tv Closing Bell With Maria Bartiromo CNBC April 17, 2012 4:00pm-5:00pm EDT
above their critical 50-day moving average. critical earnings reports from ibm, intel, and yahoo! coming your way as we get under bay with the second hour of the "closing bell." and welcome to the "closing bell." i'm michelle caruso-cabrera in for maria bartiromo. >> here's what we're following on the close on this very busy day. all 10 s&p 500 sectors were higher today. the dow and nasdaq both rallying. the dow back above 13,000. the nasdaq back above 3,000. still on pace for the biggest
monthly decline, though, since september, we're halfway through the month. all eyes turn to the try trifecta of earnings. ibm, intel, and yahoo! due to report any moment now. we'll have instant analysis of all of those results coming up momentarily. plus, we'll breakdown intel numbers and then the cfo, stacy smith, will join us and we'll talk about earnings with the head of u.s. bancorp. michelle? >> that's a good sign. we'll talk more about that coming up. here's how we finished the day on wall street. the dow jones industrial average higher than 193 points. 1.5% gain. 13,114. nasdaq not too shabby either. higher by 54 points. well above the 3,000 level all over again. what apple selloff, you say? s&p higher by 21 points. 1390 is where we are.
still below the 1400 level. bob pisani is our eye on the floor of the new york stock he can change. >> and we revved up and stayed up thanks to help from europe. >> we just got the earnings from intel. it's going to be one of those jerky hours as they come out whenever they do. you can see the bottom line number looks to have beaten the estimate. came in at 56 cents when the estimate was 50 cents for intel. i haven't heard a revenue number but they were expecting about $12.84 billion, which would be a little lower than it was last year at this time. but right now so far it looks like intel is in with a beat. we have jon fortt standing by? all right. so this is a number we're going to keep watching very carefully here. i don't know if they have a hold on the shares of intel because they don't seem -- there it is. it is moving lower. it's still trading even as those
numbers are released. we'll be talking to stacy smith about that to see what kind of pc sales growth they have. here's jon fortt with some of the other numbers that they have. what have you got? >> guidance is a little better than the street had expected. the street was looking for a guide in q2 of 13.43 billion. intel is guiding to 13.6 plus or minus $500 million. 13.6 midpoint. also, gross margin, 62% and 63% nongap. that's about the midpoint where they guided for q1 as well. that looks like good news as well and r and d plus mg and a spending in line with what is -- as far as i can see, wall street would expect. overall this looks good. i want to dig through and look at the pc market overall. a guide just as strong as the results is what i'm seeing, bill. >> they are not liking
something. >> i was going to say, let's dig into this. the stock is selling off after hours now, trading below 28 bucks, down 48 cents, a decline of more than 1%. we have david pearl and dan morgan and analyst vj. are you seeing anything in these numbers? can you tell us what is going on and why it's selling off? okay. we can't hear vj. let's go to dan morgan. do you see anything in these numbers that would suggest why we would be selling off? >> the stock is trading at a 52-week high and the expectations are really built in for execution in terms of intel. i think you're seeing profit taking because, based on the information that we have so far, with earnings coming above expectations and guidance being above expectations, it looks like a good quarter. so -- >> selling on the news, in other words? >> exactly. i just think that the overall, you know, has gone so well and great quarter. >> david, did you hear anything?
>> yes. again, we don't have many of the details here. >> right. >> the quarter was good but i think the question really is, what is discounted in the stock and when you look at the pc market, their end market, it really doesn't look as healthy as intel has been. it's a bit of a disconnect. there's a seasonal lull as we get into summer. we really have to wait for windows 8 to come out for a real demand driver. so their margins are kind of at peak. >> okay. >> and that's the real issue. you need another catalyst to drive the stock to a higher valuation. >> numbers coming out right now. jon fo are rtt, any more de tails? >> it's maintaining on gross margin, on spending, depreciation tax rate and full year capital spending. so overall, you know, if you're also looking at the full-year guide, if this next quarter is a
little bit stronger than you would have expected, then you wonder if you wouldn't hope that intel would up some of those metrics for the full year. if q1 is a little strong, q2 guiding stronger, but full year they are maintaining. main stacy can give insight on whether they would boost full-year revenue or expectations like that that they've been given in the street. >> let's get v.j. in here. he's finally got his mike working, i think. >> i think that's probably what is costing a pullback here. i think expectations are higher on intel and going into earnings. >> if i can, gentleman, we now have the numbers for yahoo!. it looks like they have beaten as well. coming in at 23 cents when the estimate was 17 cents and the revenue came in at 1.78 billion. that was higher than the revenue of $1.6 billion. i know that everybody -- dan morgan, you're going to want to
hear -- bertha coombs is standing by with more on that. everyone is going to want to hear what the ceo is planning. >> the revenue is better at 1.8 billion when you round it up. earnings of 23 cents versus expectation of 17 cents, as they seem to cut costs here and reap better margins. search revenue up 8%. for the second quarter their outlook is slightly above the expectations. the estimates run from 1.02 to 1.1 billion.
