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tv   Closing Bell With Maria Bartiromo  CNBC  February 13, 2012 4:00pm-5:00pm EST

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we do not trade the market. we head to the close and the dow is about 68 points right now. sue and i now have the second hour if the new york stock exchange. >> and it is 4:00 p.m. on wall street, do you know where your money is? >> hello, here is what we are following at the close this monday, stocks did rebound from last week's declines after the greek leaders over the weekend proved aus tearity measures to proof bail out funds and apple is leading the way, trying closes above $500, looks like it will have to done that. and the other story, president obama's latest budget proposal, jeffrey zients will be with us to explain why the big part of the budget involves doubling the dividend tax for some americans.
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>> here is how we finished the day. the market had a good advance, and still finished up 72 points. nasdaq up 27.5 and the s&p 500 up about nine points on the trading session. so, not bad. but secertainly not the highs o the trading session. >> right, as we were saying we thought we would have a bigger gain today. >> one would think. >> with barrons calling for dow 15,000. >> right, you would have thought it was more. keep in mind there were dispointsing economic news coming out of japan. >> there's always something, isn't there? >> there s even though the markets moved higher, we saw a light volume day. we are seeing a seasonally slow time for the markets but we will take it, right? let's look at what helped to drive the markets higher today. we saw strength in industrial stocks and telecom was stropger and financials have been
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strongstrong er throughout the year, utilities are toning to be down. the dow leaders included bank of america, which is up some 40 plus percent this year and jpmorgan and united technologies contributing to the strength we saw in industrials. utx, a report saying they are considering selling a flow business and another business that could raise 3.5 billion and pfizer contributing to the dow's gain. let's look at apple and see where it's settling out there. looks like it will settle above that $500 mark for the first timer. the earnings season is wiepding down, diebold, maker of atms, provided a favorable forecast for the year ahead. if you are in new york and have been hit with lin-sanity, you
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know this point guard sensation has caught new york's attention and it has caught investor's attention in madison square garden, because it's in a dispute with time warner, two million people cannot see the knicks play, we will see if that brings time warner back to the bargaining table. >> so they have no idea who jermey lin is then. >> i think they do know. you would have to live under a rock not to know. the retail index hit an all time high today and retail sales later this week, we will know more about the economy later on. >> we have breaking news out of the housing sector. we are in washington with that story. >> well, that is right, bill, the fha is raising the mortgage insurance premiums yet again. got off of a call, and they said
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they are doing it to strength ten fha fund and to bring private capitol back to the market. more interesting, he added that had the attorney's general settlement, $25 billion and the country wide settlement last yolk not happened those premiums would have gone higher. the fha stands to net about a billion dollars from those settlements in those 2013 budgets, fha asked for $688 billion, and that is the first time it asked for a bailout, that estimate is not needed. it saved the fha from a bailout >> let's talk about the president unveiling his budget for 2013. could have huge implications for investors. john has more details for us.
