1996 to 2012. it is backward looking. perhaps things will change now. >> i want to bring pete najarian into the conversation. pete, the moral of this one is, it went -- where there's smoke there heal is fire? at least according to this study. >> in a decemberant percentage of time. we see it all the time.
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up at the board going through multiple times we've seen hill shire, a great example. unusual activity we'd seen there. look at some of the results, scott, by what you're seeing on the screens from unusual activity we see. this is why all the time i talk about derivatives in the marketplace how great they are. people look at stock and see the player playoffs we've got going on. 5%, 7%, 15%. jon and i trade options for a reason. you have leverage and an ability to get 1,000% at times when you're very lucky. >> look at these and andrew, not sure if you have the ability to see. >> i can see it. >> the returns that the najar n najarians are pointing out, startlin startling, in hill shire, williams, express, anadarko, a huge conversation over the past week. >> remarkable about this study, they looked at it's i had a suspicion going into the study just from doing my own reporting shts the more adviser around a deal, the more bankers and
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loyals there were, the more buyers, crap perhaps, private equity, studies showed the more around the hoop the more leaks there would be. historically studied have shown more leaks to the press. that doesn't seem to be the case in this instance but seems to be routine somehow this news gets out. not necessarily to the marketplace with large through reporting. i wish i could say it always is, but it definitively seems to get out much more frequently to the investors and i think a larger question to be asked, how? let me ask you a question, andrew. it's joe. if you had to guess what does it cost to do the actual study? what do you think the overall cost was? >> they've spent the past year and a half, two years working on the study. the original draft came out i believe last fall. then they've updated it. there's three professors involved. two from the stern cool at nyu, one from mcgill in canada. i don't know the answer to that. >> you think it would be relatively small and the point is this. the initial reaction would be to
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say, this is the sec. okay? this is the sec in a deficient capacity, not doing what's obvious to all of us, if you look at any deal that actually is proposed, okay? it's obvious to go back and look back upon the options trading in the prior month. that's simple. obvious. but isn't this really about if we're seeking a solution to fair markets, whether it will be high frequency trading, whether it be what we're talking about now, you have to give the sec the funding and they don't have the funding and we keep cutting the funding, and the very people that are complaining about markets not being fair are the ones that cut the sec funding? >> i think a funding issue, but also an approach issue. you could decide if you wanted to at the sec that you were going to become rudy giuliani as mayor. what i mean by that is, he went after all of the little stuff. remember in the beginning of his mayorship he decided he was going to pick, squeegee men. thought if you went after the little stuff in fact it would beget the bigger stuff.
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the sec thus far has always approached it the opposite way. and i wonder what would happen if you thought about it prap differently? >> job look at the study. a tear from the story suggesting the statistical evidence they say is too strong to be dismissed as just random speculation. basically making the point that, as i sort of made with pete at the top here, where there's smoke there's fire. this just appears to be going on far too often and it's far more pervasive than anybody expected. >> scott, and andrew, maybe you no differently, but what no one is saying is the fact that that period of time they studied from '96 through 2012 correlates exactly with a hyperglobalization so many of the deals now are cross-border m & a. you talk about the brazilian deal for heinz in your story. and we've seen instances where chinese nationals in china were trading ahead of deals. first of all, the sec has no jurisdiction over a lot of investors in a lot of other countries and then second of
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all, how could we possibly contain that if we're talking about activity happening in brokerage accounts elsewhere? and over here you don't hear people talking about the cross-border nature of some of this m & s. >> t >> -- m & a. >> compared it back to what the sec pursued suggested the sec pursues cases more often actually when the buyer, that is the acquirer, is a foreign company. >> andrew -- >> speak to your issue. >> steph hang on quick. pete, for the benefit of everybody, which you're looking for unusual activity, can you take people through the process of exactly what you're doing to raise that red flag that you do every day? >> john and i built very sophisticated systems along with partners to research everything we sawing on the trading floor. go back to 2006. forget that. you go back to 1981. start to accelerate forward. getting into an era of everything basically trading through the internet, when you look at that, you actually see
