And of course, the latest lightest volume of the year yesterday, and the fed may respond to dday later at the fe meeting. And today, the publisher newspaper business, the post and can he do for papers what he has done for books . And the big black and blue ibm shares falling under Credit Suisse. And michael kors up strongly after sales, but American Eagle outfitters are losing altitude after issuing a profit warning they post in a couple of weeks. Meanwhile, a stunner the world of media, Washington Post selling the Newspaper Publishing businesses including amazon to jeff bezos, and Julia Boorstin has more on that blockbuster deal. This news took everyone including editors and writer at the post by surprise. The Washington Posts Company Whose name will change saw the stock rise with caplan tech being sold and now what the billionaire icon plans to do with the newspaper. Jeff bezos stressed what a newspaper plays in a free society, and he says that the newspapers duty remain s s to readers and not the owner. The charting of the map ahead is not going to be easy, and there is a need to invent, which means we will need to experiment. And after knowing each other for a decade, this came together in the conference last month. We met at a conference fa facetoface twice. The second week in july. We spent an hour together, and he asked for time to study the numbers, and then we spent another two hour s together, an at the end he said he wanted to go ahead. That is hardly the first billionaire to buy into publish i ing. The red sox owner john henry bought into a newspaper, and Warren Buffett bought newspapers for 322 million, and last month chris hughes, facebook cofounder bought a newspaper. Carl, we are going to be interesting to see what the next move is. Back to you. Thank you, Julia Boorstin in los angeles today. Guys a big talker, and big talker yesterday afternoon. Tackle the price, dennis. 250 million, and some have said if buzz feed or tumbler had sold for that, people would be cry i ing. Well, buzz feeds latest valuation is 2 200 million and few years old, and post a lot older than that. And instagram, 850 million when f factoring the stock price at the time. So the market is saying that even the Washington Post is basically worth that of one buzz feed today. So we can get sentimental about it, and that is why we do it, but no reason to do it, because the world moves on and i will be excited to see if bezos can come up with nice experiments here. When he says needs to have an experiment, i take him on the word. There is no grand plan with amazon or other linkages, because of the values of the surviving metro papers are so low, a, basically not vizable in the valuation of the Public CompanyWashington Post, and if anything, they were the perceptual overhang and then it gets to the low dollar level within the zone of a individual wealthy individual to buy on the call option of media going. And the ones who have left have cut the cost structures down, and that is in the times of digital and this is an interesting test case, because they have more traction with digital. And i would say, that it could draw some parallels. With the post. And that is what i was going the say, because you have a paper that is not profitable, and Rupert Murdoch has wanted to keep going for the sake of keep going, and if we can liken that to bezos with a Washington Post, fine, but does somebody have to deep pockets and a vanity project to keep it going . Well, that is the question. And my employer has a different mandate on personal and individual, and they have to make the profits work, so if the post is going to be bought, it is going to be bought like tmz or even a buzz feed that does seem more of a possibility even though it does serve a function of covering new york in the local area. And this is a chasm of bezos interest in the paper and amazon and the big piece is this, the capper on the most powerful example of vertical integration in america, and why is this not a big amazon leverage play . Well, it could be, and could be conceived alt that that, but this cost, it has to be that. If you look at the corporate structu structure, they own brands that they have not broadcast that they are part of amazon, and he does like to collect things that maybe will work out, and maybe some avenue down the road. I would say that characterization is wrong of the new york times, because it is a personal investment of jeff bezos, and if he were to pull into amazon, there are legal problems and arm length negotiating problems, but maybe strike a deal with amazon, but they have to be done at arms length and made available to other media publishers as well. And as you said the Washington Post shares were rallying. And that stock has been rallying. That is the irony. Tribune splitting off, and news corp. And i have been off of the publishing businesses and the stocks are rallying, because they are about broadcasting. And two things, the pension plan in the Washington Post was overfunded, and we had a part of that because Warren Buffett 35 or 40 years ago gave good counsel about that, and then we need to learn from don graham, and maybe an old media baron, but he networked like heck to get to the new age guys and on his board is chersheryl sandber they included a little time line here, and 1877 is the Washington Post begins publishing with a circulation of 10,000. And the New York Stock Exchange got sold, so dont forget about that. Yes, and that looks like history. We will talk to steve levi from wired. And he is one of the few to interview bezos who says that things like physical newspapers wont exist in 20 years, and that is coming up in the next hour. Meanwhile, ibm shares are decreasing, and Credit Suisse is down to neutral citing weak cash flow, and challenge s s to the future organic growth, and the note is starkly worded. We believe that ibm is secular decline, and losing share, and free cash flow, and if you take out financing and m a, it is going on for a while. That my impression that the note could have been written any time in the last several years, but what he is saying is that the game might be up. Ibm is focused on the earnings per year, and the sales growth has not been there for years and an interesting subtext is that the cloud has almost more victims perhaps than beneficiaries and you are seeing the older companies that are being disintermediated and ibm is one of them, and that being said, the downside target of 175 based on maybe 20 earnings number, and it seems to me that it is not too far from finding the valuation support. We have seen calls like this all year long, dennis. It has not worked. Right. Ibm is not a bad performer, but the relatively new ceo of ibm has not had a good run, jeanne rom any ti. And on the other side of this as mike makes reference to is the