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john? >> bill, there's no lin-sanity over budget proposal because everyone knows the to parties are j jammed up on what to do about the deficit. $901 billion for fiscal year 2013. big difference between republicans and democrats, the president has 1.5 trilli$1.5 tr people at the top of the scale. republicans placed more emphasis on entitlement cuts and they are saying they will propose cuts in medicare, that is the key difference between the parties. we will see what the voters
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decide when these two arguments are put before them in the november election. >> in likelihood, a lot of the tax initiatives, of passing, the chances of it passing is low. it sounds like a platform for the re-election campaign than the a budget. >> it is more of a political document. the two parties have already agreed on the level of discretionary spending. that top line number is not in question, the question is the allocation of money. the president wants to spend more money on education and transportation and community colleges. he unveiled his budget at the community college today and that is why this is a political document in a political year as the president is trying win a second term. >> coming up in a few minutes we
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will talk with jeffrey zients and get him to break down the budget and tell uses if there's a chance it could pass in its current form. >> stocks showing no signs of slowing down. take ago look at the gains, it's not all that far from if the 13,000 mark. a level we have not seen since 2008. and now that austerity measures have been approved in greece, is it too early to call for the 15,000 dow? wells capitol management, jim paulson thinks it's possible we reach that level this year and he expects the s&p 1500. welcome guys. nice to have you here. >> nice to be here. >> jim, i'm going to start with you, what is the under pinning for that 15,000 mark for the dow? >> i think the biggest thing that is going on, sue, is we
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over reacted to two events last year. the idea that europe would be a disaster and blow up and the u.s. was headed for a recession and as a result of that, the valuation on the stock market went from 15 times earnings to 13 at the end. we are reversing that valuation, in other words, we are settling down and reassessing the two risks and already the valuation has gone from 13 to 14, i think it will go to 15 times earnings sometime this year with $100 earnings that is 1500 s&p and over rereacted last year. >> market, do you agree, and maybe we avoid a disorderly default. europe is probably already in a recession, and does it derail our march toward the 15,000
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mark? >> i think that directionally i agree with jim, i would like to get through 13,000 first and move up from there. we have seen a reversal of everything that worked if 2011, it's not working as much right now, utilities were one of the best places to be and this year they are one of the worst places to be. we have had a lack of bad news so far this year and the market has worked its way up. obviously greece is a day-to-day story, the news today was good. and i think that we can, if we continue to grow at 2.5% at gdp and continue to have jobs growth, we can get through, i think a slight european recession at this point. i directionally agree with jim, 15,000, i would like to work our way slower towards that before i promise 15. >> where are you putsing cash to work, the stocks have had a good run. warren meyers was saying only pigs get slaughters, if you real
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o -- if you re, allocate your funds where do you put them? >> you look at the cyclical sectors, two of them did too well already, that is consumer and tech this year so far, i would lighten up there, and i would focus at the manufacturing sector, industrials and basic materials, they are the flip side of the japanese tsunami coming back. i would focus on the emerging markets. you have all the policy officials now easing in those economies, likely to pick up the economies in the second half and have the stock revive, and i would focus on financials i think the biggest thing happening is we are getting a reestablishment of confidence in this recovery. and i think that more than any others of the sectors in the s&p, confidence helps more than
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ingredient else. >> indeed, thank you. >> thank you. >> let's look at the business head lines we have for this monday so far, crude rose for a fourth day as the euro was boosted for a time. the technical glitch halted trading at 2:30 eastern, and trading has resumed since then and crude now above $100 a barrel. sa standard & poors they have lowered credit rating on 15 banks. it followed the s&p cut of the credit rating for spain last month. and google has won eu approval on it's $12.5 billion purchase
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of motorola mobility. it wants to boost the patent portfolio and the regulators say they are keeping close watch to make sure they do not abuse their patents. chinese regulators will hand down a decision on march the betwe 20th. >> up next, we will look at apple above $500 a share and we will go inside the president as new budget proposal and jefrry zients responds to critics. >> and little bit later, best in show financials, are the big banks or regional banks your hot ones this year and here are the highlights from our guests on cnbc today.
