tv Closing Bell With Maria Bartiromo CNBC February 28, 2012 4:00pm-5:00pm EST
peppered about questions about the end of operation twist, coming to an end in a few months. so is there going to be qe-3? >> we'll see what happens. here we go. can we do it, five points away, up 24 at 13,06. i'll see you tomorrow. maria continues now with the second hour of the "closing bell." and it is 4:00 on wall street. do you know where your money is? hi, everybody, welcome back to the "closing bell," i'm ma ray bartiro maria bartiromo on the floor of the new york stock exchange. the dow industrials settling out
above that key psychological level of 13,000 tonight. due in part to a better than expected reading on consumer confidence out this morning. also, supporting this market, oil, the worst two-day decline in six weeks for crude oil tonight. light sweet crude settling at $106.55 a barrel. new concerns about energy demand following a steep decline in durable goods orders today. investors can't get enough of apple shares. another all-time high on the stock today. news that the company is about to unveil the ipad3, that's happe several weeks now. and today, we got it. volume once again anemic at the big board. once again, technology was the place to be for your money. the nasdaq composite up another 20 points. nasdaq is the winner on 2012 for sure. and the s&p 500 tonight up 4.5%, about a third of a percent at 1372 #. let's get you to the floor of
the man on the nyse, bob pisani. >> i want to point out, we've had trouble with the transports. let's put up the dow transports, and the industrials. here's what's got me bothered. the dow industrials holding up throughout the last ten days or so. and you can see the transports generally moving to the down side. that, again, happened today. the important thing is, it's the oil pressure, that's the pressure on the stock market that you're starting to see. i'll show you how oil has spiked up in the last ten days. that's what's putting pressure on the transports. the fact it's down today, that's a hopeful sign. let's see if that continues. the divergence between the industrials and transports, hopefully that's going to go away. the reason the transports weren't as weak as you might think today, all the airlines rallied in the middle of the day as oil started moving to the down side. that was a big, big help. let's hope that continues. mixed economic news today. very unusual situation. here's how the apple related semiconductors are doing.
apple, rumors out now they'll come out with an ipad3 in the middle of march. you see some of the semiconductors surrounding apple today. stocks like st micro, all of them moving to the up side. the mixed economic news today, housing, poor numbers early on. and also mixed economic news later in the day here. home prices this week, durable goods, disappointing. consumer confidence was are mixed. so mixed economic news. everybody was obsessed with priceline this time yesterday. but look at auto zone. an absolutely terrific report. parts doing terrific. their competitor o'reilly at a new high. priceline at a new high, and tjx and limited. the vix, i keep getting asked about why is volatility so low.
here we are at 17. bottom line is what you want to watch. as the curve is much steeper further out. maria, i think the curve is steeper further out, look at that curve. we go up to 28 or 29 #. you'll see a lot of concern with mr. bernanke, and operation twist ending. that's why i believe tomorrow he's going to be peppered with questions about that. he's going to be testifying in the house. >> interesting how operation twist is ending, and ltro is beginning for a second time. with the european central bank. >> the ecb is adding liquidity. the question is, will the fed keep doing that. that will be the questioned tomorrow. >> thank you very much. breaking news right now. let's get to mary thompson. she has been at the jpmorgan investor meeting all day. over to you, mary. >> hey there, maria. you know, these, of course, ending the day when we heard about the benefits of jpmorgan's size and diversity, jamie dimond saying i'll be damned if we
don't see record profits in the next year or two. of course, the size and diversity consistently cited as a benefit to investors during today's presentation. speaking about regulation, dimond said it could be a benefit to the larger firms because he said they could absorb these costs, but hinder some smaller firms. he says we are going to pay competitively because the bank needs to pay -- or needs top talent. the focus in 2012 is dealing with the capital requirements that the bank faces. that being said, he also took a look at the investment bank, stressing that the downturn we're seeing in the investment banking operations are cyclical, not secular at this point. addressing the stress test, keep in mind we keep the results there from march 9th. it will show they are well capitalized. it could lift a cloud over the u.s. banking sector. and he hopes that after the stress test, the bank will be
