Jumping. Wait until you see whats happening on the ground in iowa. Meanwhile, though we begin with the markets and those 1 gains or thereabouts. Lets get the trading action. Bob is live at the new york stock exchange, Bertha Coombs following the movers at nasdaq. Bob, you go first. Another big story on the floor today is avon. Whats going on with that one . We just had a wild morning here. This post was filled with almost 100 traders. They have halted three times on whats called a volatility halt. That is for unusual trading action. Apparently there was an erroneous and false report that they may have had a takeover offer. Now, were trying to sort all of this out. Again, it appears that it was erroneous and false but the important thing is that three times the stock was halted. The company did not make a clear statement down here so absent that, it couldnt be halted because the company had a statement to make. It could only be halted because we had circumstance breakers kick in as a result of the 2010 flash crash. Those Circuit Breakers kicked in three times. They kick in when a stock moves 5 or more in a fiveminute period. That was designed to halt this kind of volatility. Bottom line, stocks reopened but only up 3 . Heres two things. Number one, we need Regulatory Power on the floor to halt stocks when there is unusual activity. Not clear they have that. Number two definitely need to look at how some kind of what appears to be an erroneous statement got into the edgar filings which the Trading Community relies on as Accurate Information fickparticularly on takeover offers. The s p 500 great day overall. Producer price indexes were very low and that looks very good for stocks here for the next few months. Kohls was a big disappointment. Overall its a big winner up over 20 but their guidance was not raised and a big issue is whats going on with samestore sales. Kohls only up 1. 4 . J. C. Penney also a bit of a disappointment below expectations. Macys was down, that was yesterday, but we expected that to be up. The bottom line is were not getting the samestore sales growth we were anticipating. Remember, these numbers reflect april as well. This is going into the fourth month of the year. J. C. Penney, you see its down here but it had a great run so far, up 30 on the year. Well be waiting for nordstroms after the close. A lot of activity down here today. Tyler, back to you. Lets head uptown to nasdaq and Bertha Coombs. Weve got the nasdaq composite about 50 points away from its alltime high close. Today its really a story about big cap tech. We have seen that momentum continue and its starting to drag some of the other sectors that often move as traders get more bullish, so were seeing small caps higher today and were also seeing the biotechs starting to chime in. Big time for biotech with asko coming up, lots of abstracts released out there. Meg terrell has the rundown on all of that. Interestingly, although we have big cap tech, cisco is sitting out the rally. Folks not impressed with ciscos outlook as cisco tries to turn around and move on to a new chief executive. But youve got the likes of facebook today trading higher on Mark Zuckerbergs 31st birthday. His holdings in facebook alone right now somewhere in the range of 35 billion with two days gains. Were also seeing higher for microsoft. Apple having a fairly strong day as well. Even though youre seeing a big move out of retailers, traders are saying some of that is coming out of retail with all the disappointment. Here at the nasdaq youve got perry ellis much better than expected numbers as its turned around and that is at a new high today. Childrens place also beating and raising. Not getting as big a lift ebay having a pretty good day and amazon not notwithstanding the big boeshl threat from walmart. If you watched my quiz whats the darling . Paypal, when it separates from ebay later this year, the company says its going to relist here under the old Ticker Symbol pypl. Guys, back to you. Thank you very much. I wouldnt mind 35 billion on my birthday either. Thank you, bertha. Lets get to a news alert because we just wrapped up an auction on 30year bond. Lets get to Rick Santelli with the results. Weve had a couple of auctions this week. On monday an a, yesterday an a plus. What about today for the 30 years . When you put the three plus, d plus. Ill tell you why. First of all, the when issued market kind of where it was just before the dutch auction ended we priced the 16 billion in 30s at 3. 044. Higher yield lower price. We tailed a couple of basis points, not good. Thats where the heaviest down mark on grade goes. But everything was either light or average. 2. 20 was the bid to cover. Thats light for a 2. 41 10 auction average. 11. 1 on directs definitely light in lieu of a 10 auction average of 16. Dealers take 38 . That caps off 64 billion in supply with a weak grade on the long end where all the volatility is. Does this make a statement about the market . Im not sure but the concessions looked a lot jewsuicier for 3s and 10s. Mandy, back to you. Which one of these is not like the other. D plus. Lets take a look at the 10year yield is doing right now. Lets bring up a board and show you. This is the german 10year sitting near 2015 highs. So with the 10year right now sitting at 2. 237 as we speak. Well keep an eye on that for you as well. In the meantime, oil under pressure. Jackie deanginaeles has all of the action. Traders are saying, look, dont read into this. This is profit taking because we moved so far so fast. You still have reasons for oil to move to the upside. The first would be the weaker dollar but also geopoliticianauloliticsgeopolitics. The saudis taking that victory lap looking like they think that they won the war over the shell producers. In their monthly reports the eia and aeu show Shell Production will decline but only slightly. Then you have reports saying actually Shell Production is going to increase. I looked at the production numbers overall in the u. S. For last week. Were creeping back up towards 9. 