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>> this is going to be a volatile year still, we have not entered the guts of the election yet, and people are emotional about their money. longer term we are to the edge of a equity bull market, this is still a year of volatility until proven otherwise. >> markets move in stair step functions, we had a big move up, i think we will get a bit of consolidation, sideways move here. >> and people's move here is their risk on train is leaving, and they will miss it and i think that people are piling into those risky assets. i personally believe that is a mistake. i do not think that is the long-term trend that we are witnessing here because we are on the down side of a credit bubble. risk on, risky asset dos not work on the down side of a credit bubble. >> it puts a crimp on growth, it's like a, firm trying to cut their way to profitability. it does not work in the long run. (
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airline stocks were particularly strong today, spirit air at an all time high, along with expedia in the travel area and priceline who reports
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next week and apple helped the nasdaq composite reach a all time high. apple closed at $502. apple shares have climbed over 30% since steve jobs' death a number of analysts say it's not cheap. if you look at the timeline on the wall apple's value has come since it had the products, ipad, itunes, ipad, that is what has driven the earnings and the shares and they expect that to continue well into next year. a metric to look at, if apple were valued like the stocks we saw back when the nasdaq was at levels. the stocks that were at the same market cap rates. they would have to evaluate them at 25 times earnings and at that time right now, it would be a
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trillion dollars market stock. something to consider. >> as we said, $500 billion is not what it used to be. thank you. as you know by now, the president unveiled his $3.8 budget for fiscal year 2013. he turned up the heat and the tax rates to wealthiest taxpayers. much chatter about that and some wonder if the plan puts too much emphasis on the nation's rich to turn around the deficit. we have jeffrey zients joining us from the white house. good to see you, welcome, thank you for joining us. >> thank you for having me. >> any budget is a balance 20 spending and revenue and a lot of people are saying, you cannot cut your way to growth in the economy right now, with the tax initiatives that are in this particular budget, is this administration suggesting that the economy is strong enough to
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absorb the tax increases that are proposed here? >> he has put out a first priority of extending the payroll tax cut. that is important for 160 million americans. he has put forward initiatives to spur the economy and continue job growth that we have seen. including money for infrastructure and modernizing the schools. at the same time, we have to bring down the deficits and stabilize debt as a percentage of gdp and we have to do that through a balanced approach. it's a balanced approached to deficit reduction. >> i'm sure you are not surprised about the chatter about the proposal to raise the tax treatment on dividends to
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ordinary income, but business week points out that last year's budget from the administration said that setting the top cap gains and dividend tax rate at 20% would, and i'm quoting your budget from last year, would reduce the tax bias against equity investment and promote a more efficient allocation of capitol. you seem to be switching here, what changed? >> there's no tax increases for families under $250,000. >> that is clear, but those above pay more. >> the dividends, and dividends only would go to ordinary income, cap gains would stay at the 20% rate. in the '90s was taxed as ordinary income and there was plenty of incentives for businesses to be created and plenty for businesses to be
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making investments. we are in good shape overall with everywhere paying their fair share, $2.50 in spending cuts for a dollars of increase. >> the tax on the americans making over a million, you have that as an either or, if it passes it does away with the alternative minimum tax which put a squeeze on middle income americans out there. i mean t likelihood of the buffett tax passing is low. so what happens next year do middle income americans still have on put up with that tax? >> we propose a permanent fix of the atm, so we get out of the habit of taxi inin ining each y. the president believes millionaires should pay as much
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as 30%, so they are paying what middle america is paying. >> and the health care initiatives that you have in there cuts spending for medicare and medicaid, there's those that will point to another squeeze on middle americans, and knows relying on those programs and those that will rely on it in the future, how do you justify the cuts there? >> those cuts are coming from provider productivity, from decreaeasing variation in care across the country. more expensive care is not leading to better outcomes in some cases and sometimes it leads to less good outcomes. so we are making sure that we are providing good efficient care and across the country. we remain our promise to seniors to make sure they have good health care coverage throughout their lives.
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>> thank you mr. zients. >> thank you. >> and tonight on the kudlow report, pat toomey will respond to the president's budget proposal. that is coming up here on cnbc later. >> wall street has been high on cloud computing, we will explain why the hot stock could come back to earth. >> all the after hours movers, >> i have a company that increased the dividend 300%, i'll give you the name and news on dow component dupont wheeeeeeeee! ah heads up. wheeeeeeeeeeee! everything you love about geico, now mobile.
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welcome back, the nymex, oil prices are up nearly $2, and trading above $100 a barrel after a late day session is had traders scrambling in the cme group as well, there was a technical issue with the trading system that halted trading. settlements were based on the open outcry session from 2:28 to 2:30 p.m. and big mystery as to what
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caused the glitch. but traders started to notice a problem around 2:00 and session orders and all days were cancelled but we are looking at trading functioning normally and prices above $100 a barrel. and look where gas is. >> all right. a handful of companies including wrack space are making moves in after hours trading, brian is rounding up the action for us. >> they are up 5.5%. investors are digesting positively the earnings report. earnings were great for fidelity national. they were up a 300% increase, you have on own it by march the 16th, they are up 1.75%.
