Return to normal. Well take you live to athens once again and get you through this last hour of trading, as well. Big thinkers bringing their big ideas to aspen. Shell Oil President will be joining us. Ricardo salinas, Walter Isaacson robin chase and actress goldie hawn all joining us throughout the next two hours. A good view of what it looks like in aspen. If you are on twitter, you saw pictures of kelly wearing this suit. I sort of spilled the beans in my twitter account. She is not playing ironwoman here. Will not replace Robert Downey jr, though she could. Well explain. I need to take an iron supplement after messing around with that suit. Well tell you more about that many cog up. Weve got a number of big individual stock moves today. Tesla on the back of strong auto sales. Bps huge settlement. Dwindling takeover hopes for yelp. Lets get to business now. Just about two minutes into the reopening of trading. Shares up about 4 going into this news halt after they got approval for their new drug application for their drug which treats cystic fibrosis. This is all about a drug meant to treat cystic fibrosis. There are High Expectations whether it can make inroads. There are about 70,000 people that suffer from this genetic lung disease. Those shares well watch. Lets get to the big jobs report that came out this morning one day earlier than usual because of the holiday. The economy added 223,000 jobs last month, slightly below expectations. The Unemployment Rate fell to 5. 3 . Its extraordinary. The lowest rate seven years. The question now is what these numbers mean for the feds next rate hike or first rate hike. Joining us steeple fixed income and lasalle network. Lindsey, what do you think . Does the fed raise rates on the back of these continued job claims falling Unemployment Rate . Its hard to justify a nearterm rate increase. 223,000 is well below expectations. When you factor in the down regard revision this calls into the question of the markets overzealous of labor conditions. That fully reflects the fact half a million americans dropped out of the labor force if we look at average Hourly Earnings virtually nonexistent wage pressure no component of this mornings report suggests growing confidence in labor market strength. Something the fed has been clear they want to see to justify a nearterm rate increase. You think this delays that. Tom gimble you still think the fed raises rates sooner than later. Why . Its going to happen my guess would be late in the Third Quarter. Maybe early fourth quarter. We are going to add 3 million jobs over the course of the year averaging about 250,000 jobs a month, we are seeing really good growth but its not great growth what everybody wants to see. When youre borrowing money for free and able to capitalize Growth Companies are getting richer making more money, stock markets up. Is it real . What the feds got to say is weve got to put back things in place that. Starts with a small raise in rates and see how things react to that. Weve been going on this six, seven years now. Tom, when do you think that rate hike will be . Do you think it will fall this year or in the fall . No i think it will happen in the fall. My guess is early fourth quarter. Certain fed officials made it clear they are itching to raise rates sooner than later. Would it kill the economy for them to raise the fed funds rate one time to see what happens . I think its very clear there are several fed officials chomping at the bit to raise rates as they have been for the past several years. Remember, that continued underperformance of the economy kept the fed sidelines as we suspect it will in 2015. We maintain our forecast for liftoff to occur in 2016. A quarter point increase would not kill the economy. Remember the feds mandate is stable prices and full employment. With inflation in negative territory depending on the indices you are watching, its hard to justify liftoff at this point. Good to see you both. Thank you for join us today. Thank you. Wall street has been watching greece and its upcoming referendum sunday which will ultimately decide if the country stays in the European Union. Our chief International CorrespondentMichelle Carusocabrera is live in athens. Good evening michelle. In just the last half hour the greek Prime Minister tsipras spoke to the greek people and said if you vote no and a no vote wins i will fly to brussels the next day and within 48 hours i will have signed a deal. He said the banks will not be closed for long. Both are extraordinary promises to make. Another one that is not up to him to decide at this point. The economy has gotten away from him. He mentioned that this is a vote about whether or not to stay in the euro. That is certainly the way other european leaders are describing it. Thats not how the Prime Minister is describing it. He is just saying he is trying to get a better deal. Do you know what the ballot says . Ive got one here. This is the question. Its quite long. It says should the plan of agreement be accepted which was submitted to the european commission, the European Central bank and International Monetary fund and euro group june 25th and comprises of two parts which constitute their unified proposal. The first is entitled reforms to be completed and Current Program and beyond the second is the preliminary debt analysis. Does that sound clear to you . It doesnt sound like a vote whether or not to stay in the euro. I ning a lot of greeks think that is what they are doing this sunday. Back to you. What do you think european officials think of his strategy . Clearly, he is campaigning for a no vote. Do you think he would pull off a deal with european officials within 48 hours after that if he gets a no vote . If they were to do that they would look like fools at this point. They have made very clear that at this point, they think a no vote, the dutch finance minister said today a no vote would leave the