>> it has not closed below $19 before, so it will be a historic low. >> thanks for watching "street signs." "closing bell" is next, see you tomorrow. hi, everybody, good afternoon, welcome to "closing bell," i'm march re ya bartiromo. the dow jones is down 170 points nearing the lows of the day. >> another tough day i'm scott in for bill griffeth today. triple digit losses for the third straight day. the last time that happened was in september of last year. today it's all about weak earnings. so many people will look at how apple does when it reports after the bell. >> we weren't going to

anticipate what the company is recording and then set the stock trade. let's look at where we stand right now. the dow jones about 172 points, the lou closer to 200, scotty. nasdaq also under pressure. down 1.25%. the s&p down 19 points, that's 1.5%. >> investors taking their cues from weak earnings guidance from big names like ups. the company saying uncertainty in the u.s., code for the fiscal cliff, is to blame along with europe and asia and there is fears of slow growth ahead. so what will turn this market around? >> that gdp usual will a market mover, let's go to steve leisman, rick santelli, dan greenhouse. we're talking apple and netflix

earnings after the bell. how important are the apple numbers to the overall health of tech and the market here as we don't e continue to see so much uncertainty and risk adversity. >> lit kal, and they will blow the doors off of earnings this afternoon with about $10.35 and revenues going through the rough. >> you thinks in going to blow the doors off. >> can i push back for a second? haven't we learned that apple doesn't lead the way for anything. i understand it's good for aing, but are they telling us about how the consumer is doing? didn't they have a unique market, and they take a bite at their own risk right there. >> doesn't it tell us about the consumer, steve? is it only about apple and not about the consumer given the iphone and ipad have been hugely

popular. >> just go into a store and see the impact they have on the consumer. >> this is not accurate at all. apple is not representative on the consumer at large. >> why not? >> god bless the kbacompany, they're doing something right, but it's a company specific issue. look no further than best buy to answer the question if the consumer is doing well from an electronic point. >> if you take it from appling with -- apple, and this is the golden age, it's a single company hitting it out of the park, and i'm very we'ary -- i' not saying it doesn't tell us anything, but you should not extrapolate too far. the sales numbers have changed my outlook -- >> there's no doubt about it. >> that's right. all you have to do is look at

other companies, steve. google put the numbers on the board, samsung is tracking the iphone sales right now in the u.s., and they're going to sell 10 million samsung galaxys. so there is a little bit of a hiccup in some of the offerers that the retailers are making. >> it's not a hiccup, it's a pattern. >> let's ek up and down and talk about not only the economic data, the stock market, the dow jones is down 172 points. the third triple loss for the dow. a lot of devconversation on wha fed will do, and i'm just wondering what kind of swai this

negative tick this has on the stocks. >> it's a factor. that was made a point several times. the level of the stock market he believes is critical to the health of the economy. i think there's a new thing out there and that's the strength in the euro. u.s. exports have been pressured in part i think by the weakening of the euro. i lagged it by two quarters and looked at the contribution of exports to gdp. over a long time it doesn't work, but the depreciating euro, and the u.s. corporate profits in theuati national accounts, y will see they have been under pressure right there beginning back several quarters ago.

i think the market is smelling that. >> no doubt about it. rick santelli, i guess a 140 print doesn't do too much to help certainty in where we're going. >> no, safe harbors securities light treasuries are like apple. they don't represent the norm for many. they're a up with off and have something unique about them. in this case, the uniqueness is that maybe you will get your principal back. today we had a note auction, a record low at auction, but the real record low is about 15 basis points in september 2011, and mature fatihs from threes to 30s are at historic closes. a lot of entities are lowers

their gdp predictions because a lot of manufacturing numbers are in line. >> i want to throw in that economists have downgrade -- i think the markets followed along a weaker down afraid. the question for the data right now is whether or not the weakness is strengthening, is it getting worse or -- >> weakness is deepening, or is it consolidating at this lame level but we'll take 1.5% over zero. >> there's not a lot of wiggle room. look at the companies today that had bad guidance or preannounced or earnings -- revenue missing. a lot of these companies mentioning europe. that's the wild card, but you also have it in the united states. steve, what are you expecting. >> we did a quick sir tray over

the weekend. it doesn't bother me as much as what's going on with the third quarter that that two handle looks like an endangered species there. >> there are about 50 minutes to go on wall street before we close up. off the worst levels of the day but still looking at a big declin stick around we're just getting started. back in a moment. airlines are hiking fees again. soaring fees are helping to lift the industry's bottom line. will this move fly with consumers in the long run. will ipad kpaels help apple, or will profits slow ahead of a new iphone. ? [ male announcer ] before you take it on your road trip... we take it on ours. this summer put your family