given the authority to buy back shares, as much stock, actually, as the bank did last year. also, addressing mike mayo's call, a note that was out the other day about breaking up the bank to unlock value, he said he doesn't think breaking it up at this point wouldn't make it more valuable. lastly, when addressing the stock price, he said he doesn't mind where it is right now, in large part because again, he wants to buy back some of the stock. >> we'll be watching that. mary thompson, thank you very much. mary thompson at jpmorgan today. gold prices climbing to three-month highs as the euro and the stock market gained ground today. stoked by an upcoming european bank move to offer cheap money to companies starved of investment capital. we'll likely see the ltro program announced tomorrow. gold prices settling up at
$1,787 an ounce. still talking about $106 a barrel oil. experts say it could lead to demand instruction which led some investors to take money off the table. get ready for another round of ipad mania. ipad expected to unveil the next generation in san francisco next week. word on the streets, the new ipad will have a quad core processor. wall street certainly welcomed the news. the stock at another all-time high tonight, closing up 1 #.8% at $135.41 a share. only one more day of trading left in the month. the dow and s&p 500 on track for the best february since 1998. averages all gained better than 20% since the october lows. so can this really continue? are we due for a correction? what's behind this munlt? mark harris is from rbc capital
markets. and still with me is aaron. nice to have you on the program. >> thank you. >> mark, what's behind this euphoria in the stock market? is it market? >> i'll be honest, i think to some degree it is. there's a little bit of a fallacy of the idea that somehow this 1.8%, #.9 #% is the consensus view for this year is not enough. look back on the history, 2% gdp growth, 8% returns. maybe, again, we're going to be up, we're going to be down. there's not a lot of tail risk out there. this is not completely out of left field. this is a recovery type of rally. >> even though we're talking about the major averages seeing a gain of 20%, you think valuations are attractive. >> october lows were extremely low. and it was an overreaction to some bad news that we got about the u.s. economy. but as we realized that the u.s. is not headed to a double-dip, we got that back, and are back
somewhere about where we should be to do a little bit better. i wouldn't call it euphoria. i would call it a steady, reasonable advance on a day when there's bad news, we're down a little, on a day there's good news, we're up a little. markets seem to be behaving rationally. >> even so, you've got a slightly below consensus expectation for gdp growth. >> i think we just lowered it down to 1.7 officially. but the difference are is incremental. in the end, the real difference is going tob the momentum behind that. that's really what people are getting excited about right now. >> what sectors lead this rally, if in fact what you're seeing, that we see more money moving into stocks, where do i need to be exposed to be participating? >> if the market's going to continue to go up, technology, i think financials are a high beta sector in this environment. and anything that's correlated
with growth. so it's -- if risk is on, risk is off. >> what do you think, mark? >> i definitely agree on financials, specific story stocks, i don't think you need to go out on the highest end of the beta spectrum. >> talking about the market trading at about 13 times earnings, and the banks are trading at 7 times earnings, that's a good point. >> that's exactly right. i think there's a lot more to go there. look at a pnc, key, that have core growth stories, that have a dividend on the side feeding into your pocket while you're waiting for any rally to happen. >> here's the million-dollar question, or maybe a billion-dollar question. what does the ltro do for this market or not do for this market? what if it's 500 billion euro? >> i think it might have an impact early in the day, but i don't think it has any lasting impact. the main effect of ltro is to take the disaster scenario off the table in europe.
and it has had a positive impact on markets, and a negative impact on volatility. and i think that continues for the foreseeable future. >> real quick, one more million-dollar question. what do you avoid? >> to be honest, i think you want to avoid the highest beta stock. at this point we've had a big rally and the absolute highest end beta, i'll disagree a little bit, tech, small cap speculative. >> aaron, real quick? >> high-grade corporate bonds. i don't think you get paid to own them. >> even though you are seeing competitive yields though. >> high yield i like. >> gentlemen, thank you very much. good to talk with you as always. thank you, gentlemen. priceline's profits surged. better than 6 # 0% in the fourth quarter. will rising gasoline prices force consumers to cut back on spending? we catch up with jeffery boyd. and one of the kingpins in the business, larry silverstein.