he's certainly under pressure from the hedge fund who wants to ask questions about those strategies, especially after the big layoff that they've had, 2,000 employees. they expect to save some $450 million a quarter. what are they going to do with those savings? how are they going to execute it? this call is really going to be doing knicnext? >> dan morgan n. the wake of these results, do they really matter or what are you going to do here in what is the strategy? >> i think it's an early indication that it looks like the restructuring plan that they've just started is starting to pay off. scott thompson is going to
outline the social working area, i would imagine. also, in commercial and shopping and that kind of stuff and using yahoo! in that direction. as you mentioned, the display advertising was down as it has been in the past t looks like a good number and a good kickoff for the new ceo. >> do you agree with that, david? okay. great beat on the bottom line. but still revenue is still generally flat. i look at yahoo! and intel and i think flat year over year even with the beat for intel. >> well, again, this is the difference in valuation. intel was probably already discounting good news. yahoo! is really low expectations. >> desperate for it, yes. >> and the majority of the stock prices, really the value of their asian assets that they could sell and monetize. so you're almost getting an option on them turning around the company. >> david, we got the third of the companies we're waiting for. ibm's earnings are out. they beat on the bottom line.
they are a little light on the top, though. $2.78 for the earnings. the estimate was 2.65. revenue is just a little light. the stock is holding steady here, down just a fraction at 204.91. brian shactman has some of the latest numbers for us. brian? >> slight beat on eps. a couple of notes as i pour through this, software revenue of 5%. services revenue up 1%. that's disappointing. >> it's selling off, i should point out. down 1.5%. >> the services backlog of 139 billion sounds like a lot but it's down 2% overall and up 1% if you adjust for currencies and that's a big issue for ibm. there are maybe some growth issues, not as quickly as some would hope. a lot of their growth hasn't been organic. it's been through m and a and
through growth buybacks. i want to find the hardware number. that's been a huge lag. i'll get back to you on that one. >> dan morgan, we're sort of waiting around deep in the weeds here with all of these numbers coming out here but right now it looks like yahoo! had a pretty good number. ibm looks like it's going to disappoint especially on the revenue side there and intel was good there, too. >> i think overall the technology sector is healthy. there's been concern that minus apple there is not much left there in terms of appreciation. we're still getting to those numbers for ibm. we're kicking things off for the week. >> v.j., we're bringing you back in here. you got short changed with the bad mike that we had initially there.
but with intel, the question will be -- and i'm going to talk to stacy smith shortly here. what's the state of the pc sales market, especially in a world that is so bad for tablets and mobile devices which intel doesn't have the footprint that they would like right now. what is the big question that you have for stacy smith? >> i think one of them is definitely windows 8 and also we are seeing talking on the pc side here, how does end demand look for pc lastly, it probably takes a lot to move them. >> david, when i look at these,
i see flat revenues compared to a year ago or slight beats. considering how much of a run these stocks have had, you can beat on the expectation but in the end what matters is what is the growth over the long term and this doesn't look like that to me. am i crazy? >> you've absolutely hit the important issue. without end demand you can't grow revenue. we've been in a great profitability cycle because of productivity gains but in the end you need to have end demand. we're in a weak economy and particularly in some of these products like pcs, demand is rather poor. so you really have to stop pick the companies where there is growth and demand. obviously in internet search and in display there is growth. yahoo! if they would only do a little better in operating margin, they'd have half of the margin of google whereas intel is doing great but in a slow market. >> and i'm told that we've raised yahoo!'s bottom line now
24 cents. initially you said 23 cents. and the estimate again on yahoo! was 17 cents. pretty good beat there and that stock is up 128%. of the three, it's doing the best right now. >> i'm sorry. who? bertha coombs, let's bring you back in on that. >> when we looked at it again, you're back out a penny in restructuring charges for those announced layoffs and so certainly it did help them reap more profit. the display adds, which are more profitable, down 4% year over year. so that's a number that folks are watching and certainly you've got to imagine that they are going to have an awful lot of questions on that conference call about how quickly they expect to turn that around, from the numbers that they are
looking at here for the next quarter, they do expect to see a little better than their prior indication of growth. but they are wanting to put board members on to this board, saying that they are not executing as quickly as they should be. >> jon fortt, you are our guy in the silicon technology. we have these three big numbers in right now. what stands out to you at the moment? what are the features that we've gotten so far, do you think? >> well, one of the things that surprised me about yahoo! is that their search revenue decline seems to have bottomed out a bit. that is a good sign. they are having problems with microsoft making that search pay off. you know, if search continued to grow, it wouldn't be as nearly as bad as the next few quarters. ibm, we expected weakness in services. it's a question of whether software would make up for that.
