[closing bell rings] david: some days you hear a roar of approval when it's a down day because at least it's over. today everybody is so exhausted you don't hear, i'm listening to yelling. you don't hear any yelling. you hear a sense of exhaustion. this was an exhausting day. it tended down further towards the last couple of minutes of trading. when i came on a couple minutes ago it, was down 330. it was down 380. it has been worsened through 352. there were extra sells coming in at the last second, cheryl. cheryl: talk about percentages we had a dow going into the day was up 15% year-to-date, excuse me, 12%. it can slip away so quickly with markets. concern about the fed and other factors as well. david: you mentioned commodities. we haven't begun to talk about six, seven, eight down days on some of those commodities. what implication is that? a lot of people early in week

are afraid of inflation. now the fear is deflation. what the deflation trade? if we go into an era liie that how do we trade stocks and bonds. we'll deal with all the issues on "after the bell" which starts right now david: let's get to today's action. we have john tooy, usaa head of equity invery muchs. investors he says, don't panic. there is no apocalypse coming. there is still time to buy. david: todd horowitz is in the pits of the cme. we talked about inflation, deflation. a lot of people go to the grocery store. they say what do you mean there is no inflation. i'm paying more for beef and more at the gas station but commodities is telling us. certainly gold trade. silver and some of the beans is telling us deflation may be on

the horizon, right? >> it is still a concern. we're still substantially away from it. when the action the way the fed is acting and markets acting it certainly has to be a concern. we're seeing gold, 6%, 7% down. look at crude oil down 3%. look at grain markets. major downtrend. you're seeing a lot of selling. plus the fact we don't have jobs to support all this. you hear the job number at 7.5. true unemployment is 16%. if you look at sequestration happens we'll have less people working. we'll have less stimulation going on. south ace concern. not a concern right here. but it is something we need to be thinking about. cherrl: john, one of the things we've seen, whether this was a surprise to anyone is debatable topic the fact that ben bernanke came out yesterday that stimulus would be slowing down potentially towards the end of the year, the bond buying program. still investors had to have been ready for this, correct? >> yeah. i do think investors, sorry,

weren't anticipating this. what it created is uncertainty. we all know markets, particularly equity markets don't like uncertainty. david: john, the big question is whether the rates will continue to go up the way they have. they end the day, by the way, the 10-year rates, it spiked right away. it went up to 2.4. ended the day just about the same place it started. while rates did jump in the beginning they didn't continue to accelerate the way a lot of people feared they would. is that a good sign, that in fact maybe the market is oversold right now, because rates haven't gone up as much as people feared today? >> i don't know if it's, market's oversold. i think counter intuitively we would think that rates may decline over the next several weeks. but then we would anticipate rates to go up over time. no big spike in rates and, as you mentioned, at the start no

economic apocalypse from the end of qe. cheryl: you know, john, i want to stay with you here for just a second because as we look at, again you're making a great point here, the apocalypse coming, the overreaction potentially could be happening today, some analysts coming on in the last hour saying this is a buying opportunity but what sector is there a buying opportunity in at this point? >> well we, some sectors we like. we like health care. we think in health care you can find a combination of dividend growers. we think dividend growers will do well in whatever economic environment we're in. we also see some long-term growth stories in health care and if you're looking for some cheap defensives and what we mean defensive, we mean not more expensive staples, utilities and telecom. we also really like many financial stocks particularly those exposed to the domestic economy. david: okay. >> the u.s. is well-capitalized -- david: i have to put you on

pause there when you're on financials. we'll take issue with you. we have earnings coming in from oracle. jo ling kent what do the numbers look like? >> dave, we have an 87 cents per share eps which is exactly as expected. $10.95 billion which is a miss on revenue. breaking down numbers a little bit, we see a quarterly revenue of $849 million. what is interesting, new software license revenues were up 1.4% to 4 billion. they were expecting to see this go from, between 1 and 11% that is certainly on the low end. that is a very important area for oracle to grow especially if other companies get into this market. david: i want to go back to todd. we have a lot of news to cover i don't want to focus on any one stock but does this tell you anything about oracle? >> this is common throughout the entire earnings season. miss on the top line. that is the whole story.

