1947 was demolished to make way for a new office building. >> and i think that's the perfect way to end "street signs," kind of like this hour. thanks for watching the show, everybody. more breaking news on blackberry i'm sure coming up on "closing bell." >> we'll see you then. >> hi, everybody, good afternoon. welcome to the "closing bell." we're coming to you live from the oracle open world conference in san francisco. we have a huge lineup of guests coming your way, including marc hurd, president of oracle, larry ellison, founder and ceo of the company, that's tomorrow. plus we're taking a look at the latest on blackberry. hi, scott. >> nice to see you. i'm scott wapner in today for bill griffeth. he's in tomorrow. today, too weak to taper, the word from a top fed official and that has the market a little

worried about the economy. we really -- after we got through that one day of euphoria, the market had trouble getting out of its own way. >> i think part of the issue, scott, when you think about a weak economy, the next thought is, what does that mean for earnings? we're approaching the end of the third quarter, just a few days away. that's going to be really the opening in terms of what is to come for this economy. if we see corporate earnings take a hit, that, of course, is going to directly impact the stock market. in addition we've got washington and the clock ticking there a little louder now. now a week away from a possible government shutdown over the budget, the potentially far more serious debt ceiling battle also closing in. your money in the crosshairs of a dysfunctional washington with the very latest on how far apart the two sides are. two key lawmakers are here live with us to talk about that as well. >> just when it seemed blackberry was in its darkest hour, fairfax financial offering

$9 a share in cash. so, what's behind the offer for a company that many say has no future at all? we're going to have much more on this late day developing story, maria. >> yeah. in the meantime, let's take a look at the markets. where we stand as we approach this final hour on wall street. dow jones off the worst levels the day. still down in the double digits. down about 43 points on the dow. 15,407. pulling back even further from that record high reach just last week. take a look at nasdaq. we're also seeing some selling here, down about 5 1/2 points on the nasdaq at 3769. s&p 500 reaching an all-time high last week, in the red along with all the other averages, down just about seven points or so. scott? >> maria, stocks are in the red. a fed officialing expressing concern about the economy and one expressing concern about the fed's credibility.

extraordinary stuff. steve liesman has details. it is extraordinary. >> these are extraordinary comments from three fed presidents today. we begin with richard fisher, who said the white house has, quote, terribly mishandled the process for picking the next fed chair. the dallas fed president saying the choice of the next fed chair should not be a public debate and he said vice chairman yellen, one of the front-running candidates for the job to be picked by president obama, is wrong on policy but what make a great chairperson. fisher reiterating his opposition to the current fed policy saying he would like, quote, like to take a little booze out of the punch bowl. i'm not making this up. that's what he said. stop adding to the balance sheet. and he said the fed's credibility is called into question after the fed decided not to taper despite market expectations last week. moving on to atlanta fed president dennis lockhart. said it's hard to see hitting the conditions for an october

taper. the economy is unlikely to change much by the next fmoc meeting. taking his comments as he says them, means december would be the next time he would taper or support that. he worries about the impact of the government budget battle on the economy. and the decision not to taper in september was a close call. economic data, he says, has been ambiguous and the fed did not mislead markets about a september -- about september fmoc taper. he supported the decision in september. maybe saving the best for last here, bill dudley, new york fed president, because he is among the closest to fed chairman ben bernanke, saying the economic and labor market test for tapering was not met in september. he's looking for economic news. tapering is not a decision to tighten policy and tapering is not a signal of rate hikes. three fed presidents speaking. one of them wanting the fed to taper immediately. the other two saying, you know what, i didn't see enough in september and not really sure

they'll see enough in october either, maria. >> good stuff, steve. of course, we know james bullard told us similar comments last week when we spoke to him in terms of that no tapering being a liesman, thank you. more reaction. joining us is anthony chan from chase private clints, samir, kimberly and author of "wealth by design" and rick santelli joining the conversation. anthony, let me kick it off with you. where is the growth in this economy? if it was such a close call and we recognize largely unemployment is an issue here, and these guys feel they have time, where would you say growth in the economy is today? >> the truth of the matter is, the economy is improving but improving at a slow pace. i think the federal reserve will start to be a little more comfortable with the concept of

tapering if we're closer to 3% growth rather than 2% growth. the fact the unemployment rate comes down, i'm not even sure at this point we should really be talking about the fact that the economy is abnormally weak. it's getting better. some might argue not getting better at a fast enough pace but it is improoufring. >> rick santelli, the markets seem to be confused and uncertain at what to make last week with the fed not tapering. do you think there's something of that? feels that way from an equity standpoint. >> confused and uncertain, i agree, judge, only if you're talking about the fed. market, in my opinion, i think investors like to play the uncertainty card. i think it feathers their nest quite well. most investors are making an easier dollar with qe than if it was without qe.

