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tv   Closing Bell  CNBC  July 18, 2013 3:00pm-4:01pm EDT

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now. he tried it. i'm going to try. >> tony elward, international vodka -- >> this is actually good. record highs. if we close above 1682. that's the number to watch for s&p, clearly above that with a closing record high. >> and yet cooler in detroit tomorrow. promise. >> hi, everybody. good afternoon. welcome to the "closing bell." i'm maria bacoming to you from e golf championship. investment are moving higher, including charles brkarkley in just a few moments. we will talk to him. bill, how are you doing? >> good. we will just watch lake tahoe
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with the sail boats going by. it's okay. we'll be fine. actually, we have a pretty good -- >> it real -- i mean -- >> go ahead. >> bill, the shot behind me is real. it is absolutely spectacular. it is an picture. it's not memorex. it is the real deal. >> i have no doubt that's a real picture. what is interesting is because what is behind me is real too, right now. and what is going on -- >> i know that. >> and the rally on wall street. been doing this a long time. yesterday, ben bernanke spoke zippo. nothing happened in the market. today we spoke and we are off to the races. all-time high territory. we will talk more about that coming up. also we await earnings from microsoft and google. they will be up next hour. that will definitely help set the tone for tomorrow as well, maria. >> so the question is, what happens from here? do you want to get into this market right here at these all-time high levels? we will talk with black box ceo
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larry fink. he was the first to call this market, a bull market. remember he came on the "closing bell." and later a 5% pull back we saw earlier this summer. we will talk it larry and see what he sees in the market. by the way, his stock today soaring on strong earnings, because we continue to see lots of money flows. we will talk with larry fink coming up on the "closing bell." >> a lot of financials doing well. huge bomb shells at yesterday's delivering alpha conference. you will remember here on this show, it was activist investor nelson pushing pepsi to change its business. >> even as that stock continues to trade near new highs, we hear from someone who says peltz is dead wrong. and he is an authority on this. that should be interesting. coming up in a little bit, maria. >> and bill, we should say that
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larry fink is the largest in blackrock. we will get larry's take on that as well. we have the final close, final hour of trading with the market in record uncharted territory. dow industrial up another 80 points today. sitting at 15,551, all-time highs. s&p and nasdaq strong today. nasdaq right around 13-year high that we saw earlier this week. up 4 1/4 point. financials really leading this market here. and check s&p 500. we are once again in uncharted territory. gain of 9 1/4 points. >> all right. so about an hour to go before the close. will the s&p finish at all-time highs? and where we go from here. we have mullencamp funds. eugene from profit management.
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yesterday, ben bernanke spoke and nothing happened. today, spoke to the senate banking committee. said the same thing, and we are off to the races. >> i would argue he's been saying the same thing for the past few months. >> yes. >> saying we are dependent. almost feels like the market is up on fumes today. >> you don't think the market is strong enough to support a rally like this. >> if people are cutting estimates before earnings and you are surprised on the upside, you are not where you were in april. bigger problem is the latter part of the year. earning estimates are just too high and they have to come down. >> you know, you also have the philadelphia federal reserve survey out today. but if you are looking for value in a market trading near all-time highs or in uncharted territory, where is the value
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right now, you would say? >> well, you have to pick your shots. we do think there is value in some of the financials. we think that what played earlier this year is people were looking for yield. and we have been telling people the last several months, we would rather have a 3% yield with low payout than 6% yield where the payout is very high. and you have seen a big pull back in the bond market, of course, and in direct yield dependent stocks. frankly, we think it is pretty healthy. everybody knows interest rates have go up and the 10-year went up about a percent and the stock market absorbed that pretty well. we think that is a sign of strength. >> but did you hear anything different? >> i'm sorry? >> sorry, bill. go ahead. >> no, good ahead, maria. >> what ways going to say, is did you hear anything different from bernanke today opposed to any other day in the mark set looking at commentary day in and day out. are you hearing anything
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different other than, yes, rates go up at some point. yes, tapering beginning at some point. but we are still in an anemic situation and unemployment is underestimating the real situation. >> no, he hasn't said anything different. what we think is interesting a couple weeks ago was he didn't say anything different then either. but it hurt him on an afternoon. any time anything, anybody says anything of importance, the markets initial reaction, market is just investors. but our initial reaction either as investors or portfolio managers, is how can that hurt me? if you get something in the middle of the day, the initial response is always negative. how can that hurt me? once you go through and say, okay, i don't think it will hurt me, then look for the opportunities on the upside. and what bothers me a little bit is the fed looked that and said, gee, the market is down. we will back pedal from that. i'm not so sure that's true. that's just a natural reaction it investors. any time anybody says something of consequence.
