first above 200 point gain for two days in a row. thank you for joining us, everybody, "closing bell" is up next, see you monday. hi, everybody. happy friday to you, welcome to the "closing bell." the rally rolls on today as stocks surge on new speculation that a new round of global bailouts are on the way. >> we're seeing a big rally today. i'm scott walker in for bill griffeth. wall street not paying any maend to companies like star bucks and fk that hit a new all time low today after seeing revenue growth slow.

>> let's look at this. the dow above 13,000. it would be the first time it clos closed above 200 points two days in a row in naerlly three and a half years. the s&p 500 looks like this and very similar chart patterns where we're just shy for the high of the day. are investors playing with fire? >> in today's closing bell exchange, we have bob pisani, rick santelli, and stephanie link. bob pi sansani, i'm going to yo first, do you like the rally? >> they were talking about a

banking liengs for the bailout fund in europe. that would be a big deal. most people think that is a little premature. it certainly moved them to the upside today. the market is anticipating some kind of action by the fed and perhaps more importantly by the ecb, and that's what's moving the markets. >> the fed said if growth doesn't pick up soon, we will be there to time late next week or in september. if we don't get a move next week, how tough could this market take it? >> well, i think it won't take it that tough. i think there is a absolute conviction in the market sentiment that the fed and europe are going to do something. i think that you start to see very, very strong response when you see news and rumors come out, and bernanke is setting a floor in this market. the bottom line is values will change consumer sentiment.

bernanke knows he will need to do something. the market would react very negatively if there was no action period, but i don't think it will if it doesn't happen next week. >> if the market does believe what they're going to do in europe has credit wblt it, that it will be substantial enough to really make a difference, will that kill the treasury trade? >> i think in the near term it's the stock market. it's an indirect relationship. when you have this kind of horsepower, of course it's pushing up interest rates. when they look at the boom, having a 25 basis point higher yield on the week also plays into it. the treasury market will not give you the real answer you're asking. the fed and the ecb will probably do more. scott, what did you say at the top of the show, earnings

disappointed and stocks up. that's the die namic we will be discussing years from now as we continue to ponder the same markets. >> stephanie, how do you see this rally and does it have legs? >> i think at least you have a floor in the market. if something happens here in europe, devil is in the details, and if china begins to ease you have a floor. i would push back a little on earnings -- >> small pockets, right? 60% have missed. >> and 60% have beaten on the bottom line. this is a stock pickers market and i think there are plenty of places to put your money. you don't want to act on what the fed will do or what europe are come out with. energy is one of them, drillers and oil services have been good.

some of the material stocks have been good. so i can fund a bunch and we're shifting a little more. but we have a lot of cash so we can put it to work if we do get adisappointment tomorrow. >> how quickly sentiment has changed in this market. friday, monday, tuesday, the dow jones had three straight triple digit declines. we're talking as to weather the market would take a big leg down, now we've had the strongest rally this year. >> the fed started when they came out last week and said we will be there next week or in september. we have a 200 point sell off, and we've been off to the races ever since. >> i agree with the point that revenues are disappointing.

the expectations were for higher revenue growth by now and we're t getting it. the reason that's important is that's the real tell about where the economy is going, not if you can discuss costs or buy back more shares. i agree, i was a little disappointed -- >> maria, i think it's important investors recognize it's not an all or nothing strategy. don't buy into a bubble day of stock. don't just go on one side of the market. the market if you think about it, the fundamental suggests that the economy is slowing down but we still have rallies. you buy apple, believe it or not, you buy j and j, and abbott. it lets you rally if beta takes off. >> the s&p is up 10% this year,

people think the stock market for some reason. but it's not having a horrible year. >> what was gdp today? 1.5%. i wish the economy was doing as well. >> thank you, we'll check in lat r, we appreciate it. >> all right, telecom stocks are red hot and they continue to outperform the market. >> yes, we have a nice rally on our hands, the dow has gained 465 points and the s&p is up 3.4% over the past few days and the strong rally feeling the that's tack up better than 2%. we're seeing some outperformers in the tech space. check out shares of sprint, moving higher today, up better than 6%. today, sprint getting a upgrade to buy from neutral.

a couple winners in the pharma space. america coming in at 12.3 billion. also getting a strong earnings report from amgen, up better than 4%, and let's talk tires for a second. good year and cooper tire gaining ground after michellin reported a loss. and we have two losers in the biotech space. we have a buy on the rumor sell on the situation here. amarin's fish oil drug getting the backing of the fda, and this company also getting an approval. amarin is up over 0%, and

horizon has doubled over the last four. we're in the final stretch for the day and the week. this market is holding on to a 212 point gain, near the highs of the day right now at 13,100. don't miss a moment of what we have ahead. >> coming up, facebook hitting all time lows. it may not be over yet. why one well known tech investor says there's more reason to be concerned. is it time to update the status of facebook's leadership with a more business savvy ceo. >> maria, i will not accept this form of discussion -- the rule, you can define -- i'm sorry, please let me finish.

