tv Worldwide Exchange CNBC May 5, 2016 5:00am-6:01am EDT
good morning. market alert. crude prices jumping on a huge wild fire near canadian oil sands and fighting in libya. >> and tesla in the fast lane. shares getting a pop this morning. not everyone is sold on the story. we'll tell you why. >> and it's official. donald trump now the republican party's presumptive nominee for president. it is thursday may 5, 2016. "worldwide exchange" begins right now. ♪ just shoot for the stars >> good morning and welcome to
cnbc. i'm sara eisen. >> and wilfred frost. good morning from me as well. straight to the market action for you. we saw about .6, .7% of declines for the main u.s. indices yesterday. we're expected to bounce back about half a percent. the dow's called higher 98 points the s&p by 13 points the nasdaq by 34 points. yesterday and the day before were certainly risk off days we saw yield compression from two years straight through to 30 on the u.s. bond market and saw the yield fall on the u.s. ten year. there it is. 1.80. just coming off the lows we fell below yesterday. >> crude oil climbing this morning. the fire forcing the evacuation
of the fort mcmurray in canada. and now three more communities. about 70,000 people are estimated to be fleeing south o away from the fires. production from the facilities has been disrupted this morning also adding to pressure on oil prices. escalation in libya fighting threatening there output as well. >> a bit of that bounceback effect going on too. in asia new economic data of china showing growth in the services sector moderated last month. although market trade is positive for the most part. it is thinly traded because we've got markets in japan, south korea, indonesia and thailand closed for public holidays. and also slightly thinner volumes as well as we approach that nfp number tomorrow globally. shanghai up a quarter of a
percent off setting hong kong. >> as for the broader market picture we've got currencies and commodities to show you. the dollar which has been a huge driver of the action is strengthening against the euro today. the euro back below 115. dollars stronger against the japanese yen. is this rebound for real? that is a big debate right now. let's show you the flip side of that dollar trade, which is gold prices. gold having one of its best starts to the year in decades. stanley druckenmiller is a fan. we'll talk about that later in the show.
>> today we've got futures called higher. can it buck that recent trend and what is the main factor driving markets right now? >> it is our twitter question for the day. there are a lot of factors. inputs in this market right now. we asked on twitter what is the main driver? is it the price of oil? we're seeing oil rise along with futures today. is it the u.s. dollar with ch has been all over the place. weaker for the past few weeks, now stronger. is it central banks or is it earnings which are still in the middle of earnings season. >> interesting. i wonder whether the option should have been fed linked with the u.s. dollars. >> i gave central banks on option. you -- we can't add a fifth option but i would start to add in political uncertainty.
not just the election here in the united states. but also the brexit risk. political uncertainty is elevated and that has to be a concern. tobias left kwich put out a note for the three main concerns, the sustainability of the commodity rally, namely oil and a lot of that has do with the weaker u.s. dollar. the fact that earnings aren't giving enough boost to the market in terms of revenue growth. and political uncertainty. >> fascinating. we'll bring you what jim cramer reports later. st. louis fed president james
bullard is in california to speak today. and alibaba and merck report results before the opening bell and we'll hear from news corps, square and gopro after the close. >> tesla posting a slightly lower than expected loss. target moves up two years. it was supposed to be by 2020. but tesla is cautioning that spending will increase as that production ramps up. on the conference call ceo elon musk also suggested his company will be raising capital. have a listen. >> for us to raise some amount of money. some combination of equity and
debt. and make sure the company has a good buffer of, you know, cash on hand. >> shares of tesla rising on the report here in the pre market. they were sort of all over the place in the after hours market. popped originally. now up it looks like almost 4%. not everyone is a believer in tesla. at the sohn conference that we were at yesterday, jim chanos says he's shorting tesla. listen. >> one of our historical sign posts of a company in trouble is when numbers of senior people leave over a short people. tesla fits that bill. we have a chart i guess we're going to have to update this afternoon of senior executives leaving tesla, is a flood of people leaving in the past few years. this is a company that can't forecast deliveries one quarter
out. i want to see them make the model 3 and sell it profitably. i don't think they can do it. >> one view on tesla and this is a controversial stock. somewhat of a confusing stock because as chanos eluded it is all about the expectation for future growth. when you have a stock trading at so many earnings --. >> i agree. and the fascinating thing about this which you said on the show yesterday anyway is it's become a supply stock. not a demand stock. particularly since they announced the model 3 and those initial uptakes and people putting deposits down for it. this is now a stock depending whether they can deliver to meet demand. for something that is still early stage product. electric vehicle. we've got them out there now but not everyone wants one. it is fascinating achievement that this is now can they deliver the number of vehicles.
