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tv   Closing Bell With Maria Bartiromo  CNBC  April 25, 2012 4:00pm-5:00pm EDT

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s&p will be -- >> and there we go, maria. what a crazy day. they rang the closing bell too early. maria, back over to you. >> never a dull moment on wall street. yes, it is now 4:00 on wall street. do you know where your money is? the group at the podium today, just right here to my left, sws is the symbol. accidently hit the button for the "closing bell" a minute and a half early. you heard the closing bell ring at 4:58 so he rang it a second time. the market closed up 88 points. never a dull moment here on wall street. i'm maria bartiromo and it's
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nice to have you here on wall street. the market said to close lead by the earnings of apple. of course, the federal reserve in focus. the fed moved to raise the economic outlook for the year and after he seemed to suggest that qe 3 is not entirely off the table. coming up, one top strategist says that more easing would be bad for the market. we will talk earnings with the ceo and right from the source, he has an enormous amount of business. john harwood's exclusive coming to us with timothy geithner. join us for those two big interviews. meanwhile, the dow jones industrial finishing up 88 points. almost 1% to 13,089.
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nasdaq composite at 68 points. huge move for the nasdaq there. 2 1/3 for the nasdaq. s&p 500 currently higher by 18 3/4 points. i've been speaking with traders and particularly with private equity guys this afternoon. what i found really interesting is that they are very surprised that we are not seeing more deal flow activity. a lot of private activity guys telling me the big risk is not to get the money out. in terms of deal flow, they are expecting it to pick up post the election. a lot of uncertainty. i'm looking at data from rich peterson over at s&p capital iq and says m and a is down 25% year to date from a year ago. only three sectors with increases in health care, consumer staples and industrials. the market, meanwhile, dow jones industrial higher and nasdaq blocking in the next gain since
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december. released after yesterday's close and the federal reserve is giving the market an extra boost. they reiterated the pledge to keep interest rates at very low levels until late 2014. back to apple. the stock shot off today at 9%. it had a gain of market value of $50 billion today. one day, $50 billion gain in market value for apple. how many companies are $50 billion or less? that was one-day gain for apple. we're watching this. not a bad day. as we mentioned, the fed, of course, in focus, raising the economic outlook for the year. expectation of unemployment decline by the end of 2012. timothy geithner, meanwhile, is touting the administration's efforts to create jobs and boost the economy. that's where we find john harwood who sat down exclusively with the treasury secretary.
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over to you, john. >> hi, maria. i talked to secretary geithner here just near portland, oregon, as he toured a factory that makes street cars and other goods for the government, including material for the navy s.e.a.l.s. he addressed the concerns about a global slowdown that fed chairman bernanke was addressing earlier in the day. he was particularly aggressive in rejecting republican claims that the prospect of tax increases is harming economic growth in the united states, especially an op ed that came from a top adviser to mitt romney saying that it will require an across the board 11% tax increase on americans earning under $200,000 a year. here's tim geithner. >> that's a made-uptick and bel%
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gdp over the next three or four years so the debt burden grows and we propose a series of tax reforms that would modestly increase the burden but only in the top 2% of americans. there's no plausible argument that you can make that that modest increase in such a small fraction. economy is having a material effect on behavior today. now, the alternative strategy asks no additional burden on even the most fortunate americans and as a result puts a huge burden on reducing for the retirees and support things like education and frinfrastructure. >> maria, at the bottom of the hour, we'll talk to tim geithner about his policy on china. he says china is a currency
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manipulate for. he'll reject that report about him trying to become president of dartmouth college. >> i don't understand when the secretary treasury says there's no additional burden on the highest earns. but the highest earners pay 40% of the tax. so are we constantly saying that -- >> he says that there will be additional -- >> he acknowledges that there will be additional burdens but says that they are well capable of withstanding that burden and it will not have an adverse effect on the economy. >> do you think it's going to have an adverse effect on the market if gains go way up? do you think it's going to impact the economy? >> potentially could impact.
