Transcripts For BLOOMBERG Street Smart With Trish Regan And

There are concerns about cracking down on money transfers and that might dampen the demand for gambling. Analysts have come out and said maybe the concerns are overblown. We have seen these stocks in down across the board. They are sharply lower. Time now for our big story, deal or no deal. Top executives from comcast and Time Warner Cable are just finishing up on capitol hill, defending the 40 billion merger. Lawmakers are concerned about what it means for consumers and prices. Testifying against the deal before the House Judiciary Panel , cogent medications, rural media group, an american cable association. Yang yang joins us. What were the highlights . Clocking in at four hours, plenty of arguments on both sides. Understandably, it was david cohen, executive Vice President of comcast, who fielded most of the questions. He seems to be an old pro in these type of hearing. Before the senate last month. Theres only one question he could not answer, and that was whether or not the deal would actually mean lower cable bills for comcast subscribers, since they are touting all of these economies of scale and savings. That was one question he could not answer, although he did say that prices would not go up. He defended the deal, mainly saying pro competition that this is pro competition and above all else, proconsumer. Ofthe ultimate beneficiary this enhance competition and greater investment is the american consumer. Specifically comcast will bring Time Warner Cable residential punch customers faster internet speeds, more programming choices, more robust x1fi, and our best in class operating system. And business customers will benefit as well. But another point he made is with geography. He said in no market will Time Warner Cable and comcast and pete compete, meaning consumers will have just as much choice. But on the opponents side of , formerone antitrust doj lawyer called that claim bogus. But the fact is, the fact is, Time Warner Cable and comcast to compete. The two Companies Compete in a number of ways, for instance, they compete to carry local and Regional Sports teams, and they compete for advertising dollars. Some of the arguments against the merger include anticompetitive leverage. That is a term that netflix had used, describing their opposition to the deal. They were not represented today, but there were plenty of opponents. And some of the issues were over freedom of speech, that perhaps comcast might pick and choose and limit some of the conservative opinion shows out there and that if the deal were to go through, comcast would be both judge and jury. It is important to note that one group does not that does not really have a say in any of this is, in fact, congress. Lawmakers made the point that they would not be making any sort of decision, that this was about putting this out into the public forum, getting some insight and transparency on how things might work. But congress has no say in this and it is up to regulators at the doj and the federal communications commission. Tank you very much, yang yang. I want to bring in my roundtable. Jeff mccracken, Bloomberg News managing editor, and bloomberg west editor at large in san francisco, and cory johnson. Ohen trying to convince lawmakers that this would be good for consumers. I dont know. It seems like if you team up the biggest Cable Companies in this country it will not be good from for consumers. In the cable industry it is about investing your product and the product here is programming and innovation. A lot of that cost capital. I think comcast is simply saying, the bigger we are, the bigger leverage will have with our programmers. Presumably, the only reason cable prices will go up is because programming costs go up. If cable has more leverage over programming, perhaps that would be what do you mean by programming . Average, 189 channels americans can watch. Guess how many they watch . 17 out of the 189. We are charged on average 85 for these channels, and an additional 43 for broadband, 48 grand total of 128. For a grand total of 128. If they are not going to watch it to begin with, why does this matter . The impact would be on the programming aspect. The cost eventually tunnels down to you, but the shares of these companies actually go up with a deal like this. It is not because shareholders think this is a win for the consumer, but inevitably because they figure out how to take synergies out and keep the prices the same for the consumer, or perhaps go up for the consumer. People seem to think that this is going to get done. What are your sources telling you . Yes. And it is not a monopoly . No, because these companies do not compete with each other. Orther you are in des moines new york or detroit, they are not competing. It is hard enough right now to get the Cable Company on the phone. Im not necessarily looking forward to it getting bigger. Let us about the antican did of anticompetition issue that netflix has raised. It is interesting, the notion broadercast will have a share of the market. It either believes innovation happens from the federal government, or from lots of different competitors getting access to the same markets in the same way. When Silicon Valley looks at comcast, they dont see a provider of Cable Television willing to switch from cvs to abc to pbs or whatever. What they see is the dominant access to highspeed internet for the nation. Comcast and Time Warner Cable put together will control more than one third of internet access. If you are a company that wants to sell something online, you probably oppose this yield. This deal. Facebook, google, yahoo , linked in have come against it. Why would linkedin oppose a deal like this . Because they want the same access to the consumer as their competitors. Lets imagine a world where comcast and time warner are together and they can choose who will have the Fastest Internet access to the home. They might have an interest in one of those companies. You have a lot of innovators in Silicon Valley look at the steel saying, wait a minute, we cannot have a company the size this size deciding who will receive our good and Services Faster than others. Those are valid point. Are these falling on deaf years . Will regulators are these falling on deaf ears . Will regulators here this . Over 18 million in the last year in lobbying in d. C. , more than any other company in the world except for defense. As a lobbying group spent 19 million in the last year. Yet tens of millions of dollars going to the powers that be in washington. We did a piece earlier today that will run later that will explain just where all this money is coming from. Jeff wants to get in here. What is interesting to me is , orcomcast is opening up creating animal spirits for other people to look at the transaction. Charlie ergen was talking about whether the deal make sense. Others thinking sprint and softbank should be coming together with tmobile. You and i have talked long about this. All of this and then they activity happening all at once activity happening all at once. It is not just in tech or pharmaceuticals. It is in media as well. Other companies will say, hey, if you let that you look through, mr. Again later, then you probably need to let my deal look through. , thend mr. Regulator you probably need to let my deal go through. Everything weve been talking about in the past 10 or 15 years about the convergence between technology and media, its actually happening and heres your great example. Thank you so much for your perspectives. Selloff in tech continues. How low will chairs go . Plus, victorias secret supermodel amber is here. She is working behind the camera to try to help save the countrys most honorable waterways. That is ahead. One term lies at the center of the debate over how the internet should be regulated. Net neutrality. What is it . The term sounds intimidating. Down andson broke it explains with a little help from steve mcqueen. Al gore did not invent the internet, but he didnt get the information superhighway. What better metaphor to help theain this idea of controversial notion of Net Neutrality . Ats take a drive bandwidth hogging gas guzzling beef, like the 1968 mustang gt. A metaphor for a video we pull out of the hulu parking lot. We hit the interstate, backbone of the internet, at full speed, as fast as 100 data bits a second. The backbone is owned by a handful of private Companies Like at t, Deutsche Telekom centurylink. All of our fellow travelers are traveling the same fast speed. That last mile is owned by a small group of Internet Service comcast, come alike Time Warner Cable, and verizon. They have different rules of the road. We may have gotten off the information superhighway at a blazing fast speed. Now we are getting traffic. While the traffic jams some of our fellow travelers, others , they were able to pay for their own fast lane. That is exactly the kind of deal that netflix struck recently with comcast tom allowing their service to get to consumers faster than competitors. Is that fair . Net neutrality rules would make it an even Playing Field for all the drivers on our road in that last mile. Keepers, comcast and Time Warner Cable, do not like it. They want their own rules for the road. Drivers like us, we just want to enjoy the freedom of the open road. Lacks i want to go to