oracle looks pretty good chartwise. with the current market conditions it will probably sell off a little bit. david: todd, sticking with you for a second, john touted financials a terrible day for financials, one of the worst-hit sectors. let's talk about housing for a second. housing was taking off. we had good housing numbers. what traders were dealing with today was look into the future. they see future rate hikes. therefore they see future problems for housing. do you? >> do. i see problems in the entire markets in general because we have had some nice rallies. we had very nice moves. we can't knock it. the stock market is up 100%. house something up 30 or 40%, we're getting back into it but now we'll have to pay the pipe ear little bill. rates will have to go higher. there will be more issues to deal with. i see pressure in a lot of sectors. i'm not talking about we'll go straight down to zero. i'm saying the market needs a

correction. we need some selling pressure to create better buying opportunities. i wouldn't be surprised if we held at 1580 in the s&p and got a little bit of a bounce. overall i totally disagree with john that i think we'll have selling and that this is not an opportunity to buy. this is more opportunity to look to take profit if you're in and look for markets to sell to have the markets go a little lower here. cheryl: not to dump on john, but we've had multiple triple digits swings. the worst point drop for the dow and s&p we've had all year. we're looking major selloff. this is two straight day selloff we've been seeing frankly on the bernanke and fed statement. does this change your opinion where we're at and those buying opportunities? >> well, again, it creates uncertainty and the uncertainty means that you're not likely to see multiple expansion. what you will see, will need to see is another catalyst for stocks to go up. so you will need to see strong

revenue growth. sound like we didn't see that from oracle. or you will need to see shareholder friendly actions like dividend increases. stocks that can generate the strong revenue growth or dividend increases those stocks will do that. those who do not do that will not. cheryl: you like oxy and gilead sigh helpses. you like a couple of those names. >> yeah. david: todd, i think we'll see a pullback. i wonder if we'll see a hungering down from companies who think their borrowing costs will go up. clearly borrowing costs will go up. that is what will happen with rising rates. maybe as the companies hunger down they won't be able to put out dividend they have been doing the past few months or dot stock buybacks because they will need their cash because it will be more expensive for them to borrow, right? >> i agree 100%. this is monopoly money rally we had which is all based on cheap money are to the big guys is starting to go away. as rates rise they will have trouble making these special

offers to try to increase their dividend and buy back their stock. so the advantage they had is slightly slipping away. when rates go higher, you're already seeing it in a lot of interest rate-sensitive stocks. they're getting creamed in this market and they have been getting creamed for a couple weeks. this will create more of a selling opportunity as i said. i look for a bounce off 1580. i think 1620 is another selling opportunity. i think this is the start of correction. we could see 1540 and 1500 before we see -- david: i say it is more of a correction. i say it is a readjustment from the entire financial system and economy from one artificially pumped up by the fed giving cheap money to a little more market-oriented. let's face it, even people who think bernanke is god on earth, what he is doing is not natural, the natural way markets work. we're in the process of readjusting going back to natural -- these may be awkward growing pains but they may be good in the end.

cheryl: the data was nice while it lasted. david: if you were in on this market it was. guys, thank you. cheryl: john, todd, gentlemen thank you. david: todd we'll check in with you in a couple minutes to see how the s&ps close. cheryl: i want to something else i want to show you. gold falling below 1300 for the first time since 2010. we have someone who says gold has not lost its luster, another bull coming up. george girl row, is coming up. david: cash crunch in china, rocking klein's financial system. it is sending short-term rates to record highs over there. stocks are tumbling on chinese and asian exchanges. many companies are turning to hong kong for fund but of course they're affected by all this too. what does it mean for our markets? how will it spill over? also folks, we want to hear from you, how long will the market selloff continue? what are your thoughts on this?

we want to know what you think. send as you little message on all this log on to facebook.com/afterthebell. we'll read your answers later in a very busy "after the bell" hour. ♪ [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises?

