hit by last year's tsunami. akb is made up of about 90 girls. they are pumping these bonds to the public. if anyone can do it, let's hope they can. thanks for watching "street signs." "closing bell" is next. have a safe and long weekend. hi, everybody. happy friday. welcome to the "closing bell." i'm maria bartiromo with the new york stock exchange. >> and i'm bill griffeth. stocks may be down at the moment but the markets are poised to break a three-week losing streak as we kick off the final hour of the trading day heading into the long memorial weekend. dow jones industrial are down 77 points. yes, the energy level is high today as they get ready for the "closing bell."

we're on the lows of the day after word came out that spanish bank bankia is going to need 19 million euro to shore it up there. the nasdaq at this hour is down four points, just off the lows of the session at 2835. and s&p 500 index is down to 1317. >> one stock that has not participated in a rally this week on wall street is facebook. down another 4%. threatening to close at the lowest level since going public. with a decline of 4.5%. we will take a look at how far this stock will fall from current levels. >> what levels do we need to close at to break that losing streak. fort for the dow we need to be at 12,368.38. for the nasdaq it's 27.78.22 and

s&p is 1295.22. but is the worst over? we have bob pisani, rick santelli, and peter shift and bill. welcome all around. bob mipisani, the energy level high. >> we can't even have a nice boring close into a three-day weekend. a little after 2:00 word comes out that bankia was getting a lot more money than people anticipated. 23, $24 billion. bottom line is, markets dropped. we lost several dozen points on that. this is the problem, you guys. we are just hostages to headlines. s&p is up 1.5%. you get headlines if it drops you more. a little stabilization. >> and peter swift, this is all

about europe right now, isn't it? peter shift? >> oh, i'm sorry. >> i was distracted. >> when i say your name -- >> i think in some people's minds it is but europe is really foreshadowing a bigger problem here in the united states. i think there's still short-term downside risk in the market but i think the central banks, unfortunately, are not going to allow a substantial collapse in stock prices. ultimately you'll see a reversal and nominal stock prices will rise. it's not going to be good economic prices. it's not going to be good for the economy. that's exactly what we don't need. >> let's talk about that. peter, what is your expectation in terms of how this plays out here. a lot of debate on whether we have a disorderly or orderly or do you think greece stays in the euro in.

>> i don't even know. several ways it could play out. long term i think the worst thing that could happen for the euro zone is for greece to stay there and you'd have this moral hazard where everybody is basically subsidizing everybody else's profit. the only way that it makes sense for greece to stay in that euro zone is if they the austerity. the euro zone would be better off if greece left and i think there's more of a long-term threat for greece remaining in the euro. that is overblown. the politics are very strong. there's a lot of incentives for politicians in europe to do what is wrong in the long run in order to apiece the voters in the short term. that's what we're doing here. for politicians to avoid swallowing the bitter medicine that is necessary. >> bob, say something there?

>> people keep talking about the mood on the streets of athens. what about the mood on the streets of berlin? how much longer are the germans going to be able to write the checks? the germans have got to write a big check. >> they are burning these merkel dolls. they should be doing it in berlin. they never should have signed on to this deal to have to pick up the tab for the irresponsible governments and in texas people don't want to have to pay for the deficits for the people in california. >> i'm wondering if next week, rick santelli, you have fed speak coming out, gdp, unemployment numbers. what are you seeing out ahead of all of that? >> well, fed speak, they are going to be nervous about

europe. it's a political hot potato. i moved that right off. it's about two unemployment data points. bls on friday. and the second look of first quarter gdp on thursday f you were disappointed with 2.2, it looks like we'll end up with 1.8, 1.9. you look at the chinese stock market, trade flows out of europe are impacting that as well as weak loan demand. i tell you, i can't be optimistic even if we were the cleanest dirty shirt, it's still not that clean. >> be that as it may -- >> and i don't think we are dirtier. people just haven't figured it out yet. people who say that the problems in europe are hurting us, they are actually helping us. >> let's bring in r bill in here. what were you saying? >> you have to look forward and i think the gloomers and all of the negative stuff has been center stage for a long time.

