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tv   Closing Bell  CNBC  April 30, 2015 3:00pm-5:01pm EDT

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off session lows on the nasdaq. take a look at russell 2000 small caps. intraday. that's where the pain is in this market. brian, i'll see you tonight on "fast." track being the selling the sell-off. >> as will "closing bell" which begins right now. welcome to the "closing bell," everybody. i'm kelly evans down here where we are witnessing a sell-off at the new york stock exchange. >> i'm bill griffeth. the adage is that they say in may, then go away but they're not waiting for the first day of may tomorrow. they're getting out on this last trading day of april. the industrial average to the low of the session, down 215 points. look at the nasdaq -- >> down 1.7%. it is giving up 85 points on the session. back below 5,000. 4,937 is the level there. a lot of those biotech names again under pressure on the
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session today. >> manile sectors are down today. technology has been the highlight. biotech once again. the very volatile biotech sector starting to move lower again today. we have a lot to cover over the next couple of hours. we also have a lot coming up. we're just hours away from tesla's battery announcement. the stock pulling back in today's trade along with the rest of the session. should you be buying before tonight's big event. if you think movies like "furious 7" are the only movie makers for i max, think again. the ceo will join us to give you the details on unexpected blockbusters and the country that's bringing in more box office revenue than the u.s. any guesses? imax finally has movies people want to watch other -- >> a lot of movies look really good in imax. kelly never backs down from a fight. i can vouch for that.
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she'll go toe-to-toe with the man himself, manny pacqaoi, ahead of this weekend's big event in vegas. you tower over him. you could take him. >> i definitely could not take him. i've tried to box, as you know. no way. no way. i'm really looking forward to that. a lot of respect for him. a huge huge weekend coming up. huge money at stake. >> huge! as we are trying to keep an eye on wall street where we are seeing this sell-off pick up down 229 points. that's what the dow is doing right now. s&p down 25. the nasdaq down about 90. >> what's traditionally been a strong month for storks itscks, it's been flat. in our "closing bell" exchange today, jim lowell back from advisor investments. mark tepper from strategic wealth partners. craig bishop from rbc wealth management and one rick santelli joining us from chicago.
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jim lowell what's your version? a garden variety sell-off? >> my version is that the earnings reports didn't give us enough of a catalyst top advance market gains much farther. the economic reports continue to maintain sort of a slow growth not no growth environment which is net good for long-term investors. there are certainly no obvious headwinds. strong dollar i don't think accelerates from here. certainly not based oen what we saw in the first quarter. we put transitory issues of bad weather. port shutdowns at least in relative terms behind us. i think this is sort of a market in search of momentum either to the up or downside. today it looks like it is just choosing to run to the downside. >> mark, you think that downside run could continue here as we witness a 10% pullback. first correction in four years going on? >> yeah. it's been a while. it's been at least 3.5%. typically you see a 10% correction at least once every 12 months. we are looking at -- we do think there are some headwinds.
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we think right now you have a deteriorating earnings picture. you have stressed valuations where the forward multiple's above 17. you definitely have some things working against you. then you add in the fact that the dollar's stronger. you add in the fact that there's looming interest rate hikes. that would be the perfect storm that could finally cause us to pull back. we're overdue for it. >> i don't want to interrupt but jim made this point as well. i want to be clear what we are talking about. for the earnings disappointments or downward moves you are talking about, listen. the quarter that we're just getting looks like it is going to be better than anticipated again and maybe only energy is going to be in the red. so are you referring to the second half of the year where those estimates are coming down? >> no. i'm referring to the current quarter. we're still looking a the a contraction in earnings of 2.8%. i wouldn't call that great. yeah, we are coming in better that expectations because expectations were neglectative 4%. of course negative 2.8% is going
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to be better. we are at a point right now where margins have pretty much peaked. really the only sector left where margins can expand would be the financial sector. and the financial sector the margins of that sector will actually benefit as interest rates go up over the course of the next few years. >> be that as it may, craig bishop you use selling points like this as a buying opportunity, aren't you? >> absolutely. to us volatility presents opportunities. i think with regard to what's going on in the markets, it's really tremendous volatility. being driven by a lot of noisy factors such as earnings. dollar currencies, oil. but a lot of it really is fed induced from our perspective. fed induced market volatility to us is something that constitutes a new normal for investors. something that going forward investors are going to need to embrace as they manage their investments. to us definitely volatility breeds opportunity. we're looking to place money,
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also on the equity side. >> on this point about what's happening with interest rates, we seem to have broken out of the range. dreg, where craig, where do you think we go from here? >> to me the range is you go back to november of last year 2014, when opec pulled away from the oil market. 10-year notes were yielding roughly roughly 2.35%. we dropped to $1.65 1.65%. i think momentum is due to the higher rates. a lot of uncertainty with regard to fed activities but to me as we move higher i don't see 2.35% on the horizon. >> bertha coombs is at the nasdaq. before we get to rick here some of the biggest losers we're seeing as this selling
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intensifies going into this final hour of the month. bertha. >> yeah. we're seeing apple near the lows. nasdaq now down for its fourth straight week but remember we are coming off of an all-time high last friday. so we're no up down about 3.5% from that all-time high. that's one of the things that traders are talking about, the fact that a lot of these names, a lot of these indexes are really stretched. so we're seeing some folks taking some cash off the table. apple is the big example here. apple near the lows of the session here right now. right now it is on pace for its smallest monthly gain in about two years. it had moved up to that all-time high. remember four days ago record numbers on its earnings. record sales of iphones. record high. and now has pulled back this week ever since then. we've seen that a couple of times this year. as apple reaches for those big highs, even as people say that the valuation there is still good. it really has taken a while to come back off of that.
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biotechs right now are in correction territory from their all-time high back in march off more than 10%. more the month they're off about 3% or so. among ot worstthe worst performers. big cap biotechs have been up for six straight months though. so again, some of these are starting to get a little tired. they've had a very long run. few gainers today. exstress express scripts one of the biggest movers. >> what's interesting as well this sell-off is happening as interest rates are starting to move a little bit higher. do you think people are shifting positions? does this have something to do with the fed's rate hike? >> the pressures from that government report, 2. 6% year of over year? >> i think all of those are possibly. i personally think it is purely
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market logistics in a market that doesn't know where its value is. consider the 29 sessions between 1.86 and 1.99 13 base points. mid point is in the roughly low 90s. the low and high yield for 2015 about the same mid moint. 1.94. you brakeeak out of a 29-session range i would expect a little traction. we set last year at 2.17. that's where we settled at october 15. i have very little doubt that's the next level you are supposed to pay attention to. when i look at that .7 month over month change in cost index same in q2 2, you have to go back to q4 of '07 to find a higher one. i think we're all trying to mark the market to some fundamental. even though the employment cost
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index was up a bit. i is us expect when the dow is within one-third of unchanged, the s&p less than 1% up for the year it does not surprise me. we're meanly reverting back to last year. >> it absolutely feels like mean reversion. i started about a lack of momentum lat of catalyst either to the plus or downside. i think we are still there. i think this is a directionalist market unless and until we see some sort of concrete improvement or deterioration in the fundamentals i think we continue to just sort of chase our own tail. >> what are you going to do with this market jim? >> we continue to like europe. we think there the downdrafts definitely create buying opportunities. we like growth out of fidelity to pursue those gains. the manage we continue to think that selective buying in the mid and small caps is absolutely crucial.
