mad cow disease discovered in california. have a great day. >> hi, everybody. we enter the final stretch. bob, good to see you. >> and always good to see you. we're seeing the nasdaq roll over why is the nasdaq on the losing side? you can blame apple. although the earnings have occurred in the last half hour. be sure to keep it here on "closing bell" because in the next two hours we'll tackle the story from all fronts. >> we have a rally and we're talking to the ceo of coach. it raised the dividend today and

we're talking about what is fueling the company's expansion. first, let's talk about where we stand as we approach the final hour on wall street. a gain of 70 points, we are losing some momentum as we enter the final hour. up 69 points on the dow. nasdaq, negative. as you can see, we have a pretty good performance early at the open. things have turned down even if we are off of the worst levels of the nasdaq. s&p 500 also bouncing off of the lows but up just about four points on the standard & poor's. with less than an hour to go, let's take a quick look at the market theme. they are surprised about the lack of deals, given the low levels of rates. earnings remain the key drivers as strength in blue ship names such as at&t and 3m helped set the tone. dow holding on to gains despite a retreat on the nasdaq as you

just saw. much of that attributed to apple. it is now down ten of the past 111 trading sessions on apple. we know that it's coming off of a very strong base. it's nearly though at session lows ahead of the earnings due after the bell. we are all about apple tonight. just to give you an idea of the impact that apple is having on the broader market right now, investors are watching the power shares qqq, the etf which tracks the nasdaq 100. the option activity in the qqq hit the most bearish level in nearly five years, ahead of apple's earnings today. apple makes up nearly 20% of the index's weight. today's decline is showing you more signs of fear that could be associated with concern about apple's numbers. we're all waiting to see how business is going for apple and if, in fact, business is going to relate and actually go side by side with actually the valuation that we've been seeing in apple over the last couple of years. take a look at where the stock stands right now in the final hours as we approach this final

stretch. apple down 1 2/3%. a couple traders said they were getting heavy. quarterly dividend is 13%. ibm shares heavily traded as well jon fortt is joining me. let's get right to apple. why is there so much fear. >> i any analysts low ball where apple is going. this time the estimates on iphones, ipads, have gotten aggressive in their estimates. they are looking for well over 30 million iphones, 28 million will be in line with what apple's growth rate has been. if you like at verizon and at&t

results, 28 million would make sense. we'll see what apple does. if apple disappoints, that doesn't mean that growth is slowing down. it could mean that wall street's targets are off track. >> i love the graphic that you put up recently, bob, that was the revenue graph for iphone, ipad. it really is the majority iphone that dominates this company. >> remember. >> couldn't it go from 500 to 600. it had a huge run. even with the at&t i think it would take a real mess for apple to have a selloff. >> herb, what do you make of today's ibm's news? i wonder what augusta thinks of

increasing the dividend? >> i have to tell you something, this is not a surprise. it shouldn't be a surprise. anything with ibm, if analysts are looking at it from the way that ibm wants people to look at it, looking through the lens of the 2015 road map, that's where they put it out there. they don't talk about the dividend but what they talk about is share buybacks and how they are going to get to a certain number. that doesn't matter in this last earnings go around but you can see that this is a stock people want to own. they will find a reason to own it when they get beyond the headlines. >> what's not to love? this is a multinational company that is doing well. people wonder if the large law of numbers works against you. it certainly has not worked against ibm. it's just blowing the cover off. >> on the sales side, on the revenue side, it's a big company and it's growing like a big company. it's lumbering along a. few percentage points. it's the bottom line that they are making it on and they are making it through a variety of whether it's cost-cutting, share buybacks. gain, it's all -- they do this

wonderful job and i point this out often on the show, of literally laying it out there, we're going to get to $20 a share and this is how we're going to do it step by step by step it's the way wall street wants to look at it and whether they will continue to look at it that way and we'll find out next quarter, of course. >> more tech to come, gentlemen, ahead of apple's earnings. >> remember, apple was a $70 stock back in 2008. now it's a $200. >> ibm, you mean? >> yes, ibm. you said apple. walmart continues to feel the heat over bribery allegations in mexico. and let's go to tyler mathison standing by with breaking news. >> thank you very much, bob. we're following a story developing right now in san francisco at the site of the wells fargo shareholder meeting.