before we take a break, take a look at some of the highlights from the guests all day today on cnbc. my own guess, and i really wouldn't put a lot of money on this because of the quirkiness of the statistics, is the unemployment rate at the end of the year will not be much different than it is now. >> legend has it that they like to make money at the pump. the reality is they sometimes use gasoline to bring you inside the store because that's where we make a lot more money. >> where is demand coming from? unless there's demand that's not led by increases in leverage, it's hard to get excited about what's happening. how do we rebalance the global economy. that's going to be difficult to do politically. >> momentum matters in the housing markets. it's different from the stock market. we are still on a downward momentum path.
it's expected to unveil the ipad3. other tech stocks on the move, microsoft, the second most heavily weight stock on the nasdaq, at one point the best performer on the s&p 500, ending in the green. some of the components of broad com ending higher on news of the ipad3. maria, back over to you. >> seema, thank you. priceline.com, shares continuing to soar in today's trading session. this on the heels of the better than expected fourth-quarter earnings released last night. revenue jumped at better than 40%. year over year increase of some 77%. oil and gas prices reach enough heights in the united states, can priceline keep this momentum going. joining me now is priceline.com
president and ceo jeffery boyd. mr. boyd, thanks so much for your time today. good to have you on the program. >> thank you. >> earnings up 65% from a year ago. what's hinted it? how would you characterize the year? >> it was a great year for the briceline group. i think the most important piece of our business that did well is the international hotel business. we grew very strongly in europe and in new markets, in asia, and in south america. we also had a great year in the united states for the hotel business. >> what is going on in the hotel business would you say, given the fact that there are certainly mixed reviews in terms of the global economy. so why the strength in the hotel part of the business? talk to us what's behind it. >> i think there are a couple of things going on. one of the most important trends i, which is still very powerful overseas is the movement of people from booking hotel rooms from offline travel agents to booking online.
priceline.com companies all have great hotel inventory, and we're really benefiting from the shift in consumer behavior. >> how do you keep this momentum going? you have to combat all sorts of risks, rising oil and gas prices, slowing economy in europe. whaefls the strategy to keep things as strong as they are? >> well, a very important piece of what we've been doing over the last several years is building out our network geographically. we've been extending our number of hotels. we're up to over 200,000 hotels for the whole group. and we've built a very significant presence in asia, in south america, central and eastern europe, new markets that have growing economies. more people traveling. that's fueling growth for our group. >> let me get your take on what's going on in europe right now. what do you think? >> i think it's a mix. northern europe seems to have a little more strength in its economy than southern europe. we mentioned in our conference call we had seen some weakness in demand and in hotel average
daily rates in southern europe, and it's not surprising given the economic uncertainty in that region. and high levels of unemployment, particularly among young people. so that's something that we've been seeing now in the last quarter. >> so what would you expect in terms of bookings in 2012? >> we look forward to a strong 2012. we guided to 35% gross bookings growth for the first quarter, which we think is a solid growth rate for a business our size. we expect the international business to continue to grow nicely. we have told investors that we expect our growth rates to decelerate, given the sheer size of the business, and given how strong the business performed last year. but we're sill looking forward to a good year. >> so 34% bookings that you're looking for in 2012, that's, of course, on top of, what, 50%, huh a 50% gain in terms of bookings when you look at last year. so the deceleration that you're talking about, it's simply a matter of, you grow slower as
you get larger? >> i think that's a good way to describe the large numbers. the bigger businesses, the larger absolute dollar of business you have to gain in order to grow at a high percentage. while we've done a good job of building the business in high growth markets like asia, we still are subject to those laws of large numbers, which means as the business gets bigger, the growth tentds to slow down. >> where do you see the most vibrancy around the world right now? you mentioned china. we know china is growing quite strongly, even if it has slowed down from the 11% we were talking about a couple of years ago. but give me the hot spots of the world from where you sit. >> well, from our perspective, asia is still a very attractive market. i would say asia outside of china. thailand is a popular tourist destination for leisure travelers. it represents great travel value. and parts of southeast asia, that typically were not heavily traveled by people in europe and
people in the united states, are now wide open. with the internet it's very easy to plan out a vacation to indonesia or vietnam for that matter, and really get an understanding of what you'll find when you get there. and it's made those markets much more accessible. south america also very popular. >> south america, and certainly latin america. we're hearing lots of positives about it. thank you so much. good to have you on the program. >> thank you. >> jeffery boyd, ceo of priceline. should you buy apple stock ahead of the ipad3 debut. more on that on the "closing bell."