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>> and eugene, i think you agree with that. the feds in this intervention with easy money to a period of where we are left on our own devices. >> i think they are, bill. but i think today you are getting help from earnings. i think on the micro level you see companies come through. actually they have operated margins. and revenue tends to be light it seems, but i think across the board, you are seeing a slight bit of economic improvement and fact that the federal reserve is coming in and taking off the table a little bit, that they are going to reduce easing right now and take later, i think it is helpful. >> are you investing as though you are anticipating the fed to begin tapering by the end of this year? >> i'm investing more more the 3-year period and say, i know the fed is coming out of the market at some point. so i will look at a sit like like with intel today. they are down pretty aggressively. but the consolidated number, you see pc shipments going up a
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little bit so that would be a surprise. so i'm looking to get paid to 12 to 18 months when the macro news is in the market. >> so tobias, are you surprised this market is at all-time highs here? do you want it short this market at this level? >> i would definitely get a little bit off. back in december of 2011, a raging bull thesis report said we would enter a new bull market in 2013. i over the next two, three months, we have to get through whatever tapering issue occurs. we have to get through kind of this transition from quote, unquote, defensive deep cyclicals at the same time that they are seeing it weaken. our analysts put out a report on mining companies and mining equipment companies, seeing pricing breaking down on equipment to the first time very early in the turn. and you're going to have order cancellations. so the combination will be a little bit challenged in some of
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these materials, industrial stories. that's where everybody wants to go. so that adjustment may not be as smooth as everybody would like it to go. >> do you see trades going much higher from here? >> we are looking at 2 3/4 by the end of the year and moving forward. contracts are at 4.35%. they aren't really talking about the surge in rates over a short period of time here. >> you agree? >> i do. i think that interest rates won't be a major factor here for some time. we have pretty easy money has been for some time. i think more importantly, because companies have become so efficient as a result of the downturn, as long as they get pricing power and get revenue come back into ethe equation, te markets will continue to spin. >> interest rates have done nice things for retirees and pension plans. >> it is getting there is the tough part though, that's the problem. >> but the market is acting
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neutral. with low expectations, stocks are priced up. with bad news, getting priced down. so the markets, i think is more rationally than just headlines saying we are hitting new highs. >> thank you, gentlemen. good to see you all. . >> thanks, everybody. >> by the way, off of the best levels of the afternoon, but nonetheless, still in record territory, josh lipton looking at what stocks are fuelling this rally today. over to you, josh. >> maria, heading into the close. big movers were watching. start with banks. morgan stanley reports better than expected adjusted profit. regulators also green light the repurchase of 500 million of its stock. goldman, city, bank of america all higher as well. boeing rising today. british regulators looking into the 787 fire. now saying it was the emergency locator beacon. regulators saying it should be turned off. stock moving higher. now up some 40% just this year. health group, another gainer,
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beating the health insurer and enrolling more people. well care health plans also along for the ride. and herbalife, delivering alpha conference. carl icahn saying they haven't sold a share and the subject after billionaire brawl, icahn is long and ackman is short. maria, back to you. >> josh, thanks so much. and through the day of trading, 45 minutes before the "closing bell" sounds. off at the highs, we have been up 118 earlier, the dow up 76, bill? >> meanwhile, pepsi shares hitting a new high today, maria, after pushing for changes at the company during our alpha conference. but not everyone agrees with nelson pelts. we will get to the other side of the argument and if pepsi belongs in your portfolio. that's after the break.