cory johnson, joining us from san francisco. We were talking about this earlier, the comcasttime warner deal and how it plays into the Net Neutrality debate. It is understandable that other companies out there would be pretty upset the cause they feel like someone else is going to be controlling their access. That is the focus, focusing on business, not just the consumer angle. While there is an important discussion to be had about how one company can make choices about what someone can consume when they want to have axis or whatever, it is just as important to business. Businesses want to have access to that last mile. Comcast, in their defense, they have invested a lot of money building that last mile. They put the pipes into the ground. They have a highspeed connection to the home. They will even say that they are trying to anticipate consumer demand. Giving netflix that fast lane am a because people want netflix, but there are consumers that will not have the same access to competing products like amazon prime. You have got amazon and facebook, twitter, netflix all of them lining up in opposition to the deal. And also level three. Level two recognizing that if there was someone choking the end of the pipeline they control, of that Broadband Access to the middle of the internet backbone, in might slow down how much of their business can grow. From the comcast standpoint, critics will say what happens to the day comcast decides we our internet to be the Fastest Service you can get at home . You can be a home and you can vanity crummy movie on x exfinity and then you can go to netflix. Theret is the case that is not Net Neutrality protection in place . Businesses are worried that comcast has the ability to pick and choose between winners the future of businesses and technology, all businesses are moving to try to decide how technology will change their business. If you have one Company Controlling a third of all highspeed internet, that one committee in many ways, as you articulate this argument as well, it seems very hard to understand why the regulators might actually approve this event all this concern. We will watch it. Terrorism, over 200 girls kidnapped. We will look at what is behind the violence in nigeria and what investors can do. In the nfl draft starts in a few hours. I asked dan marino who he thinks is the best professional quarterback playing today. Welcome back. Time for the global outlook. Africas largest economy is under terror threat. Talking about nigeria. Ramee weeks ago the boko ha claim responsibility for the capture of over 200 nigerian schoolgirls with the intent to sell them. Yesterday, the first lady, michelle obama, tweeted our prayers are with the missing nigerian girls and their families. It is time to bringbac kourgirls. The u. S. , u. K. , france, and china plan to send in support to help locate these students, some as young as 15. All of this going on as the World Economic forum meets in nigerias capital this week. To help explain, i want to bring in the former adviser to the u. K. Ministry of defense. Michael, lets talk about the World Economic forum being there in nigerias capital. I was saying during the commercial break, it is hard to fathom why anybody would want to put money in a place like nigeria right now where this can happen. I think the source of economic fruition within any country is based on security. We have seen it in afghanistan, egypt, india, and all over north africa. You have to have some semblance of a Security Apparatus in the country to allow the economy to flourish. A consumer is not going to go and take a farmer is not going to take his goods to market and sell it if he thinks there will be a suicide bomber at the market and blow the place appeared a consumer will not come to buy products if there is a lack of security in the area. It isis tragic because this catch22. A country like nigeria cannot get out from under it to help the population and its people in terms of educating them because they do not have the jobs in the first lace. What corporation or investor wants to put money there . That said no but this is a commodityrich country. It is all based on oil. Nigeria,on people in one of the most wealthy in north africa. It is based on oil and commodities and diamonds and whatnot. One of the most important things in terms of the bring back our girls piece and the Nigerian Women that have been taken hostage, it is a very delicate balance between showing the world that you care and wanting to do something and sending the right people in terms of the u. S. It is not just us. The u. K. , france, and china are all coming together to try and locate we have. There is a big call to special forces. People will ask where the special forces were. I have done a couple operations in that part of the world. The thing special forces rely on is the operational security. They go in at night. They do it under radar and do it very well. The other real thing we need to be absolutely clear here is a inutiful back to algeria 2013, there was the head of a jihadist group, and al qaeda affiliate, who took some 600 hostages at an oil refinery. There was an enormous amount of pressure on algeria to sort that out. They sent in their forces early and killed 23 hostages. We need to be very careful. Thank you very much. Talking about the nasdaq suffering big losses. Greg this is street smart. Im trish regan. It has been a brutal stretch for tech stocks. Is this the start of a larger crash or is it a healthy correction . This is the question we are asking today. Here is theight managing director and Senior Analyst for spr capital. Welcome to both of you. Daniel, i will start with you. Is this going to be more pain to come . I definitely think it will be felt, but in the downdraft, a lot of winners in tech are starting to get hit that are creating opportunities for investors. Like . Platform big data play. Palo alto. The babytarting to see thrown out with the bathwater. If you are in investor, you have to take a step back and figure out what you need and want to own in this downdraft. I watch this selloff and i think in many ways its pretty justified. You are getting two valuations that are so insane and some of the real growth momentum names. Finally, we seem to be coming back to earth to a certain extent. The question is how much, how long, how painful will this be . Is this some version of the 2000 tech bubble all over again . Its much, much smaller. There are a few stocks out there that were driven terribly high, some for good reasons, some for terrible reasons. I do agree that if it werent for some big volatility, driven somewhat by the market overall, but in particular these tech names that just have not lived up to the momentum promised. I think this is what you get when youre not showing growth to the investors who bought you. They werethought getting. I am old tech. I like some chip names like. Ntel and Xilinx Xilinx is not much talked about, but we like it. The Older Software names like, dare i say, ibm. Even in bad times, they still pay up. A lot of these now are subscription models and gives you a little bit of comfort as an investor. Yes. Dan agrees. Everybody saying this is an opportunity for select companies. You would not, i would think, go out and buy amazon which is at a pretty crazy thats how investors have gotten themselves into some hot water. What ie to focus on would call more of a barbell approach. The old, mature names. But you also have to look at gross. It is a two percent i. T. Spending environment. You put away Cyber Security, big data two or three years and then you look back on this as a golden opportunity. Its buckle the seatbelt time. More volatility to come and potentially some more downside, i keep your eyes and ears open for stuff. Tim and dan, thank you very much for joining me today. Next, the peacock is hoping olympic ratings will continue to score all the way through 2032. Find out how much nbc paid to carry the games through the next 18 years. And next, find out why Warren Buffett is the against shareholder of usg. Is thetching biggest shareholder of usg. Through 2032, Nbc Universal will continue to go for the gold, the silver and the bronze. It signed a multinational a multiyear extent with the Time Warner Cable<\/a> are just finishing up on capitol hill, defending the 40 billion merger. Lawmakers are concerned about what it means for consumers and prices. Testifying against the deal before the House Judiciary Panel<\/a> , cogent medications, rural media group, an american cable association. Yang yang joins us. What were the highlights . Clocking in at four hours, plenty of arguments on both sides. Understandably, it was david cohen, executive Vice President<\/a> of comcast, who fielded most of the questions. He seems to be an old pro in these type of hearing. Before the senate last month. Theres only one question he could not answer, and that was whether or not the deal would actually mean lower cable bills for comcast subscribers, since they are touting all of these economies of scale and savings. That was one question he could not answer, although he did say that prices would not go up. He defended the deal, mainly saying pro competition that this is pro competition and above all else, proconsumer. Ofthe ultimate beneficiary this enhance competition and greater investment is the american consumer. Specifically