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tv   Squawk Alley  CNBC  December 9, 2014 11:00am-12:01pm EST

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kayla tausche in new york today. with us jon fortt. dow is down. a bit of a selloff led by telecoms and some technology. energy one of the few sectors in the green. european close in about half an hour. we'll see if that alleviates. maybe folks over there using our markets to rasz cash. >> could be. a few interesting names. gopro down near -- of course it's low low was that $31 close its first day of trading. it is still up more than double from that level. but 65, is a pretty low level for them. we'll see. >> and tesla down for an 8th
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consecutive day. mary. >> it's a turn around tuesday. we've seen at lof o sectors and areas that have been strong. they have turned weaker today. a quick look at the an interday chart of the dow. we were down about 225. we have come off those levels recently but look toot v lly lo. there are some concern that invest rers getting increasingly nervous. the vix about it highest since october or so. one area we're seeing the fear reflecting is the move in the dollar yen. dropping below that 120 yen level right now. it's been some ti ee' it's. another area where you could see
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investors putting must be into safer heaven was the ten year treasury. it's yield dropped below 2.2% and it's too has rebounded. and we're seeing investors seeking save safe haven in gold. today it is up 30 35 dollars. we actually have seen crude oil move a little higher. helped in part by bottom pickers and also weakness in the dollar. there in turn energy stocks which have been under pressure greatly the leading decliners in yesterday's selloff getting a bid this morning. the areas of trouble including telec telecom. where we've have had pressure worns on higher profit margins. and that is the leading sector declining today. right with banks. we had sciti saying taking a charge in large part to cov
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cover --. on a quarter over yequarter and year over year basis. banks among the weakers performers. could be the first back to back declines for the dow since october. >> and tech also selling off this morning. as we were mentioning, gopro, netflix, apple and twitter all down so far this morning. and kate rogers is live at the nasdaq with more. >> hey, well the nasdaq down near 1% today after closing in the red yesterday. o'reilly automatic, the parts maker benefitting from the gas prices that continue to fall. accordi that's compared to 3.65 last
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year. tesla was down 4% yesterday and it is the biggest loser in the nasdaq 100 today. we're also keeping an eye on amazon. it started in the red on reports from the wall street journal of its new bicycle delivery service. also announced a service called make an offer giving consumers opportunity to negotiate lower prices. >> let's stick with the markets. nick, good to see you again. good morning. >> good morning. >> i got a few things that this bears can work with today. i wonder what you make first of the pboc in china, what has been a pretty severe equity bubble over there. is that at work here? >> definitely didn't help the overnight next. and china has a real problem and
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trying to flake real estate bubble. and do it with some way that allows the continued growth of the population. so it is a challenge but it did effect the overnight action quite a bit. >> and the macro numbers out of europe. people are concerned about greece again. greece, which blew my mind is having a worse day today than at any point during the financial crisis. what is the likelihood that some of these second and third tier markets truly start to effect our psychology stateside. >> i don't think it is going to happen between now and year end. but it does really speak to the complacency that you and a lot of people have been talking about over the course of the past six months. when really there are still pockets on uncertainty and greece is pocket number one. >> we just had the all american survey result showing that mom
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and pop are final both agreed that the stock market is a good place to put that you are money. are they wrong here? or is this just a speed bump you think? >> i always worry when there are too many folks on one side of the boat and adding retail on the to a very overweighted institutional investors certainly is a sign of concern. rates are low and economy is better and the corporate earnings are still good. >> how severe do you think those are going to be? do you think some of what's at work today is people starting their tax planning for 2015? >> there is a big chunk of that. we wrote a piece this morning about the energy stocks and why it's probably too early to go bottom feeding in that sector for the simple reason this energy stocks are the number one candidate for tax loss sales between now and year end.
