Yellow Sack Spiders Weave Their Web on Mazda

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April 7 (Bloomberg) –- On today’s “The Roundup,” Trish Regan, Olivia Sterns, Matt Miller and eric Chemi wrap up the day’s top market stories on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

The we're looking at the nasdaq which is actually seeing it biggest fall into .5 years.

-- in 2.5 years.

It had been down as much as 1.6% earlier in the session.

Gaining some ground there, closing a little bit higher than the losses we saw earlier.

Nonetheless, the biggest three-day fall into .5 years.

-- in 2.5 years.

We went to get some additional context, olivia joining us here with more.

I'm looking through consumer staples where the only place to hide out today.

That ended up about .3%. the worst performers were those high momentum beta stocks.

Amazon, tesla, supervisors, those were all the biggest losers today.

As you said we did parallel for going to the close.

Gretel, because just on friday the s&p did hit an intraday new record high.

Interesting because nothing has really changed.

We have a fed that probably is to be as aggressive as i can be.

Interest rates at record lows for the foreseeable future.

Why are people now getting a little bit concerned.

You can wonder about the valuation.

Have a several guests on zynga to look at what the nasdaq is training at.

Ennis trading at 31.8 times reported earnings.

Especially when you look at the specific stocks and a look at the valley their trading at.

Is on trading -- amazon and linkedin are up over 700 times earnings.

Let's head to the roundup.

Matt w get the honors.

Start us off.

There's a lot of news for general motors, and into today.

You just mentioned the new concern about airbags.

The wall street journal reported that general motors is getting the new parts in for the ignition switch fixed, and they will start today.

We started calling round dealers to see if that was true.

We call 50 dealers in the new york and washington dc metroplex area.

Out of all of those common -- those, zero had the new parts.

Most of them spoke with us, and say they do not expect the new parts for a while.

Gm had not shipped them yet.

It will be a lot more time.

Quite another miscommunication?

I went and asked general motors, they are not incredibly talkative.

You wonder what point they're going to actually decide to lay their cards on the table and just tell it like it is.

They say they have always maintained these repairs will start the week of april 7, not on april 7. they're going to start mailing out the replies.

No delay in parts, and they're on their way, we always said the week of april 7. hopefully overnight.

The shorter version of the story which mary barra tried to communicate to congress, very difficult for to do that if you just take all of the key rings off of your keys and use that, you are likely to have real problems with this, according to general motors.

She said even her son, she trust her son driving that car.

If you just only use the key, you can drive your cobalt still if you're willing to trust mary barra.

That is an almost exclaim her, if not used really could lead to death.

I use a lot of products that could cause death, if not -- didn't they left we just ring and all of these external communications experts to try to deal with crisis management?

It is monday.

They just hired this guy's last week.

You have to give them a few days to get working.

Overnight mail.

There is a monster recall that was happening last week -- mazda recall that happened last week.

Their recalling 42,000 mazda six cars because there are yellow sac spider's in the fuel cells.

These yellow sac spiders, we have a picture, climb in the fuel lines, and then they leave web of and then because they are attracted to the carbon emissions of the gasoline, the air is disturbed leaving the fuel lines and it causes real problems.

What kind of problems?

It would lead to your engine just shutting off.

Mazda has had this problem in the past can and do not know why it is only mazda whether few lines are attacked by writers and -- spiders.

More people are afraid of spiders then death.

Eric knows what he is talking about.

Than the democrats will try again today to file an extension of emergency unemployment benefits.

These legislation will retroactively restore benefits cut off on december 20 eighth and extend them through june 1. the measure would affect more than 2 million americans, a handful of republicans on board.

I told the president that i would consider this as long as was paid for, and as long as there were provision draft that would actually help the economy help people effect to work.

Those conditions of not been met.

The vote is expected at 5:30 p.m. today.

Those divisions include building the keystone five light -- pipe length of and 40 hour week workweeks rather than 30 hours.

On one hand, if you want someone to have audibly measured, is good for the economy.

On the other hand, when not on employment concern runs out, people are also willing to do a lot.

Take on jobs that they would not otherwise take on, read look into an area they would not otherwise relocate to.

That helps to get people back into the system again.

It is a tough issue.