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>> john, we will look forward to more from timothy geithner with john harwood tonight. let's turn to bob pisani, our man on the floor of the nyse. qe 3, in or out, up or down? >> mr. bernanke is getting really good at this. they released their new forecast. unemployment estimates are down. they raised their inflation market. sounds like good news. the market sells off because that sounds like less qe 3. mr. bernanke comes on and says very clearly, the fed remains prepared to do more to help the economy. that's the buzz word for qe 3. so it's very much on the table and stocks move up. so which is it? well, it depends on which mr. bernanke you're actually talking to. >> it's really interesting when you look at this market. we've had a fantastic first quarter. we're looking at multihighs once again. >> that's right. i find it remackable for all of this fear about the economy, we're 2% from multi-year highs.
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at the beginning of april, we were two weeks away from that. the dow is 1%. remember the nasdaq, that high goes back to ten years ago, maria, and we're only 3% away from that. so for all of this worry out there, the stock market, as john harwood has pointed out, is doing very well. >> bob pisani, thank you very much. let's go to jane wells. she is live at the las vegas sands. over to you, jane. >> reporter: hey, maria, a huge beat on every level. they are reporting a record adjusted property ebitda of over $1 billion. the street was looking for 900 and 10 million. revenues at 2.6 billion. another beat. earnings per share adjusted came in at 70 cents. the street was looking for 60 cents. all very huge. in macau, they have 435 -- excuse me. 456 million in adjusted ebitda.
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that is with margins of 21%. sands and singapore, big beat compared to the street. came with a margin of 56%. even las vegas beat considering ble considerably. they are looking for 116 million that. is up 78% from a year ago. by any metric here, it looks like it was an excellent quarter for sands. they are looking forward to increase singapore. we hope to get more on the call on what kotai plans to do. back to you. >> let's get more from the federal reserve today. the latest decision with greg vincent reinhart. also with me is jim paulson, chief investment strategist with wells management. good to see you. greg, let me kick this off with you. you said the fed chief sounded more hawkish. tell me about that testimony
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today. >> it was almost an unfortunate result of the circumstances, maria. as you know, paul krugman is coming out and attacking bernanke for being nervous about letting inflation go up higher. he should let it go higher. bernanke was asked about that. he very much vigorously defended. that sounded hawkish and implied that it would be quick to tighten. but i don't think that fairly represents what his actual views are. he also said he's very symmetric about inflation. if we got persistent inflation while unemployment was still high, he would be prepared to let that happen. that may be the wrong tone that came across from the press conference. >> and vincent, you see a one in three chance that we'll see any action in the first half of the year? we're already in april. what do you think? >> i think it's pretty evident that the fomc is data driven in terms of changes in the balance sheet. and i wouldn't use hawkish or dovish, i would say timid.
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they wanted to keep the lowest profile humanly possible. change as few as words as possible, had opportunities to provide a little more clarity on their views of the outlook. didn't really take them. i think it's a committee that is really reluctant to do anything right now it has an interest rate guidance. it will try to protect that. it's not likely to do much more. >> tim, what about you? you say that if the fed does launch another round of stimulus, this would be negative for the market. a lot of people say it's already been very negative. tell me how you see this playing out. >> well, i think a couple things. i don't see where anyone out there needs more liquidity and i don't see where there is a lot of players playing under aggressively high interest rates. so i think the fed policies simply are needed. what is needed is confidence and what i saw today from this fed was not really a hawk or a dove but i saw a fed delivering a message that they are starting to believe that the economy can walk on its own without their
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support. not that they are going to tighten and not that they aren't ready to ease if they have to again but they are going to quit providing juice on a regular basis because they are starting to believe that this is becoming self sustaining. that can do i think more good than anything. the confident pros from the fed might bring that $2 trillion off corporate balance sheets into productive processes. it might bring the pent-up demand in households that have been hesitant because of fears. so i think a confidence from leaders and particularly the fed will do more good for the economy and the stock market than additional easing will. >> gentlemen, thank you for your insights. we'll see you soon. why did caterpillar raise their profits for the year but not their revenue forecast? the chairman and ceo of caterpillar will be on the line with me. and then timothy geithner, find out if he's concerned about the global headwinds on the economy.