we have aerial footage of protesters there protesting, among other things, the company's practices with respect to mortgage lending which they describe as predatory and foreclosure practices, among other things. some of the protesters, from all over the country, including groups known as we are oregon, have actually purchased shares of company stock and as is there right being asked to led into the meeting, which it kicks off at 4:00 p.m. eastern time, 1:00 in san francisco. they call themselves the 99%. there are apparently dozens of officers from san francisco trying to keep order as this shareholder meeting begins in just about an hour's time from now. we'll follow it. if anything develops, we'll get

back to you, folks. >> what are their wants, tyler? >> well, they are protesting various bank practices, presumably the ones that have enflamed so many of the occupy wall street folks which would be predatory lending, what they regard as unjustifiable, unjust foreclosures and evictions from homes and presumably a bank compensation practices as well. so those would be the three hot button things. if i didn't mention, i should say, with the occupy wall street movement. >> remember, wells fargo, maria, far and away, the largest mortgage originator in the u.s. about 30% of mortgages originated with wells fargo. meantime, let's go to courtney reagan. she's at the cnbc real-time exchange with all of the move movers and shakers. $23 million and allegations of bribery, it's lost $15 billion in market cap, something like

that? sg exactly. and it keeps going. the largest retailer getting hit again. it makes it 8% down in two days if i'm just doing math in my head. like you said, wiping out $15 billion in market cap. they will not tolerate noncompliance and will take appropriate action if violations occur. shares of walmart weighing on the dow. at&t is working in the opposite direction after the carrier reported better than expected and today almost 3%. sprint and ver riz zon are positive for the month. retailers on the move, too, in addition to wal-mart perhaps in the direction of shares of radio

shack tumbling after reporting an 8% loss hitting intraday lows not seen in 31 years. down 11%. big lots getting hammered, too. the off-price retailer sharply lowered the same-store sales quarterly guidance from negative to positive. we'll watch for that as well. back to you. >> court, thank you very much. treasury rates moving higher all day today. market is higher but certainly off of the best level. let's get to rick santelli. looking at rates and treasuries, hey, rick. >> hi, maria. we had a two-year note auction and some gave it a lower grade because the dealer community which took down a little more than their average of 60% are already loaded with two years due to operation twist which might be a big deal for tomorrow's fed statement but the demand was very strong. as you look at a two-day chart,

you can see that rates on the right side have crept up. it's been a very narrow range. here we are at 196, highest yield of the day. maybe more importantly, as you open the chart up, you can see that yesterday we were at the lowest rates since the third week in february and high spike yield on that chart is basically the last fed meeting. let's look at a dollar index as we go through today and tomorrow and you can see that it's down on the year to date chart but the last big speak right there in mid-march, that was the last fed statement and a lot has to do with the notion that if twist runs out in june and next fed meeting is the 19th and 20th, tomorrow's statement is going to be really important with regard to whether it's extended or not. last chart is going through march of last year, live cattle. there's an isolated case, usda report of bovine and mad cow disease. it's not in the food chain.

