tv Countdown to the Closing Bell FOX Business September 26, 2013 3:00pm-4:01pm EDT
♪ liz: good afternoon, everybody. i'm liz claman. it is the last hour of trading. emergency press releases. this ceo get the ball on the stick up for his company and sure enough j.c. penney stock starting to show signs of life one day after goldman hoisted a neon gold flag. we find you on this yesterday. nicole petallides hit it hard. other business networks are talking about walmart. we knew j.c. penney would be the story. the retailer went into crisis mode and hit back. expecting positive sales and that we don't need to raise any cash. we are fine with liquidity. you can choose to believe them or not. right now the market believes it still only 31 points higher. you can see the volatility over
the past two sessions. one day does not a trend make. we continue to follow. no wonder he recently said twitter had nothing to fear of going public. shares of facebook finally after rocky ipo broke $50 a share. that after goldman raised the price target to $58 from 52 saying there is momentum and significant runway left. it has taken off up another one 1/3%. right now $0.15 above $50 per share, up $0.69 at the moment. not bad. well below its ipo price shortly after went public. finally jamie dimon went to the washington to reach an agreement with the justice department over his firm's role in allegedly misrepresenting mortgage
securities before the financial crash. a live report in just a moment to moment there is the belief that the two sides are striking a deal. we don't know how much. they first offered 3 billion. the stock has reversed. higher earlier, not below the flat line down $0.10. we are watching it and have the top banking analyst getting in the chair to talk about what he thinks. you know what, let's go to yahoo, hitting new highs on expectations of a different company going public. nicole petallides on the story of the new york stock exchange, sandra smith at the cme with a controversial tweet. now would get to you first. >> reporter: the new 52 week high. all of this comes on the heels of the potential ipo here in the united states. there is a look.
over the last 52 weeks the stock is up 100 percent. it really shows you what degree you have had. assuming the commerce giant has their ipo here, it could be worth 120 billion. yahoo has a 24% stake. and we knew it, but here is the exact number. the biggest shareholder with 35%. that could it be a huge benefits. this is a big deal and could be a big blow to the stock market assuming that they come here. the experts and sources are saying that there now looking and working with u.s. law firms to start the ipo process and will soon be hiring banks in order to manage this very important event. liz: you know what school, he was a schoolteacher. fascinating. >> reporter: that is cool. liz: did a great idea, are not
fit. god bless china. just like we say god bless america. thank you. always listening to the to the. >> i was a very controversial. he is putting out to investors, don't trust moody's. in fact, he's saying -- he went as far as to say don't trust moody's and instead just those of standard isn't -- standard and poor's. remember, right now moody's has a aaa rating. they recently upgraded their look to stable from negative. he says ignore that. ratings firm. that being said, bonds in focus today. he makes this comment. we are now looking. just over two and a half%. the continue to see the yield come way up from the numbers we
were seeing. it has been on a steady decline since the fed announced it was not capering. as long as it keeps up the bond line program, those yields come down. right now we have been calls from hsbc saying in believe it will fall to just over 2 percent of the next 12 months. barclays says to 85. so controversial comment and all of these banks saying that the 10-year yield is going down from where his. liz: this is fascinating. the moody's corporation up about one-third of a percent. a company it is based in canada. it is trusting any of the ratings agencies entirely. use it as one source, but we have learned something from the financial crisis. very interesting to see why. keep on it. thank you. we have some encouraging news about jobs. always looking for that. jobless claims, people go and
apply for the first time for unemployment benefits fell 5,000 last week to 305,000. that is certainly helping boost stocks. we have lost most of our lead, but a nice move today. with the to the floor of the new york stock exchange, cme, and nymex. we can hang our hat on that because the existing home sales numbers did not exciting. mixed data is usually a better foundation for the stock market. >> it is. and that makes data has caused a little extra volatility in the market. there's also the other headline. all the conversations going on in washington. that is clearly the one thing that is removing the market. let's take a step back. a couple of consecutive down days. getting to the end of the month, the court. sometimes recessing when addressing. i think right now if you printed
out your quarterly statement you would still be happy with what you will see, but i expect a little bit more just due to the fact we have this debt ceiling crisis conversation going on. we have punted tapering at least another month to two down the road, and it's not even the big topic conversation. clearly if these conversations coming of washington that investors a feeling uneasy about liz: 100 percent. we look at what is happening. it affects people's psychology in the markets. but standard just talked about the bond king making that comment about whether we should trust a certain ratings agency. then she very aptly points out that moody's is the one that has thus rated at aaa. do you think it we are in danger of losing our aaa status? >> i think that we are definitely right now on the
press of this of something that the world as never seen. and now we're talking about volatility. we don't get this debt ceiling down and have an action plan moving forward with how to reduce our debt. this morphine drip, should we need new highs. sentiment down here, volatility going crazy. things like gold, hundred dollar range is a matter of one week. traders right now really believe that there is -- of the reserve currency. liz: speaking of which, let me interrupt you. the dollar moving slightly up, slightly down. as the euro is bumping up against the dollar 306, people are wondering, and you can jump in here. orel is to nominated in dollars. the euro is getting awfully close to 135. the dollar is not great.