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we're back in two minute's time.
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welcome back. sharon epperson here at the nymex. take a look at a gold chart and that will tell you how the market interprets everything it hears from the fed and fed chairman. we saw gold prices dip about $15 to a low 16.25 an ounce aftered it fed decision came out with no mention of qe 3 and then the fed chairman talked about how the fed would not hesitate to use any tools that are necessary. perhaps we'll see monetary easing and gold prices rallied back and we're at the top end of the range that gold has been in. around 1645 an ounce. we saw big moves in the silver market. and then recovered basically all of those losses as well. but when you look at the volatility and precious metals, that really is nothing compared to what we saw in natural gas today. natural gas futures surged 5%. we have option expiration, few day futures expire tomorrow and then from the energy department the natural gas storage data
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coming out at 10:30 a.m. eastern time. i'll bring that to you live. we are expecting another injection, more natural gas supply. back to you. >> thank you so much. joining me now in a first on cnbc interview in peoria, illinois, is doug, ceo of caterpillar. thank you for joining us. >> hi, maria. very nice to be with you today. >> good to see you. let's talk about the quarter. we're all wondering what issing going on take us through the 23% fuel in earnings. >> we're celebrating a record quarter, record top line, bottom line, really good quality of earnings, good efficiencies and virtually all of our operating units and i feel pretty good about what we saw in the quarter on our way to what will be a record year in 2012. $70 billion, a range of 68 to 72 billion we're calling for and raised our profit per share and
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another record. so we're feeling pretty good about it. >> and yet the revenue has some scratching their head. you had a decline in sales in two big emerging markets. china and brazil. tell me what is going on in those markets. >> we saw a slowdown in china and brazil which actually started last year. we all knew china a year ago and i think we talked about this at that time with you, was too hot. it was boiling, the market was growing, our industry was growing, deep double digits, everything was headed for an implosion. china recognized that. they were successful with doing that. they've since done too twoo stimulations to get the market going again and refloat the economy. we see more of that coming. kind of the same thing in brazil. brazil is further along and we'll see a better improvement in the second half of 2012. when you look at the whole
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quarter and the year, we were more offset in recovery in the u.s. and some other areas and we had a hold on our 70 billion for the year and raise the profit. pretty good results, i think. >> surely we've seen a slowdown in real estate and construction. we are seeing a bit of a -- and i recognize that this is relative because you're still talking about 8% growth in an economy that we're lucky if we have 2% in the u.s. so what kind of implication has that slowdown had on the economy? >> a couple things. we are finally in a position in china where we have availability of equipment. our dealers and our customers over there for a decade have been asking for more equipment, more capacity, more shipments out of our factories. in fact, we have more inventory than what we need a couple of plans, marketing programs inside china, going after market share, to be leaders inside china, which we desperately want to do as much as we can, overall, we
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think china will be less in 2012 than '11. i was there just a couple weeks ago. no one is pessimistic about the medium to long term. in fact, i think our program is as sound as it was a year or two ago. i feel good about that. we're in this point where we have inventory between now eight end of the year. >> doug, what's your take on europe? it seems that the european debt crisis has become disaster scenarios for a number of investors for the first three months of the year, so many said the liquidity issues were taken off the table by the european central banks funding facilities
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and now we're looking at europe. >> surprisingly n. western europe, this would be north and south, the traditional western european countries, are business is flat to up. that's a surprising statistics for many and was for us when we delve into it. but the northern half of europe, at least through the first quarter was hanging in there and doing relatively well and the southern half of europe that died two or three years ago and, believe it or not, is showing some signs in our business of spending from very low levels. year over year, our european deliveries in our markets were up very, very slightly, which i think is a good thing. the news in europe is going to be bad -- has been bad, is going to be bad now that politics follows that it's very worry some. but in the end, i think most of the bad news is out there. we're going to be living with this for a few years and just have to find a way to follow through with it. i'm following politics pretty closely. it's interesting times.