4 Million Barrels a day. Thats recordlike production. So those saudis may need to take a breather for just a moment and well be watching these prices for you. Back to you, mandy. Thank you so much jackie. 2 30 eastern is the oil close. Another train crash to tell you about and this time it is a Freight Train derailed in hazelwood, pennsylvania, just east of pittsburgh. Nobody was hurt, thankfully, but 11 cars fell off the tracks. The train was also pulling dozens of tanker cars but they are safe. They did not run off the tracks. This also comes on the heels of monday nights terrible and fatal amtrak crash just outside of philadelphia. The trains engineer still isnt talking to authorities. His Attorney Says he doesnt remember the crash. Today the death toll was raised to eight. More than 200 people were hurt. Investigators are on the scene still. Nbc news has confirmed the train was traveling more than 100 Miles Per Hour when it went through a curve with a speed limit of 50 Miles Per Hour. Ty. Weekly jobless claims fell to a 15year low. Yet the Labor Force Participation rate continues to see a steady decline. Have we reached peak demand for jobs . Lets bring in steve liesman. Also with us is cnbc contributor joe la vornia. Look at you two down on the floor of the exchange. Nice to see both of you. Joe, i would say over the past couple of weeks the Economic Data weve gotten is a real dogs breakfast. Some of the numbers are good, some arent. What are you thinking and what is it saying about where we really stand . Youre right tyler the numbers have been in general pretty lousy relative to expectations. The only series that was decent but only relative to expectations was employment. Jobless claims have been a bit better but retail sales have been soft weve got some ppi numbers that that were pretty weak. Yes, the numbers have been soft. Unfortunately were transitioning out of what appeared to be another very harsh q1 so well probably enter the spring and i guess is with expectations as low as they are well probably be to the upside and produce a bit better growth than what we saw in q1. Steve are we really almost at peak demand for jobs . Are we getting towards that full employment number, which i guess the fed says is right around 5 5. 2 . I want to say publicly i feed my dog only quality food. I dont know about joe or you but i dont want a visit from the local aspca. I think for sure tyler, were heading towards that number. Unfortunately, its a number you cannot know essentially until youve been there. The Federal Reserve looked at the situation and said weve had this precipitous decline in the unemployment rate. Whats happened to inflation . Almost nothing. Ergo the conclusion is the full employment rate must be lower so they lowered it by 0. 3. I would not be surprised if they did it again. Jobless claims being at or near this 13year low that its been that its at right now, look at the ppi its negative. We have another situation where were not seeing a whole lot of wage growth, were not seeing a whole lot of inflation but yet the jobs numbers is pretty healthy. If we hit that 5. 1 and theres no inflation, the fed may say that number is 4. 9 or 4. 8. Its an uncertain number. Joe i see that facebook is just one of the large and Influential Companies thats gone down the minimum wage route. Its making sure that its vendors and contractors here in the United States pay at least 15 an hour to its workers. As i say, its just the latest company. Do you feel that cumulatively this will start to show up in Wage Inflation . You would think, mandy. Its not just facebook, but starbucks, t. J. Maxx a lot of municipalities have raised their wage rates that arent tied to minimum wage but higher wages. So you would think over time. Again, the aggregate data looks at the whole universe of people. As steve said, hes exactly right, its very mixed to this point. And the fed probably, if theres not much evidence of Wage Inflation and we push lower unemployment, as i believe we will, theyll probably move the goal posts again. One would think over time the anecdotes that you highlight at some point will show up in the official numbers. But it may not be this year. Maybe its a year ago. Joe, steve, thank you very much. Mandy. The bird flu outbreak keeps getting worse. One of the questions being asked is what on earth do you do with all the birds once theyre infected . Morgan brennan is live near ground zero. Reporter thats right. With more than 25 million birds just here in iowa in the process of being destroyed, thats become one of the big questions. We have all the answers or at least how officials are looking to answer that question when power lunch returns. Ameriprise asked people a simple question in retirement, will you have enough money to live life on your terms . I sure hope so. With healthcare costs, who knows. Umm. Everyone has retirement questions. So ameriprise created the exclusive confident retirement approach. Now you and your ameripise advisor. Can get the real answers you need. Start building your confident retirement today. Bulldog whats this . Mattress discounters Memorial Day Sale ending . Oh boy a queen size serta mattress and box spring set for just 397. Mattress discounters has the Largest Selection of memory Foam Mattresses under one roof well ill be. Up to 300 off tempurpedic breeze. And wow get up to four years interestfree financing on the entire tempurpedic cloud collection the Memorial Day Sale is ending soon mattress discounters shares of kohls sliding today after the Department Store operator reported weaker than expected samestore sales for the first quarter. The shares are off nearly 12 . Apple shares are up by 2 after they raised their earnings per share estimate due to higher iphone demand. And bank of america upgrades dupont saying they will emerge from the recent proxy battle a leaner and stronger company. All righty, the bird flu