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eps and revenue was great and q1 guidance below and that is why it's down 3%. regal entertainment, is up more than half a %. insight enterprises up a bit and well above consensus that is up 16. in 2011, they expect to have paid 38% to 36% in taxes and they paid less than 30% last year. gen-probe met expectations and it is unchanged. finally dupont signing $100 million contract, expanding on an existing relationship and that down .25%.
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>> can rackspace earnings continue to sore? the debate on rackspace is coming up. i just like saying it. rackspace. >> and courtney is playing around at the american international toy fair and she has great friends. >> lackluster holiday season is causing problem in toy land, i'll tell you what toymakers are doing to drive demand that is coming up on the "closing bell." hey, did you ever finish last month's invoices?
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welcome back to "closing bell," i'm at the new york stock exchange, today's rally in industrial and financial stocks and retailers are showing an increase, autos expected to show a bit of a increase. look at the retailers that have
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contributed to the rally. dollar tree and limited brands and hope depot which all of them hit 52-week highs today. also strong today home building stocks, specifically the construction index, home construction index, this on reports of more housing permits, this index hitting a 52-week high, in fact the highest levels just about a year and 3/4s. >> we are following particularer -- tickers viewership has shot up and it's contributed to jermey lin. is caesar's entertainment
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tumbling after it was reported that they have little going for it besides the future in online poker. caesar's shot up 70% and that was just last wednesday. today, caesar's 7.% down. >> earnings came in higher for rackspace and john ford caught up with the man in charge of the company. john is with an update and added herb, because he is so fun when he is contrary on a company like rackspace, what did the owner have to say? >> he is talking about the cloud, because that is driving the growth. let's hear what he had to say. >> if you look at the numbers, it grew about 90% year over
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yooe year, so it's growing at a rapid rate. this is where we do our private cloud offerings and it's growing at a high rate. our cloud business is growing at a high rate and we expect it to continue. >> let me put it in perspective, five quarters ago, cloud was 13% of rackspace and now it's closer to 21% and they grew 31% year over year, customer growth was about the same, margins are up, ebitda, they are managing to make more money at it. that is why it's an interesting story. >> what is your beef with rackspace? >> i have heard everyone talk bit, they talk about it as a cloud lay. interesting enough, john said it's an interesting growth story, that is one thing. but people want to say, cloud, cloud, cloud, as the ceo and john said, it's 20% of revenue. that is not a cloud company, and
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you have to ask what is a cloud company some this is commodity business. also, if you look at the cloud -- >> herb. >> -- if you look at the cloud business, john, it will be interesting to see what the majo margins to cloud side are. >> margins are up. >> for the entire company. >> and the cloud business is growing as a percentage of the company and the overall business is growing better than 30%, you take it together, cloud growing faster and margins improving. >> 75% of the business, john is not a cloud business. >> right, it was more 80% a year ago. >> and most of amazon's business
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is not cloud either. >> do you have a problem with 75% of business not being cloud? >> the bulk of the company's business is not a cloud. if you want to use cloud versus not cloud, the bulk of the business is not cloud. >> do you feel it's perceived to be a cloud company? >> yes. >> back in 2008, the bulk of apple's business was not phones either. i do not understand the point. if you look at what is growing faster, it's the cloud business and markets are improving. >> you and i are great friends and i expect you. to compare this with apple in the phone business, they are two different things. apple had a slice of competition, it came in strong, and it was the industry. when it comes to where you can have your business hosted in the cloud, there's a ton of it and most not public.