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. welcome back, the major averages up sharply, but facebook is an exception. hook at the stock of facebook right now to the tune of 11%. kayla tausche joins us with the latest. >> easternings are instilled that mobile ads will not trickle down to margins any time soon. the team still expressing frustration with this stock during it's first quarter as a public company. david ebersman saying he was disappointment on how the stock

has trades. that's an under statement from those that have watched it drop. it looks like the worst is not over. in roughly two weeks more will be eligible to be sold. it's more than the shares offered in may. it looks like the bleeding could continue. >> yeah, a tough few days there, thank you. dan niles from alpha one capital partners warned investors to stay away from facebook. >> i'm calling dan the happiest facebook investor because he shorted it at 42. dan, you were clearly right about the facebook ipo, what about these levels, any

interest? >> the call itself validated all of the concerns i had going in, and the real problem with facebook is not that it's not a great company. i have a facebook account. i'm sure you might have them as well. the problem is that doesn't mean it's a great stock. and that's the real issue with the company right now. >> i'm glad you brought that up. henry wrote something today on business insider where he said, and i'm quoting, let's be clear, they're a great company, it was the market expectations that were ridiculous. it sounds like you shorted the expectations of what this company could be, and you didn't short the fundamentals. >> the problem as well with the fundamenta fundamentals, and that's part of the story people are missing. the way people access fb a couple years ago is through their pc, and the pc has a

pretty big screen, and advertisers will pay for a big ad on a pc screen. now you have people accessing facebook through their cell phones and tablets as well. advertisers will not pay the same for advertising on the screen size on your smart phone or even on an ipad. if you look at the smart phone, there's about 955 active -- 955 million active users. and they're not growing that fast in the u.s. anymore. the u.s. growth is up 25% year over year. a year ago they were growing at 97%. if you look at asia and the rest of the world business, that's growing close to 70%.

that sounds good, but the problem is your average revenue per user in asia is 55 cents. in the u.s. and canada it's $3.20. if you grow 55 cents per user faster than $3.20, you have a fundamental problem. >> so you're also questioning the fundamentals here of the story, dan, how long does this go, where is the bottom? >> that's a good question, you have a company out there very comparable. if you look at google, they have about two thirds of the search market just like facebook has over half of the internet users using their platform, their also talking about that people pay less for searches ob a smart phone and emerging markets. google grew their revenues at

21% year over year. facebook did it at 32%. google grew their earnings as well at about 16% where facebook was essentially flat. you look at that and stay the price to earnings that we're paying off the last quarter is 16 times. and you're paying 48 times. so you have a similar issue where you pay about four times for google and 12 times for facebook and the growth rates are not that much different. >> just to be clear, dan, you didn't cover the short yet, is that what we're hearing? >> i would say we currently have a short position, yes. >> the psychology in investing for a name like this, a seasoned technology investor, aren't you

betting a lot in the future more so than other industries? it is technology, a relativity young business, why not give mark zuckerberg the benefit of the doubt that he will get it right, monetize mobile, and make this company everything that people believe it will be and buy it right now? >> you have to look at it this way, i'm sure he will do everything right. the problem is what will you pay for it. that's a different issue. if you can buy google at 15 times, growing at a pretty good rate, it's a valuation question. think about the cash. amazon is a great company as well, right? they reported yesterday. they're investing for growth, they have about 80% of their revenues in the u.s. if you look at facebook, they spent 35% of their revenues on

cap backs. >> that's a very good point, and i'm glad you brought up amazon too, are you a seller into this market or do you like it? are there other areas you would be putting money right now? >> one of the names that preannounced yesterday at the same time that facebook was releasing their results was lou. the media company social security a space we like. there are all of these ways you're consuming media. we own disney, we like that a lot. we own lyon's gate, aol, believe it or not they have beaten the last three quarters in a row, and unlike facebook you're

getting a great valuation on that. we like veriphone. in general we don't like the market, because i think scott brought it up earlier. it's great if the stock market is up, but it did pretty well in 07 as well and we know what happened in '08. so until you tell me the economy is better i will play it more cautiously. >> great insight, thank you so much. dan niles, so mark zuckerberg, is he the best person to run facebook? some say he should step away. we'll have that later in the program. >> a few minutes to go before the weekend comes for wall street. >> we're holding on to this 207

