david: not all financial stocks. jpmorgan taking it on the chin of. [closing bell ringing] nicole, quickly. >> a lot earnings next week with the banks. david: it will be a busy week. liz: bells ringing and breaking news on herbalife. herbalife is telling fox business the company, is unaware of formal or informal criminal probe into the company. it has received no, no subpoena, unlike the civil ftc issue that happened in, i guess about mid-march. so fox business is learning from the company itself, they know of no investigation by the department of justice or the fbi. david: meanwhile, look what happened in the markets. another down day. they hope people would go in do bargain hunting. didn't happen. maybe happened with individual stocks we'll talk about. as far as nasdaq, russell 2000, small and medium-sized stocks, high beta stocks getting it on the chin. front page headlines before we dig deep into the market.

surprising jump in wholesale prices. inflation. producer price index went up .5%. this is the largest gain in the ppi since june of last year. liz: u.s. consumer confidence rose to a nine-month high in early april. thomson reuters university of michigan confidence reading increased to level of 83.6. up from 82 from the month before. david: chinese economy making slowing down a bit. passenger sales rising at slower pace, compared with the 11% annual gain reported at the beginning of the year. liz: europe's biggest automaker volkswagen group, reporting best monthly sales in more than entire year. a 7.6% increase in march. the company benefiting from recovering demand in europe which offset falling sales in u.s. and brazil. david: amazon ceo jeff bezos will have more fun. he is getting in the electronic come big book business.

buying new york based digital publisher, comics ology to beef up its entertainment content. liz: sony recalling one version of vaoio laptops because of a fire risk from batteries. they are telling them to stop using the 11 h after device immediate. we have lot to talk about. "after the bell" starts right now. david: so let's get right to it. breaking down all of this week's market action. we have a lot to talk about. michael wall, wall financial group and retiring principal said time for investors to step back in. there are some bargains. jamie cox, harris financial group managing partner sayings don't panic, growth is coming in the second half of 2014. alan knuckman joining us from the pits of the cme. and jo ling kent is live at the

nasdaq. jo, i want to start with you because i'm curious whether you saw any bargain hunters at all or was everybody selling? >> everybody was selling all the way through the end, dave. we ended here at nasdaq just below the 4,000 mark. some of the biggest losers we would like to show you, directv, biogen, trip advisor, intuitive, vertex pharma, ending solidly in the end. there were some winners. sir rum xm radio. gilead sciences turning around a pretty bad couple of days and one of the few biotechs actually doing well here. as you know we've been discussing past couple years, biotech, nasdaq index down solidly. now in a bear market. liz: you know the headlines, everybody, are going to read that the nasdaq closed below 4,000. that alan knuckman, the 30-year started to jump to its session highs right at the top of the

3:00 p.m. eastern hour. let's talk about the sentiment in the pits and what you think is really happening. this is an awfully strange week, where in the middle of the week we had some of the best days we had ever seen because the fed came out and was very dovish. >> right. it was two steps forward. we've taken two big steps back. we've taken out the lows we've seen monday. looking at it from my terms we did not go much lower where we opened this morning. we saw a gap lower. we filled the gap. it was disappointing not to see it hold on afternoon basis but hadn't got that much work. i'm starting to paying attention. liz: do you put any value we didn't close at very lows of the session like yesterday which was very ugly? >> i try to look at things on weekly basis. as i have gotten older i like to discount volatility. if we look at spx we're midpoint from the february low to april highs. 1820 on weekly basis. if we close below 1820 next week i will be concerned.

right now healthy pullback. david: michael, you are concerned. you see possibility of a 20% correction. that means we're less than halfway through this. >> absolutely, liz and david. sometimes, what we know is this. after every great recession, 08 you see a great recovery for couple years. we're five years into it. what we know four to seven years in, generally, historically the markets pull back 20% in about two months. i personally believe we're seeing follow the leader. people are scared so they're going kind of sideline. i think we'll recover from it short term. certainly at some point in time i think we'll see a significant pullback, absolutely. liz: we need to hear from jamie too. he is not worried, right, jamie? you have a sense this is something very nall where you're buying because it is so natural and stocks became cheaper? >> i think there are areas of the market, liz, obviously are overvalued and people are taking risk off the table on biotechs and high flying technology stocks.

