tv Countdown to the Closing Bell FOX Business March 21, 2013 3:00pm-4:00pm EDT
♪ cheryl: countdown to the countdown. the housing market moves forward. home resales hit a three-year high in february, and prices jumped. it's good news for online realtor move inc.. the ceo joins us in a fox business exclusive. does apple's stock look juicy? even on the eve of the blackberry 10 release, megafan brian white says, yes. why he thinks the stock is set to nearly double. plus, is the market headed for a pullback, or is it off to new record highs? it is a street fight. of our bulls and bears battle it out. "countdown to the closing bell" starts right now. ♪
cheryl: i'm cheryl casone in for liz claman. it is the last hour of trading. let's get you up to speed. it is the worst day for stocks in almost a month. the dow is down 128 points, it was anyway, at its session lows of the day. we are now down 67. now, we hit a record intraday high yesterday for the dow, so this may be a welcome, actually, breather for the market today, especially if you want to pick up some cheaper stocks. now, rumors and worries continue to swirl around cyprus' future, sending the euro lower against the dollar today. the ecb is demanding a plan by monday. now, society general saying it is time to sell gold, buy oil, saying better economic conditions may lead to the end of fed easing sooner rather than later. gold moving higher today, the oil market is feeling so much pressure down about a little more than a percent. nine of the ten s&p large p cap sectors are moving lower today with the tech sector one of the biggest drags on the market. two of the biggest losers
tumbling double their normal volume after earnings reports disappointed investors. you know these names, oracle and jabil circuit. oracle down more than $3. that pressure has been consistent throughout the trading session today, jabil circuit is down 87 cents. one of the best performers on the s&p 500 today is ross stores, getting an earnings bump after a strong fourth quarter. and that stock is up, rost is the ticker, that stock is up more than $2 right now. let's get right to our floor show. we've got graders that are standing by -- traders at the new york stock exchange, the cme group and, of course, the nymex. doreen, hello to you. i'm curious overall what you're looking at at this point in the session. we got the fed yesterday, today, you know, the economic data seemed pretty positive, now we're down 61. what's going on? >> i think the economic data's pretty mixed. the initial jobless claims, i
don't think the jobs numbers were fantastic, they were kind of right in there. but the market looked very, very tired the last couple of days. i think we're starting to see lower highs, and i think we're starting to really kind of consolidate in smaller range. you know, volumes are still pretty light, so i think people are getting very tired. i think tired. it's time for a little bit of a correction, i think, although overall market probably trends higher in the near term, but maybe we're going to take a break in between. cheryl: okay. some of the names that are leading the chart, certainly, doreen, one of the big -- i was just mentioning oracle and the technology sector overall. it's a bit of a surprise to see tech dragging things, especially those earnings numbers coming out of oracle. what'd you make of it? >> we've been spoiled with earnings, they've been very good, and now we're starting to get some mixed reviews and a couple of misses on some very big stocks, so that's giving people a reason to maybe take a little money off the table. cheryl: okay. kind of a correction that makes sense finally.
let's go to the cme and ira epstein. i was just looking, obviously, at the euro versus the dollar, what else are you watching? >> well, i'm watching the gold, and i'm watching the silver because they're both trying to, if anything, create a bigger trading range, in other words, break out to the upside of their trading ranges. silver yesterday tried the downside, failed miserably, reversed today almost a full dollar higher. so those markets are starting to pick up on the cyprus issue, and that's what they're looking at at this point. the stock market, also, if it's tiring here -- which i think it is as well, i think the momentum's losing some of its peak there -- i think it'll pull back. i'm not talking a bear market, folks, i'm talking a correction in the market, and sometimes you get rotation between currencies, the metals and the stock market, and going into cyprus, that's exactly what i think is going on. cheryl: all right, over to the nymex and jonathan. he was talking about gold, he was talking about oil but, of course, oil is another story here. we are down today more than a
