look smaller? >> the whole, i feel bad about the neck thing, as people get 0e8d older, they feel sensitive about that area. >> a larnl shout out to the people of america. you're watching street signs. >> bye. welcome to street signs. i'm michelle caruso-cabrera. i'm in more maria bartiromo. >> we have an hour to go here. anything can happen. let's see where we stand. dow down 136 points, now a decline of 109 at 12,923. yes, we are back below 13,000. we are below the 50-day moving

average. apple has been down sharply. >> here's a look at the stocks making big late day moves. shares of apple are down. that's putting more pressure onned it broader tech sector. the stock is taking a hit on speculation that the company may miss the streets iphone sales target when it reports results next tuesday. another name weighing on the blue chips is mcdonald's, down on heavy volume ahead of earnings. some of it may be due to missing consensus estimates due to various global issues. the s.e.c. is voting today. we're going to hear from president sean egan and get his

story straight ahead. >> in the meantime, bob pisani has a recap. we started okay this morning but have gone south since then. >> we have two problems. number one, the market leader, apple. the second problem is the economic data is not cooperating existing home sales down month over month. we're getting good earnings beats but not spectacular. >> we have seen this day after day. you would think that the market would sheer but it's in a bad move. they dump on stocks. >> look at that bottom line. earnings up 3.1% so far in the

first quarter. they have only been un1%. that was the estimate. they are improving. here's my concern. >> some of the things may the guidance for the future. many companies that predict pretty good numbers for the first quarter may be guiding over to the second quarter. >> guidance has not been that bad. we're 3% from the high. that's a normal number for the s&p. we're getting the choppy economic data. how can you argue for an expansion of the multiple when you get this kind of crummy, choppy economic data. you think it's slow now, we could be at 1300 through the s&p if we don't get better economic data. that's why i'm watching the housing data. >> we are front loaded. we had a warm winter and a lot of the sales might have waited until the springtime happened earlier than that. >> and if that turns out to be true for the are retailers as

well, they did so well. >> the market is not cheap right now. >> let's go around the horn. with us is joe grecco and jeff grossman of brg brokerage from the nymex. guys, good to see you. what do you think? >> we're never going to get out of this maze of headline confusion. you see data expected to be encouraging and then it's not encouraging and all of a sudden the market rallies and then is sells off. you look at apple and you say, we should be looking at what apple is doing and then apple turns down. i really think right now absence

of liquidity in the marketplace, there is no one trading. >> absence of liquidity? i don't know if i buy that. jeff grossman, what do you think. and tell us what you see down there at the nymex. >> i see a market under tremendous pressure. the crack values up to record levels a week ago have collapsed. we're talking about a 25% decrease in crack values. they look like they want to go lower. the only thing holding is a few technical charts. we're talking maybe 100.5. >> why? >> number one, i have to say the president's statements did put a bit of a damper on, let's say, some of the enthusiasm. >> when he complained about speculators being a cause in oil? >> which, of course, i would put no stock in whatsoever. the same speculators must be getting an award for taking

natural gas down it's a market on sale on rallies until further notice. i think we're on our way down to the mid-90s very soon. >> okay. what do you think is pushing this park ket around like this today? >> i really want to emphasize something in today's price action. earlier on you saw the nasdaq gaining 30 points to the s&p. it's since wiped out all of those gains. the leadership in this market is going to come from the nasdaq. it has for the last four or five years. the fact that you can lose ground to the s&p, now i want to trade to the short side as long as you keep seeing this. >> why the shift? >> i'm saying from the price action standpoint, it's coming from the leader of the nasdaq to the down. it had big gains. it gave it all away.

that's horrible price action. you went to sell rallies. you do not want to break right now. the leadership has got to come from the nasdaq. >> let's get more of what is driving today's selloff. kayla? >> we are near the lows of the session. the nasdaq is losing the worst. with apple moving down as sharply as it has, you can see that it's waiting on the nasdaq very sharply. a lawsuit was filed claiming that sprint failed to charge its customers as much as $100 million in taxes. and now the state is suing for 300 times that. we'll see how sprint come bats that. also, positive earnings moves today. boston scientific shares up

sharply. the heart device maker beating analysts for a ten-straight quarter. investors like that up better than 6%. even with the charges, the company topped estimates and gave a positive outlook and that stock is up nicely as well. as our two i'm pos of the day got off to a roaring start, both tumi and splunk both priced above their ranges. splunk traded up by almost 4 bucks. tumi trading up 45% a grit, great performance for today's ipos if you were able to get in early. bill? >> earnings season is in full swing. another tech giant reports after the bell tonight. that would be microsoft. will it surprise the upside or disappoint investors much like ibm and intel did on tuesday?