liz: sure. >> when you have to look at is underlying economic activity. what we're seeing jobless claims coming in at prerecession levels, things we need to see for the economic conditions to improve. we're starting to see consumer prices on the production side really rise. you have seen ppi data come in at 1 1/2, 1.5% year-over-year. actually accelerating faster than that in the last three months. all that type of thing, we're starting to see inflation creep into the equation. i actually think what you will see as you move forward, after you get past the awkward third quarter where there was a lot of weather-related concerns you will see snapback to overcome negative things that happened in first quarter and stocks will always follow that type of activity where earnings and economic growth usually are right on top of one another. so i think we'll see a nice, easy ride this year. nothing stellar. nothing to be worried about. david: certainly has inbeen an easy week. jo, i want to talk about social media. it has been less easy for them just about anybody. twitter, linkedin, google all

taking it hard today. i wonder whether their major concern, something we'll get to with jack hough later in the program whether there is not enough ad money to go around? in fact if there is a slowdown that means less ad money and that es means these guys will have a tougher time getting revenue? >> that is a concern with earnings season ahead for tech companies, facebook, twitter, especially looking ad revenue with very close eye. a lot of ad revenue, user numbers, growth numbers are stagnating. some investors taking risk off the table in that respect. bracing for earnings. obviously jpmorgan chase today, disappointing. that certainly doesn't help confidence going ahead in the next few weeks, dave. liz: alan i want to go back to treasurys because a lot of our viewers are invested there. we can cycle through the short-term ones, two the five, and 10, 30 which gets longer. it is the 30 seems to be reacting. what is at work here with the psychology of all of this? >> you can expect the 30-year to

react. it has usually the most movement. it is a barometer. before they invented vix that is what traders used to look at to see flow of money. they're not seeing a huge flow of money. we're only up a couple of ticks in the 30-year today. that is healthy sign we may be approaching somewhat near of a bottom here in the s&p. we love to talk about the nasdaq. you can't have it both ways. nobody said everything was fine in the economy when the nasdaq was up 30%. now why is the economy not find when -- fine when nasdaq comes down 7%? you can't have it both ways. it is simply "gravity." we come up such a long way. tesla was up 400%. of course it will come down. you have to look at reality and risk and reward and all about good money management and buying and leaning on support levels at discounts. david: michael, do you agree it is a matter of stocks getting too high or something more fundamental? i was talking to jo, maybe there

is shakeout in social media because there is not enough ad revenue to go around to social media companies. what is it? is it come down from the heights or is there a reshuffling going on? >> i think it is a little bit after comedown from the hype. unfortunately when a lot of people invested in market, david, most people, a lot of times they're investing because of hype. they hear story. invest because of hype. i have to be honest with you, when we invest an looking to do things for clients we want pay to play strategy where we have opportunity like coty where they're kicking out nice yield but we're in the in situation where we know we'll get some pay to so speak while we're playing. i think some of it is hype and some of the hype is going away. certainly what we know facebook just as an example they get 1.2 billion people a month. they can figure it out. that is a pretty big machine but right now we're not sure where they are. liz: nick, are you still with us? i'm looking at bunch of names here. so much red on the screen.

obviously the nasdaq, the dow 30. you can see merck and j&j, travelers, those are the green names. at&t max the to -- managed to close, jo. do you find it interesting some. biotech names were not hit as hard today? >> yeah it is interesting. some of these companies had mine another news during the day that might have lifted them. gilad is interesting. they were so far and able to bounce back and sit with companies like siriusxm and c.h. robinson. so the biotechs overall though, 20% job into bear market territory is certainly not insignificant. david: jamie, i got to say, you see a comeback in the second half of the year. this is on a day when merrill lynch says precisely when we'll see another 15% contraction. how could you two see so things oppositely? >> well you know, that's makes a market, david. we have differing views how

things are going to play out. who knows six months from now. but what we do know right now economic conditions are improving. so long as that doesn't get derailed it will be difficult for the market to go down and stay down. when you look at, you know, stock valuations in the past couple of months, everything was going up at same level. doesn't matter what the valuation the company was. whether it was justified or not. so you're seeing stratification occur. that's good. if you look forward to directly answer your question, i don't think either of us know exactly what the levels will be. we're sort of making the best guess based on data we're looking at. i think the information suggests the opposite which is the market continues to go higher. david: by the way, nasdaq could not be closer to 4,000 if it tried. 3999.73 right now. it is absolutely as close to 4 to you but, liz i think you're absolutely right, the story will be it is a three handle, not a four handle. liz: exactly.

