which you throw money. >> property is owning either a horse or a yacht. >> thank you. on that uplifting note, everybody, we always hope you get to own a yacht some day with a horse on it. thank you for watching "street signs." >> good luck on the powerball. i'll see you guys at 4:00 eastern. i'll be joining the crew. hi, everybody. we enter the final stretch. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. we're in danger of hitting a three-day losing streak, scott. >> we are indeed, maria. scott wapner in for bill griffeth. he's back tomorrow. stocks in danger, as maria said, of the three-day losing streak. is this a healthy pullback, or is something bigger going on? that's certainly what we've been watching today. it is the worst three-day streak in some two months. the second-worst three-day streak of the year. >> but, scott, the worst we've seen throughout this entire bull run since last november was,

what, 3.5% sell-off, at best? that's been the correction? >> exactly. look, the other day, the dow had its worst day since, like, june 28th. >> yeah. >> it was only down .3%. >> what do they do, they bought on the dip. >> they did. the question is, will they this time? >> will they this time? the investors are waiting on a flurry of major earnings an hour from now, groupon, tesla, some battleground names there. we'll have the news first and the analysis of the stocks as investors react after the close tonight. >> yeah. international soap opera playing out on the world stage. president obama announcing he's skipping a planned meeting with russian president vladimir putin in moscow next month. this, of course, in response to mr. putin taking in nsa leaker edward snowden, but as the president stands up to a global bully, a warning that it could come at great cost. we'll have that story, too. >> the developments keep coming from russia. let's look at wall street as we approach the final hour. the dow is now down about 51

points, as we can see. it is bouncing off of the lows, reached really in the morning hours. we are looking at a decline of 52 points. we'll check the nasdaq, where we're seeing declines there, down 11 points. 3,654. the s&p 500, looks like a similar chart pattern across the board here, bouncing off of the lows on stand & poors, down about 6 points at this hour. >> who else, but bob pisani on the floor all day with the traders. bob, will we have this three-day losing streak, or will we turn around in the next hour, the final, the most important, and often the most wild? >> reporter: we don't seem to have the energy to pull it off. but 53 points is not far. it could easily happen. i'll tell you the major story what i'm impressed with is the federal reserve. in the last few day, it's made very clear -- put up the dow -- the hawks, the doves, the moderates, everybody seems aligned. sandra came out in the middle of the day, the head of the cleveland fed, added her voice, said she's inclined to taper if the data keeps continuing as it's indicated.

the market shrugged that off and interest rates are not moving to the upside. so the market's fairly calm. let's loot at the earnings situation. i know big names are coming out. we're moving towards the end of earnings season. everybody beat up on disney because of "the lone ranger," but "monsters university" was a big hit. cable fees up. cash sales at espn were up 11% for the quarter. the numbers were great ex-"lone ranger." disney was the fourth best performing stock this year in the dow, up about 35%. so give it a little bit of a break there. wellcare, up, and time warner not doing too well here in the middle of the day. we're at the end of the earnings season. almost 90% are reporting. basically the ones left are the retailers. they have another month left on the earnings situation. 4.6% earnings growth. that's fair. revenues down 0.5%. that's hardly changed the whole

quarter. it's been negative the whole time. the outlook for the whole quarter, up 4.3%, about where we are now. we would have been much higher on the earnings report if it wasn't for three companies that really disappoint and dropped the numbers. google, microsoft, exxon. exxon just killed things. scott and maria, we would be closer to 6% earnings growth if those three -- if those three companies would have come in in line rather than below expectations. it shows you how the big-cap names can move around what people think of the numbers. back to you. >> it skews the whole market. thank you, bob. we are about an hour from the close where the dow and the s&p 500 are on track for the three-day losing streak. joining us now in the "closing bell exchange" anastasia, jason, steven wood from russell investments and brian. good to have you all. thank you very much for joining us. anastasia, let me kick it off with you. what would you be advising clients to do here, after the year we've had with a market that is showing such volatility? >> yeah, thanks.