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if you bought big cap energy at any point in the fast months you are down. you are going to sell that group. it's too early to bottom feed there. >> what would you be looking at in the way of value if in fact there is much beyond energy this market. >> the consumer cyclicals. looks good here. lower oil, strong consumer demand should shape up for the good first quarter and that group toned work pretty well between now and the end of the first quarter. >> what about tech? and we've seen this interesting trade this year where intel has been up even though it hasn't been leading in mobile. microsoft has been up even though it was supposed to not understand mobile and people didn't know that it understood the cloud. netflix is down and so is twitter today. how do you feel about tech heading forward? >> it felt very much this year
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like old tech finally got some respect and you mentioned names there that they weren't totally brain dead and still had another set of legs to them. for next year it is a cliche but it is true. it's going to come down to real growth. growth so scarce in the global economy that any company that can show good 15, 20% revenue growth is going to get a bid for sure. >> some competing head lines on would be fed activity. the journal saying that they are weighing, dropping the considerable period language. reuters hafs a story that basically flies in the face of that notion. what do you think it loongs like come december 16, 17th? >> we'd be surprised if they changed that language at the last meeting of the year. they want to end the year in a positive note. they understand the stock market is a major wealth contributor to the american consumer. it seems unlikely to undo all that by changing poms late in
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the year. >> and do you believe a hike? at least the first one. after that jobs number last week that conversation got a little more heated. >> it was an interesting number and i'm not sure anybody really believed it was all that as strong as the number actually said. we're looking for rate increase in the first half of the year but probably not the first quarter. fed is going to take it slow and easy for sure. >> oil allows them to take their time. more than before. thank you nick. >> nick colas. when we come back, dow down about 1%. we'll asked the head of multibillion dollar i.t. company and tell you which one in a minute.
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welcome back to squawk"squa alle alley". shares of bluebird bio. soaring. those shares up about 67 on the news. making it a $2.4 billion company. big day for bluebird bio. >> shares of mphasis slipping this week. as co-founders unloaded about a billion dollars worth of shares.
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six months after mphasis reported its first non found tore join the company. joining us is the ceo. i want to ask you first of all about this stock sale. first non founder ceo. you are on board and trying to do this turn around under this cloud pressure and then the founders dump all these shares. and granted they still have a big stake but what do you say to investors. >> the mphasis pounders are unlike any other in the history of the indian entrepreneurship. it was long overdue. i think it was about the portfolio decision. the vast majority of the holdings are still there. they are still among the largest
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shareholders of the company. one key is the massive mphasis has with regard to the philanthropy. it's huge activity for us. the part of the philanthropy, giving, this is the reason. they are fully committed to the management, the company. it is all good. >> talk to me about the mobile economy in india. we've got flip cart, amazon trying to expand there. uber trying to interthe ing tin having some headaches. >> many aspects of the infrastructures in india have been overlooked. there is the opportunity in digit toll bypass some of the
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opportunities that india has missed out on. e-commerce and those like uber have a huge opportunity. there as young country, young workforce. huge opportunities there. >> let's take pause here. we have breaking news out of washington. >> we are getting a the report on cia interrogation techniques. >> the senate intelligence committee has posted a 520 page document detailing activities in the wake of 9/11. expecting to address the nation. in the speech we're expecting senator diane feinstein that the cia used some --.
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the cia provided extensive inaccurate information about what exactly it was doing. it was also far more brutal than they told the american people or the u.s. government it was. the techniques resulted in fabricated information from some of those who were being interrogate. the report also says that the cia provided inaccurate information to the white house. and they also conclude that lack of heat in one cia facility led to the death of a detainee. we've also gotten a statement from president obama on the findings of the cia's -- the senate intelligence committee cia report. obama saying our intelligence professionals are patriots and we are safer because of their heroic service and sacrifices. he also says that the cia faced tough choices in the wake
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of 9/11 about what to do is and how to handle detainees. some of the actions that were taken were contrary to our values. that is why i unequivocablely banned torture when i took office. also within the next hour we're expecting senator john mccain will go to the senate floor. we'll wait to hear what we those say as well. but a lot unfolded here today. >> and eamon we should point out the cia is expected to mount a fairly vigorous defense. and that u.s. troops remain on alert in the event this sparkt sparks some action. >> this is one of the unintended consequences in terms of leasing this information. is whether or not the details of what the cia did in the wake of
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the 9/11 are spark retaliatory attacks on targets overseas. nonetheless the senate sbels committee is going ahead with this release. what they are saying in this document carl is that a lot of the cia's claims. did not result in the kind of intelligence that -- and there are two questions here. one is was it moral to do what they were doing at all? and secondarily, was it effective? did it get the kind of intelligence they were looking for? did it stop attacks. did it stop plots that were in the works? and the committee is saying no. the cia's justifications for overblown and inaccurate. so we'll walt wait and see. >> important developing story out of washington.