is it that reserve currency still? >> i agree. i think so. absolutely. i think you are seeing the price of oil, of. going florida think you could see that happening. liz: i think so. let's take a look at the energy complex. all green. i'm seeing in all move fire. >> we were trading one have made dollars. i was looking to you saying, ready for a move to the $90. look where we are, $103. we tried to get through. it did not happen. the villain back. and looking at the 98. if you look at a daily chart, $98 seems to be way this market wants to go. as far as the products, those came in so much as crude rallied the product did not come with it. i was looking for a reversal.
that is more less. that was just a reversal of the trend. liz: for months away. of the talking to you before the end of the year. liz: and ordering the filet mignon. we appreciate it. as we mentioned, jpmorgan seal jamie dimon had is face-to-face meeting in washington today. he goes to washington to strike a deal. a settlement. release the banking is on their issues bynum.
reports of the bank appears much as $11 billion to end the government's mortgage investigation. joining me now, rich edson, standing aside the department of justice when he left the scene. >> you know, questions as to whether or not any progress is made. there is no word yet of the deal company attorneys spent two hours of the bargain of justice. then met with attorney general eric holder. a person familiar with the settlement talks tells us an agreement is likely within days. a $11 billion settlement with the department of justice. their own negotiating. an unrelated press conference following the meeting commis refused to comment on the specifics. the heat knowledge that the focus on financial crimes. >> this is something that is a priority for this justice department all accountable people who manipulate the
company's that would manipulate our financial markets for their own customers benefit of the benefit of the company's. we have, i think, brought a substantial number of those kind of cases of the past few years. we have matters and are under investigation. >> reporter: federal and state agencies pressing jpmorgan. the bank is trying to clear as many of these potential suits as possible. already agreed to pay more than a billion dollars. liz: i mean, it's fascinating to see, but painful to watch. this is a bank that has the best intentions with like to believe, and they want to get away on business. does not send a great message. according to one of the most respected banking analysts out there, it sends a terrible mess is to the global markets about whether send best in what our banks are doing. a little worrisome holyfield's that any really punitive deal
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♪ liz: you heard dennis kneale in the last hour talking about how twitter has been making quite a touchdown with the nfl. the national football league is going to partner to provide exclusive content for the social network. already $10 million in order as they have been able to place. this comes before the highly anticipated twitter ipo. our next guest is putting out a public plea. please don't lose your weirdness. don't become too mainstream, go all corporate on us. joining me now, the "wall street journal" technology it -- technology columnist who wrote the piece. we loved it. how many times have we seen a
startup company take creative chances? we're coming do extraordinarily well and then go public and become corporate. is that your biggest fear? >> it is. one of the things i love about twitter is how difficult it is to use. it is an uneasy and that -- i hate to sound like a hipster, but it makes it like an exclusive club. and i worry that one of the things that twitter will be pressured to do is once their public and will need to report huge growth of recorder, revenue growth, user growth, and in order to do that they're going to have to make the service more accessible. one of the things they notice knows a lot of people sign out, and very few stick with it because it is hard to use. liz: is in their term for that? >> it's called charren. liz: yes. they sign up and then it is a debt account in a way.
