offers, real job offers. >> thanks for watching "street court, over to you. >> reporter: good afternoon, signs," everybody. we'll be back tomorrow. maria. >> we will. ralph lauren is an aspirational "closing bell" is coming up man who has said to design clothes to allow us to dress the way that we want. next. >> and we do welcome you to the 67% of the company's revenues come from the u.s. and canada. "closing bell." i'm bill griffeth. stocks are lower today in part the most recent quarter ralph lauren grew its wholesale taking their cue from the price revenue by double digits. of oil which has continued to while heavily associated with slide today not only here in new luxury, ralph lauren has also york but london as well. successfully created less expensive brand and line extensions maintaining the the stock of petroleum reserve quality which has expanded the releases getting louder and not only here in the united states but in europe as well. so at one time today, crude oil in new york was down $3. we're off the lows right now. customer base. a decline of $2.58. we'll have more coming up. the valuable brand equity has branded the company at nearly $16 billion in market cap. in the meantime, we're in the midst of a two-day losing streak

for the stock market itself. technology leading the decline shares have gone 310% in just along with the banks, investors three years, sitting slightly below the all-time hit on march in the mood to sell after the 14th. latest jobless claims fell short of expectations this morning. it's hard to find a company more american than ralph lauren. after all, it is the official so is this the beginning of a outfitter for the u.s. olympic long-term decline? it's been a pretty good first quarter for the stock market. our guests are weighing in. first, we want to show you how team. maria? >> all right. the major averages have been there's the fundamental outlook on ralph lauren. in talking numbers, quarter is trading today. the dow lowering this morning joining us from oppenheimer. from the get-go and we hit the low during the first hour of they are at a sweet spot, right? >> at issue at any given time is does something get ahead of itself and then what then? i thought maybe we could look at trade and it's been climbing back 40 points just above the 13,000 level. it and -- the nasdaq is above 19 at 3,086. the index is down eight points >> let's do that. do you think it's getting ahead of itself? >> i do. i've done a two-year chart and fairly orderly trend. it's been in the channel and it as they sell below the $1400 level. has remained in that channel for in the meantime, we have a lot of stocks in place, including best buy. quite some time. speaking of earnings, we are this is the five-year chart and setting our sights on research what you're starting to see is how far above trend we've gotten in motion and r.i.m.m. shares in terms of the line. down. year to date, that stock is down and so that's the issue. 6%. investors continue to be now, the last chart puts it in

concerned about the blackberry perspective. since its ipo -- and this would just put it in context -- came maker's future. keep it here for instant analysis and reaction next hour out in '97 and around $20. of the "closing bell" when we look at research in motion. meantime, health insurer stocks like aetna are soaring today. the index is near an all-time it almost got back to there when it came back to the lows. now up 180. high that president obama's health care reform law will be >> it's trimming long and taking measures. >> do you have a price target? what do you see here? >> right now at 175, 160. up held. or thereabouts. much more on this health care >> okay. surge. despite weakness in banks and very good. a little overbought at this technology, these sectors have point. >> that's the judgment. been the big winners during the >> that's the look at ralph fourth quarter while sectors like telecom and energy have lauren. another company identified is been on shaky ground. harley davidson. european markets delivered they will be looking at whether lackluster returns. or not it's time to buy this we're wondering if there's more stock. to the story. investors should still be high joining us is bob pisani and on the hog, as they say, maria? >> thank you so much. simon hobbs from new jersey. we have a market fractionally low on the session with 25