>> they don't have a demand problem. like apple. plenty of demand and people signing up. can they get the production? >> not quite like apple. >> they have similar issues when it comes to supplier. used to. >> when they have those big product launches. >> many of the nation's retailers will report april same store sales today. costco april comps were flat. analysts had been looking for a slight increase. share price also flat. >> some deal news. tribune's publishing board doing stuff. tribune says it will proceed with a strategic plan to revive its primp business and tap growth in digital content alone. australia giving the green light to anheuser busch's
planned takeover of sab miller. saying the deal would not adversely effect the market. the beer companies are still waiting for a decision from the european commission which is due later this month. >> in other global news, rio tinto ceo is not counting on an upturn in the commodities markets any time soon. -- among some of the factors repressing. sam walsh said he believed this environment, quote, calling the environment is a brave move. in this environment rather. >> gopro reports better than expected fourth quarter results. sorry, excuse me. we're on gannett. the chip maker which is thought to be a supplier for the iphone is also -- >> kor vqorvo all over the plac.
there we are. 20th century fox. beat stuff. down 1.5% in the pre market. kraft heinz topped estimates as cost for raw materials including dairy and coffee fell. the maker says demand rose. realizing cost savings from the merger faster than expected and up very nicely. >> other stocks. fitbit first quarter profit falling 77%. costs nearly tripled. but sales surged and they are raising outlook. their second quarter earnings forecast came in well short of analysts estimates the stock clobbered down 13%. >> whole foods kept costs under
control and also cut prices. cutting its full year outlook. investors though seem pleased with the results. that stock had been pretty much hammered all last year. iac interaction. the internet conglomerate says it continues to seek deal making opportunities for home advisor business review site and vimeo video streaming service. >> still to come legendary invest stan druckenmiller warns it is time to get out of stock market and own gold. we'll tell you why next. but first we're sending happy birthday wishes to adele who turns 28 today. the british singer returning with her third album, quickly becoming 2015's best selling
album. adele has sold more than 100 million records worldwide in her career. epic. what a great brit. happy birthday. >> although we will not be playing her songs throughout the show so we don't fall asleep. >> but we're going to get at least one more. if we don't i'm going to walk off. back in two. can an established bank move like a start-up? it's a question we get from some of our largest banking clients. the face of their business was tellers. then atm's. today it's their mobile app running on the ibm cloud.
>> legitimate concerns about any consolidation in healthcare. >> when you think about amazon, you have to think about the long-term secular trends in its favor. the first is people want to buy things more conveniently. >> valiant was genius at gaming the system. that game is over. >> people are trying to bottom fish in this name thinking the stock is cheep but we think it is anything but cheap. >> i have a real problem with apple in that steve jobs is the man. and what is their product cycle
going forward? i think apple is going to be diminishing in importance looking forward a generation. >> highlights and opinions from yesterday's big sohn conference here in new york. cnbc is the official media partner of the sohn conference foundation. and we had a great day yesterday. a great lineup of speakers. both macro and micro calls moving stocks across the board. >> amazing lineup of people as you say and the among the other head lines out of the event, billionaire investor stanley druckenmiller telling investors sell their holdings. saying the fed has borrowed from future consumption more than ever before. the least data dependent fed in history and the longest deviation from historical norms in terms of fed dovishness than i've ever seen in my career. this kind of myopia causes
reckless behavior. back to our twitter question, clearly he thinks the fed is the main driver behind markets and it is a sort of temporary and unsustainable type stimulus for equities. >> and i think that view resonates with a lot of people on wall street who've been critical of the fed that they are not fulfilling their mandate. and druckenmiller said this. they are just trying to prevent a drop in the s&p 500. and yet the fed put out this very cautious tone of the next pace of rate likes. david einhorn also made some calls. he's short caterpillar and long general motors. >> there we go. >> let's switch focus in global news. the uk goes to the polls today.