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cheryl: just want to update you on the breaking news. we got oracle's results for the fourth quarter after the bell, one thing we want to mention about the company they did announce and gave us a date when the stock will be trading on the new york stock exchange. that will be july 15th. oracle will be trading on the new york stock exchange as of july 15. there is the bid and the ask from the nasdaq. there is oracle still trading on nasdaq. as of july fifth department it will be trading on the new york stock exchange. -- july 15th. that is not a switch you usually see. it is usually other way around. david: we haven't seen numbers like this in a long time. let's go right to todd horowitz in the pits of the cme. we have 30 seconds before the close of the cme, todd. we saw a sell motion in last minutes trading of the dow. what is happening in the s&p futures? >> futures a minor rally. based on how far we're down, not much to look at. minor rally.

a couple points back. without any economic data tomorrow, look for 1580. tomorrow is triple-witching expiration. you want to rebalancing how they rebalance the basket. could be buying pressure. we're closing to a slight uptick to the lows of the day. david: thanks, todd. cheryl: stocks selling off for the second day in a row with dow closing down more than 350 points. let's head back down to nicole petallides on floor of the new york stock exchange. 353, nicole. >> mark newton i talk with him and we evaluate the market all day long every day. what is interesting today, heavy volume, over a billion shares. the vix which was up 27% and two 90% back-to-back down days. what do you think? where do we go from here? >> investors are obviously in the mood to panic when you see a 90% down day. big volume on the downside. more decliners than advancers. often times the two back-to-back down days can mark capitulation. potentially mark a short-term

bottom. the s&p has obviously been down since late may. the trend is chop p we should get to an area of short term support. i think it makes essential to buy dips. now the s&p and dow are starting to follow. trend at this point are still intact but we need to hold here and turn higher. >> a lot of people were watching keytek calls on the s&p 500. you mentioned the s&p. it is down about 5% off its highs. what level, we broke through the key levels today. what is the next level that you're looking for? >> well at love support lies in 1575 to 1580. not that far below where we have. below that we revisit april lows which is 1540. one concern i have on intermediate term basis a lost momentum is starting to roll over. i think we can rally into july and august i think this has negative implications for the fall. >> there are some things to worry about. you could scoop up some goodies. all right. we have oracle to celebrate,

right. you told us oracle will be heading over here. something we'll be watching. david: i thought the fall we'll come out of this thing. that is when we are in for harder times. >> one day at a time. one day at a time. >> we're into the june swoon for now. cheryl: nicole, mark, thank you very much. go ahead is plunging. sorry to bring this news to you to a 2 1/2-year low as the federal reserve will begin to tapering the bond buying program later this year. will the gold metal be golden again? we have somebody who says yeah. david: we have joining us now, george gero, global futures markets. george you're near a bull or bear you look at markets straight on and say what does this mean? for me what this peens, this moment in time is a transformational moment. we're going from an era where the dollar was nothing. where the dollar was something, you would wipe your mouth with after dinner. >> yeah. david: to something which is a little more substantial. in fact, this is one of those

first time in years when gold seems to be losing out to the dollar i'm wondering if it is fair today, starting today the dollar is king again? >> cash is king. and, cash in two continents in king. because the euro has been hanging around 1.33. and now at 1.32, 1.33 the euro came up from 1.27, 1.28. usually if that happens the dollar loses ground and that helps gold. david: you want cash whether dollars or euros? >> exactly. you want cash that is what the market is telling us. cheryl: the dollar story is really what is is affecting gold more than anything? >> more than anything else. cheryl: despite other metals that might be more attractive? >> no, i wish there were. for the moment you have to realize gold is a holder. goes from me to you to you at various prices depending on our perception of what the world's economy and politics are doing.

the other metals are user metals. they disappear because they're used. copper is being used for housing, for automobiles and for all sorts of things. silver is, industrial demand and investment demand and it is used for computers and a lost other things. and so the other base metals are very important for recovery. eventually, i think we're going back to basics. and that is when you'll start to see some inflation and the fed will allow some inflation. that is when you will begin to see gold appreciate again. it won't be next week. david: although the is the immediate reason gold is coming down the opposite of inflation? >> absolutely. david: finally ben bernanke when he is saying this is the limit. he is not saying we will stop tomorrow. we're reached limit. i'm listening to people like paul stroller you have to be concerned about runaway inflation down the road. >> correct. david: and ben bernanke was listening. >> and i once had a discussion

with paul volcker which was very interesting. on this topic. but anyway, let's now look at what could happen now. i think for the moment we're gouge down and the reason we're going down -- david: gold you're talk about specifically? >> dollar is strong. gold is not needed. the stock markets are strong. david: silver is going down even more than gold now. >> well, basil very is much more volatile than gold. david: right. cheryl: when would you buy then? if you're telling me not to buy on a pullback which is now which is $93 wwat -- >> you have to wait until the markets straighten out. until volatility lessens. until you begin to see some stability. you begin to look at some of the other commodity behaviors f they start to become expense seven, then you buy gold. david: when do you think this will happen? when will we have a flatter line? >> probably by the end. year. probably within the next couple months. david: how low does gold go. >> maybe around i was looking