we're focusing on weakness in europe. >> yes, we are. minutes on the close of the day. it's been a quarter to remember for the bulls. we'll show you why history says the bulls could be on a move it was really quite broad base. some of the indices, like italy, higher. one federal noted reserve critic we have an eruption of selling on the italian and spanish bond joins me to say why he's sounding the alarms on the fed's monetary policies. james grant with me today as we take a break, take a look at the markets. raising the question really as to whether the honeymoon that we've experienced may be coming stand out performers. to an end of the first quarter. of course, risk assets have you're watching the "closing bell" on cnbc. tdd# 1-800-345-2550 the spx is on my radar. rallied substantially of a trillion dollars. tomorrow we have the spanish budget and there is clear tdd# 1-800-345-2550 we're hitting new highs. nervousness ahead of that. and what was interesting was tdd# 1-800-345-2550 and i'm on top of it all with charles schwab. tdd# 1-800-345-2550 that as the bond market sold off, some of the italian banks tdd# 1-800-345-2550 i use streetsmart edge and its tools like... which of course have profited tdd# 1-800-345-2550 screener plus - i can custom build my own screens tdd# 1-800-345-2550 or use predefined ones. tdd# 1-800-345-2550 and i can trade wherever i want, tdd# 1-800-345-2550 whenever i want. hugely from fwiing italian debt soared in value it's fair to say tdd# 1-800-345-2550 the kicker? we have warning signs flashing tdd# 1-800-345-2550 i pay $8.95 a trade. importantly from europe today. tdd# 1-800-345-2550 that's a deal in any language. tdd# 1-800-345-2550 open an account tdd# 1-800-345-2550 and trade up to 6 months tdd# 1-800-345-2550 commission-free. tdd# 1-800-345-2550 call 1-866-393-6174.

>> bob, here we go again. suddenly we're going to be focusing as we did last fall on the spanish budget. >> you know, i want to get only hertz gives you a carfirmation. hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, simon's thoughts on this. they are trying to reduce the deficit to a certain percentage of the gdp but it's going to the moment you land. it's just another way you'll be traveling at the speed of hertz. crack. we've heard numbers 22%. you're sort of chasing your tail in a way here. >> it's also a question of, how much will it take to bolster the politicians. with the spanish property market as bad as it is, the numbers go a lot higher than that, three times higher than that. throughout this huge injection of capital, people have been suspicious that the money will end up at the middle of the bond market. if it sells off, you have to pandora rocks the big board. question whether the ecb will be willing to support it. we know whatever firewall,

whatever safety net they agreed to tomorrow, it's not enough to support the italian and spanish bonds. >> so what this has done is push the euro lower, the dollar higher. >> and that's hurting commodity stocks and it pushes into the whole global growth slow down story and rolling over for days, that sector is in serious trouble. consumer staples, and they are concerned about financials. financials was the other big leader other than tech stocks, that topped out two weeks ago. industrials, materials, and energy topped out in february and as mentioned, bill, energy has been heading south now for five or six trading sessions.

so don't just look at the s&p overall. there are real winners and losers. >> gentlemen, thank you. we'll watch for the spanish budget. >>. moon while, weaker than expected sales. seema mody is here. >> best buy currently has over 1,000 stores here in the united states. the company does plan to open around 100 mobile small and welcome back. bob pisani on the floor of the stand-alone stores in an effort new york stock exchange. the big winner is apple. to contain costs. the stock down better than 7%. whole goods downgraded to up 50%, 51%. neutral. the number is unchanged but they forget about t apple is not even see better opportunities elsewhere. stock down 3.4%. close. all of the stocks that had lousy and deal or no deal, that quarters in the fourth quarter had amazing numbers. continues to be the question sears holdings up 100%. with illumina to $6.7 billion or multi-year low in january came

$51 per share. back. all of the banks bottomed. bank of america is a big winner. that's up by 15%. netflix had a horrible second half of the year. it bottomed in november. but illumina slamming the door it's come back whirlpool had price increases in january. better than 4%. telecom is in focus. 60% increase. we have r.w. buribaird and the who would have thought that apple would have beat whirlpool. all of them beating apple. for additional spectrum. >> and we're not finished with one sector that continues to outperform, the health payer the stock love fest here, bob. index, several hmo components this has happened only 11 times fueling this rally. since 1920. we're talking about the s&p 500 some analysts feel the supreme posting double digit gain in the court may strike down obamacare. first quarter. during those years that the s&p if we have a look at vivas, i want to look at that stock. recorded, the index rose about some of my sources telling me that the fda will not ask them 16% on average. so with the s&p up 11% this to include a heart safety trial. because of that, you can see the quarter so far with one more to spike up. i'll get back to you with more go, we wonder if investors should get more busy. details once they are confirmed. >> let's go to chief investment bill? >> a lot of activity in health