That is what is interesting for the republicans.

They are trying to blame the bad economy on obama, but they cannot say this so bad that we still need to have these extended benefits.

I do not think they ever really wanted those extended benefits.

Those who are in bad districts, in terms of unemployment of the ones that are swing districts, they are some of the ones that are pushing this and hoping that a go through.

The handful of republicans that are for it.


In six years, how can you call these emergency benefits.

You can also understand why the republicans are trying to get either a blower mandate for the -- either a lower mandate for the hours, or the keystone pipeline.

Obamacare, signed up more than 7 million people, and now the republicans really want to get something.

If you make $1 million or more in adjusted gross income your benefits are going to go away forever.

That is one of the things that aren't actually made the spell.

I went to doug about microsoft and xbox.

The team is betting big on television, xbox entertainment studio has committed to six original television shows including a halo series from the vince gilbert -- steven spielberg.

It will continue to roll out globally in june.

They have no experience original tv programming, but a lot of people -- edits steven spielberg.

Prexy also have -- you also have nancy who was responsible for a friend, er, survivor, and she was there for the last 20 months.

Were a lot of people saying this is a new ceo, she was actually hired by steve ballmer.

This is a good working on for almost two years.

Remarks up does have experience.

They have experience in house now.

They also the boxes and if you have all of these toxins and lots of homes that is better than needing a cable distribution system to the cable boxes and homes.

For this deal is getting pretty candle -- but this field is getting pretty crowded.

Sometimes your.

're that are off with no experience.

Coming up, we will talk about the bitcoin faithful dissenting on new york -- a descending on new york.

? the white house is making a push for entrepreneurship.

Firming a group of successful business people to help develop the next generation of entrepreneurs.

One of those business people is the designer luster company 2004, starting at as a small boutique prevented brown now housed 100 stores.

She just left the meeting with the presidential ambassadors for global entrepreneurship.

Also with us steve case, the former ceo of aol.

Thank you for both of you joining me.

This was the first meeting for the presidential ambassadors for global entrepreneurship.

What is you think?

Give us your action for what was contact -- to what was talked about.

What do you see this panel developing for the next generation of entrepreneurs?

It is one of the most exciting the diet had in a long time.

What was talked about is how do we focus, because there are so many fantastic ideas and we really need to pick our battles and see where we can help most.

How can you help most?

How do you get young entrepreneurs engaged and involved and to the point where they could be successful?

Is about work, tenacity divide having a passionate great ideas.

We can also talk about what we have been through.

We can show them that it is not always exactly what you may see.

Under federal companies -- entrepreneurial companies are hard to really need to be beefed up and ready to go.

Given the knowledge of your experiences, is there other things that can be done?

Other policies that should be put in place of that washington should be looking at?

They build on some of the work that has already happened, like the start of america partnership and the jobs act.

They legalized crowd funding and laid it better that made it easier for auditors to get capital.

Now immigration reform, so when the global battle comes down to talent, we are taking the next step the summer.

There are some policy things that need to be divine but there is a lot of roles for help writing on jupiters, and that is what entrepreneurs like tori and others who are part of this effort in this country trying to lift up regions all run the country they do not have the same entrepreneur old momentum that's licking valley has or -- have the same momentum that silicon valley or new york has, that job creation is going to come from the work of entrepreneurs.

That is what this global ambassador effort is designed to help inspire.

Innovation is really the key for our country, and has been the key for our success.

Steve bought up something that is very interesting, and very challenging for a young entrepreneurs, and that his access to capital.

Give us a little bit of your personal story.

How did you get that initial access to capital?

What should people be doing that have ideas for startups right now?

I will start with my story, but in the beginning we put a small investment together, and i went out to friends and family.

I would raise the next amount of money that was almost 150 investors.

It was really about contacting people combated it very seriously, taking people's money.

I would say to them please invest to -- if you want to, and be prepared to lose it.

It's a great opportunity to really help people around the world to get access to capital.

That is something we will be looking at.

Access to capital is challenging.

You had an angel round, steve, should there be more programs to help people that maybe do not have the funds and the friends and family network to go to?

That is why the president recommended and the majority leader supported and then the house and senate passed the job back that legalized crowd funding for that reason.