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exactly what we used to see on the trading floors all the time, scott. folks come in, buy huge sums of calls, and suddenly lo and behold, get an upgrade. get this, get that. this has been going on, this is not something new. it's like high frequency trading. great it's focused on finally, this is something going on a very long time. look at the options markets, this has been something that's been growing and pran particular after the financial crisis, look at the absolute target range we've gone from trading just a couple million a day to 17 million options a day. so the sec is, does not have the sophistication to be able to analyze it the way guys like ourselves have been able to pay up and build systems to be able to find this stuff. >> and important to point out i think, what we do every day and make a point of doing it is that you often trade right alongside the activity you're watching explode sort of in front of your own eyes. >> like on the trading floors. when i was a specialist on the trading floor, come in in the pits, buy 2,000 options in one single clip i immediately would
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go with the opposite side hedge and go with them, try to ride along. otherwise getting my pocket picked right away. that reaction thing. that's why we built the systems we built. we wanted to find out when we're off the floors how do we still see the same kind of trading we used to see from the trading floor? >> pete and andrew, the reason the sec is going after the stock and not the options trading? because of the level of -- sophistication. >> far more sophisticated, yes, absolutely. >> and a lack of actually having support. >> andrew a long morning already. thanks for sticking around for us today. a great story. >> nice to see you, my man. >> up our alley for sure. one of the hosts of "squawk box." the other hot topic in the debate over whether some markets have advantage, high frequency trading taking center stage on capitol hill today. ayman jeamon javers with the la >> right. similar type of discussion going on here in washington today, scott. brad cats yama of iex, the guy made famous by michael lewis'
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book "flash boys" testifying up on capitol hill today and an early panel, now moved on to heads of a couple of the exchanges including the nysc. katzyama taking a carol tone. asked if he thought exchanges should stop. maker taker payments. didn't come out for that. said maybe a preamble stud toy do before that's actually implemented. none the less, he's getting a lot of resistance from wall street. take a listen. >> gotten a lot of anger from wall street. not all. but again, people embedded in the status quo don't want to see change happening. emerging here on a later panel going on now. we've got thomas farley, the new head of the nyse. he's testifying taking a fairly open approach to reform efforts, and what he said is, he's putting this in the context of the huge improvement in stock prices we've seen. yet the lack of participation by
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individual retail investors in this market, and he said that he thinks that some of the concerns that retail investors have are keeping them on the sidelines. he's open to a lot of the things that would fix those concerns in the appearance of a conflict of interest. a different take they're we're hearing from some of the other members of this panel. a fascinating conversation here in washington today, scott. >> indeed. thanks soch. eamon javers on capitol hill. pete najarian, another unusual story heat highlight later on in the show as we normally do our segment. take a look at averages. s&p 500, 42 straight days without a 1% move? believe that? the longest string since 1995. take a look there. the s&p up a couple of points. the dow, got the fed meeting of course, front and center. so everybody's kind of keeping a close eye on that. along with the ongoing situation and the developing one and the uncertainty around the developments out of iraq.
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that as well. edwards life sciences, etrade, charge schwab among the big movers today. a few names hitting all-time highs, sandisk, dr. pepper, snapple as well. coming up on "the half", destructor 50, out today. we'll find out which names in your portfolio could be in the cross hairs. live to iraq for the latest developments on the situation there, and one of the world's top golfers will join us a little later on as well. jason day is about to tee off in the traveler's championship. first, however, he'll talk to us live about the business of golf, and, oh, yeah. rory mcilroy's lost clubs as well. that and much more, is straight ahead. just take a closer look. it works how you want to work.