we've had a one-third correction off of the october lows. the news gets better going forward. there's bullish things that politicians globally are going to get sent home and talk to this greek. eight out of ten greeks don't want to leave the euro because they know that the quality of life gets a lot worse. >> why did they vote the way they did? >> why do people vote the way they do? not everybody goes out and votes. >> the elections in greece right now are a proxy on whether they want to stay in the euro or not, whether they want bailout money. >> austerity wants something for nothing. >> all voters want something for nothing. >> listen, 75% of the people who were polled this week said they wrote like to stay in the euro. that's what the people are saying. the problem with what you're

saying is, yes, they would like the idea of staying in the euro but they don't want to take the cuts and austerity that comes with it. >> the irony of it is, they are going to have bigger cuts because it's going to collapse and real wages in greece are going to fall a lot more than if they leave the euro than if they stay there. >> thanks, everybody. appreciate your time tonight. we'll see you soon. this market is deteriorating. the stock market is low. it's been one stock that is check r taking it on the chin. seema mody is over there. >> the dow down 72 points. s&p down around 7 and nasdaq down around 2. now, if the s&p closes up to date, it will have the first five-day winning streak in over two months. that's where the markets are right now.

let's get stock steve. verifone registering a beat of 64 cents per share and investors are focusing on the company's current quarter guidance which came in below analyst and toubled retailer and expiring without the company' agreeing to a take over deal. they made an offer that valued tal bot's at $2 million. sleep product group says shipments of mattresses increased 5.4% from a year ago. interesting. semiconductor players also on the rise. analyst day was on thursday and it was making heavy investments. that's what has helped the sector today. guys, back to you. >> seema, thank you very much. 50 minutes until the

"closing bell" sounds ahead of a long holiday weekend. you're going to hear a couple of -- hoots. >> what are they going to do? >> three-day weekend. >> she's getting an applause already. >> dow down 72 points. nasdaq down 2 points, bill. >> so you think inflation is easy because gasoline prices have been going down? think again. food prices are spiking and showing no signses of slowing down. will that give the economy indigestion? >> and sheila bair says the breakup of jpmorgan should happen now because it's the best thing for taxpayers and shareholders. >> very interesting story. we want to know what you think about that. is breaking up jpmorgan chase in the best interest of everyone? tweet us your thoughts @cnbcclosingbell. stay tuned.

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let's get to brian shactman.

real digital, rld, a fascinating story. men in black 3 coming out in 3-d. well, it costs about $10 million. who is going to come up with that cost? real digital is trading to the upside. markets and distributors and who is going to pick up that ten million? they are backing off a little bit. there is a push and pull there. that bites into margins for movies like this. $10 million even though these are billion dollar companies. bill, back to you. >> the market may be set to break a three-day losing streak. but facebook will not be among the weekly winners. that stock has a new low and since the ipo, facebook shares have declined by roughly 16%. >> with crude oil at a six-month

low, gas prices will die down. the rising cost of something else could take a bite out of your wallet that. is food. jane wells takes a look at how food inflation is impacting shareholders. >> the usda says food inflation last year was 5%, much higher than normal. beef was twice that. it's supposed to return to a more typical level of 3%. but abby is ready to see that reflected in her bill. >> bed is more expensive. milk is definitely more expensive. >> her weekly grocery bill is up nearly 40% in a year bying the same item from $130 to 180. >> i buy things on sale and i use coupons. >> i used to buy a dozen eggs and now i just buy six eggs and it's a little cheaper. >> it's something she continues to monitor. citi expects kraft to gross 7

and 9% this year and kraft is gaining market share. while prices are coming down, they are not coming down in retail yet. abby is waiting. >> i always have coffee. every single week i will buy one of these. lee take a second job in order to be able to afford this. >> coffee should get more affordable. the usda says that you can expect to see higher prices in cereal as higher winter prices get banged into bread. higher oil means maybe we should cut down on that? >> never. i'd take a second job to keep that going. >> look at these numbers. bread up slightly in the year. ground beef up 37 cents a pound in just one year. chicken up 14 cents. eggs up 10 cents in one year.