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the do you is up around 200 points here. many of the home building stocks are doing great today, but the home ownership rate is around the lowest level in a decade. what is behind the disconnect? we have the details with diana olick. >> yes, the home ownership rate is around 15 year lows, but the number of vacant homes is coming down. existing home sales were up in the first half of this year. the realtors have shot put out official numbers yet, but looking at the raw data we know that is the case. home ownership is down from 66% to 65.6% now, and it's hoovering around that lowest rate since 1997, so why is a home ownership rate not move something investors are making up 27% in

sales and more. so investors don't occupy the homes meaning they don't move the home ownership numbers. they are not included unless the home is owner occupied. the rental vacancy point is down to 6.2%. renter nation is raging on which gis more pricing power to those renting out. again, rents will be going up. for more, of course, we're going to realtycheck.com. >> the home builder index is up more than 7% over the last month. is it too late to get in on this strend in on the deck nick kal side of things, we have jc

ohara. let's talk numbers here, how does it look to you? >> it looks great to me. it's up 70% since november 2011 lows, and we think it's going higher. if you look at the chart, we spent most of this year in a range between 19 and 22. if we look at the longer term chart, we will look at a multiyear kwhart. we saw the housing double crash, we saw multiple points around $19 or $20, and now we're coming up to another level of resistance, we think we can break that and get to a 2008 high. >> so you want to buy here? >> absolutely. >> as it gone up too far too fast? >> new home industry has bottomed from peak to trough it

fell 80%, it crashed. i think there's longer to a economy. so yeah, maybe we have a few extra dollars upside, but i think it's still going to chop around for years to come until we get further into the inventory above us. >> that is the reason that price vs. not bottomed yet. jc, is there a company that looks particularly good to you? >> yes, not everything will move up together, but some of the companies are better suited. dr horton had a giant crash. it is up 120%. we start a series of support. we think it's up to support. the current momentum will left it and that is the 2007 high. also want to point out $25 is

roughly 50% retracement. we like it right here. >> thank you, so much. always great to have you on the program, thank you. >> the dow jones up 215 points. we have about a half hour to go before the bell rings on wall street. the former ahead of auls taking issue with a call to break up the big banks. >> i happen to believe that because we're in the risk business you have to be very diversified. >> would that make the industry more risky in both sides of that are up next. now your tax dollars are set out to bailout farm losses from a one in a generation drought. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab...

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>> welcome back, we have a market holing on to the triple digit gain.

look at where we stand here, stocks rallying today on increasing hopes that central bankers in the united states and europe will provide further progress in the coming week. the dow is pushing for the first back-to-back gains of at least 200 points in over three years. health care, industrials, and financials leading the charts today, the health care index at a record high. sandy weill called for a break up of big banks this week. the idea has not resonated well with all bankers. >> why shouldn't we provide those products to customers. sandy says these products are risky. can you please tell of the risk?

>> joining us now is dick bove who agrees with him. dick, i'll go to you first, you essentially say there's no good reason to break up the banks. why do you think it works in it's current form. >> let's look at the biggest banks in the united states. it makes more money in any but five companies in the united states. we'lls far go makes more than general electric, walmart, and coca-cola. if you look at city group, there is only 17 companies in the united states that make more than $10 billion a year. citi group makes more than pfizer and merck. you're talking about breaking up companies that are the most successful in the united states, and that basically employ a million people. if you take the top four in the

country. let's look at the little banks. they day at the rate of one a day, and they've been doing so for 27 years. there's companies and thousands that are gone, if you look at the financial companies, why are all of the big auto finance companies. they don't exist. why not? because their business models don't work. >> you run down a laundry list of all of the reasons of why the stock prices should be through the roof and their not, why? >> people don't understand what i just said. if the company you're investing in, jpmorgan is selling least half of their book value, and they were making more company than any other company in the united states, why wnt you want to own it?