how will the markets respond? consider this. the next time, and there has to be at some point, an end to in program, i think that when they get right back on the highway of tapering, i have a feeling that the ground is going to be more of a gravel road than the surface they should have traveled because the markets weren't ready in many ways. our interest rates have remained relatively steady. ten-year jdp is about 30 basis points lower than its test of 1% about five months ago. >> that's a great point. let's talk about the world right here, samir, because while we're looking at uncertain growth story in the u.s., there's a lot of talk that europe has bought them. some debate about whether or not the emerging markets is a place to look for values here. samir, how do you want to allocate capital? look the entire globe for us in terms of putting money to work

in terms of equities. >> really seems as if europe and emerging markets are a little behind the u.s. so they might be where the u.s. was a year or two ago. emerging markets are up 19% in the last four weeks. you may take a little pause dp take money off the table in those international investments but there will come another time, another opportunity, might be due to tapering or the debt ceiling. i think you wait for a little disappointment to sink in. >> kimberly, your thought on the valuation of the market, where it is right now, whether stocks are still cheap, whether they're expensive, or as warren buffett and carl icahn said on this program last week, that stocks are fully valued? >> i think the markets -- there's still growth in the markets overall. a lot of money on the sidelines and no yield up there. money will continue to flow into markets, no matter what the crisis of the month. i think markets will avert any

kind of problem and bailout will be had and this trifecta of funding, not to fund, tapering. i think it doesn't matter. money will go where it's being rewarded. i think there's a lot more growth in the markets overall. >> you say it will be rewarded? where is that? >> it's going to be in the markets. people should be looking at their allocation, they can stay in the markets long term. be able to buy on the dips. something like chevron where you're increasing dividends in 2009 and it's a 3.1 or 3.0 dividend yield. you've gottened growth there. short-term money looking at -- we're looking at the fidelity high identi

high-yield floating rate with three months duration on there. keeping your money short but keeping your money growing long term. stocks, bottom line, the stocks are the best toll of wealth creation known to investors so we have to be in there to get the rewards of the market. >> thanks. appreciate it. >> i was going to say, one thing you want to keep in mind is rates are higher than they were earlier in the year so you want to make sure treasury allocations don't get too low. we think they're actually a good value. >> we'll leave it there. thanks, everybody. see it soon. with the market down 40 points on the dow, we have a buyout for blackberry in the news today. big story. >> a huge one, maria. a $4.7 billion deal. that's what fairfax financial is offering to take over blackberry at. that's $9 per share. fairfax financial is already the biggest shareholder. can you see by the intraday chart here. that right there is a plus 9%

move on the announcement of that particular announcement. the real issue is if we see another bid come about. we're back to nearly unchanged. a lot of investors not convinced about this $9 deal. you can see over the past few years, this is much more of a worse story for blackberry. overall we know the board and blackberry are trying to seek financing from banks of montreal, as well as bank of maryland, merrill lynch and a lot of deal shakeup talk to talk about here. blackberry is now drifting back towards unchanged on the session. back over to you. >> thank you. much more ahead on blackberry throughout the program. meanwhile, 50 minutes before the closing bell sounds. a market down 40 points. >> apple doesn't seem to have blackberry's problems. it sold 9 million of its new phones. far exceeding expectations. the stock is soaring but still

not at the $500 level. where is apple going from here? >> don't miss my exclusive interview with oracle president mark hurd, we'll get his take on blackberry and a lot more. tomorrow, a rare exclusive for you with oracle founder and one of the wealthiest people in the world, larry ellison. stay with us for that important interview tomorrow right here on "closing bell." if you have the audacity to believe in straight talk,