>> so is there inflation, then, bill? inflation nation? >> i guess so, maria. >> how much of a threat is it to the consumer? it's going to get worse before it gets better. price volatility will stick but manufacturers will likely suck up the increases. gentlemen, good to have you on the program. thanks for joining us. >> hi, maria. >> beef been talking about the threat for so long and the fed says it's not worried even though all of this free money is out there. you say it's going to be at its worst this summer. why? >> because we started to see commodity prices roll over and so that will fairly soon start to reflect itself at the grocery store level. not in everything. we're going to see higher prices continually for beef and pork and chicken but i think most of the grain-based items will be somewhat easier a year from now. >> corn is at an all-time low.

david, that's the question. will they -- will the manufacturers have to pass on the price that they are paying to consumers? they have done a pretty good job. they have done a pretty good job of holding those costs in line for consumers. are they going to be able to do that? >> remember, food prices is a lagging indicator of commodity prices. we are seeing a flow through the system because of long-term contracts. food manufacturers earned a lot of pressure to keep prices low because their customers, retailers and restaurants don't want to lose customers. there is a lot of pressure to get consumers in and prices are getting consumers in and they are trying to control every aspect of their costs. >> is there a catalyst, tim, to turn this around? when does it all roll over here? do you see it on the horizon to reverse this inflationary threat? >> it's baked into it.

we'll get some relief, particularly in the center of the grocery store. it's just that the perimeter where supply of beef and pork and chicken have been relatively tight and continue to be tight where wle contine will continue higher prices. >> you believe it's going to lead to crazy food inflation, though. why? >> well, there is this odd possibility that this california ballot initiative to label foods for glm content -- >> genetically modified organisms will have an impact on the food. probably 95% of food in a grocery store and even 70% of the food in a whole foods has it. and yet manufacturers will be very afraid of putting that on their labels because i don't think is sounds very great to

say it's genetically modified. >> wow. >> well, there's a misapprehension about whether it's good for you or not but it makes it cheaper to produce. some grains are resistant to the herbacides and so forth. there's an education issue that needs to be done here so people understand what they are getting when they get the gmo products, right? >> i think the consumer education is paramount to this. it's existing in most of our foods, as was mentioned, but most consumers are unaware and afraid of what it really means. that's a process that the whole industry is taking on. >> go ahead. >> we've sort of went through this argument in the late '90s and i remember an epiphany for me when i was at a meeting and we wering this and they said you

don't expect me to take a bullet for gmos, do you? >> gentlemen, thank you very much. have a nice weekend. >> thank you very much. by the way, my sister always tells me only shop on the perimeter of the supermarkets because that's all the fresh fruits and vegetables. don't buy the packaged goods. >> don't go to the center of the store. >> because it's healthier. >> your sister is wise. >> yes, she is. we're at the lows of the session with dow jones industrials. you're hearing those whoops. we'll explain why in a few minutes. jpmorgan and facebook, two companies rake through the coals and blast through the market. which embattled stock looks like a better buy right now. >> apple having a nice week with a nearly 6% gain. an analyst says if you buy the stock now, you can nearly double your money in just the next