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>> interesting times in terms of sarkozy about to lose. what do you think the impact is going to be, doug? from a practical standpoint, what can a socialist france mean for europe? i don't want to get off topic too much but you're such a student of the world, i'd like to get your take. >> yeah, thank you. france has not been going in a good direction any way so a shake of the atmosphere is due. a lot of things are happening in this country as well. a lot of moving parts. in the end, though, europe will have to grow. europe will get through this. they will solve the crisis at some point. all of the bad news is out there that is to be out there. i don't think there are any secrets left. now it's going to be an interesting game in how soon and quickly they recover in those economies.
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i think it's into a recovery mode. the bottoms are there. >> and we've got an interesting political standing going on as well. thank you for joining us, doug. thank you for being with us. >> thank you, maria. >> thank you so much. coming up, john harwood's interview with timothy geithner. then, courtney reagan rounding up all of the after-hours action. over to you, court. >> under the radar movers was lifted by apple and now moving in the opposite direction after hours. i've got the details and i'll tell you why coming up on the "closing bell." zzzz, you know, typical alarm clock. i am so glad to get rid of it. just to be able to wake up in the morning on your own. that's a big accomplishment to me. i don't know how much money i need.
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the 2012 c-class with over 2,000 refinements. it's amazing...inside and out. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. welcome back, let's get back to courtney reagan. she's rounding up the action. over to you, court. >> thank you, maria. the rubber meets the street and today it's not pretty. look at shares of crocs down 8%. it beat the street with improved gross margin at least but second quarter guidance new much lower.
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this is an apple product supplier. it was a winner today, lifted on apple earnings but now afterhours it's tumbling on its own quarterly release. considerably lower guidance and fuller eps and guidance above the street consensus. it doesn't matter, the street iç guiding higher right now at more than 6%. and the top and bottom line, shares were up. now we've gotten back down and now we're up .3%. track or supply, 53 cents on inline revenues of 1.02 million. shares are moving after hours. then it bounces back and we're lower by 1.5%. the company reaffirming weak or
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full-year guidance than the street's current expectations. up next, the interview you've been waiting for. find out what he says congress needs to do to help the economy grow. then he will fill us in on the future aspirations. jobless claims and pending home sales are two of the highlights for tomorrow. rounding up everything you need to watch for. stay with us on "closing bell." [ horn honks ]
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. president obama's efforts to revise the economy and creates jobs, john harwood spoke exclusively with mr. geithner from everything from the economy to china-u.s. relations. >> maria, the treasury secretary rejected the report about him wanting to go to dartmouth and we talked about mitt romney and china, the prospect for job growth and whether a return to
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prosperity makes sense. mostly the united states that remains a resilient economy despite woes in europe, the united kingdom is back in session. here's tim geithner. >> we have to remind people that we live in the global economy. we get affected yobd what happens beyondç our shores. as we tau what happened in 2010 and '11, that caused growth to slow here. but we're gradually getting stronger. we're in a much stronger shape than we were 12, 18, 19 months ago. europe is doing a better job of managing their crisis. even though they've got a tough, long road ahead of them, they've been doing a much better job of providing common stability and financial force behind these reform efforts. >> i talked yesterday to austan goolsbee and he says he thinks odds are 50/50 that private
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forecasters are right and we are looking for growth of 2 to 4% of gdp and if it's at that level, you can kiss job efforts improvements good-bye. >> the most important thing, the most valuable thing that we can do for the economy now is for congress to act to pass some concrete things that would strengthen infrastructure, help export growth, take advantage of lower rates, prevent student loan rates from increasing, as you heard the president talk about this week. those are four, very simple concrete things that have bipartisan support. there's no reason for congress not to support those things. again, i think most private business forecasters look at the economy and see it growing between 2 and 3%. not surprising as we dig out of this recession. but it's looking more resilient and the strength is more broadbase.