>> right. and i know a lot of people who have done that. they get on and kind of cannot figure out what to do what it is for. at the twitter as it is now is just not for everyone. great republic people, journalists and marketers and good for people who want to follow the news, but that is not everybody. it is not your friends. liz: what they have done, the strategic partnership or they're going to generate some serious cash. ec in in advance of the ipo trying to strike deals with other television networks. i get their hall hipster thing because they hate when the world discovers what they felt was their secret. twitter is not a secret. i have faith in the company that there will be able to monetize all of their issues and stay cool with their little blue sale while. what to the need to do to make sure they do not annoy the
twitter faithful? >> i think what people worry about is that twitter will turn into facebook. facebook has its place and obviously it is popular. facebook is for kind of connecting with friends. it is also very -- it has a lot of videos, images. its rich media. we see that in this nfl deal. where in the cna film videos. a lot of people want text. liz: less talk about the synergies. one of the things the chump data new or you can see the power of twitter, that's ridiculous movie . instead it has tagging and trending. the next thing you know it was a twitter sensation in one single night. and the sci-fi was able to then rerun it and get more eyeballs
trumbull was one of the most ridiculous movies i have seen since vertical image, which i loved. i allowed to really cheesy, a dramatic movies. this has to be attractive certainly to people who are on the french. >> for those people it's great. so they ran a study where they found there is a significant relationship between tv shows an actual view should. nothing that is what they see as one of the big things. they are really plugged into tv. when people watch tv they gutted twitter. liz: one last thing as we finish because you have been living and breathing in at the moment. who gets the nod, nyse on nasdaq? >> i think it's nyse because twitter wants to be disciplined and avoid the problems that facebook had, but i don't have any special insight. liz: you're the guy at the wall street journal watching
technology. everybody follow him is so pathetic. thank you very much. two stocks that may wish they never went public. concerns are deteriorating sales, dropping share prices and slumping popularity. have these two names very concerned. blackberry and j.c. penney charging toward what looks like disaster. hundreds of millions of dollars in losses for both firms. are these companies actually the walking dead? we bring in an shapiro very much alive. it is true. i just would love to believe that both of these companies survive. >> let's start with the company everyone can relate to it. you have the concerns over goldman talking about going into the future, being allowed to raise capital. then you have the note from justice to the weather and lower the price target. worry that they will have enough
cash i reached out to mary driscoll, well known real-estate analyst to does not think that this is the end. not anticipating. she said in a "that they are adjusting merchandise and pricing for their core customer and have seen improvement in trend in multiple categories including difficult junior's area. one of the reasons she does not think this is the endgame she thinks it will be able to turn around the martha stewart debacle. they're getting on top of that. same-store sales will be the key. they've actually managed to shrink. she is optimistic. liz: hand over fist. >> and it will get worse. liz: don't worry. everything is fine. >> the value, should they have to liquidate is in the property,
an nra levers that. liz: blackberry. that is why i am for fairfax financial. >> trying to raise the money to put this potential deal together. a billion going to pension funds. blackberry has already said they're getting of the hardware business. as late as 2010, the dominant player. and it will go into enterprise solutions. and there are some people despite the fact that shares are now below $8 per share, they think they can afford. the take analyst says the blackberry can turn this around. a mistake was trying to go against apple. then he said by going private and refocusing on businesses the should be a will to turn their declines around in time on the path that they were on, overmatched amount matches what he meant, but said overmatched they still have that secure software. that is going to be declining. liz: you have to be careful.