Cloud Computing folks, ibm, and the Cloud Computing service, and a whole host of Star Companies really taking the market share. Disruption everywhere. Before we run out of time on this block, we have breaking news from Julia Boorstin on time warner, and cbs. Well, cbs is responding to the time warner ceo glenn brit. Yesterday, time warner sent a letter to the Ceo Les Moonves saying, i cannot believe that you have not reached out to me personally as i have on more than one occasion, and he called out the interview with incoming ceo, and said im surprised and disappointed when the incoming ceo said that im not aware of cbs having made a counter proposal or responded to the proposal in any way and i find this dishonest, because we have received the communication five minutes before air time as he must have known. This goes on for 2 1 2 pages and moonves saying no not a sincere or serious proposal saying it is a well wrought distraction and saying that they have never received a markup or replied to anything that they have said to Time Warner Cable. Basically attacking them for not negotiating, but grandstanding and as for the controversial offer to go a la carte, and moonves says this is an empty gesture. They have created a certain way that content is distributed and compensated and we both know that a la carte universe is one that Time Warner Cable welcoms. S then he goes on to criticize other parts of glenn britts letter asking why he is so reluctant to the come an agreement that has every other op rayer to has come to, saying that time warner has paying ten networks more than they compensate cbs all which has far fewer viewers and this is a rather incendiary letter, and time warner asking them to get back to the table to negotiate and calling them out on the proposal. We are weird to be injected into the debate after he references cnbc in the first paragra paragraph. Yes, that is right. So yesterday Time Warner Cable issued this letter and immediately after the incoming ceo rob marquez came on to the air, he came to us to cnbc before giving cbs a chance to e respond. Thank you for breaking the news yet again. Julia boorstin is awfully busy out there in los angeles. Mike, has this cross eded a lin where in a type of negotiation that we dont see all of the time . Well, perhaps. I actually thought that the gambit yesterday was tactically brilliant and this proves it. Because it says that you say that you are worth per sub and figure it out even though Everybody Knows that Time Warner Cable does not want to unbundle, but it is getting angry. I see opening day for the nfl as the implicit deadline and it is going to happen before that. I have a word for it, it has crossed the line, and cross ed the line to sad. Maybe bo dering on the pathetic. Both sides and as my colleague Martin Pierce has noted this morning that both sides need to understand that there is a much bigger problem and that is the move to digital entertainment, and as they bicker, they are going to have time passing by, and lose the real opportunity. I call it sad. And other blackouts of the channels and viewers frustrated so it is bad for the industry, broadband. And media is on fire today in terms of the story count, and speaking to which, many of you would not think of using twitter without it. We are talking about the hashtag and we will meet the creator later. And strategist byron wien, and we will ask him what is worrying him for the second half of the year. And the dow, with the worst day since june 28 with the dow down 0. 3 . In todays markets, a lot can happen in a second. With fidelitys guaranteed onesecond trade execution, we route your order to up to 75 Market Centers to look for the best possible price maybe even better than you expected. 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Well, as we discussed on thursday in todays Digital World it is a twoday or threeday impact and you saw it in the first two days and the market had Interest Rates against it thursday, and they overcame that. Friday a rather soso payroll report and overcame that, and then yesterday, you had the lightest volume of the year. So that tells you that they may have tapered out themselves. Art, the volume is spurring interesting discussions, and some people are saying, look, august phenomenon, and others are saying, no a land shift or in or a shift i should say in how people are investing in etms and nonspecific stocks, and how much of this is a change . With well, when the atfes become liquid and people would buy all 500 stocks that would contribute to the volume, the 500 stocks in the s p, and then when you would buy the etf, they would hedge themselves by buying some portion of it. And now that they are liquid enough, that hedging is not readily evident. So you might see the buyer of an etf getting it from another seller and that is 500 transactions that you dont see down here, and that is a big structural difference. And the flipside, art, is one of the observations is that in the last few years is that v volatility precedes the volume spikes and in other words, it is like whatever the active traders are, they want to feast on where there is movement as opposed to driving with the real money buying, and is that something that seems correct . Well, no question about it. All of the old talk about what you do and dont do in a dull market, but one of the things that you do is to stay away from it basically, because very little money to be made, and little opportunityb and look for news changes, and you need the volatility to inspire extra volume. Doesnt look like that, because it is sitting at below 1,200, and art cashin from ubs. And we will look at jeff bezos purchase of the Washington Post newspaper. 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That is actor Ashton Kutcher here at the big board this morning ringing the opening bell this morning to highlight the newest film called jobs and not about the recessional recovery, but based on the apple cofoufounder steve jobs. I did not see steve jobs ringing any bell or pricing any ceremonial button. I dont believe it happened. There is a part of the trailer where they show him on the floor, but it would have been at the nasdaq, right . On the floor of the nasdaq in 1980. And he was like at the Trading Floor when they were opening the stock. Yes, and actually kutcher in some press interviews has said, look, we werent there for a lot of the stuff, so it is our interpretation of how the events might have gone down, and he has taken a fair amount of criticism before production began, because people who think that apple are bananas sometimes and part of the response to critics is, just let me do my thing and see what you make of the film. And when apple went public in 1980, one of the first great opening days of the time, 1. 6 billion market cap