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again, you see it in agriculture, in energy,ç in manufacturing, in high tech. the strength is more broad-based and we're still the most productive workers in the world and you're seeing that start to come back as we heal from the financial crisis. >> the uk is in a recession is fueling a debate over whether austerity is in recovery. the wall street editorial had a page saying that germany had done the world a favor by rejecting advice by president obama and you to join the global spending party in 2009. why are they wrong? >> very good question. an important debate for the united states, too. germany did about the same level of actual stimulus we did in 2009. and they did if for the same reason we did, which is that the world was burning and we were facing a risk of a second-grade
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depression. we needed to do everything possible to get the economy out of free fall and their response was very similar to ours in that context. right now, if you, again, look at the challenges facing our economy, too, although it's important for everybody to recognize, we're going to have to act to bring our long-term deficit down and we're going to have to face our reforms so they don't damage growth and it would be a terrible mistake for us to lurch prematurely. that would undue a huge amount of the progress that we've made in repairing the crisis. it would push unemployment up and push us back into the recession. >> you're giving a speech in san francisco onç china tomorrow. you're going to beijing for the strategic economic dialogue. as you know, mitt romney, the presumptive republican nominee has said that your administration and previous administration have been played by the chinese. he will fix that, negotiate more
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effectively by declaring them a currency manipulate for on day one. why couldn't that be a more effective strategy. >> calling them a name, like you can solve problems in the world, by calling people names. >> tariffs would come with that name. >> no, in that strategy you would say, i would name them a manipulate for. let's look at the basic record. it's true china represents a complicated mix of challenges. but our exports to china over the last few years have been growing very, very rapidly. china has let the exchange rate appreciate by roughly 13%. the competitive playing field is shifting in our direction. we've been very aggressive in protecting the interest of the companies. we're going to continue to do that. we're seeing the results of those policies have significantly positive impact. we're going to keep working to assure that that is the case. >> as you know, there was a report quoting your father-in-law the other day suggesting that -- >> allegedly quoting.
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>> yes. >> that the president's appointment of the president of dartmouth to be head of the world bank was connected with a plan to have you become the president of dartmouth. a, do you want to become the president of dartmouth and, b, was that part of the decision making in the president's -- >> no, it played no role in that context. as you know, theç president asd me to stay in this job. ai agreed to stay until my first term and i'm focused right now on trying to make sure that i help this president make the economy stronger. we've got a lot of challenges ahead of us. but no merits to those two reports. >> noting that the president asked him to stay through the end of the first term, i spoke the other day to a former obama official who said i predict the president, when he begins to negotiate with republicans, if he's re-elected over a budget
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deal, a new grand bargain, he may ask tim geithner to stay a while longer until that's negotiated. >> so do you think he'll stay if the president gets re-elected? do you think he'll stay for the next four years, john? >> no, i do not. this comment was about a very narrow window. >> i see. >> in which the administration might have the ability to negotiate a deal with republicans and i'm not sure that tim geithner would agree to that but this -- >> i think if the president gets re-elected, it's larry fink, that he becomes the next treasury secretary. what did tim geithner say about operating without a budget in the last three years, no budget? >> well, we didn't discuss that specifically but what democrats have said generally speaking, what the democratic chairman of the committee has mentioned is that we have made agreements on
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discretionary spending. that was the negotiation that occurred throughout 2011 before they got the deal to avert a debt crisis is that they are continuing a resolution going forward from now you but it's very difficult to get these two parties together on a budget given the wide, wide disagreements overtaxes, entitlements and discretionary spending. >> is that unprecedented? have we ever seen that, operating without a budget the entire term? that just seems extraordinary to me. >> we have seen in recent years the congressional budget process has gotten stretched to the breaking point with the inability of congresses of both parties to get all of the appropriation bills done to in effect the budget process. it's not a pretty picture. no question about it. but aspects of this are things that have been developing for a long time. >> john harwood, thank you so much. john harwood joining us. >> tomorrow, another jam-packed
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day of economic data to tell you about. find out why earnings and eps and starwood hotels could have the best insight into this recovery get. back in a moment. >> announcer: time now for going global europe. >> hi, everybody. theers are the stories that we're watching in europe. tomorrow, another big day on the earnings front. is the telecommunication giant lucent going to be beating the street? plus, also find out how the oil majors are benefiting from the higher oil prices. we'll get earnings from oil dutch shell and exxon. and how have the resur jentç eo zone crisis impacted earnings for deutsch bank? we'll find out when they report first quarter earnings, too. tune in to cnbc world to catch all of the action overseas at the european headquarters, going global why your money.