comcast will bring Time Warner Cable<\/a> residential punch customers faster internet speeds, more programming choices, more robust x1fi, and our best in class operating system. And business customers will benefit as well. But another point he made is with geography. He said in no market will Time Warner Cable<\/a> and comcast and pete compete, meaning consumers will have just as much choice. But on the opponents side of , formerone antitrust doj lawyer called that claim bogus. But the fact is, the fact is, Time Warner Cable<\/a> and comcast to compete. The two Companies Compete<\/a> in a number of ways, for instance, they compete to carry local and Regional Sports<\/a> teams, and they compete for advertising dollars. Some of the arguments against the merger include anticompetitive leverage. That is a term that netflix had used, describing their opposition to the deal. They were not represented today, but there were plenty of opponents. And some of the issues were over freedom of speech, that perhaps comcast might pick and choose and limit some of the conservative opinion shows out there and that if the deal were to go through, comcast would be both judge and jury. It is important to note that one group does not that does not really have a say in any of this is, in fact, congress. Lawmakers made the point that they would not be making any sort of decision, that this was about putting this out into the public forum, getting some insight and transparency on how things might work. But congress has no say in this and it is up to regulators at the doj and the federal communications commission. Tank you very much, yang yang. I want to bring in my roundtable. Jeff mccracken, Bloomberg News<\/a> managing editor, and bloomberg west editor at large in san francisco, and cory johnson. Ohen trying to convince lawmakers that this would be good for consumers. I dont know. It seems like if you team up the biggest Cable Companies<\/a> in this country it will not be good from for consumers. In the cable industry it is about investing your product and the product here is programming and innovation. A lot of that cost capital. I think comcast is simply saying, the bigger we are, the bigger leverage will have with our programmers. Presumably, the only reason cable prices will go up is because programming costs go up. If cable has more leverage over programming, perhaps that would be what do you mean by programming . Average, 189 channels americans can watch. Guess how many they watch . 17 out of the 189. We are charged on average 85 for these channels, and an additional 43 for broadband, 48 grand total of 128. For a grand total of 128. If they are not going to watch it to begin with, why does this matter . The impact would be on the programming aspect. The cost eventually tunnels down to you, but the shares of these companies actually go up with a deal like this. It is not because shareholders think this is a win for the consumer, but inevitably because they figure out how to take synergies out and keep the prices the same for the consumer, or perhaps go up for the consumer. People seem to think that this is going to get done. What are your sources telling you . Yes. And it is not a monopoly . No, because these companies do not compete with each other. Orther you are in des moines new york or detroit, they are not competing. It is hard enough right now to get the Cable Company<\/a> on the phone. Im not necessarily looking forward to it getting bigger. Let us about the antican did of anticompetition issue that netflix has raised. It is interesting, the notion broadercast will have a share of the market. It either believes innovation happens from the federal government, or from lots of different competitors getting access to the same markets in the same way. When Silicon Valley<\/a> looks at comcast, they dont see a provider of Cable Television<\/a> willing to switch from cvs to abc to pbs or whatever. What they see is the dominant access to highspeed internet for the nation. Comcast and Time Warner Cable<\/a> put together will control more than one third of internet access. If you are a company that wants to sell something online, you probably oppose this yield. This deal. Facebook, google, yahoo , linked in have come against it. Why would linkedin oppose a deal like this . Because they want the same access to the consumer as their competitors. Lets imagine a world where comcast and time warner are together and they can choose who will have the Fastest Internet<\/a> access to the home. They might have an interest in one of those companies. You have a lot of innovators in Silicon Valley<\/a> look at the steel saying, wait a minute, we cannot have a company the size this size deciding who will receive our good and Services Faster<\/a> than others. Those are valid point. Are these falling on deaf years . Will regulators are these falling on deaf ears . Will regulators here this . Over 18 million in the last year in lobbying in d. C. , more than any other company in the world except for defense. As a lobbying group spent 19 million in the last year. Yet tens of millions of dollars going to the powers that be in washington. We did a piece earlier today that will run later that will explain just where all this money is coming from. Jeff wants to get in here. What is interesting to me is , orcomcast is opening up creating animal spirits for other people to look at the transaction. Charlie ergen was talking about whether the deal make sense. Others thinking sprint and softbank should be coming together with tmobile. You and i have talked long about this. All of this and then they activity happening all at once activity happening all at once. It is not just in tech or pharmaceuticals. It is in media as well. Other companies will say, hey, if you let that you look through, mr. Again later, then you probably need to let my deal look through. , thend mr. Regulator you probably need to let my deal go through. Everything weve been talking about in the past 10 or 15 years about the convergence between technology and media, its actually happening and heres your great example. Thank you so much for your perspectives. Selloff in tech continues. How low will chairs go . Plus, victorias secret supermodel amber is here. She is working behind the camera to try to help save the countrys most honorable waterways. That is ahead. One term lies at the center of the debate over how the internet should be regulated. Net neutrality. What is it . The term sounds intimidating. Down andson broke it explains with a little help from steve mcqueen. Al gore did not invent the internet, but he didnt get the information superhighway. What better metaphor to help theain this idea of controversial notion of Net Neutrality<\/a> . Ats take a drive bandwidth hogging gas guzzling beef, like the 1968 mustang gt. A metaphor for a video we pull out of the hulu parking lot. We hit the interstate, backbone of the internet, at full speed, as fast as 100 data bits a second. The backbone is owned by a handful of private Companies Like<\/a> at t, Deutsche Telekom<\/a> centurylink. All of our fellow travelers are traveling the same fast speed. That last mile is owned by a small group of Internet Service<\/a> comcast, come alike Time Warner Cable<\/a>, and verizon. They have different rules of the road. We may have gotten off the information superhighway at a blazing fast speed. Now we are getting traffic. While the traffic jams some of our fellow travelers, others , they were able to pay for their own fast lane. That is exactly the kind of deal that netflix struck recently with comcast tom allowing their service to get to consumers faster than competitors. Is that fair . Net neutrality rules would make it an even Playing Field<\/a> for all the drivers on our road in that last mile. Keepers, comcast and Time Warner Cable<\/a>, do not like it. They want their own rules for the road. Drivers like us, we just want to enjoy the freedom of the open road. Lacks i want to go to cory johnson, joining us from san francisco. We were talking about this earlier, the comcasttime warner deal and how it plays into the Net Neutrality<\/a> debate. It is understandable that other companies out there would be pretty upset the cause they feel like someone else is going to be controlling their access. That is the focus, focusing on business, not just the consumer angle. While there is an important discussion to be had about how one company can make choices about what someone can consume when they want to have axis or whatever, it is just as important to business. Businesses want to have access to that last mile. Comcast, in their defense, they have invested a lot of money building that last mile. They put the pipes into the ground. They have a highspeed connection to the home. They will even say that they are trying to anticipate consumer demand. Giving netflix that fast lane am a because people want netflix, but there are consumers that will not have the same access to competing products like amazon prime. You have got amazon and facebook, twitter, netflix all of them lining up in opposition to the deal. And also level three. Level two recognizing that if there was someone choking the end of the pipeline they control, of that Broadband Access<\/a> to the middle of the internet backbone, in might slow down how much of their business can grow. From the comcast