Itunes for print news, if you will, coming up. They are already in europe being introduced here in the United States. And offering refunds if you dont like the article too. Is that right . Really, thats interesting. After the bell, hall of fame basketball star bill walton will discuss his new book and whether nike blew it when it lost steph curry to rival underarmour. If you havent read it, i highly recommend it coming up next hour. Do you think bill will have an opinion . Did you ever see a cat fight a big . Ever been to tucson in july . Where were we . Lets get to the markets as we head towards the last hour of the week. Heather hughes. How are you . Hi. Sitting at post nine at the New York Stock Exchange and Rick Santelli from chicago. Ben, were breaking this fiveweek winning streak but not by much. We havent had the kind of pull back you would imagine the market would need after the kind of gains weve seen over the last month and a half . I think what weve seen is very healthy. We had a strong run and ran into the resistance around 2045 on the s p and were taking a breath. Quite frankly, its very to me encouraging to see what the market did particularly today as an indication. We have all kinds of noise coming out of the Central Banks or central governments, meaning china with mr. Lee talking about changes in their tax structure, to try to stimulate their economy. You have the bank of Japan Bringing out helicopter theory by giving Gift Certificates out to try and stimulate their economy. You have mr. Bullard turning more hawkish and we have to wait until tuesday. This market is within the band widths created by the Central Banks, particularly janet yellen and the backtracking, if you will, from a very dofish position, whether or not you will retake the idea she is the chairman of the United States central bank and not the world bank. Thats what the market was being shown with the last commentary. If youre looking for transpare transparency, all you need to look at the question Steve Liesman asked janet yellen in the last conference and the response that was given. If thats their idea of transparency, thats about all the market needs to know, not very transparent. Heather i like your wardrobe consultant by the way. So ben is talking about which way are these markets moving and how are investors supposed to read the central bank here. What are you guys advising . Transparency has led to increased confusion in this case for sure. Oil, china and Interest Rates are still the leading indicators in the market. That strong dollar may present a headwind for earnings coming out next week and globally that continues we continue the slide or selloff as u. S. Interest rate speculation has sparked and lifted the u. S. Dollar. Corporate profits are holding up okay but revenue is weak. Quarter over quarter, five consecutive negative quarters of Revenue Growth. Thats somewhat bearish tone for the markets, although weve had a nice rally from january, february lows, theres still a lot of obvious concern, conflicting signals in the markets between perhaps retail sales revisions and gdp, all along with Central Banks around the world. Dichotomies of what were seeing and bank of england versus the european Central Banks and bank of japan which are still full throttle ahead in stimulating mode. It will be interesting before investors really bid up the markets higher or sell off to the downside, they are waiting to see how the divergences are reconciled. Oil down, taking stocks with it. What do you think is going on . Will we see a resurgence of the dollar at some point . I think the gold trade is always a difficult trade. I think the way the year started out made a lot of sense that gold was going to be popular. Central bankers arent going to give the reigns up easily and that took a bit away from the gold market. But the dollar, you know, the dollar is so important. Were just a whisker above 96 on the dollar index. If you recall, we had a middecember tightening, a session after that we had a 99. 27 close. Were close to 3 lower than that even though the fmoc committee is leaning more hawkish. I think the dollar index is a great indicator for how much of that hawkishness is actually believed by investors and even though its had a rebound, it doesnt look significant to me. In terms of rates today, i think im the only person who looked at durable goods and found something positive to say. If you looked at either year over year or month or month, nonseasonally adjusted, this durable goods number was pretty powerful. Im going to be very interested to see how we stack this up being a volatile series over the next several months. Were seeing on the back of a little of that Dollar Strength and perhaps for other reasons, oil moving lower. We have that opec meeting coming up and few other things. Its been a nice rally. What if its running out of steam . Sorry, was that directed to ben . Ben. The oil trade, you have to be very careful when youre looking at it in the global term. If you want to look at the rig count. We used to trade with the idea they werent building rigs fast enough. The whole idea of supply and demand in a commodities market youre being told by the world theres plenty of supply thats a question of flipping the switch or turning a rig back on. The oil trade i think is a function of flows of dollars into that Dollar Dollar trade and money wanting to be in oil as opposed to oil itself as a commodity. What i thought was really interesting in the currency and the commodity trade was that jp morgan announced they are leaving the aluminum market. They actually hauled in possession 40 years worth of aluminum for packaging for cocacola in the uk markets. The last time it was above 100 a barrel was the day jp morgan announced they were leaving the oil market. I would keep a close eye on t aluminum trade when it comes to the materials market. As a subsecretary tore thats performed well today. I continue to go back to look at i want to look at gold as a currency, not as a commodity