welcome back. i'm sharon epperson. oil prices extending their losses in electronic trading. oil prices just above the $106 mark. keep in mind that even though we've seen consumer conferred at a one-year high, the high prices for oil, for gasoline, are certainly taking their toll on demand. gasoline demand has dropped 7 #% in the last week, as prices have risen up about 11% from where they were a year ago. that's according to the latest data from mastercard spending polls. we're looking at consumer confidence data that came in february 15th, since that time we've seen gasoline prices at the pump rise about 20 cents. we could see more pressure ahead
for oil prices, because at 4:30 we'll get the petroleum institute's report on supply. and the expectation is for gains for both crude oil supplies and gasoline supplies. back over to you. >> sharon, thank you so much. we all knew it was coming. and now it appears that the ipad3 will be unveiled next week. jon fortt has the details. over to you. >> keep in mind how the ipad fits into the broader apple story. the ipad is typically where we see the chips that are going to end up in phones later in the year. and we also see cutting-edge graphics capabilities that migrate to the new iphones after they show up in the latest ipad. what's the new ipad likely to have? a sharper screen, better camera, better chip with smoother graphics, and of course, sirius voice recognition. price something a big question mark. will this have 4-gdln and will they keep the ipad 2 # around?
>> the ipad3, we bring in a guest. andy, let's talk about the ipad3. how much of an atted component will this be for a stock price? >> i think most investors expected it at dh point. as we've seen with the iphone, really, really good updates. it can have an exponential impact on it. if it comes through and their product is good and it looks like it's a big improvement, i think we could see our numbers go up. >> do you think that the ipad 3 is more about increasing market share or are there other important metrics investors should be keeping an eye on? >> well, it's partially about increasing market share. i think one of the interesting things that could come out of next week's announcement if we
get ipad 2 at a reduced price. that would be more about expanding the market. i think the ipad 3 will be about maintaining the dominant position on the market. we'll have to see what they do on ipad 2 #, if they're looking to expandeding the tam, so to speak. >> jon, how do you think it impacts the market share, already dominated by apple? >> we start to see with ipad 3 whether this is a tablet market or tablets and pcs are playing in the same pool. we look forward to windows 8 later this year, the consumer preview is coming out tomorrow. if the ipad as tim cook has suggested can in fact be bigger than pcs down the line, if they're selling tens and tens of millions of units in the coming months, this could be huge for apple. it's already at 20% of revenues in the holiday quarter. if they keep it up, it could be very big. >> big in terms of the bottom line as well then?
what about andy's point, jon, that the ipad 2 will be cut in price? does that undermine anything? >> well, possibly not. apple is used to dealing with this sort of margin issue. remember, it's got the iphone 4 still in circulation. the average selling price of an iphone is around $650. average selling price of an ipad is around $593. so still quite high. if they can bring costs down, they can still get margins still very good in the ipad 2 and whatever the upcoming model. >> andy, $535 where apple is priced. do you want to commit capital to the stock right here? >> yeah. it's hard to find as cheap of stocks growing at this frl rate. our target is $580. >> all right. we'll leave it there. gentlemen, thank you. jon, andy, we'll see you soon. look at that chart, pretty sweet looking. the dow finally closes above
it's now going to consider whether it should trigger cds on greece, and that meeting will take place from 6:00 on thursday. so we're beginning to get a timeline. it's not actually, we now believe, according to mark chandler, a question of the collective action clauses, as we talked about so many times on cnbc. it would appear that the appeal to the determination committee has been made on the basis that they'll be aware the european central bank has attempted to subordinate all of the bond holders in greece by ensuring it will get a return on its investment in full.
