>> toyota motors. a currency headwind and now have a currency tail wind. >> and, sell toyota, buy toyota? headwind? >> tailwind. >> that does it for us. in fact, it might do it for all of us if the music is right. don't forget to catch more "fast money" 5:00 p.m. tonight. "power lunch" starts right now, we hope. brian, thank you very much. forget about peyton manning, the breaking news from apple is the big story with just three hours to go in the trading day. the company set to unveil the new ipad at an event that is kicking off right now as we speak. investors and apple fans waiting eagerly for the details. we are tracking this story minute-by-minute. courtney reagan is at the cnbc alerts desk. what should we expect? >> tyler, i want to mention tim cook has just now taken the stage. we're finding out from jon fortt who was inside that event. we're expecting the next

evolution of the ipad. not an entirely new product, but enhancements on what we already have on the ipad 2. look for 4g connectivity, a better processor, a better enhanced screen. perhaps it's going to be hd. better battery life, a better camera, those are just some of the expectations. of course we'll really know in the coming minutes and we'll bring it all to you live as we find out. >> and it doesn't get much better than that. meanwhile we have one eye on apple. the other eye is on the markets. investors feeling more optimistic about the greek bond swap deal. so what's the playbook on the day after the biggest market plunge of the year? i'm sue herera with tyler mathisen. and "power lunch" begins right now. >> remember that 200-point decline on the dow yesterday? forget about it. good news on the jobs front today, but the really big number

comes on friday. investors are cautiously optimistic ahead of tomorrow's greek bond swap deadline. here's where we stand right now. triple digit decline yesterday. double digit gain 75 points at this hour. 12,833, about 3/5 of a percent gain of the dow industrials. nasdaq at 2937. higher by 27 points. that is about 1%. taking a pulse of the markets, we've been tracking of course the vix closely in the past 24 hours. it had been sort of calm. but right now the fear index is down once again. down to almost 7% after yesterday's big move up. oil ticking a little bit higher at 106.07 on west texas crude. that's $1.37 gain, 1.31%. gold still wheezing just a little bit. if i can get out of the way, you can see it. nonetheless higher by $10 at 1682. midday movers to tell you about.

sienna highered first quarter and a better outlike. valero one of the energy companies moving up today and by merely 7%. bank of america bouncing back after the financials took a bit of a beating yesterday. and that's putting it mildly. up nearly 3% at $7.91 right now. on the downside investors panning pandora. i love it. the market doesn't right now. q-4 losses widened. q-1 and full year guidance well short of expectations. they're having to pay more for content and so forth. that stock down 24% right now. kraft lower after a downgrade from jefferies. and first solar's wild ride continues down sharply today. keep this in mind, its 52-week high was over 160 a share. that's where it stands right now. let's turn to the nyse where we find mary thompson monitoring the latest moves in the market. hey, mary. >> hey, tyler.

you touched on two key points. of course optimism about the greek debt swap getting done and optimism over the adp jobs report providing a floor under the market. before there was a story by "the wall street journal" laying out problems for qe-3. look what else is happening, look at the euro. that too what we've seen today basically is this correlation we used to see about six weeks ago or so where the stock market would move in tandem with the euro, the euro's higher, market's higher as well today as it recovers from its lows yesterday. among the blue chips driving the dow higher today, it's right now off about 15 points from its best levels of the day. general electric is a standout. it was leading the blue chips earlier. bank of america taken the lead there on a percentage basis. ge up about 2% after positive comments specifically about its expectations for growth in the emerging markets in latin america and also the middle east where they expect these two areas to be growth drivers basically replacing asia for ge. that's giving a lift to that

stock. caterpillar also higher by 2%. united technologies, industrial cyclicals getting a bid today. yesterday of course investors were abandoning them along with financials, but jpmorgan a winner as well in the dow components up just about 1.5%. it is a broad based rally that we're seeing today with the exception pretty much of utilities suggesting of course the risk-on trade is once again in vogue today. and last thing we want to mention on the russell 2000, yesterday it underperformed the markets basically following the larger cap stocks. today outperforming by just about .9%. sue, back to you. >> mary, thanks. let's switch on the "power lunch" power surge and drill down on the stories moving the markets today. and first up and fresh back from russia is cnbc's senior economics reporter steve liesman on today's strong adp jobs report but also inflation in some of the data. welcome back, by the way. >> thanks very much, sue. had a great trip. back to the e con data in the