dollar, jonathan. what do you see the pressure on oil is? is this kind of a normal rotation in and out of the contract, or is something else going on here? >> i think it has more to do with what's going on in cyprus a bit. we've been jumping from news event to news event. the fed helped rally us back yesterday, this morning the economic news was kind of mixed it seems like we're kind of event-driven right here, but it's likely we're going to stay in this range between 90-95 going forward. most likely, something will probably happen with cyprus. but until then, you know, they keep pushing it to the back burner, so it's sticking around a little pit more. i think be we got away from that, we'd probably be pushing $95 right around hoar. but the fact that, you know, this risk is still out there is keeping, you know, futures kind of sitting and, in addition, we have option sol adult kind of hanging around the 18% mark right now. cheryl: all right. we will continue to watch all the events happening oversea is the and in this country. thanks to all of you, appreciate it. after hitting another intraday
record high i in yesterday's trading, we were all here together, remember? the dow is pulling back today on concerns over europe, cyprus, obviously, and some mixed economic news. is this rally finally due for a correction, or will benchmarks continue to climb higher? let's have a street fight. we've got ned reilly, reilly asset management founder and ceo, weighing in as our bear, john -- [inaudible] senior portfolio manager. and i think i'm going to start here with you, ned, on the issue of, you know, we've had this great rally. we've had these big numbers coming out and, obviously, everyone is kind of getting cautious, getting nervous. that makes sense. what do you say to those that are looking for that new high on the s&p maybe by the end of the trading week? >> well, i don't know if it's trading week or if it's another month before we hit a high in the s&p. this has been the rodney dangerfield kind of market, getting no respect whatsoever. [laughter] people talk about the retail coming back into the
marketplace. we've got to consider the backdrop that in the last four years retail investors have sort of dishorded $400 billion worth of equity mutual funds, and the first six weeks of this year was a small pittance that came back into the market. retail is still scared. they don't believe it, they're still skeptics, and i like that backdrop. that's a great, positive backdrop to have. you buy when the news is bad, you buy when the kept isics are out there, and you sell the heck of out of market when everybody is optimistic. and i think we're in a great school backdrop right now. cheryl: ideal economic environment, you're looking at the economy even though we had kind of a mixed picture today and then, again, corporate valuations. that's the bulls' side of this. john, i know you're bearish. you're calling for serious corrections on the s&p and dow. you're saying it's going to happen sooner rather than later. what are you seeing on the other side of the coin here? >> well, look, when things are euphoric, which they are, when alan greenspan comes out and
says pie stocks along with the movie stars and, of course, our good friend, ned, then you should be looking to sell. and i'd also like to say this, i was on the show here last april 2012, we were pounding the table then, but right now you've got some real headwinds, and i'll give you a few of them. one, gdp is benign, .1%, you know, in fourth quarter of 2012. analyzed numbers are running around 2%, it just isn't keeping up. unfortunately, the treasury market is not confirming here. you know, if the ten-year was at 275, i'd say we'd probably leg up here, not happening. you know, and i think, thirdly, look at earnings. look at oracle, look at fedex, and look for a lot of disappointing earnings, you know, particularly here in the next two weeks, you know, coming at us. so that's really the bear case here. you know, cyprus is system you can and is definitely going to bring some pressure here. if you look pack when we went through this with greece, the markets lost almost 16%. you're going to get a mini repeat here. i think look for all these major market averages to come back to
their moving averages, the 200-day moving averages is kind of what we're looking for. cheryl: you're also looking, jon, i want to stay with you quick on this, you're looking for a very sharp pullback in the next 60 days. can see your reasoning about the second half of 2013, that i understand. but you're looking for s&p 1428 to 1430. that's a very bearish call on the s&p. >> this is just the 200-day moving average, that's all that is. cheryl: okay. >> it's really a technical issue, but, you know, look at the fundamental backdrop. and i appreciate what ned's saying, but look at the fundamentallings. this thing in cyprus, everybody says, oh, it's just a million people, who cares, bunch of criminals, who gives a darn? it's a big deal, and really the bigger deal is there's no basel iii in place, and the ecb still hasn't gotten it together. that's the real problem. cheryl: ned, you're bullish on europe. go ahead. >> i am bullish on europe because everything is being done to try to stimulate growth.