for 1250 i said this morning. david: i was hearing triple digits but you don't think it will go below? >> i felt this morning 1250 was going to be aapossibility. david: george gero, the man who knows gold, silver all commodities. thanks. >> thanks for having mae. it was delightful. david: market volatility has a lot of investors concern we have somebody who says all is turbulent actually could be good long term. i know short term it's a pain in the butt but long term this could be good for u.s. growth. why? david malpass has some very specific ideas and how you can profit from them next. ♪ my mantra?

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david: time for a quick speed read of some of the day's other headlines, five stories in a minute. twitter is buying boston technology startup spend dill labs for an undisclosed amount. the app lets smartphone users discover social media updates from stores, restaurants bars. the phone's location technology is used for this. microsoft is paying hackers up to $150,000 to find undiscovered security holes in internet explorer 11 and windows 8. they are trying to find major security flaws in the software. jd power blames ford's c-max hybrid the worst for quality. it had 222 manufacturing design

flaws when surveyed. twice the industry average. >> it plans to introduce a gluten-free cinnamon doughnut by the end of the year. p. diddy launching a cable music channel called revolt tv. this will be the first hip-hop channel of the social media age. [buzzer] david: that is today's "speed read." what is point to end on. cheryl: china is suffering from a massive crash crunch. david: the lack of liquidity has sent tremors throughout the markets with borrowing costs surging and stocks tumbling. what does all this mean for our markets? jo ling kent has that story for us. jo? >> dave and cheryl, obviously today's market performance was not all focused on china. in fact most of it was not but it certainly did have an effect. short-term lending rates in china hit record highs an money market rates surged to punishing highs, the people es bank of china, the central bank refused

to pump more cash into already strained financial system this sent the hank seng index down. and shanghai composite fell 2. #%. the people's bank of china reports to the communist party. here is why they're inflicting this trouble on themselves ostensibly. the president xi jinping's government is trying to restructure the chinese economy and punish speculators. there is a clear goal to eliminate a shadow banking industry that developed in reese years. credit is growing out of control bigger than the gdp. growing more than 20% that is more than double the rate of the economy. so the decision not to inject more cash basically tells the market that liquidity will be tightened to slow down credit growth. patrick at silver crest asset management a long time china watcher says the impact will be serious. he says in a statement to fox business. if the bank of china injections emergency cash into the banking system the next day or so, wealth management products that

lent money to banks in the interbank market will start to see massive defaults. he also tells me that he thinks that this will, this will not last for very long but in the end they will see the defaults start happening and chinese government will inject. but they could fix all this by pumping money into the system that would reinforce the runaway credit issue we were talk about earlier. if they pump more money in they risk creating a bigger burden of bad debt. basically the take home.this is self-inflicted. it's a state controlled crisis. it's a risky move for an economy that is already shrinking but they're hoping they're hoping that it is going to result in some kind of a reform, cheryl. >> superb report. that was an excellent, a the love people didn't know what was happening with china with the chinese markets. i think you laid it all out. thank you very much, jo. >> happy to help. david: stocks suffer their steepest two-day loss since september. david malpass encima global president thinks these are

growing pains that could lead to greater things. you need a shot of good news after today's deepak kel? you have to stick around for that. that is coming next. cheryl: plus facebook is taking on twitter's vine launching a video sharing feature on instagram. is it time to buy the stock? two top analysts weigh in coming up. speaking of social media, billionaire investor carl icahn sending out the very first tweet today. twitter is great. i like it almost as much as i like dell. of course he would say that. cute. carl icahn on twitter. ♪ tdd# 1-800-345-2550 [ trader ] when i'm trading, i'm so into it,