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survey which confirms, the american people don't want the spectacle playing out in washington. when you ask a straight question, do you want obama care to be defunded, 44% say no. that's a plurality. 38% say yes. then when you say, would you

want obama care defunded at the risk of a government shutdown, then it's lopsided. republican leaders have been trying to head off this strategy because they know republicans will be blamed for it. that's exactly what harry reid did on the senate floor a few minutes ago. >> are republicans so intent on undermining both president obama and signature health care law that they're willing to inflict severe damage to our economy in the process? america will know exactly who to blame -- republicans, fanatics and the house and the senate. >> reporter: we've got a dpu days in which will this will play out in the senate. if all the debates get strung out to the end, that means they would be stripping out obama care provision, passing extension of government funding on sunday and send it to the house on sunday or monday, the house will face a decision as to -- by john boehner, the speaker, as to whether he'll put

it on the floor, pass a straight-up extension with only some republicans or perhaps most republicans opposed. it's going to be a tough decision for the speaker. >> john, thank you. >> here we go again. joining us for real time state of play. >> peter welch a democrat from vermont and circulating a letter in support of the so-called clean bill to fund the government. todd is republican from new hampshire and co-author of a bill to replace obama care. good to have you. thanks for joining us. representative welch, what kind of cuts would a so-called clean bill, and that's a bill that does not defund obama care, what does it need to make in order to pass in the house? walk us through this. bottom line, we acknowledge america pay its bills. we're using this nuclear option with sending us into default,

downgrading our credit rating is something that should be off the table on both side. this question of obama care is separate. it's not going to go away. the senate won't agree to the house bill and president won't sign it. it's a pipe dream we're selling in some districts. we have to pass the budget and acknowledge we pay our bills just like folks have to pay their mortgage. >> representative -- >> what about that? >> i'm sorry, maria. >> i was going to ask, do you agree obama care should be defunded or the government is going to shut down? where are you on that issue? >> you hear him saying it's irresponsible not to pay our bills which all we're doing is racking up debt, people who don't exist, people have to pay for. that's a moral, that is wrong.

what we're trying to do is get spending under control. if peter would vote for us on our budgets, we wouldn't be in this situation. >> if you -- >> instead what peter does -- >> no, no, no, just answer the question i asked you. >> yes. >> i want to you answer the question i asked you respectfully. that's if you agree with this issue of defunding obama care or the government's going to be shut down. it certainly seems like if you do -- >> no. >> you're at odds with the american public at large. even the leadership of your own party. >> everyone i talk to in indiana does not like this law. not because of the president. it doesn't make these more affordable, makes them more affordable. the only one talking about shutting down the government is the president and peter.

i guess harry reid is talking about -- >> we're -- >> and people in the house don't have the ability to shut down the government. >> representative, are you going to use every opportunity -- are you going to use every opportunity to defund obama care? i mean, this is a different area. you know, can you come to an agreement -- >> no, those are all tied together because we're $17 trillion in debt with another $100 trillion on the way. that's caused by having more on our play now -- >> obama care is one of those things that are going to be so costly that we cannot even afford it -- >> representative, if you are going to continue to talk over each other and talk over the questions that maria and i would like to ask you to better inform our viewers where you stand, we're going to get nowhere, okay? let's go one at a time, answer the question and then we can debate it. let's at least have a civil discussion that has some substance to it, please. for everybody's sake.

representative welch -- >> well -- >> -- you were saying. representative welch. >> bottom line, there's a debate about health care. that can go on. is it right to use a destructive tactic? shutting government down, it hurts everybody. it hurts people in todd's district and mine. also in the debt ceiling, people are figuring this out. this is not about authorizing new spending. it's paying bills for obligations already incurred. we have aa million new veterans from iraq and afghanistan. we don't raise the debt ceiling. we don't pay their bills. we don't provide them the services to the va. a lot of policies that were racked up, they were approved by congress, in some cases before todd or i got there. but an obligation incurred is an obligation that has to be paid. the bottom line, we need to move away from nuclear tactics and have a balanced approach, get rid of the sequester, find cuts we can give them, give

flexibility to our managers to implement then in a sensible way and look at our tax codes to see if there's a way to get revenue in a way that will grow the economy. >> the only problem with that argument, representative welch, is that we've been talking about the tax code for years. still, nothing has been done. i don't know what the choice is this time around? and representative, do you have a plan county b" for obama care? what's your plan? >> we filed one just last week. these are ideas we talked about and filed originally the night that nancy pelosi said we had to pass a bill to find out what was in it. we have these ideas. we continue to focus on patient, consumer driven health care through price competition and transparency will naturally drive down costs. initially we take care of people with preexisting conditions through what we call high risk pools. we had these ideas. they were filed against last week. we'll continue to talk about them.