it's not that the market is taking a little bit of a pause here, because we're processing all of the data we're getting from the economy, but also all of the information we're getting from the fed. i think what's really key here to note is the preponderance of the evidence is shifting towards the defendant here. the defendant being the fed and the plaintiff being, well, the market. and that's really for a very good reason. you know, the data is improving. so it's not a surprise that the fed is starting about tapering here -- start talking about tapering here. so we have to take that in context and realize there's some very good fundamentals backing it up. so rising rates do not necessarily derail the story here. >> although, steven, there is talk today as we look at the three-day losing streak that the market, despite everything that's been said over the last couple of months, is still not ready to accept the fact that the taper might be coming and might be coming soon. >> well, i think it's priced in. may 22nd. i don't think chairman bernanke misspoke. so september seems to be the high probability event meeting. by the end of the year. but the bond market has moved up to 75, 100 basis points, which we expected.

so that's priced in. so i think the market will turn the gun touret around. >> steven, do you really think -- it's august 7. do you think we'll see the fed begin the tapering in 30 days? >> i think the fed is going to change the language. i think they're going to kind of grease the skids a little bit. and what happens, i think, is going to be more important for the next chairperson of the fed and what she thinks about how to do this. if you look at the bernanke fed that wants 6.5% unemployment, if it's a yellen, it's a five handle. getting 2.5% inflation, 4.5%, 5% nominal gdp, that ain't going to happen. easy money for a while. >> yeah, the data from my standpoint, you're right, anastasia, things are getting better, but we're talking about unemployment persisting. the corporate sector, while the healthiest it's been in a long time, uncertainty looming. >> corporate growth -- or

growth, itself, the gdp numbers weak. byron yesterday on cnbc saying that there's no way that the economy is ready for the fed to pull back. >> we're looking at this is a yield normalization process. and in that normalization process, then we can go back to worrying about the economy and earnings, which is what we're supposed to do at investment managers. >> the key here is -- >> one of the things we're not talking about -- >> -- is supporting the notion that fed will taper sooner rather than later. if you look through the minutes we've gotten the last -- the last month or so, you see that the majority of the members actually agree that we've had cumulative improvement in the economy, and in some cases cite it as substantial, some cases considerable. but at the same time, the majority of the respondents are saying more improvement is needed. i agree with you. it should be a multistep program to get there ultimately. i think a part of it, the first leg is priced in, where the market had to get comfortable with the notion, by the way, we can reduce purchases. the next leg of it is going to have to be, by the way, we intend to reduce purchases. so that's -- that's another leg of the adjustment. >> who was jumping in there, was that jason?

>> that was me, yeah. >> yeah, go ahead. >> one thing that has not been talked about very much is the fact that the treasury issuance is actually declining because the deficit is shrinking. the fed may actually be in a position now -- i know bernanke is denying this, but i believe the fed may be in a position that in order to remain as stimulative as they are now, just to keep things even, they have to taper to match the decline in treasury issuance as we go through the next year. >> brian, so if it's going -- if it's going to be a little more difficult perhaps to make money in the second half of the year, it must be a stock picker's market more than ever. >> very much so, and, in fact, scott, our work shows the correlations have fallen pretty dramatically. i think a lot of investment managers have missed that. we also show through our work that the top 50 institutional investment management firms in america have been becoming even more so tracking their error very closely in the benchmark,

meaning they're hugging the benchmark. and they are indexing, meaning they are worried to give up the gains. i mean, common sense-wise tells you that the market has to have a little bit of a respite. we're up 20%. it's august. this is very normal. we're talking way too -- we're putting way too much into the notion that this is already priced in. we are in a real reactive market, folks. and the minute the fed starts talking about tapering, we're going to see some volatility in the market. >> yeah, we are. >> what's the alternative? i mean, brian, you know, if i want to take money out of the market now because i'm afraid of tapering, where do i put it? >> well, again, maria, we've never been one that wants to time the market. we think stocks are much higher five years from now. but we think the market's already hit its high for the year. so there's nothing wrong with taking a little bit off the table here, holding some cash, shorting your -- shortening, i'm sorry, your duration of bonds, being more diversified. but the bottom line is the

majority of institutional managers in the u.s. have underperformed. so there's going to be some volatility if and when we see prolonged market weakness, they're going to take some profits. >> but, steven, and to maria's point and brian's point, maybe the gains have been made here. maybe it's time to look outside the u.s., emerging markets and elsewhere, for better tonight and for better values. >> valuations matter. so the market looks fairly valued. that's a loaded state. it looks fairly valued in the u.s. small-cap space, russell 2000 up over 25% year to date, 20% in the russell 1000. those are good returns. the emerging markets, international, look at that globally diversified multiasset strategy. so take out all of the above, throw in the list of infrastructure, again, long-term investment, valuations matterment but the stock picking, i think, as those correlations come down, picking better securities in a challenging environment is going to be more important. >> so valuations matter. so, what, 16 times? >> to get up -- >> what are we talking about now in terms of the s&p 500?