would you you think they're half of the book value if they're making more money they coca-cola, pfizer, and merck. what are the problems with the companies employs hundreds of thousands of dollars. >> the problem on the other side is that taxpayers had to deal out some of these guys. >> very simply, there's no evidence that any bank's balance sheet with more they $400 -- when i listen to kick talking, it's very short memory for them to be the most profitable companies in the world. in 2008 they were on their back. >> not all of them. >> j.b. morgan didn't need the money dwb they? >> they would have gone down with the ship. if nobody was touched, it would have taken them down.

not because they were incompetent, but they're all intertwined and they all would have flushed down. the other problem is some of the reason these big banks are so profitable is they have their hands in the pocket of government and they can manipulate government through lobbying and through campaign contributions, and so you have 31% interest rates, you're not marking home equity lines of credit, second mortgages down to zero, and you're allowing proprietary interest between dark market otc derivatives to take place on these balance sheets. not a healthy financial structure. >> i would say everything he just said is incorrect. >> we'll disagree then. >> first off in 2008, jpmorgan bailed out two companies.

washington mutual in 2009 and bear sterns in 2008 -- >> they put up $29 billion in 2008 so they could bail out -- they -- that's ridiculous. >> jpmorgan bailed out two companies. they bailed out a company that was failing, and if they had not bailed it out, the united states taxpayer would have to pick it up, the united states taxpayer made a fortune on this business. according to tim my geithner, he says they have the a $20 profit. if you look at the profits of the federal reserve, they have jumped some $60 billion a year. >> that's right they have. >> without going back to the financial crisis -- gentleman,

this is a conversation that will obviously continue to take place, we hope you come back to talk about it, thanks very much. have a great weekend. >> we have 20 minutes before the closing bell sounds and a market that's holding on to the big gains today. >> are we rallying for all of the wrong reasons? >> and barney frank came on the show yesterday. >> what are the adults going to enter the room and you will talk about the important issues that have all of the american lives. >> barney frank, spitzer, and maria, lunch, next week. >> we were looking at if the volcker rule can work or not, and somebody here says the banks are playing dumb here. i'm not so sure, stay with us on

that. >> first, before we go to break, the dividend, which stock is outperforming this year? american eagle, hot topic, or zumiez? the dividend pays off after the break. he's, he's on my back about providing for his little girl. hey don't worry. e-trade's got a killer investing dashboard. everything is on one page, your investments, quotes, research... it's like the buffet last night. whatever helps you understand man. i'm watching you. oh yeah? well i'm watching you, watching him. [ male announcer ] try the e-trade 360 investing dashboard. well i'm watching you, watching him. syou know, i've helped a lot off people save a lot of money. but today...( sfx: loud noise of large metal object hitting the ground) things have been a little strange. (sfx: sound of piano smashing) roadrunner: meep meep. meep meep?

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>> just before the break as part of the dividend, we asked which teen retailer stock is outperforming this year? now the payoff. hot topic that shot up more than 45% year to date. >> welcome back, we had a market flash right now, let's get to brian shactman. he is with us with news on duke. >> the drama, if you will, getting more dramatic. two board members stepping down today, teresa stone and john baker. they basically said they want the board to immediately put in place a process to find a new ceo to replace jim rogers, they're unhappy with getting rid of jim johnson. >> thank you, were heading into the final stretch here, major

averages staying in the green for the week. according to thomas roiters, 67% have beat eps, but only 40% beat on revenue. >> so the market is still rallying, and that's all about banking on future bailouts. we have quincy crosby with us, do you get concerned that the market is rallying for the wrong reasons because of the economic story is so weak? >> yes, not fundamental, but the dat that are getting less bad, you may not say they're great, but they're getting less bad, and at the margin, that could play into investors thinking. things will turn, it could be a

powerful short term rally. >> you have a red light which is europe -- >> they just gave a green light. >> secondly is the economy and profits. the economy numbers this morning were sluggish and sloppy. some parts good, some parts bad. not a very robust report, scott. and thirdly is the yellow light, the profits and the economy, and the green right is the fumes, running on empty was a song in 1977 and that's what we're running on is the fumes, the hope that the matter from heaven that we hope will fall next week, and then september 12th is the other fed meeting. so we're -- this is all, as you all framed in your opening comments, this is all hope and expectation, this is not reality. it's a dream. >> it's a reality if we get the