and look in terms of dollars as rick said. Next thing you know cbs will sell radios or something. You saw the 9 billion build in crude supply and most of it is due to imports. The gasoline oils is of course stored cheaper. Were importing more than necessary but as long as that continues, rigs are still were importing left and right. Would you buy Energy Stocks here . Do you think oil has bottomed. I think oil energy has found some short coming every time it dips below 30 a barrel. Some guys bid up the price of oil to where its closer 40 bucks a barrel and thus far but im not making a bowled call in oil right now. Everybody have a long threeday weekend. See you. Shares of yahoo nearly flat as starboard is launching a proxy fight to remove the current board and have it replaced with starboards choosing. Were quoting here, significant board change is desperately needed to hold management accountable and properly oversee any operational turnaround plan, separation or sale of assets. Heres the question. Should yahoo give the board seats up to starboard, which owns less than 2 of the company . Thats what were going to talk about with eric jackson from Spring Owl Asset Management and brian from pivotal research. Good to see you both. Eric, you would love to see the board removed, yes . Were not fans of yahoo s board and Management Team had almost four years now to execute the turnaround plan. They havent and came up with the new threeyear turnaround plan. Now its four years into a turnaround and i think its a great thing starboard has filed these nominees and all shareholders like us win when we have choices. Well look at all of the considerations from starboard and yahoo and vote in the way we think is going to add the most value. Would you agree in terms of replacing it whole hog . Its unfortunate but as eric said, the board has performed poorly and its difficult to tell to what degree it is every individual member of the board or just the board collectively. Weve seen resignations on the board and they are always due to other factors, but is it possible that perhaps disagreements might have been part of t the existing board has been unable or unwilling to make necessary changes to management and or effectively how to manage the assets. A change is necessary. Its hard to manage status quo being better. The bigger question is whether or not this slate versus another slate yeah, brian, isnt it possible that theres not a lot you could have done to fix yahoo in the last few years. They were just dealt a very tough hand by the previous administration. They lost market share and their Business Model was not producing as well as it used to. So was there much they could do aside from just selling the company outright . If that was the case, identifying that was the case means you pay an executive to run the company at a different rate, you have different people in charge of the asset and focus on Tax Strategies and focus on different things. You dont invest in new business lines or if you do invest in new business lines, you make sure you have a plan and it was pretty clear they didnt have a practical one when they bought tumblr, for example. What about the names weve heard as potential candidates as part of starboards slate here that they like to see put in the company. Are these the right people for the job . I think collectively they are just as qualified if not more qualified than the current members of the yahoo board. So i think there are a number of intriguing individuals on the slate that was put forward today. Its interesting to consider some of the background such as theres an Nbc Universal executive part of the mix and was responsible for subscription revenue for several years, its kind of interesting to think about what might what jeff smith and starboard may be thinking in terms of taking this business forward. Its kind of like a general election here where starboard and yahoo has to kind of hit the campaign trail. Kiss a few babies and shareholders and tell us what they want to do. Very quickly, eric, you mentioned youre a shareholder. Why hang around if youre this unhappy with the company, you could sell your shares. Well, were playing this for the value thats still to be unlocked. We think this core business is worth more than zero, where its valued today. We think its worth a heck of a more than aol got from verizon. We dont want to see this thing sold for a fire sale type of price. And theres obviously value that still conceivably be created out of the asian assets if there are smart individuals brought in with that expertise too. Theres still a lot of upside here. Hanging around to bring it back from the brink. Good too see you both, thank you. Have a good weekend. We have 47 minutes left in the trading session here. The dow is down just five points. The fblue chips not doing as wel as small caps but were heading towards a down week for first time in six weeks. A story only heard here on cnbc, we took an in depth look into the accuracy of the governments Gross Domestic Product reports and found a series of errors that should give investors and executives and policy makers and the fed reason for concern. Thats coming up next here. And starbucks ceo saying u. S. Political leaders have failed the country. And his company is out with a new ad campaign. Well get details and debate whether more ceos should be speaking out coming up on the closing bell. The lexus command performance sales event is on. With extraordinary offers on the visionary ls, the generously appointed es and the new, eightpassenger lx. This is the pursuit of perfection. Were always looking for ways to speed up your Car Insurance search. Heres the latest. Problem is, we havent figured out how to reverse it. For now, just log on to compare. Com. Plug in some simple info and get up to 50 free quotes. Choose the lowest and hit purchase. Now. If youll excuse me, im late for an important function. Compare. Com. Saving humanity from high insurance rates. Heading to the finish on thursday. Lets check on the big movers in todays mark. Barclays downgrading range resources and trimming the price target to 24. 