15 times? >> i think you could get multiple -- >> -- ballpark of 16 to 17 times. >> 16, 17. >> one of the things -- >> the high end of the range. >> 16, 17 times -- [ overlapping speakers ] >> so people like jeremy talk about multiple expansion. >> i'm sorry, jason? >> yeah, if you go -- if you start going to broad, you look at, you know, emerging markets. this is the most hated asset now within the global spectrum, trading at basically ten times earnings, sort of levels '08-'09, and they definitely have their problems. people are afraid to catch the falling knife there. i argue that the story there isn't through as far as the emergence of many of the markets. maybe not the bricks, but maybe the next level down. and you look in europe and just developed markets, the valuat n valuations there are still 10% discounts to where they should be longer term when equity markets in the u.s. are arguably 5%, 10% premium with where they should be long term.

>> i just wonder, brian, you know, where within the market -- where are the best places to look? you cannot just, you know, the rising tide is not going to lift everything from this point forward. >> yeah. >> where are the best opportunities lie here? >> well, first of all, we get really worried when people start talking about buying stuff on valuation. i think sometimes you get into this valuation trap type of situation where you have a numerator and a denominator. the problem we have trying to make a broad call on the bricks or europe is you don't know what the denominator looks like the next two years. we don't see the growth there. we think they're close to value traps than growth opportunities. in the u.s., we want to be in financials, industrials, and tech because the denominator there are the most consistent earnings, and we think financials in particular are in a great position the next two, three years, especially where interest rates are and the yield curve is. >> hmm. so one thing that was just said on the panel about europe, would you buy europe right now? >> stock-by-stock basis, yes. >> i think europe absolutely is

the catch-up trade. look at the trades in june, and so far for the quarter, it's "catch me if you can" trade, so to speak. >> brian, you said, you don't want to look at something with valuations. you want to look at where the growth is. jason, would you buy europe here? >> europe to some degree, and also selectively within the emerging markets. i think there's some great companies out there that have been trounced this period, and they are longstanding companies that will be around for a good long time, and are trading at significant discounts. >> all right. thanks, everybody. appreciate your time. thanks, steven. >> thank you. >> we're in the final stretch of trading. 45 minutes until the closing bell sounds for the day. we have cut the losses in half. the low down about 97 points earlier. looking at a decline of about 40 points on the dow now. >> yeah, the market still seems to be trading on the fed and taper talk. more than ever. and with the talk that that'll happen in september as investors are getting even more jittery, but is it justified? that's next.

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all right. we have about 45 minutes left in today's session.

here's how the markets are doing right now. take a look at what the dow is doing. it's cutting its losses and actually is only down 38 points now. we told you this is the final, most important, and often the most crazy hour of the trading day. >> ah-ha! >> the nasdaq is still lower, as well, by about 9 points. s&p 500, as you look on the screen, is down .25%. >> and we hurt from art who said it's neutral in terms of the bias going into the close. i said, why is it so quiet today? he said, maria, it's august. the weakness in stocks today, yesterday, largely being pinned on talk from fed officials that they may ease up on the stimulus as early as next month. in fact, japan's nikkei overnight down 4% on that talk. >> but are investors and traders right to be pegging so much on what the fed may or may not do? with us now, greg, the u.s. economics de s editor for "the economist." and rick with us. rick, i know what your opinion on the fed is. >> and on taper.

>> but do you think that the economy is ready, in part, to byron wean's point, that it's not to pull back the stimulus at this point? >> yeah, you know, i think it is time. but not necessarily for the reasons or lack of reasons of byron. i think that when i look at the economy, if my answer is, if the fed tapers or they shutter their programs that the economy is going to suffer, it's going to slow down, to me, the real issue isn't that. the issue is what is the normal, what is the sustainable growth rate of the economy, and how will that be affected in a bigger picture? in other words, if this is close to the new normal with regard to issues like jobs and issues like wages, then i think the fed's programs have gone on too long, addressing the new normal, and the balance sheet is too large. in my opinion, we don't have an idea about the true sustainability or durability about the economy, because the