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welcome back. most commodities are ending in the red. sharon epperson is at the nymex to tell us why. why, sharon? >> bill, prices are high across the board today for oil and metals and of course they are all posting declines for the week. the biggest decliner is natural

gas on the week here at the nymex but it's actually up over 20% for the month. the natural gas prices right around $2.50, analysts say, is the price that we're going to see. there was a lot of talk about coal to gas switching. now we're seeing that coal may be back in the money with prices above $2.50. that is something that is causing this dropoff, traders say, in the natural gas future prices. back to you. >> it is the final hour of trading. we're ahead of a long weekend and we want to talk some numbers here and take a look at the two stocks front and center this week. i would be hard-pressed to

decide which is having the worst time, jpmorgan or facebook. we begin with rich ross. wait until you hear the target rich has on facebook. it has now six trading days under its belt and you can pick up any signals from this chart. what do you see? >> i'm going to rely upon my history. i was a nasdaq market maker during the '90s. i've seen this film before. this reminds me of the ill-fated palm ipo that priced at 38, opened at 140, never ticked a penny higher. now, this isn't 1999. we have some parallels here. we call this a long squeeze. trading at 59 times earnings.

the stock can grind itself down to $22. we would not be a buyer of facebook here. >> you think it's going to grind until you get to $22 a share. that's a severe move. how can that happen? >> this is still one of the premier brands. it's so tight in the marketplace, anyone going to buy it has owned it already. we would wait. >> all right. we want to get back to jpmorgan. what do you think, be a by gail? >> i would have to agree with rich. what we can go off of is a bun geled ipo. investors are not sure where revenue growth is going, whether they can monetize mobile. this makes sense to step back long enough to put up a 50-day moving average.

mark zuckerberg really opens the word and keeps it connected. that sounds great but i can guarantee you if they miss or guide down, investors are not going to be liking shares of facebook. this is a wait and see for me. >> let's talk about jpmorgan. >> this is a premier franchise. it's not a long-term capital demise here. the stocks should grind higher. retest the 200-day moving average and the gap down around 36.50, $37 from. there, we get into that window. absence of overhead resistance, that takes us down to $41. that's roughly up from here. jpmorgan is on sale and we are a

buyer. >> rich, thank you so much. we'll continue to follow these stories. bill, over to you. heading towards the close, we have about 30 minutes left with the dow coming off the lows down 94 points. david says there's a better than one in three chance that greece leads the euro zone. does that mean there's a better in one in three chance of a market meltdown here? we'll ask him about that. and sheila bair is going to give us her case for breaking up jpmorgan chase. do you agree? tweet us your thoughts on that @cnbcclosingbell. we'll get to your responses later on in the show. stay tuned. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 the spx is on my radar. tdd# 1-800-345-2550 and i'm on top of it all with charles schwab. tdd# 1-800-345-2550

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snoo all right. even though stocks are set to break a three-week losing streak, a report released by morgan stanley in europe, the firm raised the chances of a greek exit from the euro zone up to 35%. >> yeah, a pretty significant number there.

that's a better than one chance of the greece leaving the euro. is it going to be orderly or disorderly? how do you see it? >> you're going to see worries about contagion, not only in greece but in spain and italy. that will lead to a coordinated massive response by the european bank of japan and the fed. so you've got to be prepared when this happens to buy on the news of any disorderliness that ensues in the greek exit. >> let me give a nod to the long tradition, the friday before a long three-day weekend at precisely 3:33, you're going to hear a large whooping sound. do not adjust your sets. >> bring it on.

>> our central case remains continued slow kicking the can down the road. it's a one in three chance but the base case, maria, still is for this disorderliness that's been going on. my deep feeling is that the germans some day are going to step up and people are going to love them for them bailing this thing out. >> john, do you think -- what impact do think all of that will have on our markets when all is said and done? don't you think our aggregate is taking this in stride? >> the markets in the u.s. have outperformed recently and have taken it in stride. but i would certainly be concerned if there was some