what we need is a partner. for example, in the debt ceiling we filed a bill. got it past the house of representatives that prioritizes our debt. peter wouldn't vote for it. it's all about putting more on our plate and everything. and then making kids who don't exist, having no voice in the matter, pay for it. that's what's wrong. we have to change that in washington and we have to fight for those people that do not yet exist. >> you know, todd, i wouldn't vote for that. your constituents in indiana and mine in vermont, they pay their bill. if they owe the electrician, they pay it. they pay their bills. that's what america does. a confident country doesn't -- >> what also -- >> representatives, we're finished. thank you very much. we'll talk to you soon. >> thank you, gentlemen. appreciate your time. want to send it over to dominic with a market flash. >> financials in particular.

jpmorgan. a report according to reuters citing sources that jpmorgan could be facing or looking at charges gengs against jpmorgan against u.s. prosecutors in california may be announcing charges against jpmorgan for mortgage activity. then a reuters report citing sources. simprchlt p moth jpmorgan had previously disclosed civil and criminal mortgage backed securities investigations by u.s. prosecutors out in california. so, again, more in terms of the legal side of things for jpmorgan. problems this time with regard to their mortgage activities, specifically mortgage-backed securities. we'll bring you more details but for now, it looks like another case may be soon brought against jpmorgan tied to mortgage activities. back over to you. >> dom, thank you. meanwhile, kenyan forces are trying to end the deadly mall attack in nairobi. we have the latest from there. >> reporter: hi there from

nairobi where for several hours today we could see thick, black smoke billowing from the shopping mall that was overrun on sunday by al shabab militants. members, it's believed, of somalia based islamist terrorist group. through the day we've heard exchanges of gunfire and loud explosions as well as this operation appeared to move into a near and dramatic phase. over the last few hours, things have gotten a bit quiet. government officials suggesting that might be a sign of some progress in this operation. today they've been speaking about the final assault. they've been speaking in similar terms for the last 36 hours or so. so far, 62 people have been killed in this attack. close to 200 people have been injured. >> reporting from nairobi, kenya. we have about 35 minutes to go

before the bell rings on the street. the dow jones industrial average is down 5 2 points. s&p 500 is a negative as well by nearly eight points. >> things worsening as we approach the final few minutes. while blackberry struggles for survival, apple's new iphone ringing up record sales. microsoft taking aim at ipad. find out which stock is the better bet for your portfolio. >> vw bus which was featured in the film "little miss sunshine" is coming to the end of the road after a 63-year long strange trip. you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker.

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welcome back. three big stories dominating technical world today. one on the upswing, one trying to get on track and one that just got desperately needed life line in place. josh lip ton taking a look. >> big tech making big headlines today. let's start with blackberry agreeing in principle to be acquired by fairfax financial for $9 per share. in a deal that would total $4.7 billion. fairfax financial sometimes called the berkshire hathaway of canada. it's blackberry's largest shareholder. news from apple today. it sold 9 million of its new devices. way more than analysts had predicted. more than 200 million ios devices running on ios 7,

apple's new operating system. investors can expect total revenue for the fourth quarter to reach high end of guidance $34 to $37 billion. gross margins near the high end as well, 36 %. they say worries about declining revenue are off the table. now the question, he says, just how much can they grow the bottom and top lines? finally, microsoft showing off its next generation surface tablets today. the surface 2 and surface pro 2, both go on sale october 22nd. they'll be available in 22 initial markets. mr. wapner, back to you. >> mr. lipton, thank you. while apple shares are up close to 5%, microsoft shares are flat. but microsoft is beating apple's performance 20% year to date. aztec wars heat up, which is a better buy for your portfolio right now, apple or microsoft? talking technicals is jonathan

at miller tabake andon stevens with first asset investment management. which do you like better? >> hands down it's apple. i think apple has momentum. one thing we saw this weekend is it's back. it's clearly the innovative leader in mobile. plus it's got tons of catalyst, the cloud, the mac book refresh, et cetera. they're both cheap stock, by the way, but i think you have to give it hands down to apple. one thing that was really interesting was the new fingerpri fingerprint. microsoft, you have a company with with a series of problems and catalyst behind it. steve ballmer retired, nothing for surface tablet devices, nothing in office coming out. you have to give it to them. plus the company is dealing with a whole new organizational structure, trying to find a new ceo. all of that. it's got to do that in real time. i think, you know, essentially you have one story that has tons