only message we're getting in this regard in many ways is distorted, and that's equity prices. >> so, greg, that's basically what rick has been saying for sometime, that he does not want to see this manipulation, the fed really controlling everything. but let me go back to scott's initial question, and that is about the economic data. >> yeah. >> given what we know in terms of the anemic recovery, can the fed step away as early as next month? >> well, i think the key is, they can start to step away, but they can't take away all of the stimulus. the fed knows that. that's why the september initiation of the taper will be a baby step. i think what is interesting about all of the fed commentary you've had, charlie evans yesterday, sandy pinalto today, looking for reasons to start that process, looking at a glass half full on the economy, not a glass half -- >> greg, what does the fed -- you said the fed knows they can't do that. enlighten me. what do they know, which is the reason you're referring to, why they just can't shut the switch off. >> because the economy, the

economic recovery is still evolving. >> you don't believe the stock market and the economy are doing as well as the numbers on the board at 15,479 say. >> the fed is trying to aim their policy -- >> that's not what i asked. that's not what i asked. do you personally believe the economy -- do you believe the personally believe the economy is as strong as what's represented by the indices. >> no. >> no, i don't think so either. that's how i feel, too, greg. >> let me add a point here. the fed is not looking primarily at the stock market as their signal about whether or not to move. >> so they say. >> they're looking at the labor market. the point is we've had progress. is it as much progress as anybody wants? no. but they are thinking a year or two from now when we are finished this process of tapering, where will the economy be, where we want it be? >> so seven years. it takes seven years, okay. >> rick. rick. what is more reflective of where we really are? is it 15,479, or is it 1.8? >> well, i think since they

dissed the gd report and dissed jobs, i would say the two areas i would find most important in terms of barometers about the economy have fallen out of favor, because they don't march in the right direction. i personally think, yes, jobs is underperforming. i think the economy, as demonstrated i go gdp, is underperforming, but what i would question greg about, do you think the fed is having an impact on unemployment, or is it just the five-year improvement that would have occurred in large respect regardless? >> that's an impossible question to answer because you have to do a -- >> indeed it is. indeed it is. [ overlapping speakers ] -- fed strategy and -- >> ron, jump in here. let's -- >> i was having so much fun listening, maria, i don't see the point. >> we can keep going. >> i'm sure you don't. >> well, what -- listen, here's what i think. you know, we don't know a lot about deflation, and the world faces more deflationary forces than inflationary forces. the federal reserve, in addition

to looking at labor markets, in addition to looking at gdp and other measures of growth, has done a great deal of work on the impact of deflation on big economies like our own. i think that some of this taper talk should be put to the side until the fed actually knows what it's going to do. they're confusing the markets now, as individuals position themselves for the post-bernanke era. but perspective, irrespective of what the fed is doing, needs to continue with the program because it is fighting in the larger sense a deflationary wave that swept over the globe. so i don't think that it's beneficial to pull away quite yet, even though i think there are sectors within the economy that are considerably stronger than most people want to give it credit for. >> yeah, ron, i want to make one point here. ron, i totally agree with you, you don't want to pull the whole program away. but what we're talking about, if you look at, for example, steve

liesman's survey -- fed survey, the market's expecting them to go from $85 billion a month of bond buying to $65 billion. so they're still in the market buying bonds, just a little less. my own view is that if they -- if that number is wrong, they're more likely to dial it back more slowly. maybe only go to $75 billion. but the key point is, i think that since you kind of cross the stream by feeling the stones, the fed similarly starts this process with the tiny little baby step, precisely for the reasons you point out, ron. they don't know exactly whether the economy can 23fully take it and if they conclude that it can't take it, they stop, or perhaps move back in the other direction. >> from my perspective, i don't care one way or another if they go in september or december. i wish, though, that individual fed officials would stop sending messages after ben bernanke comes out and says, listen, we're not necessarily close yet. then you get dick fisher, sandy, charles evans, who previously was a dove, comes out and says, oh, yeah, we can start in september. this is unnecessary volatility.

they are having an impact with the mortgage rates. they're affecting the real estate, which is what ben bernanke said they don't want to do yet. >> when you have nonvoting members piping up. >> yes, excellent. and even worse. >> heck with the democratic process! throw it out the window. >> that's not what i'm saying. >> all right. >> changing the conversation, as we wrap this up, rick, before we go, we want to ask you one more thing. in light of the twitter revolution special on cnbc tonight, how is it possible that you've never tweeted, you don't follow anyone, and yet you have more twitter followers than scottie here. how often do you tweet, scott? you're tweeting all the time. >> we're neck and neck there, rick. >> you have 15,000 followers. >> i've never been able to say anything in 140 characters or less. so maybe we'll monitor when that gets expanded a bit. >> imagine if you did tweet. you would get those numbers up. >> there's no volume on twitter either, rick. >> and no one to argue with.

