see the next four, three hours down here on wall street. >> for me i'd like to see it stabilize, judge rather than sell off hard, but that one part of my brain says we're going to sell off into the weekend. that's all for us here. have a great weekend as well. power starts now. good afternoon, everybody. >> we welcome you to "power lunch." >> go ahead, sue. >> take it away. >> that's okay, ty. as ty well knows it'sen an up and down week. >> it's been a wild week. dominic chu and bob pisani are here do explain what's driving the volatility. just be patient now. sandy ville ary is the comanager of the ville ary balanced fund, and burns mckinney, a portfolio manager on the four-star rated

allians gfj. sandy, is this a dip you want to buy? >> tyler, this is a dip you want to buy. frankly if you look at where the ten-year is, the 262, i think stocks are the only game in town. you think about every cfo in in the country that's trying to sell as much debt as they can, i don't want to be the guy who lends them money in the form of buying bonds. you want to buy good quality stocks, stocks that dominate their niche. weerp making our laundry list of stocks. >> and you have a couple names there. lkq and the other one was poole. what are they? >> yes, so lkq, again dominates its niche. this is like in kind end quality. basically they sell refurbished and recycled auto parts. so as long as people are getting in accidents, these guys will continue to dominate what they

do. $8 billion market cap. you can buy this for 18 1/2 times earnings. that's my job, to try to find good companies trading as mountain pause less than their growth rate. >> burns, how do you react? is this the kind of moment where, hey, if you have things on your buy list, maybe it's time to nip at them? >> we absolutely agree. i would say right now there's been some discussion as far as whether we're in a bubble or stocks are overpriced. with the u.s. market trading at about 15 1/2 times trading, that's in line with the long-term average. they're not cheap, but not expensive, either. for those value investors looking for high quality different-paying names, right now presents a great opportunity. >> so different-paying stocks, what about things like utilities and some of the larger technology names, like a microsoft, like a cisco, et cetera? >> well, yeah, you know, at nfj

we have a holding that every holding must provide a dividend. you snowe, we look for the best yields by industry. you know, as far as industries that look appealing, within the tech sector, there's certainly some fantastic opportunities. you've also seen among all the sector, the tech sectors as one of the lowest payout. you know, you mentioned a couple names, microsoft, cisco, we're not necessarily looking at a lot of high flyers, but among some of the mature tech names that pay dividends, there are some fantastic opportunities. a name like a cisco, you know right now it doesn't have an attractive defend yield among tech stocks, but one of the most attractive yields out there. that's the fourth highest yield in the dow. you know, for a stock that trades about 11 times earnings, a pristine a-rated balance sheet, when you net out the cash on their balance sheet, right now you get cisco for about eight times earnings.

really one place we're adding to the most of late is the telecom sector. >> yeah, you like china mobile and at&t. >> that's absolutely right. that's a sector where a couple years ago we moved to being underweight, really a couple years ago, as you had investors, really income-starved investors reaching for bond substitutes. the telecoms got bid up. at&t got up there a bit, but, you know, really after the past year, you know, we've seen one or benchmark, stocks have been up 20%, but the telecom sector over the last 12 months has only been up about 6%. it rates opportunities. you know, stocks again like an at&t where a couple years ago at&t was 15 times earnings, you can get it for 12 times earnings right now. they raised their dividend earlier. they all benefit, speak of cisco, they actually recently stated that they forecast global mobile data demand to grow by

11fold over the next five years. they are the pick and shovels of the global -- >> sandy, you know, burns just made a point that some tech stocks look really appealing to him. your first choice was about an un-tech as you can get, remanufactured auto parts. is that where you find the value in these kind of overlooked under-appreciated sectors? >> that's exactly right. 2014 is going to be all about stock picking. so i don't want to confuse your audience, but i would actually try to avoice those sectors that are slow growers. i want them to 15% or more. and poole corporation, which is the largest distributor of swimming pool products in the country. they're as big as their top 50 competitors combined, so almost a monopoly on what they do. as long as people continue to put chemicals in their swimming pool, this will work out well.

