Without one. We had 30 alltime highs if memory serves last year. It was one after another. Right now were only about 20 points away with the 20point rally were seeing. Stocks are hitting these highs amid a week that continues to be driven by controversial charges that the market is rigged. Yesterday memorably the author of the book flash boys michael liewis was challenged on cnbc. Today we have the whistleblower highlighted in his book. We take a closer look at if any Retail Investors are impacted by what lewis is alleging and if so, by how much. Looking forward to that. Everybody is still talking about it on the floor here. Also with us today, that guy right there in a first on cnbc interview sirius xm boss mel karmazin. Its National Autism awareness day. He will be speaking on a personal level, his grantson has you autism. Hes working on his third retirement. He ran cbs for years and sirius and xm. If you have been wonder what these pins are four, itr, its f world autism day. 16,556 is the level in the dow. The nasdaq meanwhile pretty much on the flat line, 4,268 as its potentially sitting out the rally today. The s p 500 adding 3 points to 1,888. Yesterday it closed at a record high. Lets talk about a lot of things in our closing bell ex chain. Diane from clear alternatives, Peter Andersen from Congress Asset management, jack bouroudjian, from bull and bear partners. Kenny polcari from oneil securities and our own Rick Santelli as well. Kenny p. , whats moving this market right now . Very quietly were just setting these new highs. And were really just digesting the move from monday tuesday, but the other thing is a little bit ago fed president bullard came out made the commentary that with slowing inflation, they may be considering tapering the taper which only means goes right to that story that was kind of excelling the markets, that maybe the fed is not necessarily going anywhere so therefore, more money means higher prices. Were not really running away because the market is still its digesting part of it, but its really trying to determine whether those comments what they feel about those comments. Was that you, peter, trying to get in there . No, that was me. Gee, bullard said something dovish. Go ahead. I was just saying what bullard said is typical bullard. Charlie evans would say the same thing. Im tell what you, the market and treasuries had nothing of the dovish mentality because if they were going to taper the taper, that means they would be buying more treasuries and continuing to manipulate Interest Rates when we are now at a fiveyear going to have the highest close since september of last year, highest close since the third week in january. 30year bond not participating. There is the curve flattening and the reason is because it doesnt believe mr. Bullard. If anything, doesnt it seem like this isnt really about the fed his remarks about tapering the taper. He also talked about what would happen on the precipice of strengthening growth which you have goldman out talking about that today. If you want to talk about more monetary easy, look to the European Central bank this week. Look what the yen is doing. Its really here in the u. S. Where the thesis, to your point about the treasury market, seems to be things are looking better. The payrolls number friday could be quite strong. Thats what expectations are. Peter, what do you think . One of the things i think is that weve got too many fed officials talking about this. I dont even know if theyre on the same page. Regionally thats one thing, but im hoping theyre all reading from the same playbook. When were talking about tapering the taper, im hoping that isnt just one persons thought. And even if it is one persons thought, im still very optimistic on equities because i think earnings are going to be very, very strong. Im looking at holdings in the portfolio that are up yeartodate 20 with Earnings Growth potential of, say, 75 or more. So on an individual basis, im not too concerned about those did you say 75 . Did you say 75 Earnings Growth . Absolutely. Ill give you an example. What are you talking about . 75 for the index generally . No, no, no, not the index generally. Absolutely not. Thats a different. Im talking on individual levels. When you look at individual stocks. There are some stocks that have earnings projection growth for the year ahead to be 75 . Okay. Thats a pretty optimistic situation. Yes, indeed. Diane, what do you think . Earnings season is about to come. This week is chockfull of macro data. Next week earnings season is upon us. If you spent a lot of thoughtful time focusing in on the commentary we got at the end of the year, last quarters earnings, you heard a lot of ceos talking about their willingness to go out and spend money, right . A lot of them said the economy is turning, companies are doing better, its time for cap ex. All eyes in this earning season are going to be focused on how much money are they really spending . What are they doing to continue their growth . And how much cash are they really going to leave on hand again . And were talking about having a drinking game here on every time they mention the word weather. Right. Apple juice. I think its dramatically overstated. Who doesnt know that doesnt stop any company from ever using it as an excuse. Bouroudjian, weve gone six minutes and havent heard from you. Were at all time highs for a reason. Companies are making money. Here is a little secret, rick, it doesnt matter if the fed is printing up money or not. Corporations are doing well, and that is the lifeblood of the market. Another couple weeks were going to be sitting here during earnings season talking about how these better than expected earnings are coming out. If it doesnt matter, then why are all the Hedge Fund Managers in the world one at a time. If it doesnt matter why dont all the traders write to the fed and say we dont need it . Youre screwing up the economy. Well, here, you got the most dovish speech i have ever seen by a fed