u.s., wall street economists feeling more positive north of friday's payroll report after adp today total private sector estimate by adp of 216,000 january refiezed up by 173,000. by the way february data three of the past four have been north of 300,000. north farm payrolls 213 and unemployment of 8.3%. there was other data sue mentioned about inflation. the government revising measure for productivity in the third and fourth quarter. now, the 0.9% fourth quarter rise was just a little higher than originally reported 07 for the non-farm sector. you can see the step down we've had from the recession. but there was a huge change in labor costs that caught economist attention. the amount spent for wages to produce a unit of output, what was originally important at 1.2 now 2.8 in the third quarter. tfgs a decline of 2.1 in the

fourth quarter. and now they've changed the sign and it's almost 4%. the good news revision came substantially from higher hourly compensation. that is more money in americans' pockets and the savings revised substantially higher. that's good news for the consumer in the coming quarters. bad news, labor cost gu harbinger of future inflation and do not suggest falling prices the fed has forecast. >> how might that worry be to the fed if at all? >> i think it's something they'll pay attention to. it's something that goes against their concept that without all this excess in the labor supply market with high unemployment, the high amount of people who are discouraged and out of the labor force, should not be happening. wages should be going up this much. i think they'll see it as good news for spending and maybe gdp in the months ahead, sue, but i think they'll have to watch this unit labor cost figure as well. >> thanks, steve. appreciate it. >> now we pivot to greece where there are less than 24 hours to go until greece's deadline for a debt deal.

so is there enough support among creditors to avoid a default or default by any other name? cnbc's chief international correspondent, michelle caruso-cabrera, joins us on the phone from athens. michelle, what's the latest? how do you handicap this? >> the latest is that they've put a key threshold with bondholders. more than 50% have agreed to the deal. it still doesn't make it a done deal, but the 50% level is key because it allows the process to impose a possible cac. a cac is an acronym, c-a-c for collective action clause. a cac or collective action cause forces the deal on other bondholders. this is a several step process. we don't know if it's a done deal. tomorrow 3:00 p.m. east coast time is when the deal expires. presumably we'll know by then, around then, at the latest friday. but it looks like the

handicapping is it will be enough to get the deal done, but they'll have to impose the cac that is significant because that will trigger the credit default swaps, the cdss. >> so is the cac the imposition of the cac in terms of the credit default swaps being impos imposed tant amount to default and who will collect on those cdss? >> so if you're going to trigger a cds, there's two key ways to do it. one is you don't get paid, or they change the terms of the bonds that is imposed across all bondholders. if you have bought cds, you will get paid. if you didn't buy cds, you're going to lose out. you're only going to get 47.5 cents out of the 100 cents that you lent to greece. >> so in other words the people who have cdss and basically

bought insurance on their holdings, they don't care and really have no incentive to go along? >> that is absolutely right. in fact, they have an incentive to not tender their bonds and yet to actually vote yes for the imposition of the cac. it's a complicated story for cable, but, yes, you've got the incentives completely right. >> thanks very much. i had promised i was going to give up talking about greece for lent, obviously i've broken that one along with booze and red meat. anyhow, don't miss michelle's live coverage tomorrow and all day friday for the latest action from the region. home prices are still coming down. so is there a play here if you're an investor in that sector? our real estate correspondent, diana olick, breaks it down. she joins us live from washington. hi, diana. >> hey, sue. you're right. home prices are still falling. and they're actually accelerating in their drops in some spots, but not in the spots that you might expect.

and that's why investors really do need to take note. two new home price reports out today. but i want to focus on the one from core logic because it breaks out distressed home sale prices versus nondisstressed. take out foreclosures and short sales home prices fell 0.9% annually nationwide. but distressed sales are making up about a third of the market today. so when you put them back in, prices are down 3.1% annually. if you're an investor, as so many buyers today are, you want to know where prices still have further to go and where they are rebounding. chicago, atlanta, los angeles, these may not be your best bets. prices are still coming down pretty dramatically and don't catch a falling knife unless you think it's coming back. look at phoenix. prices there are coming up and that thanks to competition and foreclosure sales. we're starting to see some bidding wars. dallas is gaining. and right here in d.c. we've talked about how this market is surging back thanks to a strong

economy. also interesting to note a new survey from fannie mae found that more homeowners today think that selling might be a good idea. we haven't seen that in a long time. more on the blog realtycheck.cnbc.com. courtney, breaking news on apple. >> we're following along with jon fortt who was inside the apple. they are announcing a new tv box supporting 780 p and now will support 1080p. tim cook also on stage talking about all of the success that the post-pc world has brought to apple, that means ipad, iphone and ipod. the 25th billion app was just downloaded in china a couple days ago. the app store now has 185,000 applications. these are just some of the latest headlines we're getting out of the event in san francisco. there will be many more to come. and we will keep you abreast of all the latest. tyler, back to you.