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the second annual cnbc destructor 50 out today. a list of companies whose innovations are revolutionizing the landscape. a look at the companies that could disrupt corporate giants and possibly your portfolio, too. julia? >> scott, disrupt or be disrupted. the companies on our list threaten a wide range of businesses. hewlett-packard and other traditional data storage providers are tlerdenned by a number of the cnbc's destructor 50 including pure storage,
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offering more efficient servers and drop box, expanding its cloud storage focus on corporate clients. the start-ups don't have to sacrifice current kucht mers using older storage solutions, giving them a head start against old tech. amazon under fire from all angles. the e-commerce retail rivers, and amazon's data services compete with our storage disrupters as well as data based disrupter mongo db. amazon's payments biz in the same cat gore and start-up stripe, and the big financial firms like schwab and jpmorgan could be vol nurable to companies like motif investing and personal capital. replacing brokers and financial advisers with data analysis and algorithms at a fraction of the cost. but it's worth noting that many of the banks also see an opportunity here. several of them are investing in these companies that take aim at their core businesses. for a look at the entire list and which companies they're disrupting go to disrupter 50.c
12:18 pm interviewing the ceos and founders of the companies of many throughout the week including elon muvg. ceo of our number one director. space ex, coming up today at 4:00 p.m. eastern. scott? >> thanks. i love this. so often we talk about disrupters. we don't talk about the companies being disrupted. and they could be in many of our portfolios. >> sure. >> who are you watching? >> looking at chargepoint. a company, 17,000 stations. charging stations, for electronic vehicles. electric vehicles, rather. so i'm an auto fan, you know. i own gm and like the auto parts companies. this company is very impressive with 2,600 customers. very broad-based and something i'm certainly going to watch for. >> josh? >> yeah. i would actually take the under on the disruption of the robo advisers versus a schwab or jpmorgan's not that i don't think nip will be successful. i think one will. i think the rest will probably be acquired or go away.
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you know, this has been going on for years and years now. and yet the average account size of those firms is less than 50,000. and they have less than 100,000 total customers. so i don't think that schwab's business model is at risk. the mass affluent market is not the same as jpmorgan serves. mass being like 00,000 to a $1 million account. most brokerage advisers are not taking on accounts under $1 million. they can have tniche to themselves. it's not huge. >> interesting to me. the concept of giving the free antenna back to the consumer at home. allowing in em to capture on any device the ability to view tv once again. interesting to me. challenging to, you know, some of the telecom companies going forward. >> yes. >> but to me that one stands out and i think if you look back at list from 2013, there are a lot of companies on there in 2013 that have gotten solid footing
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now as we head into '14. >> pete? >> within the youtube video network i think when you look at this company full screen, really intriguing to me. everybody's talking about content. we pound the table about disney, the content they own. netflix another one. the content they own what it's worth, what they've paid. this is one of those names. huge exposure on youtube when you look where they are. their library as music as well. produces digital content. this is an area with nothing but upside. >> bring in someone who know as disruptive kpip when he sees it. managing director and a venture capital firm that backed five of the companies on our disrupter 50 list, live in san jose for us today. welcome to the "half time" show. gop good to have you on. >> thanks for having me. >> what do you look at what thinking about investing and what would disrupter? >> the primary category, having a great team. look at spaceex, which is the number one company this year on
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your list. you know, somebody like elon musk can go in and disrupt industries. starts with the team. we're looking for companies trying to take advantage of three compelling trends. one proliferation of mobile devices. second is the cloud computing and big data trends. a lot of the infrastructure available to leverage those tools and the third thing, other things. the confluence of, substantive of these technologies ends up creating really good ways to do thing s we used to do already. uber, a much better taxi service. such large markets, if you bring the different technologies together you can build very fast growing businesses as you have a lot of them on your lift. >> -- list. >> snap, air b & b. oscar. what do you make of the valuations of some of these companies? i've got to ask you that given sort of what you do.