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eamon javers, thank you. getting back to this. i want to talk about the infosis and the enterprise and some of the competition there. you got around $50,000 revenue per employee. you want to increase that. >> more automation, more artificial intelligence. >> sounds a loog lot like what ibm wants to do. they use people to deploy software. sound like you want to use software to increase efficiency. >> we don't see ourselves as compared to any competition. i think it is inevitable that the spiral of ideal services has to go upwards, more automation, more productivity, more value created per employee. it has been a long evolution
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going all the way back to the industrial revolution that people get amplified by better technology. and my sense is that better software, better ai, more automation will help. >> satya nadella was telling me a few weeks ago that he thinks entirely different business models are going to be necessary for u.s. companies to compete in emerging markets like india. >> absolutely. i think there are new ways of thinking about opportunities and business models are in front of us and it's very exciting. >> vishal sick is aal sikka, th joining us. up next. david favber sits down with davd zaz lav. get to the terminal across town. arslav.een lights you? no. it's called grid iq.
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today there's a new way to work. and it's made with ibm. david faber has been live at
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the u.s. global media conference in manhattan this morning. this time it is the head of discovery communications david zaslav in an exclusive interview. hey david. >> good morning carl. it was about a month ago zaslav shook up some media investors when asking about the advertising on the companies quarterly conference call. he said no question advertisers are holding wallets closer and went on to say we really can't tell where it's going right now. my first question to zaslav, where is it going now? >> actually basically in the same place. the good news is pricing here in the u.s. has remained stable and scatter prices is mid teens above the up front. so the pricing is fine. the volume is just not there. for instance on friday and saturday night discovery was we
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beat the broadcasters with men. we would normally take out our bag and go out and pack into that across the network and collect a lot of dollars to get into two very strong nights on discovery. when we went around and look in the bag, there are some real dollars there at good pricing but the bag is not full. two quarters ago, three quarters ago you could sell all the rating points so you could fully monetize. so we'rein moment right now where we're really can't moneti monetize. >> so when i say already do you know what they are figuring out, they are figuring that digital works better for them. the efficacy delivering over facebook is far better for them than it is on television. period. >> and having spoken to them i don't think that is the case. having said that, i think there is certainly an investment and learning going on in digital. >> this is not life or -- this is a big question that you say you don't have the answer to. which is are advertisements
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starting to make difference decisions how they allocate wujt budget. >> they -- >> and you say they still -- >> we -- >> how long? >> the question of how much money is going to move the digital is a question that remains to be seen. but the power of television as within influencer of purchasing is going to remain powerful. >> a couple of quick things. buy backs. i just noticed you bought back 25% of the company since 2010. >> we like discovery communications. >> that a good way to use your capital. >> when i got there the value was about 5 and a half billion dollars. today we're 28 billion dollars. we're -- we have more platforms in more countries than anyone else. we have more divert. we like our business.
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>> you eyou're going to keep buying back more stock. >> we're going to buy more than last year. and we're going to buy back more next year than this year. wii got a great hand and we're going to keep going. >> and how come the die didn't get eaten alive? >> he put special blood on so he would be really tasty. he did get constricted. but the guy didn't get eaten all the way. >> we taped that interview just a short time ago. zaslav is presenting to investors right now and a lot of what we also talks about is the power of discovery, despite what does appear to be this question mark of an advertising industry right now. and that is a key question for
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many investors. is it just a blip or is it those believing that perhaps the effect soif advertising on facebook is superior to that of what they can do on tv? he says we don't know and of course we goals on to talk about international up 32%. so many different delivery platforms is so many things they can do with their content at discovery. and sort of saying i'm not that concerned but as the bigger concern for the investing community overall when it comes to many of these whether it be a discovery or the cbs or the time warner, on and on. back to you.