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welcome back, the dow still

sitting near session lows with stocks worsening into the close. i want you to take a look if you look at general motors and ford here. there you see ford just below $9. could have the first sub $9 close in some two and a half years. the general motors stock is sitting historically low. the dow down 179. the nasdaq not doing much better with technology slumping. let's go to bertha coons. but take a look at this, chuy's holdings, today's ipo, can surging 17% after pricing at the top of the range. facebook fallout, that ipo likely to be on the men you

tomorrow and thursday when the nasdaq reports ahead of the open and the nasdaq reports on thursday. >> so we want to look at apple here, is apple going to present a catalyst for this market. the world's most valuable company by market value reporting their third quarter after the bell tonight. you remember the last time they reported, the stock was up 9%. we have mark newton with me here, on the fundamentals side walter pisic, good to have you on the program. let's look at the chart of apple, what does it tell you? >> it's still bullish. i think it can get back to april highs. they had a correction similar to the market, but in the last couple months you have seen a

pattern of rising lows and rising highs. they're trading better overall. >> so you're telling me to buy it right here, you think it goes up after the numbers? >> yes, anything above 614. it's been really parabolic since last year. it has not shown the deterioration. that's the key take away. if you want to see a real correction, you need new two or three month lows. it's still very good in my opinion. >> walter, let's talk about what we heard this morning, did the results out of at&t tell us anything about apple? >> i think it gave evidence about what people have been concerned about since the last quarterly report which is the upgrade rate. it's a all-time low for at&t.

it underperformed the market for awhile. the recent rally has been with the market, and a lot of analyst have been warning about a miss, the stock has risen with those warnings put out in the last few weeks. >> that's what mark is saying that the stock has performed so well and he likes that. do you want to buy the stock ahead of the earnings? >> stay away right now. see where the numbers come in, where the outlook is, and if this upgrade issue is truly discounted -- >> there was talk about a delay in shipments and the analyst have been very vocal about that. you're still saying let's see where the quarter is and be ready to buy the stock later? >> there's no question people have highlighted the potential miss out there, but the stock has been rising going into the

quarter. a couple other companies that reported, they not rallying into their report. i think it's a hard call to go long or short. there's issue this is quarter and next quarter that people need to work their way through. >> the stock has now dropped below 600 with a decline on the session of about 1%. do you think as a technical strategist, mark, that apple does represent more than the apple store? does apple tell us something about the rest of the market? or is this just a simple apple story? >> i think it's a simple apple story. the stock bottomed at 586. it's not that big of a deal. they show great outperformance. until that changes, you need to stick with stocks that show price strength. >> thank you, we'll see you soon. thank you so much.

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welcome back, a quick stat for you. 40 minutes to go, we'll tell you where we stand as we approach the final stretch. the major averages on pace for the first three day losing streak in about two weeks. blame goes to europe and the debt crisis there. grease will in fact leave the euro. the dow is down 185 points. year nearing lows of the day as you can see. the dow on it's way to the biggest one-day decline in a month. s&p materials index hitting correction territory more than 10% above the high for the year touched back in february. >> airline stocks among the big

laggards today. that despite another fare hike matched by all of the major carriers. global rarls are enjoying a relatively newfound prosperity. all of the bag fees and snack fees adding up. among 50 airlines around the world say fees are the difference between being in business or not. >> gene says it added revenue and kept fairs low for customers, but our consumer travel alliance representative saying airlines are not playing fair and that hurts consumers in the long run. thank you for joining us. >> good to be here. >> jean, the revenue, this is a new business model, is it profitable? >> not yet, we're making

progress. the past quarter the airlines lost $1.7 billion. last year as a total they made less than $600 million. >> that's somewhat dis-- air fa are lose and have not kept price with inflation. even with fees, it's down 26%. >> you know, jean and charlie i'll get to you in just a second, i want to get your reaction, jean, to news of the day being that an appeals court ruled a short time ago that airlines can no longer under state the cost of a ticket by leaving taxes and fees out of the advertised rates. >> absolutely, that's a d.o.t.

rule and our members support that and support full transparency. by putting the tax included to the fare, you're hiding how much of a ticket price goes to taxes, for an average ticket, about $61 is going to washington, not to take you to your destination. >> let's talk business, charlie. we know there are a whole host of worries out there. unemployment, the debt crisis in europe, what is your expectation for airlines profitability the rest of the year and into 2013? how is business today? >> i think the airlines are doing fine in terms of business. they found a way now to pass on the increased fuel costs on to consumers, and with all of the ans lair fees, they found a formula that can work. we want to have the airlines

disclose the fees so when grow to a website, you can find out what total cost of the ticket will be. the airlines are refusing to tell travel agencies how much the fees are and they make up almost 60% of the airline market. >> you go to book a ticket, it says the price can be had from a final number, you go to finalize it, and then there is $150 worth of fees that you didn't see when you got the ticket. >> all of the online travel sights will track you to an airline's individual site -- >> but you know when people book ag ticket they're not going to go search an airline's website for the fine print on page 15 of the website for what the fees are. why the simplify the entire process, tell consumers up front what the fees are, and they will pay it.