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there's a lot more out here and people get multiples because knono one is looking at the whole space. >> the premium may be unwarranted because it's not a whole cloud company. >> you take a look at amazon's multiple sales force and then look at the multiple on this, it's lower than those two. so, yes, you are taking a leap of faith. when i have to say, ipod came out, rim was out there and palm was out there and what apple did, was use software and services to get a margin that the others could not get and innovate on that. that is what rack dspace is tryg do. >> they are good at marketing. but the stock will do what the stock will do. >> all right. >> that is true. >> like the name. that is all. >> it's good. >> good stuff. >> sounds like a shopping stock
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to me. rackspace, i was wrong on that. >> that is one interpretation. that is right. >> up next, best in show, we will show you what the best performing stock in the best performing sector is. >> best bet of show of financials, division, the names of the stocks that you cannot afford to miss out on when it comes to the big banks and the regionals. after this.
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the annual westminster dog show kicks off today in new york city and cnbc will be there live to cover it. but before that, we want to find the best in show when it come to stocks. financials were picked as best in breed, so we went back to look for three pure bread winners, nice coat, nice demeanor, house trained and most importantly, poised for profits. huge ranges, big banks and a pure asset manager like black rock. bank of america, disqualified. some feel it should be on the cover of the dog magazines of the world, and others feel it should be back at the pound. and the next, get the foreclosure out of the way and
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see the money come in. in second place, we have regions financial. this is a huge split, if you do not buy into citi being a buy, there's tons of people that think that regionals are where it's at anyway. they are expecting to have to raise less than previously expected and loan growth has been impressive. our winner, a regional, a middle america shocker. it's coamerica. that is my cindy lu, who dog. it's comerica, it is -- it has a focus on loans. if you believe in a jobs manufacturing and export turn around, they are poised to
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profit more. that is why it places itself as best in show. sue? >> nicely done. >> quickly sue, i want give a shout out to our graphics team, this they did a great job. >> they did, it's been perfect all day long. stick around, brian, so we are in the sector, from large banks to regionals can you find tremendous opportunity for the long haul. joining us is our guests. jason, starting with you. brian mentioned the for closure over hang, but now that the robo signing deal and the settlement is in place with the major banks, did it add more fuel to the saector or not? >> it was good to get a portion of the sectors behind the bank. they put the issue behind them for a bit.
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but there's unanswered questions whether it's litigation around securitization or private label putbacks, so, while you settled a piece of it, there's still uncertainty out there. >> under weight was the way go with financials and since the beginning of the year, a number of stocks are out performed the financial market, is it still a good idea to look at the value financials and if so, which ones? >> we think there's a lot of value left in the sector, if you have the stomach for the short-term volatilities that could come down the pike as jason mentioned, this is the consecutive to get involved in. i was pleased to see that comerica came in as best in show, i think there's a lot of value in some of the regionals
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out there. and there's value in the names like citi and jpmorgan as well, in a market that is seeming to, where everything is going up. this is probably your last place to look for true value right now. and so, i think that will continue for us into the spring. >> sue, i want to say, that there's so many points to be made, but i talked at length with someone like dik bovay, and he said bank of america could double or triple and still be below the highs of last year. what is your time horizon, if you a term investor it could be a good deal. >> do you think that there's more up side significant up side if you are a value long-term investser and are you really fooling yourself if you do not have exposure to financials? >> we see up side from here.
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bank stocks performed six out of seven years. so, while they have had a run, still way off the highs. you know, look at the industry, it's a lot healthier than it was with record capitol, record liquidity, and most banks will increase dividends and start buyback programs, so we see a fair amount of up sides here, valuations are where they have been historically. >> what do you stay away from? >> well, we really think that the place to be is in domestic banks across the board. we would stay away from anything, really international and we would stay away from things that unle, unless you ha long time horizon, stay a way from banks that are fringy.
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we don't think that it's necessary to reach for quality in regionals and smaller bank s if you want to be involved in the sector. >> thanks all appreciate it very much. >> cnbc will have live opening night coverage of the 136th annual westminster kennel dog show. while it's too early to know which dog will win best in show, but the team here voted who should win. it was a unanimous vote, don't ask, should take home the prize and even though she is not in the show, that is not stopping her from primping like she was. we got exclusive behind the scenes video of her routine.