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>> and later in the program i will talk with blackrock ceo larry fink. what does he say in the next leg for this market? we will talk about that and a lot more. also coming up next, sir charles barkley is here. he joins me in lake tahoe. he is the long shot to win the american century classic here in tahoe. we will talk strategy with him moments before he tees off. plus, did you know he watches the market everyday? that and more coming up on "closing bell." stay with us. charles barkley, next. before global opportunities were part of their investment strategy... before they funded scholarships
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♪ ♪ the dodge summer clearance event. right now get 0% financing for up to 72 months and no payments for 90 days on all dodge vehicles. welcome back. >> there are two things in the stocks right now. mr. bernanke tamed the bond market for the moment. for better or worse, that's the key to the story. second earnings coming in to expectations. i said a few weeks ago, could
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end up at 6%. right now at 4%. i'm sticking with those projections. we are getting all of the financials in and they are generally pretty good. modest loan growth, still enough to get earnings above expectations, by and large. and it is not regionals versus big banks. they are all on the up side. everybody says, oh, it is just financials. no, that's wrong. put up the screen here. tech stocks, ibm. united healthcare. johnson controls, dover, and industrials, dover up the outlook at a historic high. johnson controls narrowed the guidance. this is not just financial stocks. generally news comes in bet are than expected. we did have a little bit of disappointment today, bill. that is ucp. we have another home builder go public today at $15. this is the third one that happened this year and as you can see, little bit of a
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disappointment. getting a late day bounce but about a dollar below where it priced overnight. take a look at the interest and quote from the ceo, i spoke with him this morning. i asked whether higher interest rates would hurt the housing recovery. household formation and job growth trump interest rates. very important point to bear in mind. back to you. >> thank you so much. we are continuing our special coverage from american century celebrity championship golf tournament today in lake tahoe, nevada. our guest guest is 500 to 1 shot to win the tournament. the always outspoken nba hall of famer, sir charles barkley joins me right now. emmy award winning studio analyst for nba on tnt. >> can you believe they give us troughies for being on television? first of all, i can't believe they paid me to watch lebron play, now they are give meningococcal trophies? >> america is great. i'm sayin. so 500 to 1 odds, how did you
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gain these days? >> i'm looking forward to the weekend. i'm hoping i play better, but i'm not going to sweat it. it is hot as hell everywhere else in the country. it is perfect weather here. walking among the trees. fans are fantastic. but 500 to 1, i probably wouldn't bet on myself. >> but that's how you win money. >> i have no chance of winning this thing. that's how you can be successful. >> you were so generous with everybody, buying everybody drinks. they were just crazy for you. because you are so generous with your time. >> well, maria, no disrespect to you. there's only five real jobs in the world pb policeman, fireman, doctores with someone in the armed service. everyone else just shut the hell up and enjoy life. i think those five jobs are important and significant. if you don't have one of those jobs, you shouldn't take yourself that serious. i enjoy meeting the fans. i meet cool people in my life. >> good for you. wonderful to hear you say that, charles. >> what is going on in
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professional sports? what would you headlines? >> i think in the nba, everybody is trying to catch up with the miami heat. what brooklyn has done off season. what dwight howard has done. everybody is trying to catch up with the heat. the all-star game was awesome. >> it was awesome. >> i got a chance to meet mariano rivera. that was probably the closest chance i have of getting to heaven. but that was it meeting mr. rivera. >> so you have money in the market. >> well, i'm not bragging, but
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blessed to have money. and about 70% of professional athletes go broke. >> that is amazing. i feel like the more money you have, the more risk you are to lose it. >> the more free loaders you have, actually. you just have to learn to tell your family and friends no. once you start give willing people money, they never stop. you become an enabler. once you start giving people money, they never stop. it is not like you say, here, let me give you money, but they keep coming back. you have to learn the magic word, no, i'm not giving you money. >> you have to put your money in the market for long-term investment games. >> well the key is singles and doubles. most of the time, you probably get a hundred investment plans and opportunities a week. most of them say start out saying, i have a way to make a lot of money. very seldom do you have an investment to make a lot of money.