>> not all consumer wills pay a fee. if you have frequent flier status with a member, you probably won't pay adecisional fees. putting that information on the website may be disingenuous. they should sell their product how they want to, that's the way the free market works. >> what about the amount of supply in the air, the capacity? we have seen a fair amount already, would you expect more deals in the airline business, charlie? >> i think we will see capacity continue to be restricted by the airlines. they found out they now have control over the capacity so they can have fewer seats flying in the area. when jean mentioned that the free market works by having the consumers not know how much the fees are, that's ridiculous. the more information the

consumers get, the better they can make a decision for who they want to fly, when they want to fly, and how many bags they want to carry. >> and we support the full transparency as well. let the airlines reach individual agreements with the online travel sights to put their information out there. that's how the capital market works. do you know your fees for parking, room service, and wifi at hotels, it's the same thing. >> if you're flying with an airline, you're dealing with a system controlled by the department of transportation. we can't go to a court and explain to someone, we have to go to federal court. so they have at responsibility to make sure there are no unfair and deceptive practices. hiding fees is deceptive.

>> thank you very much, charlie good to see you, thank you, jean, for your time. >> 30 minutes to go before we wrap it up on this day on wall street. dow coming off the worth levels, still down 150, nasdaq and s&p down 1.25% each. >> when the market is falling with a new report says housing prices have bottomed, could it save the day? >> and why someone here says we'll have more days like this if congress doesn't get it's act together. to go ♪ ♪ i want to win [ breathes deeply ] ♪ this is where the dream begins ♪ ♪ i want to grow ♪ i want to try ♪ i can almost touch the sky [ male announcer ] even the planet has an olympic dream. dow is proud to support that dream by helping provide greener, more sustainable solutions from the olympic village to the stadium. solutionism. the new optimism.™ ♪ this dream

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with a half hour left the trade, the dow is down triple digits. we're seeing a bit of a rebound with the dow, we saw one yesterday. we were down 101 but we were down almost 200 when we started the show. >> interesting moves here like you said towards the end of the day, exactly what we saw yesterday. if you look at the major averages, the russell 2,000

doing worse. right about where the dow transports are performing. that has changed for the last few sessions. the outperformer, ryder system having a strong day today, really outperforming that broader transport industry, but let's watch the financials and banks stocks as well. >> thank you, and as the market goes lower, a glimmer of hope for housing, zil low reporting prices are higher year over year for the first time since 2007. diana ovick with that. >> zillow says home prices have bottomed, but others saying that they have bod med is dangerous. zil row says home prices are up .2% in q 2. prices have been up on the zil low index for four straight

months. they show annual increases in home prices. the biggest came in phoenix where prices are up more than 12% and that's important because it's in the distressed markets where we're seeing the biggest price gains. that has analyst claiming that some markets are overshooting and creating pricing bubbles. they say strong damage in arizona, california, and nevada are pushing prices up short term because they don't have to deal with appraising issues. another report from radar logic says that these price gains, you can't call them a bottom yet. they're the ones calling it dangerous to say prices have bottomed. there's plenty more of this on the blog. >> a good rally here, the dow jones industrial average down

137. once again buyers come ing in a the end of the day here. >> goldman sachs was doing quite well, bucking the overall market trend. even jc penney was having a positive day. >> walmart also on the upside. >> the stock market urn pressure here still, but they're painting a slightly better picture. the latest firm showing signs of life. they're saying it should not go into recession 9/11 it's less than stepper. >> where should you be buying now and is commercial real estate a roxy -- proxy for the economy.