jon fortt is standing by with more of what the street is looking for. bill? >> it's one where you don't want to see things falling apart. wall street wants $17.2 billion revenue. based on intel's results on tuesday, we know it's solid which is good for microsoft's division. we also know developed market pc spending is still not good. so look for cost controls and entertainment division to have the biggest impact on the margins. yahoo! suggests online results will be decent, too. but that's just 5% of revenue, bill. >> i know when you and i spoke with the cfo of intel, you were specifically asking some questions which i guess would help pertain to windows 8 and, you know, to what the outlook might be for microsoft. what do you get from that and what are your expectations tonight? >> i think anything we hear around windows 8, specifics around the release, marketing, are going to be important because that's what investors are betting on when they are betting on the stocks nowadays.

not what is happening right now, bill. >> and at this point, microsoft has become the old maid, if you will. it's a veteran of the technology world being be left behind. >> they have kinect which is a natural human interface. they have windows phone that has the technology built in. i think what investors want to see if whether those have velocities behind them. also the cloud initiatives, whether those have more growth behind them than they've shown up to this point. >> that's the thing. we're looking at a ten-year chart of microsoft and it's trading essentially where it was a decade ago. your point is well taken, jon. thanks. we'll have you on when those

numbers are reported. as we stick around, 50 minutes to go. the dow is down 102 points. >> we have a lot more for you on tap in the next two hours. coming up, the president of ratings firm egan-jones as the s.e.c. votes today on whether charging his company with making intended misstatements. and a tough quarter for mining giant free port mcmore ran. he talks about the headwinds facing freeport-mcmoran. very interesting. we'll ask him about that coming up. after the bell, three words that bring back memories of the housing boom and bust. no money down. is the practice back? >> did they learn nothing? >> also, we want you to weigh in on that issue. do you think the issue of no money down will spark another

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and some of them can't do anything about it. ♪ [ continues ] [ gasping ] time for a quick trading session. dow falling below 13,000. volatility index spiking around 2 clack eastern time. the vix is now reapproaching 19. 18.97. it's just hit 19. it has not settled above 20 since april 11th. mcdonalds, bank of america,

alcoa, dupont, caterpillar all losing ground. after the world's largest copper miner so you profits drop in the first quarter in the past year the stock has tumbled more than 26%. you can blame a lot of that on that three month strike at the operations, the copper and gold mines in indonesia. the operations are back on line another issue facing the company, that demand in china will zap the demand. in an exclusive interview, we're pleased to talk with the man in charge, richard atkinson. good to see you. welcome back. >> bill, it's good to be with you. >> you took quite a hit, didn't you? >> well, the grassberg strike

and reinnovation had an impact but we also had lower copper prices when prices were nearing record highs. and we were also reminding some lower grade material part of our normal operation. >> so it was kind of a perfect storm. prices went down but your cost of mining went up as a result of the strike there. so everything was working against you at that time, wasn't it? >> it's more of the lower units. actually, our costs, which are somewhat higher because of input costs, are basically in line with our plans. our team is doing a good job of controlling costs. we have very strong operations in north america and south america and africa and we've made great progress. overall it was a good quarter while dealing with the issues that we are facing in indonesia. >> so bring us up to date on that. i read that you're expecting full operations again by june.