care and bio activity. officer also with us is chief hello, there. market strategist with apply >> hello there. >> welcome to "closing bell." >> thank you so much. generals bernstein. >> let's turn our attention to nice to have you on the program. thank you for joining us. fixed income. treasuries today rallying once again as investors flock into the safety of u.s. debt. rick santelli has more on that. best quarter since 1994. over to you. >> thanks, maria. it's hard to point at gdp 3% no are we looking at a peak? >> i think we're looking for the short-term peak. surprise moving the market. the numbers rallied for the same we had a reprieve for more of reason not going forward. the same. expectations were extremely low going into the first quarter. whether it's the new anxieties regarding europe or just the notion we've seen softer numbers investors expected them to be mostly in housing, yields weak and were surprised on the upside. continue to move down. we now expect a lot of things. a 215 yield that is going to be there is dark clouds in the the lowest yield going all the way back, of course, to march 13th. you can see it on this chart horizon which i think will give us a hiccup. >> so would you sell into that beginning at the beginning of rally? >> if you're a trader, yes. if you're an investor, no. the month. >> you like this? indeed, we are now pretty far below that. 240 yield virtually the high >> yes. we think it's part of a natural cycle that started in 2009. yield close and 30 basis point if you look back in history, the

range advocate which many traders are, 210 may be that bull market lasted and we think range. there is also something else between the federal between the going on that is getting ready to close out the first quarter in the u.s. we're getting ready to close out the fiscal year in japan. market getting better. although the japanese exporters >> are you mindful of the dark are pretty happy, if you look at clouds? still got problems in europe and our housing market still not this intraday, it's going up that great, for example, just to against the dollar. hang to? >> absolutely. we tell our investors after a they are repatriating against great quarter to take a deep the dollar. rick, thank you we have a breath. actually, there's enough risk on market that is well off the the horizon to become a headwind lows, we're looking at a decline for the market. >> later in the show we're going to talk to tim grant. he's been very critical of what the federal reserve has been of 30 points. >> if they go out of business, doing. maria and i are really in trouble. let me get your take on the research in motion, maker of the downdraft, the negative effect blackberry, starting to look on what some people are calling like a bargain? that trade is coming up next. manufacturing the stock market plus, we'll have the instant and giving such free money by earnings analysis coming up at the federal reserve. do you think there's a downside 4:00 p.m. eastern time. >> and then one of the true safe risk here? >> there's a significant

downside risk. absolutely. havens, james grant will tell us what the federal reserve is why bond investors are holding doing is providing liquidity on to funds. support to the market. >> as we head to the break, we i think that's very positive. have a lot of red arrows in the s&p 500 heat map today. stay tuned. that will provide solid ground for the economy to catch up in optimism. remember, the market cycle starts where the equity is cheap. that was 2009. usually the economic cycle catches up to the equity market and that's what we have seen so far. what we see is responding to what a significant crisis we had in 2008. >> so if you're going to take profits here, where are you going to put the money to work? >> well, i still think health care looks interesting, technology and expectations is still achievable. believe it or not, high-yield debt is still expected. there are places to hide for now once the expectations are reset we can come back into the market. >> what about you in what do you want to be exposed into the

market? >> we like the large cap growth in the u.s. we think there is significant opportunities for those fairly valued to slightly under valued. interesting enough, there is opportunity there. the lending cycle in the banks just started to turn around six months ago. so banks are lending. that's good news. that's good for the financial industry and for the banks. insurance company cans tend to get a look. >> federal governments here in the u.s. are playing games with the energy market. prices come down to some degree but, let's face it, prices have been going sharply higher this quarter. do you like energy as a sector? >> well, we think that energy became fairly successful at the end of the last year. let's talk about the old price for a second. i think a lot of the market will depend on whether it's a demand-driven market or if it's a supply market. if it's a supply market issue, i would be very concerned. that would be iran and where the

supply will come into play. if it's a demander of the market, that means we're growing. >> we talk about these negatives, whether it's a slow down in china, the price of oil, here we're talking about the best quarter for the market since 1998. >> are you surprised by that? >> i'm actually surprised by the speed that we're getting into. >> yeah. >> the speed that we want, if you look at the vix, it's 40 at some point last year to now being around 16. the speed is actually what has been alarming. >> and to what would you attribute that speed? >> well, put in mind that the volume of the new york stock exchange has been pretty mild. i think the optimism and the fact that we are removing that risk out of europe, the fact that people feel it's much better and the other piece is he can equity is relative to cash and bonds and looks pretty good. >> gentlemen, thank you.