>> courtney, thank you very much. kentucky was one of the hardest hit states in that string of devastating tornadoes as people there try to put their lives and businesses back together. well, the state's bourbon business be a key to recovery? jane wells is in versailles, kentucky, with some details. jane. >> hey, tyler. the president has declared parts of kentucky a federal disaster area after those deadly tornadoes killed 22 people in the bluegrass state. the governor tells me it's the worst disaster he's ever seen. >> we move from the search and rescue part of this to now recovery, a clean-up, debris removal, damage assessment. and with some of these areas, that's going to go on for some time. >> he says this is just as kentucky's coming out of the recession and part of that coming out has been due to explosive growth in its native spirit, bourbon. 9,000 jobs in this state are tied to bourbon. it's also contributes nearly $2

billion to gross state product. and kentucky is providing more tax incentives to expand the industry. you're looking at brown foreman's woodford reserve. but investing $44 million in the state and getting tax breaks, but with a catch. >> if you don't perform, you don't get anything. in other words, when we make a deal with a company, they have to -- they've agreed to create so many new jobs over a period of time, they've agreed to invest so many millions of dollars into new facilities. they have to perform before they get any tax credits from us. >> now, next hour on "street signs" we're going to talk to beam and show the importance of these barrels. one of the things the governor wants to work on is there's a tax for every barrel just for bourbon. it really penalizes the home grown enterprise. he wants to ease that. he's also hoping growing tourism in here in the napa-style bourbon trail will help further this economy, stuff it really needs, money now after the devastation of the storms.

back to you. >> jane knows how to tell a story and how to pick a story. >> she sure does. >> up next, what now? the market's higher coming off the worst day since november. the selloff not a huge surprise given the runup we've had so far this year. here's the question, do you buy on the dips or do you buy some correction protection? we'll have the playbook for you. >> there are a couple of sectors in the red today, but in general the market is positive across the board. financials, industrials, tech, materials, all on the plus side. consumer staples and utilities just fractionally lower. look at all this stuff for coffee.

oh there's tons. french presses, espresso tampers, filters. it can get really complicated. not nearly as complicated as shipping it though. i mean shipping is a hassle. not with priority mail flat rate boxes from the postal service. if it fits it ships, anywhere in the country for a low flat rate. that is easy. best news i've heard all day! i'm soooo amped! i mean not amped. excited. well, sort of amped. really kind of in between. have you ever thought about decaf? do you think that would help? yeah. priority mail flat rate shipping starts at just $5.15, only from the postal service. a simpler way to ship.

welcome back to "power lunch." rick santelli on the floor of the cme group. a two-day chart of 10s pretty much sums it all up. yesterday the downdraft in equities kind of teamed up with what was going on in greece and ongoing in greece, put rates down. and even with adp arguably as expected but as expected's good news, we still can't even overtake the yield range of yesterday. reaction is sometimes you look outside of treasury securities into the world of corporates, dollar denominated. now if you look at two etfs, you can see the deterioration more pronounced in high yield. look at spread versus price, look at barclays investment grade and then look at barclays high yield, you can see everything is moving together as much as there's a love of high yielding corporate securities,

you can see as equities have come off that 13,000 benchmark, they're starting to shape a little bit off of some of their best levels. sue, back to you. >> perfect segue rick because we're going to talk about the corporate sector right now as well as the equity sector. stocks right now holding onto some pretty decent gains. up about 75 points following yesterday's selloff. the dow, nasdaq, s&p all in positive territory. so what's the takeaway from yesterday's market drop? and what do you do now? joining us neil hennessy, chief investment officer at hennessy funds and scott portfolio manager of corporate income fund. nice to have you here, gentlemen. scott, i'm going to start with you primarily because rick gave us the perfect segue here. you invest in that particular sector, how would you play it now given the crowded nature especially in the high-yield sector of the corporate bond market? what still looks good to you? >> well, at the bmo corporate income fund the way we following