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what's in your wallet? [ crows ] now where's the snooze button? liz: first it was 3 billion. now 11 billion. now we're hearing how much jpmorgan could end up paying to get federal and state authorities. this mortgage mess that is now about five weeks old. unrelenting pressure. could this be the end if they're is a settlement of the issues for jpmorgan, the end of jpmorgan as we know it? capital bank analysts joining me now. first of all, is bridge this morning jpmorgan has gotten and the department of justice which in and of itself is not unusual. bankers have been meeting extensively. what did you find unusual about
jamie dimon seen here getting into is car and leaving the brunt of justice? >> i think it is unusual that the picture was shown at all. from their standpoint it makes no sense to leak the information because if they don't get a deal there will be so much disappointment in the marketplace that the stock is likely to go lower. if the justice department leaks this affirmation, it was to take that number down because apparently $20 billion in the situation. it was denied. the justice department did not want a number that big sitting up there. liz: how close are we to seeing a deal? >> well, my assumption is that jpmorgan is trying hard to get a deal done. i think that -- i don't know what the situation was. shareholders of the company.
i think this thing should go to court. i don't think the board of directors of jpmorgan has the right to give away $11 billion of shareholder money without some clear definition of what it was that they did that was wrong. liz: the claim is selling shoddy mortgage securities. that is the claim. not even their fault, but through the purchase of bear stearns which they were forced into doing or at least gently asked with a stronger hand. how much to you think the settlement will be? the expectation right now is 11 billion. the offer would be under? >> i would take the over. basically we're looking for a big number. liz: bigger than 11 billion? >> yes. they really want to walk away saying that they have gone rid of all of the problems that they had, not just on mortgages, but a much wider variety of issues.
to do that is going to cost more than 11. remember, whole bunch of other people want to put their hands in the till. the sec bataan's in last week. you have the state of california who wants the money. the justice department wants money. your nose, the cftc wants money. supposedly there are eight other agencies. liz: it's unbelievable. liz: give me a number. >> i would say in the 15 area would be something that i would assume is correct. the robber, this company does almost to a half trillion in assets. common equity, and it as a cash position which is a couple of hundred billion. it is not going to harm the company financially to make the payment. it is just that i just don't think that it is right for it to make the payment. liz: who is the next target?
management in the past. is there a next target where you get this effect of all of these regulators in states saying there is money. they look at these banks has an atm, and they are not innocent. certainly they played a role. but enough is enough at a certain point.e right. you know, where all of these guys who put these companies out of business? they're sitting with hundreds of millions of dollars not affected by anything it is going on. we have seen the justice department take the stand because the united states government has a clear goal. they do not believe in too big to fail. as a result it is going after the biggest bank in the united states with everything that it pass. so i don't think that the united
states government is going to be happy to simply pick up money. the government wants more than at. they want to see what happened. bankamerica. liz: i have to get in the last question. i am wondering, if we don't see some type of resolution zero reseda bank like jpmorgan really hit hard, does this affect the way of the nation's look at us and whether they invest in us, whether they buy our ditch? >> i'm not sure it affects the way that they buy are dead, but i do believe it affects the way that they do business. remember, if jpmorgan is cooperating and providing all the information that the government wants, what information on the providing? they're providing information about our account. there is no reason that we want that information revealed to the government. how do we avoid that?
liz: striking a cautionary tone. thank you so much. maybe the settlement is more like 16 billion. we will watch it. stocks moving higher by about two and a half%. the closing bell ringing in 25 minutes. super bowl as lighting up literally. when the organization may be lending a commercial spot for free. ♪ you know throughout history, folks have suffered from frequent heartburn. butetting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer ] one pill each morning 24 hours. zero heartburn.