not for the eu referendum yet but for local elections. not normally a central focus but however this time it will be interesting to see how well david cameron's conservatives do following recent pressure on the government and also how labor does. keep an eye also on how the pro eu exit uk independence party does. though the percentages will not be directly comparable tol the vote next won'month. the most high profile of today's votes is who takes over for boris johnston as london mayor. and results come through later tonight. >> when we come back, this election, donald trump now the presumptive gop nominee for president. and we expect to raise $1 billion with the party.
before we head to break here is your national weather forecast with gjen carfagno. >> we still have more showers on this thursday. this upper level low causing all this. hope to have a dry day in new york city but not a guarantee. there may be a few sprinkles. windy and much cooler too. atlanta, only in the 60s. a blustery fall like day in the east. across the west we could see thunderstorms. maybe some hail in here. strong gusty winds. watches that for you in the northern parts of the west. temperaturewise it is cooler than average in the east. temperatures in the 50s and 60s. the middle of the country. this is where we're going well above average. might set a few records today and feeling very nice and warm. and sunny right here across the central plains. that is your latest coast to coast forecast.
welcome back to "worldwide exchange." good morning to you. this morning it is official. we can call donald trump the presumptive republican nominee. even though he's still a bit short of the delegates he needs to secure the nomination. that is the easy part. what's harder is pulling the party together after a rough and tumble primary season.
tracie potts has the story live from washington. >> hi there wilfred. good morning everyone. you are absolutely right. after this primary season the challenge for donald trump is going to be getting people to support him. he's already halfway there. more than halfway there. he's got half a dozen key republicans here on capitol hill including the top senate leader mitch mcconnell now endorsing him, but they have got some work to do to fully bring this party together. these are republicans burning their membership cards after john kasich calls it quits. >> the lord has a purpose -- >> reporter: leaving donald trump the last man standing. trump has a being challenge uniting a party where key players aren't backing him. both bush presidents announced they won't weigh in at all. and this from massachusetts governor. >> some of the things he said
about women and muslims and religious freedom i just can't suppo support. >> reporter: trump is already getting calls of support from people who criticized him. >> one call said such bad things, i said frankly how can you pivot back to me? he said don't worry about it. they're politicians. don't woor about it. >> reporter: hillary clinton said bullying. a taste of what voters might expect this fall. and don't count out bernie sanders yet. he's still out there campaigning. in fact wilfred he just opened an office in kentucky. they are voting later this month. >> talk about trump. any word on who or what the process is for trump's consideration of a vp pick? >> yeah he said that he is looking at people. that they are starting to assemble the short list so to speak not. idea whether there is a definite pick or somebody at the top. lots of names being thrown out
and lots of names of former republican candidate whose said they will absolutely not be on that ticket. >> yeah. ones that he insulted so harshly. thank you tracie potts in washington for us. >> but you do get to see people insulting each other in the run up and then deciding they will be running mates anyway. like carly fiorina and the ted cruz. >> exactly. -- >> [ inaudible ]. >> tough competitor. i don't think that was singing his praises it was a less negative -- >> little different from the tone previously. >> i don't think he's going to pick ted cruz though. somehow. >> i don't either. little more mainstream. to sports now. lebron james. and the cavaliers won big last night. and did so in historic fashion
setting the record for three-pointers with 25. that breaks the old record of 23 set by the houston rockets in 2013. cleveland is up 2-0 in the series which moves to atlanta for game three on friday. >> when we come back this morning's top stories, including what's going won with tesla. phil lebeau joins us to talk next. and then what's the main driver of the market right now tell us what you think jim cramer's response. he's already voted this morning in the 4:00 a.m. hour. we all have different opinions here. oil, dollar, earnings. central banks. keep the votes coming. >> and we'll share at least one more adele song given that it's her birthday. before earning 1% cash back everywhere, every time and 2% back at the grocery store.
good morning. ready for a rally at u.s. equity futures pointing to a nice pop at the open. >> tesla in the fast lane. shares getting a pop this morning. following quarterly results and new production plans. but not everyone is sold on this story. we'll tell you why. >> and the taste of success. raise a glass. tech la sales are soaring. it's thursday may 5, 2016. cinco de mayo and you're watching "worldwide exchange" at cnbc. ♪ ♪ tequila ♪ ♪
good morning and welcome to "worldwide exchange" on cnbc. i'm sara eisen. >> and a i wilfred frost. good morning to you from me as well. let's check on the global markets this morning. we can keep playing that music in the background i was enjoying but we're not going to. t it my first cinco de mayo. >> it is. >> i didn't know what it was until about two days ago. we're down about.6, .7 today. almost eradicating those on the futures board. called higher about something. taking strength from elsewhere in the world. europe is higher. although some markets remain closed for various holidays. nordic regions are closed. switzerland is closed. italy and spain is up nicely. germany up 8%. asia. japan closed.