i always applaud how quickly these things get worked out. maria, back to you. >> rick, thank you so much. we're following breaking news right now. brian shactman, over to you. >> buffalo wild wings, a few pieces of information i'll give you what i have. earnings came out. comps at 9.2% with the company but consensus was for 10.9%. same with franchisees. you see the stock just dropped when it came out. it's recovered a little bit but still down about 5%. some other information that i have on it, i'll try to sift through it and get back to you. maria? >> 5.25%. egan jones and president sean egan is being charged with making material misrepresentation when it first applied to become a credit rating agency in 2008. they say that they falsely stated the amount of work that they had done. sean egan defended the

allegations right here on "closing bell" last week. >> 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 way because i filled it out to the best of my ability. >> we'll have more on the story as it develops. bob? >> 48 minutes to go before the "closing bell." off of the highs today, being led by at&t, good earnings, 3m as well. apple getting ready to report earnings tonight. we are watching the stock. we are looking at whether or not you want to buy this beaten down name down several days. nine out of 11 days down on apple. >> 10 out of 11. >> 10 out of 11 today, we will breakdown the anticipation and the stock ahead of the results coming up. strong sales in china, latest quarterly profit is lew. we'll ask him next in an

exclusive interview. and then after the bell, intel predicting a strong half of the year. the ceo sits down with me to explain what drives growth. that's at 4:00 p.m. eastern. as you can see, more green than red. you're watching cnbc, first in business worldwide. with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use

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>> announcer: registers ringing, luxury retailer coach reports a big quarter despite economic headwinds. profit jumping more than 20% with the operations in china leading the way as sales grow 60%. is the consumer back? and what's the company's game plan for the rest of the year? we asked the man at the helm of the ship in a cnbc exclusive. >> and joining me right now at the new york stock exchange is lew, the chairman and ceo of coach overseeing what has been

an amazing success story. good to have you on the program. >> thank you. >> thank you for joining us. the quarter looked strong on paper. tell us about it. >> we had an excellent quarter. our sales were up 17%. operating expense up and we enjoyed great strength and growth this china. >> i want to talk about china. all of this talk about china slowing down and a hard landing, i want to get your take on that. first, give me the broad answer to what is goingtoon? we have all of this talk about a slowing economy. unemployment is where it is. consumer sentiment is really mixed and yet you keep blowing the cover can off the ball. what is going on with luxury? >> well, first, we have an uneven recovery. we target the college-educated population and among college graduates over 25, unemployment is only slightly over 4% compared to the national average

of 8.2%. >> so they are feeling good? >> they are feeling better than the average american and we're benefiting from increased confidence that we are going to have a recovery, slow as it might be. consumers are borrowing somewhat more nonmortgage than they did previously. they are saving somewhat less and spending more on accessories. >> not only that, they have financing so low and that's helping that part of the business. china. >> that's true. >> big lift to earnings obviously in the quarter and ever since you started in china you've been seeing real strength. up 60% sales in china? what are you seeing from the consumer in china? >> we're continuing to see a substantial consumer confidence. we're targeting the emerging middle class. we're benefitting from double digit same-store sales growth and ston gronger than expected

growth. we're only in 32 cities. over 100 cities with population of one million or more. we're building a foundation for a very substantial business. >> several cities with ten million people. >> it is remarkable. >> so do you have any concern about this whole hard landing idea that as china transitions from an export-led economy to a consumer-led economy, that it's going to have some growing pains? >> i think we'll have some growing pains but what we're talking about is relatively s subtle. i think that gdp can can drop to the 9% level that they experienced a few years ago. but it is a commander lead economy and they are very indoes industry yous and nimble in the way that they think about things. >> obviously the stock has done

well for investors but how do you continue to reward investors? >> we just increased our dividend by 33%, 30 cents to $1.20. that's a meaningful way to give a predictable return. it obviously shows confidence in the business. we're also continuing to use excess cash above all of our growth and operating needs. so it is beneficial to shareholders as well. >> the men's division is doing well also. you're looking at a $1 billion category for this. >> we're on track to reach $1 billion in three years or so. we're running more than 100% ahead of last year. what's so exciting is that it compliments or women's officer so nicely and it's widely accepted. >> what about acquisitions? >> you know, we don't comment on rumors or speculation and the