a strict oriented approach. we look for value not only over interest rate of maturity curve but also the curve between individual issuers. on days where volatility increases and risk assets such as corporate bonds may sell off relative to treasuries, it does present us with a very attractive opportunity to get into corporate bonds where the fundamental and cred worthiness story have not changed but the yield has increased. >> so this short way of saying you see these moves as buying opportunities in what kinds of bonds and maturities? where's the sweet spot on the yield curve? >> our philosophy is emphasizing what we call a barbell strike that y. we team up long-term interest rates to 20-year to 30-year to quality high investment grade corporate bonds. and towards the front end toward the 5, 7, maybe 10-year portion of the maturity spectrum is where we take our credit risk. in that area treasury yields are

extremely low while corporate bond yields are comparatively high. such that the decembisparity is lefls we haven't seen since the credit crisis. we view that as an attractive area to take on. >> neil, tell me what i should do right now on the equity side of the equation? yesterday was kind of an ugly day although you could argue that we've had such a big run-up that perhaps this is the pause that refreshes. what do you do as an investor right now? >> well, sue and tyler, yesterday you knew was going to happen just because there was a huge article in "the wall street journal" talking about how the market hadn't closed up or down over 100 points for the last four months. that was a given. but nothing's changed because the market went down 207 points yesterday. in fact, the market's in very good shape. corporations are in great shape. you think back to 2008, 8, 9,

10, 11 and 12 corporates are making a ton of money. last year alone they made $2 trillion pre-tax. look at the metrics out there either on a price-to-earnings standpoint or price-to-cash standpoint just to get back to a 5 or 10-year average on either one you're talking somewhere in the 1500 to 5,000 points on the upside for the dow jones. >> scott has his barbell strategy, neil, i think you have yours. papa john's on the one hand and cvs care mark on the other. eat your pizza and go get your lipitor. >> i mean -- you look it goes under my corporate strategy of that companies are either going to initiate dividends or raise dividends. if you look at for instance papa john's they earn something like $2.20 a share and don't pay a dividend. so there's plenty of room for this to initiate a dividend. cvs on the other hand pay 65 cents and earn $2.50 to $3 a

share. so they have plenty of room to increase dividends. that's what's going to continue to drive this market in a slow economy. >> you know, scott, we got some data this morning from adp. and the unit labor cost component of that was higher, which longer term may indicate some inflation concerns to the fed. at what point would you consider a tips play? inflation-protected security. is there a benchmark which you would find those attractive? >> yeah. the answer to that is that, you know, effectively we're talking a tips versus security versus a nominal treasury. you want to buy the tip security when it looks like the implied or break even point between those two is going to be underneath the rate of inflation you expect. so effectively we think that the u.s. economy could grow self-sustaining at 2% with current headwinds. so if you see break even inflation rates fall below 2% where the likelihood is inflations -- or you think inflation may come in higher than that number, that would be an attractive entry point into

those securities. >> gentlemen, thanks a million. appreciate it. neil and scott. >> all righty. when we come back, still ahead we're tracking all the news -- we're going to courtny? is that what we're going to do? >> yes. we're going to courtney with breaking news on apple. >> that's right. tyler and sue, it looks as if apple is announcing the new ipad. we are waiting for new details right now. it appears from what we can see of what's going on that it has a home button on it. we're getting details right now if you can just bear with me. it appears we are getting from a source that it has a retina display, that is something that we were expecting that enhanced display. again, still waiting for details. apple getting up there, tim cook saying what a wonderful product it has become. it's not just a product but they have in fact created a category selling more ipads last quarter than any of their competitors sold pcs. as soon as we get more details we will bring it to you live. >> you're on the story. thanks, courtney. apple stock up about .5% on the trading session. >> and the business of power. we're going to talk about power

generation and francis ul strom is going to talk about his business and the state of the global economy on the other side of this break. eeeeeee! whee! whee! wheeeeeeeee!

ah heads up. wheeeeeeeeeeee! everything you love about geico, now mobile. download the new geico app today.