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we certainly would not be buying etfs or index funds in the space. too many risks in that big basket. but inside that basket still some opportunities to be had. >> mark with are you looking at the nasdaq biotechs a is a leadership in some ways for what happens with the broader market next? >> no we're not. the sector that we're focusing on the most for leadership is financials. we really do think that the financials are going to assume leadership in the market and are going to carry the market over the course of the next year. they're the one sector where you're seeing fantastic earnings acceleration and you're actually -- they have the potential for margins could expand significantly as interest rates go back up. techs obviously are a very important part of the equation but i do think financials are going to be the leaders. >> so your view that we might be in for a correction here would just be exactly what it is a pause before you resume higher? >> yes. long term, over the course of
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the next three months we think there is more risk than reward on the table. we're a bit defensive. we favor bonds over equities right now. when we look out 6 to 12 months we are very constructive on equities. we think this is a hiccup a pause before we reaction sell rate to the upside and we would be long-term holders of equity. >> thank you, guys for your thoughts on today's mark action. about 45 -- little more than 45 minutes to go until the close here. the dow is down almost 250 points. how about that nasdaq? down almost 100. good for a nearly 2% decline on this session as we look to close out the month. people perhaps getting a jump on some of their positioning for next month. coming up the earnings parade also marching on. dow component visa aig and
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welcome back. we've got 45 minutes left in the trading session. the selling intensifies here. the dow is down 223 points. we need to be down 259. if we're down more than that then we're negative on the dow for the month of april. what's typically a pretty good month leading into may. >> if we do get red it will be the third month out of five we've been down. so much more choppy and negative sessions so far than we've seen in this rally. the nasdaq is down almost 2% on session. the nasdaq 100, there's only ten names in the green?
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>> 9 90 are negative. 10 are positive. morgan brennan is tracking some of the biggest movers for us on this final trading day of the month. >> hey, kelly. check out shares of rockwell automation. one of the today's s&p 500 leaders. the industrial automation company beat estimates for second quarter profit. it was helped by increased earnings in its architecture and software business this despite a slight revenue miss for the company. those shares are up 5%. different story for avon however. the beauty products maker falling short on quarterly profits with revenue below expectations thanks in part to a strong dollar and weaker demand in latin america. those shares of avon down 6%. lastly, imax. shares of the big-screen technology company in a holding pattern today, currently down just 1%. this despite imax beating on first quarter profits.
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one point in the imax earnings report highlights china as one of its top growth regions. for the first time ever in this last quarter, imax's chinese box office exceeded the u.s. box office office, $62.9 million versus $59.1 million here in the u.s. >> joining us here at post nine in an exclusive interview, imax ceo richard gelfant. how much time are you spending in china these days? >> not so much. for the first dozen, 15 years, i was there about 50 times. now we have people on the ground in china, a chinese ceo. maybe now only two or three times a year. a lot better. >> you figured out the strategy for klein now. how important is this going to be to your company going forward? >> it is important. as you said the box office there and imax for one quarter exceeded the u.s. box office.
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but i think by around 2018, 2020 at the latest the chinese box office will exceed the u.s. box office. we were fortunate enough to get in early to make partners with the right partners to create a win-win business so we're able to benefit now. but i think you will a he see a lot of that change affect the entertainment industry overall. >> what kind of headwinds do you face there? obviously the chinese government has a say in what can be shown over there. are there restrictions that are going to put a cap on what you can show over there? >> well there is a quota in china on all cinema. and it allows 20 foreign films into the country. but it there is allows specifically 14 3-d or imax films. that's what the wording says. if you talk about 34 films a year. plus we're very big on playing local content. we play films you've never heard of such as "wolf totem." it was a big hit for us this year. combination of the hollywood
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films and inbred films gives us a pretty good slate. >> i did have a slowing down in orders in the u.s. for some of your new locations but a lots of big movies are coming this year. some huge action movies. you've proven it is not just nature documentaries that people go to imax to watch. but american sniper was a big blockbuster for you. >> it was a big hit. everybody knew '15 was going to be a great year. "star wars" the end of the year "the avengers" coming this weekend. "furious 7."".." bond. it is a dream year. i think in the beginning of the year people were surprised by films like american sniper and "50 shades of grey" kind of work out. >> why do you think that? >> i think "american sniper" appealed to a new audience and older people are a great
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demographic. think most importantly is a really good movie. i think good movies still work whatever time of the year they come out. >> talk about your expansion plans now. are you seeing any slowdown in locations? is that intentional in terms of what's in the pipeline? >> no. in fact our backlog is -- i don't remember exactly. it is about 450 theaters so we have about 950 theaters open in the world now. 850 commercial. we've been installing about 120 a year 115. so if you roll that forward our backlog will keep us going. plus our signings are pretty strong, too. people really want the premium movie going experience, and especially with all the changes in home with bigger television sets gaming online all kinds of things. when they go out they want something really special and imax fits that. >> we've been talking a long time and i maintain that you were in technology just waiting for the right content. i think you're there now. don't you? >> i definitely think we're there. you look at the financial results in the last couple weeks
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we signed a deal with disney for 12 pictures. a deal with warner -- >> going to show those "star wars" movies? >> we'll show the ones in the next few years. i hope all of this emover time. >> i'd love to watch all six of them over again. >> you might see this year because "star wars" is coming out kind of a marathon a "star wars" marathon. but in general when you release old movies there's lots of marketing costs to cover. in itself it is not a great business model. >> unless they took care of that for you. fascinating. >> good to see you. ceo of imax joining us today. 38 minutes left in the trading session here. connelling back just a little bit, thedown down 215 points but the nasdaq still taking the brunt of the selling today down 1.7% at this hour. >> dow's down 215 points. next will elon musk's new tesla batteries for the home deliver on their game clanging hype?