standpoint, critics will say what happens to the day comcast decides we our internet to be the Fastest Service<\/a> you can get at home . You can be a home and you can vanity crummy movie on x exfinity and then you can go to netflix. Theret is the case that is not Net Neutrality<\/a> protection in place . Businesses are worried that comcast has the ability to pick and choose between winners the future of businesses and technology, all businesses are moving to try to decide how technology will change their business. If you have one Company Controlling<\/a> a third of all highspeed internet, that one committee in many ways, as you articulate this argument as well, it seems very hard to understand why the regulators might actually approve this event all this concern. We will watch it. Terrorism, over 200 girls kidnapped. We will look at what is behind the violence in nigeria and what investors can do. In the nfl draft starts in a few hours. I asked dan marino who he thinks is the best professional quarterback playing today. Welcome back. Time for the global outlook. Africas largest economy is under terror threat. Talking about nigeria. Ramee weeks ago the boko ha claim responsibility for the capture of over 200 nigerian schoolgirls with the intent to sell them. Yesterday, the first lady, michelle obama, tweeted our prayers are with the missing nigerian girls and their families. It is time to bringbac kourgirls. The u. S. , u. K. , france, and china plan to send in support to help locate these students, some as young as 15. All of this going on as the World Economic<\/a> forum meets in nigerias capital this week. To help explain, i want to bring in the former adviser to the u. K. Ministry of defense. Michael, lets talk about the World Economic<\/a> forum being there in nigerias capital. I was saying during the commercial break, it is hard to fathom why anybody would want to put money in a place like nigeria right now where this can happen. I think the source of economic fruition within any country is based on security. We have seen it in afghanistan, egypt, india, and all over north africa. You have to have some semblance of a Security Apparatus<\/a> in the country to allow the economy to flourish. A consumer is not going to go and take a farmer is not going to take his goods to market and sell it if he thinks there will be a suicide bomber at the market and blow the place appeared a consumer will not come to buy products if there is a lack of security in the area. It isis tragic because this catch22. A country like nigeria cannot get out from under it to help the population and its people in terms of educating them because they do not have the jobs in the first lace. What corporation or investor wants to put money there . That said no but this is a commodityrich country. It is all based on oil. Nigeria,on people in one of the most wealthy in north africa. It is based on oil and commodities and diamonds and whatnot. One of the most important things in terms of the bring back our girls piece and the Nigerian Women<\/a> that have been taken hostage, it is a very delicate balance between showing the world that you care and wanting to do something and sending the right people in terms of the u. S. It is not just us. The u. K. , france, and china are all coming together to try and locate we have. There is a big call to special forces. People will ask where the special forces were. I have done a couple operations in that part of the world. The thing special forces rely on is the operational security. They go in at night. They do it under radar and do it very well. The other real thing we need to be absolutely clear here is a inutiful back to algeria 2013, there was the head of a jihadist group, and al qaeda affiliate, who took some 600 hostages at an oil refinery. There was an enormous amount of pressure on algeria to sort that out. They sent in their forces early and killed 23 hostages. We need to be very careful. Thank you very much. Talking about the nasdaq suffering big losses. Greg this is street smart. Im trish regan. It has been a brutal stretch for tech stocks. Is this the start of a larger crash or is it a healthy correction . This is the question we are asking today. Here is theight managing director and Senior Analyst<\/a> for spr capital. Welcome to both of you. Daniel, i will start with you. Is this going to be more pain to come . I definitely think it will be felt, but in the downdraft, a lot of winners in tech are starting to get hit that are creating opportunities for investors. Like . Platform big data play. Palo alto. The babytarting to see thrown out with the bathwater. If you are in investor, you have to take a step back and figure out what you need and want to own in this downdraft. I watch this selloff and i think in many ways its pretty justified. You are getting two valuations that are so insane and some of the real growth momentum names. Finally, we seem to be coming back to earth to a certain extent. The question is how much, how long, how painful will this be . Is this some version of the 2000 tech bubble all over again . Its much, much smaller. There are a few stocks out there that were driven terribly high, some for good reasons, some for terrible reasons. I do agree that if it werent for some big volatility, driven somewhat by the market overall, but in particular these tech names that just have not lived up to the momentum promised. I think this is what you get when youre not showing growth to the investors who bought you. They werethought getting. I am old tech. I like some chip names like. Ntel and Xilinx Xilinx<\/a> is not much talked about, but we like it. The Older Software<\/a> names like, dare i say, ibm. Even in bad times, they still pay up. A lot of these now are subscription models and gives you a little bit of comfort as an investor. Yes. Dan agrees. Everybody saying this is an opportunity for select companies. You would not, i would think, go out and buy amazon which is at a pretty crazy thats how investors have gotten themselves into some hot water. What ie to focus on would call more of a barbell approach. The old, mature names. But you also have to look at gross. It is a two percent i. T. Spending environment. You put away Cyber Security<\/a>, big data two or three years and then you look back on this as a golden opportunity. Its buckle the seatbelt time. More volatility to come and potentially some more downside, i keep your eyes and ears open for stuff. Tim and dan, thank you very much for joining me today. Next, the peacock is hoping olympic ratings will continue to score all the way through 2032. Find out how much nbc paid to carry the games through the next 18 years. And next, find out why Warren Buffett<\/a> is the against shareholder of usg. Is thetching biggest shareholder of usg. Through 2032, Nbc Universal<\/a> will continue to go for the gold, the silver and the bronze. It signed a multinational a multiyear extent with the International Olympic<\/a> committee. The price of the deal . 70. 7 billion. 17 billion. Nbc locked up the ioc without any other network getting a turn . I think it comes down to relationships and trust. We have had the olympics that nbc for a long time. To be able to extend it made sense to all parties. I think it is important to have that kind of stability for a franchise. And we are fortunate to have great ownership in comcast that saw what happened in london, saw what happened in sochi, and really, through the dealmaking, withoutable to do this anyone even really knowing about it. It was pretty cool, a rarity. He caught a lot of people as a price. Was there much it caught a lot of people by surprise. Was there much backandforth on the pricing . A little bit. But to be able to do this kind mean, the olympics is a major property. It is an important movement. And they understand that we get it and they trust us and they know us. Paid nearly 8 billion for 12 years worth of rights. Through what mechanism will people be watching olympic sports in 2032 . Will it be tv . Are we going to be able to be compensated for the people watching, and in what way . One of the great things about this deal is that whatever the platform is, we have the rights for it. Evolve seen the olympics on television as a premier broadcast property in the 1970s and 1980s. It involved onto the cable side in the early 2000s. And now, starting with london, it is digital. It is mobile. There are apps. We dont really know, frankly. No one does. But safe to say there will be an appetite for this content. Be alympics will still type of thing to get mass audiences in whatever format it is. So you will be able to put it out there via any mechanism. You have the rights. At lately. The International Olympic<\/a> committee has expressed some interest in extending its network. Will this affect its ability to do that . I think its probably premature to say that. I know there has been some interest and some talk about that. But i think it is still a little early for that. I think we are going to let this deal settle in and then see what the future holds. Lets talk about rio, the road to the 2016 olympics. What have you learned about what has happened thus far with the preparation . I know there has been some ofcern in the Level Construction<\/a> pacing at this point. There is a group of us going down there next week. We will get a look firsthand. We have