of catalysts coming back and the other where the catalysts are behind it. >> seems like an unfair fight. what do charts say? >> both stocks in the near term are neutral. neither are trending. they're not near any major resistance. when we differentiate them we have to anticipate, what would be the best stock in a best case scenario? the issue with apple, they have a massive decline from 700 to high 380s recently. there's a lot of new buyers that bought at 550, 510. as stock approaches those levels from underneath, those buyers are going to be more likely to become sellers creating this overhead resistance. in a best case scenario we see apple at 6 00. microsoft has been the proverbial dead money stock. it's gone nowhere for the past 13 years. upside at 36. if we can get above 36, this has massive upside to $50 range. best case scenario we think microsoft is where you want to

be. >> thank you to you both. >> meanwhile, scott, coming, we'll get a broad look at technology when i speak with famed technology invest dan niles. it will be interesting to get his take on blackberry and much more. he basically called facebook when it was time to short it and then said it was his best idea and rode the whole gain on the upside. we'll talk to dan niles, see what he's buying next. that's next. >> and dow is down about 51 points now. 25 minutes to go on this monday on wall street. s&p 500 down about 8 as well. it's a new day to be the dow so how are goldman sachs, visa and nike performing? they're all down. we'll get a market check. >> how is oracle dealing with headwind in a crowded cloud computing business? president mark hurd is with me exclusively with answers you can't afford to miss coming up next on "closing bell." jackie: there are plenty of things i prefer to do on my own.

but when it comes to investing, i just think it's better to work with someone. someone you feel you can really partner with. unfortunately, i've found that some brokerage firms don't always encourage that kind of relationship. that's why i stopped working at the old brokerage, and started working for charles schwab. avo: what kind of financial consultant are you looking for? talk to us today.

welcome back. blackberry shares are rallying after agreeing to a buyout from its largest shareholder. it's not even at the $9 buyout

price. you see it, just shy of that. sheila has all the details. hi there. >> shares of blackberry holding at that $8.75 to $8.80 level so we're talking about below the $9 a share price it received in a letter from fairfax financial. remember, fairfax is one of the biggest holders of blackberry stock right now. fairfax has sat on the head of blackberry so knows the company quite well. if the deal does go through we're talking about a company worth $4 .7 billion. i say if because there's a lot of questions looming. where are they going to get the financing from? will financing go through? remember, fairfax can still walk away from the deal. this is is only a letter of intent. and blackberry can shop itself to potential suitors. as you see, the market is definitely pricing in some uncertainty below the $9 a share mark, maria. >> sheila, thank you so much. joining me at oracle open world is dan niles. he's been a great technology

investor. chief investment officer are alpha investment officers. good to see you. thanks for joining us. let's get your take on blackberry. fairfax offering $9. the stock rallied earlier. now it's flat. what do you think about this? >> the shareholders should be absolutely thrilled because my view on blackberry was, it was going to go to zero until somebody decided there was some value in it that took them out. the problem with this deal, i see, is what value is fairfax going to add to this? it's not like they're having another technology company buy them where they can integrate the technology, et cetera. i don't see this stopping the inevitable which is they keep losing market share over a long period of time. >> it's a financial buyout, is what it is. they don't have necessarily any expertise in technology. >> they aren't going to add any value to this. >> if you were a blackberry holder right now, would you sell? >> sell. take your money and leave because this is the best thing that could have possibly happened to you. when is the last time you saw a

company of blackberry's size cut revenue forecast by almost 50% in a preannouncement? and then you contrast that with apple today where they sold 9 million units of their new phone versus 5 million a year ago, that just shows you how shares are shifting dramatically, and that's not even including android systems. >> you don't think apple products are that compelling. let's talk about apple. i want to talk about facebook and the twitter ipo as well. these are names you're looking at. first, give me your take on apple. what is going on with this stock? >> i think with apple, i'm actually shocked they sold as many phones. if you look at, it the products weren't that compelling. they didn't give you a bigger screen phone. the price points were about $100 more than what people thought. and there was no deal with china mobile. you had three downgrades the next day off that. so, it's interesting that you've had, you know, a pretty good sell through with what i consider sort of substandard distribution in that they don't have china mobile, which has 740