great to see you michael wall, jamie cox. alan knuckman, jo ling kent of the we appreciate it on very touch-and-go day. david: have a great weekend. liz: man versus machine when it comes to trading these days. lately, you know what happened down at the cme. a glitch shut down commodity trading in certain pits for hours. how dominant should computers really be? what happens when they break down? traders came running down their offices to use old hand signal open outcry trading. up next we're going to trade school to look what all those signs mean and is it a dying art? david: that's fun. in a surprise move overstock.com ceo patrick byrne, one of our favorites is stepping down as chairman of the board. he will still be ceo. he stepping down as chairman. why is he giving up this spot at the head of the table and what will it mean for this company. in a fox business exclusive, mr. patrick byrne, mr. overstock.com. liz: he is joining us.

you heard jo ling articulate but is now the time to start scooping up some cheaper names? we love to hear your thoughts on this, @fbnatb. is there really anything fundamentally wrong with these companies except they went up so much? please tweet us. your answers later this hour. ♪ ♪ ♪ ♪ ♪

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david: restaurant chain, zoe's kitchen soaring above the ipo price as investors buy up shares on first day of trading. liz: nicole is on the floor to talk about how it went. >> no doubt this, is what investors love to see. they love to see an ipo come to market and take off. look what happened here. up 65% for zoe's kitchen. it closed at 24.72. this was a $15 a share ipo. so this one took off. it really bucks the trend what we've seen recently. ally financial, for example, had their ipo this week sold off and so that is has been under pressure. over the last 12 months, liz and dave, about one quarter of the ipos listed are actually below the ipo price, broke the ipo price. that is not necessarily good for investors. they try to like to keep it at

the ipo price or higher. we had a busy week. this is the biggest week for ipos since 2007. back to you. david: what a week to come out with an ipo. thanks, nicole. have a good weekend. liz: things can go high wire on floors when there are big drops or big jumps and we saw a technical issue on tuesday at the chicago mercantile exchange where they had to halt electronic trading on several agricultural contracts, that forced traders, you may have heard phil flynn talk about it on tuesday, run out of offices away from computers and revert to the old open outcry trading method, right? that got us thinking what are some of the benefits of knowing hand signals but is it a dying art and should it be revived especially when we know the computers can go haywire? we asked two of our favorite traders to come in and talk about, show us hand signals. scott shellady, and mike mcheartland, mack that nara.

you are long-term traders, been around forever. scott, when did you start learning hand signals? how old were you? who tout them to you? >> i was 23 yearsed 19988 i had to learn them at a firm in the pits. 26 years ago i learned them. liz: he made one when he went like this. that was a sign. mike where did you talk to a '88 i was 26 as well. it was same way. as a clerk, starting out you had to get in game somehow. you had to start out as a clerk work your way up to the broker. that is where you learned hand signals. >> to know these. scott, was it like in the pits on tuesday when cuters went down and people had to run out. were there some people forgot the signals because they haven't used them in a a long time? what was it like? >> yeah, some groups severely curtailed on help. number one you have to be careful what you wish for. the best way i can tell you who you feeling was, best way i can describe the feeling i played

football for university of colorado. for 25 minutes i got to go back and play high school football. it was that much fun. so that, is exactly how it felt. liz: it is an interesting language i hope never dice because i find it fascinating. i've been in both the cme pits and nymex. we want to show our viewers some hand signals. scott, begin with you. scottrade school, right. you go in contracts of 10 or 30 or 100. show me 100 contracts hand signal and explain it. >> if you're buying 100 contracts, generally speaking on a lot of exchanges, now i trade at both of america and board of trade and london. you have one facing over your head. at cme group it is a fist to the head. there is big difference what 100 looks like. you can make a mistake. a lot of things are the same. a lot of things are different. you have to be careful. liz: puts and calls. give me the put sign. >> well if you're overseas in europe puts look like this. if you're, the put looks like

this. if you're in the states looks like this. which means if id. you have to be very careful. calls and puts depending on what country you're in. liz: we're looking, okay, give me a call. give me a call. >> that's a call. and this would be a put. and then in london that's a put. liz: see if you're different, you can speed two languages. he is bilingual. mike is it different in the pits of nymex. >> to be honest with you, liz, in different pits i trade in my life, on a team with certain guys i was always really proprietary trader. i've done brokerage over the years. done just about everything but with guys you're working with sometimes particularly down here on nymex you didn't want locals or other guys competing to know what you were doing. you would change them up. like a third base coach going like this and wipe them off. liz: give my five contracts at 30 bucks. >> 30 bid for 10. something like that. we would do like that. and again, you would try to change them up.