is that accurate? i mean, are things going to settle down there, do you think? >> well, things are settling down. during april we've been operating our mill at roughly 200,000 tons a day. normal is 220 to 240. and our workforce is coming together. we expect to be back to normal operations. >> in the meantime, i read an interesting report here that says that maybe you could be the object of a takeover. you could be right for a takeover and it names companies. it goes through what you can contribute. do you sense a vulnerability for your company right now satisfy it possible you'd pick up the phone right now? >> well, we're not going to take over that speculation. this has been a business feature

forever. natural resources are short. companies in our industry have strong balance sheets and strong ca cash flows, trying to find new deposits is a challenge. we have great assets. so over time you've read things about this. we're really focused on growing our own business, creating value from our shareholders. >> would it be prudent on your part to make the acquisition yourself? would that be a cheaper way for resources right now? >> making an acquisition for defensive purposes, in my view, is not a good way to create value for shareholders. we look at the market. we're prepared to act opportunistically, which gives us midterm and long-term growth organically and, bill, that's

what we're focused on. >> mr. adkeson, thank you for joining us. >> thank you. the dow jones industrial average is off 113 points and nasdaq is lower by 30. still ahead, chipolte is out with earnings after the bell. that's been a darling on the street. that stock has been hot this year. is it too hot for now to handle? we'll talk about that coming up. speaking of earnings, bb and t posted strong demands. big theme in the industry. kelly king in an exclusive interview in the next hour of "closing bell." an airline's job, is to take you from where you are...

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welcome back. i'm courtney reagan at the nymex. remember when we all thought that $5 a gallon at the pump was all but a certainty? not so much anymore. take a look at what we're looking at for prices of the pump. we're lower today than yesterday and lower today than last week. the oil price information service in fact thinks that in the next five to ten days we could see that average lower than where we were a year ago. michelle, back to you. >> all right. thank you very much, courtney. one hour to go in trading. chipolte reports after the bell. what do you do in this last hour ahead of that especially when you look at the technicals?

joining us is chairman of renaissance macro research and a cnbc contributor. what are the charts saying about chipolte? >> the entire restaurant sector industries are one of the best industries. it's a leadership industry. as we get this consolidation in the market, it's not enough to see them a source of funds. that's what you're seeing today. >> apple, for example? >> yes, apple, starbucks, chipolte, all in the same camp. this is a very well-defined trend. the 50-day moving average, a nice break out from this base in the fourth quarter. that set the foundation. i expect that this stock consolidates in the next few weeks to months. >> bottom line, what if they miss this afternoon? >> you should be able to hold

the 50-day moving average. generally speaking you'll hold the 50-day moving average. it's right around 405. i think that's your worst case scenario. >> thanks so much. >> appreciate it. >> that's talking numbers. bill? michelle, as we head to the close, dow down 116 points. as we told you, the s.e.c. is scheduled to vote on whether voting for egan-jones making intention statements to regulators when applying to become a nationally recognized rating agency. we'll get sean's side of the story. straight ahead. and then peabody energy chairman and ceo. we'll get his take on the latest earning results coming up on "closing bell." stay tuned. tdd# 1-800-345-2550 the 5-day moving average just crossed above the 20. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 the spx is on my radar.

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welcome back. bob pisani on the floor of the new york stock exchange. we're off the lows of the day. the two main factors hurting the stock market, taking a look at

the s&p 500, art cashin called the attention to the fact that turkey was invoking the nato treaty over the shelling on the turkish border by syria. apparently they are incensed about this and are thinking about calling in nato. that may have been responsible for a few additional downsides on the dow. guys, back to you. >> thank you, bob. we're watching the s.e.c.'s decision on credit rating firm egan-jones. the regulator will decide whether to charge the firm with making intention misstatements to regulators in december 2007. the charges focus on issues such as misrepresenting the firm's rating experience, conflict of interest policy issues and failure to keep certain books and records. >> here to answer these charges, the man himself who's become very familiar to cnbc viewers over the last few years, sean egan. >> thank you, bill. thank you, michelle. >> you've heard the charges.