stimulus. will we get it, probably, right? >> maria, this quarterly report number that we just got the advanced report, 1.5%, we think it reduces the chance they'll do something next week. >> but it was also good that the ten-year yield that had literally refused to september any positive data, finally the ten year yield managed to work it's way up a little bit today. one of the first days -- it was a quick move. and it was absolutely when those numbers came out, as slow as they were. >> and watch gold. >> yeah, gold was telling you that investors believe you will see stimulus in europe and the united states. >> is the that what the ten year is saying? >> it's saying maybe the things are better, but it's not good enough. >> i wonder if draghi took the

fed off of the hook? >> it will be europe driven next week, you have big two events of this week were the gdp number, and the olympics opening in london, and number three, was your interview with barney frank. it was phenomenal. all of the people watching should go on cnbc.com, click on your names and watch those interviews, you were phenomenal. >> you can't get on, it crashed. so many people were looking at it you can't get on, it's a fact. >> i notice they have it -- >> quincy, stay up and do it at midnight. >> thanks, you guys, have a great weekend. >> we have about ten minutes to go before the wall street is on weekend. >> investors continuing to bank

on more stimulus, will this crashing back if we don't see new action next week. these expectations have risen. >> they have, have we all been zuckerred? someone here says he should step down. the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one that's working to attract businesses and create jobs. a place where innovation meets determination... and businesses lead the world. the new new york works for business. find out how it can work for yours at thenewny.com.

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welcome back, this rally keeps rolling on despite very collegish earnings. >> the real question on investor's minds is is this rally sustainable ahead of the july unemployment report next week. there is a buy imbalance at the close, 5 million shares to buy of ge, you have real big blocks for some of these large multinational companies. we'll see, we may close higher

than we are now. >> you get the feeling that what has happened that no one wants to be short ahead of the ecb meeting given that expectations have been ratcheted up tremendously over the last 24 to 36 hours. >> absolutely, with all of this rhetoric one billion dollars worth to buy right now on the markets. there is an imbalance on the upside here. next week, huge. we have the ecb meeting on wednesday, federal reserve meeting on tuesday, employment numbers out on friday, i don't know, is it a sell on the news situation, or a buy on the news. >> tuesday, look, i really think what i just mentioned to our guests that were just here, i really feel at this point that the ecb may have taken the fed off the hook from a market expectation standpoint. i don't know what they will do next week. >> they keep taking the white house off the hook.

>> the 1.5 print on the gdp, you don't think they would act on that, not bad enough. >> but it's not good. anemic growth, and a lot of people think it has to be revised downward anyway. that may be not bad enough, so it doesn't move the fed's hand next week, maybe we see it in september. >> three-day winners at&t. alcoa, merck, and caterpillar. >> and barney frank and maria went toe to toe yesterday on the "closing bell." >> it's not impossible to tell the difference, the banks know what's what. i'm sorry, let me finish. is the line between proprietary

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"closing bell." you have all of the stats, closing countdown right now. we're back on the floor, what's the deal here? do people not want to be short ahead of the meetings next week? >> yes, the key under lying all of this is there is a huge short position in the euro. people were talking things like parody going from 122 to 1. people are saying we might have a solution to the problem. panic set in and that changed all of the asset markets. >> the ecb and the federal reserve said we're going to be there. i'm wondering if the ecb action will include something to keep rates at affordable levels for space. we know what sets this market off. every time we see the spanish ten year break 7%, we so a selloff in equities. he mentioned including rates.

this is market action, so can they do anything to keep this ten year? >> there was an article in the economist that said one of the steps they may take is to peg the yields and say look, we're not going to let spain and italy pay 7%. we will guarantee they don't pay more than that. >> enjoy the weekend, maria will get ready for the second half of the bell at 4:00. >> i'll see you at the close, bye. >> this seems to me to be an issue of credibility. it seems they my finally have credibility. >> scott you're 1,000 per sect correct. they have to get ahead of the markets. they want to see support for the bond yields as art just said, they want to see support for the banks. we got this program for spain. it goes through the government,

it will be on their balance sheet regardless. now they have to support the bond markets, and part of that credibility is getting ahead of the markets, not letting the markets be in the driver's seat which they have been all year. the markets would sell off and that would cause a little rhetoric. let's not forget greece. those yields have risen again this week, back up to 27% for their ten year. they have to get cracking and doing reform measures to get that money which they need, scott. >> they have let them down on so many occasions leading up to now. if you believe the market is is going higher from here, what do you want to do? >> i think you want to own some health care and energy. oil has been down, we would like so see energy in the portfolio. it's weapons of mass destruction companies and weapons of mass destruction partners. >>