There are a lot of people have great ideas and do not have the money or the friends to have the money, and they never get a shot in this country.

Crowd funding will allow you to use the internet to raise the money that already exists now for projects.

You want to build a documentary, or create a hardware product of you not able to do it for a company.

That law was passed years ago which means that we are waiting for the sec do finalize the rules so that will be put in place soon.

There are tens of thousands of entrepreneurs all of the country in communities that need jobs.

Great ideas but do not have that initial capital to get started.

Mark zuckerberg happened to be at harvard, and happen to have a rich friend across the hall, but most people are not at harvard and don't have a rich friend . democratize investment, and axis, that is very important.

The sec now needs to finalize the rules, so onto printers all over the country can benefit.

Some good points on the democratization of dancing.

-- of financing.

As we talk about business is growing and getting bigger crib and the importance of entrepreneurship, at me ask you specifically about your company.

Women's wear daily is reporting that you are planning to expand into yoga where as the other line for your product.

Is that true?

That is true.

It is going to be more than yoga where great where launching sport.

It is a wholesome art up once again.

For me it is really interesting to be doing a whole new concept, starting from scratch.

Having our company behind his will help it it is a crowded space.

You have lululemon, which has been very big and the yoga where space cover you have nike which is also big, county expect a different shoot yourself?

--how do you expect to differentiate yourself?

Every crowded space means it is a big opportunity, and onto printers also challenge the existing companies and say we have a better blog and service, and a better way.

That is what drives our economy and drives innovation.

If it is not a crowded space, is probably not a big enough opportunity.

On jupiters really do attack these big spaces, but whether big r talent, having the tools to do that.

What is your invites for those were thinking about starting their own business right now?

I would say to find your passion, have a unique idea, and be ready to work.

At the end of the day kevin is hard work.

It is satisfying and you will be so happy when you can go into work and not feel like it is working.

Thank you very much.

Good luck with the yoga wear line, the, always a leisure -- steve always a pleasure.

? today bitcoin faithful to our descending on new york.

Media bistro is hosting the largest conference on the current seed to date, focusing on the marketing managing and launching of it going -- bitcoin.

It has had its own problems, including the fall of mount cox, the banning of it in russia.

Alan, let's start by telling me a little bit about this conference.

It is the biggest one on bitcoin today.

It quite has not been around that long, how many people be -- will be presenting.

We will have a total attendance of 3200 people from 30 states.

Bitcoin has become the thing.

Liquidity is any much miserable, there's a ton of volatility, and yet people are decided by the technology -- excited by the technology.


I've met so many venture capitalist today, everybody sees this as the second company of the internet -- coming of the internet.

It is a great equalizer, anyone can get started in this business, and that is what has a lot of people interested big greg that has a lot of headaches as well.

For all of the talk of the excitement, there is only about $115 million that is spent and invested in the space.

A good look at that two voice.

One is people are not willing to put that much money in, work two, they are just getting started.

Let's talk a little bit about your company, armory.

What is it that you do?

Armory writes software for helping businesses and users secure bitcoins.

What they have acquired the bitcoins there are going to have to keep them secured somew how.

The tools do not exist yet, the software does not exist yet.

A lot of these countries are making tools themselves and not doing a very good job of it.

They lose money when they do.

Does your software exist?


Give me an example.

Suppose i was making a large investment into bitcoin, and wanted to make sure it was safe, how could you?

There is two sides of it.

People can buy bitcoin and use this to keep others from getting access, but then you can use businesses that use the software to manage coins, separate duties, you can basically multiply bill managing funds and making sure that no person can run off with the money.

You have backup systems that allow you to protect it.

Target could have used some security recently.

You have all these people come in, all of these people presenting.

There is a school of thought out there that says technology is pretty incredible, but there are a lot of questions as to whether bitcoin will ultimately be the thing that survives.

Will the technology survived and the currency?

The best way to look at this is an internet year.

1994, 95% of the people i never heard of the internet, the world wide web was only essentially one-year-old at the time.

We won't really get to a stage of what you're talking about for another 10 years.

If we look at the internet in 1994 to 2014, we're going to see a lot of changes.

Thank you gentlemen.


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