chair given by janet yellen the other day. The bottom line is that we trade the market that we have, not the market that we want, rick. The market that we have right now is chaired by the most dovish fed chairman, period. The reality is that unless they can get some progrowth policy out of d. C. , they are a onelegged stool and it will not work. Its an economy that needs d. C. To tell them how to grow and it needs the feds training wheels. We dont need either. The country and the business know what is to do. Did you see what policy would be sense can we describe im looking at cap ex projections just back to basics for a moment. Somebody mentioned company ex, diane. I think that is right on. Its going to give you direct insight into the companies themselves and what theyre seeing in their industries and whether or not theyre do you see factory orders . Cap ex and factory orders was negative. Thats what its all about. Factory orders has a component for cap ex. The orders nonaircraft. That in factory orders was minus 1. 7. Was that the february number, rick . Yes. It shows up in durable goods as a function of factory orders. It has been on the disappointing side. Earnings are not supposed to be growing in this First Quarter so much. Am i right or am i wrong . Theres a muted expectation on what earnings are going to be. So diane is right, people are going to be paying attention to are these companies doing what they said theyre going to do. Are they spending the money and what will we see as a result. You can the industries all right. Hang on, everybody. We have a horse race. Everybody a running at once. If were going to use cap ex as a gauge one good place to watch is capacity utilization. Were still kind of low by historical standards. Right. If Companies Start to see demand anticipated out there, they should be spending more, diane. How should investors play this . Should you buy the industrials here for that . I think absolutely the industrials. There are two great places. First, industrials, right, the xli index, and then basic materials, xld. For those two components, those two sectors of the market are likely to do much better as we see cap ex growing. When we think about capacity utilization, we have had a tremendous amount of technological innovation since the last time we had a lot of cap ex. So rather than focusing as much on capacity ut lie zition, Many Companies are likely to do replacement strategies. So i think that becomes really key. I got a minute left, guys. Is the market rigged . Go. Theres no function the biggest bunch of yellow journalism i have ever seen. 60 minutes turned into national enquirer. Unbelievable. Its different its the most ill tell you what, the type jack, jack you really want to attack somebody jack, jack you can see lets be transparent. If they quit selling order flow and options or in for ex, maybe they can do something. Here in the futures world, we dont sell order flow. We have the most transparent market there is. You have an order book that tells you exactly okay, the equity market doesnt like that, jack. Its no longer like that. Theres 100 plus venues to trade. Its not very transparent. The futures markets have one venue. When youre talking about yeah, but, jack, the retail guy should not be investing in futures. You want to the Current Technology gets ahead of law were talking about the markets being the conversation should be market structure. Peter, go ahead. And the reality one last thing, i think as Technology Gets ahead of law, were just going to have these kinds of problems. Were acting as if this is the first time this has happened in the history of the markets. Since the 1800s, technology has always been advancing ahead of the law so were just going to have to work this out with the technological law to put in place and regulate everything. All right. Theres a big difference between predatory programs and nonpredatory programs. Absolutely. Keep that in mind. Absolutely. We got to go. It was unfair of me to only give us a moninute on that. You did not disappoint. Everybody has talking about. Thank you, gang. Thanks, guys. Heading towards the close, 48 minutes left. The dow is up 22 points right now. We need a 44point gain for a new alltime high for the dow. The s p, any positive close is another new alltime high. Nasdaq has just just tuturne negative. People will be watching this closely. Google, using an unusual method to split its stock. Its allowing the cofounders to share a ton of google shares but remain in control of the company. Should google investors worry about too much power in too few hands. Also ahead, amazon is trying to muscle into your living Room Unveiling a new video streaming device called firetv. The big question is if sales will catch fire as well or is this too similar to apple tv, Google Chrome,r oku and other things i have no idea what they are. And later are you an investor in brads exchange . No. Michael, i am just asking for full disclosure. Absolutely not. Are you insane . No, im not. Im trying to do my job. I was just trying to figure out what the hell was going on in the stock market. Yes. If you missed it, the big throwdown on cnbc yesterday pitting author Michael Lewis in one corner alleging high speed traders hurt markets. Now a new twist in that debate. Well bring it to you later on. Keep it right here. [ male announcer ] when fixed income experts. Work with equity experts. Who work with regional experts. Who work with Portfolio Management experts, thats when expertise happens. Mfs. Because there is no expertise without collaboration. Throwdown on cnbc yesterday c y just take a closer look. It works how you want to work. With a Fidelity Investment professional. Or managing your investments on your own. Helping you find new ways to plan for retirement. And save on taxes where you can. So you can invest in the life that you want today. Tap into the full power of your fidelity greenline. Call or come in today for a free oneonone review. Welcome back. If youre just