disorderly event in europe. we all know that because of the global markets today that are highly interconnected. if it was disorderly in europe, i think it would spill over into the u.s. equity market. >> you know, peter, you've got to make a strategy regardless of what is happening. in the broader market and for any particular situation. so what do you do? how do you invest in an environment where there could be the opportunity for a market dislocation as a result of the euro? john? >> well, i think one thing we'd like for a while, a theme here at usaa, has been high quality stocks with financial flexibility. we particularly like stocks with high free cash flow and even better if they have pricing power. we also think that the precious metal stocks have been hit hard

and have disconnected from gold and they are looking at a defense as problems in europe. and also -- >> go ahead, john. >> john, go ahead. >> just also against the easier monetary policy, qe programs from the u.s., europe -- >> i would like credit for not interrupting. that is so uncharacter-like for me. >> buy some abbott, pfizer, johnson & johnson. pfizer is 3.7. >> are you still buying apple? >> we are buying apple.

we think that stock can earn $100 a share, listen to this, $1,000. our official target is 720. so the stock is in the mid-500s. >> the stock has had a good week. >> and we'll get to this at the top of the hour with the ringing of the "closing bell." we honor those serving in the armed services who will be ringing the "closing bell" on this friday before the memorial day holiday. it's a tradition, as you point out, sir, that is highly regarded. and everybody looks forward to the fleet week. maria especially likes the guys in the suits. >> you weren't supposed to repeat that. boy, oh boy. thank you, guys. see you soon. 20 minutes before the "closing bell" sounds on wall street. a market is down 85 points. our next guest agrees with david. he says apple is dirt cheap and if you buy the stock right now

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a steep decline this week with jackie. jackie? >> we're watching shares of facebook today. we're looking at them lower than 5% on the day and 18% for the week. the latest in the saga continues. morgan stanley adjusting thousands of trades involving fa facebook shares at more than

1492. at the same time your guest before mentioned apple. we're watching those shares as well. they are higher on the week. we're seeing investors move into that week although we're lower on the day. maria, back to you. >> if my income guest is right, forget facebook. apple is going to nearly double. we're already at 561 and change. we're talking 1,111 price target. in the next month, bill? >> that's right but our next guest says there's no chance. he expects the next month to stay flat. how did you come up with that price? >> we used a multiple of 18 times earnings. i want you to keep in mind,

apple has grown 86% a year in earnings over the past seven years. that's a very reasonable multiple for a company that has grown at this rate. >> well, can you see that? what is going to be the catalyst to make this stock double in the next 12 months, though? >> i think there's several very important catalysts. number one, we've got an iphone 5 launch in the fall time frame. we've called it september. i think this will be the biggest iphone in the history, one of the largest technology ramps ever. we have apple tv on the horizon over the next year. third thing is, we have a china mobile relationship. keep in mind, there's a subscriber base of two times the population of the u.s. there's so much to look forward to apple that the stock is trading at eight times cash right now. >> collin, you're not buying this. let's face it, every time they

do a product launch they have in the past. why do you have a hold right now in. >> the first thing we're telling invest investors, we're concerned about the quarter. the reason being they put 8.6 million iphones inventory. it's more phones into the channel than at&t and verizon sold. now, we understand iphone 5 is coming up. everyone knows that it's coming up. they've released a new one every single year. that's not really a catalyst. it's baked into the price. in terms of apple tv, there's a billion hits. it's widely expected that apple will bring a new product to the tv screen. this is a product that is brought only once every few

years. >> even though you're talking about tremendous gains and we are, too, questioning a double from here, seems extraordinary, a company is not skyrocketing. >> we actually use ourselves and the trillion dollar number, there is zero historical coverage and they are averaging at that number. trading around $250 billion. many companies who break that $500 billion mark only last there for about 100 days or. so i look to see apple fall below the june quarter results. >> the stock has been on a terror for the last several

days. what can go wrong for your scenario. >> we're talking about a stock that trades eight time and the valuation and why do you put a market and if you look at historically companies like cisco and microsoft, that tradedtraded the $500 billion market share, they have multiples of 70 to 100 times earnings. what could go wrong? it could feed into the share or preventing them from having more share. i don't think that's going to happen but that's the biggest risk. >> gentlemen, thank you for your thoughts on apple.