indonesia, south korea closed. so lower volumes. hong kong is down a bit. shanghai is up a bit. starting with oil, seeing an almost 3% pop this morning. brent, international benchmark up almost 2.5%. even natural gas is getting a lift today. the 10 year treasury note yield, 10 year yield sits above 1.80 this morning. there's been a flight to quality, safety. bonds have been in demand. that is reversing a bit on this global market rebound. and the u.s. dollar strengthening. second day in a row. is the dollar rebounding? is that the owned of the weakness? certainly for today we are seeing a bit of a rebound here. against the euro. dollar stronger against the yen. 107.31. a sigh of relief for the policy
makers and the british pound is getting a boost as well. gold interestingly is strengthening along with the u.s. dollar. get a big vote of confidence from mr. druckenmiller at the sohn conference. >> he's a gold bug. let's get to our twitter and facebook question this morning. what is the main driver of this market right now. oil, dollar, earnings or central banks? many of you writing in already. including jim cramer. he tweets one oil, two dollar, three tech. it's not often i disagree with the master himself. but i think it is the u.s. dollar and central banks. i put them together as one option. personally i this that is unquestionable thely driver. i think there's been a sprinkling of the earnings
and -- but i still think that. >> it could change. it changes day to day but the truth is they are all sort of in the driver seat right now and they are all acting as an overhang. that is earnings not strong enough. not giving enough strength in terms of the outlook to get this market going. there is also political uncertainty we introduce into the equation. tobias lefk vich was saying he talks to a lot of fund managers and that is their big concern along with the sustainability of the commodity rally. oil and the dollar. >> and as jim pointed out one of the big corporate stories of course is tech, apple. >>e today's top corporate story would be tesla. phil lebeau.
>> the earnings report yesterday is almost an afterthought for a lot of people. they roughly came in line with expectations. lost 50 cents a share. revenue in line with expectations. what they say about future production is getting a lot of attention, essentially moving up the target for annual production of 500,000 vehicles a year. moving that forward by two years. it was supposed to happen by 2020. now tesla is saying it will happen by 2018. and to put this increase in production into some perspective, look at the annual production where it is right now. this year annual production, not deliveries but production is going to be about 95,000 vehicles. they are saying that by 2018 that will be increasing to
500,000. and at the conference elon said it is not an official target but he's thinking about producing one million vehicles annually by 2020. here is what he had to say. >> i think it is actually feasible. maybe not advisable but feasible to do it with just freemont and the giga factory. we actually believe that freemont and the giga factory could scale two million vehicles. whether that's actually wise is a separate question. >> that was musk in response to a question i asked. all of this is coming along with the questions of how are you going to pay for this? and what does that mean for
investors? because there is going to be a capital raise, because capital expenditures will go up at least by 50% this year this company is not going to be cash flow positive this year. they didn't officially say that. they did say this new plan will impact the original target of being cash flow positive this year. so those are the questions that are weighing on the minds of investors. guy, i can't emphasize this enough. in manufacturing of automobiles, a 10% increase. a 15% increase in production is a big deal. you are talking about a company doing a five fold increase right now by 2018 and then going up to a million by 2020. and of course all of this is being driven by the great demand that they are seeing for the model 3. >> i was just going to say. what about all of those model 3 deposits they collected? can't they use that to pay off?