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>> -- maybe in response to profit taking here. may not be in response to what's happened in greece. if it is it is to bond selling. the situation in greece clearly on the price action is pretty tough. the greece market is down the best part of 13%. as you will be aware by now. the greek prime minister yesterday was unable to convince them to back down on demands for a sales tax hike and pension cuts to balance the budget. therefore he did not get an end to the the bailout. he is not being given the additional money and the closure on them disciplining the great economy. he therefore entered into a high stakes gamble.
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he's decided to shore up his government and bring forward the vote in parliament on a new president by two months. he doesn't actually necessarily have enough votes to get what he wants. but he's held bent on persuading other members of parliament to join his party. there are three days in december on which there will be volts for a new president. on the last date he needs 190 to get that through. if he doesn't get, there will be snap elections and the polls indicate that antibailout party will take charge which brings europe into a new form of crisis mode. but the important thing to point out as i mentioned to you that the rest of europe has not fallen out of bed. these guys are down. you recapitalize the banks with a lot of foreign money.
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is anybody going into athens and put more money on the table in this tricky environment? i just want to mention one big stock in the u.k. that is in negative territory today. and this is tesco. they have now issued fourth profit warning within the last six months and the analysts. you sea the rest of the sector in negative territory. the big question is whether there is any operating margin. so bitter has the price war been. >> simon, busy day in europe and we are off the lows as we sometimes like to say here. down 157 on the dow. when we come back we'll talk about footbainancials getting h hard. the ceo of sun trust, one of the country's largest regional banks sitting down with kayla tausche in a minute. there's a difference when
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you are watching the markets this morning, you woke up to a brutal open. session lows down around 220 on the dow. weakness in telecom and technology. energy has been front and center for the past several weeks. moves in other parts of the markets are investors word about central banks and number os out of europe. dom chu is back to break it
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down. >> it's important to know energy is a huge part of the market but there are one or two sectors that have more of an impact. the s&p 500 we know around noon yesterday we is saw a dip lower here about eight or nine points that precipitated a lower move down. and we're another move today. one sector that was a big focus for investors was the technology sector. it traded over the last couple days you can see the same kind of move. s&p technology you can see that moved down yesterday around noon and everything else followed suit. there is a reason why a lot of people pay attention to at least the technology sector. it is because it is the single biggest weighted sector in the entire s&p. it makes up about 20% of the overall index. among the large-weighted stocks that make up the sector are ones that we talk about quite often. apple is one first of all. if you look at what they have done that is one of the names that really does have a big impact on the market.
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it is most valuable company in the world and the biggest weighting in the s&page you can see that move yesterday and again moves lower today. also the second biggest weighting in the s&p 500 is a another tech giant. this time it's microsoft. same kind of move lower. and the reason why it's important, exxon mobile is a huge company but now the third biggest component of the s&p 500 and the energy sector only makes up around % of t8% of the index. technologies are huge. and the financials are the other. two sectors that make up 36% of the overall large cap index. so as we look at energy, yes it is an important story. but what happens with tech and financials has a disproportionately large impact john on the way the overall index, at least the s&p 500, trades. >> speaking of energy let's move on to that.
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jackie deapg lengeles. >> wti touching $64. we saw present testing the $65 level. and more comments out of middle east from the head of kuwait petroleum. that's kuwait's state run protocolem company. saying he sees oil staying at $65 for the next six or seven month, that is until opec kupts production. so all eyes moving to the march meeting so see if they will cut production or continue to take the price declines on the chin. and that is probably what caused most of the decline. yesterday and of course saudi saying it see it is $60 level as the stable dags. interesting to see how the voices of opec are coming out and trying to move the markets in a particular direction. one note on gas prices. we're just pennies from a five
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year low. despite the technical fluctuations they do expect to see retail prices at 2.50 by the end of the year. >> banks under pressure was ae said today as the ceos of b of a and citi for lower. that's hurting the sector today. financials down about .75%. but our weather banks worry. >> we are here at the goldman sachs financial services conference with bill rogers, the chairman and ceo of sun trust based in atlanta. 186 billion dollars in asset. good to see you. >> great to be here. >> we've heard o at lof challenges ranging from low interest rates, the price of oil and what it means for corporate customers as well as potential legal charges. which of those affect sun trust? and which of those do you put in
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a bucket of those effect the big banks and not the regionals like sun trust. >> we have a very diversified platform. our energy portfolio is fairly small so our impact is minimized from that portfolio. and our consumers get the benefit from lower oil. so those sort of off set each other. so legal charges, we've faced a lot of those in the past and we'll see where they go in the future. and then as it relates to lower interest rates, we're subject to the same type of impacts, but we're overcoming that with growth. >> when you think about oil, there ease been some attempt to quantify the impact that lower prices will have on the consumer. we've heard that the average household will save about $900 this holiday season. how are you looking at those savings? and what impact do you expect that to have on the rest of your businesses? >> it is hard to qualiff quanti.