see you later on the countdown coming up in about 20 minutes. >> we're headed towards the close. the dow wants to go positive. >> we've seen a pretty good comeback. the market has traded around break even. we're still on track for a great first quarter. up next, we have the bullish and welcome back. still more than 45 minutes left bear turks to watch for. in the trading session. >> plus, it's been called the time for a quick market stat check on the dow. next facebook. it's trying to claw its way back why potential investors should having been down 94 points after not get too excited about the first time jobless claims declined slightly last week. pintrest. we had all of those problems in >> you're watching the "closing bell" on cnbc. europe. the dow is down three points. if we wait long enough here, >> announcer: but, first, before maria, we might be unchanged. we go to break, the dividend. that's a serious comeback and which stock is up the most so despite the three-day decline, far this year? charles schwab, e-trade financial, or td ameritrade. the dow still remains on track for its best first quarter going back to 1998. the dividend pays off after the the financials have been the break. [ male announcer ] you are a business pro. ugly duckling so far today.

legg mason, james capital, mbia, still down three points. >> the smartphone war is clearly omnipotent of opportunity. defined when you look at the operating share that they you know how to mix business... operate on. android had the largest share in with business. memory with 48%. and you...rent from national. take a look at apple at 32% and because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. then of course, research in motion at the bottom with just 12%. really sliding this year. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. r.i.m.m. is preparing to report earnings after the bell tonight. shareholders are wondering yes, you could. whether it's progressive and go national. go like a pro. forwards or backwards into with scottrader streaming quotes, any way you want. extinction. what the company has planned to compete in the smartphone world, fully customize it for your trading process -- two of those analysts join me to from thought to trade, on every screen. talk more about it. matthew hoffman has an underperformed rating on and all in real time. which makes it just like having your own trading floor, r.i.m.m. and tim long has a hold rating on the stock. right at your fingertips. not great writings either way [ rodger ] at scottrade, seven dollar trades are just the start. you look at it. try our easy-to-use

scottrader streaming quotes. tim, r.i.m.m. is betting on the blackberry operating system. it's another reason more investors are saying... how great do you think the product will be? [ all ] i'm with scottrade. is that going to be enough in terms of market share and better competing in the market? >> maria, i think it's going to be tough. we're looking at an october launch date and we're still six months away. given the past timing of products, they will be lucky to get it out this year. it's going to be well behind the other platform. i don't think it's really enough. i think it will help them somewhat cut the bleeding in the more developed nations like north america and europe but, again, i think it's going to be a little too little, little too late, most likely. >> matt, blackberry has built it's another reason more investors are saying... [ donovan ] and i thought "i can't do this, itself on corporate clients. it's just too hard." it gets about a billion dollars then there was a moment. from revenue. when i decided to find a way to keep going. is that number safe? go for olympic gold and go to college too. are we going to see a deterioration? what's your take? >> i think the best services [ male announcer ] every day we help students earn their bachelor's or master's degree for tomorrow's careers. number is to hover in the this is your moment. billier dollar to a quarter range. let nothing stand in your way.

we see it tailing off over the next few years. devry university, proud to support the education let's face it, e-mail is just of our u.s. olympic team. not a subscription anymore and that's what the r.i.m.m. model is completely based on. >> as carriers pay less per month per subscriber, can they offset that in the lower part of the market even though they are shrinking on the corporate side? >> yeah, what we've seen is contracting number of subscribers in north america and real growth in emerging markets. when you look at that average growth number, it's been coming down. so you'll still have this negative mix. now, the other thing that will play into that number is the impact of the few day outage that we had last year. so most likely these are multi-year contracts by the service providers and as they >> announcer: just before the break as part of "the dividend" come up i think r.i.m.m. is going to face a lot more pricing we asked which stock is up the structure on what they get from most so far this year? charles schwab, or e-trade the carriers because they are paying for that r.i.m.m. network that pushes e-mail and ddm. but it went down for three days financial? now the payoff, e-trade