when i worked at fibro we were hedging for refineries. we didn't want to know we were letting guys doing it. me and my partner. we were like the yankees. we had third base coach at the bat changed them up. this was general thing you first started. different months with different symbols. liz: scott, sell one contract at 16 bucks. show me that. >> be sell one at 16. selling one at is. connell: put them in a -- one at 16. i know them because sandra smith know them. she taught me. numbers one. scott, you too. two, three. three is like, three and then four. right? >> then it is five. liz: six. watch six everybody, one finger. you know, seven, eight, nine, 10. does it go to 11? >> 11 is like this. >> next handle would be the same thing. liz: see i hope you guys are

around forever. we love to hear that. explanation of why this is an important art to know. scott, michael know it the best. thanks, guys, so much. >> you're welcome. liz: david a big deal on tuesday when those computers went down. david: it was. they may go back to the hand dance. we'll see. founder of overstock.com wants to set a good example splitting chairman and ceo job at his own company. will others follow? we'll ask patrick m. byrne how his company fared when his stock price came down 40%. this is fox business exclusive. behind the tech selloff, are tech giants like google, facebook and twitter chasing their own tails in the hunt for ad dollars? we'll find out whether there are enough dollars to go around. ♪

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liz: after eight years at the helm overstock.com ceo patrick byrne announced woe step down as chairman of the company's board. >> he will remain as ceo leading one of the largest discount online shopping sites in the world, perhaps the most innovative. with us is patrick m. byrne, overstock.com ceo is in anchorage, alaska. gentleman, scholar, great business leader. so why split the roles, patrick. >> well there, is couple reasons. i'm up here in alaska, having kind of a conversion experience in the last week. i'm heli skiing every day and thinking, you know? why don't i do more of this in high life. this is the number one "national geographic," named it

number one small ski town in america. it is considered, i think powder magazine calls it number four ski resort in the world. it is coolest place. i'm up here heli skiing, thinking about myself last is a years. i essentially had three jobs within the firm -- 15 years. chairman, ceo, shadow president or vice president or spd. i'm running around fixing things. now we have a wonderful compliment of roster of people who can do all their jobs better than i can do them. we have a wonderful fellow i think will be the next governor of utah, fellow jonathan johnson, who will move become chairman and take those duties from me. i have a wonderful colleague, stormy simon, who i mentioned walke street for a temp job 12 years ago and risen up through the company and manage beautifully. finally time i have -- job. just ceo job. and the ceo job i think includes taking some time to enjoy life coming to aliaeka and having

best skiing in the world. liz: you're going out as you do chairman from the top. stock is down 42% over past year and certainly impressive but looking at corporate governance, patrick. a lot of companies have come under fire for not splitting the chairman and ceo jobs. jamie dimon at jpmorgan come to behind of the was anything like that also at the forefront of your thinking? >> well, absolutely. i have long maintained, i think i said it on your show a few times. it is just bad institutional design have chairman and ceo be the same person. it really shouldn't be the same person. we were recently a week or two ago, fors named us one of the most 100 trustworthy companies in america. the one thing they dinged us on was we had this same person, that is i, chairman and ceo. i had been thinking for five years i had to find the person to whom i could make, chairman and they reminded me of that. this "forbes" article said where