reality is that we have so much head room available to us that we can continue to grow double digits for the foreseeable future. >> does the growth at coach come organically or through acquisitions? >> it comes 100% from organically, without acquisitions. >> so do you like tori birch's company? >> i love tori birch. >> lew, thank you for joining me. the market is up 76 points well off the highs of the afternoon. we're all about apple. let's go to courtney reagan with breaking news. court? >> i have a press release that says metlife is voluntarily resigning. he is one of the executives in the walmart scandal that the "new york times" first reported about these bribery allegations

in mexico it looks like he's voluntarily resigning from the metlife board of directors. besides that, that's all we know at this time. >> courtney, thank you so much. the market is about 75 points higher on the dow industrials. nasdaq negative. let's blame apple with the tenth down day. we're going to take a look at apple and we're looking at this company shares down 15% since hitting a record back on april 10th. account company's earnings turn around the stock? we'll talk about it in talking numbers. up next, we'll look at the charts on apple. on apple. at bank of america, we're lending an in communities across the country. fro omrevi htalielzeping t a neigbrhbooklyn..or.ho financing industries that are creating jobs in boston... providing funding for the expansion

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. i'm jane wells in california. a case of mad cow has been confirmed in california. the first in six years. rumors that a case has been found sent futures down to their limit but the cow has never entered the food chain. the cow car kas was at a rendering facility, which means that it was perhaps a downer

cow, made for dog food or glue, never meant for human consumption. don't know how it got the disease. could have been fed bone meal illegally. not supposed to do that. the facts may not matter to japan and that may not happen now. even though the usda ranchers are confirmed that 150 or $200, any hiccup will hurt that. the good news is, futures may be bouncing back back in 2003. >> and we saw some of the dairy processors moving on that news as well. and then can you get in and and

a new friend, of mine, you like to call this dilution. what are the charts telling us? >> bob, everybody is talking about apple. i like to take a step back and look at the psychology behind the chart. that may help you decipher where the stock is moving. back in 2009, 2010, we saw apple move to a two-week high. you start moving into the enthusiasm stage and at this stage everybody is talking to you, do you own apple, do i own

apple? it got scary when you moved to the greed stage, i don't care if it's 450, 500, i want to buy apple and i want to buy it now. recently we were in the delusion phase. finally, there are smart investors who say, you know what, great run. let me take some profit off of the table. the question is, where does this start? investors greedy before are willing to step in and say, i'm getting apple on a 50% discount. >> is that really going to be the problem? are we going to see lower sales? >> i don't think so, bob. what you have, though, in the stock, i think it's expectations that have gotten ahead of

themselves. iphones will take a little bit of a pause in june and what is likely to be a new iphone launch and i think you'll see iphone sales but it's more driven by the cycles of apple introductions rather than a really fundamental change in demand. >> we've got to go. yes or no, a super bowl pel fairly priced right now? >> i think it's higher by year end and it's going to trade well through year end but takes a little bit of a breather here. >> keith and jc, we're going to have to leave it here. instant analysis of apple's earnings. plus, reaction from investors with a combined stake of nearly half a million shares. maria. >> in the meantime, we go to brian shactman.

and now up 7% it pops to back to you. >> stock up 7%. that has helped the nasdaq a bit. it's been the loser on the session. still looking at the nasdaq under pressure with the dow jones industrial average holding on to a double digit gain. the impact that the federal reserve could have on the market. fed beginning a two-day meeting and we are trying to figure out if the fed will hint or suggest that qe 3 could be on the horizon. a big debate about that. as we look at the green arrows on wall street, you see the weak spots there, bank of america, intel, microsoft, back in a moment. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 and i'm on top of it all with charles schwab. tdd# 1-800-345-2550 tdd# 1-800-345-2550 i use streetsmart edge and its tools like... 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.