jon, i have to disagree with you here. on the profit side of the equation, things are flattening out. but if you consider where we've come from in the last four year, we've had miserable gdp growth, and we've had profits more than double. look what's going to happen in the next two to three years. we've got europe that will recover, notwithstanding what's going on in cyprus today. we're going to have the far east start to recover, u.s. exports are going to start to explode once this momentum starts. profits are going to move from this level, plateauing, to a much higher level than the market ever anticipated. slow growth is actually long-term beneficial for asset prices because inflation stays low, interest rates stay low. it's when the fed starts to get concerned about a 6.5% unemployment rate and the fact that the economy's growing too fast. we have a surplus of resources, we have a surplus of capital. we don't have labor in there say, hey, i want more money, i don't want benefits, they can't
get them anymore. productivity is the word of the day. and the final piece i'd like to make of this, liquidity is just coming out of our ears. cheryl: okay, fair and balanced, i want to give jon the last word. go ahead, jon. >> look, what ned's saying is, you know, we have a surplus of this, economic growth is great. but, look, the dollar moving up is going to hurt repatriation particularly the large cap multi-nationals, so look for earnings to be disappointing, look for more oracle disappointments, more fedex disappointments, that's right around the corner. in addition, look for gdp to be benign, and as far as housing starts, look for those to tip over. all the good deals are gone, so the housing market play is kind of over. look for a retracement here. look, we were the number one performing total return fund last year, we did 15% with 75% less risk than the s&p, and i would tell you to take some of your money off the table here and park it on the shrineds. i think -- sidelines. i think you've seen the run for
the year. we park it here. cheryl: i need two million to get into that fund, that's the problem anyway. john and ned, thank you. you both made excellent arguments. i'm going for a tie, you both made excellent, excellent points. ned, john, thank you. we'll see you very soon. closing bell going to ring, we've now got 49 minutes to go, and sales of existing homes hitting a three-year high last month. prices moving higher as well for the month of february. all seems to be good news for online realtors. shares of move inc. up more than 50% so far this year. should you be using this company to build up your portfolio? ceo steve burke wits joining us coming up next in a fox business exclusive. ♪
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on wednesday ttph had a tepid stock market debut. it closed basically flat. they offered it at $7 a share, and that's where that stock came in. there's enanta, enta, much better reception for this stock today. home builder kb home is constructing gains to its stock price today. let's head over to nicole petallides on the floor of the new york stock exchange. nicole? >> reporter: well, we're taking a look at kb homes actually hitting a new high. they came in with quarterly numbers, and they were impressive. the talk on the street by the analysts was kb home had been lagging and they had to step it up in 2013. they certainly tried to bring it here today, the stock is up about 3%. they came in and said their fiscal first quarter loss was narrower than expected in addition to the fact that they had doubled increases in deliveries and selling prices for houses. more orders, 40% year-over-year gains in the net orders, so that was some good news there.
we are seeing it, as i noted here, at a 52-week high. let's take a look at some of the other home builders. we did get in existing home sales, actually, which came in earlier today, the highest level in three years. but you can see lennar, pulte, dr horton and toll brothers a winner. cheryl: certainly stocks to watch today. existing home sales today hitting their highest level in three years, and one company is moving new properties for sale onto its web sites. steven berkowitz is the ceo of move, inc. which runs realtors move.com. we know these names. you must love, steven, seeing data like we got today from nar that shows that inventory, incredibly low; prices, heading higher. >> yes, cheryl, it couldn't be more exciting. i mean, it's nice to see after four, five years of difficult times to see, you know, homes back in the fore front.
cheryl: you know, you run these web sites, you're listing these existing homes. most home buyers, home sellers use realtors. realtor.com, obviously, a site that had when it launched years ago tried to change that. when the market was lower, did you find that you had less interest because, basically, home buyers and sellers felt they needed that professional help to get the right type of deal? >> well, actually, what's great about our business is we actually connect consumers and real estate professionals together. so, actually, even in the difficult times of home prices we were able to because of our brand actually be able to help connect those consumers with those professionals. and we're seeing even more need for professionals today. cheryl: with the existing inventories coming in today, and that's the bulk of the market of course, as you know, i'm assuming that is going to be a huge bonus for your web site. but with the existing home inventories means that builders are trying to compete. they're going to be competing for you with existing home
sales. how do you kind of keep them at bay? because you been successful thus far. >> well, first of all, i mean, new homes are available on realtor.com as well as our web site, movenewhomes. we actually see both sides of the world. we just want to help homeowners find a place to live, so for us it's great to see this supply and demand, the shortness in supply actually makes our web site even more important, and our mobile apps even more important because we're updating our listings every 15 minutes across the country as well as the builders. so it's really exciting for that. cheryl: that's interesting. i would think the existing home sales was kind of your bread and butter. obviously, you're competing with the more well known names, you've got zillow, again, this is the consumer that is finding they do want to do it themselves, especially now with interest rates so low and a lot of movement in the market that we're seeing this spring. what do you think that you can offer that trulia and zillow