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it is january 204th. he says it is his great privilege to serve the game that his love throughout his life. he had to deal with so much in sanity during his tenure, but he says by 2015 he is done. bud selig retiring at the end of his personal season. a new name is leading the pack for earnings. we are about 30 minutes away from the start of the season, and when we say leading the pack, we mean the dow jones industrials. a brand new name is going to kick off earning season, taking over the spot from alcoa. we bring in equity research president corrina friedman. a big deal as it joins the dow land is the first to kick off the earnings season what are you expecting? >> heightened tension. rea looking for a percent growth in futures or numbers are in line with consensus. there is concern that the trends have been choppy. retail was a little weak for
back-to-school. footwear hello. basketball trends are coming off of a very strong first quarter. writing improved. a little bit of choppiness. but we are expecting and line numbers. liz: trying to spice up its product line. it has gotten a lot of attention. does that drive the bottom-line numbers? >> it is so small at this point. it's a part of the few trains of wearable technology which is helping to relaunch date the athletic cycle. technical apparel and footwear just a more active. liz: a touchdown or at least gives us a window into how the consumer is doing because these are not cheap products that they sell. how do you think the consumer looks when it comes to sales? >> nike does sell a little bit. baidu at every price point. then make a sneaker for $30, $2,300.
they have a large swath of consumers. liz: and yet you see where their growth will come from in the future. is it the nike ad the platform where you can design your own shoot? what looks hot? >> it is expansion in brazil will be a big area. direct to consumers, opening up more of their own stores. liz: she is going to stay with us. let us know what she thinks of these numbers as soon as they come out. we will get them to you as soon as we hear the bell. you will have the numbers. watch out. the closing bell ringing in about 18 minutes. national football league players are banned from smoking pot, but this year the super bowl marijuana might be making quite the cameo appearance. one publicly traded company could be sponsoring a pro pot add. it is in the elite of the certain competition to be the top advertiser for free. we have that story next.
thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
♪ liz: the financial software company promised offer a small business of free super bowl ad. it likely never imagined that april marijuana group would be one of the leading contenders. the national organization for the reform of marijuana laws known as normal is among the top vote-getter spirit they had to submit their ads. many were created. people could vote. guess what, they are getting all
of the votes in and online poll. when you have only a million dollar annual budget you have to do something created to get on to the super bowl ads. products like to road tax, what they're trying to do is focus on the bigger picture blessing of the company wants to keep sites on all of the entries. as we look at the stock, remember, this company can win. but the nfl may very well say, i know thinks so. we don't know. we will watch. can you imagine if the company gets it for free? interesting. and we remind you, we have a slew of economic reports out today. a bit of a mixed bag. some are encouraging, and some have left investors worried about the true health of the economy. how did you break it down? we are bringing into experts. the chief economists.
and co portfolio manager. 4 billion in assets under management. for shot because people looking at that decent data coming out, talking a lot gross domestic product backing better than expected. existing home sales. put it altogether. make some soup and tell us how it tastes. >> second quarter gdp came in a two and a half percent unrevised from the previous advance report, but the most important point is that consumption is also unrevised. that suggests that consumers are still out there spending through the second quarter, but at a slightly slower pace. so we are still focused on that loss of momentum and the consumer sector. we also saw pending home sales. the third consecutive negative monthly report suggesting a loss of activity, even in one of the most -- one of the silver linings of the recovery. i don't suspect we will pull the
rug government and the housing market, but in a rising rate environment it certainly limits the pull the activity. liz: howdy see it? i looked at what is happening now. if you're looking to invest. >> well, still going for three to five years we're looking for decent growth. you know, high single digits throughout the markets over the next few years. we are not looking for anything spectacular, but the foundation has been laid for the consumer. things are getting better. it is a strong to take some time the true question is when is a hiring going to kick in. now that the job elimination has slowed down, we needed to seize and creation. liz: that is an old question. we have been waiting for that answer, and maybe we have become inured to the pain of waiting for the answer, but tell me what is working. what out there in the market
should people be looking that if they feel that i will take a bad? >> there are consumer discretionary names that we like. dollar tree in the low-end consumer discretionary. if you're looking to save money in a way, you will go to these lower and retailers. you know, coming into the holiday season there will do very well. we like delta air lines as well, kind of looking at a strong third quarter and strong fourth quarter numbers. we think there will have a great year. and one of the other ones we actually like chevron. is in three 1/4% yield and trades at a very reasonable. we think long-term debt is a great company. liz: the second name is delta. i could not believe it. two different social events having nothing to do with the airlines. people at talking about adults the right now feels like the best airline not necessarily in
which to invest, but on which to fly which means people spending money. so if that is the case, doesn't that mean that the consumer is of little bit healthier from the point of view of the economist? >> we have to be careful because we talk about the consumer spending. if we look at the consumer spending, they are increasingly changing what is in the basket of goods. one month consumers may be out of as army electronics and apparel. the next month they may cut back on those exact categories in lieu of making those airline ticket purchases. if the consumer was clearly strong musial of those categories increasing at the same time. unfortunately this time consumers are picking up pockets of different discretionary good that they want to spend the money on. liz: they're not going all and every single month. in the and we have washington dc throwing rocks at our feet to trip us up. we have an inhospitable climate at the moment as we wait to watch all of these arguments.