talked to some of our colleagues who have been going down for world cup prep. Number of concerns going in there. They are understandable. They are justifiable. We had some of this before greece in 2004. This is not unprecedented to have some concern about the pace of construction. Tend to workngs out. We have seen this before. This olympic deal, this extension 22030 two, what does it do to your ability to compete with espn and fox sports . I think it is a huge boost to the Nbc Sports Network<\/a> and frankly, the entire company. The olympics really is a tentpole franchise that allows the company to touch it in some way, shape or form. We have seen that happen with our nbc news properties. We see it with Something Like<\/a> sochi where we were able to launch a very successful tonight show with jimmy fallon. Across the board, this has just been a huge thing, and it is going to allow us to take advantage of the new technologies. What we didst take last time and copy and paste it. This is a continually evolving thing. As far as the way viewers experience the olympics, to have this level of commitment is really going to allow us to do a deep dive on some great stuff and enhance what our viewers get to taste with the olympics. Before i let you go. The time Warner Comcast<\/a> merger has been under a lot of scrutiny. You have been at the nbc family not just with the olympics but as executive producer of the today show. What do you say how do you see todays meeting and what do you say about this merger changing the industry as a whole . I am pleased to report that i have nothing to add there because i have not been following it. I have been doing my olympic stuff. I have been trying to come up with fun facts. You have to consider that in 2032, the last olympics of the current deal, there are athletes competing there that have not been born yet. Pretty amazing. Well jim, thank you for joining me today. Executive producer for the nbc olympics, congratulations on the deal and good luck on your trip and a couple of weeks. Thank you. Coming up, my guest is biggestone of the makers of Construction Materials<\/a> and Warren Buffett<\/a> is the companys biggest shareholder. Janet yellen offered a mostly up up outlook for the u. S. Economy in her testimony. But there was one statement causing concern. We will need to see a pickup and household formation in order to see continued recovery in the housing market. Mortgage rates went up quite a lot over the spring and summer. Theyre still low by historical standards, so in that sense, houses remain affordable and i expect housing to pick up. But really, it has flattened out and the recovery that seemed to be an progress has flattened out. Flattened out. Its been challenging. Joining me with his perspective is jim metcalf. He is the ceo of usc, one of the usg, one of the countrys biggest makers of Construction Materials<\/a>. Warren buffett is one of his biggest investors. Great to have you here. Lets talk about what you are seeing. Happening . Would you echo what janet yellen is saying , that housing is a tough sector right now and has flattened out . You know, the market has been choppy. Its coming off historical lows, like she said, but we believe in demographics. Household formation is going to be anywhere between 1. 31. 4, and people still need shelter. The population is growing. We had a harsh winter. Everybody knows what happened with the weather, but topline was up, bottom line was up, and in fact, the First Quarter<\/a> was the best quarter we have had since 2007 when the overall housing crisis started. All an perhaps we were little too optimistic. Lets talk about what a recovery in housing might look like. Janet yellen is saying things of flattened out. If we do get a little bit of growth, are we going back to housing as it used to be when it kept pace with inflation. About 25 for usc is of the business. The market we look at is repairing the model. The average age of the home is 40 years old. If people cannot buy a new house, they fix up their home. With housing prices coming up, their have more equity in home. Half of our business is repair and remodel. Along with that is commercial repair and remodel. You see around new york city that they are fixing up all the commercial buildings. That is where we play as well. Do you think things will change now that hopefully the weather is Getting Better<\/a> . Do you think that will help you guys and as people look to remodel do you see forces combined to make you more rock more optimistic . Yes. Homee seeing it with a big retailers like home depot, lowes. We are starting to see a pickup with those customers. Also, we are positioning in other markets. We made a very big joint venture in asia. Really diversify our earnings. Of theto that part world. We created our own recovery. We are not waiting for housing to return. We wanted to create our own recovery. We diversified our earnings in asia. And we did this all around innovation. Do you see this as something you would want to continue. 80 of your business is still domestic. Yes, it is a big opportunity in 12 countries. And we now have a 40 growth share. Also, the Adoption Rate<\/a> of our products is still very low, so we are getting kind of a twofer with our growth rate and the Adoption Rate<\/a>. We started off the segment saying that Warren Buffett<\/a> is a shareholder. What is it like to work for war and . We work for all of our shareholders. Warren is our largest shareholder. Can he call you up and say he is there for advice if i want to get some advice, but he is a wonderful shareholder like all of our shareholders. We appreciate his investments. We appreciate any advice he gives. He really lets the Management Team<\/a> run the business and hopefully we have the right returns for our shareholders. You are just at the Berkshire Hathaway<\/a> meeting. Yes. How is that . Weekend. Wonderful they work very hard for all of the shareholders. And they show Berkshire Hathaway<\/a> their appreciation through numerous events throughout the weekend. Thank you very much for joining me today. Jim metcalf, chairman and ceo of usg corporation. Coming up, from your coffee to your happy meal, we have the stocks you need to know about today as we watched the market here. Its under pressure now. The dow in positive territory. Plus, find out who dan farina things is the best nfl quarterback playing today. Street smart is back into. All right, im trish regan. Three minutes and 45 seconds until the bell. Up 13 . Untain the maker of home brewing beverage machines surging the most in more than three months after posting secondquarter profits that topped analyst estimates. Homes. Really popular in number nine, mcdonalds, also pretty popular. The Worlds Largest<\/a> restaurant chain says samestore sales only rose one percent. Month sincebest october. The company used tactics such as free coffee and introduced new burgers and chicken sandwiches. Weight. Thats all theyve ever made. New kinds i guess of the same old stuff that has always been served forever. You have to have newness to get people in the door. Speaking of menace, its , it isg of newness trying to get away from the trading business and more toward the consumer. Barclays has announced plans to cut 7000 Investment Bank<\/a> jobs. Trading, fixed income, that is a little daunting. I guess i made the right decision. I was going to be an Investment Bank<\/a>er, but i decided not to. Well actually the largest casino operator in Atlantic City<\/a> says it is looking for ways to reduce pacitti and some of its capacity and some of its struggling markets. Priceline is down two percent. The Online Travel<\/a> booking site falling after a slowdown in booking hotels and flights. Still, the quarter exceeded analyst estimates, but lately the market just does not care. Missedtquarter profits estimates, so amc is down. The walking dead increased profits but also costs. Also, it does not have breaking bad. We just showed somebody cutting a zombies head off. You loved that show, right . I did love it for the first couple of seasons then it jumped the shark. Raymond james analyst upgraded the stock to a buy. Solar city is number three. The Worlds Largest<\/a> solar providers surging after the Company Forecast<\/a> a number of installation increases this year. Solar city, which is one of elon musks companies, is expected to install 500 50 megawatts. So many megawatts. Nobody knows what that means. Dish added 40,000 subscribers, more than estimated. Overall though, growth has heat. Coming up on the number one stock of the day comcast down just over 1 , time warner and the midday down as well. Ringing] ell at the close of trading right now so much for that rally we saw earlier. The s p two points at shy of them alltime record, Dow Jones Industrial<\/a> average had been up day upnts ending the about 33. Thanasdaq has an up at her a percent, but it seems to have ended the day at negative territory, a Third Straight<\/a> day of losses for the nasdaq. We want to get some additional contact on the markets additional context on the markets today. I wish i had some context. The story ending the same way, stocks falling, particularly Technology Stocks<\/a> all in. The biggest drag today came from energy and utilities. Not a lot of fundamental catalysts, but the one piece of macro data we got was better than estimated. It did initially give a little steam to the market but that faded away by the end of the session. So much for that. An alltimef record. We will make it. We want to dig deeper into the market news and welcome the chief Market Strategist<\/a> from comvergex. Do you think the downside we have seen three days of nasdaq, losses on the off about 6 in the last two months. No doubt that technology has had a difficult time. Particularly the headline names that made people a lot of money last year. Hold that thought we have cbs crossing right now and Jon Erlichman<\/a> is joining us for those numbers. The earnings stories on cbs is ahead of what wall street was looking for. . 