don't? >> we update the listings every 15 minutes which nobody else does. so the ability to see a house rurally come on the market, and in today's marketplace, it literally goes off the market in the same day, and we'll tell you, right? so instead of just seeing the line in front of the house for an open house now which you're seeing more of, you're actually literally seeing the vitality of the home market happen right on our web site and especially on our mobile apps. today you drive by a house, the sign's still up, we'll tell you if it's no longer on the market. cheryl: okay. let's look at the technology. one of the thing that is' driving your sight, not just the fact of desktops across the country, but the mobile app is also finding more and more success and even, frankly, "the new york times" is competing with you on that one, steven, with their app for the home buyer. talk about the technology side of of the business. >> well, the technology side of the business is about being innovative and being quick, and mobile is an area that we're leading on. i mean, we launched a feature
about a year ago where you can literally draw a circle around where you want to live or draw the street where you want to live with your finger on a mobile app. and when you're literally driving around the neighborhood -- hopefully ott as you're looking at the app concern but you're literally able to see what's happening in the marketplace as if you have the realtor in the car with you, and that, to us, is just the way the future's going. cheryl: steven, before i let you go, i am curious, are you seeing subscriber growth? >> yeah, absolutely. we're seeing large growth in unique users especially on the mobile apps. definitely almost triple-digit growth in both page views and homes being looked at. one statisttc over the last 30 days we had almost, you know, 15 billion images looked at. so homes, people were looking at homes, they're leafing through every image of the house. it's really incredible. cheryl: all right. stephen berkovitz, move incorporated ceo. one of the biggest performers we've seen over the last six
months. thank you. >> thank you. cheryl: all right. the stock up 50% in six months. well, the closing bell's going the ring, we've got 38 minutes to go. after the break, charlie gasparino has the details as the federal government indicts raj raj rat name's brother for insider trading. happy birthday, twitter, turning seven today. twitter now has 200 million active users posting more than 400 million tweets per day. so in honor of the company, we wanted to show you some of our favorite business tweets as we head to break. ♪ ♪
he is in jail for insider trading is because the fed launched an investigation into his brother who six years later has also been charged for insider-trading. charlie gasparino has been following this story in as much more about it than most people of. >> reporter: and writing a book about insider-trading spirit. this is about the pursuit of insider trading, particularly his investigation. why they did it. the case we have right now, how did that start? well, it started with a 2007 investigation into a small edge fund, much more than deli in one bite of his brother. in investigating that hedge fund, and it was done by at the sec who is probably in my view, for my money, the best investigators have seen to much of the commission and a longtime this guy, all of you agree with insider-trading being a big crowd murdoch, this guy did amazing work and is essentially behind the current case.
one of his leads. and he was looking at suspicious trading. and in that he found a kind of link. guess who is involved in some of this? from what i understand it was cherry picking, shooting trades to certain members, certain clients so that they would benefit. in that cherry picking scenario came that name which he knew very well because he ran the giant italian fund. 5 billion, 6 billion. and then he did more investigation and that is when they came up with the case against raj rajaratnam. liz: -- cheryl: why did it take so long? >> reporter: it's a good question. i don't know. my guess is they had so much on the burner. i mean, this -- we are going to read this indictment, read it from cover to the -- front to back.
my guess is it is will the -- relatively small potatoes, clean and activity involving communal, this case. they always have the suspicion then he was guilty. he has been charged and indicted. he is not been proven guilty by a court of law. obviously we will get his say on this. we will give what his lawyers have to say. it has always been their suspicion that he was guilty, did some nefarious things, and said trading is one of the issues. and, you know, they put it aside. they do this often. i saw this. the guy that said to fresh face eager beavers. the budgets of the world that they wanted to turn him into -- cheryl: call then. >> reporter: compelling tv. what was interesting is that they really did have a case pretty early. that is what they went with it. they went with him to cooperate. he refused to cooperate, and at some point about two years later
after he just went nuclear and send all of the sort of in st. e-mails to fbi agents. prosecutors threatened them. then nail the. why they waited so long, maybe he was not front burner. maybe they tried to turn them. you never know. could have been that there was a last chance the the given to turn evidence, maybe not against his brother. he said no and they just charged him. a lot that needs to be fleshed out, but i will tell you, the fascinating thing and why this is a story, there would now probably be a raj rajaratnam case is bigger as it was without them looking at is -- i believe it is little brother, and clearly not a successful brrther . but, you know, doing some of what they believe is some of the same stuff. began 2007 and six years later. they don't go away. cheryl: by your book?