>> they can use some of that. but that is not going to be enough. they are going to need more in order to have the cushion on the balance sheet. and it is just not enough to cover what they are looking for in terms of the expanded production. >> well so far investors are giving him the benefit of the doubt phil. we needed that higher perspective. thank you for calling in phil lebeau. >> met life's profit fell short of estimates. the largest u.s. life insurer continues to be hurt by zero interest rates since the market drop. >> all state says profitability is improving while its homeowner segment remains having to
strong. >> and -- >> few other stocks to watch today. marathon oils firth quarter loss widened. cost cuts failed to offset lower oil prices. production falling 14% during the quarter. weight watchers first quarter resu results. benefitting from its partnership with oprah. go daddy attracting for customers and earning more per user. also raised its full year guidance, though the stock sold off more than 3% in the pre market. >> today is the 5th of may, also known as cinco de mayo. commemorates the mexican's unlikely victory over french
forces in 1862. in the u.s. they have capitalized with emphasis on food, music and especially alcoholic beverages. landon dowdy joins us with more. landon. >> good morning. one of the top things to celebrate is tequila. especially in the u.s. here is low down on the sales. since 2002 tequila volume sales have grown an average of 5% a year. and so much more. total tequila sales grew abo about --. take a listen. >> i think people are just tired of something that has no flavor. so people have this vodka fatigue if you will. so they are moving the things that have a robust rich flavor which tequila has. especially high end tequila.
and also specifically avion we don't add any additives. it's a hundred percent natural and people are caring about what they put in their body today. >> trends are changing with people sipping tequila year round. and the margarita. and our friends created this original cocktail for us. i've been playing bartender all morning. >> what's in it? >> a lot of surprises. >> is it -- >> i'm not the best bartender. avion, agave nectar and a little secret sauce. >> oh wow. >> hey it's 5:00 somewhere. >> i embrace this country in the
way it promotes alcohol drinking. and didn't we have national margarita day like only a month ago. >> >> cinco de mayo is huge. this is much bigger. >> and -- who will involved. >> you drink a lot over there too. >> but we don't have national days where e oh we have to drink this particular drink. >> --. >> we're going to put the recipe out on facebook. and on twitter. >> happy cinco de mayo to everyone watching. today's must reads. including a key tactic hillary clinton will likely employ against donald trump in the general election. "worldwide exchange" will be back in a flash. ♪ baby i'm worth it
it is time for today's must reads. stories, the ones catching our attention. it is all politics these days. the wall street journal. the title "the trump reality." the wall street journal finally comes to terms with the fact that trump is the presumptive nominee and they discuss how he must be the most variable nominee in u.s. history. here is a quote from the piece. he shares president obama's desire to retreat from global leadership even if he couches america first and. he'd to deploy far more force than he know s s to --.
this is the very reluctant embrace of the wall street journal editorial board to donald trump who they say wasn't our first choice or even 15th but the reality is more gop voters prefer them to the alternative. so therefore do they. >> big question. and how can he unite -- can he unite the party? the other big question will relate to female voters and my must read is from the financial times. titled hillary clinton plays the woman card against donald trump. gender will play a crucial role in the election. he writes mr. trump's
unfavorable views among women have been on the rise. and despite being the potential first female president, hillary clinton's polling amongst women has never been super high with trump the opposition, that changes a lot. and this is going to be a crucial factor. and much harder area for him to moderate his view on and galvanize support amongst female voters than any of the other areas out there. >> and they are both -- they both have high unpopularity -- >> they do. >> they both share those factors. approaching the top of the hour so the team is getting ready for squaux. i have a feeling joe wants to weigh in. >>"squawk box". i have a feeling joe wants to weigh in. >> -- you're new though. and, you know, we're trying to -- remember how long it took
piers morgan to get completely accepted and everything. >> he was never super adored though so -- >> you know, what? i've never been a big fan but lately i've become a big fan. he's so outspoken. he reminds me of trump almost. he's say anything that he believes. and the -- >> -- >> unbelievable, right during the corey lewandowski thing he's like really? the scrums in great britain, he kept looking to see what happened to -- whatever her name wa was. but yeah the journal was pretty funny. they finally said we're gonna just -- you know we can't believe this happened but now that it did we're going to look at both candidates and decide which is better. but there is a lot of establishment republicans that you are sort of hearing the same thing from. i was thinking with all of the apple analysts, we have trouble having any of them on because they are also wrong. and then i think about the oil
analysts that said 90 was the low. 70 was the low. 50. every one said this was the time to buy. they have all disqualified themselves. what pundit do we listen to or what newspaper do we listen to to analyze trump's chances? >> good point. >> considering none of them had any idea -- like the journal. all along this is -- they couldn't have been more wrong about how this was going to turn out. so do we listen to anyone about what the -- you know, how to analyze the next six months? i don't know. but we will have the candidate on. donald trump this morning. obviously. the minute you get the candidate we move to just speculation about the veep. about the vice president. and i don't know which way it goes. does he go like towards kasich which was supposedly going to do better in the general election, but wasn't really -- the base wasn't enamored of kasich at all? does he go with a woman? a latino woman?