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not very often do you hit a home run. just a lot of singles and doubles. i've been blessed to make a lot of money for a long period of time. i just want singles an doubles. >> you got to hold on to it. >> yeah. you just got protect it. >> last time we spoke, a couple years ago, here. you said, anyone who tweets is an idiot. do you still think that? >> yes. i would never tweet. the thing about being in the lime light, you're like the homecoming queen. all of the ugly girls hate you. when you are successful, there is animosity toward you. it doesn't matter what you say. half of the people like it and half of the people dislike it. i choose not to give those that have that dent like me ammunition. >> then you get the haters? >> and that was the toughest thing to learn for me to first and going back to '84 when i first got into the nba and became some what known. there is good and bad animosity
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toward people who are successful. when way necessary high school, me and my friend hated the smart kids because we were dumb. we didn't know we were idiots for being dumb. we should have appreciated those kids for being smart and being successful. and like i say, there is dumb people don't like smart people. poor people don't like rich people. ugly people don't like good looking people. psychologically, there's a disadvantage. so i choose to, i don't need the haters. >> just because you are not tweeting, doesn't mean you are not opinion ated in some of your thoughts. >> i want it get paid to be opinionated. >> you were in support of jason collins coming out as the first openly guy player in the nba. >> yes. >> you said players are more ready than they have been. >> we have all played with guy pl gay players. you work with gay people. you might not know it. >> but who cares. >> exactly. who cares. first of all, i'm black. i'm against any form of discrimination. i learned from the great bill
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russell, one of my mentors, being black, you have to want to be inclusive. if someone is gay, god bless them. >> any thoughts on the george zimmerman verdict. >> i agree with the verdict. i'm sorry that young kid got killed. but they didn't have enough evidence to charge them. something clearly went wrong that night. clearly something went wrong. i feel bad for anyone losing a kid. but if you looked at the case and you don't make it -- there was racial profiling, no question about it. but something happened that changed the dynamic of that night. and i know -- that's probably not a popular opinion among most people. but looking at the evidence i agree with the verdict. i feel bad because i don't like when race gets out in the media. i don't think media has a pure heart, as i call it. very few people have a pure heart when it comes to race. racism is wrong in any, shape, form. a lot of black people are racist
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too. i think sometimes when people talk about racism, they say only white people are racist. but i think black people are too. i don't think the media has clean hand. i'm sorry the young kid got killed but judging by the evidence, i don't think that guy should have went to jail the rest of his life. something happened bad. >> i like what the juror said, they both should have walked away. and if there is a shadow of a doubt, there is a shadow of a doubt. >> mr. zimmerman wab wrong to -- he was racial profiling. trayvon martin, god rest his soul, he did flip the switch and start beating the hell out of mr. zimmerman. the main thing, i feel bad, it gives every black and white person who is racist the platform to base their ignorance. i watched this trial closely. i watch these people are
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television talking about it. a lot of people have a hidden agenda. they want their racist views, whether they are white or black -- >> the biassed comes out. >> it does. we all lost. and i feel bad for his parents. you don't ever want to see anybody lose a kid. >> charles, you make so many great point. thank you for having me on the program. >> thank you. >> do you remember when you were here before and we played golf? >> well, i played golf. you did something. you made me look lyiike tiger woods. >> thank you. >> slightly to the sales side as we head toward the "closing bell." >> nelson peltz did a deep dive on what he said would he like to see the company do. stay with us. >> people change. my kids just don't drink soft
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drinks like you did and you don't drink soft drinks like i once did. >> and the stock is higher again today. but not everybody agrees with what peltz had to say. that's next. >> and he manages more money than the federal reserve. don't miss maria's exclusive. find out what is driving this quarter's earnings and find out what larry fink says it coming up. all coming up on the closing bell. looking at covered call strategies to generate income? with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades
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because andrew, if the transaction structured wait we suggest pepsi by 2015, our estimates say the stock is $175. it was 80-something today.