100 most trustworthy companies we do this one thing wrong. i said to say, yeah they're right. got up here to alaska. the started skiing and why to the pull the trigger and make jonathan chairman. i don't have enough time in the day to have three jobs and heli ski in alaska. i have enough time to do one job and do fun things. that was a big part of the decision as chairman -- david: okay. excuse me. we have a little delay here from alaska. i know in the past you had trouble with short sellers against your company. you've lambasted them. you had some progress with them. i'm just wondering the stock recently has suffered a bit and i'm just wondering if you think the short sellerses are at it again or is this sort of a natural ebb and flow of the stock? >> natural ebb and flow. we pay no attention. we're total value guys. i come from the buffett school. we know we're building fantastically, our company is more profitable than amazon on

per share basis. two years on per share and absolute. the market figured them out, and give them 300 times the valuation. it doesn't matter. the theory of value investing if you build a great, long term fundamental business, all that other noise takes care of itself. i'm not in least concerned. liz: be careful heliskiing. that makes us nervous. david: patrick before you go, i have to ask, one things we've been asking all business leaders we had on about jobs. are you hiring and if so what kind of jobs are hiring from? >> we're hiring. we're always looking for talent and good customer care people, really across the whole thing. we're back growing nicely. but i do think, i don't believe in this recovery. we've just reinflate ad bubble and called it a recovery. and don't worry about my skiing. i'm a ninja. don't worry about the heliskiing. david: he is a ninja. liz: i'm not surprised. david: he is a survivor. patrick byrne, wonderful to see

you. liz: thanks, patrick. good luck. google, facebook and twitter have all taken a piece of the ad dollar pie but as the pie gets more popular are there enough slices to go around? we have someone who says no, that could be a warning sign for stocks. david: plus if you think managing your own estate is complicated, imagine a celebrity estate like this guy. rockledge end jimi hendrix is the latest star whose name and fortune led to a big courtroom drama as a new biopic gets ready to hit the screen. the business of hendrix coming up. ♪ gunderman group.

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is. david: talk of a tech bubble bursting growing louder as investors rush to unload shares of once high flying internet companies. the nasdaq closing the week down more than 3% after posting its biggest one day decline in nearly 2 1/2 years. liz: yeah. as we've been saying the headline will read below 4,000. david: just. liz: just a tiny bit. we've got someone who warned of this week's selloff. he says it will be nearly impossible for all the dot-coms to grow into their market values. joining us jack hough, "barron's" senior editor. give us the date you warned, jack. >> this was towards the end of last month. we can't predict the short-term

performance of these.com shares but the long-term performance it is almost a mathematical issue right now. if you want to talk about one of them, talk about facebook or twitter, we can disagree. while i might say it is vest expensive. you might say, hold on the he growth potential more than makes up for it. it can make up for one of them. it can't happen with facebook, twitter, google and many other popular names of the problem the overall pie of online advertising dollars, and that is how the companies make their name. they want to today's clicks into tomorrow's ad dollars. we know the pie is going to look like because global ad demand grows at a fairly predictable pace. the portion growing on line is growing quickly but predictable rate and the growth is slowing. so we've got a pretty clear trajectory trade. we know what the dollars will look like down the road. if when you look at combined stock value of companies, facebook, twitter, google, these countries will control more than

one hundred% of the demand for online ads a few years into the future. this is pretty ambitious levels. david: by the way, jack, you're supposed to cover the news, not make the news. you're now in the news. investors and analysts say blame it on waxman, henry waxman because his attacks on gilead. hough, mean you and lewis, meaning michael lewis's book. you're part. news. >> i would love to say it is power of jack hough brand but i would say it is "barron's." investors know that prices are high. liz: when the messenger brings bad news in advance of bad news. your timing was very crucial and helpful if people listened to it. but that pie we showed of 560 billion ad dollars, okay, so who is, who is going to get the big chunk of that 560 billion? >> well that's, that's the big question. i think there are some companies out there than can do well. look, google has been very successful in this space for a long time but they have an

ambitious stock valuation. so, you know, companies here can do well. they can grow but it doesn't mean that their shares are going to pay off for long-term investors. in the short term, investors are playing a game of musical chairs. they know the stocks are overpriced. they want to make a few bucks in the short side. david: we all know fallacy of the economy as a fixed pie because economies are more elastic like that. it is more like a rubberband. they grow depending on what happens. online advertising has grown, but you mentioned before has grown much faster than a lot of people predicted an a few years ago. >> much faster but decelerating rate. david: the point is there possible that it will be a enough growth so the band will grow and feed into all these companies? >> in the advertising business, again those dollars are pretty predictable. the reason the world only buys so much stuff. so companies only spend so much money to talk people into buying. david: but money is transferring from all the print and