you can't just say your stuff and not get -- >> no, i guess we just answered that question. discourse is even better. >> all right. we'll see. maybe at some point, rick, he'll surprise us and send out a tweet. tonight, don't miss the special, cnbc, "twitter revolution." maybe you want to tweet about it, rick. >> yeah, you know what, if he makes a tweet, his first tweet -- >> do it on the twitter revolution. >> do it about the twitter revolution. santelli, i'll follow you, and you better do that. >> i'll follow you. i'll follow rick. 35 minutes before the closing bell. a market is under pressure, down about 45 on the dow. we had been down about 97. >> up next, yahoo! changing its logo, and it knows what it will be, but it won't tell us, instead showing us the ones they chose from. we'll get to the bottom of the unique rollout up next and find out how the experts are reading this stock. and then, the 3-didn d prin

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yahoo! will release a new logo in a month, but not before showing you the ones that didn't make the cut. jane wells has that story. jane? >> reporter: ooh!

scott, you know how, like, if you lose a lot of weight, you look great, you want to get the whole wardrobe? well, if it is indeed a whole new yahoo! it needs a whole new logo. ♪ so what the logo is going to be remains to be seen. the company is teasing us with potential looks over the next month, in this youtube video, owned by google. the official new logo will be unveiled september 4th at 9:00 p.m. pacific, midnight on the east coast. rosh hashanah, not sure why the date was chosen. they still favor the color purple and it will still have an exclamation point. maybe they'll bring back the yodeler. they says as the company evolves, the logo should as well, announcing on tumblr, which it bought for over $1 billion, that the new logo will be a modern redesign but keep the fun, vibrant, welcoming characteristics. the logo you see there, it's going. while it may not be clear what

yahoo! is evolving into, its stock has evolved into a winner, up nearly 40%, and outperforming google. scott and maria? >> jane, thank you so much. this is a cosmetic change for yahoo!. but the company going through a pretty significant overall change since marissa mayer took over one year ago. the stock has been on a steady climb. is it a buy at these levels no matter which logo it chooses? let's look at yahoo! and talking the numbers. on the technical side is todd gordon with tradinganalysis.com, and on the fundamental side is pat dorsey. good to see you both, gentlemen. pat, based on the fundamentals, do you like yahoo! right here? >> no, i wouldn't touch it with a -- the proverbial ten-foot pole. >> why? >> you have a declining ad display business, half of the market share of facebook and google with no ability to personalize or target. and ownership stakes in japan, trading respectively at eight times and five times sales, very richly valued. so you're buying a crappy domestic business and overvalued international business.

not a good recipe. >> todd, what about the chart? how does it look? >> i don't know if it's quite that negative. it's had an amazing run, up to $30.25 mark. if you look back at a long-term chart, that was the old high from february 2008. and, you know, being at that level is significant. then, if you move down to what's happened on the daily chart, an interesting reversal pattern now, an island reversal. what happened was we had a little gap-off on alli baba upgrade, it hug around the low level, and a couple of weeks later gapped down on news of a buyback from when a board member stepped down. that pattern within the context of that weekly level, i think, is a bearish reversal pattern, so the technicals over the fundamentals, i would push back around the 24, $23 mark. >> so it sounds like you're both sellers. >> i'm short the stock now. i have the position on just for that $24 trade. >> but -- >> yeah. >> you have to believe that things have gotten better on the fundamental side, pat, you know,

in the last year. >> no, there's absolutely no reason to believe that whatsoever, maria. yes, the employee count has gone down from 14,000 to 11,000. but revenue hasn't improved. buying tumblr doesn't solve the personalization issues whatsoever. the sole reason the stock has gone up is that ali baba and yahoo! japan are more valued today richly than they were a year ago. it has nothing to do with the core yahoo! business which is just as bad today as it was a year ago. >> all right. gentlemen, thank you very much. we'll watch the yahoo! story. appreciate your time tonight. >> thanks. 28 minutes to go before we close it up. take a look at what the dow is doing here, down 42 points, the s&p 500 negative. we're well off the lows of earlier today. up next, handguns, engines, spoons, a few items being printed by 3d printers. not on a piece of paper. these are guns that you can shoot, engines you can run, spoons you can use to eat. companies like ford and gm are