i think you have to find the hidden gems that people aren't aware of. that will carry the days in 2014. >> your first pick was a surprisingly large company. i had never heard of it frankly, an $8 billion market cap. how big is poole? >> 2.5 billion in market cap, pays a bit less than 2%. when you're looking at that dividend versus the ten-year treasury, i would like to all day long own poole and collect that 2% dividend rather than lock in a 2.62% on the ten year. i think it makes sense. >> thanks very much, sandy and burns, we appreciate it. have a great weekend. let's get back to the why. sue is with bob, dominic is here in englewood cliffs. up 19% in the week, the vx dpismt is the closest thing that tracks it in the etf world. it is up 5.5% in a week. i thought i heard bob pisani say

that, dominic, that volatility actually isn't as high as we might expect and that we need more fear. >> you know what's interesting. i was hanging out with bob at the nyse this morning, walking around talking to the traders out there. it's a big ipo day. all the traders basically said, you know what? there's not a lot of conviction to either buy or sell this market, despite the down drafts that we're seeing. not a lot of volume here. that's the real concern, these traders make money, trafficking in stock. there is a sense among a lot of the traders i spoke to down there, there is an attempt by some of these money managers or hedge fund managers or big traders in the overall market to test ranges right now. either sell down to a level where they feel there's support or buy up to a level they think there are going to be offers around. so this is trying to test the waters to see where the market is. when he find it, that establishes ranges.

that's what i thought was interesting about that conversation. >> i think that that is true. we're also in earnings season. that has people a bit nervous, because there was such low expectations for earnings. >> i think the market is going to change in the next few days as we get the guidance. >> i think we'll beat by 3%, 4%, but i want to comment on dom's comment. i don't think the vix is -- there is way toss protect yourself or short 9 market that the not show up in the vix. none of that would show up in the vix, but there is definitely fear. everyone has been saying hedge funds are getting hurt. if you're a biotech fund, you've been hurt, but talk to some of the broader hedge funds, you'll find a lot of them have been flat on the month overall. what i've been emphasizing is old-school tech, dividend

payers, energy stocks, you can say they're if you haddy duddy stocks, but since when did value completely go out of value. i don't think it has or should. >> the dow 30 is a short, and you can see that it's, over the last week, up about 2% or so. that would be one way that if you thought there was continued downside action, you could buy into that. here's the pro shares short, which is also up about 2.25%. and the pro shares qqq short, which would be a way to short the nasdaq. >> none of this would show up as a fear indicator in the vix at all, and yet the volumes have picked up in these this week. so the answer is there's definitely more fear out there. it's just that it's not necessarily being reflected in -- >> it's always great to remember you can make money in rising market, in falling market, but you had a point to make. >> here's the thing. bob you're down there. zoeie's is an ipo that came out

today. it's up 60%, 70%. i caught up with jason morgan, the cfo. he said some firms may feel by pulling it. you went ahead with yours. can you tell me why? he says, dom, the economy is still sound. we like our company fundamentals. we think we have value for our investors, or road show investors had appetite for it, so we decided to go forward despite, so again two sides to every story. perhaps you're see not that -- peter costa over at empire excuse says don't worry, this is not a pick where everybody is wholesale selling the market. >> it really is. we're down 101 points on the dow jones industrial average and the nasdaq is down about 24. let's go uptown to the nasdaq, which has been, for lack of better words, the scene of the crime this week.

and right now we're seeing another down. seema mody is following the big movers. hi, seema. >> hi, sue. we may not be sitting on big gains or losses, but the volatility. nasdaq has been fluctuating between gains and losses all day, really haven't been able to step away from my screen. it continue toss fluctuate between gains and losses. celting back for a sec, the nasdaq compose the is back from its 14-year high, and according to morgan stanley it's underperformed the s&p 500 on 18 out of the last 26 trading days. a lot of focus on the momentum players, high-flying growth stocks, analysts have been talking about the internal rotation out of emerging tech, into big-cap tech, but that doesn't seem to be the case today. most of the large-cap tech names are trading lower. here's one pocket of strength, though. that's biotech, specifically the

large-cap biotech names, which -- if you're going to be playing biotech, stick to names with port folio -- gill adscience is the best performing stock on the nasdaq today. >> you know, several big-name big caps will report next week. the options market is already, of course, ahead of the game. see what the puts and calls are saying. plus ohio regulators blaming earthquakes in the buckeye states on fracking. plus morgan brennan on one sector that's broken through. high, morgan. >> hi, tyler. only one other s&p sector is ahead. i'll show you what's moving the sector. leaders and lag guards, and why, next. next. afghanistan, in 2009. orbiting the moon in 1971. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation.