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a lot of conversation about the $10 billion or so valuation, uber, and so many others i could bring up. >> i think the valuations for these companies are reflective of two things. one is the sheer market size they're addressing. so investors recognize that these companies have the potential to be very, very large. much lae larger than the value aces there today. look at the growth rates at which the companies are growing it doesn't take a huge leap to see why they can kproi a significant return on the valuations they raise capital at. >> some suggest actually, i think we heard this yesterday, from a guest we had, that if you have the catch phrase, if you will, of being a disrupter, that's sort of adding to the mystique in some way. of the kind of valuation you're able to command? >> yeah. i think it's -- it's -- a lot of these companies, if you look at them, very unique. there's not sort of five of them
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in their categories. clear market leaders. that's really where the premium valuations come, because they are -- they're totally rethinking their own categories and they have monopolistic characteristics in terms of how big they can be, and when you look at that, look at their financials, it's stunning how fast a lot of these companies are growing. >> thanks for coming on. appreciate it. >> thanks for having me. still ahead on "the half" hollywood trying to break through china's great wall. not everyone is winning, from viacom to disney, how the big media companies stack up. plus another day of violence in iraq as militant fighting moves closer to the capital of baghdad. we go live to that region for the very latest when we come back.
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in iraq. michelle? >> reporter: hey there, scott. developments on the energy and battle front. start with the energy front. iraq's largest refinery has been shut down and foreign staff evacuated. officials told reuters. iraqi officials say they are still in control of the refinery, but it is surrounded by islamic militants. the refineries produce products for internal consumption leer in iraq and supports, for example, the power grid, producing kerosene et cetera. in the south, where most of the country's oil reserves occur, the facility well out of reach of the jihadists. bob dudley, in london today told reporters they're increasing production in iraq. >> well, bp's assets are down, a long way from the trouble. production is being increased in response to requests by the government. it's a long way. we, of course, are vigilant removed non-essential production staff out of there. we continue to operate. haven't miss add beat so far.
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>> reporter: as for the battle front, the sunni insurgents pushed further south into a province that's just northeast of baghdad, iraq's capital. as a result, streets of the capital are empty. playground along the banks of the tigris appears abandoned. tops usually teeming with people, empty. shop owners haven't had customers all day or yesterday. people are worried the islamic militants will make it to baghdad as they promised late last week. seem to be held off somewhat, but still the violence continues back to you. >> what does the situation mean for our oil markets here at home. closely watching every move between kp ich wti and brent. >> obviously crude oil up sharply in the last month. the last couple of sessions it appears we're topping out a little. jeff killberg, your take on what's happening in the oil pits
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today. have we seen a top your crude? >> i disagree. we have not seen a top for crude. why is that? iraq, second larger producer in opec and seeing the civil war escalate. it will get worse before it gets better and crude going back to where syrian tensions took it to $120 last august. >> interesting perspective, jim do you awe glee and more importantly do the charts agree with jeff's perspective? >> they do. about ten days, the trend is clear. hasn't been broken. no reason to sell yet. above 105.25. to me, nothing to worry about from being long. i might get longer if it presses on to new thighs. the strend clear. >> tune into the online show, we are talking to dr. doom himself, mark farber, talk fed stocks and gold and then bank of america's technician on talking about copper with him. scott, back to you. >> thank you.
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be there top of the hour. pete najarian, a bullish bet on a financial company spotting unusual options activitactivity >> looking at mbis, scott, interesting chart. look at the stock chart itself, broken up above the 50 and 200 day chart. while it's done that, scott, now the area will act as support for the stock itself pb lo. look 59 the chart, not -- there it is. you can see the 50 day. pulled up above now that's going to be an area of support. so as we look at are the chart, that how it stands out. >> 50-day moving average looking at mbia? >> now the options. see the activity. november 15, calls, scott bought early thitsz morning around the 40 set level. very large. you can see starting to move to the upside. we hate to chase options, scott. when we see a move like this, you can -- >> the span of a week? >> yep. see where we're going. it moving rapidly. now they're trading higher than
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when they initially name to buy them. the last chart, you can see why maybe they're targeting these november 15 calls. by the way, with those calls, scott, they were selling puts to the down side. we wanted to focus on the calls. you see calls bought, puts sold. somebody with a very bullish bet. 5,000 of those traded. this is a stock breaking out towards that $15 level. >> you in it? >> in the name. got the options. got in today with everybody else amp they started to show up. i think if it can get back to the march highs of 15, nats what people are targeting now. >> you'll stay when? how long? >> at least three or four weeks, unless this thing starts to move. it moves, i'm out. >> okay. still ahead on "the half," miss nevada beat out the competition for the title of miss usa, but definitely got a zero on a pop quiz. we're going to explain in the worst trade of the day. the first for the movie business. paramount's "transformers 4," the first major u.s. movie to debut in china. why is hollywood making this move? that story is next with the
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man who made it all possible. plus, we knt continue our second half stories. the remainder of the year, as stephanie and the rest of the group near the halfway point in the play book playoffs. stick around. we are right back. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market.