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welcome back. it is a lot of red here to close out the month. the dow down 1.25%. nasdaq was down almost 1 00 points a moment ago. bill every time it climbs above the 5,000 marks it seems to give it right back up. >> the tweet of the day -- art cashin said today's action looks
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more like window breaking than window dressing at the end of the month. >> a look at the sectors. energy was briefly in the green earlier today. now it has joined the rest of the space, down .5%. utilities by far the underperformer which is really interesting again. if you're trying to glean what's going on with these moves. health care having a tough session again. >> key earnings reports out of the oil pacs. >> good afternoon. oil saw green today. we closed higher $59.63. you're right, a lot of people are saying that the is over for some of these energy companies. earnings be from exxon-mobil this morning reporting $4.94 billion in profit. $1.17 a share beating expectations. but remember these expectations were drastically reduced because we've seen oil prices drop so much. having said that there was some good news in this. the company continues to cut costs to maintain profit margins and also its refining business
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saw a lot of profit boost because low oil prices are going for refiners. meantime having said that capx is going to be down 12%. that stayed the same. buying back $1 billion in stock next yaert. that's a quarter. all in call a good quarter for the company and analysts are telling me the worst is over for some of the big players. oil prices should probably surpass $60, then grind higher from there. tesla shares lower as investors await ceo elon musk's big announcement on battery storage plans. that's coming tonight in los angeles. will musk deliver? we've got two tesla watchers. welcome to you both. collin, first to you. what do you think we'll hear tonight? is it exactly what we've already discussed or might there be some surprises? >> imelon always puts on a good
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show. there will probably be a lot of hype around the stationery storage opportunity. think expectations are pretty high but there should be some excitement coming out of it. i think it should be an interesting event tonight. >> this has been a classic momentum play anyway. you'll get volatility on big announcements, then the sell-off on the reality and everything. what do you make of this? you own shares don't you? >> we're actually short the shares. >> you are short. . >> yeah. yeah. our fund is based on the fact that people tend to overprice stocks that are growing rapidly and underprice stocks that are growing slowly. yet over time the fast growers slow down and the slow growers speed up. so tesla we think is a classic example of people way over -- becoming too excited about a
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fast growing company and overpricing the stock by a huge margin. >> i don't know this stationeary storage things sound exciting. if users can operate more efficiently. i can understand wanting to rally behind that prospect but early indications are that this is going to be pretty expensive. how much widespread adoption do you expect right out of the gate? >> i think on the residential side you'll be talking more of a very niche application. probably isn't going to be very cost-effective on the residential side. i think the opportunity is probably more on large scale, on the utility side. that market could be quite huge. i am a bit cautious as well long term. i think there will be a lot of good excitement and positive news but we are neutral on the stock and a lot of that is because there is going to be a lot of challengeses. on car side getting battery costs down is key. there is question which chemistry for the battery will dominate long term it may not
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be lithium. there are still a lot of hurdles but tonight will probably be upbeat. >> what about that john? yes, we've talked about an electric car company that doesn't sell that many cars but what if he does find a greater revenue stream in transforming technology from these batteries that could be used to generate power in homes and small businesses in large quantity? what then? >> i think the main advantage of a lithium ion battery, it is a light battery. it doesn't weigh much. i just don't see the value of that in a stationary product that's going to be in your basement, your house or a big power plant. it just doesn't seem to be something that's consistent with its cost disadvantage versus more traditional battery technology. >> all right. very good. good discussion. thank you, collin and john good to see you. by the way, the announcement -- elon musk's announcement tonight will be streamed live on cnbc.com. >> 11:00 p.m. eastern if you can
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stay up 8:00 p.m. -- >> i know some people who won't stay up for that. sue herera has a cnbc update. dozens of greeks tax office workers gathered outside the finance ministry to protest their wages, this as the government prepared to discuss a draft bill of reforms it hopes will pave the way for the freeing up of vitally needed bailup funds. the workers claim they receive less pay compared for other colleagues. billboards with joseph stalin are appearing in crimea. this as russia prepares to celebrate the 70th anniversary of the end of world war ii. the posters are sponsored by russia's communist party. more than a dozen detroit schools were forced to close together when not enough teachers showed up for class. closures were announced just hours before michigan governor rick snyder detailed a plan to split the detroit school district in two, a policy that the teachers oppose. this one's for you, bill.
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nasa's messenger spacecraft wrapping up its four-year mission to mercury. after 4,100 orbits it will meet its end by crashing into the earth's surface. that's your news update at this hour. >> impea a big space buff. this one was designed to do that. it runs out of fuel and in it goes. into the -- >> but the amazing photos and what researchers can do with that is really terrific. >> thank you, sue. sue herera back in headquarters. pressure across the board, 30 minutes to the close. the s&p, down 25. the nasdaq nearly 90 this hour. will the selling mania continue? we have a row reetail investor roundup. we'll find out what they're
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doing go the in into the new month. later, it's being called the fight of the century. this saturday night, manny pacqaoi and floyd mayweather. manny pacqaoi joins us from vegas when we continue.
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we've got the sell-off here coming off the lows of the dow down 210 points here. of the 500 components of the s&p 500 index, a handful are positive right now. >> but it's almost 9-1 decliners outpacing advancers on this session today. pretty broad based. there is the damage as you see. when the last day of the month rolls around "closing bell" likes to use this milestone to take a step back from wall street and check in with main street. >> it is our "main street roundtable." we like to go beyond manhattan island and get the pulse of investors around the country like you folks. it is our retail investors roundtable, includes kristin ruby ben banks is a rising sophomore, finishing up his freshman year at n.c. state and he's founder of what he calls dorm room capital. that's a group for young market participants. then on the other end of the spectrum retired attorney roy chastain out in california. good to see all of you, welcome.
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we appreciate you coming on to talk about what you're investing in or trading or whatever. kristin, you are a good example of you invest in what you know. i mean you're in the media, pr business. you've seen a decline in that industry but now you're starting to see green shoots there. aren't you? >> absolutely. from a media perspective, business wise public relations, advertising, pr social it all gets cut first when things are not going well. people are bringing that back right now so it's actually doing really well. >> what do you do with that? >> what do i buy then? right now i'm buying whole foods. i'm buying apple. amazon. we talked about palo alto last time. that's still doing really well. right now i'm watching taser which is a really hot one right now. it is actually pretty high so i'm going to wait until it goes down a little bit to buy that. >> because of the police cameras -- >> and body cameras.
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it's going to be very good. >> it's interesting, you've been out of this market lately but where are you potentially looking to put money in may? >> yeah. so the market's been really choppy these past couple days or even weeks. no real follow-through on the up side or oun the downside. so for me to get back in the market, to get back long or short, i'd have to see some price contraction on the technical trade. i'd like for that. then some stocks that close on highs of the day or the lows of the day. so far i haven't really seen that until today but i'll be looking for price contraction mostly, and then for explosive motion momentum moves, if particular e-commerce china, ticker symbol dang, and franco navato a gold miner. >> but it's important to note you don't chase a market. you try to be patient and wait for that moment that you feel is
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the best to get in or get out. right? >> absolutely. my -- i'm a momentum swing trader so average holding time is probably three to seven days. i'm in i'm out. and there's times in the market where i'm heavy long or heavy short but other times, like right now, the market's just not conducive for my type of trading. >> by the way, what are you majoring in there at n.c. state? >> business administration concentration in finance. >> what a surprise. okay. >> roy, what about you? i imagine you arer average holding period is a little bit long sfer. >> i do. i invest for a pretty long time three to five years. i'm almost fully invested. i have about 15% cash waiting for a down it will turn when i can buy more. earnings have been coming out pretty well so i'm confident in the market. >> you're in apple. what else are you in right now?
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>> i like of course apple. i like skyworks. i like cerner corporation which does the -- helps with the record keeping for hospitals and doctors. that's going to continue to be good for a while. >> roy, how long are you going to hang on to apple? >> i believe like buffett. hang on forever. if there's something that really happens badly -- years ago when it was $17, i thought it was going to go bankrupt. well this he fooled me so i've been holding on and it keeps going up. >> same question to you. how long will you hold apple is it. >> i will hold it right now. i am a garp investors. it's all about growth appreciation at the right price. it's all long for me. >> you don't have an apple watch. >> no. i'm waiting to see how it does. i have mixed feelings on that.