>> of tell you. cheryl: said think you'll get a kick free copy. >> reporter: but my book does not. let's try to show is of the common elements. i'm going to write a lot. is it a white whale pursued? is it -- should they be wasting their time? mean and not saying it's a good thing, but there are worse things in the world to my believe. that doesn't take away from the amazing investigative work done by people like p.j. king at the fbi, people like that. and sunday at the sec. he really is full. they're from the beginning. that is the get this started with this case. cheryl: charlie gasparino writing a book as we speak. he's going to leave right now one mark on the next chapter. twenty-eight minutes until the closing bell. sending money via mobile payment
is a rapidly growing industry worth an estimated 1,701,000,000,000. more start-ups are changing the playing fields. how can you cash in on the sector? that's coming up with fox business. shibani joshi talking to western union president coming up in just a second. ♪ we know a place where tossing and turning have
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track to finish in the red. nike running lower ahead of third quarter earnings due out after the bill today. the global sports apparel at the where companies expected to report earnings per share of $0.67 on just over 6 billion in revenue. nike has had a good track record , beating in three of the last four quarters. getting your starbucks fix could use some free joke. the coffee chain expanding its popular customer rewards program. shoppers dinner points for free drinks and food after buying starbucks back coffee at the food store. and now we continue our "countdown to the closing bell" with sheryl. ♪ cheryl: clinical trials of the prescription. shares of acadia pharmaceuticals soaring to a new height. let's head back to nicole petallides on the floor of the new york stock exchange. >> reporter: l.a.'s taken fund
selected a company that is building in making new drugs for research and development. acadia pharmaceuticals at a presentation recently. now they have had at drug for parkinson's disease in the announcement that they are hitting new highs after this study. the stock is up about 24%. it is up at the highest level since we have seen since 2008. this is all the data coming about their derek. that is helping them. year-to-date up 77%. cheryl: thank you. wiring money has come a long way from walking into a store front, but business is going global, and competition is amping have. shibani joshi is at the innovation project 2013 where leaders in the mobile payments sector are meeting in harvard and cambridge massachusetts. she is there. what do you have?
>> reporter: for you to digest these statistics. 61 percent of payments and the united states remaining cash. 98 percent of transactions in asia are paid in cash. every second to 28 transactions are processed in 200 countries by western union. this is a dynamic that has allowed this company to grow and thrive over the last 160 years. joined by the ceo of western union. thank you for joining is for a fox business exclusive interview. thank you. >> thank you for being here. >> reporter: let's start off with the concept of cash. nafta be honest. all of these innovators in start-ups that have been talking to all throughout the day are telling me that cash is dead in the credit card is going away. it does not sound like you by your statistics. >> -is not dead to mike and guarantee. his been there for three dozen years and everyone is always talking about-is dead. i can tell you, as you said, 99 percent of the payments in
asia are done in cash. what this union does is, we are in 200 countries with 500 dozen locations, 100,000 atms. if you think about that, i can now some money from here debt bangladesh in minutes with my application from iphone or from other devices immediately. my partner in bangladesh can pick up the money in that city in cash. in the most important, this person is going to use this cash or pay the fees, pay the shelters, buy some food. that, i am even maybe cards will disappear, but not cash. cash will continue. the cards will disappear. there will maybe one day reappear. it would be wise, electronic mobile device. something like that. cheryl: the you're not giving up on the concept altogether.
you have announced six big deals. one partnership with a mastercard subsidiary. tell us what the news is. >> well, we have this great platform. use cases. millions of cards, obviously. we opened our platform for many small companies, many big companies also to give them the service which western union as. a platform that manages plenty of transactions. a huge brand. we allow them, card holders and prepaid card holders to love their cards, use their cards at the westin unit locations and also allow them -- i give you an example. jesus to give the tax refunds -- choose us to give that tax returns and let the cardholder's then can use cash. >> reporter: one of the things you take advantage of is that
trust factor. people still distressed credit card and mobile technology, and you're able to leverage that. >> a system which the people can go online shopping endo use their cards and go to western union location, pay cash to get their goods. >> reporter: you just came in from the sea and air headed to munich and then going to is ten boat. in every place around the globe. overall picture? >> our perception of overall, it's getting better, would not say that that is a big turnaround. it is still challenging. this service industry is getting better. the construction industry is getting a little bit better. the u.s. is a very good position. europe is still of the challenging position, democratic issues. it's challenging in europe and russia and japan, but i would say that is better -- i'm cautiously optimistic. >> reporter: we like that. earnings up 20%.