i guess they heard that applause and now it's going to end. ladies and gentlemen of the military making their way towards the balcony and right fully so getting applause from the floor traders here at the new york stock exchange. >> and ten minutes before the bell sounds for the day, nasdaq not too bad but still declines there as well. >> when facebook began trading a week ago, who would have guessed how much fallout this ipo would generate? why it could be going from bad to worse when we come back. >> we want investors and the country to have a clear path and avoid what is happening in europe, what is happening here in the u.s. >> and later, the president of colombia in town this week vowing not to make the same mistakes that the u.s. and europe have been making. aking.an about the volt. what really blows them away is when i tell them i almost never go to the gas station, despite the fact that they see me driving to work every day.

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well, and we want to wrap up this week and the highlights was facebook. who do you think had a worst week? not necessarily market value but name recognition, reputation, was it facebook, nasdaq, morgan stanley? what do you think, bill?

>> i don't think anyone came out looking good on this. in fact, we know facebook is going to finish down 16% this week and nasdaq itself, the omx, look at that. >> i wonder what it did. >> 4 to 6%. >> not even a move with all of this stock around. >> there is what the price has done in that time. look at the price targets now. analysts have been weighing in on where they think facebook will go from here and i think typically they will bunch around a range of prices but there is such a wide range of expectations for the price of facebook. the high end, they are expecting $49 and on the low end somebody is expecting $9.

>> wow. >> it's a huge range. >> rich ross says he has a target of $22. somebody else makes a good point. can you really make and come up with a target, just over six days of trading? you probably need a little more history than that. >> very quickly, expectations were way too high taking you back to 1993. it was a nonhigh-tech ipo, closed at 48. 2 1/2 times the rate. >> looks like a success. >> what happened is by 1998 it filed for chapter 11. i'm not suggesting that's what is going to happen with facebook but the expectations and hype were way too high to be met at that time just like boston chicken. >> very hard to be optimistic

when you begin with that. >> morgan stanley quarterly did not make facebook available to hedge funds. did the leader take a scam at the price of profits? you're watching cnbc, first in business worldwide. de.egan with. [ tires squeal ] then we turned the page, creating the rx hybrid. ♪ now we've turned the page again with the all-new rx f sport. ♪ this is the next chapter for the rx and the next chapter for lexus. see your lexus dealer.

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about 4 1/2 minutes in the trading session. dow jones industrial average has only four positive sessions in the month of may. and the dow has never completed an entire month now. it's been all about the euro and the euro hitting the two-week low and $1.25 is where it's sit being right now. as that went lower, so did our markets. dow jones industrial average for the week is going to finish with a fractional gain.

and the spanish bank bankia is going to shore up their bank. 1.70%. it's up at 1.74%. price of oil watching the negotiations with iran right now and down for the week. for a time and that's not the case right now trade direction, you would think, except for the inventory data that comes out week to week. and gold, one of those succumbing as the euro goes higher and hard assets like gold trading as a hedge at least right now has been lower, down

1.26% for the week tie day up $14 at and not once do we mention any economic data here in the united states which was okay this week. not great but not bad. >> there wasn't really a lot of data this week. i think next week we'll see more and a few other things and you can hear at some point it's going to step in and quantitative easing and very strong rallies, lately it's not the case and react positively

and i don't think we're going to see that. >> if we have the easing, it's going to change the dynamics. u.s. again for a third time. >> you could argue that the crisis in europe right now is doing that for them because their goal is to keep long rates as long as they can. >> it's scary, though. i don't want to be relying on europe for future growth in the united states. i'm sorry. it seems that -- yeah, the yields are being held down because of the european crisis. and we'll see how that plays out. within the next couple of weeks you'll see that. >> appreciate yourme