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>> roy do you have an apple watch on? i bet not. >> i do not. but those things help the iphone sales. >> yes. >> before we go just to close out the theme, ben, why aren't you holding apple? why don't you see value here? >> the past three days it's been a rocky road for apple. three down days in a row. it's close to the lower bollinger band for me as a technical trader it looks like it could bounce soon. as for a swing trade or even a multi-month trade i'm not really seeing a base for me to get long this stock for a long term. >> all right. always great talking to some retail investors. thank you all for joining us. 20 minutes to go into the close now. questions on investors' minds about apple and the rest of the market as we head into may which is a notoriously volatile month for the market unlike april. but after this month, it won't
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have one of its best performances. yet another torrent of earnings reports. we'll have names to watch. don't miss diana o oldlick's special report on new ways to finance old purchases. back in two. [ male announcer ] legalzoom has helped start over 1 million businesses. if you have a business idea, we have a personalized legal solution that's right for you. with easy step-by-step guidance, we're here to help you turn your dream into a reality. start your business today with legalzoom. bring us your aching and sleep deprived. bring us those who want to feel well rested. aleve pm. the only one to combine a sleep aid... plus the 12 hour pain relieving strength of aleve. be a morning person again,
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only 15 minutes to go in the session. the dow is down almost enough to put the in the red for the month. morgan brennan has the lowdown on what to expect. >> another busy afternoon after bell. start with dow component visa reporting fiscal second quarter results after the bell. insurance giant aig also set to report its first quarter numbers. consensus estimates call for $1.19 a share on 14$14.4 billion.
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first quarter numbers from linkedin after bell. down about 2% right now. membership metrics will also be a focus as they are with these social stocks. finally we'll get earnings from biotech giant gilead sciences. the drugmaker is expected to post a profit of $2.32 per share on just under $7 billion in revenue for the first quarter. investors will also look at sales of its blockbuster hepatitis c drugs. shares of gilead are down 2% before those numbers. >> thank you, morgan. biotechs shaping up to have their worst month in a year. why has this sector been under so much pressure? >> reporter: it's been a huge run-up in biotechs causing a lot of people to ask whether we're in bubble territory. biotechs don't even have
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products on the market. maybe those valuations are stretched. those that have products as areas of safety. recently we started to seen some of those big biotechs come under pressure as they've missed estimates in this earnings season. just this morning they came in light. as morgan just mentioned we've got gilead after the bell. analysts are looking for $3.5 billion in revenue on helppatitis c. in cambridge here biotech it just booming and that's driving rents through the roof and vaccy rates way, way down. the biotech start-up community has started bunking together. if you want to be right here
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next to m.i.t. next to the hundreds of biotech companies that are here you are starting to see biotech dorms. we talked to bruce booth at atlas venture. one new biotech next to another. it is a way for these companies to get together and live in this marquee address. they also say all the big pharma and biotech companies coming into this space driving up rents could stifle their ability to grow up and move out. a big debate raging here in kendall square. from cambridge, back to you. >> just fascinating. 12 minutes left in the trading session. down 200 points on the industrial average. watching biotechs and the rest of technology and nasdaq closely, down 1.7%. art cashin just walked by indicating there's $400 million to sell on the close.
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much more to come on "closing bell." another tidal wave of after the bell earnings. plus we'll tell you which group of investors is pouring money into individual retirement accounts faster than anyone else. stay tuned. manny pacqaoi versus kelly evans.
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about eight minutes left in the trading session here with the dow down 200 points. let's talk about it with a couple of friends. dennis gartman, you were just saying during the break you think this could get ugly. >> it's not going to get ugly bad or for a long period of time. i think it is going to get ugly swiftly and i think it will make a lot of people very nervous. it's been a long period of time since we've had a good 5 where is 6% 7% 8% correction. it is still a bull market and i've always said in a bull market there's only three things you can do. be really long be pleasantly long or be neutral. i think it is time to be neutral.
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>> oliver where do you fall on that list?. >> somewhere between neutral and pleasantly long. i think you'll see some significant performance divergence and you're seeing it now. companies that are growing their top line -- that's certainly been absent generally speaking in this quarter -- are going to continue to perform well. think people who have been hiding behind dividends are going to get hurt especially if you were just buying dividends at random. you want to be careful. i just called my research guys before we went on air. the last 25 years since 1990 17 times the month of may was up for the s&p 500. only eight down. so sell in may, walk away does not necessarily work. >> we'll see what happens there. mr. gartman, the dollar has stumbled a bit lately and oil has gone higher. does that continue do you think? is that one of the reasons we're seeing this sell-off in stocks? >> i think that's one of the reasons. it was interesting today watching the dollar. if you looked at the dollar and said what is it doing, it got
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slammed relative to the euro. it is very strong relative to the yen and very strong relative to the canadian dollar very relative to the british pound sterling. a lot of people got caught in that -- >> bill gross said what he said about european equity -- >> too many people are unwinding that. that may last for a couple of days. that could really get ugly. talking about the dollar you have to now say which currency are you now talking about versus the dollar. >> how do rates fit in to all this? >> rates are going to stay relatively low. i'm watching the german bund. in eight, nine trading days seven basis points is significant. but it is a canary in the coal
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mine. watch that. because if this keeps going toward 50 basis points you're going to continue with an accelerated sell-off just like what dennis was talking about. >> thanks both for stopping by. back with the closing countdown in a moment with the dow down 210 points. after the bell visa, aig and gilead with earnings. we'll break it down with the pros.