it is one of the biggest

energy events every year, the 31st annual conference underway in houston brings together leaders from around the world to discuss energy, security and the future of economic growth. and our sharon epperson is there with a special guest. sharon. >> indeed i do have a special guest with me, tyler. patrick from alstom the ceo of the world's largest power generation company and alstom equipment is in about one in four of every power plants in the world. so you have a great handle on where we are here in terms of power generation and this global recovery. tell me what you've seen in the change in your business particularly as it relates to the emerging markets. >> first of all, yes, we have installed 25% of the world power generation capacity in the various types of technology, coal, gas, nuclear, hydro, et cetera. when we look geographically, we have seen over the recent 18 to 24 months after the crisis shift towards emerging markets which are getting out of the crisis

much faster than elsewhere. and just to quantify, two-thirds of our orders historically coming from western europe. now it's exactly the other way around. >> now the french company most of your orders are coming from what particular emerging markets? >> all over. i would say asia, middle east, latin america. but also in europe and america. it's slower. it's softer. >> other major changes you've seen with your business is this revolution we've seen in shale gas and how that has changed power generation. what is your outlook there? how has it changed the dynamic in power generation? >> geographically obviously impacting the usa first. you're right. gas is going to play a higher role than it used to because of the availability, because of the flexibility, because of the leave time for acting power

plant and for its environmental footprint. so we definitely expect gas to be -- to have the higher share in the power generation in the decades to come. that doesn't mean that it will be just power generation. we just rely on one fuel. all the utilities are looking for diversity of sources because they just want to hedge terror risks in terms of supply, prices. >> we don't have time to discuss but he's believing the nuclear renaissance is still ahead. i'm going to wrap it now from the conference here in houston. tyler, back to you. >> sharon, thank you very much. let's go right to the breaking news desk and courtney reagan for more on apple. >> yeah, thanks, tyler. right now apple is unveiling the details of the latest ipad. it has a retina display resolution that has 44% better color saturation at 3.1 million

pixels. an a-5x chip quad core. it will have a camera similar to the iphone 4s. it's called the isiteght camera. we'll bring the latest details when they trickle in. >> who counts all those pixels? courtney, thank you. >> that's better than hd tv. >> absolutely. up next mary thompson will update at the nyse and bertha coombs with the metals close at nymex. >> and big day for apple and we are following that. the stock is up about 0.5%. a deeper dive on the other side of a quick break. tdd# 1-800-345-2550

let's talk about fees. tdd# 1-800-345-2550 there are atm fees. tdd# 1-800-345-2550 account service fees. tdd# 1-800-345-2550 and the most dreaded fees of all, hidden fees. tdd# 1-800-345-2550 at charles schwab, you won't pay fees on top of fees. tdd# 1-800-345-2550 no monthly account service fees. tdd# 1-800-345-2550 no hidden fees. tdd# 1-800-345-2550 and we rebate every atm fee. tdd# 1-800-345-2550 so talk to chuck tdd# 1-800-345-2550 because when it comes to talking, there is no fee.

as you know, we are monitoring the apple event that is taking place right now and there is an image of the new ipad as tim cook unveils some of the details of it and there are many. so joining us now for reaction on the big headlines so far is cnet.com senior editor and cnbc.com's john carney. john, it's going to be more crisp than hd tv you get in your

living room. that's attract toif a lot of people. >> definitely. i think when you talk about the boosted graphics and the amount of people using this for gaming, you'll see this for movies, games, they bumped up the camera quality. any video chat i think that's smart. and for business anybody using this for video chat, maybe not for taking pictures but to boost the camera in general is a smart idea. >> it also apparently will, scott, be able to take and record video at high def, which is quite a nice thing if you want to use it. one of the criticisms of the early ipads was it was more about consuming content rather than creating it. this changes that a little bit, doesn't it? >> yeah, it does. and, you know, it matches what you've seen on the iphone 4s that a lot of people are using it -- i use it for video editing. now if you can shoot video that is up to par with what's available elsewhere on other apple devices, well, then, yeah, you can shoot and edit on that device and use it as your little mobile lab.

>> john carney, what are you most impressed with so far? is it enough to get people who perhaps recently purchased an ipad to upgrade to this new version? >> i think that the new definition on the screen is going to be a big game changer. they had to make the thing faster. that's why they're putting in new chips. if you're going to have high definition movies playing on this thing, streaming from the icloud, i think being able to download movie ss a huge, huge game changer. it threatens a lot of companies out there that are in the business of delivering you movies both at home and on your mobile devices. i think there's going to be a little shakeup in that business. >> john, this is going to run 4g networks from verizon, at&t and anybody else that has that many gs, what does that mean in layman's terms? >> it means it's going to be wicked fast. that's what it means in layman's

terms. you're going to be able to download things almost as fast as you can on a hard line at home, which is a big game changer. people get kind of bored, annoyed it takes so long at times to download all sorts of things, whether it's e-mail, movies, video content, anything onto a mobile device onto anything. and right now with this new ipad they're going to be able to download things much, much faster. i have heard a criticism though. some people have said, you know, i'm not sure i want to do video conferencing in high def. do you really want -- you're sitting at home working from home and suddenly they can see your skin tone in high definition? >> that's an interesting point. maybe not everybody wants to do that. scott, how much does price point matter on this particular product? again, as far as i know we haven't heard anything about the price point yet. but does apple have carte blanche in terms of what they decide to charge for this because it's an apple product?