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so you have probably been to a 3-d movie, but have you ever copied something from a 3d printer, and this isn't a normal photo copy either. >> this is a wild story. mary thompson is in rock hill, south carolina. she's at a 3d systems, where she has seen them make all sorts of incredible things. mary, over to you. >> reporter: that's right, maria. you know, these are definitely not your father's copy machines. as the name implies, these actually make copies or 3d ripplrip replicas of computer-generated design, not unlike the paperweight. in the real world, the applications are driven by the medical community. for example, there's a replica of this skull taken from an mri.

the reason being, the surgeons wanted to get the exact size of the cranial patch that needed to be put on this patient. this was made by a 3d printer. in manufacturing, the clear and black plastic casings of this drill, both of those made by 3d printers. now, modelling or prototyping, like you're seeing, that's the bread-and-butter of the fast-growing $2.2 billion industry, but the real exciting part is in the adoption by general electric, using 3d produced components in its leapjet engine, a decision that the program director says is saving it a lot of money. >> we're saving probably on the order of 50% to 75% in total costs that can be both material costs. it can be labor. it can be the design time. the cycle time savings are measured in weeks and months. >> 3d printers built by an

additive rather than subtracted process, computer generated designs that can be modified quickly, and materials are layered to create the finished products using lasers, electron beams and other technologies. the result, components made of one piece rather than many, made in far less time. now, the possibilities are not solely limited to large businesses. with 3d systems, building them for consumers, who knows how many small businesses may come from individuals with a good idea and a printer to actually make something of it? back to you. >> all right, mary, thank you so much. so cool. so is this the next big thing and should you get in on the 3d printing action, or are the stocks getting a little ahead of themselves? >> joining us to talk about that is anthony of luxe research and ashmik. welcome. >> thank you. >> anthony, it's been around for 30 years. why is it getting big attention

now? it's not actual printing of papers, it's products. isn't that what's different? >> that's right. one of the reasons we're seeing a lot of interest in -- media interest in particular in this technology is over the past five or six years we've started to see consumer levels that can behood for a couple thousand -- be had for a couple thousand dollars or less. the industrial applications are where most of the market is today and moving forward, and we're seeing a lot of technical advances there as well that are very exciting. >> yeah, i'm trying to see what the downside is. and the industry's growing in excess of 20% annually. you've got it being adopted more in automotive, aerospace, medical. goldman sachs, coincidentally, just this afternoon, calls 3-d printing one of eight disruptive themes going forward for a variety of reasons. what's the downside? >> yeah, i think as anthony pointed out, the industry, which started in the '80s, by chuck hill, who went on to start up 3d systems, and if you look at the

independent companies, forecasting the market to reach $3 billion by 2016, twice the market value of last year. and the opportunities, of course, aerospace, medical, longer term, and as anthony pointed out, commercialization of the technology in the lower-end, consumer market, increases the penetration of the market for the open-ended opportunity. >> you know, if you look at what the stocks have done, they've all made good gains over the last year, a couple are up 70%. one of them is up 100%. it's not like the valuations look especially out of whack, except x1's is, i think, over 100 times or so. can the gains continue? have the stocks gone too far, too fast? what's your read here on that? >> yeah, the two dominant players in the 3d systems, historically traded between one and two times in a forward priced to earnings growth, and applying 1.5 peg, giving a fair

value for 3d systems in the high 50s, around 60, and 100 for stratus'. and near term, the companies can report 20% in organic growth and 35% overall growth and margin expansion should support the valuations at these levels. >> so, anthony, you're expecting this business to be worth $8 billion by 2025? is that the revenue number you're expecting? what drives growth? >> that's right. and what's driving that growth is both expansion of existing applications, primarily prototyping, but also expansion into new and emerging applications like industrial production. by 2025, the consumer market will also grab, and will remain a total minor share of it, and especially aerospace, prototy prototypes, as well as automotive types. >> in the goldman note today, they point out that boeing says

that it 3d prints 300 distinct airplane parts, noting a 25%, 50% cost saving per part. i think we can understand what the benefits would be to corporate america. but for consumers, is this ever going to be a viable technology? are we ever going to go to the store and buy a printer accessible for, say, under $2,000, or $1,000, to have this in our homes? >> well, that depends on what it is you want to print. if it's a standard product like a pen, then probably not. but 3d printers, sell in cases where you want customized goods. if you want a replacement part for an appliance or a vehicle that is no longer manufactured, you might be able to print it more cheaply than you could buy it or get it made. or if you want to customize product, like today one of the largest applications for consumer 3d printing are phone cases where can you add your own graphics, your own design. that is an area where i could see more expansion of consumer 3d printing. >> all right.