greek people on their own. That a greece that does not want to reform which means a no vote, is one that doesnt belong in the euro zone. Then the tonality has been so harsh. Suddenly has to blink. The markets arent helping out his side but the european side. The drama continues what a soap opera you are following there. Front row seat in athens. The greeks invented drama, remember that. Yes. The question is, is it a tragedy or comedy . That is what we are waiting to find out. We will see. We have dennis gartman. Rick santelli is with us. You are going crazy. If they vote no he will sign the deal if they vote no there is not going to be a deal for him to sign. What is the message he is sending . Hes got a no vote thats a bargaining chip he can use with the european officials. Thats way thinks it is. Europe made it clear thats not the case. What do you think the market will do with all this . If they get the no vote the market comes under pressure and the drama ramps up. Europe will not sign this deal. Therefore, weve been thrown onto a tizzy again if they vote yes, he could go there. If they vote yes, they would sign on the dotted line and all walk away from it that. Would cause the market to stabilize. Dennis which way are you betting the euro goes from here . Its so up for grabs. This is astonishing. First of all, the referendum as michelle was explaining is perhaps the most confusing referendum i think ive ever read. Im not sure most greeks let me back off from that. Im not sure a great number of greeks understand what the no vote or yes vote will be. When i read the referendum i was confused myself. I look at this and say, i think the polls indicate a yes vote will carry if a yes vote carries and probably shall, which means they are going to stay within the union, that means tsipras basically held his own vote of no confidence and is going to have to stand down from the Prime Ministership eventually which means a new election which means more delays. Im afraid he played his hand very poorly. Pour confusion abounds. If the no vote prevails then the germans cannot back down. They have to say to the greeks youre out. Germany wants the greeks in to keep the euro as weak as possible. This is utterly confusing. At this point, i wish i had watched more soccer or watched more golf and didnt have to pay much attention to greece. Reminds me of the ballot measures they throw on the california ballot they are so convoluted in wording. Rick, can you tell from the markets, are they setting themselves up one way or the other in terms of currency and debt obligations . Very difficult to tell. You have two competing dynamics. You have a dropping propensity of investors to be pricing in any type of fed activity for 2015. That gives the dollar a little softness in and of itself. The outcome, i cant agree with any of the guests. I dont think the outcome is knowable. I dont think its knowable whether the fed will raise or as to how all the dynamics in europe move no matter what the vote is. I say very few understand the real chips at stake in this high stakes poker game. Who is bluffing who isnt bluffing. At the end of the day, i think history of five years speaks for itself. It isnt a tragedy or a comedy. Greece is a charity. In that regard the outcome of why europe is fighting so hard to keep it in the union means a lot. There is a political aspect to this on the experiment side of the European Union with the treaty of lisbon and no constitution that i think is difficult to price. Having said that, i think the most noteworthy aspect of the marketplace, you get an iffy no good not bad jobs report. Drop in Unemployment Rate is not good news for 32,000 people. But to still be this close to 2. 40 in a 10 and 309year bond for the moment the trajectory of Interest Rates has a bias to the up side. I think thats the reality at the moment given what we know. Thank you all three for your thoughts on todays market action. Have a good long holiday weekend. See you later. We are going to take a break. 47 minutes left in the trading session. The dow off the lows as you often like to hear me say. Down 42 points. Dow was down over 60. Our special aspen ideas edition of closing bell continues. Our lineup includes mexican billionaire. Plus zip car cofounder robin chase and shell Oil President marvin odum. Tesla shares popping after beating expectations for its quarterly sales, but now elon musks goals for the full year are in question. Those details coming up. You total your brand new car. Nobodys hurt,but there will still be pain. It comes when your Insurance Company says theyll only pay threequarters of what it takes to replace it. What are you supposed to do, drive threequarters of a car . Now if you had a Liberty Mutual new car replacement, youd get your whole car back. I guess they dont want you driving around on three wheels. Smart. New car replacement is just one of the features that come standard with a base Liberty Mutual policy. And for drivers with accident forgivness,rates wont go up due to your first accident. Learn more by calling switch to Liberty Mutual and you can save up to 423. For a free quote today,call Liberty Mutual insurance at see Car Insurance in a whole new light. Liberty mutual insurance. Welcome back. The price of oil dropping after the Baker Hughes Oil rig count went up for the First Time Since december. Oil had been going lower this week anyway. As youll see, down another 5 cents. Bp agreeing to pay 18. 7 billion in compensation for that oil spill in the gulf states going back to 2010. Bp trading higher up by about 5. 3 . Here is the breakdown of that 18. 7 billion you pointed out. Going state by state through the gulf states. Louisiana is going to be the biggest beneficiary here with 6. 