78 per share, . 75 was the estimate. It looks a little like compared to wall street estimates, about 3. 80 6 billion. The estimate was for more than 3. 9 billion for the company. Going through the different parts of what cbs is, compared to other media Companies Like<\/a> disney which has a whole bunch of parts, this is a business where you see the late Show Entertainment<\/a> the side of the business just for comparison, one analyst we spoke to was looking for revenue in that part of the business being about 2. 3 billion. Looks like they were pretty much in line with what that analyst was looking for. The Cable Networks<\/a> which include showtime and the cbssports one analyst maybe it was little light in that part of the business and then theres their publishing arm which includes simon schuster. 150 3 million is what were seeing. That may ask lane on the revenue side and why it may be short of estimates. Billboarde the business but its been that off. We do have the stock trading up about a percent right now, so we will continue to watch that. I want to go to alix steel now caphe newsroom with earnings as well. Samestore sales for april came in much other than expected. Sort of a low out april for gap. Overall sales up nine percent. Estimates were for sale to be down five percent. A huge need here. 6 globally. About the u. S. , a real stronghold here. Willompany estimates it Beat Estimates<\/a> i about four cents in the First Quarter<\/a>. Banana republic sales coming in at 7 . Hugeavy up these are numbers for the april samestore Sales Numbers<\/a>, coming in at 9 versus estimates. Ofetter quarter in terms interest. We heard so many things about the weather. Are up. Like shoppers thats an indication of and that demand. Not only are there macro problems, but they also have some specific problems. There were concerns about the merchandise mix it was getting in the stores. Lighterr khakis or lackeys . Which is wrong and which is right . These Sales Numbers<\/a> arent the sequential. It can still indicate and that a man where there was in the demand in march. Elle brandssee it at as well. If you had to stay in during the snowy months of january and february, you are finally out there in april. But youre not going to buy the spring merchandise in march when its really cold outside. Shoppers just dont usually behave that way. When the weather is warm, they stay out and need to refresh my spring wardrobe. We are going to go back to a very different story. We know the news corp. Empire was the earlier this week and we covered what used to be another part of the business in fox. This part of the businesses some of the Slower Growth<\/a> businesses, newspapers, the publishing assets, earnings per share look easilyey are . 11, beating estimates of three cents. Story thetant revenue story a little better than what wall street was looking for. 2. 06 was the estimate. Ofyou look at the core part where the revenues are coming from, its coming from the news, news services, dow jones, the wall street journal, whether its through subscription or through the advertisement they generate from selling a paper, 1. 5 revenue is roughly billion dollars. It down year over year and Publishing Business<\/a> getting harder and harder. The same story laid out last year. On the publishing side, the million,oughly 354 which seems to be down substantially from last year. Thank you very much. By nickoined on set cole is him and talking about the Overall Health<\/a> of the consumer what it relates to samestore sales number. Is there a lot of pentup demand right now and will this be reflected Going Forward<\/a> . Thats the hope for the stock market with current emission levels as well as janet yellen and the Federal Reserve<\/a> hoping it does accelerate. Seeing if we can get investors to rotate out of Consumer Staples<\/a> and back into discretionary. Even though the markets done really well, most of it has done well on the energy names and you want to see it rotate back into financials and discretionary. Do you think we are going to get it . Yes. Stocks have the huge valuations now getting crushed. I called that one, right . You did. Tesla and others beat expectations. They werent going to make as many cars and theyve got china, so it seems like its all in line with expectations. Thought gets crushed today. Someople are looking for that is it by on the rumor and sell on the news . Yes. Its hard to reengage the investor, particularly as valuations have gotten rich. Crossing. Ot or news monster beverage was a miss on the top and bottom line. That wasmates actually a beat, my bad. 32 increaseabout in earnings, but revenue is where it missed coming in light at 536 million. Revenue coming in light and the to costor that is due into thers all tied advertising, marketing and promotion of monster beverage. They had to spend about 5 million in the First Quarter<\/a> due to 3 million last year in the First Quarter<\/a>. These issues really hitting monster where it hurts, in its revenue. Thank you to nick for joining us. Coming up next, the wealthiest gambling titan in the world, Sheldon Adelson<\/a> and his thoughts on whether we should legalize Online Gaming<\/a>. , a victorias secret model and how shes working to clean up the nations rivers and streams using her talent as a photographer. Thats ahead. We will be right back. Sheldon adelson runs the Worlds Largest<\/a> casino operator at the Las Vegas Sands<\/a> and is the worlds 11th richest man. Bloomberg got an exclusive interview with him and betty liu joins me live now with more on this. In termsen very vocal of his concerns about Online Gaming<\/a>. He has been pretty explicit. Did you talk to him about this question are yes, we did. We focused a lot on that. You know him, he is never one to back down from any fight, even when the odds are stacked against them. Is getting ridg of online ambling. More, saying its taking advantage of the poor, something he knows up close and personal about as the son of a boston taxi driver. He says theres a big difference between gambling and ambling in a casino versus going online. Here, and the landbased to see those, we are required to have the dealer shuffled cards a certain way. How do you do that on the internet . Here, we are not supposed to allow underage people to gamble. How do you do that on the internet . Theres no technology maybe the regulations have to catch up will stop theres nothing to regulate. Im regulated in four different jurisdictions and i dont know one that would apply to internet dating. Reason compelling let me say this, please. There is no reason, no compelling reason to put a casino in everybodys pocket. Age, College Students<\/a> at oakland the of ,oney, unfortunate people working class people, middleclass people that will be easily fixed alluded and easily incentivized to go on the internet and gamble, for what . Your detractors say the people weve seen so far are not visiting regular casinos. Because they are too poor to do this. Or theyd all live near one. Just hang on. Location within 200 miles of a casino. Or maybe it is to expensive for them to go into the physical casino, so why not offer them if they want to do it, why not offer them an opportunity to go online and be able to gamble . Its not exploitation. Im saying, and im the biggest guy in the industry, its good you push back on him, but this is a guy just talking his book. He does not have many usbased casinos. Hes pretty big in macau, and this is someone who has built an entire empire off of lets face it, gaming. But there is hypocrisy here. You hit the nail on the head. The reason hes able to speak out is exactly right. He makes 70 of his revenue and profits in macau. He doesnt care if it doesnt go well here because he has nothing invested. Someegas, hes got properties. Even gambling records they are starting to dribble. Most of his pockets come from overseas. Casino of the other players looking at the online space, and gm, caesars, steve wynn has said he doesnt get the Online Gaming<\/a> thing, but he has made the point he has people looking into it. It seems somewhat hypocritical because here he is condemning Online Gaming<\/a> when his business is gaming. I asked him, arent you just protecting your landbased casinos because you want able to go to your physical casinos . He says the people going to my casinos are not doing online gambling. The guys betting 5,000 and 10,000 are not adding. But he doesnt know that. Pretty much the entire industry is for online gambling. Defenseone wolf in his of the physical casinos. Did he tell you hes going to get behind on the republican ticket . Not yet. Know there are four contenders. Thank you very, very much. Coming up next, barclays feeling the