how is commercial real estate doing at this time? >> it has defied the severe fatih of the downturn for the for sale housing market for the last 18-20 months. the investor sentiment index barely went down in the second quarter. that's important because it's been a accurate foreteller of economic activity and it has held up well and that indicates we're in a flattening period. commercial realize is in a broader recovery, a gradual recovery, can and they're leading to better occupancies and lower vacancies. >> are you seeing international money coming into the u.s.? are you seeing corporate? where do you see the strength coming in commercial real estate right now? >> the most advanced capital flows that we saw early in the recovery from was institutional

investors. pension fund advisors, public reits and so on that want to get back in the marketplace and could acquire very high quality assets early in the recovery. and they're more aggressively coming back into the marketplace, and foreign investors have viewing it as a favorable alternative. >> maria, if i can jump in there, the ten-year has dropped. so people thought it was expensive at 2.5 and more expensive at 2, and now it's down to 1.5. if you think about long-term pension funds, 8% is the magic bogey. real estate in today's environment, the durability of the cash flows just makes it a

very lucrative investment even though values have recovered. financing cost social security cheaper, so real estate continues to atrack a lot of capital. >> that's a great point, what are your picks then. simon property is one where you're looking at yield, is that one of the reasons to go for simon? >> there's three focal picks, american campus, simon property, and post property chst is a discounted sun belt apartment play. all three company vs. been operating very well, all three have been beating results, raising guidance, and been just capitalizing on the fact that there's no new supply. they have modern student housing that today's kids when they're going to school want, simon properties that has one of the most productive portfolios. over 30 of the properties

generation over $1,000 a foot. and that's very lucrative. people prefer to rent, and post is benefitting from that. >> makes sense. >> thank you very much. >> one point that i disagree on is the pricing. we have seen the recovery back to prerecession for only the top end. for the private investor, those prices in the $1 million to $10 million price range have not nearly recovered to the prices of the recession. >> we're going to make that the last word. >> okay, got it. >> thanks, guys, we'll see you see. we have 20 minutes before the closing bell sounds. the do you down off the lows. >> our next guest will explain

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well off of the lows of the day today as we approach the final stretch due to a rebound we're seeing in the last 15 minutes or so. today's sell off is nothing compared to the declines in agriculture commodities. >> corn, soy beans, and wheat have seen significant slides in the last two sessions. it is pressuring the prices in this market, but the slide comes the day after goldman sachs raids the price for corn on soy beans. still, there are some concerns about heat waves in europe that could continue to add to the drought problems we have seen here in the u.s. for the corn crop. the corn is down only about a percent, and coffee down about

5%. >> scotty, i want to point out that yahoo is having another two million shares. board directors and mutting melissa mayer in as ceo. >> and brian shactman, what's the reaction in the stop. >> a pob, look, maria nailed it on the head, 2.5 million shares. he owns millions of shares and helped orchestrate that move at the ceo position. you see that pop there. it is still down 2% but it's well, well off the lows and it's more pronounced than even the market recovery here late in the day. >> so dan loeb buying yahoo. and jpmorgan got a boost from a

lot of purchases. we're seeing the first three day triple digit decline since december, he said. major head winds from both sides of the atlantic. >> erin says the economy has no shock absorbers right now. when you say no more shock abso absorbtion left, what do you mean? >> so, as we're looking to europe, greece, these shocks we have been able to with stand year to date, the market is still up, but right now there's just none left. any shocks could send us into a recession. >> are you looking for more shocks? >> yes, definitely. >> the market has held up rather well to the shocks that it's received. it's one of the reasons why i

suspect you were fairly bullish on stocks before. have you changed your opinion on where we're going now? >> i'm still a big long-term bull on the stock market, but we have been heavy sellers over the last few months for some of the same reasons, europe has to get worse before it gets better. the economic data is weakened and the earnings and sales figures have showed rlowed rapi. >> this year it gives you a gain of 5% or 6% which isn't that bad halfway through the year. i think the long-term potential of stocks makes it the best way to manage your money. >> how much of this is priced into the market. we'll get more shocks out of the europe, right? we know this is unresolved.

you say earning wills continue to come down, is that already pricing for the market or will be that be a shock to the markets and create a sell off? >> all of the same things we were talking about in june was on their minds then too. i think there is support from the under lying value of stocks compared to bonds. it's very hard to jump in front and buy a lot of stocks when you realize there are substantial shocks likely to hit us in the next several months. >> you're not suggesting put the cash under the mattress, where do you see opportunity? >> we're looking at income strategies. dividends, high quality stocks. one of the things we have seen a change was a number that didn't get a lot of headlines, but it was the pmi going below 50. that really made us more

conservative and that's why we're pushing the dividend strategies for income and growth. >> great to talk to you both. 15 minutes to go before we ring the bell and a little come back. the do you is still down 130 but there are buyers comes into the market again today. >> we're waiting on apple earningings right after the bell tonight. will it stop the bleeding for the market sell off or will it go from bad to worse if they disappoint? thoughts coming up straight ahead. >> plus, how much is the looming fiscal clip impacting the market? ups blaming it for weak earningings. ♪ ♪ [ male announcer ] everyone likes a bit of order in their life. virtual wallet helps you get it.