i think overall you want to hear whether ibm is saying about emerging markets. i think we want to hear about trends in the pc business from stacy smith in the next few minutes. >> i want to add a little color on ibm since it was brought up. hardware was down 6 and they raised their eps guidance to at least $15, which is now above consensus. one interesting thing here to leave you with, the gross margins were a little disappointing and their tax rate was at 20.1%, down about 5% year over year. so we all like to know what they are paying incorporate taxes. ibm paid 20. >> a buffett rule there. >> yep. >> thank you all. >> they raised above consensus and that market just doesn't -- it's amazing. >> the ibm cfo just gave us a
statement. ibm had great margin, profit, and cash performance in the first quarter with continued momentum in software and our growth initiatives. the introduction of pure systems, a new class of system in the industry, will help drive hardware and software. the market is still not impressed in the afterhours. much more on the "closing bell." coming up next, intel cfo explains how the weak business is dealing with increased competition. then we'll turn from tech to financials. the chairman of u.s. bancorp explains why his company is able to post profit growth quarter after quarter. you're watching cnbc, first in business worldwide. our fastest way to return your car.
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that was a beat. revenue came under $24.8 billion. a little lighter than expected. shares are selling off on that revenue miss. yahoo! shares, however, are spiking in after-hours trading. beating estimates by 6 cents. revenue increased to a slightly better than expected $1.08 billion. that stock is higher by 1.8%. intel earned 56 cents a share. they beat estimates by 6 cents. that only gets them to a year ago profit number. revenue slightly above wall street expectations. shares are down because the company is maintaining its full-year guidance despite the earnings beat. that means they've taken it somewhere else down the road. >> let's talk about that, shall we? as promised, intel's chief financial officer stacy smith joining us in a first on cnbc interview. good to see you, sir.
>> it's great to be back. >> how do you characterize that quarter before we get into some of the details here? >> sure. it's a solid start to the year. it really sets us up for another year of strong financial growth and strong top-line growth. and i think you can really see in the quarter the strength of our manufacturing advantage. we are ramping factories. we are refreshing our product line up across the board and it gives us a strong start to what is set up to be an exciting year. >> how would you characterize pc sales right now? the climate has been selling. we all know that everybody has been going to the tablets and mobile devices as a way of communicating with the rest of the world. your area of concern is the pc market. how is it doing right now? >> actually, i think you have to be careful with that conventional wisdom. we continue to see pc unit growth. we saw strong growth in the
notebook section of the market. we saw strong growth in emerging market. we saw a continuation of demand trends that we've seen at the end of last year and consistent with our expectations. one thing i point out is when you do a year over year comparison with 2011, you have to remember q1 was a 14-week quarter. you have to be careful with that comparison. >> choke enlike a true financial officer pointing out the difference. >> thank you. >> jon fortt has a question for you. jon? >> stays stee, to throw a two-partner question for you. do you still expect 40% of notebook -- consumer notebook designs to be ultra notebooks? >> good to hear from you, jon. the answer to boast those questions is yes. we saw in the first quarter a continuation of the demand trend. we saw a strong enterprise of the market and strong growth in earnings market and offset by relative sluggishness in the
mature market consumer. in terms of ultra books, we're off to a great start. our high level objectives is to have a platform spurring innovation in the notebook section of the market. we have 100 designs in the pipeline. as we progress through the year, you will see those that are touch enabled with our new product. >> can you talk to me for a moment about server? i know you've got how that is coming and mainstream enterprise services as well? >> well, the long-term trends in the data center are still very beneficial to us. you have this phenomena of all of these devices, driving a buildout of the server infrastructure. we saw that grow 17% and as we