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time for our trader blitz. updating expedia to positive from nuell tral. >> significant bump to the upside. short interest, fundamental story behind this name, the ford pe of trading something like 17. a lot of reason to like the name. i've preferred priceline in the past. look at expedia closer prp going higher, passing a bill to allow tesla to sell directly to
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consumers. the bill has to be passed by the senate senate. the stock on the move up 4%. >> a feeling you'll get a lot of announcements state capitulate. texas might be next, because hair in the running to have the gig georgia fa giga factory built within thi state. they want it bad. the rollout of the model x, announcement where the factory will be and new batteries. stock goes higher. >> raising a price target as well, joe, to $35. >> a pretty aggressive call on the part of goldman sachs. i don't know if it gets to $35. the stock had weak earnings may 28th sells off down to $23. lifted now to $28. highlighting financial engineers here. $6 in cash. $618 coming up, an annual meeting, maybe do something then. 6-18. >> looking at a chart of goldman. make sure everybody knew -- >> looks good. i like that. all right. u.p.s., saying it's going to
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start charging for ground services by the size of the package to help offset rising fuel costs. rival fedex announced a similar plan in may. stephanie? >> the power of a duopoly. got the pricing power and can use it. hedging guess higher oil prices and be fine. encouraged by recent commentary from management focusing mon more on b to krmplt. >> the movie industry doing something it's never done before. holding a worldwide premiere of a major motion picture in china. "transformers 4" debuts in hong kong this thursday, and the reason why is simple. china is the fastest growing movie market in the world with the motion picture association saying it will surpass all other markets in four years. mark ganis helped and has ties to the china movie industry. here on set. good to see you. >> good to see you, scott.
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>> how did this all happen? >> michael bae has a great franchise, the chinese love it. he and paramount way to us, exist i existing reship. can you help us tap into the china market and make is as chinese centric as possible? the result is what happens this wchbd and over the next month. >> tell us about jawflicks. >> the chinese, mandarin word for home. we are effectively, some people called it the netflix of china. >> a catchy name there. >> it's like some companies like -- netflix is not allowed to be in china. like youtube is not allowed. twitter not allowed. our part isser ner is the gover. sd doesn't hurt. we're in a relationship and are going as of labor day, going to have our stand alone app and
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stand alone software to have 1,000 western movies and over 7,000 chinese movies all available in people's homes, through apps, ipads, androids and very importantly, a deal with just cut with china mobile. available over the china mobile system 760 million subscribers in china mobile. >> your partner is the government. it has to be. everything is so regulated including the movie industry. can you explain how that wall is being broken down at all? >> it's not so much that you break down the wall. it's that you work cooperatively with the government and find ways to make things work so that you can do business properly but also do it in the way that the chinese government wants it to be done. movies like -- they allow only 34 western movie as year to be brought into china for theatrical release. >> are those numbers going to go up? >> they just did. actually 20 movies three years ago, and just went up to 34. i wouldn't anticipate that number will go up anytime soon. >> what about the cost of content? is that going up as much as
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you're getting more films that you're able to row? >> what's interesting there is that, across the market in china, because it's growing rapidly, it's actually a lot of net-plus to the studios, if they can tap into it properly, that's pure profit for them. it doesn't cost more money to put the political in the can. if they can find a way to get involved in china and get their movies there, it adds to the bottom rhine. what they've been trying to do. some more successful than others. >> sorry, joe. opens june 19th. how big in terms of numbers and what it means for hollywood to be rolling out a picture of this magnitude, the biggest summer blockbuster, in china? >> well, this is likely to be the biggest movie of the year. that will come out at any time during this year. the fact that it's opening in china, in hong kong for the world premiere, three days later, the closing movie for the