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i'm taking off, but, uh, don't worry. i'm gonna leave the tv on for you. and if anything happens, don't forget about the new xfinity my account app. you can troubleshoot technical issues here.

if you make an appointment, you can check out the status here. you can pay the bill, too. but don't worry about that right now. okay. how do i look? ♪ thanks. [ male announcer ] troubleshoot, manage appointments, and bill pay from your phone. introducing the xfinity my account app. the stock is currently under its ipo price. standard article poor's say it might put off an upgrade until next year, so the gm shares 2% to the down site. >> dom, thank you very much. a developing story from ohio, regarding earthquakes and fracking. jackie deangelis is at the nymex with the details. >> hi. good afternoon. the ohio department of natural resources announcing new, stronger permit conditions for some of the projects going on in

that state. that is because state regulators have linked earthquake activity in eastern ohio to the controversial drilling method that we call fracking. now, the state oil and gas chief told the a.p. that ohio has halted drilling indefinitely at a site in youngstown where five minor tremors happened in march. drilling was halted at that point for more investigation, but now being halted indefinitely. we are waiting back for comments from them, but this news, of course, confirming what skeptics have been saying for some time that fracking is dangerous. more than 800 wells have been drilled, including as many as 16,000 fracking stages from those wells. what would be interesting to see is if other states where fracking is occurring will follow suit as a result of this new finding. tyler, back to you. >> thank you very much. jpmorgan shares taking a hit, but rival wells faro beats, its

shares are higher. so what is the hops market say about some of the other big names that will start reporting next week? time for the "power lunch" countdown with jim iuorio. what is the options market tell you overall, and then we'll get to specific names. >> it's hard to differentiate if the vix is up because we've had a few days of pounding. my guess is when you have as big stuff on your plate as the huge decline as in the last few days, it's not a hugely overall reflecting earnings season. when you drill down on individual names it becomes a bit different story. >> let's look at the first stock under the spotlight. that is citi. >> citi is interesting. in january, remember they had that big miss, which precipitated the huge almost 20% decline that it is now. so to me it seems like there should be some decent fear, and we are seeing weakness.

i'm looking at the ones that expire april 9th. and we're seeing a lot of traffic in the 45 puts and 47 calls. my assumption is they're buyers of the puts, because i think there is probably some worry that it posts badly again. the 47 calls are interesting to me, too. i'm curious if someone sold that as part of a strangle meaning it will stay between 47 and whatever put they made on the down side. >> if i'm recalling, yesterday's action at ibm was favorly favorable. what are the options saying about it? >> well, as we think of ibm as this kind of stayed boring name realistically on earnings day it's anything but that. they've had some huge moving on earnings days, particularly to 9 down side. there's a lot of open interest in the 19 on strike. to me that seems to be a significant strike. i think people are pinning that, thinking if it could go below that it could accelerate.

overall to me the chart looks good. if it stays above 190, i'm kerr buys it. if i had any guts, i would sell the -- >> you're long in google, with a history of rallies, what do the options say here? >> the options are not particularly freaked out. perhaps it's because, like you said, they generally -- earnings day is generally relatively pleasant in google. i think right now they're thinking that everyone has this notion that everything seems to bad. obviously in names like google and apple get grouped in with that despite the fact that realistically they make money and have money. it's probably unfair. maybe that when the earnings come out it reminds us that google is like a pie in the sky nasdaq company, it's a nuts and bolts money maker. that's what options are telling us. >> jim, have a great weekend. >> ty, the hundreds for yield amitt the volatility. check out this chart. while the s&p 500 has dropped