you know them very well. what's your first answer? >> well, first of all, we don't know and perhaps something has come out recently. we don't know if there are going to be any charges or if those are going to be the charges. nonetheless, it concerns an application that we made in 2008 that was updated regularly. in fact, it was updated annually concerning our sovereign rating, such as the u.s., and our ratings and structured finance. and what we've put in the application, that application was approved by the s.e.c. and three years afterwards it raised questions about that application. >> i have that application right here. can you tell us, as we hold it up and we can show it to people, did you lie on this application in any way? is all the material here correct and accurate? >> the material that we put down was accurate to the best of my ability and we will -- if i had to do it again today, i'd say

exactly the same thing because i filled it out to the best of my ability. we're given guidance from our attorney. there wasn't anything in the public domain since this was a new area. that's exactly what we did. >> you know, your company who has found itself on a very large stage and now you want to play as a national player in a very critical part of this business. is it possible that honest mistakes were made as part of this application process or maybe some corner cutting went on to make sure that this process proceeded to pace? >> bill, we've been on the national stage for the past 15 years. in fact, we've been fighting the s.e.c. for the past 15 years. i was there during the enron and world com hearings. we downgraded fannie and freddie mac. it's not to say we always take a negative action. in fact, there are plenty where

we are much higher. we warned about gm's bankruptcy well before the other rating firms. right now we're much higher. our view is that it's important that the incentive is right. we are the only independent nrs. we are not paid by the issuer. we're paid by insurance institutional investors that want timely, accurate ratings. bear in mind, this has nothing to do with our ratings. this has to do with paperwork and filings in connection with an application. never been any question about ratings. i personally welcome that the spotlight is on this area. because the ratings have been at the heart of the collapse of 2007 and 2008, according to two major commissions, that is senator levin. we also, as you know, we are not very bullish about the u.s.'s

credit rating. >> in this time that we're talking about, especially around the financial crisis of '08, you were a firm willing to step up and do these downgrades in a timely fashion. is it possible, shawn sean, is it possible that you're the victim of -- i don't want to call it a conspiracy, but you've made some enemies, it's possible, out there because of some of the actions that you've taken in the last few years. what do you think about that? >> i think you're absolutely right. i'm sure we've maiden mes but our clients have benefited. we won't speak in intimidation for anybody. we ignore it and in connection with our other recent ratings, we don't care. we get to the truth. we may be wrong. normally we're not wrong,s you can see from our track record. there have been two independent studies and they are head and

shoulders above everything out there on the market and we won't be intimidated by anybody. >> we should point out, as i read through this report, this is coming about because of an inspector general report who gave companies like yours the ability to do ratings and says, there are several credit rating agencies that we think do not have enough capital, we're worried about their staffing levels, et cetera, et cetera. we told you to do something about t ten months later, there's one firm that you ought to take a look at. if indeed you're the firm and the s.e.c. says to you, you can't do this anymore? is your business done? what do you do? >> no, the reality is, there hasn't been one client that has signed up. we do it because we want to be on the same platform. our view is that we should be viewed -- we should be judged by

our work and we're very proud of what we've done and we're happening for anybody to look at the independent studies. the conclusion is that we're much more timely and accurate which is exactly what the two laws encouraged. that is, competition against the others, particularly from those firms that are not paid by the issuers. >> but are you staffed enough to handle the number of ratings that you do these days? >> bill, the proof is in the pudding. we've been issuing rates since december 1995. they have been timely and accurate. we'd love to be much bigger. we do everything to continue to grow. but we're not going to grow wildly, obviously. the issue isn't size. it's quality. whether institutional investors are getting timely, accurate ratings. that's what we're focused on and we think that's ultimately how investors are protected. in fact, it's been proven that

the problem with the credit crisis of 2007 and 2008 and now in the eu has been inflated ratings. >> how many credit analysts do you have? >> according to our form, we have five credit analysts. >> i'm looking at your compliance officer, donna blakely, is she still with you? >> she left the firm over five years ago and because she worked at three different brokerage firms, my view is that we don't have the normal complex. we don't have the massive compliance management problem that you would have if we were being paid by the issuers. >> should anybody take issue that your compliance officer is only a part-time employee?