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coming up in the last two minutes of trade, the end of the month -- here goes april, close the books on it. this is the dow for month. for month, a gain of .3%. so we're almost right back where we started. look at this bob pisani. we're almost going back to the low where we were a couple weeks ago in the mid of the month there in that sell-off around tax day. quickly, earnings coming out after the bell. we mentioned the four companies reporting. gilead sciences linkedin american international group and visa. all are sharply lower. i would just say it is a sad thing we typically would talk to bob ben moshet. may he rest in peace. >> people have been asking me why are we so weak. the three trades that we've had this year that worked the best the dollar stay long the
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dollar, stay long germany and stay long health care that been the very three things that worked this year. weak recently -- the dollar index down 4% this week because economic news has been on the weak side. as a result the dollar has weakened. euro has strengthened. that's bad news for germany. the german stock market's down almost 4%. the two biggest trades of the year not working. now in the last week we've seen some weakness in the biotech area. bioge in biogen had a poor report. they're now moving out of the biotech space. also other health care trades. as a result these tree trades are lightening up. they're taking profits because they've had profits all throughout the year in those groups. smaller sectors people are in have also receded a bit. airlines had a great year. they've been weak recently. home builders had a good year. they've been weak.tailers have also
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been weak. >> thank you, bob. good stuff. as we go out, down 196 on the dow. stay tuned, more earnings and manny pacqaoi coming your way on the second hour of the "closing bell" with kelly evans. welcome to the closing bell everybody. i'm kelly evans. april typically a strong one but today april 30th, we're seeing declines across the board on wall street. the dow just off its lowest of the session going out with a decline of about 198 points good for more than 1%. the s&p giving up 21 points. that nasdaq really hammered today. it was down almost 2% earlier. going out off 1.6% with a loss of 81 points it's back below 5,000. some talk as art cashin pointed
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out about window breaking at month end. talk as well about may volatility and whether we're bringing that forward and where interest rates go from here. lot to discuss with the panel. michael santolli sharon eper seen robert frank, guy adami. welcome. mike, what do you think we learned here with some of the difficult trading a is we close out the month today? >> stocks and bonds down together. obviously i see it kind of as an orderly repricing of fed expectations on both sides. but combined with a sloppily earnings season. it was supposed to be all-weather names. facebook under armour twitter, buffalo wild wings. and they failed after they reported earnings. a lot of that stuff means leadership's been loved. some macro trades have reversed and i think a lot of that
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together is where we are. we weathered a pretty tough earnings season already. >> speaking of running in place, look at where the dow closed today. 17,840. in order to just be flat for the year it had to fall to 17,823. basically robert it's been four months we've added 17 points to the index. >> what's interesting about today, all these paradoxes. you had oil at a five-month high. you had the dollar getting stronger. -- sorry. getting weaker. then you had this expectation that the fed given the weaker economy is probably going to go lower longer rather than sooner. so all of those three things -- oil, the dollar and the fed -- would bode for higher stocks yet we had lower today. so there is a bit of a paradox here. it feels very technical to me. it feels like there are a lot of very crowded risk-on trades that are getting pulled back. >> some retail investors at home
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if they are watching the charts feel like they need to wait for more of a pullback or see if it shakes off? >> i think it is a real opportunity for people to take stock of where they are right now and find out if they're overweighted in u.s. stocks. we are not seeing a significant pullback but perhaps this is something a sign of things that may come in the spring. now is the time if you've had these tremendous gains that you may want to take some of those profits off table particularly for those near retirement. a lot of people that i write about on cnbc.com want to make sure they're well positioned for the future but want cash on hand in case something happens. that's when you look at your equity portfolio right now. look at what happens so far this year in international equities specifically in european equities. if you don't have any maybe it is some type time to take a look at that. >> gilead's earnings are hitting the tape right now. let's get to the numbers.that. >> gilead's earnings are hitting
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the tape right now. let's get to the numbers. >> looking like a beat for gilead. total product sales in the first quarter of $7.59 billion. that's total revenue. $7.59 billion versus estimates of $6.92 billion. earnings per share of $2.94 versus an estimate of $2.32. but everybody is looking for the big hepatitis c number. both drugs together in the first quarter came in at $4.6 billion in sales. that's harvoni $3.6 billion on its own. that's versus analyst expectations of $3.5 billion. a beat there on earnings revenue and on that big help tie sis c number. >> wow. thank you so much. christine short. that's a pretty sizable beat from gilead. shares are only up about 1% after hours. >> we had $2.48 a share so they sizably beat our estimate which is actually always a bit higher than the street.
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they still slow year over year. they've slowed from triple digit growth. there was some worries from other hep c drugs coming on to the market. also kaernsconcerns about gilead. >> they've taken major price cuts and still done $4.6 billion in sales? >> that's a $3.5 billion drug just in one quarter. "the journal" had a great piece on just how much pricing power these drug companies have. >> let's flip from gilead to linkedin. jewel gentleman . >> linkedin shares fell dramatically after hours on guidance much lower than expected. looking at second quarter guidance the company expects
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between $670 million and $675 million in terms of revenue. animal cysts analysts expected $750 million in revenue. revenue also coming in pretty much right in line with expectations. $638 million versus expectations of $636 million. it is that guidance that's sending numbers lower. one key number here -- wall street analysts had been looking for an ending number of 362 million members. the company says it now has more than 350 million members so that looks a little bit less than projected as well. >> julia, thank you very much. a major miss. linked did linkedin shares moving to the downside 19%. this reminds us a little bit of -- guy, let me ask you this. these companies have no room --
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no margin for error. look at yelp. is this all about the revenue number is it. >> i don't think so. how do you trade the stock? you need to bet on every metric. the low in 2014 was 135, 140. this 205 to 210 level is about a 50% correction of that range. this stock gets interesting pretty quickly tomorrow especially if you see huge volume and especially if it holds these levels. the numbers that gill yardead reported were ridiculous. >> i think it might even be down now. >> it might be.
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which to me is crayzy. earnings they just reported are ridiculous. they announced a stock repurchase program last quarter. it just feels to me that somebody has sort of a -- somebody has a -- well, i don't want to say what they have. >> now it is up .5%. somebody's listening to you. >> they're looking to take the biotechs out to the woodshed. >> understood. we'll keep our eye on this for you. couple other ones hitting the tape right now. visa the dow component's results are out with morgan brennan with those numbers. >> so visa coming out with 63 cents per share for the quarter. that's a 1 cent beat versus what analysts were being loolooking for. revenue was also better than expected. we'll keep digging through these numbers and bring you headlines of what the company has to say about consumer sentiment. right now so far a beat on the top and bottom line. shares of visa after hours, about flat. >> exactly.
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pretty flat response to those results. thanks very much morgan. looks like we're going to have now aig numbers -- not yet. we'll get to those in just one moment. mike i'm still looking at this move in linkedin. >> this is the theme right now. seems like a multiple companies in this area are hitting some kind of a wall or at least downshifting in terms of expectations for user intensity and other things. i think the stock -- market reaction to it is going to be the interesting thing. do you just have this willingness to believe and pay up for these 3.0 growth stocks. >> you were saying their expectation, time to grow up prove they're not just another social media name. >> unlike yelp facebook twitter, they aren't making a majority of their revenues from advertising. we were expecting 60 cents a share. though they beat the street by one penny, the market had a much higher expectation pz.
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ge a majority of their revenue from talent solution, a recruiting platplatform. they are trying to differentialte themselves. >> if they are 10 million members short of their expectations, that talent solution is not where the street wants them to be if we're bankingbank ing banking on that aspect of the company. >> you only use linkedin daily or monthly. >> that is what is so interesting. right now jobless claims are at a historic low. the turnover is there. i'm not sure linkedin can blame the macro environment because if anything that's falling right into place. >> absolutely. this would be the time you would think they would jump in. not upset by future guidance just because they're known to low ball.
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they give revenues actually 5% lower of where they come in so there is still a chance to beat there. overall disappointing. >> you wonder how much of this starts to feel like 1999 when we started to see some real wall hitting in terms of revenue growth. do you have a sense sector wide for tech right now how bad has it looked so far in the first quarter? >> in a word? >> i think facebook is actually the social darling here. they're doing very well. other competitors can't keep up. they have their hands in everything. linkedin, i think they're starting to work facebook's new application will take over. those ag numbersig numbers are out. >> it was a beat coming in $1.22 per share. analysts had expected $1.19 per share. also getting news that the company has authorized an additional share buyback of $3.5 billion in additional share buyback program. that's in addition to what
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they've already been buying back. so taking a look at shares of aig in the after hours, those are up just a little bit. a little over .25% on this news. but again a beat on the bottom line by 3 cents. 3 cents better than estimates. back over to you. >> morgan, thank you. looks like our julia boorstin rejoins us now with more on linkedin. hi julia. >> that's right. linkedin sharing its quarterly results, prepared remarks they'll say at the top of the earnings conference call. the company revealing that its members grew 23% to 364 million active users. that's just a hair above estimates. right in line with what wall street had expecting. the company also says in these prepared remarks for the conference call that the quarter's growth was impacted by changes in frororeign exchange rates. that's something we've seen impact a number of these big social media companies including facebook. they say revenue growth year over year would have been three points higher on currency adjusted basis. that's one point in there as
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linkedin tries to moderate that impact from currency exchange swings. but it is really the outlook for q2 as well as the rest of the year that's sending that stock down more than 20%. >> julia, thank you. guy, to you. foreign exchange certainly a factor, but an overriding one? >> not this much. they took full year guidance from $3.05 down to $1.90. you could give a little bit to foreign exchange but it ain't that much. this is pretty disastrous guidance. tomorrow will be a big volume day. $2.05 to me is a critical level to tray around. just one more thing in terms of the week we're seeing. watch the russell, watch the transports. not a good day for either one of them. that iyt can't get in its own way. the russell, the iwm is testing the 121 level that i've talked to you about for quite some time now. >> guy, we'll leave it right there on that cautious note as we head into the month. our thanks to the panel ripping through all these numbers for
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us. appreciate it. stick around to catch guy around the rest of the crew on "fast money" at 5:00 with after-hours action on linkedin's earnings call. ahead here mortgage lending still remains pretty tight. will the new boom in new ways to finance home purchases help the plunging home ownership rate recover? that's next. and sports fans are ready for the fight of the century this weekend between floyd mayweather and manny pacqaoi. coming up we'll hear from pacqaoi himself about this showdown and the hundreds of millions of dollars at stake in this fight. excellent looking below the surface, researching a hunch...