more than 2% in the last month, the dividend-paying telecom sector is up 5%. so is this the place to be right now? one of our guests earlier liked telecom. morgan brennan is dialing into the telecoms with more detail. hi, morgan. >> hi, sue. telecom definitely considered a defensive play, and analysts do expect this sector to post strong q1 growth in earnings season, but not immune to the broader sell-off. telecom sector is in the red, but only slightly, down by about a tenth of a%. telecom is the smallest s&p sector, verizon, at&t, frontier communications, windstream holdings and centurylink. rye now today's biggest gainers, frontier, remember it's also one of the most shorted stocks. the biggest loser today, winstream. that's down about 1.7% or so. that's after a 2% gain

yesterday. in a sector of big dividends, this one has the biggest its yield is over 11%. so far, at&t and centurylink, they're trading in the green just about flat. verizon is down about 0.5%. lastly want to mention two more names, sprint and t-mobile. we saw price run-ups on both of these when softbank proposed a merger right now both trading in the red. unlike the others, no dividend for either one. that's one reason they're on track to close the week, markedly lower than the other sectors. ty, back to you. >> morgan, thank you very much. . should you be in this area? is there a buying opportunity in those stocks? plus check out benchmash ten-year note, yield sitting at 2.6%. with all the liquid out there in the world, is the bond market a good indicator of what is going on in the market? "power lunch" returns in two

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yes sir. alright. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. when csx trains move forward, so does the rest of the economy. csx. how tomorrow moves. some etfs for a down day. if you put money in these inverse etfs, you are up. the d.o.g. is short the dow, and d. d.d.g is short oil and gas. >> no green arrows. let's get a look at the markets. we were briefly at the lows for

the day, dow jones industrial average off 122 points, we've come back a bit, we're now down 119 points on the dow. the nasdaq is down almost 30. the s&p is off almost 11. let's get some perspective at post 9 about bob pisani. we had some ipos that didn't price, the market environment. zoe's kitchen, which is right behind me. >> you need a strong market for an ipo business to work. if the market stabilized, the companies that postponed will definitely be back next week. despite the obsession with internet stocks, there's a number of sectors that have been doing well. 9 obvious one are the dividend payers, back in a very strong way. utilities, telecom, there's your i-shares high dividend etf. van guard is up fractionally. but other sectors are doing

well. the energy stocks have been holding up very well, so devin and eog, big-cap centering stocks up on an anch, there's a patcher up 3%, but there's more than that going on. i've been pointing out hout old-school tech is seeing a nice rotation, so intel and ibm, cisco and microsoft are going up. sue, i don't understand this. i bring this up and get e-mails from people saying, bob, why are you such a if you haddy duddy, as if value stocks are frowned upon and spit upon. it's a perfectly healthy rotation to get out of the some overprized growth stocks. if you think right now the economy is getting better, why would you pay up a fortune for overpriced internet growth stocks, when you can get it at a reasonable price, even though more modestly if you believe the economy is improving a bit. >> that's the key question. art cashin just seven me a note, pay attention, stocks beginning

to slip, the yield is inching down. so why do we fall out of bed and move to the lows of the day a few minutes ago. i didn't see anything fundamentally that would move the market. >> there is not heavy volume again today. there wasn't heavy volume yesterday on a day we were down 260 points in the dow. i think what happens is the bids just evaporate in the middle of the day. you don't have to have a lot of selling pressure. when you don't have buying pressure meeting the selling, it just solve the drips. >> i noticed we did move down on the nasdaq again a support level. maybe they're trying to test some of the technicals in the market. >> the main thin you want to watch here is whether you see broad weakness in sectors that having holding up well. for example, if you start seeing the energy which has been a market leader holdup, starting to fall down, if you start seeing some of the old-school tech stocks starting to sell off more heavily. i talked to a bunch of hedge

funds in the last few days, the broad ones, the big larger ones with a brought focus are flat to down slightly on the month. if you talk to any kind of tech fund, they're having a rough time. >> of course. >> but remember the broader picture. >> thank you, bob. see you a bit later. >> of course. >> gold prices closing moments from now. let's see if there's any encouragement. not much. basically flat for gold. silver down about 0.6 of a%, copper a bit lower. platinum down about 0.1 of 1%. palladium the lone gainer here. bond action, rick santelli, hi, rick. >> hi. well, i'll tell you what, it's been an unbelievable week. you can see we're not at the low yields, but at the low yields, there's only one day for 2014 that we need to challenge that's left. february 3rd, closing yield of