that's because the bonds are at lower quality. things are coming to a head in europe in terms of the politics, and the political risk. you see on your screen now, live pick infrastructures athens where the greek parliament is voting through, and needing to vote through a 32% cut in wages for those on the 25, a 22% cut in the minimum wage, one of the many measures it has to take by monday, in order to satisfy the rest of europe that it hasn't done enough to move on to the next phase of that debacle. and the payout of the greek bailout. in addition, you had ireland announcing it will hold a referendum, and it's becoming increasingly difficult for angela merkel to get her way. of course, the vote that we had in the lower house of the german parliament. this all coming for a day tomorrow, a european opener which we will learn how much money the european banks have
asked from the ecb in that second big stash of loans, which many people, maria, have told me is a potential selling point, a profit-taking point they were suggesting on the risk rally that we have had. >> simon, they are looking at this as an excuse to sell because the lending is not large enough? what's the problem with the ltro then? >> two i. the first is that oftentimes as we know so well in financial markets it is better to travel to an event, than actually arrive at it. you would buy the rumor, sell the fact, and you've had a very strong rally so far. the second issue would be whether or not you get a disappointment on the headline figure that is actually announced. two dynamics there, very different in nature. >> stay right there, simon. we want to bring in two more voices to the mix. we bring in bob pisani, looking at stocks, along with mark harris at rbc capital markets with more on today's action.
gentlemen, simon's talking about the possibility of a resolution in europe, but the ltro is sort of a wild karld out there. how do you think the markets react to a new lending facility tomorrow? >> i'll be honest. i think it's in there, unless we get amazingly of arriving tailwind. i think we'll get to the number everyone wants, the 500, and move on. >> if there's only a low number, 300 billion, is that good news for the markets? if it's 800 billion, is that good news? how do we declare the success or not success? >> the strategists of the world set that expectation. that number has been sent out there. you're right, it's a disappointing number. >> what's the disappointing number? >> something below 5. >> lower is disappointing rather than higher is disappointing. you could argue on different sides of this. >> you could. >> absolutely. you're right. >> isn't that true, simon? if we get a really big number,
you could say, well, the first ltro worked out really well, maybe this one will. on the other side of the coin, you look at it and say, this number is so huge, maybe the banks are a lot worse off than i thought. >> a lot of the big houses have put out notes talking about the lower diminishing returns around whether or not longer term the money will go into the sovereign debt market where people will book profits on the huge gains we've had. i think the question on the greek cds, it is the unknown unknowns that are a real danger. if on thursday we're now suggesting that they will trigger cds, we know that the naked exposure there is about 3 billion. it's neither here nor there. we know also, of course, that the ratings agencies are downgrading in separate developments, greece to default status. what we don't know is in the trillions and trillions of over-the-counter derivative markets whether that has any implication, for example, or not. it's now we're reaching stations, decisions that we can
attest what we actually know in the markets, in that web of instruments, that effectively will be slightly kicked out of equilibrium. >> let's move on to the united states, we're looking at the dow crossing a psychologically important number today, 13,000, and the earnings story is expected to slow down. what kind of a 2012 are you looking for? do we go higher from 13,000 here? >> first of all, i've got to say, we love to talk about the round number, it looks good, feels good. it's a round number. the real level, if you wanted to be a technician, the real level was in may of 2011. >> we are hitting the round number at a time when the major indices at a new high. >> fair enough. >> we're moved up. the markets in the face of all of this you uncertainty, the united states is outperforming europe. our economy is improving. the stock market is reflecting that fact. i think the new highs matter right now. >> but people think earnings are
going to slow. everybody says that the expectations are up here, they need to come down. >> let's ask mark. what do you think? >> let's talk about it. we've talked about the idea of gdp at 1.8% this year, maybe 1.9 #%. what if we go to 2 #.1 #% and 2.2%? look, all we need is -- >> you've got low expectations. there are some people who are expecting 2.1%. you may not be. >> i think it is very easy to see it from here. look how the metals are acting, what's going on with the banks. these are signals that the economy is beginning to catch fire. things are starting to recover off the bottom. we're flushing out all the bad stuff moving past the tail risk of europe. this is all good stuff. >> the key to earnings acceleration of the s&p in 2012 is financials. do you see any upside not priced in the market? >> absolutely. working in the financial industry, and looking at
everybody's numbers, we have the worst case in the world priflgsed in right now. we've got dodd/frank, volcker, that frankly is reducing the profitability of the investment banks. if any of that gets better, things get better. >> that's a big if. >> we have another round number to point out. apple's market value just exceeded $500 billion. the largest market value in the world. there it is at $536. that is the largest market value above $500 billion. would you put new money to work in apple right now? >> i absolutely would. >> we'll be watching apple on this market. bob pisani, simon hobbs, mark harris, thanks so much for joining us. the outlook for commercial real estate. larry silverstein will tell us in an exclusive whether he's having trouble finding tenants to the world trade center site. he's up next.