27. Its trading at 30 right now. The oil and Natural Gas Company faces severe financial challenges despite a 30 increase in its stock price over the past month. Tivo is in merger talks with rovi. Its unclear how much of a tieup would be worth. Manage what they would call the company . Tv. That works out well. Can the data be trusted . Steve liesman joins us with a special report. Instead of calling gdp Gross Domestic Product, call it gross domestic problems. We did an in depth analysis of the governments reports on gdp and suggests large and persistent errors that sh give everyone pause in relying on data for key decisions. We went back to 1990 and found an error rate of 1. 3 percentage point. The government reports some of this. Thats compared to the initial report revised to more complete data. Initial report of 2 , it will be revised to either 3. 3 or 0. 7 . We didnt see systemic overstatement or understatement of growth in our reporting and the associate director at the bureau of Economic Analysis put together the report for the government told cnbc, were working to try to get more accurate data to advance the gdp estimate as more information comes available and they have gotten data quickly than in the past. Despite big improvements in computer power and communications elsewhere in the economy, the size of the revision from 08 to 2013, same as those from 1990 and 95. The error rates, same as they are in the advanced, pretty much the same. Revisions will be just as large three months later at the end of the quarter as they are one month afterwards. This raises questions whether or not the government should be using private sector data and raised funding issues and what we did do because its not a terrific way to run a railroad. No, its not. Thank you. Is there a better way than to do this Economic Forecasting . Joining us right now bob pisani alongside gisele guzman. Welcome to you both. Thanks very much. I think the important thing here, gisele, youve been telling me for years its not getting any better and they need to improve their Economic Forecast and you have a better way to do it. Can you explain that . Were trying to inject science into the dismal science by fusing economics with computer science, using big data and Machine Learning and sophisticated algoritms. We use these words but whats the secret sauce. What are you doing to get more accurate forecasting than the old methods being deployed like gdp . We look at large traunchs of data, all of the activity thats happening on the internet and any other source of live data and we extract expectations from that and put it into a framework and the really like secret sauce of the system, it learns from itself, its constantly learning and changing and adapting because the world is dynamic. Data is dynamic, not static. You put the data out there for people to see and show the forecasting and so far the numbers appear to be more accurate than the regular economist forecasting. I want to put up the cpi for january, for example and compare your numbers versus the estimate. You had a cpi in january for negative 0. 1 . Your forecast was 0. 0 and came in at 0. 0 . The same thing, down 0. 3 and your estimate was less than half of that, down 0. 14 and actual number down 0. 16 . What are you doing right and they are doing wrong . Thats a fairly big discrepancy and you seem to have gotten that right. This is man versus machine issue. The machine is doing better than humans, humans tend to have a lot of biases very significantly for a long period of time and kept thinking it was going to keep declining like that where we saw zero. One of the most interesting things we get, we get the sign flips, every time the month over month from flips to positive to negative, we catch the flips. We should probably be asking the gdp keepers why but ill ask you anyway, if we have the capability to provide more accurate, more realtime data, why arent we doing that . Is that an up front Capital Expenditure . Its an investment issue. But its also kind of a culture issue. Because economists have a certain way of doing things, they look at the world in a static way, like theyll make a model. What were doing with using computer science, were kind of breaking a lot of rules by doing things like data mining and Machine Learning. For example, the phillips curve. Its not working. And were not kind of we hadded to those ideas. Theres a long history for data series and people are reluctant to tweak them because it may affect their ability to do analysis. Evenly though it may take a year for the real number to come out, theyll say, still better to do that than change a number with 25 years of history that might render our analysis incomplete. Those time series youre talking about, they are revised data. So youre not looking at what actually hit the market at that point in time. They do have that. They just started that in the late 90s, started that effort to keep it. What you see is the official published statistics, it is revisions, its not what was there at that moment in time. Exactly, which is important when people are going back and looking at market reactions, might have been a different sign let alone we have a lot more on tradertalk. Cnbc. Com. Very good. Great stuff. Bob, gisele guzman. Good stuff. Dow is down 8 points. S p is also in the negative territory today. Oil is lower and vix higher. Transports are down 36 points. The russell small caps are trying to hang on to positive territory today. They are. Would you pay 10 cents to read an article . We have a cofounder of a company trying to modernize content in a new way. If i get a refund for not liking it, you bet. Could be waiting longer for big bonuses. Details after we come back. Some say free the whales. For them, nothing else is acceptable. But nothing could be worse for the whales. Most of the orcas at seaworld were born here. Sending them into the wild