or is price point an issue in a recovering economy and people who maybe already have an ipad? >> i think the future is strong but i don't think they have carte blanche for price. i think people are expecting at the least to match the price from before. and there's continuing questions of whether they will offer an ipad alternative, maybe last year's model or a model with smaller amount of memory that will emerge at a lower price. they've done that with the iphone, they did wit ipods. at some point they'll have to offer something, i think, that's going to dip below $499 for a lot of people. >> scott and john, i know this particularly isn't your areas, but is this a needle mover for the stock or is this already in the stock? >> a lot already seems to be in the stock. you know, just watching him, you know online right now, and on our air, it hasn't jumped very much. it's jumped a bit. it's also moved the needle against some of the other competitors.

>> some of their suppliers are moving. >> because apple is going to have to spend a lot to be building this. it's good for the suppliers. right now i haven't seen a big jump in what investors think in apple right now. >> i do think -- >> scott, finish, final thought. >> i agree. i think one of the biggest announcements for me was a small one. movie redownloading. i think for myself i use netflix and hulu plus and i have a hard time transferring movie files. i think the idea of building a storage locker for movies and really selling the ipad as a travel device to get rid of dvds for a lot of people once and for all, i think that will be a huge step. >> all right. maybe we'll put up netflix stock in a second. >> hang with us gentlemen. meanwhile we're going to go to courtney reagan with more flashes from the apple event. >> thanks, tyler. we're still listening to the apple event happening light in san francisco. we know the new ipad, which we still don't have a name for yet, will be 4g lte. at&t and verizon will be the data providers. you will be able to do video

recording in hd 1080p. there will be voice dictation. you speak, it comes up on your screen. there's a new key at the bottom for a microphone. faster photo downloads and streaming on the lte. it's going to be as john carney said, wicked fast. the ipad will be able to be used as a personal hot spot. that's wa we know now. we're still waiting on details about battery life and the name. but that's what we have right now. i'm hearing right now the price is $499. excuse me for shouting. but a 16-gig, $499 for the price for the 16-gig new ipad -- i'm sorry? okay. 32 gigabytes and 64 gigabytes will also be available. those are the varying sizes of this new ipad. 16-gig at $499. >> thank you very much, courtney. could we -- i think scott's last point about downloading movies is an interesting one. could we put up a chart of netflix quickly and see if the stock is reacting to this news? that could damage their business

model. netflix of course is the -- one of ty's favorite stocks. and it is down on the trading session. be interesting to see if the stock takes a hit on the new ability for people to re-download movies. all right. mary thompson is at the nyse with the latest moves in the market for us. and we've held on to the lion's share of our gains, mary. >> we have, sue. what we've seen is a bit of a change in leadership. financials have been strong pretty much throughout the session. industrials as well. and of course i.t. stocks coming to the floor with the dow up right now just about 72 points, s&p up just about 8 and the nasdaq up 26. let's take a look at how apple and its suppliers are performing today. apple is certainly off its highs of the session, but the suppliers to apple pretty much steady. i do want to note on battery life, we did see some headlines cross ten hours which would be the same for ipad 3, nine hours for the ipad 4g. also speaking today we had no

major announcements but the u.s. has a bright spot among developed economies he expects to continue to deleverage and basically put pressure on emerging growth. something should play well into citi's position as a leader in trade financing. he also addressed his bank's exposure to the piigs. the net expose yur is 7.7 billion. lastly, i want to touch on something that he has hammered on a number of time, technology and dijtizations are basically defining trends he says of our lifetime. they're going to have a big impact specifically on the company's retail business where mobile banking is becoming a more important aspect of that. citi stock up 3%. steady throughout the day. back to jou. >> thank you very much, mary. the new ipad will be available

next friday. that's what we're hearing. we continue to monitor that program being put forth by apple. up next, yesterday for a lot of us it was pretty much gut check, but the s&p has just about doubled in three years. so are investors especially those saving for retirement finally feeling a bit better about the financial situation that they're in? >> we will have the exclusive results of wells fargo's investor op michl survey on the other side of this break. like available blind spot monitor... [ tires screech ] ...night view... and heads-up display. [ engine revving ] the all-new 2013 lexus gs. there's no going back.