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according to real estate brokerage, 6 # million square feet is about to hit the new york city office market, much of it found in lower manhattan where it continues to be on the world trade center site. the man who's at the heart of the redevelopment at the world trade center joins me now in a cnbc exclusive. ceo and president of silverstein properties. larry, always wonderful to have you on the program. you are one of the most famed
developers out there. before we get into the world trade center and the specifics about your great buildings and how they're designed, high-tech, let me get your take on the market tea. what is going on in commercial real estate? >> prices are off the charts. >> again? >> again. even higher than they were before. it's quite amazing. but there's a huge amount of investment capital looking for a home. that investment capital comes from all over the world, and looking to invest, where in? in america. where in america? new york city. >> is that because you're seeing leases expire? what's going on? why all of a sudden this interest? >> because, a, there's stability. b, people recognizing the city of new york is the place to be for stability. and growth. and equity appreciation. so there is a huge flow of capital into this marketplace as a result. >> of course, wall street was a
big source of the strength in commercial real estate for a long time. are you seeing vibrancy there, or is it being replaced by something else? >> i think it's replaced by some degree by technology, for example, by branding, by publishing, by communications. there's so much happening today in the creative markets, that these people coming forward, and they have many cases got millions of square feet of leases maturing, in the next two or three years, and they have to go someplace. >> leases are maturing, that's one of the issues here. >> yes. >> you said money is coming from all over the world. where specifically is the money coming from? is it middle eastern money, asia? >> maria, it's all over the globe. heavily middle east, no question about that. it's also eastern europe. far eastern europe. it's really -- there's no specific area. but clearly investment capital is seeking its home here in
america. and the prime location for that capital is the city of new york. >> do you worry, though, a moment ago you said prices were off the charts. do you worry we're headed toward a situation like in the past, where prices were unsustainable, and we get into boubl-like territory? >> you only get into a boubl-like territory when you have a huge oversupply. so i don't see that happening in this instance. i think you have stability. certainly for the next several years. and i don't see that happening. >> what metrics do you watch? to see whether or not this momentum continues? >> just watch the flow. watch the flow of capital, watch the pricing for these buildings. watch who's bidding for what. and it's a fascination. but it's very exciting. and clearly, it's an indication of the fact that we have great stability of product here in this market. >> here you are telling me how great everything is. yet there's all this talk and rumors out there your eve in discussions with the world trade center for seven floors, cap it
at seven floors versus 80 floors? >> no. >> categorically wrong? >> that's categorically wrong. whe we struck the deal back in 2010, the arrangement for the deal was we would go up seven stories, once we found a tenant, then that building would go all the way up to the total height, which is over 80 stories. that's our intention. >> do you have the tenant? >> not yet, but we're working on it. >> but there's no plans in your head that you want to cap this at seven stories? >> no. >> because you wanted it 80. >> we need the space. >> where are you expecting this tenant to come from? what's your expectation? >> just as you have the 1,250,000 square feet in the one world trade center, i would like to see that type of tenant occupy a large block of space in 3 world trade center.