pressure to boost returns, now planning to eliminate thousands of jobs at its Investment Bank<\/a>. Les, i will be joined on the set set by a model telling us about her latest photographer he photography series with 8 million jellyfish. Will be back in two minutes. Time for the roundup. We have met, it julie, and a bloomberg entry being editor. We always welcome one person in the let someone else to get up will stop this is the roundup. I will round up later. Barclays in ah at down note continues. Jobs at its Investment Bank<\/a> in addition to the 12,000 cuts announced earlier. A big retreat for the bank was announced as part of its strategy and the ceo spoke to bloomberg earlier today. The we are focusing where we can compete successfully and the parts of the business we will be focused in Going Forward<\/a> are the less capital intensive businesses, which is why we can free up the capital and the way i have described. Run the banquet less capital and deliver high return. Its very compelling in the new world we find ourselves in. That Investment Bank<\/a>ing. That will cost you because you are taking on some risk there. They lost their whole advisory team. Anybody making any kind of commission. This was like home alone. I almost screamed when i heard the news. To watch this guy he should run for politics because now we are going to focus and youve lost all of this money taking the bad assets from 195 billion down to 50 billion. And theyre basically saying we are not owing to be an Investment Bank<\/a>. They are dead. Ax murder movie them home alone because he slaughtering 19,000 people and trying to put a positive spin on it. Hes kind of given up. The biggest winner in the alibaba ipo is not the vc backers, though they are also very rich, it is mush a year she process. His company bid 20 billion on alibaba 14 years ago and now the 58te is work is worth ilion dollars. Not a bad return. Even by Silicon Valley<\/a> standards, its amazing. I cant imagine Warren Buffett<\/a> has made such a great investment. Hes made all of Warren Buffett<\/a> l from nothing hes made enough money where he can pay back all the loans were used to borrow the money to buy sprint and tmobile, hes had to ro 22 billion and maybe he can pay that money back to the bank. I would imagine hes getting a call from some of those banks saying hello. Hittingdent obama is the fundraising circuit in california. Intofundraisers packed three days as he tries to rally democratic support. Underscoring the challenge facing the president and his party a harvard survey found fewer than one in four young voters say they will definitely vote in midterm races, which is why theyre using issues like the page under gap and manipulating some of those numbers to ring more people out to vote. We will see what else they do. Moreung people who are likely to vote our republican leading republican leaning voters. You hava lot of disillusioned voters across the board out there and if they dont have that galvanizing issue to get them to the polls. If you are going to ring anybody, lets ring the clintons back. Is those people around the board in terms of the democrats the way you get young people out to vote and to vote and mobilize the base, but Marijuana Legalization<\/a> on the ballot. Get them to the buffet table. Good to have you here. Coming up, nfl legend of war and moon is in the building. There he is. Us who is to tell number one pick for the nfl draft is, is key to success and what he is up to now. We are back with more news next. More breaking news and alix steel is joining us. Were looking at symantec earnings. It was a mixed bag for the Cyber Security<\/a> company. It actually beat on the earnings side coming in at . 47 a share. However, sales did come in light, down seven percent on the year, coming in at 1. 6 billion. One analyst says its a c plus company. Or the Going Forward<\/a> is where they are making some inroads. 6. 7 ilion dollars, going and also sees the earnings of the highend of 1. 92. What this highlights is how the Cyber Security<\/a> companies are doing well in light of the hacker scandals we have seen. We saw spending on Security Software<\/a> could rise nine percent this year and symantec could take advantage of that. Its core businesses trying to figure itself out. Theyve also been trying to spin itself off. To an issue of utmost important the gay and Lesbian Community<\/a> and how they are being affected in business right now. I want to welcome founder todd sears. Last year, the event was hosted by the Goldman Sachs<\/a> ceo lloyd blank fine. Ceo michaelroup corvette and in addition to his address, attendees heard from a lot of the whigs, they heard from david petraeus, retired army general and former director of cia come a great mimic annual. The ceo of mastercard. Though the gay and Lesbian Community<\/a> has really come a long way in the last five or 10 years. Talk about the differences you are seeing now on wall street as opposed to a long time ago. It has been an amazing five years will stop we even started three years ago, the fact we had 10 ceos speaking at out in the street and have had a total of 53 in new york. I think the great indicator of how far we have come. All of these folks are talking about it from a business imperative. One of the key pieces we talked isut is not how wall street doing it and pushing it forward locally. Criminal life, sexuality, all of these firms have a vested interest. There are a lot of policies that prohibit discrimination. Almost 100 . I think it 98 . These wall street firms. What more can be done . What have you accomplished thus far and what do you still feel needs to be done. Lets are the u. S. In 29 states, you can still be legally tired for being gay and in 29 states, you can legally be fired for being transgendered. Contractors are not required to protect their employees. One of the things we had discussions about was how obama could issue an executive order and a lot of people are pushing him. Do you think you might actually do it . There is a lot of discussion around it that seems hes open to the idea. Theres been a lot of research done. The Williams Institute<\/a> model went out in terms of attentional law cases, but the upside, what would actually do for his best to not able to discriminate. Who attends this . Our attendees are from member firms. They are at the director level or higher. In asia calls it the gay dominoes. How do you like that calls it s. E day davo how do you like that . One is how can wall street capture opportunity, how can wall street attack attract talent . And how are we pushing equality for . Continue to watch you and hope youre more. Thank you very much. We want to head back over to alix steel with breaking news out of news corp. We are looking at news corp. And what is happening there. It is official that William Lewis<\/a> will become ceo of dow jones. He was the interim ceo all the way back in january, but now he will officially be taking the helm of dow jones. Anushaange here healy will take the creative chief duties and William Lewis<\/a> will be the ceo of dow jones. Thank you so much. I want to go back to Jon Erlichman<\/a> who is standing by in los angeles for a little more context on this. Your reaction to this . I dont think this is going to catch too many people by surprise, the fact he was doing this on an interim basis is a reminder that there was a lot of trust on Rupert Murdoch<\/a> tossed behalf will stop he someone that has spent a lot of time in the news corp. Family and had come back in 2000 and 10. In 2010. Remember, this is not the news corp. We used to talk about. This is a company focused on the publishing assets and thats a slow growth business. So when you have got that, youve got to think of new ways to generate money. In the dow jones world, they are thinking of all sorts of ways to its newy, whether products or what kind of subscriptions have been charged. To figurehing charted out the best ways to grow the business and the person doing this on an interim basis and 10 used to do it on a permanent aces. Thank you very much. Next, warren moon will be here and he will join me to discuss his hall of fame career and what Johnny Mandel<\/a> needs to know an order to have a successful career. Amber arbucci spent eight hours the water photographing herself with jellyfish. Find out why. Welcome back. Tonight, the nfl draft gets underway in new york city. Whos going to go number one . Who utter to ask that a Lone Star State<\/a> t ball icon a legend with the houston oilers, a nine time pro bowler and eight 2006 hall of fame inductee, lauren mood. Also with me from the agents perspective is david meltzer, former ceo of Leigh Steinberg<\/a> sports entertainment. His new book is connected to goodness manifest everything you desire in business and life. So good to have you here. Its important to know you actually went undrafted in the draft and played in the canadian football league. Felt nothat you hearing your name called when those draft picks went out. My dream was to always have my name called and be drafted like every other player that comes out of college, but my situation was little different stop teams didnt want me to play quarterback. They wanted me to change my position than i was going to have nothing to do with that. So i chose to go to canada where they were going to give me a chance to play cornerback. So