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tdd# 1-800-345-2550 call 1-800-711-5509 tdd# 1-800-345-2550 and a trading specialist will tdd# 1-800-345-2550 help you get started today. cheryl: time for a look at today's market drivers. stocks selling off for the second day in a row on fear the federal reserve will scale back its bond buying program later this year. all three major indices fell more than 2%. the dow closed down 35 # points. condition -- 353 points. consumer staples and materials were the worst performers. unemployment claims rose more than expected to a seasonally adjusted 354,000. economists predicted claims to rise by 6,000. sales of previously-owned homes surged to the highest level in 3 1/2 years in may as prices rose and inventories remained tight. they climbed 4.2% to annual rate of 5.18 million. david: it is the story of the

moment. the global markets and our markets getting slammed today after ben bernanke said bond buying, money printing, all could begin winding down this year and end completely the middle of next year. before you look at market reaction and head for the hills or worse, we have somebody who said after the dust has settled this transition we're in the middle of will lead to healthier and more sustained economic growth not only for wall street but also for main street. david malpass jones us on the phone. we've been talking about the disconnect for months if not years between wall street and main street. it is always best for everybody when they're both going up, right? >> hi, david. i'm not sure that's right. wall street benefits often from keeping money to itself. so i, and, look what the economy has done is orient itself around the benefits for wall street and big corporations. david: hold on a second, david. that is exactly what i meant.% i think for the country as a whole, not good for the country

to have unemployment over 7% period. it just isn't. it is bad for the economy. it is bad for general growth in the world itself and bad for innovation. it is better when both wall street and main street are doing good, no? >> i mostly want main street to do well. that means more jobs. that means the gdp growth growing faster. we've been in the very odd period for the last four years where stocks did well and wealthy people did well. wall street did well. there is a lot of turbulence as you shift away from that policy, to one that will benefit the country more as a whole. >> let me add, how long, everybody wants to know. if you agree with your position, that i do, we're in transformational stage. we're getting off the or the official stimulants that we've been using, wall street loved but main street does not benefit from. how long will these growing pains in this transformational prospect take?

>> you know markets are pretty good at adjusting. the first thing people do is sell the losers. meaning those who benefited from extra, from the sense of the fed pumping things up that means commodities go down. so equities that are oriented toward commodities go down. that is the first move. markets figure that out in a period of just a few days. then you find the beneficiaries. people that use commodities, for example, get a lot of benefit when gold and oil, when gold goes down and i think other commodities will go down wit like oil. david: let's talk about interest rates because one of the ways in which i think both wall street and main street benefit from the artificial stimulus we've had is costs of borrow having been very low. that allowed some companies, anyway, to grow although a lot of companies have shrunk as a result. will the higher interest rates slam the companies because they're borrowing -- their borrowing costs will increase?

>> i think most of the damage was done meaning there was a transfer from savers to big corporations. they locked into their lower interest rates. so as rates go up you know, the pain has already been felt t was felt in the very high unemployment rate that we've had over the last four years. so the new environment will be better for job creation and, actually better for operating companies. maybe not better for wall street but better for companies that actually make things. >> by the way, a lot of people have been wondering about emerging markets. they have been slammed over the past week or so. it relates, it follows from what you're saying, if commodities are getting killed, those currencies that are based on commodities like a lot of emerging markets will get killed as well, right? >> this is kind of the negative side of the story. that if you've really made a big bet that, that the dollar is going to crash, and that commodities are going to go through the roof, and that you had to get out of the united

states, this isn't the environment for you. what's happening as the fed gets out of the way, the u.s. looks better than many foreign countries. that was showing up in the market today. david: so we just had george gero coming on saying the dollar is going to be king again. you would agree? that is the direction we're going and that will be good for the economy? >> that's right. i like a strong and stable dollar which isn't so much the dollar being king. i just don't want it to be the weak guy because then capital moves away from the united states. david: gotcha. david malpass, encima global, great to have you, david. thank you very much. cheryl: well, facebook launched its video service on instagram today but is it too littte too late to compete against twitter's vine? two top analysts going head-to-head coming up next. david: very sad news, "the sopranos" star james gandolfini sadly passed away at the age of 51. from the broadway stage and

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>> i'm jo link kent with your fox business brief. stocks extending loss for the second straight day, this after federal reserve chairman ben bernanke says the central bank may scale back its bond buying program depending on the economic outlook. investors also bearish for oracle following release of its fourth quarter results. the company applied to list the common stock on the new york stock exchange under the current symbol orcl. it plans to start trading on the nyse july 15. new york bankruptcy court approved eastman kodak's billion dollar settlement. the move is part of the photography pioneer chapter 11 reorganization plan of the as part of the settlement kodak will spin off personalized imaging and document imaging businesses to kpp.