look forward we think we can double that over the next five years and it's a very profitable business for us and we're uniquely situated there. in terms of a short-term trend, we brought a new product out in the data center market and it's architecture. >> what impact do you think windows 8 will have on your sales when it finally comes out? >> oh, i think positive. you look at the combination of what we're doing with ultra books and the processor and the kind of performance and graphics performance and very thin factor that we're going tone able and then couple that with the operating -- the things that are enabled by the operating system, things like touch and some of the other usage model, the other attributes, it sets us up for a really exciting set of products
in the back half of this year. >> did i lose you there? >> i didn't hear you. one of our producers just told me that they were changing your bottom line number to 52 cents. can you clarify for me what you're reporting today on a net net basis? >> oh. so i'm not sure what you've been reporting -- >> initially we've been reporting 56 cents for the quarter and now somebody just got in my ear and said it's been revised to 53 cents. >> 53 is the nongap number. 56 is the gap number. we were a little higher in terms of revenue and a hill higher in terms of gross margins. so we came in slightly better in q1 than expected and i think it's a good start to 2012. >> again, the stock is down 2% right now. do you now how impatient
analysts can be. those being in tablets and in the mobile devices and how long it will take to unfurl that strategy? >> actually, i'm really excited about the progress that we made over the first quarter of this year. we've announced smartphone design wins with a large player called lava and you're going to see phones in the market with intel inside imminently. i won't announce the date but if people tune in, they will hear more about that. in q2, you are going to see multiple phones with the architecture in sight. it's a testament to the performance because of the manufacturing leadership. the design and momentum has been strong and we're excited about building upon that as we go through this year.
>> stacy smith, we appreciate your time. we'll get you to that conference call now. thanks for joining us. >> great. thanks for having me. >> okay. you bet. now let's get to the other big story of the day and that was simply the stock market itself. a big rally late in the day. major averages gaining more than 1%. the dow was up 200 points to the upside. here's a closer look at that market activity today. >> back with us is bill hennessey. >> good to see you. >> when it comes to technology, any of these numbers change your opinion about what to do with investing right now? >> not necessarily, michelle. it's a slow economy and not only in the united states but worldwide and they are still making -- like ibm is still making $11 a share. if i look at it from a p.e. standpoint, maybe what is hitting ibm in the short term is the s&p around 12. maybe they are looking at that. >> that's maybe an explanation
for the selloff? >> maybe an explanation. and this is off the top of my head which is -- and you're talking about 14 times on earnings for intel so maybe at 12, 13 they are taking it off the top. bottom line, these companies are making a tremendous amount of money. they are not running away from anything can you imagine if we get back to 3, 4% growth. >> a little bit of growth. >> if it picks up a little bit, you can only see what is going to happen. >> is technology a sector that you can still invest in in good or bad economies? we joke about it being the sector for all seasons. is that a case for long-term investors, necessarily? >> well, in today's environment, i think where technology is really working out is that corporations are putting a lot of money into their internal a
infrastructure. it's not good for unemployment long term because the reason we're putting money in the tech is because we don't have to hire as many people in the future when the growth picks up. plus, you get to capitalize it over 5 or 15 years, whatever you use, compared to hiring somebody who hit you earnings per share right now. >> any of these names after the bell that you would buy? >> right now because our growth area, our selection criteria is pretty much priced to sales and we're not going to see these companies with the price to sales of 1.5 or less off the top of my head. so they really -- or if it's a conservative or dividend play, it's not going to hit there. the yields are not high enough. >> so i guess you're not buying apple right now? >> no. to be honest, if you want my take on it, if you go back to the '80s, technology change sod quick, six months you'd have to get a new pc. how much do you need on a 4g.