television to the online stuff. >> it is. but the overall spending tracks gdp the online portion is growing faster but it is growing at a predictable rate. so when you look at the trajectory going forward you just don't come up with enough money to support all these stock valuations. one could be a big winner from here and eat the lunch of two or three of the others, fine. but you will not make money on all these stocks at these levels. liz: bear "barron's" is the place to go. take a portion of your weekend and read that sunday. david: buy "barron's" open it up, the first person to look for is jack hough. he moves market, like it or not. >> i like randall fosyth. he has done a great job. david: good to see you. liz: guitar legend jimi hendrix may have died in the early '70s but his estate is alive and kicking generating big bucks. managing a celebrity estate is no easy feat. how does his family protect the brand? our famous celebrity business reporter, lee hawkins joins us

next. david: biotech took a heck after beating falling into bear market territory. we have an analyst who called for a pullback in march, when he was on the show. what did he see then? will he be right tomorrow? we'll ask him next. ♪

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up off the floor for both the bid and the ask. the news initially was that charlie gasparino reported that the 2020, the abc investigative show will do an expose' on the health shake company which is known as multilevel marketer and very much at the heart of an activist battle, bill ackman a billionaire, mostly carl icahn but george soros on the long side. then of course, the around six minutes later, 3:43 p.m. "the financial times" reported on its website that the department of justice and the fbi are opening investigations. charlie gasparino, called the company and found out that guess what? they haven't received any subpoenas over at herbalife. so they are unaware of any official or not official investigation. now we are hearing from a senior law enforcement source that the fbi has looked at herbalife for several months now but has not found anything. according to charlie fast, who has spoken to a senior law enforcement source, nothing has been turned up by the fbi so

far. so they have not launched anything. they have been sniffing around but no substantial case to be made by the fbi as of now. still the stock getting crushed today, david. david: wonder where bill ackman is today? electric guitar legend, jimi hendrix is still bringing in big bucks. there is new movie expected out next in couple months. lee hawkins, celebrity business reporter from "wall street journal" sat down with his sister, janeey hendrix. you're in vegas because of pacquiao fight. we'll talk about that in a minute. this is a great book when liz got me at rock 'n' roll convention. liz: got it free for christmas. david: thought you got it at some rock and roll convention. jimi hendrix is still big bucks. how is she trying to monetize his image. >> it is an empire and taken ath long time to turn into an empire

because there has been a lot of legal cases from family members and the father who inherited the estate had to sue to gain the rates back to the music. once they got the rights to the music back, what she is doing, she is selling, think licensing fees. she is reaping revenues through that. there's a big hp campaign that his music is featured in. they signed a deal with icm to do their own authorized biopic, not the movie coming out this summer but another movie that will include the music of jimi hendrix. there are kinds of ways she can exploit his intellectual property but the one thing about it is, it's a tough business. it is one of those things that puts you in court all the time. david: by the way, i've got a soft spot moo any heart for jimi hendrix, wood took, if you look real close -- woodstock. there i am honestly. honestly i was there, lee. its with the last, the last show of woodstock was about 8:00 a.m. on a monday morning when he did

"the star-spangled banner." you can hear it in the background. i walked right up to the stage. i was looking right up at jimi hendrix. i was 15 years old. god i loved every second of it. what about things like iconic image or video of him doing "the star-spangled banner" s that out there in the open for anybody? >> that is out there in the open but continues to be a lot of things that are discovered. just recently a woman who was widow of a man who had all the footage of the miami pop festival performance in his at tick and called the estate. janie and her team flew out to north carolina. should have enough it was right in the at tick and did a deal on the spot for that. there is all kinds of music and bootlegs that people have to go out and find on their own because a lot of times they don't even know it is out there. it is with a family member and they discover it. that is janie's job to go out to find out how to own that.

david: lee, man any pack can i yow!, depending on the -- man any pacquiao much, he could get his dream of fighting floyd mayweather, right. >> yes, we could all get our dream. this would be a blockbuster fight it. would be a historic fight it. could generate over $250 million in pay-per-view revenue and all kinds of merchandising everything else. manny pacquiao has to win this fight. if he doesn't win the fight against timothy bradley, which is the second fight against bradley, his career is pretty much over. he will net get the fight against may weather. the world is watching. david: the world of boxing is concerned is one of few stars they have left. i'm wondering if he doesn't win and if he backs out there is really no other star-catching boxer out there for the world of boxing is there? >> well besides floyd mayweather. mayweather a dynamo.