>> i think the bigger issue is whether or not we're complying with whether we're issuing timely, accurate ratings. that's what the s.e.c. is concerned with, protecting investors. we've done that better than anybody else out there. >> you're looking at the bottom line. anybody concerned about the process that you go through and the personnel and the staffing that occurs. i mean, it's a perception issue more than anything right now that seems to be part of the issue that the s.e.c. is looking at, don't you agree? >> i think the perception should be whether or not a firm is successful in protecting investors, whether they are warning them that worldcomm has problems. that's the relevant measure more than anything else. paperwork, you can interpret it a number of different ways. i filled the part -- i filled our part out as accurately as i possibly could. i don't mind the scrutiny of it. >> sean egan, thank you for your

time. if we hear from the s.e.c., maybe we'll contact you as well. >> can we highlight this other inspector general report where it looked at the process for rating the rating agencies and said, you've done a poor job of that. we've told you that. ten months later you've done nothing on an issue that was so dramatic during the financial crisis. >> yes. and they are looking at an application already approved by the s.e.c. >> we have issues with this, but you should take a look at this and then they didn't. >> the way the s.e.c. works, we may not hear whether the vote was taken or if no charges are filed. as soon as we know, we'll let you know. >> in my book i wrote an entire chapter that the s.e.c. shouldn't be involved for rating rating companies for all these issues. the dow is well off the low.

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welcome back. 19 minutes left before the bell rings. time for a quick market stat check. the market cutting its losses. the nasdaq down 23 points. still above 3000. it was down 37 at the session low about an hour, hour and a half ago. shares of apple back below $600 a share. you may recall it closed at $50$50 $5080 on monday. >> peabody energy is bucking the trend. the world's largest private sector coal company is also making big bets in asia and so farther paying off. australia is a key supplier and a segment that saw revenue soar

by almost 70%. it's this region of the world that is in a coal super cycle. joining me now in a cnbc exclusive, good to have you here, sir. >> good to be here, michelle. >> what is a coal super cycle? how long does it last and why is it in asia? >> basically what is occurring in asia, india, and brazil is you have a massive urban nye zags and industrialization which is heavily reliant on steel and we have projections for 20, 30, 40 years where those countries, in order to get up to the level of intensity for electricity use and steel use that we have in the u.s., europe, korea, japan, that's what we call a coal super site. the demand pull for those long decades are going to be there as those countries develop. >> still, you've seen what has

happened to your stock price and a lot of that has to do with the dramatic fall in the price of natural gas. first, did you ever think in your life you'd see natural gas below 2 bucks and what happens if we start to see a permanent shift away from coal towards more use of natural gas? >> bewell, what we have right n is the u.s. markets and international markets. in the u.s. natural gas is low. it's been this low before but not in recent years. and everybody is debating as to how long it will last at these levels given the new technology in terms of shale fracking. but coal is still the main stay of the u.s. electricity grid. we've got a fall off in demand this year because of weather, a much milder winter as well as because of gas but we still have 40 to 45% of our capacity still coal-based. where we've got our assets,

we're still anticipating growth over the long term. >> how do t about this now? do you say, i'm assuming natural gas is going to rise again and not be as competitive or do you sit down and say, what do we do if this is permanent? >> well, we started six or seven years ago moving our company platform to an international platform because we knew that the growth rates for coal outside of the u.s. were going to be 5 to 10% compound annual growth rates. even in the best of times within the u.s., probably around 1%. because we are a mature economy and our intensity of electricity use continues to decline. so we have already made that shift. our revenues were about 20% almost for the quarter. 48% increase in our australian revenue, which is almost half of our total platform. >> so there's a nice offset there.

thank you for joining us. we appreciate it. >> thank you, michelle. appreciate it. heading towards the close with 15 minutes to go. the dow was down 130 plus. now down 155 points. take a look at this scene at the post of tumi this morning. a huge crowd as they awaited today's ipo to start reporting t raced out of the gate. we're coming back with a check of how it is wrapping up the first day on wall street. we're back in a moment. laces? really? slip-on's the way to go. more people do that, security would be like -- there's no charge for the bag. thanks. i know a quiet little place where we can get some work done. there's a three-prong plug. i have club passes. [ male announcer ] get the mileage card with special perks on united, like a free checked bag, united club passes, and priority boarding. thanks. ♪