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welcome back. not just 57 pel but the fomc begins part one of a two-day

meeting. however, larry can for from barclays noticed in the last "closing bell" appearance that we are not in an environment for the fed to engineer another round of qe. >> when you see the u.s. growing 2.5%, generating on average over 200,000 jobs a month, that's not an environment where the fed is going to take another stab and engineer qe 3. >> so are the prospects of qe 3 still unlikely? will further clarity come out of this meeting? larry can for joining us. let's talk about your expectations for this two-day meeting. larry, how do you think this plays out? >> i don't think there's much chance for a change in the statement. but this is a period where the fed issues new forecast for unemployment and inflation and they seem a little out of date. i think they are going to have to increase their inflation

forecast. i think some members are going to bring forward their expectation for the first feds fund rate hike. i would expect to see a selloff at the short end of the treasury curve and this could hit stocks a bit, too. >> you think we'll see a selloff? >> i do. >> tobias, how do you want to be positioned if we see that? >> i think they are going to be cautious, and i agree the data has been a bit better. they have reason to up some of the forecast but i think they are still going to be a little less hawkish than larry is suggesting. >> mr. kantor, we just ran a bite from him, the fed is not going to do qe with 200,000 new jobs growing. but what if it slows down? what if we get 100,000? at what point does the fed start making it obvious that they are going to do something? >> i would argue that they are going to have to see the markets selling off. the markets selling down and creating this domino effect. >> so the fed reacts to what the

stock market is doing? >> well, they care about funding costs and one of the reasons why they want rates lower, there are wealth effects and business feels better and also they lower the cost of capital for business. they are investing against that looking for a cost of return. >> what i find is interesting all of a sudden europe is once again on the table in a huge way on the negative side. >> yep. >> so for so long we've been talking about the ecb talking about taking the urgency off the table and now we get the realities of maybe there is no solution for greece and maybe they do come out of the euro and we'll see recession in portugal, spain, and italy. what is your take on that? >> i think what happened, maria, is after the ltro, people did feel a lot better. and we had a nice little rally there. and everybody forgot about it. and the key is what you just said. these countries are in recession. spain and italy are in recession right now.

and this is revived credit concern. this thing is not over. the other thing is, the u.s. has really been impressive if you think about it over the last three to six months. drop in jobless claims, i think we're in a softer patch for a while. >> guys, thanks very much. we're going to have to leave it there. >> i just have a really quick question. are there bargains in europe as a result of this? are they throwing the baby out with the bath water? are you seeing an opportunity to buy something in europe? >> our strategists do feel that way. in terms of exposure that is not as defined by the european economy. >> gentlemen, thank you so much. see you soon. >> okay. 20 minutes to go before the "closing bell." as apple came off of the lows about 3:00 eastern time, the

nasdaq rose as well. maria? >> it's not overall volume that is heavy but you have heavy volume happening today with the options. that's happening ahead of the company's earnings. find out how you can profit from it. >> next up, we have an army of apple analysts and shareholders. >> and we take a look at apple's other suppliers and how they faired this year. back in a moment. ♪

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i'm jaul julia boorstin in los angeles. there is an s.e.c. investigation involving five studios in the past five months, including disney and dream works animation which both recently announced along with news corp., 20th century, forks, and others and this comes on the heels of a big announcement that disney is planning to partner with china as well as a big studio announced. and creating a new studio there.

now with seema mody at the nasdaq. >> let's look at stocks on the move. first solar is trading below the 2006 ipo price. stop stocks being pulled out of the s&p 500 as its market cap is well below the $4 billion threshold. on a flipside, reports that the street is looking for a revenue of sales and analysts said recently approved drugs and status of acquisitions. bob, back to you. >> time now for a quick market stat check. all eyes on apple's quarterly report due at 4:30 p.m.