>> now you sound like bill gates. >> no, it's one of those things where you're going to wait for another year before innovation comes through before you buy another one. that's why they might have been paid a dividend, simply to get in front of them slower sales. >> always thinking, this one. neil, nice to see you. appreciate it. >> thank you. better than expected earnings for bancorp. is that evidence of a better economy? we're going to speak with richard davis. we have an exclusive interview, next. plus, what would you rather own, a new $600 ipad or one share of apple which is trading at $600? we'll share your responses. stay tuned. standard keyless access, and standard leather-trimmed seats, then your choice is obvious. the lexus es. it's complete luxury in a class full of compromises. see your lexus dealer.
how math and science kind of makes the world work. in high school, i had a physics teacher by the name of mr. davies. he made physics more than theoretical, he made it real for me. we built a guitar, we did things with electronics and mother boards. that's where the interest in engineering came from. so now, as an engineer, i have a career that speaks to that passion. thank you, mr. davies. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve
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prices. manufacturing helping out. bill and michelle, back to you. lending is an example of bancorp first quarter earnings. total loans rose by 6.4%. loan loss provisions went down, 36% from a year ago. and net chargeoffs declined by 29%. all contributing to a 28% increase in quarterly profits. joining us in a cnbc exclusive is richard davis. why are you able to lend more money? >> because people are ready to take it. there's a great opportunity here of pent-up demand and america's consumers and businesses are coming back slowly but surely to this recovery. if you think about it, banks get paid on loans outstanding but the lines of credit are extended
and asking for more aville built of credit is quite remarkable. what you see above the top line is good news but below it is even better. so we're looking forward to optimism. >> were you saying this one year ago? when did this change happen? was in noticeable in the last three months, six months? >> good question. i would say in the last few quarters. we thought the inflection was near the end of last year meaning a sustainable quarter where each and every quarter slightly and ever so carefully better but no turn around, no turnabouts, nobody falling back the other direction. everyone is seeing slight improvement compared to the last four years.
>> what about ben bernanke? how he is helping you? >> well, you manage through it, for sure. i appreciate the fact that he's protecting inflation and keeping interest rates low. that's not a good thing for banks for a long period of time but overall we have great deposit growth and other fee businesses. under the protection of inflation and making sure we have a careful and repeatable kind of recovery, i think that's probably worthwhile. i kind of hope he does go into 2014 with flat rates but we'll manage whatever comes to us. >> what about mortgages? you talked about business coming to. are people buying more and more homes and more importantly, are you willing to lend to them? >> great question. first of all, mortgage activity was really unbelievable, best quarter we've ever had. >> ever. hold on. your best mortgage quarter ever? >> yes. you have to remember, this is a bank that is growing quite a bit. we went from probably the high teens in terms of mortgage
servicing five years ago and now we're number five or six. so we're growing on profit sharing and record investment. it's our record quarter but 75% of those are repurchases or refinances. we still don't have the new market up to the robust level that it was many years ago. but it's looking good. people are buying homes and prices are starting to move up again. i'm an optimist. >> well, you're making me feel better. considering how much -- >> there you go. >> what are the headwinds? what could go wrong? >> if we end up looking for a fast recovery or a ballooning in loans or activity in the market, i wouldn't trust it. the fact of the matter is, we have been around long enough to know that this is the longest steady downturn. it will be the same going up. i think we should be patient and
look for the small signals, embrace them, and move forward. a bank is a perfect microcausm of the economy. the line of credit interest has been much higher. >> that is terrific news. thank you so much for joining us. >> thank you, michelle. good to see you. >> how long have you been around? >> well, i have not been around as long as he has been around but i wasn't going to mention that to him. >> you are experienced in the markets, that's for sure. coming up -- >> markets. yes. >> markets. where are with he? markets may have stormed back today but investors should turn their back to europe which has been a problem for us lately. plus, there's been a lot of after-hours trading. there's been a lot of it. back in a moment. [ male announcer ] this is the at&t network.
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stocks spiked in trading. brian shactman rounds up all of the action. brian? >> let's talk about ibm. they beat revenue. bottom line was light. let's go back to the beginning of 2011. stocks gained 37%. when i looked through the numbers, only one segment beat on revenue expectations. we're seeing a 2% drive. let's move along to intel. that will drag the dow down 2.5%. 3 cents to the bottom line. jon forth ht has talked about t. lately eps has had disappointing revenues. maybe they extend the revenue a bit. intuitive surgical, that stock is up.
that's a $32 move. consensus for 38 cents a share. overall volume is up 1%. we did have a miss by eps and 5% on revenue. that stock was down 8%. that's off of the lows. only a slight beat when it comes to revenue. inside the numbers, almost every segment of their business exceeded expectations. it was slight but they exceeded the. bill, back to you. >> people need to split more stocks. intuitive surgical that's ridiculous. >> why don't split it so people can buy that stock. >> absolutely. coming up, we'll round up everything that you need to know for tomorrow, including how developments in spain could affect your portfolio. plus, it's a question we've been asking you the entire show.