joining us, the dow is up 30 points. Needs 44 to close at its first record of 2014. Right now were at 16,562. Nasdaq has been on either side of unchanged today. The big rally in biotech cooled today. Any positive move for the s p puts it in record territory and thats where it is right now. Dominic chu is tracking some of todays big movers. Lets kick it off with shares of gt advanced technologist. The shares are up 6 , off session highs though. Analysts at Goldman Sachs reiterated their buy rating on the make are of crystal and solar components. They boosted their price target to 24. Shares are up 480 over the last year. And then Intuitive Surgical continuing a strong run a day after surging on the heels of fda approval of a new version of its di vinci robot system. Upgraded to an jut perform and slaps a 700 price target on the stock. Google gets set to issue a new class of shares to investors starting tomorrow. Holders of google stock will be given a stock dividend comprised of a new c class of shares. Each google share will be given an additional share of this new stock. Google shares will trade under a new symbol, googl and carry Voting Rights along with them. The c class shares are without Voting Rights. Theyre going to trade under the ticker goog. Important to note in essence each share of google will have halved in value like a two for one stock split. Google shareholders should get ready for that in tomorrows trade. Rather complicated. Lets talk about that. Dom, thanks very much. Was a google stock split the right idea or is google going against its own edict of dont be evil by limiting shareholders Voting Rights and making sure that its founders will always have total and complete control of the company . Joining us now is collin gilles, Senior Technology analyst, along with jeff cox, finance editor at cnbc. Com. Jeff, first to you. Thoughts on this one . I just think the optics on this are so bad. It just feels like as bill pointed out, this sort of do no evil philosophy for google, and now youre taking 55 of the Company Effectively and putting it in the hands of two guys then you would extend that to any companies in which owners retain share . I think google doesnt want to belong to that class of companies. The Corporate Culture doesnt seem to want to go there. Collin, this was announced two years ago and it took them this long to get there because there was an uprising. I think google wants to belong to this class. This is what theyve done. Sergei and larry have retained control. Can you blame them . So theres two schools of thought. One is that when i speak to founders of companies, they say it allows us to have a longer term outlook than just that 90day quarterly grinding away. But, you know, what theyre telling shareholders is no votes for you. Were going to make all the decisions, no votes for you. This is where facebook is relevant because Mark Zuckerberg has been making a ton of acquisitions. People have expressed some concern about it but they dont really have veto power. If youre the type of investor who is not crazy about robots, high in the sky pa loba technology, it basically renders your voice moot. If you get to the point where theyre not making the right moves and the investors are not happy with the direction theyre taking the company, they basically have no say other than to sell the shares. But they have the ability to she wi sell the shares. Vote with your feet. You raised the point about facebook. Now google will have a currency that wont dilute their Voting Rights that they can pursue larging acquisitions if they so choose. If you look at the Facebook Whatsapp deal, they have used a lot of stock. Google hasnt been able to do that because they didnt want to lose the majority control they had. These are smart guys. Why dont they just give themselves ten to one super votes. Theyre google. 1,000 to 1. Jam a couple more zeros. Why did they do it this way . Its the typical structure. Let me ask you this, i know youre an analyst, not necessarily a market moralist or something, but hong kong says it is one share, one vote. Its one reason why alibaba is going to come list to new york. Should new yorks structure be that accommodating to companies who want to retain control . Its just how it is, right . And i think whats interesting is lets see the performance of these companies against companies that do not have this type of structure. Well see how the bets play out for facebook and see what happens what happened during the dotcom days . Were there any lessons to be learned from that . Dont invest in a company not making any money. Thats one of them. Beware the high valuation that are paid for in paper stock. What we have to see is ask yourself is google creating value . Their search business is a wonderful business and theyre trying to expand beyond that and theyve got their fingers in a lot of different pie approximates. Should a company thats one of the biggest in this country effectively have a veto be run on a veto basis by two people . Should that much investor wealth, should that much market cap be all tied up with these two guys . Its just you know, they have that right and thats how its set up. If you dont like it, dont invest. If it werent google, if it werent these guys who have created so much value, could they have gotten away with this . Yeah, pretty easily i think. To elaborate on your question a little bit, kelly, i think it would be a little draconian to force this on a company one share, one vote . Yeah, absolutely. But i think with Certain Companies comes certain expectations. I think the market has that expectation for google, that they would have been a little more democratic about it. Tomorrow well find out what is a shareholder vote worth because the difference in twice between the goog shares and the googl shares will reflect that. I bet its like 1. What a concept. Well let the market speak and determine the value. We can deduce it. Thank you both. About 35 minutes to go into the close here. Jus