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. mortgages to finance homes have been around for decades but it is a new age and new era for home financing. diana olick joins us with some new ways to finance that new home. >> well consumers are finding it slightly easier to get a mortgage these days with lenders now having clearer guidelines from federal regulators regarding which loans could be subject to buyback if they go bad. so they're opening up the credit box yet again. that is giving way to new loan products and new ways to use existing loan products. for example, wells fargo, the nation's largest lender is offering jumbo loan borrowers for a pay to bundle their
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payments. ordinarily it just short rns theens the term. florida based ever bank is pushing home equity loans to buy homes just as second liens. these homes are usually used for home remodels or to pay for college but ever bank is promoting them as not only a way of buying home but then having additional cash to pull out when you need it. no more second loans. finally, equity key in california is offering a way for homeowners to sell the future appreciation of your homes. it is kind of like a mortgage but without the debt. equity key will pay homeowners cash now for a future share of the increase in the home's value based on the s&p case schiller home price index. we're not exactly back to the heady days of subprime but the credit door is opening just a crack. kelly? >> wow. some of these i had no idea about this equity key.
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dianea diana, stay there. home ownership in the first quarter of 2015 dropped to nearly 64%, the lowest in 25 years. what's happened to this american dream? a real estate attorney joins us founder and director of the carnegie group, a florida-based think tank. let me start with the point diana was making about you this niece financing option. didn't there used to be a prepayment for paying down your mortgage early? >> yeah. we used to have some loans with prepayment penalties because that's a risk for the lender but if these cases with theoretically higher risky loans they want to turn the loan money. they are looking to reimburse that quicker. the thing is though these types of loans are not available for average americans. they tend to be available again for folks who often times don't even really need the money. very few people actually have $50,000 around to pay down a
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home equity loan. so in terms of these as examples they're not maybe the best examples of the overall credit box opening after the qualified mortgage rules started. we are better off looking at maybe some changes at fha or at fannie and freddie. sure they are opening the credit box but it is an entire new box. before we didn't even have a box. now we have what you would call a box with the qualified mortgage rules. >> does that mean that the chasm between the affordability for the higher end of the market and the lower end is growing? >> yes. and partly for these reasons but also just because we've looked at the real estate recovery for the past five years has been one for the wealthy. they're either waypaying for cash and they're the ones able to qualify, get these very low rates, invest in property, because asset pritssces go up, they get the asset gained and the very low borrowing costs, oftentimes not even investing in
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the property but in the stock market. >> i have to disagree on just one point there though. you're saying that it's been a recovery only for higher earned. yes, they have the cash yes, i'll admit a lot of these loan options that i just mentioned are for the higher net worth borrowers. but you have he aseen a lowering of premiums at mfha and through freddie mac, you can put the entire amount down gifted. the trouble is not the loan product. trouble is today's first-time home buyers who don't have the money or the incentive to buy a home. it is not that the products don't exist. >> for some -- if we're looking at u.s. home buyer rates at the lowest level in 25 years, it would be interesting to see what foreign home buyer rates here in the u.s. are looking like. at least in some of the big movt metropolitan areas, the other issue is people are coming in from other countries and doing
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all-cash deals. that's when we see the buyership momentum. not necessarily with the average homeowner prp. >> do you expect the home ownership rate to rebound if financing loosens up? >> you know one of the problems is a permanent problem unless we figure out a way to fix it which is jobs and wages. jobs typically associated with low home ownership rates are the jobs growing in this country. jobs typically associated with higher ownership rates are shrinking. we also know that wages are not nearly keeping up with home appreciateion prices but even with rental rates. until we fix that problem we won't see huge growth even though millennials seem to be stepping back into that first-time buyer seat. >> thanks very much. millennials are finally pouring money also into their retirement accounts. they're saving at a much higher rate than most investors. whether they are saving enough and whether they'll be able to
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retire rich. a surprising new study on just how much america's top female business leaders make compared to their male counterparts coming up on the "closing bell." and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision or any symptoms of an allergic reaction stop taking cialis and get medical help right away.
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welcome back. new data suggests millennials may be losing their reputation for being poof savers. sharon epperson has those details. >> millennials are ramping up their retirement savings and piling their money into roth iras. new data out from fidelity
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investments shows the percent of millennials making a contribution to an i.r.a. has jumped 26% in the first quarter this year alone compared to a year ago. that's almost four times the increase in i.r.a. contributions for all age groups. youngest group of i.r.a. investors overwhelmingly put their money into roth i.r.a. accounts potentially enabling them to benefit from decades of tax-free growth and tax-free withdrawals in retirement. average millennial's i.r.a. contribution was $24,050. a 340 a 30-year-old who starts one this year and contributes $2,450 every year could have the potential balance of $208,177. increasing the contribution to the maximum amount for 2015 could more than double that nest egg to a balance of $478,000. then they're not paying any taxes on that money when they
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take it out in retirement. >> so the picture for len millennials isn't as bad as sometimes portrayed? >> it is not as bad as portrayed. a lot of them able to save and having an income to do are doing the right thing and putting their money into tax-free growth. some are listening to advisors and saying put enough in 401(k) to get the company match, put the best in the roth i.r.a. because you will get a better tax advantage perhaps when you retire. >> basically the millennials were guilty of being young in a bad economy. now that they're getting older and getting jobs we kind of applied every kind of virtue and vice to the millennial generation. it was just that much more pronounced pronounced. i think there with a is a sense they're receptive to here is the obvious right way to do it.