so i think the amount of money financial, which is up 35% to that they can get will be coming under question. >> what are your expectations? date. welcome back to the "closing what will we hear? >> i think it's in the mid-4 bell." billion range. i'm kayla. the real key is the outlook. if the outlook is down 5, 10% on the dow is down 9 points. the top line with a deceleration let's take a look at a couple in earnings, if it's real bad, notable movers. green mountain coffee getting clearly the stock can trade off further. so expectations are low going in. numbers are down. slammed down more than 2% as goldman sachs put out a note but if it starts with a 3 saying that the growth is slowing as the chief is shares billion type of number, you can see the stock trade off a little competition not a good day for bit more. >> guys, thanks so much. gmc or amazon. dismal day for best buy. we'll have instant analysis. see you soon, gentlemen. >> thank you. >> bill, over to you. if anyone is going down, it's amazon. let's go to seema moody for >> we are trying to go back to neutral and head higher. the dow down just a point. now we'll keep an eye on that. breaking news. >> the panel is now discussing if obesity drugmakers need to the u.s. economic recovery undergo an additional clinical helped ralph lauren. trial that will review heart is that stock overpriced or is it still a bargain?

that's coming up next. safety. now, what i'm hearing from some and speaking of companies of my sources, the speculation is that they are not requiring investing in america, we'll get the outlook from defense spending from the ceo of one of vivas, preapproval, that means the largest warship builders. they would be on track for april in the meantime, as we head 17th which means their drug, to break, last we checked, all their slimming drug, would be of the dow components were approved on that day, the 17th trading in the red but that's of april. not the case now. this is just speculation. more to come on the "closing bell." the fda has not made their vote what ? as of yet. traders telling me that is the customers didn't like it. reason we're seeing stock up better than 9% on that news. so why do banks do it ? maria and bill, back over to hello ? hello ?! if your bank doesn't let you talk to a real person 24/7, you. >> heading towards the close here, the dow has turned positive. you need an ally. a few minutes left. we're going to do a quick market hello ? check of the nasdaq itself. it's on course for the first ally bank. no nonsense. just people sense. three sessions since march 6th. it's down 8 or 9 points, was down 35 at the low and despite those losses over the past three ♪ when your chain of supply goes from here to shanghai, days, the nasdaq is up over 14% for the quarter. that's logistics. ♪

♪ chips from here, boards from there track it all through the air, that's logistics. ♪ biggest nasdaq loser, a snapshot ♪ clearing customs like that hurry up no time flat of the biggest losers. we have illumina, expedia, that's logistics. ♪ ♪ all new technology ups brings to me, that's logistics. ♪ amazon, and directv and apollo group. maria? glil bill, today and tomorrow we you have to dig a little. fidelity's etf market tracker shows you the big picture approach a second quarter and we on how different asset classes are performing, want to get you set up in terms of where to focus on and where and it lets you go in for a closer look the growth may come from. at areas within a class or sector that may be bucking a larger trend. according to our next guest, the bulls may be running in china i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason and we could see and good to see serious investors are choosing fidelity. get 200 free trades today you. and explore your next investing idea. the dow theory in china hasn't been done before in history. when it comes to preparing for your financial future, you say we're halfway there? it helps to have a team that performs well together. >> absolutely.

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to work. >> clearly underperformed as you can see by most averages has to come to the party. here at the nymex, the april if we get china coming in, bull signal, it's only going to contract has rolled over to june strengthen what we see in the nasdaq, the ftse and the dow and there is still a lot of weakness in the market. traders say there's been a great deal of decline in open interest and a lot of etf selling as well that's contributed to selling gold prices. we're looking at a number of investment firms lowering their lrtd. >> we think the answer is going to come from spain. forecast for 2012. it has not participated in the looking at ubs saying that prices will be 1680 on average for this year. back to you guys. upside. it's only 4% away from breaking to lows of 2011 plus in the >> all right. month of march we have seen thank you so much. these come against germany and the market is making a big comeback. the best quarter since 1998. now it's stable. it's a range but if we get the amazing performance. stock market to break to those those gains are nothing compared to what shares of ralph lauren

lows, if we get to widen out again, that would be bearish have done. sign in europe. the stock up better than 25% in that would be the bear signal for equities. we have to have it on the radar 2012 and hit an all-time high. but the spreads have been widening the entire month. bill, over to you. >> the dow theory in china. a first. what would charles dow think about that 100 years ago. >> the dow is moving up higher six points after crawling out of the hole. we're wondering whether rising geopolitic geopolitical risks, the largest warship builders. as we head to break, the major defense contractors have been closing so far this year. a mixed picture. back after this. >> we have had aboveoptimism. >> what does that say to you as an employer?