i was a free agent when i did come back to the National Football<\/a> league and was a in a much utter bargaining position. Was it very different way in the Canadian League<\/a> question are no question about it. It was a whole different game and different style of football. Wider field, longer field, but i adjusted it had a great time winning. Less than 80 ands or so nice will stop a very good people. From an agents perspective, how do you manage a player unhappy with the outcome of the draft question are its not the players i have to worry about. Its managing expectations join the process of the draft. They know where they are at with the teams, the time in the strength, so they have some sort of idea where they are going to go. Its managing parents and friends who have much too high of expectations. Higher than the players themselves . Yes. Then he had to manage that pressure and understand although they may not have been drafted as high as they like, there are unlimited hostilities for their success. You were playing a time when race played a role in terms of what opportunities one was given. Colleges wanted to put you in a position other than quarterback will stop obviously that has changed a lot. Can you reflect on the challenges you faced then and the challenges and opportunities for the better now . You try to put yourself in a position where you can see what you can do is a professional. Thats all i wanted to do, but because of race and stereotypes about african americans, i wasnt getting that opportunity. To keep myself as positive as possible and once that opportunity it come, i would be ready to take advantage. Once i did that and played well and other guys like myself, Randall Cunningham<\/a> the way he played because we played at such a high level, we opened the door for the next group of guys to get more of an opportunity for africanamericans. You sure did. Number one pick. I wanted from both of you. I think there are going to be some trades made. The texans would like to trade down and get some more pix and get the players they want, but if they are not able to get the trade, i think they will go with the kid out of south carolina. Your pick . The same. Hes the best later in the draft. There are still questions about him, but you dont want to pass up on a guy like that. What about johnny . Rex i would try to trade on for him. I dont think anybody in quarterback position is worthy of being that high, but Johnny Manziel<\/a> is going to be a good pro player. We will be watching tonight very carefully. Meltzer. Od and david thank you both very much for being here. Tune in tomorrow for an interview with another hall of fame quarterback, my interview with dan marino. Heres a quick preview. Todays test quarterback in your view . If i had to pick a player to start a franchise right now, today, it would be Aaron Rodgers<\/a> from the green bay packers. Tom brady, peyton manning, those guys are great players and hall of famers, but the overall ability for him to throw the football the way he does and move around in the pocket and make plays, he is playing at a special level right now. Supermodele break, Amber Arbucci<\/a> is here and she will tell us about her latest venture trying to save the countries most vulnerable waterways. First, taking stock is at the top of the hour. Pimm fox joins me with a preview. Just talking about victorias secret and your supermodel, ive got the president of tilted kilt who will be with me to discuss his restaurant. Also the legal dangers that come with it. Plus you meet the executive of a Company Called<\/a> condor. Their camera is challenging the go pro camera when it comes to extreme videography. Thats coming up at 5 00 p. M. Eastern. More street smart with trish regan next. Welcome back. Last night, new york city inherited a new piece of public art a massive 100 foot photograph called the silent medusa. The photographer has teamed up part of publicve art and an organization devoted to citizen actions on issues impacting the waterways. She is unveiling a series of images the girl at jellyfish lake. You may also recognize the photographer from the runway, adventurecci photographer and supermodel joins me here now. Thank you for talking about this. Tell us about this exhibition you are doing. Last night, we had an exhibition where i was able to meet bobby kennedy, who presides over the Water Alliance<\/a> and they take care of the waterways. I had an exhibition last night called the girl at jellyfish lake and im doing another popup gallery on the 16th here in new york city, which is the entire collection. Youhese are pictures of underwater question are selfportraits with me naked and 5 million jellyfish. You had jellyfish all around you . How do you take a picture of yourself underwater . It wasnt easy. Selfportraits are difficult anyway, but when you are adjusting light, wrangling jellyfish and then have to have the face that you are enjoying it all, its not the easiest thing. But im really proud of the collection. Connection tor this organization, the Water Keeper Alliance<\/a> . Why is Water Conservation<\/a> something you care about right now . Artist and shooting half of what i do underwater is a huge thing. I would like to still be able to go and do that. Just visiting these areas around the world, i return there year after year and theyre doing such a good job for us. A cause i want to support. How did you wind up getting into photography . Being in front of the camera, how did you wind up getting into this field yourself . That happened way before modeling. About me my first camera when i was 14 and i remember spending my first allowance, trying to teach myself. It kind of happened early on. Used to show my art and passion, trying to capture them in their own natural environment. The self portraiture aspect of it, that something not every photographer is doing. Its got to be an incredibly challenging thing. Being surrounded by the jellyfish, what are some other examples of what you have done . Rex i swam with great white sharks with no cages. That was not self portraiture i have to say. Thent you scared of jellyfish . I say considering what ive done before, early. Excited to see the exhibit. Its on display on may 16. Thank you very much. Thats it for todays edition of street smart. I will be introducing you to our the first Flower Company<\/a> that accepts that coin. See you back here tomorrow, plus the dan marino conversation. Fax time now for Bloomberg Television<\/a> on the markets. Heres where stocks ended the day a relatively mixed day with Dow Jones Industrial<\/a> average actually hit being hitting a record but could not hold on to it. 2 lower and the s p lower headed by tech. Tech shares fell for a Third Straight<\/a> day. And from stocks to treasuries, taking a look here at bonds, they actually felt, erasing an rally, curbing demand that the auctions. Basically the yields were just not sexy enough to attract investors on those 30 year bonds. Lipmorning on in the betty liu talk to a global Market Strategist<\/a> and asked what he thinks the fed will do with paper. To if youve been listening yellen and bernanke, theyve made it very clear that these asset purchases are not going to hold forever. Yesterday, she made it very clear that the pace of economic improving. That warrants the continuing tapering. Are talking about the end of quantitative easing, here they are considering other things. Sometimes you just follow the money and it might just ring you right back home. Time for a little insight in action. We heard from mario draghi, president of the European Central<\/a> bank and he was specific about the global flow of money. Eu are from outside the supporting m3, the measure of money supply, coming from outside of europe going into europe. He says the inflows are quite sizable and it keeps the euro strong causing some serious concern. When money flows into a region, its got to go someplace. Let me show you where its going and what the result has been. Look at the yields on sovereign bonds. All that money pushing into bonds, pushing things up and down simultaneously. In germany, 145. 191 all lower. It makes you wonder maybe the u. S. Is maybe a little high. Maybe somewhere in the middle these need to come up and this needs to come down. Look at the 10 year bond future and there it is, and price terms rather than yield terms, theres a precedent for bond prices to be higher. Abroad, money going maybe at some point it comes back home and find a little yield right here. Lets take a look at how the yield ended the session. Dropped from it 10 higher versus the dollar. Thats why mario draghi said policymakers were ready to tease policy in june if need be. Take a look at oil ready autral, basically supplies at seasonal record high. The market had run up however, but supplies are just not that type. Even china importing a record amount of oil wasnt able to support oil prices today. Taking a look quickly at gold, down today, talking about how the housing recovery was not enough to boost the gold market, and up ever so slightly. This is taking stock. I am pimm fox. Todays theme is perspective. We are going to give you a lot of it. Providing a unique perspective when it comes to shooting video. How they plan to complete with go pro cameras. A new definition of a bond car. 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