>> a rubio some are saying. >> a -- i don't know. it's interesting all the different. does he go with one of the 16 fallen. or is it someone totally that did not run? he made some interesting comments about kasich yesterday how he's rapidly rising in his eyes as a potential veep. and then we've got polly pa tia on as well. thinks 3 trillion, amazon could be a thrthat's pretty excel inca lot of stuff happening today. our twitter question this morning. what's the main driver of market right now. oil, dollar, earnings or central bank. we'll pose that questions to
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so why would you invest without checking brokercheck? check your broker with brokercheck. joining us the jurrien timmer. first thing you look to determine direction of futures? is it oil? the dollar? any central bank commentary? this is our twitter question of the day. we want to hear from you. >> the first thing i look at is the dollar. because everything is either positively or inversely correlated to the dollar. if the dollar goes down, liquidity conditions ease up. that is a risk on thing usually and if the dollar depogoes up i means the financial conditions are tightening. at least that's been the dynamic over the last year that's a key
indicator here. >> and that a broader index or is it the major currency loose tick euro and yen. >> i like at the broader burglar. i don't like the dxy. the broader has all the currency in it. and that's a good proxy because a lot of stress has been creating the policy divergence between central banks, putting pressure on the yuan. that's been a driver during the risk off over the past year. and yes the broader dollar. >> rhetoric from the fed? >> it moves around for different reasons. the underlying problem is we have a policy divergence. so the fed wants to tighten. other central banks are easing. that puts upward pressure on the dollar. and we put that into remission a few months ago after the
december hike. and now, you know, the market sort of keeps looking for are they going to stay more dovish or start to backtrack on that? and so far they have stayed pretty dovish and odds of a june hike are like 10%. so far we're out of the woods. but this is an ongoing battle. >> we'll see tomorrow after the jobs report. jurrien. are we at the point where -- is weighing on economic activity? >> i wouldn't say it is weighing on economic activity? but i do think that when there is more uncertainty the market wants to be compensated through a higher risk premium and that means lower pe. all else equal, if earnings are the same. if a -- is too high at a time of uncertainty and the market
thinks 15 pe is better then the markets will adjust downward. >> are you seeing that now? the picture from earnings, it hasn't been that bright. seeing some bottom line beets and some companies raising guidance but perhaps not enough given the uncertain environment. >> earnings is very interesting here. because the q1, surprise to the upside, as always. this is the oldest game in the world. companies guide lower to where they know they can beat and then they guide lower again during that earnings season. so the output is better than expected but the issue is now the q2 numbers are coming down and the full year numbers have really fallen dramatically. the beginning of the year the wall street consensus was looking for 7%. we are down to 1% now. there is definitely an earnings loss here. >> thank you. jurrien timmer of fidelity. >> it is a tie between oil and
central banks as to what the main driver of markets is right now. that is it. for "worldwide exchange." thanks for watching. "squawk box" coming up next. ♪ story to be told looking for balance in your digestive system? try align probiotic. for a non-stop, sweet treat goodness, hold on to your tiara kind of day. live 24/7. with 24/7 digestive support. try align, the #1 ge recommended probiotic.
good morning. a wild fire in canada burning out of control. 80,000 people evacuated. and new this morning, disruptions there are giving oil prices a boost. and tesla, is doing well this morning. on upbeat production guidance but high profile hedge managers, some are mays making the case for shorting the shares of the electric car company. and in that long process of picking a gop presidential candidate is finally over. presumably. donald trump is the last man standing. 11 months after he declared his candidacy. he'll join us later this morning. it is thursday may 5th.
and i just read about the perfect margarita. it only has three ingredients. and i'll share that this morning at some point. you don't know. "squawk box" begins right now ♪ i'm still standing ♪ better than i ever did ♪ >> live, this is "squawk box." ♪ i'm still standing after all this time. >> good morning everyone. i'm becky quick. take a look at the u.s. equity futures a in the hour. you will see there are some green arrows. yesterday the dow was down almost twim digits after a 140 point loss the day before. this morning the dow up. s&p futures up over 8. the nasdaq finally indicated higher. it's been down something like 9 of the last 10 sessions thanks largely to apple shares, which have been down again and again and again somethi l