thank you so much for being with us on this fox business exclusive. >> thank you. cheryl: -- >> reporter: back to you. cautious optimism. we like to hear that. cheryl: i want to see its frequent-flier account. that's what i want to see. thank you very much. closing bell rang in 17 minutes. blackberry set to hit the shelves tomorrow. more bad news? okay. maybe not. one analyst saying the stock is set to double its worth, yes, adding to your portfolio. we will dig into that statement coming after the break. ♪
thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with tha you're history. instd of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below...
cheryl: here is your fox business market check. you might not be a billionaire, shares down about 25%, but a new map may be able to help you out. helping you to invest with the smart money types, helping you track, shot investors like warren buffett, david einhorn, and others. available for download starting next week. 199 per month. so will he be buying it? add to the show's twitter. let us note. curious what you think. well, that may make you some money, but well-stocked? he continues to think so. he joins me now. of course you are tech analyst. at star with your price target. >> eight. it was 1,000. still 88. that is a big jump. >> yes. >> you're right. it's a big jump, and when you take a look at the market, we use the market peon added back
the net cash per share. you know, apple grows a lot faster than the market. historically over 80% per year in the market has grown 6%. cheryl: let's get into your reasons. and a stand, obviously there was a big sell-off in the stock is down 24%. thirty-first -- 34% of the height. this is a stock we should down. get into the portfolio. the same time, the growth of real looking for, there has to be a new product cycle. you must be seeing that. >> you're exactly right. at think there are three phases. number one is distribution, value investors back to the stock. number two is watching the profit cycle bottom which will occur in march quarter, year-over-year growth. and to your point, it has opened up knew market opportunities. i think it will do that with a lower price tag on this summer. cheryl: what do you think? that it will have a lower version,.
>> there will be something that is brand new. a plastic case. i think the price tag to 50, 300. cheryl: the criticisms of apple has been by these new products will come from. saturated the market. people walking around. on and on and on. dustup at home. where can they compete? less talk about samsung's. blackberry tomorrow. fair enough. that's a samsung. galaxy's really picking up market share. you're not worried about that. >> not worried about it. there seems to be so much attention. in all this talk. if you look at mobile phone units to year-over-year at over 29% in the fourth quarter. since i grew 12. there is a big misperception that samsung is doing so much better. smart phones. and what they're doing is moving their feature phone business is more fun. it makes this more fun growth look much higher, but the way to
get rid of this is silicon mobile phone and apple & by almost threefold. cheryl: blackberry is releasing the blackberry ten tomorrow. >> not a threat at all. think it is a worthy effort that will keep them in the game. probably more of a threat to android. cheryl: apple filed a patent. he dropped the phone, it prevents it from shattering which is been one of the beckham plans for users to my phones. deasy to break. is this a game change? to you factor this in? i think that's a useful feature. cheryl: you did come back from that thousand dollars price target. when ewing to reevaluate? >> i think in the near term must this be clear. there is some softness of there.
but i think as we get through this office and moved to year-over-year growth and profits in new markets open up at think the stock will start to take off. trading in six times. >> it will -- be clear, apple global market share is a percent. very small. cheryl: there is some global growth. even japan. they really get into samsung as well. technologically advanced consumer. >> they love apple. samsung does as well. china loves apple. those other two guys that i see up there over the next three to five years. cheryl: we will be watching that stock. it is a fascinating story. we have to -- the capital
markets. closing bell will ring. we have right now a less expensive go. as far as the dow and the s&p, on track to end the weekend in the red. two sectors are managing to hang on to some gains. we will break those down coming up next. "countdown to the closing bell" continues. ♪ i'm a conservative investor. but that doesn't mean i don't want to make money.
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♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ cheryl: a down day for everyone. all the major averages all on track at this point to finish the week in the red. first to the dow. it is on track for its first down week in five weeks of trading. then the s&p 500 is on track to snap a three-week winning