that is the latest from the fox business network, giving you the power to prosper.

david: kind of got lost in the news about the markets but facebook revealing its new video service today, similar to twitter's vine that allows users to create short video clips and share them with friend but will they be able to compete with twitter? cheryl: will facebook be able to monotize the new product and will the stock benefit? we have tom forte and senior research analyst. and ron jose, jnp securities manager and senior internet analyst. ron, i want to ask you this quickly. we have breaking news at top of the show. i know you don't cover. oracle switching from nasdaq to the new york stock exchange. you normally don't see a technology company, we're not taking facebook but a technology just left the nasdaq and went over to the new york stock exchange. what do you make of this overall? >> that's a good question. he actually haven't given it

much thought to be honest. i think a lot more and more internet companies are listings on the new york stock exchange. perhaps it may not be as rare as we may think but i don't have any many original comments. david: let's throw that to tom. the big question whether facebook really kind of soured people on nasdaq the way nasdaq rolled out the ipo is that part of what is happening? could that be one reason why what happened to oracle may be happening to other companies in the tech sector? >> i think timing of oracle's announcement suggests it is unrelated to facebook ipo. but generally i think nasdaq's performance as related to face become ipo. but it is not unusual for companies start listing on nasdaq and eventually move over to the new york stock exchange. doesn't always happen intact but not unusual. david: this is the biggest, oracle switch is the biggest switch ever among all exchanges. this is a significant. cheryl: right. ron, certainly sorry, sorry to

put you on the spot for that one. of the facebook is why we're here. of the my apologies. facebook is late to the game when it comes to individual very sharing? kids, people younger than me have been doing this for months and months. now they come out with this for instagram. are they too late? >> i look at instagram and -- instagram and announcement of video is evolution of the product. twitter owned six second clips. that just launched beginning of this year. latest numbers i've seen they had 13 million users use vine today. certainly it is very popular. instagram announced they have 130 million users globally that log in to instagram on a daily basis. i don't think it is too late. the question is how quickly can facebook integrate or users use the video and potentially attract more brands to build videos on instagram and maybe start monetizing the service

which something facebook will do at some point. david: tom, here is the question a lot of viewers send me their little comments about when we talk about-face book. price earnings ratio, i know where that you know where i'm going, s&p averages 18, 19. for facebook it is 1192. folks look at that number, this is 2000. ended today at 1192. folks look at that number and say to theeselves, my stock this stock is overvalued even at low value. what do you say for that? >> we have 38-dollar price target on facebook. i look facebook very far along building a 1.1 billion user base but early stages monetizing the user base. to the extent they have tremendous opportunities, video offering is going to, i think, be a catalyst to video ads on facebook. maybe not instagram. so i think they're very early stage monetizing. i think they have a lot of room to grow. cheryl: but, ron, you think

that's a challenge. that has been a challenge for at love companies not just facebook is mobile ad. >> i think mobile ads is challenge. reason more so on facebook. we have equal the weight and market perform on the stock. we think it is relatively early as tom suggested in terms of migration of advertising to social networks. while facebook certainly has all the opportunity in the world with engagement and one billion users our checks with large advertisers it is still early. there are a few things in the hopper that might help that but we need to see that. not to mention from our perspective valuation is little bit stretched. frankly we prefer a google or perhaps others a little bit more mature in their business if you will. cheryl: click-through advertising as well which google has and facebook doesn't have. david: by the way, that is the proper number for the p/e ratio. tom, i understand that there is something different about-face book. gary, uri milner is one of the original investors in facebook.

he knows social media like nobody else i know. he said there is something different about zuckerberg. something different in vision the same way steve jobs had something different in his vision. it could become a fueling huge, huge company to beat out the p-e's. my question, in the transition stage marked by this huge downturn in the market numbers, how does a company like facebook stand up in that wind? >> i think in a situation like this where the backdrop is a down market, to the extent the company can continue to outperform against sales and earnings expectations tte stock can go higher. so there aren't always, you know, you don't always have the perfect backdrop as far as the how the market is performing. i think there is a lot of upside in facebook shares as they continue to roll out the mobile monetizaton which stood 374 million in the first quarter, up from zero less than four quarters ago. david: we wish them nothing but the best. let's hope they succeed. john and ron, thank you, good to

he sue both. >> thank you. cheryl: "the sopranos" star james gandolfini dead at the age of 51. from the first break on broadway to success on the big screen we'll look at the star's legendary career. david: also talk to the hand. literally a brand new way to chat with your friends without using a smartphone device or anything else. we have details coming up. ♪ ♪