that's what it's for. >> what has been the impact of all this money coming into new york, and foreign money coming in, and office space doing so well, who's sort of on the other side of that story in terms of where the money is leaving? >> well, you know, it's hard to see the money leaving. it keeps coming. and without any moderation whatsoever, it's moving, it's continually moving. look at the flood of the new hotel rooms in new york city. condos, once again, high-priced condos, quality condos are beginning to price significantly higher. >> it's interesting you're not seeing a negative impact from europe right now. because we talk about the euro zone and troubles there. what's been the impact? >> hard to see much of an impact at all. certainly on pricing in new york. i think new york is doing extremely well. i think we're blessed to have the kind of leadership in the city that we do have. we have a great mayor, we have a
great governor, and these are enormous positives. people have a great amount of confidence. >> with what's going on in europe, you're actually finding opportunities, right? has it been more than five decades that you've been heavily focused on new york city real estate and now recently you made an investment in poland? >> that's right. >> tell me about that. why poland? >> a wonderful partner in poland asked us to help him develop real estate in poland, particularly in warsaw. central europe is very strong. and the warsaw market is very positive, very powerful. we happened to have a wonderful partner in poland. he's asked us to join him, and we decided to do exactly that. so we're in the process of doing some interesting things in the warsaw community. >> might we see more deals in europe for you, given the fact that valuations there are a lot lower? >> it's very possible. i think it's quite likely. >> good to have you on the
program. thank you so much. larry silverstein joining us right here at the nyse. let's get over to melissa lee to find out what's coming up at the top of the hour. >> apple hitting a new record interday high in today's session. our traders will tell you exactly what they did today. we'll get the pulse of the spring selling season, and the health of the housing market from the ceo of toll brothers. >> we'll be there, melissa. but first, we're going on the campaign trail. find out how much of a home field advantage mitt romney is having in michigan. stay with us. time now for "going global" europe. >> hi, everybody, these are the stories we're watching in europe. tomorrow it is the countdown to the second ltro. will a fresh injection stabilize europe. also, how much are the banks going to be taking off.
we'll ask the cfo that question during that interview as the results from the company are due out as well. and the jobless rate is lower e. is it going to stay that way? plenty more analysis on the channel. tune into cnbc world to catch all of the action overseas. i'm louisa bojesen going global with your money. the the new spark cardnth from capital one. spark miles gives me the most rewards of any small business credit card. the spark card earns double miles...
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republican presidential hopeful mitt romney faces a crucial primary test today in his home state of michigan. responsibility john harwood is in detroit. how much of a home field advantage does mitt romney really have? >> he has a significant home field advantage. four years ago when he beat mike huckabee and john mccain here, 40% say his name and reputation matter. of course his father was governor. he's got a superior organization. he did run four years ago. all those things count in his favor. he's facing a candidate in santorum who's got momentum on the right. last night an ood visor told me he's expected to win. >> is this a make or break for romney? how important is this? what's your take? >> it's important, and if he
loses there's going to be some real anxiety among republicans around is the country about their prospects for the general election. i still think that if he loses here, he is likely to grind it out and be the nominee. it's difficult for somebody else to come in. but it's going to be a longer and more difficult road if he loses to santorum. then of course he's got to watch super tuesday next week. >> what about rick santorum? tell us how he plays into all of this. he's been urging democrats to vote for him during michigan's open primary. how likely is it he's going to turn around and support him? >> some of them will. the analysts expected 15% of the vote to come from democrats and independents. ron paul constituency. but rick santorum is appealing to those democrats attacking mitt romney for a posing the bailout which santorum also opposed. and he's trying to combine those working class reagan democrats with conservative christians in the western part of the state.
that's what allowed him to make this a close race. could also see mischief making because they like santorum. >> all right. we'll be watching. i'll see you next tuesday when we anchor our sup tuesday coverage. >> exactly. i can't wait. >> me too. see you then. john harwood in detroit tonight. up next, we're recapping today's gains on wall street. get you ready for the opening bell tomorrow. stay with us. i love that my daughter's part fish.
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♪ i'm courtney reagan. here's what i'm watching. the last three big office retailers are reporting wednesday. can staples complete the trifecta? expecting big things from costco. one of the retailers benefitting from rising gas prices. tune in tomorrow 8:30 eastern for our second look at fourth quarter gdp. originally released at 2.8, we're expecting no revision. to stay at 2.8.
then at 9:45 eastern, we're getting our february chicago purchasing. would it be over 60? we're expecting it to be so. 60.2 our last look. we're expecting it to increase towards 61. tune in. and before we go, let's recap the day on wall street in this quick market stat check. the dow finally did it. 13,000 tonight after a few failed attempts. the dow jones average has stayed above 13,000, closed above 13,000 for the first time since may of 2008. look at that chart. s&p 500 meanwhile finishing at its best level since june of eighth '08. 1372 is where they finished today. and the nasdaq a inwither. up 21 points, ending at the best level since december of 2000. i should point out part of the nasdaq, apple anothege