1. 855. We begin with facebook with the social media giant honing a Developers Conference this hour. The stock right now is currently down 1. 9 but it is nonetheless, still sitting around alltime highs. Julia borstein is live at the big event in san francisco. Julia. Thats right, mandy. Mark zuckerberg is about to take the stage. He will be addressing the 2,500 developers who are gathered here in san francisco, and there are two main topics that he is expected to make big news on. Messenger is facebooks standalone messeninging app, and he announced he will be turning it into a platform. That means that developers will be able to build other apps on top of the platform very similar to what weve seen with the line app, which is a popular messaging app in asia. That means people will be able to buy things, buy movie tickets, and do various things including read content, watch videos without actually leaving the messenger app. Big news there as well as an Ad Technology as facebook looks to be the way that multiple brands buy ads, not just on the facebook platform but to reach consumers all across the different apps. It would put it in direct competition with tweters hub. Well be monitoring and back on with more. Back to you. Thanks very much julia. The selloff on the street a big triple digit loss on the dow. Its a deeper slide. Lets check in first with bob pasani on the floor of the new york stock exchange, and bertha will talk to us from the nasdaq in just a minute. Its been a little bit of a confusing day for stock traders. Lets take a look at the s p 500. Bond yields moved up right at the open and a lot of people said thats interesting. We had some weak Economic Data and bonds werent reacting. The stock market really didnt do anything until about two hours ago when it just slowly started to droop in the middle of the day. Now, a lot of people have noted that the high beta names and stuff thats done fairly well this month were selling off pretty heavily. Semiconductor etf. Smh down heavy. Biotech, we talked about all the warning. Solar stocks have had a tremendous run this quarter in this month. Theyre also among the weakest. Stuff thats gained has been selling off the most. We did hit 1. 10. People have been talking about that. Finally, a number of people have mentioned that the buyback period buyback is in buyback are in a blackout period. A lot of companies cant buy back their stock. Guess what the gainers are today. The only dwreen you see, its in noble and danbury. These are the usual big names that are usually down. Theyre moving to the up side. Ill pick if up from there. A classic case of leaders. Now the laggard is s and vice versa. Lets head to the nasdaq where Bertha Coombs has the big movers there. It seems like the nasdaq is the biggest percentage loser out of the three indexes. After having been spun off here at the nasdaq some three years ago, they are about the only thing that has been kently up welcome back the nasdaq 100. Weve had as many as four stocks today, but those are the only two that are moving to the up side. Biotechs are the biggest source of pain, and depending on which biotech index you look at the equal waitd weight xbi etf is seeing the biggest drawdown today down the most and what you are seeing is these names that have been consistently at historic highs and have been really leading this market higher today are seeing a lot of profit taking. Recall last year we saw a huge drubbing of biotechs in the spring in april. They looked like they were left for dead and then came back by the fall. Were back to historic highs continuing through here. This could be partly a seasonal thing as well. Also among the losers today, some of the big chip names as well as bob mentioned, and tesla on that downgrade over at csla. Apple is lower, but not as much as some of these bigger names that were seeing. Back to you. What is your grade, sir . The grade on the demand 1 00 eastern straight up was d for dog. Not a good auction. Remember, this is the largest of the three auctions at 35 billion on the fiveyear note. Tomorrow 29 billion sevens. The yield at auction 1. 387. The bid side was 1. 38. Not only did it tail but every metric was below average. 2. 63, for example. 2. 63. Normally chase every dollar is worth securities available. At least thats a ten auction average. Today 2. 35 worth chased it. That was the weakest bid to cover rather than wroe since july of 2009. We all know what kind of environment it was in july of 2009. 55. 7. Ten auction average. 4. 7 on the direct. Weakest since june of 2013. Dealers take a whisker less than 40 . Tomorrow will be the last leg of the 90 billion in the form of sevenyear notes, and investors will hopefully be more excited about the longer security. Mandy, shares of lexmark are among the best performing stocks in the s p midcap 400 index today. Thats after the printer maker said it would buy cofax for 1 billion. That deal will just about double the size of lexmarks Enterprise Software unit to help the company evolve with one depend oent computer hardware like printers to more geared towards Services Like data and Image Management solutions. You can see those are up beg today. Thank you very much for that. Lets move to the market to whats going on in the economy. Lets get right to a rapid update. Senior economics reporter Steve Liesman joins owes the newsline with i believe, steve, new information from economists on gdp forecasts which seem to be coming down. Yeah mandy. The cnbc rapid update, which is an average of tracking forecasts on wall street came down pretty sharply today. Down. 2 to 1. 8 . Thats the lowest forecast weve had for the First Quarter since we started tracking it. We began the quarter at a very optimistic 2. 