session lows hit about an hour ago. a drag on the nasdaq, a third of a percent on pace for the first five-session losing streak since november. maria? >> let's stay with apple here because we are seeing very heavy buying in options heading into the close, particularly with the apple. this is the highest volatility scene in apple preearnings in over three years. let's talk about this volume here. what is this heavy volume telling us about the earnings and the expectations? what do you think? the anxiety and also with the earnings coming out, iphone activation was certainly a

little on the weak side. only heighten that sort of anxiety. we're seeing the skew which is the difference between the april options and levels we haven't seen since the height of the options. we're actually taking a hedge bullish stance buying some may 5 calls just looking for that skew. in other words, option pricing to revert back to more of a level condition and also for the stock to creep back up to the 580 level by the end of the week. >> and the extreme fear over earnings due to the recent selloff. >> i vest stores and apple have been challenged. we broke the 50-day moving average this was such a widely

held stock that the hedging here to hang on to your stock and really low price in different that we're taking advantage of the fact that they are willing to overpay to put on an option trade. >> tim, good to have you. thanks so much. >> thank you. >> bob. over to you. >> 10 minutes to go before the closing day. in the middle of the trading day on the upside, nasdaq down for the day just fractionally. up next, wrapping up the under the radar stocks. courtney? >> we may not be making headlines, but a game play can make you some money. i'll explain coming up oming upc- 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. ♪ okay. what's your secret?

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welcome back to "closing bell." i want to update you on juniper networks. earnings were released or leaked early and then they came out officially with a response and halted the stock. it's off the highs namely because it looks like a margin squeeze and guidance drag on earnings. maria, back to you. >> thank you so much, brian. i'm coming to you from the post of hershey's. the stock is soaring to a seven-year high.

we're talking about heavier than usual volume for hershey. the largest chocolate maker raising the expectation for the year. let's check out the stock here. you can see what i mean. talking about a move of 6%, hershey says price increase is helping to drive first quarter sales of 10.7%. last year, the maker of reece's pieces, peanut butter cup, we all know commodity prices have been moving higher. that helped to widen hershey's gross margin to 42.9%. today's surge is lifting that stock past kraft on a 52-week basis. both companies rising better than 50%. a sweet story for you, bob. back to you. >> indeed. all eyes may turn to apple but there are under the radar stocks you should be aware of. courtney reagan rounds them all

up. thank goodness there is something else besides apple going on. >> there is. shares of cit group taking a hit. john thain, we all know who he is, says the company has made progress but wouldn't comment on the conference call when asked whether 2014 would be in a realm of opportunities. they emerged from bankruptcy and shares are down 2% but have been much worse. beating expectations and garnering an upgrade from dick bove. increasing the price target to 9.50 to 7.25. you can see shares going up. the tech maker leap frog rocked as there is a buy on competitor hasbro reporting disapointing results yesterday. adult gaming, boy gaming returning to profitability for the quarter but investors are not impressed. shares down 4%. revenue outside las vegas,

stronger in sin city itself. drawing locals to las vegas, coming in unchanged. bob? >> courtney, thank you very much. we're coming back with the closing countdown. full team coverage. you will not believe it. and shareholders and their reaction as well. as we head to the break, here's how the major averages are trading. you're watching cnbc. you know we're first in business worldwide.

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. hello. welcome back. nasdaq on the down side and dow jones industrial, led by good reports. a couple other companies including at&t. time for the closing countdown. larry can for, with us earlier. i guess i have to keep hitting you on the fed because i think the fed could potentially be the

marginal buyers of loan bonds if they are not anymore? >> investors cannot get enough treasuries. everybody is looking for a safe haven. if you think about it, compared to five years ago where we had assets like fanny and freddie and debt and mortgage-backed securities, there's a lot fewer of them today and the world is a lot more volatile given what is going on. >> apple has been wobbly for two weeks now. any quick thoughts? my thought is at 6:44 it's pricing in a lot of iphone miss or disappointments. >> you know, i think you're right. wf a positive tone on apple. >> where do you think we go from here? after here we go into may.

it's a seasonally weak market and that's why it's going to be wrong and we're going