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>> but gene jeffries son felt said it may be good for peltz for not so good for pepsi. why is that? >> pepsi. company, pepsi shareholders, this might be good for peltz. this is a risky $80 billion acquisition. the integration of beverages and snacks are critical, especially in high growth areas. where the distribution is happening in china, where they are up like 40% and snacks and about 20% in beverages. sold together. this is throughout the developing world and high growth markets. these things are integrated. they get in there on basically the infrastructure, backbone of the beverage business. that's what busy retailers want. for peltz to talk about
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splitting this thing up, it is generally illegal in other fields to start the harvest body parts from a live healthy body. this is a very healthy organization. all time stock price, yet again, we see today, as we hit it before on monday and 12% organic, you know, increases, through 12% returns that are, you know, fantastic. and this thing is a healthy business. i think of the top retail brands out there, i think they've got almost, nine or ten of them, looking at trop canada and gatorade. and peltz says people aren't drinking soft drinks the way his kids did. well, don't drink soft drinks. i think aquafina water, that's
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pepsi, drink water. drink other pepsi drinks. >> there are companies with highs right now, don't you think together they might make for a powerhouse in a highly competitive commodity business around the world? >> no, you might remember baldwin united, why not have a baldwin piano insurance company. chocolate doesn't sell the way you sell salty snacks, for obvious reasons. lord adrien cabaret talked about how things worked in the world. he should have built his cabaret business so there would be something that someone else wants. it didn't work for kraft or cadbury and it doesn't make sense for pepsi to go down that route. why is peltz picking on women
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ceos, as cramer subjected this morning. to go for a pop in a stock price -- >> so you think he is picking on female ceos? >> you look at ellen coalman of dupont and rosian at kraft and endra and ellen too, and i don't know if jimmy cramer was just joking or noticing a pattern or just filling out the end of an interview. but it is in tt is notable. >> he is trying to get more value, you know, out of his investment. >> out of his mistaken investment. yes, his mistaken investment. >> thanks so much. >> on the backs of pepsi co. catching a falling knife. >> it is one incredible
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coincidence that all three companies have women ceos, you're right. >> thank you, jeff. >> thanks. >> we got to go, jeff. always good to talk to you. >> see you soon, jeff. >> interested parties benefiting if pepsi moves higher, should you get in on this story? let's talk numbers with chief market technician at fbn. and from risk reversal.com. jc, let's look at the charts. >> bill, i wish i was drinking a pepsi right now. it is in mid 90s in new york city. i brought two chart and both have mid 90s for pepsi. first is longer term going back five years. we see a very distinct ascending triangle. this february we broke higher above resistance at 73 and we have been running higher ever since. second chart i want to talk about is one-year chart. again we see the break higher in february.
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and we ran all the way up until april. we slowly consolidated that formed a flag formation. july 8th we broke higher from the flag and again, this sets up for $95 price target. >> wow. and would you buy pepsi at these lofty levels. >> no. i see two problems with peltz's proposal. if you bring the two companies together, i think it is more difficult that mr. peltz laid out yesterday. secondly, it produces financial leverage in order to do this deal and pay out special dividend. balance sheet will be significantly levered up. that's a much riskier company going forward. lastly, pepsi over the last two years from 2011 to 2013 hasn't grown revenues at all. hasn't grown earnings at all. i think that's part of the reason mr. peltz is frustrated. the international business is
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really probably a headway in going forward. i see it as a difficult company to invest in. >> i will say this -- >> got go guys. we have breaking news, so i have to move on. thank you for your thoughts on pepsi today. >> to josh lipton, what is going on. >> bill, watching onyx fa pharmaceutica pharmaceuticals. remember, earlier this the week, they were expecting a take over. now pfizer decided not to bid for onyx. remember, onyx rejected amgen's bid for sale. can you see the drop there in the shares. onyx at session lows right now, down some 3%. bill, back to you. >> josh, thanks very much. we are heading toward the close. 25 minutes left on the trading session. bias is slightly to the down side. we are in record territory but well off the highs of the day. dow was up 118.