million mobile subscribers. you know, not a big screen phone and not a good price point. i'm actually interested to see how this works because china mobile will be next. some time before the end of this year. i think you will get a low cost phone hopefully at this point in time. >> this stock has come way off the highs. would you buy apple at this level here? >> i'm buying apple today. my view is that maybe we've gotten to the point where stock is starting to stabilize and demand is starting to stabilize. if you go back june quarter of last year, they missed revenues in that quarter. so, this has been a year-long problem. when was the last time you actually saw numbers go up on apple? it's been over a year ago. so for me, my view on stocks is i never try to pick a price. i never try to pick a value. it's like with blackberry, as long as fundamentals are getting worse, you don't want to be involved. with apple, maybe the fundamentals have bottomed and turned. >> i don't think there was a better investor around facebook than you. you say you never pick a price.

wow, that's -- you shorted it at $42, which was the high intraday. you shorted it. you were so right on that. then when it bottomed out, you said it was your single best idea and you were buying it. where do you stand on facebook? give me your sense of what's going on there. >> facebook is one of our largest holdings. you're getting to the exciting part of the story. we can contrast this about twitter because i know you're going to ask about that later. when facebook went public, necessity made no money off mobile. twitter make half money off mobile. that's why i think it's going to do very well when it comes out. about a year ago, facebook started mobile advertising. that started to get things going. if you look forward from now, they don't have video

advertising. video alone will add $1 billion stream to them next year and then they'll start monetizing instagram, which is their photo-sharing service. that can add another $1 billion of revenue over the next two to three years. that's why i'm excited about facebook still. >> you still own facebook. it's at 47 and change right here. i guess the last time we were talking about facebook, before the company actually went public, a couple people said to me, look, when facebook goes public, that's going to be the top in social media for a while. it absolutely was. why don't i think the same thing about twitter? when twitter comes public, is that the top over near term? >> i don't think so. with facebook you are going through a rough transition because internet companies are making all their money off desktop advertising. smartphones are starting to ramp. the iphone was only introduced in 2007. facebook hasn't entered that strategy.

there's companies still struggling out there like google. twitter is getting more than half revenue stream from mobile. they optimized their platform for that. that's why i think there's a pretty good opportunity as you try to figure out, how do i get more revenue out of tablets and mobile because that's what we're working off of. >> sounds like you're not buying google either. >> no. don't forget, google owns motorola. i think that platform has just as many problems as blackberry does right now. i don't like google at all. the name i actually like is yahoo. you have to look at that in two pieces. they own 20% of alibaba, which is great. they own 20% of gentleman h6 ya. i think this quarter they started to focus on revenues and i think they'll have a pretty decent one. >> we'll speak to eric schmidt about this.

before you go, have to ask you about oracle. once again earnings last week were a disappointment. we'll speak to mark hurd shortly. what's your take? >> i think they're in a tough spot. they've been incredibly successful over their lifetime. i.t. spending growth is slowing. that gives them a big headwind they have to deal with. they do a lot of international sales. the currency doesn't help them. then you have small vendors in the cloud doing pretty well against them. you look at it and go 2% revenue growth. but the big problem is they bought sun. revenues for sun are down 14% year over year. i'm sure they won't admit it, but this probably hasn't turned out the way they want it because it's a continual drag and that's $700 million in revenue out of $8.3 billion. that's a tough nut to deal with. >> we'll talk about all of this with mark hurd coming up on the program, president at oracle. dan, wonderful to have you on the program. >> great to see you again. >> thank you for your insights on all those tech names.

dan niles from alpha joining us right here. >> 15 minutes to go before we close. dow cutting losses slightly. down 38 points on a down day on this monday on wall street. today was the dawn of a new era for dow jones. looking at three new components and why none of them are having a good day. ♪ [ male announcer ] staying warm and dry has never been our priority. our priority is, was and always will be serving you, the american people. so we improved priority mail flat rate to give you a more reliable way to ship. now with tracking up to eleven scans, specified delivery dates, and free insurance up to $50 all for the same low rate. [ woman ] we are the united states postal service. [ man ] we are the united states postal service. [ male announcer ] and our priority is you. go to usps.com® and try oday.