8 . The strong dollar which hurts exports, along with harsh Winter Weather and probably some decline in Capital Investment in the oil industry. Probably responsible for the weak durable goods. Its not just the one report. Retail sales were weak. Construction has a string of weak january and february data. Some economists remain optimistic. We have a couple of weak First Quarters, and weve had good in the Second Quarter, and right now thaelgs on faith. The numbers right now are showing up sub 2 quarter for the First Quarter this year. Muddy the waters for a data dependent federal reserve. Now to the latest on that plane crash in the alps. The leaders of france germany, and spain visiting the crash site. Phil lebeau with the latest developments. Phil. Tyler investigators wrapped up a briefing where they gave us a detail regarding where the investigation stands right now. Let me bring you up to speed. First of all, two americans were on the german wings flight that crashed into the french alps. That was revealed this morning. Search and recovery in that area is limited, and that is being kind about it. Theyre having real problems getting crews to be able to be i airlifted down into certain areas to recover not only bodies, but also evidence from the plane, and the case of the flight data recorder the second one, the flight data recorder the case has been found, but the recorder itself has not been found. For the voice recorder, here is a picture of it. It was damaged in the accident in the crash. During a briefing just a few minutes ago, this is what the one investigator said about what theyve been able to extract from that black box. We just succeeded in getting an audio file which contains usable sounds and voices. We have not yet fully understood and worked to to be able to say this is starting at this precise point and this is ending at this precise point in flight and we hear such persons saying that for which we hope to have the first rough idea in a matter of days. This is the main question that a lot of reporters were asking that gentleman in france about today. This descent of the german wings plane from 38,000 all the way down to 6,500 feet time and again, tyler and mandy, when the investigator was pressed, what did they say on the reporting . Were there voices . Can you tell us anything at all . He immediately said im not going to get into it. We need to do further analysis of that recording, and i think theyre also going to be waiting until they get the flight data recorder before they come out with a definitive explanation as to what happened during the final eight to nine minutes of that flight. Thats the latest on the investigation. Perhaps we may get some more information over the next 24 hours, but i would not be counting on it. Tyler, mandy, back to you. Thank you very much, phil. We wait. Why your mutual fund may be at risk. What some Top Fund Managers are doing in the chase for performance that is raising the red flag. Plus, a monster deal in the food business. Sarah eisen at the n wr se. In a down market kraft shares are up 35 or so. Why wall street is cheering this transformative deal to merge kraft and heinze companies struggling to keep up with consumer taste and attitudes when power lunch comes right back. If youre running a business legalzoom has your back. Over the last 10 years weve helped one million Business Owners get started. Visit legalzoom today for the legal help you need to start and run your business. Legalzoom. Legal help is here. Welcome back to power lurk. For Profit Education stocks of again, in focus. Specifically apollo which is tanking after reporting a smaller than expected loss last quarter, but it offered up disappointing sales projections for the rest of the year. Shrinking student numbers are a big part of that story after its universe phoenix operation saw a 13 drop in new enrollments. Other for Profit Education stocks, mannedy, are also taking a hit on that bit of news as well. Back to you. Wow. Drop of 24 . Incredible. Thanks dom. Okay. Breaking news. Weve got zucker berg of facebook right in front of you on the screen. This is a Developers Conference by Facebook Live in san francisco. We are monitoring the headlines, and if theres anything big that you need to know about, were going to bring julia borstein who has been monitoring this event back on the show. The stock is lower today, but it is nonetheless sitting around alltime highs. Back to the headlines Consumer ProductSafety Commission confirming it is investigating flooring from lumber liquidators. The stock is down more than 53 since february the 25th when news broke about an unfavorable 60 minutes story. U. S. Steel trimming more than 2,000 jobs and temporarily halting an illinois plant. This is in response to weak demand from the Energy Sector. Stock up by 2. 5 . Its in heavy volume after it priced its Public Offering of 17. 5 million shares for 500 Million Dollars. Ty. All right. Put some ketchup on that velveeta or philadelphia cream cheese on your tater tots. A lot to the deal. Sarah. Absolutely. Its an unusual structure, but certainly wall street is excited about it. Kraft shares are surging to a record high. Theyre in the 80s. They close at 61 a share yesterday. Kraft, the Company Behind yes, tylers favorites, mac and cheese oscar myer philadelphia cream cheese will merge with heinz, which youll recall was actually taken private in 2013 by Brazilian Private Equity Firm 3g and warren buffett. Buffett and 3g are putting an extra 10 million into this deal as a special dividend for kraft shareholders just to sweeten the deal. Heinz ceo will take over as the ceo of the combined kraft heinz company. John cahill who is krafts currency will become vice chairman of the board. This company is going to be ginormous. The fifth biggest food and Beverage Company in the world. Number three in the americas. One of the strategic goals is to get krafts brands selling internationally. Its primarily in north america. Heinz, 51 of its sales are abroad. It has the infrastructure there and the global reach to help out kraft. Another big goal. Cutting costs. Management says there are 1. 