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now a gain of 68 points now, maria. >> yeah. we are getting selling here going into the final few min puts. then once on the market for $125 million. now t now the versace mansion can't find a buyer. is it up for auction? that story later on in "closing bell." >> keep an eye on google and microsoft. both reporting earnings after the bell tonight. a lot on the line there. could set the tone for tomorrow. that for sure. stay tuned for instant analysis on "closing bell." be right back. >> check out on-line edition of talking numbers. talking number says sponsored by -- er level, tdd#: 1-800-345-2550 then schwab is the place to trade. tdd#: 1-800-345-2550 call 1-888-284-9410 or visit schwab.com/trading to tdd#: 1-800-345-2550 learn how you can earn up to 300 commission-free online trades tdd#: 1-800-345-2550 for six months with qualifying net deposits. tdd#: 1-800-345-2550
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welcome back. the s&p 500 hitting new highs during round 2. fed chairman ben bernanke's testimony, clearly mark etsd et what they are hearing. >> we are all pondering this. steve, did the chairman adjust his message in any way in the last couple days here? >> i've been thinking about
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this, bill. i was trying to think if i would put odds on the september tapering after the may meeting. i probably would have said 80/20. i think i might be 60/40 or 50/50 right now. i think the chance of tapering has come down a bit. what i think bernanke did is tell the market it is not on auto pilot. i think that's significant. i think what the fed judged is that the market feared the fed would make a mistake by being on auto pilot and being held bent to do the taper. and i think now what the fed is saying is that we will do this if the data is supported. >> greg, what do you think? i feel like, it has been data supported the whole time. >> yeah. >> and the chairman has been saying it is data dependent. yet, the market reads into his speeches differently, a month ago versus today. >> one thing you are seeing is the benefit of repetition. the message today, message
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yesterday, message after the conference in boston last week was tapering is not tight yepping. tapering is not tightening. even if we slow the pace of buying we won't reset the short term interest rate. we might even leave it at 0 longer than you think. that, i think, is being felt. i think there was a dovish tone to a few things the chairman said yesterday and today. even mentioning the deflation word. number two, talking about the possibility that high bond yields, high mortgage rates could be a problem and a reason to maintain qe. so bernanke is saying is bonds sell off too much we will buy more bond. it is a self correcting element to the bond market. >> this time with bernanke speaking stocks higher, yields came down, are you used to hearing hem now or what do you think the market response was all about? >> i think the market response is the big walk back. listen, he walked it back. pure and simple. and i think that the residual
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yield increase, you know, if none of this chapter ever happened, the june joint congress testimony, the question/answer, i think we would be around 210. i think there is a residual of 43 basis point premium in the market. i think stocks really like to walk back and in terms of, you know, whether on auto pilot or whether we're not, i think it is like they took the idea after trigger and they stuffed it better than the palomino roy rogers used to ride, and the notion of threshold, he can get away with anything he wants. stocks like that. i think at the end of the day, the credit markets made him walk it back and stocks like that dynamic. >> rick, what's that 43 -- >> how much of the policy becomes somebody else's problem, do you think? steve and greg, love to get your thoughts on this. if we don't see tapering beginning in september, then we've got two-day meeting in december. and then bernanke's out, which
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is like, does the roll back of the stimulus become somebody else's problem? >> there were so many congratulatory remarks and gratitude expressed to bernanke today, i thought one of the senators was going to get out a gold watch and give him a plaque there and give him retirement right there, maria. it sure seemed like a done deal. yes, bernanke did nothing to walk that back. there is no information to walk back the clear bet here of the story. i think it looks like -- >> you went from 80/20 to 50/50. why did you change your mind? >> i think it is interesting. i thought it was a policy in search of data. now it is a data in search of policy. >> it is nonexit strategy in search of stacks. >> okay, i don't get the nonexit strategy part of it. but i think rick, that ultimately, what happened is first of all, data did get weak in some of the time period from
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when they first wrote, that the first thing. secondly, i think they saw the impact of the market and wanted to emphasize it. i think they were held bent. i know we got to go, but greg, did you lower your odd? >> unfortunately, his ear piece died. >> we will tweet it out. >> let us know. thanks, guys. >> see you later, thank you. >> heading toward the close. 15 minutes left. still losing altitude. still in record territory for dow and s&p, though. >> we got the "closing bell" a few minutes away. don't miss my interview with the ceo of blackrock, larry fink. big increase in earnings today. you will recall he made dead-on calls about the market here on this program. what does he see now? we will find out what he thinks. >> what about the bell? another twist in the battle for