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welcome back. it's a new day for dow. goldman sachs, visa, nike are in. >> we break down how the new blue chips are handling their new in the dow. >> it's a brand new dow. let's get a check on how the newest members of the iconic index are doing. goldman sachs, visa, nike, like you said, are in. all three stocks are lower in trading so far today. goldman, one of the worst performers in the dow, so maybe not a great debut for them. down about 2.5%. the financials in general are having a tough go. visa and nike are down but not to the degree goldman is. visa hit a record high earlier

in in the session. checking on stocks kicked out, bank of america, down. hp, down. alcoa, a real underperformer this year, we'll call it hugging the bottom. interesting moves but goldman sachs not making a great debut for first day on the dow jones. >> thanks very much. neither of those helping the dow today. down 4 3 points with about ten minutes to go before we close it up here in new york. >> meanwhile, fed officials speak, stocks fall. if this is a buying opportunity? we'll check your stock quotes next.

just a few minutes from closing out the trading day. joining us now is bob kiser and bob pisani as well.

what's going on with the market? once the fed said they weren't going to taper, we had initial pop of the day. it's been down ever since. >> it's been focused on tapering. fed surprised the market with a short-covering pop but now it's up against the valuation ceiling. trading 15 times next year's sealing. maybe the market isn't as strong as june. now you'll see the market wait on the data. val dade the economy is getting better as suggested by the pmis or deceleration in payroll growth. you'll see which way the economy will go, which way earnings will go guard. >> i guess, bob, that would be my big question to you, because we're all looking at earnings period of what we're seeing in the economy which is it an anemic bump along the bottom,

not a lot of great stories to tell on revenue. last week i did an observation on trading and by all accounts, we're seeing more, you know, upset in the trading environment to financials. what is your expectation with third quarter earnings? >> the good news is we have a low expectation quarter. 4% gain. i think stocks will likely be able to beat that. i wouldn't be surprised to see a 5% or 6% earnings beat revenues. they're expecting 3% to 4%. that would be impressive. we've had nothing essentially. here's what i'm worried about this week. the most wornt thing is the week dominated by washington. we don't want a week where federal reserve and issues about spending cap is going to be a major issue. that's going to. >> it's going to be that way whether we like it or not. >> that's what's happening. look what's going on today. fisher comes out and says essentially the opposite of what dudley says. everyone is confused. yellen and bernanke are on the sidelines. yellen canceled a speech october 1st up here in new york because,

she didn't say this but, hey, i'm in the nominating process. i'm on radio silence. >> how about this, syria risk off the table, it seems at least for now. the summer's risk, off the table, at least it seems for now, until we find out who the next fed president will be. merkel risk off the table because of the election over the weekend. taper off the table. d.c., while it's still out,there i mean, that's going to pass, the government even if it shuts, it's not going to shut down for a month. >> it would take a big problem in u.s. to affect u.s. consumer. the u.s. consumer continues to carry the economy on its back. back to maria's question, what is the outlook for third quarter earnings? we to want see a big inflexion in revenues. the trend coming until second quarter. fourth quaur rter, 5% or so. it's supposed to lead to 10% by

the end of the year. it's mainly about economy and revenue for continued earnings growth for the second half this year. >> up next, we're back with the closing countdown. >> after the bell my exclusive interview with oracle mark hurd, plus he'll react to rumors he could be a candidate to replace steve ballmer. tomorrow his boss with me, larry ellison. don't miss that interview tomorrow from oracle open world conference in san francisco. fem] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. plus, in clinical studies,

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♪ we're back on the floor of the new york stock exchange. i want to show you apple. certainly one of the bright spots today. over the weekend, 9 million iphone 5cs, 5ss sold out of the gate. blackberry, buyout agreement for $9 a share. we're back on the floor with peter costa, i like to call you from empire. fed says we're not in a taper and now three day losing streak. >> one minute out of the side of their mouth it's going to start in october. then three governors say it might be a little too early for that. we're still in a very soft economy.

and what do we do? i don't even know how to trade. >> we look to d.c., they'll help us out. >> that's real helpful. you know my feelings about that. >> that's a big risk, though? >> it's a huge part of the risk. >> thanks so much. second hour of the "closing bell" will continue with maria at oracle. >> it is 4:00 on wall street. 1 p.m. in san francisco. do you know where your money is? welcome back to the "closing bell." i'm maria bartiromo coming to you from san fran. stocks in the red as investors express concern about the strength of the economy. see how would he finishing the day on wall street. dow jones under pressure down to 15,402. nasdaq gives up 9 1/2