this is guy who probably in the duration of his career will generate over a billion dollars in sales for the industry. but, yeah, there needs to be a charismatic figure, particularly in the heavyweight class that would be great to see one. we don't have the muhammad ali and mike tyson's. i think you're right on that, david. i hope that happens. david: you always need a matchup. you need two to make a good fighting season. good to see you, lee. who by the way -- >> thank you. david: i bet your betting on pacquiao, right? >> i'm not betting you would i certainly think pacquiao is going to win. i would like to see him win because i want to see the fight against mayweather and i think he is a pretty good guy. david: lee hawkins, good to see you. you're a pretty good guy too. >> thanks a lot. david: "wall street journal" celebrity reporter, lee hawkins. liz: one sector that got hitted hardest this week, officially entering bear market territory. we'll talk to an analyst who told us on this show and told you the selloff is coming. we'll tell you whether a

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what's your policy? david: amazon getting bolder and bolder. they are preparing to release a smartphone in the second half of the year. imagine getting right in the middle of the battle between amazon and samsung in the smartphone market? that is where jeff bezos wants to be. the section half of this year, as you can see not really moving the stock that much after-hours but a little tick upwards it might have something to do with this announcement. we'll wait and see anxiously what is going to happen there. liz: people anxiously watched the nasdaq biotech index. it fell 4.5% and officially in bear market territory, down more than 20% from its february 25th closing high. david: where do we go from here? our next guest warned us a big downturn was a ahead when he warped us in march. he is the chief market technician for mkm partners.

congratulations. you were right on the money. jack hough from baron's as leaving the set. biotech has been beaten down here. do you agree. >> the reason for our initial cautious call basically how far the extended the index and many stocks had become from long term reference points which is the 200 day moving average. we closed just under the 200-day moving average for ibbtf this is first time since november of 2012. of the risk is much less now than what we saw late february, early march. so i think it is setting up for a potential bounce but, you know, you have to question now, is that bounce, the start of the next leg of the bull or bounce to be sold. david: right. >> and right now i think it is too early to tell. liz: let's talk about the fundamentals of some of the names within the biotech index. was there rise, their dramatic rise, related to medical break-throughs or early stage

wins here? >> well, from my perspective, i'm just looking at price and looking at the charts. what we saw, you know, it was kind after rising tide lifted all boats. so i think, my sense now is that if we do see another push up it will be much more selective. you will not see every single biotech stock rise in unison like we did. therefore stock picking will become a bigger part of it. but you know, one thing i will say, the volume today on the ibbetf was highest volume, even surpassed any days we saw throughout march. that could be one sign of kind of a capitulation low the last phase of that. but again you really have to evaluate the strength of any bounce and -- david: hey, jonathan, we're looking right now at gilead sciences up on the screen. i know you don't pick individual stocks. i'm not asking you to do that but gilead was the target of henry waxman who protested the

price of their drug, their hepatitis-c drug, was too much, $1,000 a day is how much it cost. is the regulatory pressure beginning to affect stock value of these biotechs? >> that is certainly possible. again the way i look at it, we know that stocks are leading indicators some you know, when people talk about how potentially individual cases are different this time, i would argue that a lot of that had been priced in the run-up we saw into february. so, you know, i'm not one to say whether specifics on the letter but i would say, you know, again pricing a lot of good news. a lot of good news has already been priced in, what i should say. liz: good point. jonathan, thank you very much. >> thank you. david: so are you exhausted from traveling? jet lag may soon be a thing of the past. would that be nice? there is a new app that will help you adjust to new time zones faster than you might think. what is it? we'll tell what you it is, how to get it next. liz: want to design your own

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david: the jet lag app, we don't have time. we'll tell you on monday, i promise. liz: state tuned, the gerri willis report is next. gerri: i'm gerri willis. explosive new details in the gm recall situation. gm ceo mary barra under intense scrutiny what she knew and when. also coming up on "the willis report," it's a tricky question for mom and dad. should you could sign that loan? we'll help you make the right choice. kathleen sebelius out at hhs. what does her resignation say about obamacare? our users guide to education. the best strategy getting the free money. we're watching out for you on "the willis report". new developments tonight on the general motors recall. congress making public the documents that t