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welcome to the world leader in derivatives. welcome to superderivatives.

welcome bark. you just saw some factoids. i'm standing at the post of huntington incalls. fourth quarter earnings blew away expectations just yesterday. newport news happens to be the u.s. navy sole builder. raising price target on the stock today to 51, up from $47 a share. the analysts are telling clients he sees transparency of revenue as the driving case for investors today. now, huntington ceo has pledged to boost profit margins to 9%

the stock has skyrocketed, up 80% from the year low back in october. over the last year, that's up 9%. in just a few moments, the company's top brass is raising the bell and the company has boasted more ship classes over the last century. joining me, the pentagon has implemented the budget cuts. >> correct. >> they say that's going to last over the next decade. what's the impact to the company? are aircraft carriers exempt from those cuts? >> the current plan is to go from a contract in 2013 for the next one. we're building the ford right now which would deliver in 2015.

we would go to full contract for construction next year and that would deliver in 20, 21 time frame. >> you've told investors you want to boost profits. how do you get there? >> right now we have a significant portion of our business under performing contracts that are affected by katrina and all of the things that happen on the gulf coast. we have to deliver those ships. there are five ships. wife delivered one, we have four more to go. we're replacing those contracts with new contracts that will have the normal historical performance and as we retire the risk on those programs by 2015 we should be back up to where we normally would be. >> these are clearly long-term contracts. you have to look ahead in the face of come backs in the next three to five years. >> it's really about executing better on the work that we've

got. the work that we have for the next three to five years, the budget debate that we have going on is going to be what this company looks like for five to ten years from now. our margin expansion is about delivering those and replacing that with the normal business that we normally do. getting all of that out of our system, and that brings us up -- it will take until 2015 to do that. >> and are you seeing a difference in economic growth? where do things sit for 2012? about. >> for us it's going to be like last year which allows a little better return just because we've retired the risk. one of the ways that we look at margin or economic growth is what it means for our workforce. that's a big deal in terms of

hiring retention rates. they are very, very high or our attrition rates are very, very low, or historically low. >> good to have you on the program. >> thank you. >> specialist wearing the hard hat and everything. >> the comeback continues. as we head towards the close, the dow up 14 points. was down 94. will research and motion show a turn around? we'll have investor reaction in the next hour of the "closing bell." and the fair labor association is about to release a critical report on the report in china. the group's ceo is set to join us for details on a first on cnbc interview. first, here are the averages as we head to the close.

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but say the sun rises on december 22nd and you still need to retire, td ameritrade's investment consultants can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans? about four minutes left as we head to the last trading day of the quarter. the s&p is having the biggest three-day decline since early march and the price of oil

touched its lowest level since february 16th. that hasn't come back yet today. what has come back is the dow. pretty nice gain here in the last hour on the low. we were down 94 points this morning. europe was weak this morning, still debt concerns, the spanish budget out tomorrow, the jobless claims numbers were not as strong as what people had been expecting but we meandered with a gain of 25 points. what hasn't come back is the price of oil. lowest level since february 16th when we were down $3 at the low point of the day and we're still down over 2% at this hour on new york crude. with all of this talk about the release of the petroleum reserves not only here but in europe as well.

now, it's funny that there was a chart done showing that doi industrials and transports for china -- i was going to do the same thing here. you want to see the transports confirm the strength of the industrials and you haven't gotten that this quarter. and they were up 10% and u.s. equity strategists and as we look at the sector performance

and to go with the strong and laggards and i don't necessarily think and with technology and financial, those two having been driving the upside. we still think because of the weakness this is just a revaluation of where they are. if you look at the flip side, customer staples, they are lower so far into the year. >> you know, the play last year and early this year, still to buy those dividend-paying companies, the utilities are a classic dividend payer. why haven't they performed better? >> if you look at investors looking for the yield, they look

expensive. you look as the sustainability of dividends and that's pretty attractive i would say there's a reversal but they look at how they can grow the difference into the future. >> technology, that's been the sector for all seasons, hasn't it? >> that is true. >> how is it possible with the leaders in that sector that can still be attractive as an investment right now? >> there are significant pockets when you look at the valuation between the different sectors, semiconductors and some of the areas within the technology area, they look pretty good. >> thank you for joining us. what an interesting hour as we have one more trading hour