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the all important shampoo and rinse. followed by a blow out and brushing. top it off with a bow and she is ready to go, and making all of the other dogs happy that she is not in the competition, at least not this year. >> and that is some bow. >> look at the leashes in the background. she should be in the show. she is a sweet heart. >> she should. >> fa"fast money" starts in a f minutes. >> coming up, you have been talking about a dow at 15,000 and we have the man whose research is the basis of that prediction. we will be talking about after hours action, could it be a -- what does corporate insider selling tell you about the markets going on right now.
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>> coming up next, trouble in toyland? let's hope not. courtney is working the story for us. courtney >> that is not all fun and gam toy makers like mattel as they juggle increasing demands, increasing costs. we'll show you what they're doing to fuse technology with the classic toys. coming up on the "closing bell." ♪ oh!
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trouble until toyland? after a mixed holiday season, what do makers have to offset rising expenses you wonder. courtney reagan is at the american international toy fair in new york city. she has to for us. we're wondering where the divide is right now between the areas of strength and weakness in the toy industry. >> it was actually a pretty tough 2011 for many toy makers. at least in the united states. they saw growth step back, down about 2% across the board. that's for every toy maker. we hear from hasbro and mattel particularly. birthrate in europe is lower than what toy makers like to see for that next generation of consumers. that's a worry.
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we've got increasing input prices which i know we're going to detail a bit more in a moment or so. that's causing some of these companies to have to raise some prices which could be a little tough for some consumers as they make those purchasing decisions. but there's some to international, very strong for the toy makers. dolls also two product categories selling well. >> you sort of answered my question there. a lot of companies and industries are facing higher costs now which squeezes margins. is the feeling they have enough pricing power to raise prices? >> they're hoping so. but hasbro cfo said on that company's conference call he's concerned about what he called tremendous volatility and resin prices, transportation costs as well. toys have long lead times. 18 months. there's a lot of planning and a lot that can happen from that time, the product inception to the time it comes on the shelves. things can change.
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prices can fluctuate. >> toy makers have a very demanding audience in children. and these children know their technology very, very well. they're all much better at it than we adults are. so what are toy makers doing to try and blend seamlessly their toys with technology right now? >> that's probably one of the biggest prends. i'm going to step to the side to show you something mattel is doing with hot wheels. they're taking a classic toy and putting that technology shift on it. you can see here you've got the car running on the ipad itself. you get two cars for about $20. the app itself is free. it races on this track. this infuses the classic toy with the new technology. you do still have to buy the car. it has to be the special car with special sensors.
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so it's not like technology is totally free. because you have to by the car to get the apps so the process can run together. >> always a catch. >> very cool. like that. courtney reagan, like a kid in the toy store. literally. >> exactly. up next we'll round up all the earnings that could set the tone for tomorrow. ttd#: 1-800-345-2550 let's talk about the cookie-cutter retirement advice ttd#: 1-800-345-2550 you get at some places. ttd#: 1-800-345-2550 they say you have to do this, have that, invest here ttd#: 1-800-345-2550 ttd#: 1-800-345-2550 you know what? ttd#: 1-800-345-2550 you can't create a retirement plan based on ttd#: 1-800-345-2550 a predetermined script. ttd#: 1-800-345-2550 at charles schwab, we actually take the time to listen - ttd#: 1-800-345-2550 to understand you and your goals... ttd#: 1-800-345-2550 together we can find real-life answers for your ttd#: 1-800-345-2550 real-life retirement.
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without the stuff that we make here, you wouldn't be able to walk in your house and flip on your lights. [ brad ] at ge we build turbines that power the world. they go into power plants which take some form of energy, harness it, and turn it into more efficient electricity. [ ron ] when i was a kid i wanted to work with my hands, 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 ] ♪
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i'm julia boorstein in los angeles. after the zynga reports earnings for the first time as a public company. hoping to hear about its plans to diversify revenue away from facebook. tune in tomorrow 8:30 eastern for the january import prices. we're expecting month over month increase. retail sales, january expectations on headline up .8 versus .1 ourp last look. as you strip out autos, we're looking up .5. that is much stronger than our last look. we get a december business inventory expectations up .4. tu


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