5 billion of synergies here. Opportunities for overlap on cost for manufacturing, to marketing. The bigger question though what is the longterm growth picture. Consumers just are not into packaged foods like they used to be. They like organic. They like natural. They like fresh. Thats where the growth is in this industry. Its why kraft saelz have been pretty much flat and the company has been losing market share. Warren buffett, for one, told squawk box there are seven billion people in the world so, there will be tastes and buyers for kraft around the world. One of the reasons it is trying to go international. So far, guys investors are buying it. Well see about the longterm growth picture. Well hunting for union corns. The big mutual fund falling over themselves to grab a piece of those mythical startups with value wags look uber and pinterest. Why this may be putting your fund at risk. Also, as we head out, another look at the s p 500. It is a sea of red, but as you can see, if we zoom in a little bet, you can see right to the lefthand corner kraft, as i was mentioning the standout mover to the up side today. Power back in a flash. So open an account with schwab. And when a market move affects, say a Cloud Computing stock youre holding, we can help you decide what to do. With tools that help you see how market activity is affecting your positions. So when the time comes to decide whether to scale in or scale out. You can make your move wherever you are. And start working on your next big idea. In new york state, were reinventing how we do business so businesses can reinvent the world. From pharmaceuticals to 3d prototyping, biotech to clean energy. Whether your business is moving, expanding or just getting started. Only new york offers you zero taxes for 10 years with startup ny business incubators that Partner Companies with universities, and Venture Capital funding for high growth industries. See how new york can grow your business and create jobs. Visit ny. Gov business welcome fwook power lunch. We want to call your attention to whats happening with the overall stock market. As you heard, we are in a down session today, and weve had our worst levels of the session just in the past few moments. The s p down to about 21 points to Dow Jones Industrial average. Down about 225. The tech heavier nasdaq off by 1. 8 . Pacing the declines. Keep an eye on those as we head towards the middle of the afternoon session. Also watching shares of action camera maker gopro, which are holding on to you can see some gains in todays down market, although off of their highs. Theyre being helped along by bullish analyst commentary out of fbn securities which says theyre attractive at current levels. So is their opinion. They reiterated their outperform rating slapped a 75 price target. They cited the quality of the target compared to those of competitors. Lets get back to julia borstein for breaking news of the Developers Conference where Mark Zuckerberg is currently speaking. Julia. Thanks so much. Thats right. Of about 28 over the past year Mark Zuckerberg on stage right now unveiling that messenger platform that i told you about earlier today. Theyre talking about how they dont want facebook to be a platform. They want developers to build on top of all of their different products, including that messenger platform. They talked about how messenger already accounts for 10 of all voiceover ip calls. Some other really fun stuff out of the top of zuckerbergs comments including how theyre moving towards richer sharing experiences. He said i started with text and added photos. Now theyre going to get into more Virtual Reality type experiences. He showcased some spherical images that allow you to sort of open up an image and explore and look around it as if you are in Virtual Reality. Theyre going to start supporting that on facebook as well. He talked about how his activision is really about enabling everyone to share more easily and all of the developers here to enable people to use their apps and more easily integrate with facebook. Theyre going to streamline the systems and make it easier for everyone to share and really have facebook be woven into everything they do. Continue to listen in here but big moves into messenger as a platform as well as more virtual richer sharing experiences. Guys. All right, julia. Thanks very much. Lets pivot to gold prices which are closing right now, and take a look at how theyre doing. You can see they are up about 5 to 11. 97 and change. Thats. 5 . The other metals as you can see there, are kind of a mixed picture. Copper down. Paladeum and platinum off. Rick is at the cme. Hi, rick. Hi, tyler. I know i gave it the right grade when you look at intraday fives even though rates were rise aing bit, they obviously rose a little quicker right after that 1 00 eastern degraded auction. 35 billion fiveyear notes. This 158, 186 is huge. I cant stress enough when you have wild sessions like october 15 those extraneous irrationale price yields that we established to an extreme always come back and they are always important. If we look at a month to date of the euro versus the dollar it clearly shows that the euro is not given up after the dollar was a bit weak her after the fed meeting, but its still bucking up against really big resistance around the 110 handle. Mandy, tyler, back to you. Thank you very much for that. Rick at 109. 64. Well is your mutual fund money at risk . What some Top Fund Managers are doing in the chase for returns that could be a cause for concern. What it means for you. Plus stocks are selling off today. Theyre sitting around the lows of the day. Where exactly should your money be right now . Two managers weigh in with their best picks. Back in two. Now with the xfinity tv go app,