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the company. now what? >> investors showed up hoping for a definitive decision. in case, in less than 5 minutes they got more uncertainty. we will tell you what is at stake for dell. stay tuned for the "closing bell." ideas, goals, appetite for risk. you can't say 'one size fits all'. it doesn't. that's crazy. we're all totally different. ishares core. etf building blocks for your personalized portfolio. 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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well, the dell saga continues. our birthday girl, jackie deangelis, spending her birthday in round rock, texas, has the story for us. jackie? >> good after no one, bill. much quicker than expected meeting this morning. less than 5 minutes for the chairman of the committee to call an adjournment. now another vote will be held next wednesday, 5:00 p.m. central time, to see if michael dell's proposal to take the company private at 13 of 6 /* 6 -- 1365 a share will be voted through. a lot of investors in the room weren't surprised. they were expecting a yes or expecting an adjournment. michael dell himself wasn't required to attend but he did show up. when people saw him, that's what they were expecting. carl icahn and southeastern out in the statement later in the day saying we believe the he can
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lay reflect the unhappiness of dell stock holders in michael dell silver lake offer which we believe substantially undervalues the company. this is not the time for delay but the time to move dell forward. there is a lot more unsrnty ahead for dell. a lot of questions. what will happen between now and next week. will michael dell sweeten his bid and make it a higher offer to please shareholders and pass it through? or will he see carl icahn's offer in front of shareholders at the annual meeting. that's the big question. back to you guys. >> thank you so much. we are in the final stretch of trading. about 5 minutes before closing. a market higher off of the best levels. gain of the dow by 75 point. we have been up 118 earlier but we are about 5 minutes from the closing with bell. >> and by $15 million is nothing. should be a quiet close here. is the rally back on track or is another pull back on the way? what happened to the correction talk. we will get dennis gartman's
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welcome back. we are about 10 minutes from the "closing bell." poised to hit new highs once
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again, even though we are closing off the best levels of the day. our next guest says he is bullish on equities. let's see what else he is watching. bill? >> living by his daily gartman letter, good to see you, dennis, welcome back. >> good to be here. >> why are we sitting at all-time highs right now? >> i think it is clear. the monetary authorities and the world, but the fed has been injecting feds into the system and may have overstayed their welcome a bit. but it monetary authorities are force feeding into the system the money will find waits into equities market. continues to do so long before they move toward plant equipment and labor. there is if reason to think that they are going to quit so stock prices still want it go higher. >> dennis, can we keep trading higher on the idea that it is
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the fed providing this stimulus or do we need something to move, the needle it move, in terms of economic growth. profit and revenue growth. s&p is expecting a decline in revenue quarter over quarter and year over year. >> maria, how many times have we seen economic activity declining and stock prices going up? it is not all that unusual. it is not that normal it see stock prices and economic activity all moving together in the same direction. it is rather more usual to see economic activity waning, monetary easing, stock prices going higher. there will be a time in the next year or two, when stock prices begin to weaken because money will come out of the equities market and go into plants and equipment. it is rare. it is not a normal circumstance or it is an unusual circumstance for stocks and economic activity
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to be moving in tandem. we shouldn't find all that surprising, to be honest. >> got to go at this point, dennis. thank you. >> we'll be back when we can have a longer conversation. appreciate your time. see you later. >> thank you. >> you got it. >> coming back with closing countdown for this thursday, maria. >> and then after the bell, don't miss my exclusive interview with larry fink. his stock is soaring today. why is he still bullish on the market? we will find out, stay with us on the "closing bell." you make a great team. it's been that way since the day you met. but your erectile dysfunction - it could be a question of blood flow.
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inside the last minute, looks like records for both the dow and s&p as we head to the close here with keith bliss. how much higher in what could stop this market, here? >> the only thing, we talked about this earlier, the only thing that could stop the market is a global ma kro event. perhaps getting involved in syria. all of the internal areas we look at are bullish. the dow transports hit all-time highs at the same time. we have a lot of momentum in the mark market. if you're nervous at the lofty levels, you may not to do anything but absolutely do not short this market. you'll get hurt.
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>> thank you, keith, for joining us. we have earnings from microsoft and google in a few second. that could set the tone. for tomorrow's trade. stand by for the second hour of the "closing bell." maria in the studio somewhere with a fake background. lake tahoe behind her on the second hour. see you later. >> and 4:00 on wall street. do you know where your money is? coming to you live today from lake tahoe. we await earnings out any minute from google and microsoft. we will have those numbers as soon as they hit. once again new highs for the dow and s&p 500. industrial average finishing uncharted territory

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