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we're back on the floor of the new york stock exchange. this is where they have been trading shares of tumi. they rolled out the red carpet. tumi flying high in their debut. they priced shares at 18, above the expected range of 15 to $17 and it's taken off from there. look at the top up there. 26 and change. shares of the company surging after they raised more than $330

million in this offering price. they plan to expand into belts and eye wear and other accessories. tumi. the big one here at the new york stock exchange. >> bill, we have warren myers here. good to have you. >> good to be here. >> this stock has influence over the market. >> does it have that much impact? >> it does. >> why do you think it's bad? >> you know, one thing of anything having that much influence, it's a bad signal. you want diversity and markets to be able to move around independently. you don't want everything to be pulled by one name in

particular. the balance that we had back here late in the afternoon is based on buying balances. >> yeah, art cashin came by and dropped off the buy in close. >> i think that's where he is seeing this bounce back from the lows. >> doesn't mean we'll get into positive territory. >> not in the least. >> the spanish auction turned out to be a bust, right? everybody thought it was going to be a huge event this morning. >> yeah. to be honest with you, i'm are relieved that it wasn't. >> right. >> we can kind of not talk about that for at least 24 hours. beyond that, i think there's a lot of things coming out of europe. you're hearing rumors of france, the whole nine yards. if we can take a breather from that and concentrate on the united states, the earnings that we're seeing, the economic numbers and trying to get a base here, that's what we're looking for. whether or not it's going to happen, don't know. >> warren, thank you for doing this. >> my pleasure. >> michelle, when we come back, the closing countdown as we head

towards the ringing of the bell. and then special coverage of today big earnings results of microsoft. we'll have instant reaction straight ahead when we come back. stay tuned. hey, did you ever finish last month's invoices?

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we are five minutes from the bell here. we've kept an eye on europe and this was the indicator that we were watching first thing this morning. the two-year note and ten-year note auction in spain. they went fine. not a home run but they went fine. so you could move that out of the way and then focus on our fundamentals which were not all that great. the jobless claim numbers were higher than anticipated and housing data once again showing softness there that maybe the better days of housing were during the warmer days of winter. the dow today was down 136

points at its low. it's been a bias to the upside. down 70 points right now. the yield is down well below 2%. we're at 195. a lot of buying into the treasuries here in the u.s. and the price of oil moved below here in new york, below the 100-day moving average. there seems to be a race down now for both brent, north sea, wti and crude here in new york. we are off the lows of 102.48. this is the spread between brent, north sea. it has been collapsing a little bit here. the other feature we have to look at, natural gas prices well below $2. failing to get above that level. you heard from the ceo peabody energy. it's causing har vok havoc.

a defensive play because utilities were up there. telecom and health care were the two gainers for the day. you know, the earnings have been okay for the most part. but the markets haven't exactly embraced them, have they? >> they have over 80% of s&p companies that beat the wall street estimates, which is great. however, there is a feeling on the floor, the wells fargo, goldman, jpmorgan, this is as good as it's going to get for the year. so moving forward because we can't rely on the fed right now, tough start thinking it's not going to be all about earnings. >> especially when you consider that, of course, technology has been a leader in this market for a while and it's been some of the tech giants, the ibms and intels that did not do so well. >> that's right. there is a this feeling when you incorporate the macro data, it

just seems to be ho-hum. bob pisani talking about 3% s&p and a year ago we were looking at double digits. you look at everything else, china slowing down, spain, not looking good. it seems like we're stuck in quicksand, at least for the short term. >> it's good water cooler talk these days, but just today when there were questions about the sales level of the iphone after this quarter, after we got a look at the verizon numbers, they might have been a little soft. apple seemed to take the whole market with it. and it's a very much bellwether? >> well t. is. first of all, apple any time they come out with a credit release, that would have pushed it at the $600 level, push it down to 570. how it's reacting now is healthy. long term, it's a great company.

they are a category killer. >> but is it cheap? >> i think it is a cheap. i call it career suicide. i would not be downgrading that stock and if you want to look at the broader index, look at 2,000 stocks, a broader push and looking at how it will impact all of the indices. >> what's another sector that you like right now? >> i love the consumer staples. the other number that i had my eye on is mcdonald's. that stock comes in, if that number is soft, it does not beat wall street estimates, i bet it's because of what is taking place. >> chipolte has been a darling of the street just like mcdonald's was. >> you're looking at 15% growth revenue for that company. that's why i like that stock. >> todd, always goo to sd to se. the dow is down