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this makes sense. i'll show you the numbers. be transparent about how you put your money to work. >> other studies suggest millennials are more conservative with their money, sort of a little bit smarter about it maybe even than their parents or generations right above them? >> they have the student loan debt issue and they have the job environment. what's interesting is one thing about looking at the wealthy and who he a gained wealth in this recovery it's all from people who vp money in stocks. while millennials have seen the crash they've also seen hopefully those who gain the most in this period who those who were in stocks. now they have a longer term view of things and say i'm not going to miss out on this and maybe they're putting more money in the stock market. >> they don't think you can beat the market. it is not really a beat the market stock picking mentality. >> it is notality for many of them. they're in more conservative investments. whether they are investing as aggressively as maybe they should is another question. some may say, well i'm going to be more aggressive in other
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ways. we are talking also about a very entrepreneurial sector as well. this age group may be more interested in taking chances there than in the market. >> does this mean student debt isn't as much of a problem anon an overyawl overall basis as we thought? >> not at all. you are anticipating some of these people already have an income and putting some into investments for retirement and maybe paying off student loan as well but it is not fair to say they aren't dealing with that. >> we'll take the good news where we see it. thank you. morgan brennan has a "market flash." >> check out the agra business company, synge in. t reports say monsanto approached them. on news of this report we see
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shares up almost 12% in after hours. monsanto is up about 4% as well. more reports, more takeovers. you can feel the deal boom happening all around us. time for a cnbc news update with sue herera. hello, kelly. here's what's happening at this hour. the defense department says the u.s. navy ships will accompany u.s. flagged ships transitting the straits of hormuz for a limited time. this is in the wake of the iranian seizure of the cargo ship mairtsersck tigress earlier this week. bernie sanders announced he's running for president. he says he'll end policies he says benefit the billionaire class. house speaker john boehner commented on the unrest in baltimore this morning saying people there need jobs. >> i've been inspired by the stories of residents banding together to clean up the damage.
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now the president has suggested more taxpayer money is the answer. again, we believe the answer is more jobs and more opportunity. >> the 80th nfl draft gets under way in chicago tonight and the city is going football crazy. it is the first time in 51 years the draft will be held in the windy city. kids are taking part in an nfl play 60 event today. it is a fan experience -- look at that -- fan experience similar to what takes place at the super bowl. a lot of college players will become instant millionaires after their name is called tonight. that is your cnbc news update this hour. kelly, hopefully when they become millionaires they'll find a financial planner to help them out. >> they'll get a plan. right? thanks very much sue. robert by the way, this point about the how much money they're going to walk away with once they come through the draft -- >> the record is not good for
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nfl players. i think "sports illustrated" said 80% of the nfl players are broke within three years after they leave the nfl. i hope sue is right. i hope they learn from the past. >> i remember just finding o you the recently that they'll often guess loans against what they're expected to make. so they start off in debt before they even get the first paycheck. got to move on. he got paid amore than $100 million for blowing the whistle on ubs. his role in helping wealthy americans hide money overseas. he wants even more money from the government. that story is next. speaking of massive paydays manny pacqaoi is about to get one when he takes on floyd mayweather in what many are calling the fight of the century. pacqaoi joins us live from vegas in just minutes. stay tuned.
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my name is tony sartorio. i'm a lineman for pg&e out of the concord service center. i have lived here pretty much my whole life. i have been married for 12 years. i have three kids. i love living here and i love working in my hometown. at pg&e we are always working to upgrade reliability to meet the demands of the customers. i'm there to do the safest job possible not only for them but everybody, myself included, that lives in the community. i'm very proud to do the work that i do and say that i am a lineman for pg&e. it's a rewarding feeling. together, we're building a better california.
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big brands including visa linkedin and western union, out with earnings this afternoon. for how some of these companies are faring morgan brennan. >> still watching shares of linkedin, falling heavily in after-hours trading despite a bottom line beat for the professional networking site. looks like the shares are down 26% in after hours.
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shays of expedia reporting mixed mixed results. revenue did beat, however, coming in at $1.37 billion. analysts expected $1.35 billion. those shares are up more than 7%. fireeye reported a smaller than expected adjusted first quarter loss of 48 cents per share. that is versus an expected loss of 51 cents a share. revenue did beat at $125 million. analysts expected $121 million. fireeye saying it sees a second quarter loss of between 47 and 50 cents a share versus a 49-cent loss expected previously. those shares are up after the bell as well. kelly, i just also want to before i talk about syngenta and monsanto moving higher after the bell, a quick correction. i mentioned bloomberg reported that monsanto has approacheded
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syngenta withabout a pop take-- possible takeover and that talks had stopped. that was incorrect. >> duly noted. surprising comments from the man who brought down suisse bank secrecy. eamon javers has an exclusive interview interview. he was paid $104 million by the u.s. government. >> that's right. now bradley bergenfeld is breaking his eye lens about what it was like to receive all of that cash from the u.s. government. also talking about his time in time inside swiss bank secrecy. he was one of the few americans that ever got access to the inside workings of the swiss banks. we started getting a sense of exactly how he's spending all of that money that he got. take a look. ♪
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>> you got yourself a new car. >> yeah. german engineering. great car. >> i love this license plate. >> well this is to pay homage to my old employer ubs. >> that's ubs's marketing slogan on your car. >> this was the first thing i did after getting the porsche. >> porsche first, bruins box second. >> yes. >> that's how you spent the money. if that's part of it. it's here to help my friends and my family and charitable causes. i bring a lot of people up here to the box. >> department of justice guys don't come up here? >> no they don't come up here. we wouldn't invite them up here no. >> how many americans had swiss bank accounts. >> 19,000 just at ubs. >> overall? 50,000? >> more than 100,000. >> 100,000 americans had secret swiss banks. >> yes. >> how come we don't know the name? >> precisely.
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that's where the rich and powerful control the strings of this political system. very few have been insighted. we're talking billionaires who had accounts. what happened to them? nothing. time warner? beanie babies? nothing. wrote a check. igor lenikov, nothing? wrote a check. >> does that bother you when you are sitting in prison. >> it bothers me now that you think you can buy your way out of a situation. that means that our government is for sale. >> so part of it is you're doing this on the merits but part of it is that you -- >> i'm a hammer looking for nails. chainsaw looking for trees. >> brad beshgenfeld very disappointed in the department of justice which he says hasn't followed up aggressively enough on the names he gave them. he said none of the team he turned over to the department of justice have been indicted or
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serve jail time yet and that was years ago. he said american political figures had secret accounts in zurich at ubs though he says he doesn't know the names. couple quick things i should do read statements from ubs and also from the department of justice. first, ubs telling us this report concerns a legacy issue you for ubs that's been well documented and is many years behind the firm. ubs today is a different firm from a different strategic focus and senior management. also the department of justice saying bradley beshg nurkenfeld was afforded process of due law after all relevant facts and circumstances. >> i want to bring in the panel and get their take on this story. just last night aen drundrew ross sorkin had his special on white collar crimes. >> first, this was an incredible story. i urge everyone to read it. eamon, great job.