we'll leave it there. gentlemen, thank you very much. appreciate your time tonight. >> thank you. >> thank you. >> we'll see you soon. 15 minutes before the closing bell sounds on wall street. we are well off the lows, down just about 32 points on the dow. >> after the break, we'll tell you what to watch for this this afternoon's earnings report. >> after the bell, from russia without love for putin. coming up, we'll find out what the blowback may be for president obama who is still traveling to russia for the economic summit, the g-20, but blowing off his planned meeting with russian president putin. that and a lot more coming up. ♪ "stubborn love" by the lumineers did you get my email? i did. so what did you think of the house? did you see the school ratings? oh, you're right. hey babe, i got to go. bye daddy! have a good day at school, ok?

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all right. the countdown to the close. let's look at where we stand on the street. we're trying to go positive, but we still have 30 points or so to go before we get there. will we make it? we do have 15 minutes, so you do never know. nasdaq, s&p still in negative territory, as well. well, scottie, green mountain coffee's earnings just one of the results percolating now. josh lipton, it's about to get very busy for you, 4:00, when all of the earnings come out. give us the expectations. >> reporter: that's right, maria. big names reporting after the bell. let's do a quick review here. we expect to hear from groupon. analysts looking for eps of two

cents on revenue of $606 million, which would represent year-over-year growth of 7% on the top line. analysts at b. riley had a neutral on this one. saying they're still on the sidelines until they get more evidence of sustainability of a turnaround here. that stock, though, up some 80% this year. also, waiting to hear from tesla. the street looking for a loss of 17 cents of revenue of $383 million. a focus for investors is the company still on track with its goal to deliver 21,000 model s sedans this year? moving on, analysts look for green mountain to post eps of 77 cents on revenue of $981 million. the team over at lazard capital market, they say this one is a buy. they are looking for k-cup volumes to stay in the mid-20% range. finally, mondelez, making of oreo, analysts expect eps of 84 cents. remembering at our conference, nelson said he wanted pepsi to

buy mondelez and spend off the business. pepsi responding, telling us it is sticking with its current strategy. scott, back to you. >> josh, thank you so much. about 15 minutes to go before the closing bell rings. we mentioned the dow is trying to come back a bit, but still down 32 points. >> after the bell, we're talking twitter. when will the ipo happen? should you be ready to get in on the action, or are you better waiting like you would have waited for facebook? stay with us. before global opportunities were part of their investment strategy... before they funded scholarships to the schools that gave them scholarships... before they planned for their parents' future needs and their son's future... they chose a partner to help manage their wealth, one whose insights, solutions and approach have been relied on for over 200 years. that's the value of trusted connections. that's u.s. trust.

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all right. we're about 10 minutes from the close. the stocks still in the red, trying to work back positive. unless we get a big turnaround, the dow and the s&p in the last few minutes, we'll have the third consecutive down day for the market, and the second worst three-day losing streak of the year. >> but not a big deal in terms of the numbers. down about 38 points. we had been down 97 earlier. volume on the light side, feels like the summer august day. >> sure does. >> and with more to talk to us, rebecca patterson, with bessemer trust, and matt, and good to see you both. >> you, too. >> matt, how does the close look to you? what are you expecting? >> firmed up nicely. as you mentioned, down 93. we won't go anywhere. down 39 is a nonevent.

i heard people talking about, we've hit support here in the s&p, and they're calling the bottom. so this is the sell-off that we're getting. if that's the case, that's not so bad. you kind of ride that through the rest of the week. >> what is the sell-off mean? does it mean -- it's the start of a sunler -- a midsummer swoon? you know, is it the fed, taper, what is it? >> it might be. we've had, obviously, we talk about this every day, it's been a huge year. we've had a rally in the equity market, and to have the consolidation, especially in august, with no major data coming out, it shouldn't be a shock. it's always good to say, has the fundamental picture changed? yesterday, we got some very good business confidence surveys out of the u.s., recent days globally yesterday, and valuations don't seem stretched. if we do get more of a sell-off this month, it might be a great opportunity for people to take a more medium-term view. >> and buying on the dip. >> i think we're still in that game, yeah. >> matt, let me ask you about the conviction you see from day to day. look long term for us. where are you seeing the buyers now? what sectors? >> obviously, financials have