outbreak keeps getting worse. One of the questions being asked is what do you do with the birds once theyre infected . Morgan brennan is live outside the Iowa State UniversityVeterinary Medical Center in ames where so many cases of avian flu are coming in, they have kept the labs running 24 7. Hi morgan. Reporter hi tyler thats right, they have. The majority of the confirmed 50 cases and counting of bird flu here in iowa have come through these labs where the Testing Process begins. When the dead bird is sent in, once theyre checked in over there, then those birds bring out to the floor. There is one of our pathologists there. She or he will look at it and then take the proper sample for the testing. What is the sample for the testing . Normally its swabs. Swabs from the mouth. Then they save the dead bird body for any kind of further testing in case it become negative. Reporter so tests here are turned the same day or following morning. Then they head to the usdas labs right down the street for final confirmation. While all of this is happening the farm is being quarantined. All product is yanked offline rand the farm is week scoured for any clues as to how the virus got in and whether biosecurity measures have been breached. Once the usda confirms, the disposal process begins. With more than 25 million birds that are in the process of being destroyed here in iowa alone this has become a huge undertaking. There are many options that are involved in that process. Everything from sending the birds to landfills, to call posting and putting the remains on the properties to incineration. In fact theyre bringing in portabline incinerators to handle some of these birds. Experts here are actually telling us that this entire process, because once the birds are destroyed the farm has to be scrubbed and then repopulation begins. Experts here are telling us that this entire situation from testing to repopulation is going to take a very long time. Youre looking at anywhere from six months to more than a year for many of these facilities to come back online. So this is this is a longterm situation for the folks out here in iowa. Guys back to you. Thank you very much morgan brennan. Well air travelers become less of a hassle for frequent flyers. Yes, you heard me correctly less of a hassle. Well tell you why in the second hour. Plus shares of jack in the box are down today but up over 60 over the past year. The reason may not have much to do with the burgers. That is straight ahead. Plus, todays crime and punishment. Imagine, snapping up a bent low and ferrari in the same day. Its part of a wild spending spree after the sole heir to a family fortune was coned out of millions. Thats all coming up right here on power lunch. It took Tim Morehouse years to master the perfect lunge. But only one attempt to master depositing checks at chase atms. Technology designed for you. So you can easily master the way you bank. Dont just visit new york. Visit tripadvisor new york. With millions of reviews and the best hotel prices. Book your next trip at tripadvisor. Com today. Imagine a con so intricate it could go on for over a decade undetected by the victim, who ultimately lost millions. Thats exactly what happened. And andrea day is here with the crime and the punishment. Were talking about a motherdaughter crime team plotting for years to steal a family fortune. In the end, the sole heir was left with next to nothing. An elaborate fraud with the con artists burning millions on trips and fancy cars. Behind the swinldsdle, a motherdaughter team, even a baby to target this man, ralph raines, jr. , the sole heir to a family fortune. The assistant u. S. Attorney they had amassed millions of dollars in investments. Their tree farm was wort close to 15 million. Reporter raines had a fas takes with the paranormal. Contacted her and met her here. From the very beginning rachel lees plan was to build trust with this victim to get into his life and to find a way to get control of all of his assets. Reporter over the years she says, lee befriended raines convincing him to bring her on to care for his ailing father, to buy this Million Dollar home where she moved in with her boyfriend and to let her take control of the family finances. Her only work history had been as a psychic. She had not completed formal education beyond the third grade. Reporter when his father died, investigators say lee took her plan to the limit, actually creating a fake persona for raines to fall in love with. Rachel lee knew exactly the type of woman she needed to present to mr. Raines jr. Reporter according to prosecutors, the blonde lee introduced to raines was really her own daughter in disguise. She called herself mary marks faked a british accent and raines fell for the hoax. Marks even convinced raines that he had fathered a sop. Hi mom. Giorgio and i sure miss you. Reporter he was so taken he had marys name carved onto the family headstone. The lees now had total control. They began liquidating investments and sold off the tree farm. They brought in 12. 3 million from the sale of the tree farm properties. Reporter she said thats when the spending exploded. They bought a 300000 bentley and 200,000 ferrari in a single day and flying first class clas all over europe. Well be in florence tomorrow. It was beautiful. Reporter the con went on for more than a decade. According to prosecutors began to unravel when three investigators met by chance at a scam training session. They each had some information about raines and a psychic and began piecing together a case. If the stars had not aligned perfectly on that day, we may have missed an opportunity to intervene in this case. Reporter the lees, finally busted in the same psychic shop where it all began. Undue influence and financial exploitation, these are cons as old as time. Rachel lee was skilled in executing this playbook. What she did really amounted to brainwashing over time. And prosecutors say when it was all over, raines h