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stocks are just minutes away from extending the current losing streak to a third straight day, all triple digit loss

losses. >> yes, we're down on the lows though, hoping for a boost after the apple numbers that come out tonight. if they disappoint though, how ugly does it get for the whole market. scotty, this question if apple is it's own story and sets the tone, it may not represent the entire retail environment, but you have to believe if apple misses, that will impact technology and the whole market. it's just one more negative for this market. >> it's the world's most valuable company. if it goes down big on a disappointing earnings market, and they have been known to deliver, so it certainly has to give a mor positive -- especially in the nasdaq 100. >> so here are the estimates dlsh 10.30 in earnings. it said it expects earningings

of $8.68 a share, but it has a tradition of low balling. they're great at taking the expectations down and blowing them out of the water. >> the whisper number on the earnings side is $11.02. whisper number. that is 60 cents above of estimates and they have exceeded that in the last six reports. some on wall street are looking for the whisper number that is much, much higher than what street is looking for. we'll see, it's the most anticipated earnings report everyone season. >> yes, and we saw a lot of weakness in tech industry. there are certainly spots of technology. we'll be all over europe when we come back. [ male announcer ] when a major hospital wanted to provide better employee benefits

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polar shifts will reverse the earth's gravitational pull and hurtle us all into space. which would render retirement planning unnecessary. but say the sun rises on december 22nd, and you still need to retire. td ameritrade's investment consultants can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans? welcome back to the floor of the new york stock exchange. back here with maria and our

guests as we as we eagerly await apple earnings. set the record straight for us. how much does apple matter? >> it matters to people that own apple stock. it matters to people in tech funds. >> does it matter to you what direction this market will go tomorrow? >> i think it has a bearing but i don't think it's substantial. after we open up tomorrow morning, everyone will be focused on the next bing thing. >> the wall street journal is reporting that the federal reserve is close to -- getting closer to action to spur growth. this appears to be what is turning this market around, what have you be seens as you're looking into the order flow. is it the fed action turning

things around right now? >> yes, we have seen more and they have been picking spots. when you see a market down the way it's been the last three days you see institutions picking away. >> do you expect more stimulus? >> i don't think we'll get a lot. we'll get a little because the economy is weakening, but i don't think there's much more we can get. the fed fired most of the bullets in the gun. >> the market things there's am in addition left, we're only down 87 and change right now. the debate will rage as to more stimulus from the fed will work. if there's more stimulus isn't the market more likely to go up than down? >> of course, but it's a market of stocks after the fed's money is in the market, then the plarkt get

through it. it's still about earnings and growth prospects. >> yes, they're saying they do see action coming if growth does not pick up. we have a gdp report this week, it will pry be ugly, do you have any reason to believe growth does not pick up soon? >> no, i think it will continue to slow down. we're not getting anything on the fiscal side. i don't think there is much they can to do to help us out a great deal. but any time more money comes into the economy that will be somewhat helpful. >> rates are at historic lows. that's what you're speaking of for pushing rates down. however, their hand may be forced a bit by what's happening over in europe. the fact that they look at the way corporations are we portings earning this is season. revenues don't look oak. there's a lot of companies missing that revenue number, so

they have to be concerned about this as well. >> it's not just about europe, it's about china slowing down, the fiscal cliff, and the world. >> there's only a little am pligs left, when do you use it. and i'm afraid things could get worse out of europe in the next few months. it's important to that have that stimulus ready. >> isn't it interesting that the federal reserve comes without this today with officials saying they're ready for action if growth doesn't pick up soon. why would it pick up soon? what are the catalyst to tell us it will pick up soon without the fed? it has not, it's worsened. so this market coming up the way back -- cutting losses in half because the fed is about to do more stimulus. >> any positive commentary from the fed is always welcome. especially when the market is down. any time they say anything remotely positive the market will react positively.

>> apples earnings, of course we'll look forward to that. we'll continue this conversation as we look at the dow jones industrials now down 94 points. stocks had worsened, but they have come a long way off that. ed, we have known that bernanke has said as much in every public appearance he's had, that he's prepared to do more if it's needed. the question of was more when, not if. you have commentary from the president of the san francisco fed. leading you to believe that the fed was laning towards more action. i mean, peter the bottom line is if the fed is about to act, what would you do in terms of an investor or trader in this market? >> i would get more involved in financials. i think the financials reacted fairly well this afternoon. they have come back a bit from this morning, and i'm not a big fan of the financials, but i think that's one that would