lahood sure enough this is the kind of thing that gyrase the markets. >> absolutely. we have been waiting for clarity for how many years. it just keeps getting deferred down the road. there are some potential pitfalls looming in the not too distant future and is something that you have to be cognizant about. although we think that the market is going to be hired, there could certainly be some pullback. we look at it as kind of a buying opportunity for them. liz: thank you so much to both of you. hennessey fund co portfolio manager. we have breaking news regarding boulevard capital markets. executives are scrambling to find new jobs according to a charlie gasparino as the company mauls a possible sale. sources are telling us that the firm decided fate imminently. so you get a little anxious when you hear that. this is just to stress.
company officials did not return repeated calls for comment. reporting right now that they're out there pounding the pavement looking for jobs. the closing bell, we are five minutes away. make that six. six. and look at the markets. a better move from when we started, about 21 points of the top of the hour. nike earnings are about to come out. we will have them for you. much more ahead including a former head of home depot and chrysler in a fox business exclusive. ♪ ♪
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>> a nice move for the nasdaq, up 2 it points. -- 22 points. we have david asman right now. david: kind of a wild day for the markets. up triple digits. came down when boehner began speaking. there were other things. fed official began to talk but it ended up in kind after nice position the market has. let's go to nicole petallides at new york stock exchange. want to talk about a stock whose ceo we're about to have, h.b. fuller. this stock is hitting all-time high after they reported their quarterly earnings. ceo again is coming up a little later this hour. >> that is absolutely right. let's take a look at the shares right now up 7%. as you noted the stock was hitting a high. we're looking forward to hearing what he has to say. we saw increase in revenue for the company. david: exclusive interview by the way. liz: exactly. bed, bath & beyond is a stock we look at. they had a rise in sales. you walk in for one thing and
walk out with 10 things. >> a whole basketful. bed, bath & beyond did great with sales the last quarter. up 4.7%. history an annual high of 78.88. david: facebook fans have been holding for the long run waiting for the 50-dollar mark and today it came and looks like it will stay there. >> it would be incredible to see a close above the $50 mark and hit a all-time record high of 50.66. that is pretty incredible. most analysts have higher targets and. liz: nike jumping in advance of earnings. they took alcoa's slice or slot, rather in the dow jones does trial. david: their slice too. >> slice, slot, whatever you call it. it is best performer in the dow. sales over in north america and china as well. david: we are close, ladies and gentlemen. the clock is taking away to the point, looks like we'll be all green today, right, liz?
[closing bell ringing] liz: listen, i have to tell you something. we jumped more than 40 points in the last hour, david. make it 30. but nonetheless, it's a better move pushing into the closing bell. there it is. look how stocks are finishing up. nasdaq, nice percentage move. david: very. liz: just under a full percent. russell 2000 also higher by half a percent up five full points. david: lance roberts is coming up. he said the nasdaq is one of the more undernoticed sectors. people are saying, n 6 nah, it topped out. he says there is room to move. looking at front page headlines, jamie dimon is all over the place. he met today with attorney general eric holder inside the beltway. it follows the reports that the bank could pay as much as $11 billion in post investigations into its mortgage mess. liz: dick bove, banking analyst told us in the last hour that jpmorgan could pay as much as