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it is essentialrefend. and that is going effect in some way. it is hard to quantify that dollar for dollar but maybe just overall improvement on how consumers feel about themselves zblls when interest rates do eventually rise and yields go up. sun trust is poised to be among the biggest benefactors. how are you looking at that increase and when do you think it happens and what is the impact on the bottom line. >> we're asset sensitive. we've positioned to be that, meaning that we will benefit when rates increase. but we're for next year we're assuming no rate increase. and i think that is just going to keep us tight. keep us focused and not let us lose sight and if we get the tail wind we'll get the tail wind. >> so you're -- >>? our own personal planning. >> you are investing heavily in
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digital and that was that focus of part of your presentation today. where is that money going? and how does a bank compete against simg valley which is trying to compete against banking from every angle. >> i think we have to disrupt ourselves first. we have to understand what clients want and respond to it. that's how we preach to the market. and our investmenting have been across the line. they have been in mobile technology and active atm usage that allows clients to interact in a different way. we have a online lending platform which allows clients to interact directly with us. and so we're investing across a lot of different spectrums to really respond to clients. >> when apple comes and says we want sun trust to be part of apple day pay. it is going to come as a cost to you. how do you square that circle and say this eventually is a good thing for us to do for
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consumers. >> we start with first what do our clients want? they are apple users and they want us to be part of that platform. and you off set cost with what we think are increased opportunity. early returns are still good on apple pay. >> we'll get some data after the holiday season. finally, what do you think it is about the banking sector that makes it so impoblg for some of up these supervisor stasupervis and challenge what you do? >> i think if we start with disrupting ourselves, that is the best place to start from. so we don't think that we're bound by traditional locations or traditional ways to interact. we have as i said an online strm called light stream which allows clients to come into us, quick, easy, unsecured and it is backed by $15 billion in capital.
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i consider that to be responding to the client but also making sure we're part of the system that creates security. >> we hope to have you back soon and talk about how you are disrupting the system and what you are doing in your business. bill rogers. chairman and ceo of sun trust. >> coming up frg, it's been a rough december for apple shares. what's driving the decline, next. (trader vo) i search. i research. i dig. and dig some more. because, for me, the challenge of the search... is almost as exciting as the thrill of the find. (announcer) at scottrade, we share your passion for trading. that's why we rebuilt scottrade elite from the ground up - including a proprietary momentum indicator that makes researching sectors and industries even easier. because at scottrade, our passion is to power yours.
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the is the rally losing momentum? and then some surprising results from our exclusive cnbc all america survey. might make you look closer at apple. plus abercrombie's ceo is out and the stock is up. does that mean it is a buy? we're going to debate that and a lot more top of the hour. >> apple off to a rough week as you probably know. things aren't looking any better this morning. shares continue to tumble. what is driving the downward roll? ve senior analyst at bernstein, tony sacconaghi, what's going
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on. >> clearly you have had really strong gains and some investors are taking profits. i think in addition there's been jitteriness in the market around consumers and global economic health etc. and the question also that apple investors struggle with is can they beat expectations? will results be good enough? and so as we get closer to earnings for apple in january, investors are wondering should i take profits? can they really deliver results that are going to top the highest end of expectations to continue to propel the stock? >> are we going to have any other catalysts before we get those results from them in january? are we going to be watching holiday lines outside apple stores? any other metrics you expect to see?