gained the most strength. some consumer staples have gained strength. what's funny is most institutional investors, they're pegged to the indexes. they're underperforming. so what are they doing? they're buying momentum. they're buying late. if anyone will make any real money in this market, they'll make a call here. maybe this is a great time too make a call in august. if you think the market might sell off, short a little bit. it's not un-american. you're protecting your assets right now. this is a great time to protect the asset when is there's no liquidi liquidity. that's something i would be looking at now. >> rebecca, maybe it's time to look elsewhere. maybe the gains here in the united states have been gained for the year. >> i don't think so. i think we will see more gains. i'm a little nervous about now through mid-september, because we have so much event risk in september with the fed meeting, possibly the fed nomination, the continuing resolution, a lot of stuff in a little window. but longer term, i still think we'll see higher levels for the u.s. market. but to your point, scott, i think right now what's interesting is that europe has taken the lead. you know, if we look week to date, month to date, quarter to

date, european stocks are outperforming the u.s. and we're seeing that on the back of good valuations and less bad. we can't say europe is good, but less bad -- >> sure, bottoming, bottomed, that's what you hear. >> it's a term. >> coming from such a low base. so would you buy europe here? >> i have. we're overweight european equities and -- >> what about the emerging markets, another area where we saw heavy outflows? >> you know, maria, we can both appreciate this. sometimes things are cheap for a reason. >> right. >> you go to target, you might get something different than saks. look, i don't mean to make a joke about it. i think the valuations in emerging markets are very compelling. but we haven't seen that bottoming out, that turning in growth. i don't see the catalyst for it yet. i don't think you need to rush. >> matt, what kind of stocks look vulnerable the most, do you think, here, from a sector standpoint? >> you know, it's funny, is that, you know, a lot of people like tech in here. i'm not so sure. i think there's certain parts of the tech market that are a little frothy. so you have to steer away from them. you know, we talked a lot about tesla today. that's an interesting stock.

there's two camps in that. it's a great trading story. there will be a winner in this, and there will be a loser. that's the kind of stuff i'm looking for. not particularly -- you know, particular stocks. i'm looking for broader picture. i'm looking what can i trade, what can i make money on on a major move. netflix another one, a tremendous move, and two big camps in that. you can make a lot of money in those two names. >> all right, matt, rebecca, thank you very much. appreciate it. we are looking at the first decline, three-day decline, in about two months. we've got a market that has worsened as we've been talking, down 55 points on the dow jones industrials average, with about five minutes before the bell sounds. >> because there's only five minutes left, that must mean a final countdown is in the wings. >> absolutely. and after the bell, big earnings releases, and we'll have the instant analysis after the numbers are released and that's on "closing bell." stay with us. back in a moment. , we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant,

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executioner. >> yeah. if you were a pro-wrestler, i would call you a executioner. >> i used to be in the wrestling trade many years ago. like maria said, no stock to be put into this. it's just a light trading day. everyone is still talking about some sort of tapering going on. you know, september, october. how big will it be? that's basically the whole -- everything the chatter i've been hearing. >> i guess the question is, do you use this as an opportunity to get in? i'm going to ask you to ponder that. i'm running back to the set. we have a lot of earnings coming out. thank you very much for joining us. see you in the next hour, scott. >> i already pondered it. i still think there's room on the downside. i think there's opportunities everywhere. you know what, i'm going to let the market come back a little bit. i think we've had great run for, you know, over three months. it doesn't bother me that we've come in maybe 5%. >> it's not just the taper, right? we're wondering who the next head of the federal reserve will be. earnings are largely over. there will still be data coming in, even though the volume's light. not many people will be around between now and the end of the month. >> yeah. it will be a slow -- i think the

next two, three weeks, you won't have much going on. you'll have the -- basically, two sides of the fed talking almost incessantly about one taper or another. that's about it. [ bell sounds ] you in the steel cage, you against gordon. maria picks up the next hour of the "closing bell." and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. we had a downer day today for the stock prices. the market down for a third day in a row on concerns that the fed may start paring back the bond buying as soon as next month. meanwhile, groupon, mondelez, green coffee, tesla motors, all posting earnings any minute now. we're waiting on that. we'll have full team coverage. look at the stock's reaction in the extended hours. before that, let's tell you where the market closed on wall street today. the down indus