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that was my thing. i really enjoy building turbines. it's nice to know that what you're building is gonna do something for the world. when people think of ge, they typically don't think about beer. a lot of people may not realize that the power needed to keep their budweiser cold and even to make their beer comes from turbines made right here. wait, so you guys make the beer? no, we make the power that makes the beer. so without you there'd be no bud? that's right. well, we like you. [ laughter ] ♪ >> announcer: here's what to watch for for tomorrow. >> i'm jaul yeah boorstin in los angeles. inseeft stores will look for the growth and we'll see whether coin star red box unit benefits from netflix's struggles and whether the earnings expectations continue for the fifth consecutive quarter. >> i'm sharon epperson, keeping my eye on earnings.
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today exxonmobil raised the quarterly dividend 21% to 57 cents a share. tomorrow, the oil giant wilç release its quarterly earnings. expected to be $2.09 a share, according to consensus estimates. exxon as well as petraeus will release earnings before the bell. earnings certainly what investors are watching right now. is it enough to be a catalyst for the market, though? or will the big kmik data be a big player in the market? joining me is chris johnson, director of research for the jk investment group. good to see you both. stephanie, economic front, what's your biggest catalyst tomorrow? >> well, you know, earnings have taken center stage, as you mentioned. but i do think that since the economic data has started to slow a little bit, i think initial claims are going to be more important than they have been in. it's a forward looking indicator. it's only one week's worth of data but the last couple of
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weeks we've seen disappointing data. that's going to be important to me and pending home sales because housing actually has been pretty strong. so, you know, we actually think that we'll see in the momentum will continue with that front. >> let me get to julia boorstin, one of the powerful venture firms. over to you, julia. >> charity from the powerhouse venture fund that's backed facebook and every other major social media company. all six partners are pledging to donate at least half of their lifetime income from venture capital. this is the first time adventure or private equity firm has made such a commitment. founding partner tells me that he's doing this in order to set an example hoping that others will follow and that i am impact should be substantial. here's what ben horowitz had to say. >> what we aspire to be a a top tier venture capital firm. if we achieve that, it could
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potentially be millions of dollars. but there's a lot to do. >> they have raised $2.7 billion since 2009. it's backed more than 100 companies, including facebook, groupon, twitter, zynga, instra graham, and foursquare. they joke that they don't have expensive hobbies like pole low. >> julia boorstin, thank you so much. we're talking about the impact of the market as a result of the economic data as well as earnings data out tomorrow. chris, from a technical perspective, what are you looking at today? small cap are some of the names that you've been looking at? >> absolutely. it represents the true risk-on trade and whether they are speculating on where the market is going to go. haven't seen leadership since february. the etf proxy for the russell 2000 is trading below the 50-day
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moving average. i'm watching very closely at the 8160 level. if you move above that, technical traders will move on and take the market up towards the highs. >> so you're looking at the opportunity of seeing the market go back up. are there areas in that chart that you can point to that actually indicates such a move, if possible? >> well, obviously, from the technician's perspective, the 50-day movingç average is the barometer of good, technical health. and whether it's trading above or below it is an indicator that we watch very closely. so just the iwm is going to be a powerful signal for the technicians out there. the s&p 500 has been fooling with this level for the last week or two, really struggling to get above it, we move back today. if you see small caps do the same thing, you're going to get a sense that the sideline money will flow back into the stocks. >> and man is there a lot of sideline money.