coming up next on "street signs," their stunning success makes market headlines, but is apple's rise actually bad for the market? in fact just moved negative today. and also snappon tools a big winner in 2012. what's their ceo's read on the economy? all that and beer, bourbon and tattoos a trifecta of profit for

your portfolio. >> thank you, mandy, very much. investor optimism surging since the rebound last fall according to a new wells fargo gallop poll. will the selloff yesterday put a damper on that sentiment especially those savings for retirement or near their retirement? let's bring in head of retirement at wells fargo. good to see you. >> good afternoon. thank you. >> the nvrs tor feels better by a pretty significant margin surprises me given by some of the volatility we've seen. >> yes. optimism's gone up a lot. the last couple of quarters have been great. i think it's a mixed bag though, sue. in part because investors still feel a lack of control 58% have responded that way. lack of control for savings. >> and they also say they have a real balancing act because of four specific factors. one is the politically divided government, then the budget deficit, unemployment and energy. all things that they have no control over. it's really a control issue, isn't it? >> it is a control issue.

and, you know, one way we talk about control is planning. and that has given an enormous amount of confidence to people. so only 31% of investors nonretired have plans, written plans. 80% say that gives them confidence. that's a balancing act. >> 31% do not have a written plan to me seems like a very low number, but that's actually up from last year, which surprised me. >> yeah. i think people are understanding that there's a few ways that they can get some control. one is to do that. >> 38% of retired respondents have a written plan for retirement. over 80% say that the plan gives them confidence, but my question is do they have confidence in the market itself? you may have a plan, certainly, but we all know from the financial crisis that wall street can throw you for a loop. >> it can. it can. 52% now say it's a good time to invest in the markets. that doesn't sound like a lot,

but that's up from 35% just six months ago. so, again, we're seeing a good trend, but still only about half feel it's a good time to invest. >> so that's an awful lot of individual investors that are on the sidelines. how do those numbers compare? and i don't know if you did the poll pre-financial crisis, but if you did or do you have a sense of how that compared to before we went through the 2008 financial crisis? >> good question. one good comparison is we're at 41 positive. and the average before the crisis was 80. >> i see. >> so we've still got a long way to go. >> all right. john, we have a lot of breaking news this hour. thanks so much for joining us. we appreciate it. >> thanks, sue. >> tyler, back over to you. >> and i toss to courtney with more news on apple. >> tyler, here are the price details. i'm getting ahead of myself. for the 16-gig new ipad it will be $499. that's what the current ipad 2 costs for 16-gig.

the 32-gig is $599 without the 4g. the cheapest you're going to be able to get this new ipad with the 4g is $629. that's the starting price for the 16-gig. battery life, you will get ten hours of battery life. if you're running lg, nine hours of battery life. remember, this is with that enhanced color saturation, 44 times better than what we have currently on the ipad 2. it will be available on march 16th in the united states, canada, france, uk, germany, switzerland and japan. and in 25 more countries mostly in western europe we're hearing on march 23rd. those are the details we have right now. tyler, you know i'm going to bring you more. >> courtney, thank you. 1.4 pounds, my script is heavier than that. amazing. >> especially in this show. >> up next, markets are holding steady right now after yesterday's sell. in fact, they're coming back just a bit. s&p is still up about 7% for the year. so how are the final two hours of trading shaping up? we have a special wednesday edition of the trader triple

play on deck. in america, we believe in a future that is better than today. since 1894, ameriprise financial has been working hard for their clients' futures. never taking a bailout. helping generations achieve dreams. buy homes. put their kids through college. retire how they want to. ameriprise. the strength of america's largest financial planning company. the heart of 10,000 advisors working with you, one-to-one. together, for your future. ♪ [ kareem ] i was fascinated by balsa wood airplanes since i was a kid. [ mike ] i always wondered how did an airplane get in the air. at ge aviation, we build jet engines. we lift people up off the ground to 35 thousand feet. these engines are built by hand with very precise assembly techniques. [ mike ] it's gonna fly people around the world. safely and better than it's ever done before. it would be a real treat to hear this monster fire up. [ jaronda ] i think a lot of people, when they look at a jet engine, they see a big hunk of metal.