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here's what to watch for tomorrow. >> i'm brian shactman. we will be laser focused on earnings. we also hear from asset management titan blackrock as well as pnc financial. qualcomm and tech and ebay for e-commerce and young brands and marriott always provide insight into spending habits. finally, energy. halliburton leads the way before the opening bell. >> and now here's what else we are watching. >> thank you. put it simply, spain. five times the size of greece, they are facing their own debt problems these days. they have an auction of ten-year notes. market watchers say it will be a real test of demand for their securities. >> we want to know if they can
keep borrowing because they need to. even as the short-term auction went fairly well. >> the one today, right? >> the one today. it's more about confidence in the long term. joining us is founder and president of tatro capital. good to see you. is spain really -- we haven't seen all that much reaction in u.s. domestic stocks, even though we're seeing incredible volatility over there. quinn? >> well, i think we have. we have seen the effects when the ten-year or the yield started trading above 6%. >> it's above 6% today. we have a 200-point gain. >> it closed below 6% today but we had a very successful short-term auction. that was the catalyst for our market to rip higher and i believe that investors got way ahead of themselves. it was a success auction based
on demand. yield is almost double what it was a month ago. i think as you mentioned to -- >> it was double what -- it is double. >> i agree. read the headlines. that's what peopleof. it's ludicrous. i agree. people said oh, demand is high and they went out and hit the buy button. today was like a buying panic. we have seen selling panics and today was like a buying panic. get me in or i will miss out. >> we have seen this movie before with greece and certainly the fear was default over there and disorderly default. you are not going to get that with spain. it's five times the size of greece. what are we ringing our hands over here about? >> i think -- >> overdoing the concerns about the debt crisis again. >> i don't think so at all. i think basically unfortunately the truth in the euro land is a second language. we have been told that the whole
problem is being contained. greece is going to need another bailout and spain is five times the size and that's in really rough shape. they also lie and said the debt to gdp is 60% and it's way over 90% and nearing 200% if you see the government. it speaks of contagion. if it spreads to a big country like france, you are probably going to win the second run. it could infect for france and france is too big to save. that threatens the whole euro, the second currency of the world. it's a very serious situation. >> it is a serious situation. i think we are overdoing it. at any rate, thank you both. >> it's a forerunner for the united states. >> thank you both for joining us. >> i like madrid this time of the year. >> fast money starts in a few
minutes. >> on fast money, we are all over the after hours action and all the bases are covered when it comes to the conference call as well as the trade. the ripple effects of low net gas prices and one said spurring a rebirth and we will give you the trade off. apple seeing the big rebound. all that and much more at the top of the hour and see you then. >> an important recap with the big stock rally. >> your answers to the question of the day. would you rather own a $600 ipad or apple stock that sold for $600. your tweets after this. carfirmation.
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throughout the program, we have been asking your thoughts on what you would rather own. an ipad or share of apple that sold for $600. matt said neither. give me an iphone and let me spend the remaining on however many facebook shares i can get. forward looking young man. easy. one share of apple and buy an ipad and have money left over for the case. >> homework sanity said i would
take the stock. if an ipad splits, it is not good news. >> very cute. >> that's my favorite. thank you for all your tweets. we love hearing for the smartest viewers on television. continue to tweet us at cnbc closing bell. >> let's recap the day with a quick market stat check. look how green the screen was today. industrials by 194 points. that's where we finish the day and nearly every single number in positive territories. back above 13,000 for the first time in over a week propelled by a round of strong earnings. dow components falling in the after hours session on the heels of their revenue miss. intel beats and that stock is down as investors digest details of the drop in first quarter net income. jumping higher after the media jumped higher in the first quarter. ending near the session high with a gain of 21 points, all
ten s&p 500 sectors gaining ground by tech energy and industrials. they are closing back above 3,000, up 1.8% as apple came back. >> after five down days, this was a powerful rally. highly unusual in terms of the breath and volume was so so. not great. still big gains and see if it can continue tomorrow. fast money starts after this quick break. >> see you tomorrow. om line, their very first word was... [ to the tune of "lullaby and good night" ] ♪ af-lac ♪ aflac [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. [ yawning sound ]
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