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>> lots of them. we would love to see that flow in, wouldn't we? >> absolutely. that would certainly move this market up. it has been better than expected. a lot of cash on balance sheets. i love the fact that you're focused on two companies. so ups and starwood. why these two companies? >> they are both very global in the revenue mix. so ups, about 50% is u.s. and 40% is international. it's tied to production. i actually think volumes could be better than expected because it's been pretty good but the best job in terms of conference calls giving you color all around the world and i actually -- we looked at federal express a couple of weeks ago. they had strong volume numbers. i think that's going to translate. starwood, 80% of their pipeline is china and what is happening to the consumer because we know that the manufacturing side is starting to slow. so we'll get a good read. >> i like the read on ups it's been more aggressive recently. the ad campaign that they are
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doing, the logistics, you can see that they are certainly morç aggressive than they have been in the past. >> and making acquisitions. they are buying -- they are doubling down in europe. i think it will be an interesting call. >> chris, any surprises coupled with what we've seen in the markets? >> well, we've seen a lot of expectations that were ramped down ahead of earnings and the fact that you're seeing 70% of the companies that beat those expectations is speaking again to that idea that when everybody is expecting the worst, first of all, there is selling pressure already out of the way and a buffer for underperformance. under promise, out perform. that's what we're seeing right now. let me piggyback on what stephanie was saying. there is a great ex trap poe lags in terms of the consumer activity ts which we all know are a driver of that economic data that is going to keep us strong. i'd be interested in watching the consumer discreditary in
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retail as well. >> what have you learned so far from the earnings period, chris? >> well, again, i think that message that i just said which is a lot of lot of under promming and outperforming. i think apple is a great example. stock came down 11% in a two-week period. they were the darling. you almost get tired and i am sure you do about getting asked about the stock. we saw a lot of selling that expectations kind of coming out of the stock and then all of a sudden they do better than everyone was expected. i think you can take that picture and expand it out to the rest of the market.ç they expected to see year over year growth go poorly as well as quarter over quarter and companies come out because whether or not they get the investors and the outperformance
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and going back to the sideline money, that's the kind of thing that gets the sideline money excite and afraid they are going to miss out. >> no doubt about it. thank you so much. appreciate your time. fast money begins in a few minutes. scott wapner with the preview. scott? >> at the top of the hour, we will talk to doug cass who will give us reasons why the markets can be headed towards new highs. we will speak with the president after a huge earnings beat and get top mid-cap stock picks from a top portfolio manager. you won't want to miss all of that on fast money live at 5:00 on the nasdaq. >> up next, rupert murdoch and what he said when we come back in. stay with us. ♪
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welcome to the world leader in derivatives. welcome to superderivatives. >> the news corp. for rupert murdoch into media ethics in the uk. >> in the inquiry of rupert murdoch is the most highliy
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anticipated, but the commit he has a task at hand. challenging the story not only on a scandal and taking on a life of its own and they have a relationship with the revolving door at number 10, downing street. >> frankly i welcome the opportunity and i wanted to -- i never asked the prime minister anything. >> murdoch distanced himself not only from the conservative party, but the allegations that his news corp.ration only supported candidates that were likely to win inbolster their o interest. that laundry list of officials are very long, including the prime minister's margaret thatcher, tony blair, gordon brown and also u.s. politicians like michael blam berg and barack obama. they were last in the 2008
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election even though it was unpopular. given 60 years of empire building, the committee has quite the task ahead for tomorrow even though it is only a half day of questioning. we will be reporting live from london and have more from you then. back over to you. >> thanks so much. next, we will have today's rally on wall street. don't miss an interview with starbucks ceo and the latest earnings after they are released. stay with us on closing bell. tdd# 1-800-345-2550 the 5-day moving average just crossed above the 20. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 the spx is on my radar. tdd# 1-800-345-2550 and i'm on top of it all with charles schwab. tdd# 1-800-345-2550 tdd# 1-800-345-2550 i use streetsmart edge and its tools like... tdd# 1-800-345-2550 screener plus. tdd# 1-800-345-2550 i can custom build my own screens tdd# 1-800-345-2550 or use predefined ones to help me find tdd# 1-800-345-2550 possible trading opportunities quickly. tdd# 1-800-345-2550 i can also bounce my ideas off their trading specialists -
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welcome back. recapping the day on wall street and the nasdaq soared. the best showing since december. up 68 points. the nasdaq capped their losing streak thanks in major part to apple. apple skyrocketed back above $600 a share. they blew away earnings and the nearly 9% surge in apple added more than $46 billion. they had a good day in apple.


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