but when i look at it, i see seth, mark, tom, and people like that who work on engines every day. [ tom ] i would love to see this thing fly. [ kareem ] it's a dream, honestly. there it is. oh, wow. that's so cool! yeah, that was awesome! [ cheering ] [ tom ] i wanna see that again. ♪

time now for a wednesday edition of the trader triple play for the latest in equity, energy and bonds. at the nyse is alan valdez with

us to talk stocks. nymex, tom rilely and cme group jeff kilburg. some people say yesterday was an expectable event. how does today feel differently and why? >> yesterday for every one stock up was seven down. today for every one down, there's five up. it's just a totally different news cycle day today. like yesterday didn't exist. that's the trouble. the saying used to be the trend is your friend. now the trend evaporates the next day. it never happened. you have to be quick down here. right now the market's acting pretty well. >> tom, let's talk about energy, which sold off yesterday. but today is moving back higher. >> yeah, you know, yesterday i think it was more about the selloff in equities and the kind of selloff in the euro. we've seen some strength in the euro today compared to yesterday. i think that's why this market's rallied like it has. you also have people that got caught short yesterday that are kind of short covering. it's probably adding to the

rally today. >> what is your spidey sense tell you, tom, about where energy may peak out? i'm speaking specifically of west texas and brent. >> i would have to say i don't have the spider sense but i'm guessing t.i. if things happen in the middle east the way it could, we'd get to 125 and brent at 150. right now i don't know there have been a lot of dovish talk down here. you haven't seen the real bulls. i would say 125 is where we'd go if something happened in the middle east. >> jeff kilburg, i believe it was one of the fed governors who said yesterday so many investors seem obsessed with preoccupied with quantitative easing. do you buy that thought? >> i certainly do, tyler. we're seeing a tug of war today between the dip buyers and the greece optimism taking credit for why the markets have rallied. but look on the chart, tyler. just a few ticks before 11:00 a.m. eastern you saw a knee jerk reaction in crude, gold as well as equity. that's all due to the fact that

the fed is considering of rolling out a new tool. you'll hear this word a lot moving forward, tyler, sterilized quantitative easing. that's essentially when the fed is going to come in -- print new money, buy the longer term bonds, flatten the curve and then take the liquidity out of the market by pushing 28-day short-term bills out. so therefore they're going to try to cap inflation. there's a lot of moving parts here, but that's the reaction. that's the real reason we're seeing equities gravitate. sterilized qe. >> gentlemen, thank you very much. alan, tom, jeff. >> and more on the new apple ipad when we come back. "power lunch" is back in two minute's time. ing for financial. back then, he had something more important to do. he wasn't focused on his future but fortunately, somebody else was. at usaa we provide retirement planning for our military, veterans and their families. now more than ever, it's important to get financial advice from people who share

your military values. call now for our free guide and tips on planning for your retirement this tax season. the sleep number bed. the magic of this bed is that you're sleeping on something that conforms to your individual shape. wow! that feels really good. it's hugging my body. it works in a minute. i can get more support. if you change your mind once you get home you can adjust it. so whatever you feel like, the sleep number bed's going to provide it for you. at our semi-annual sleep sale, save $400 to $700 on our most popular bed sets. sale ends soon. only at the sleep number stores. where queen mattresses start at just $699.

today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines

are now powering some of america's biggest cities. siemens. answers. apple stock briefly went negative. it's come back a little bit. only up 0.25%. courtney reagan joins us, scott stein joins us. courtney, what's the latest headline you have? >> we're still waiting for the name, sue. that's one thing we're still missing. they keep referring to it as the new ipad. i think the battery life is impressive considering the new color resolution we're getting

and battery life. 10 hours, nine hours if you're 4g lte. 16-gigs $629. >> scott, let me turn to you. impressed or not? >> i'm impressed on the price and the battery life claim. even the tv reviewers at cnet were saying for that display they didn't know if the battery life would live up to it. sounds like a pretty good deal if the battery life lives up. >> john carney. >> i'm very impressed. wicked fast streaming movies, high resolution screen, this is an amazing product. >> thank you all. we appreciate it very much. we mentioned that some of the apple suppliers were higher. well, with the ability to redownload movies, netflix has been taking a hit in today's trading session as the details on apple's new product come out. it's now down almost 2% on the trading session at 105.01. the suppliers like