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shanghai international film festival and the next day doing the china premiere in beijing, this tells you just how focused on the china market paramount is, and they really are focused on china. they've gotten very, very smart. paramount and viacom are very smart about this. doing this allowed a co-production with china for another movie called "marco polo" announced a month ago. one leads to the other, if you do things the right way there. >> good to see you again. exciting new project as well. "trav "transformers 4" premieres this week, and the company again is jawflicks. thanks so much. josh, yojosh, your play her? >> one company not the netflix of china but the expedia of china. ctrp. stock about to break out of an yaup tight time of above 60 and
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invested in the uber of china called yong cha, not a lot of people know about it. looks interesting to me. still ahead, this year's u.s. open golf championship a blowout win for germany's martin kaymer. what's in store for the traveler's? a preview with jason day and where is stephanie putting her money to work for the second half of the year? the three stocks she's betting on, right after the break. tdd#: 1-800-345-2550 searching for trade ideas that spark your curiosity tdd#: 1-800-345-2550 can take you in many directions. tdd#: 1-800-345-2550 you read this. watch that.
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all week long you know asking traders to lay out playbooks for the second half of the year. today stevphanie link's turn. >> i like industrials. i think the u.s. economy is poised to accelerate in the second half of the year. very encouraged by the industrial production numbers we saw this week, capacity utilization, ism's 1250. >> ask about it all the time. thinking about that. >> and pertain to technology too. a lot of ways to play it. i think industrials are attra attractive. i've liked aerospace, autos and truck, still like those sectors but non-res production, and these stocks are down and out. >> pick a couple of names you like specifically, what are they? >> arm storng worstrong world.
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and ebitda and seeing skirlation. pricing power and restructuring in europe. >> you like ingersoll? >> i do. a nice run on a pullback, goes higher, though. an activist in there, about 55% of their revenues non-res, and res revenue and also margin upside in that as well. >> how about johnson controls? >> johnson controls, a big disappoint this year, because the expectations were so elevated with a new ceo. really trying to build out their h vac business. doing it in a good way, just taking longer. the stock down 4% from its high. there's room to run. >> making a big deal, how joe's in the lead in the play wobooks. how do you feel about yours? >> i like mine. not making many changes between now and the fall time frame. i look back, regret, too many ing chas too quickly. i want to pay patient whey i've
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had. worked hard wir the stories and may be value oriented but i think going to work. >> a lot of time left to make up ground. josh brown kwhash, what do you about the industrial plays stephanie likes? >> i hope these some actual ca ex expanses and some actual global economic growth i guess my follow-up would be on ingersoll-rand. what area do think really need to see thing humming along. what are the big segments there? >> for sure nonres construction and residential is about 15%. you do need to see those improving for the stock to go higher but you do have an activist in there, there's oregon segments they can sell off as well. it's not just 100% non-res has to improve. we need nonres to improve. i don't think you need that in its entirety to see the stock
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work. top golfers, like stephanie link, are teeing off the jason day finished in the top ten at the u.s. open. he ranks seventh in the world, and he is live today from the golf course. welcome to the halftime show. good to have you on. >> hey, mate, how are you? >> have you ensevere a performance as good as martin put up? >> well, i played back in 2011 at the u.s. open when i shot 8 under and congressional, and kind of got latched by rory shooting 16 under. so i have before, it would be nice tosh in that spot, but we'll see how it goes. >> british hope is not that far away. how do you like your own chances. you're often at the top of the conversation about the next young guy who will win a major. >> you know what? i've got a bunch of tournaments before that, but, you know, the british is just around the corner. i'm looking forward to getting