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he pled grilt to taxuilty to tax fraud. he didn't go to prison because that was the sentencing decision of the judge, but there were people that did go to prison. not thousands. also just because you have a swiss bank account doesn't mean it is secret or illegal. but i have one question. he wants more money. he's gotten $104 million, $105 million. did you go get any sense of what he thinks he's entitled to? i think you are entitled to one-third of what is recopupedrecouped. do you get the sense he thinks he should get at least $1.5 billion? >> i asked him that. he says he doesn't want anything he isn't entitled to but he wants what the law says. he says he and his lawyers will follow the law in requesting for money. under the irs program you get 30% of what you bring back to the u.s. government. the question is when you say 30%, it is 30% of what? so far he's been paid on the basis of the $780 million penalty that ubs paid to the
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u.s. government. that's how he got the $104 million. >> but without birkenfeld the u.s. government would have never gotten that. the number is just growing as more and more banks get involved. >> we've already seen 50,000 americans confess secret accounts. that number of the amount that's growing. >> wow. that's a lot of money. just leave it at that. important story especially giving some of these other names to the government that they just haven't gone after. doom may be upon us. starting tonight at midnight marvel's "avengers" will meet the face of doom. it promises to go down at least financially as the biggest boxing match in history. saturday floyd mayweather squares off against man in i pacqaoi for the welterweight
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title. i'll talk to the eight-time champ-turned-underdog manny pacqaoi.
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welcome back. in case you missed it linked did in shares taking a dive after hours today. readers are clicking away aren't they? allen wastler with that and the rest of the stories. >> they are diving in to the linkin earnings story checking out that weak outlook. they're also looking out our
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market coverage. they're going from that into the mark far berber saying he expects the market to go down. it's been the fight everyone's been waiting for, floyd mayweather versus manny pacqaoi. we'll talk to pacman himself ahead of that big event and find out how he's gearing up for the fight of the century. back in two. can it make a dentist appointment when my teeth are ready? ♪ ♪ can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight attendant to please not wake me this time? ♪ ♪ the answer is yes, it can. so, the question your customers are really asking is can your business deliver?
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two separate news alerts. the best way i can sum this up is with chicken and chips. intel corp., according to a report by reuters, intel earlier this year signed a stand-still agreement with altera that expires on june 1st. according to this report once that deal expires, intel has the option to launch a hostile bid for altera. we got this news just moments before the closing bell. you saw shares of altera close up 2%. really spiking in those last few moments before the close.
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here in after hours altera is up again 5% on this report. that's the chips. now to the chicken. more headlines where bird flu is concerned. specifically in iowa. we have the iowa iowa agriculture department saying that there's five more probable cases of bird flu. the usda has yet to confirm this. but more probable cases, including an egg-laying farm with 5.5 million chickens. now if the usda confirms this that's going to bring the total up to more than 20 million birds affected. it could be the most we've seen ever with a bird flu outbreak in the u.s. also worth noting we saw earlier today a broiler breeding farm in iowa also affected it's a small number but it could be a huge impact as well because this is the first time we've seen broiler chickens impacted by bird flu. >> thank you, morgan. female ceos are cashing in the big bucks. new research showing they are
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earning roughly $6 million more on average than male counterparts. here is a look at the top five paid. marissa mayer topping the list there. does this mean, sharon there's no gender gap? >> well it means that if you're at the top, it's easier to crack that glass ceiling, i think, particularly when it comes to pay. what's interesting is as you look at the numbers in terms of what their pay is what has the stock done for some of the companies? for many of them from earlier this year, the stock prices of these companies were also higher than male counterparts. it's a small sample of 20-plus women. but it's interesting to see if the stock gains are there, the salaries are commence rate. >> i was going to ask, is this a fluke because some of the companies that are involved that these women run? or do you think this is really an inflection point? >> it is a bit of a statistical fluke because it's such a small sample size. many would argue that marissa mayer isn't really one of the top performing ceos, even though the stock is doing well for other reasons. i do think bradley speaking this
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is a sign that the economic gains made by women throughout the work force are strong. and they are getting stronger. and i think that's a good thing. >> and we want to ask mike if she deserves it mike. >> you might be able to guess my answer anyway. >> a hardy yes. the fight of the century and the hundreds of millions of dollars at stake for boxing champ manny pacquiao. we're back in a minute. to help walk you through that complex trade. so you'll be confident enough to do what you want. i'll pull up their number. blammo. let's get those guys on the horn. oooo looks like it is time to upgrade your phone, douglass. for all the confidence you need. td ameritrade. you got this.
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it's being called the fight of the century, floyd mayweather and manny pacquiao. it's expected to generate millions of dollars. how many millions? let's ask our jane wells. >> a lot. flip a coin kelly. the cover of "sports illustrated" is floyd mayweather. flip it over and the other cover of "sports illustrated" is manny pacquiao. revenues could reach potentially half a billion dollars. the members are defying the odds, and that is something. vegas hotel rooms going for as much as three times higher. vegas could see 200,000 people this weekend, even though only 17,000 people can get into the arena. you can only watch the fight on tv at mgm properties. floyd mayweather already saying he's going to make $200 million. he is the favorite. the underdog manny pacquiao
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guaranteed at least $80 million, and that will probably go higher. the biggest winner uncle sam, because of the irs. but in nevada you do not have to pay state income taxes. back to you. >> jane stay right there. joining us now is manny pacquiao himself to tell us more about saturday's big fight. manny, welcome to the program. great to see you. >> thank you. >> let's begin with -- let's start with the amount of money at stake here. why are you only getting 40% of it? do you think that's fair? >> you know i just say yes for this fight because for the sake of the -- i'm not really looking for the money. you know the money is of course we have to earn money for this fight. but my concern with this fight, and i say yes, because the fans
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are very eager to see this fight. >> sure. >> i've been bothered with the question from the fans when this fight will happen and finally it's happening now. so i'm happy and excited for the fight to happen on saturday. >> what are you doing to prepare? are you doing anything different from this one, from past ones? >> we did our best in this training camp. i did my best in the training camp. and it's all set for saturday. so i'm happy and excited for the fight. >> manny, it's jane wells. the mayweather camp wanted your cup checked today. i have never heard that before. has that ever happened before? and why did they do that? >> pardon me? >> mayweather wanted your cup checked today by fighting officials. has anyone ever asked for that
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before? >> no. >> why do you think they did that? why did they want to check that? was it a mind game? >> i don't know. i don't know. but it's -- you know what happened it's give me more confidence. it's adding to more confidence because i think it's -- i have been in boxing more than 20 years. and if the fighters like that it means they are getting nervous for the fight. it's true, it's true. i mean if you are, you know -- well, you know what i mean. >> you are very relaxed. are you not nervous at all? >> i'm not. i'm not nervous. i'm excited for the fight. and i have peace of mind.
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i'm confident. and i have confidence and the lord is with me and strengthens me. so i'm happy. >> manny, i know you don't want to focus on the money. but $80 million is a lot. and you've already earned a lot. what are you going to do with it? what kind of plans do you have whether in business in movies in songs, in politics? >> i'm already planning that some of that money, i'm giving to put in a foundation in the philippines to help the people. and also i have -- i bought land for the people and divided it and built a house and gave it to people that don't have a house. you know i already bought the land, but the problem is i need money so good thing -- it's a blessing that this fight is going to earn big money, and i can build a house for them and,
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you know they can live with a house. a lot of people in the philippines don't have a house. that's what i'm doing in the philippines, giving them a free house. >> manny, thank you. thank you so much. >> because they cannot buy it. >> that's manny pacquiao preparing for the fight of the century this weekend. "fast money" begins right now. live from the nasdaq market overlooking new york city at times square, this is "fast money." firstielp, now linked intanking on a huge earnings miss. we will have all of the other big movers also there gilead to visa to fireeye. and tesla selling off in the leadup to tonight's battery charge. will elan musk deliver the charge needed to get

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