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>>, you know, there will be reports on how investors believe in how market research firms believe apple did through the holiday season. but ultimately it is going to be the results. and it will not only be volume, it will be margin. i think one of the big debate issues around apple is whether it can benefit from the larger screen phone which has better margins and much richer configurations of storage on the new products. so, you know, there have been several data points that suggest that more consumers are choosing to pay an extra hundred dollars because they are getting 65 division of storage and that is very helpful for apple's margin. >> our viewers love the needle the cell side especially when you get price target increases every day. 130, 135 and that is exactly when the stock rolls over. do you still they lot of those targets have relevance? >> apple is a very tricky stock
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to be pin put an absolute targe. the trade is very reasonable. 10 to 11 times freep cash flow if you give them credit for their cash, which is very reasonable relative to the market. i this think the challenge that investors always worry about whether the company can grow, whether it can come out with another block buster product. so while the stock is trading at ten to eleven times cash flow. it is trading about 14 times earnings. when apple went into a lull a couple years ago and investors doubted growth prospects and margins the stock traded at 10 times earnings. so the challenge is will investors at some point say this was a great cycle but is there something on the other side of that? and if they don't believe there is something on the other side of that we'll likely see the
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multiple contract. >> tony thanks so much. talk to you next time. >> my pleasure. >> tony sacconaghi. dow so now down 137 as the losses continue. rick, what are you watching today? zble all have to watch china. we take things sometimes too superficially. we talk about europe and china in their reforms. but sometimes reforms could lead to major migraines. and that is what we're going to be talk about about the break.
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snoop let let's get to the cme group and rick. >> dow jones said it best so we can put it up as to exactly what are the main catalysts for the markets today. china's tight use of the corporate boond as collateral for borrowing short-term between investors. temporarily stop accepting --. now more than half of the outstanding corporate bonds are not eligible to be used as collateral. i actually think that is a really good thing. and it really goes to the whole point that in this instance, reforms for china to improve the condition and the risk in their marketplace is giving the world a serious migraine.
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look at the drop today. close to 5.5% on the shanghai composite. biggest since august 09. and when you really open the chart up and include the all time high around 6,000 and above it puts it in proper perspective. also can are in baseball you get three strikes. lest look at what's going on. mange brokerages can the security firms shares hit hard. the yaun is trieding at the allows level against the greenback since --. i see we're going to test 220 in ten year. i see the european securities southern sovereigns making new lows. the kak, the dax all down super. our own dow jones industrial average and s&p. so the moral of the story is we
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all know that the world needs reforms. we know that things like energies and stockpiles in china have a deleverages but end in end to do the right thing has a price. central banks have postponed the reckoning day but sooner or later it is going to approach. >> we'll see if that is the case. moving on this week's tech crowd looks at two skik starter campaigns leveraging the holiday oto raise serious dollars. you get to vote for which you would fund. >> adel ear buds claim to deliver professional studio down while at the same time reducing hearing loss but 70%. trunk ster is a line of zipp
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zipperless luggage with a build in scale. and gps for tracking. who should be this week's tech crowd leader. vote now at cnbc.com/tech crowd. >> airlines a big loser today. we'll look at that sector in just a moment. need to catch the0 huh? the equipment tracking system will get you to the loading dock. ♪ there should be a truck leaving now. i got it. now jump off the bridge. what? in 3...2...1... are you kidding me? go. right on time. right now, over 20,000 trains are running reliably. we call that predictable. thrillingly predictable.
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welcome back to "squawk alley." watching spirit airlines post its large interday percentage fall in 15 months. raymond james downgraded the stock to a market perform saying near term revenue weakness will persist. shares down about 12% on the day. lots of turls in the airlines overall. all majors in the red today. >> 40% gain in a year. sell a little bit here. tellcos are the ones that gotten my attention. verizon biggest percentage drop since 2011. and you have to go back three
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years or more. >> quite a few techs coming back today. gopro off the lows. sales force arm and sandisk among the biggest losers in that sector. >> all right. welcome to the halftime show. josh brown, mike murphy, stephen weiss, and pete najarian. our game plan looks like this. three stocks to pop. aerial investments, chairman and ceo john rogers on winners to own in 2015. under the apple tree. the surprising results from cnbc's all america survey

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