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over and getting some early prep. really just to try to get used to the course. obviously playing links golf compared to the golf that we play over here in the states is totally different. so looking forward to getting there early, getting some good prep under the belt. >> have you heard about this story about rory, i guess the airline lost rory's clubs. he tweeted out today something to united airlines. i'm wondering if, a, you heard about it, and what you this i about it. hey@united landed in dublin from newark and still no golf clubs. sort of need them this week. can someone help? ever been in that situation? >> well, i've lost bags before, but never golf clubs. the biggest thing is i think with the skill that rory has, he could probably go out with a rental set and play just as good. but you know what? i'll bet he's glad to be back home and looking forward to a good week, hopefully he gets his clubs before the tournament
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starts. >> it's hard to do what you've got to do without the tools of the trade. you signed a sponsorship deal with concur. tell us about it. >> it's a phenomenal company obviously to be a partner with. you know, great business for really any size business, small, medium large. they -- they're a web-based -- a mobile and web-based company that offer, you know, spend manage solutions and services. so, it's really easy to these days -- not back in the day when i was -- when i first came out on tour, but to be able to take a picture of a receipt, it goes up into the cloud, the boss can see what you're spending on the road, and it's really easy to, you know, increase the bottom line. so phenomenal company to be a part of. i'm looking forward to the new partnership we started. >> we use it ourselves at nbc universal, so we know exactly what you're talking about. best of luck to you. by the way, we're just hearing from united.
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they found rory's clubs. he'll have them first thing in the morning. >> okay. that's awesome. that's good news. >> jazzen be well. you have a lot of fans pulling for you. we'll be watching you the rest of the summer. jason day. >> thanks, mate. appreciate it. final thoughts from our traders and why miss usa has some splain'ing to do.
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nia sanchez was asked what seems like a easy question. >> what's the capital of nevada? >> oh -- oh, my gosh. that's miss nevada. the real question on this desk, though, joe, first -- what is the capital of nevada? >> i'm going to kill your segment, because i'm going to give you the right answer. i guarantee i'll give you the right answer. >> carson city.
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>> wow, you have google, joe? >> i'm really impressed by that. [ laughter ] . let's listen to what miss nevada thought the capital was. >> carson city. >> thank you, i was going to say that. that one dj host on mtv back in the day, his name, that's how i always remembered it. carson daly. that guy. the worst trade -- not knowing the capital of the state you represent. >> hey, scott, let's be honest, she'll be fine. >> she did win miss usa after being miss nevada. but really she did live most of her life in california, where she first entered the contest and lost three times. >> josh, no shot ever of winning. >> final trades. josh? start us off. >> $45 billion kept pouring into emerging markets last month. i think that's only the
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beginning. vwo is my favorite way to play the space. >> i love watching goldman access creep higher. look out above, because i think there's plenty of different reasons why they're going to do well, but mbi is my final trade for the day. that enough activity, i think the stock goes higher. >> and you want you could be three three, four weeks? >> here's the real answer. if those options double, i'm out a half or out of all of them. that's always the rule of them. >> stef? >> we like goldman sachs, too, pety peetie. so i want to be long diebold. i think in a new management is doing a good job. >> joey? >> we did not talk about the fomc meeting tomorrow. i think we're taking it with a lot of xladancy. >> i think it matters. i think it's complacency.
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you can yawn about it, but to institutional passive money, money will be moved around if rates start to rise if there's a whiff of inflation. what's the exit strategy? i think tomorrow do not dismiss the relevance longer term of the fomc meeting. that does it for us. have a great rest of the day. power starts right now. halftime is over. the second half of your trading day begin now. good afternoon, everybody. welcome to "power lunch." free and fair markets. we have two major stories. first off a key senate subcommittee taking up the shy. testify you is one of the men in the thick of the fight. then research out today showing that one quarter, 25% of deals involved public companies are linked to insider trading. it's an important study.


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