8 billion. The governor of alabama said this settlement is all about moving on. Todays news will never make up for the loss and hurt experienced by so many alabamians, but it is a good step forward towards making alabama whole again. Reporter here is what bps chairman said. It resolves the largest remaining legal exposures, provides clarity on cost and certainty of payment for all parties involved. This is not necessarily a done deal at this point. This is all going to have to go through a public process. Ultimately, it will have to be approved by a federal judge. Thank you so much. 17 of u. S. Oil production does take place in the gulf of mexico, but it is expensive. Oil prices are still low. Shell embarking on a new deep water drilling project off the coast of louisiana. Here with me to talk about the new project is marvin odum president of shell oil company. This is an important announcement for us. I think a couple of things to keep in mind. The scale of the resources associated with this project. This is a World Class Oil and gas resource that shell discovered in the last decade now bringing it to fruition and on to production. The fact that the gulf of mexico is still capable produce these resources is significant. Shell has been successful in exploring in this part of the gulf of mexico is meaningful. Has a good track record bringing these projects forward ahead of budget and on schedule. If you look at the announcement probably the most significant piece was we provided the breakeven price in terms of global oil prices. About 55 a barrel what that does is not only tells you why this will be a profitable project, it allows you to put it in contrast of shell resources. Production has become more cheapble, flexible and on demand this. Project youve been involved with is a much bigger scale. At 55, do you think its more economical to drill in the gulf of mexico with some of the shale projects that exist . Certainly for some. Not all deep Water Resources are created equally. You have to be in the best projects in each of those parts of the portfolio. Appomattox is a world class deep water project. The shale in the Onshore North America in particular are the sweet spots of those reservoirs. Those are the competitive pieces. Its more that peripheral area. Still oil and gas and production to be made before expenses. Depends on what you are talking about. What about the arctic which is another Big Initiative for you guys . We spoke last time about embarking on the project. Now you are heading up there. The cost of doing that has to be much higher than weve been discussing. I have to take you back to thinking about whats the scale of the resources. Once you have production in alaska, what its pace which it can be produced and the rate you can produce those hydric carbons. These are world class resources. That makes for an economic competitive project. We are in the exploration phase. If resources are there we think are there, it will compete with the projects we are talking about. Sounds like its too soon to know the breakeven price. You are able to do with it oil prices where they are today if we stay here will all this be economically viable for you guys . What you have to add to the question is the time frame. Exploration now in alaska if we make a discovery, that production wouldnt come online probably between 10 and 20 years. You are talking about what will be oil price be in that time frame. About polar bears and walruses . Its about doing this the right way. The basis for getting approval from the federal government is protecting the natural environment, protecting from oil spills and protecting the mammals up there. Thats a core part of the regulatory process here. Weve seen protests. Sure. When you sleep at night, do you sleep secure knowing that you are doing something in the best interest of this country despite what some of the critics and environmentalists are worried about . I do. Its not sufficient to say i do sleep comfortably with that. As somebody responsible for this company and this business, my number one concern is doing it safely for people safely for the environment if i dont do both those things i dont have a business. That is job number one for us. With those protections, this is the right time to do what we are proposing to do. The big ideas and where you are going to be doing business. Good to see you. Marvin odum president of shell. We are heading to the close here. Weve got about 37 minutes left with the dow down 31 points. Much more to come from the aspen ideas festival in colorado. Mexican billionaire ricardo salinas, Walter Isaacson will be there. Zip car cofounder robin chase, plus kelly will have a business zen moment with actress goldie hawn who is quite the business haven, by the way. Tesla model s cars hitting a record in the june quarter. Well have a special report. The mercedesbenz summer event is here. Now get the unmistakable thrill. And the incredible rush of the mercedesbenz youve always wanted. But you better get here fast. Yay, daddys here here you go, honey. Thank you. Because a good thing like this wont last forever. See your authorized dealer for an incredible offer on the exhilarating c300 sport sedan. But hurry, offers end soon. Share your summer moments in your mercedesbenz with us. Verizon say neversettle. Tmobile agrees. Never settle for verizons overpriced gimmicks. Try the uncarrier riskfree for 14 days youll love it, or well pay for you to go back. Tesla in the Second Quarter delivered 11,507. It was a record quarter for deliveries. Again, the important thing to keep in mind, this is total deliveries. They dont break it down by region. We dont know how many went to the u. S. Versus europe versus china. Nonetheless, bulls of tesla and the stock are in full form today. This stock is moving close to a 52week high. We are at levels we last saw september of last year. When you look at tesla its all about the second half of this year. Thats when the company has really to increase production and we know they are starting to increase production because they are going to start deliveries of th