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david: awful news we heard about last night. the "sopranos" star james gandolfini dead at the age of 51 of a heart attack. it made the gandolfini a superstar and a household name. cheryl: dennis kneale is following this all day. >> hollywood outpouring of grieve an condolences and tribute to james gandolfini. what a shocker that is. we wanted to start running some numbers together. we looked at a couple things, look at gdp of james gandolfini. some ways like the billion dollar baby. he acted in 25 films that grossed over half a billion dollars. the "sopranos" went for eight seasons. reruns sold for maybe $220 million. we figure dvd sales another

couple hundred million dollars. "sopranos" is most watched show for hbo ever. it got 12 million, 14 million viewers watching that show. but, gandolfini leaves behind some unfinished business. he has everyone, everyone was wondering will they make a "sopranos" movie? in part because last episode. david: left us all hanging. cheryl: those that never watched the show by the way. david: i do. i was very piss depp. at ending. >> he was clearly killed by the end. miniseries called criminal justice. hbo hired them to do that. that probably now may disappear. and animal rescue in 2014 is a movie he has coming out through fox searchlight. you will see that. he had done a deal with cbs, taxi 22 based on canadian import. he would be a producer of that. look at gdp of the "sopranos" and gandolfini. look at other careers that series helped build.

lorraine bracco, theirist on the "sopranos." hilarious mom in rizzloi and aisles. "boardwalk empire". jamie lynn seger, "sopranos" dollar is in with guys with kids. steve schirripa. great guy. he threatened to throw me over board. david: turned a rock 'n' roll career into acting career. >> tony's wife, actress edie falco, star of nurse jackie on "showtime." and steve buscemi. cousin of tony, got walked by tony soprano. star of boardwalk. david: part of the legacy of tony soprano is steve buscemi. david: "boardwalk empire." one. tortured souls. he may be a mobster. may will keep but he has self-doubt which is is a total new "sopranos." >> we're accustomed to james

cagney and it was total change. his own earnings went up hugely. movie grosses went up. david: dennis kneale, good stuff. we'll miss him. cheryl: talk to the hand quite literally. this time it won't be seen as a rude gesture we'll go "off the desk." david: we'll have much more on oracle and it's switch to the nyse. this is huge news breaking in the past couple minutes. stay tuned. ♪ i don't like the ups and downs of the market, but i can't just sit on my cash. i want to be prepared for the long haul. ishares minimum volatility etfs. investments designed for a smoother ride. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal.

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cheryl: we have more breaking news on the big move. oracle will be leaving nasdaq and moving over to the new york stock exchange. our own charlie gasparino just now getting a statement from the nasdaq. here you go, nasdaq offer as low-cost value proposition that delivered one of the most liquid stocks in the world, oracle which grew nearly 10,000% listed on our exchange. we list them well in the future. that is from nasdaq. they can't be happy. david: this is also courtesy of charlie gasparino. he put together group of statistics there is problem with nyse, not just based on oracle. oracle the largest market transfer ever, of all exchanges. $162 billion of market cap. oracle ranks number four in the nasdaq 100. since 2000, oracle will be the 216th company to transfer to the nyse. so the nyse is winning out. oracle will be the fourth company to transfer over to nyse over the last year. other companies include teva

pharmaceuticals, a whole slew of companies that transferred. nyse has problems. >> we expect to get a statement from the new york stock exchange in the morning. he is on the phones. next is money with melissa francis. david: the hand story we'll talk to you about that tomorrow. melissa: we are starting tonight with a market massacre. ben bernanke saying if the economy continues to improve he will cut back on his 85 billion-dollar a month bond buying program by the end of the year. that reality terrifying wall street. because the market may have to stand on its own two feet. combine that with a massive credit crutch in china and u.s. markets got absolutely slaughtered today. the dow closing down a staggering 353 points. look at that. 2.3% there. if you control down on this market massacre, christian dorsey from the economic policy institute. sam stovall, chief equity strategist at s&p capital iq. gentlemen, thanks so much for joining us.