around 258, maybe it will be in the cross hairs today. this last chart is so fascinating, if you look at, we've talked about how you can put the nikkei and the dollar/yen and overlay with ten-year rates, but this time i did pick it, because it was such a big deal yesterday. it's dropped under 14,000. risk and dough risk has a lot of correlation, similarities. these charts keep you in the hunt. if you've been hunting for real estate, this may be because it's disappointed in the overall outlook, but it might be good for you on your fixed mortgage rate, especially considering the correlations with tens and mortgage rates. if you're thinking more of an adjustable rate, the yield curve isn't working in your favorite. sue, back to you. >> just in time for the spring home-buying season. ricky, thank you very much. let's talk about the fixed income markets. our next guest believes that fixed income has never been stronger and says now is the time to start doubling down.

how did the bets correlate? some answers from peter duffy. he oversees the firm's high-yield credit strategies, welcome, peter nice to have you here. >> thank you for having me. >> we are indeed seeing the fixed-income scenario playing out differently than most people thought it would in this year. everybody said that yields were going to go shatterly higher, you know, that was baked into the market. it certainly has not been that way. where are you putting money to work in the fixed income area? >> well, we focus on the entire sub-investment grade space which would include traditional high-yield bonds, loans and convertibles. these will be the areas of fixed income that are the most economically sensitive, but the least rate sensitive. so, you know, on one hand, we saw rates rise last year tremendously, and a sell-off in fixed income, but on the other

hand, you do see a lot of demand for fixed income, you see treasuries each time they've hit 3%. recently there have been buyers. you've seen greece just print a 5% deal. you've seen japan issue as rfp for 100 billion of high-yield and emerging market bonds. we think there continues to be strong demand for the entirety of fixed income, in part becausing there -- we're living in an era of global bank intervention. >> exactly. you have to look at the whole picture. you like sub-investment grade debt. i want you also mentioned greece. would you have been in the market for greek debt? or would you -- when it comes available to you, would you buy it? >> we focus only on corporate debt and, you know, for us we probably would much rather buy a company who's based here in the

u.s. of a that we can visit and talk to their management team and get 5% for that window the currency risk and the political risk, but it certainly seems as if european investors, money managers alike were strongly involved in that greek deal. you may say that greece didn't deserve to print at that rate, or it's all about the ecb, but the fact is that, you know, that's the world in which we live. mario draghi has got their back. that will help keep interest rates in the developed world lower, which is why we think, combined with good fundamentals over the next couple years, you may as well go down in quality a bit and get some extra carry. >> yeah. >> and shorten up on duration, keep yourself a bit immune from

rate risk by barbelling in maybe some loans on one end and convertibles on the other. >> well, congratulations, peter. when everybody thought that the rates were going to go one way, you had the right bet and they went the other. peter duffy at penn capital. ty, up to you. folks, check out the big momentum names, there are three of them, amazon, facebook netflix, 15% down, facebook 16%, netflix 25%. are they a bargain now? or still vulnerable? plus the tale of two banks, the big earnings miss that's correct one getting hid by 3%, but wells fargo beating, that one is moving higher by nearly 2%. citi, bank of america getting ready to report next. do you own the banks during this big earnings season? we'll explore. we'll explore. huh, fifteen minutes could save you fifteen percent or more on car insurance. everybody knows that.

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well, the nasdaq is edgy and volatile, but seema mody is always calm. she has a smile on her face. >> hey, tyler, at least for camera, i'm calm.

down 31 points off the session lows, in terms of what's working for the nasdaq. gill adscience, illumina, expedia, but when it comes to the momentum names, they are under pressure. move we're seeing concerns over the valuation. experts say these stocks are still trading at pricing multiples, a premium to the tech sector and nasdaq. according to facts, amazon, facebook at 43 times forward earnings. netflix at 66 times forward earnings. when it comes to facebook, anthony declemente, media analyst, when you say the compounded annual growth rate for the next three years, nearly at 40%, he thinks facebook is trading at a reasonable valuation. declemente didn't have the same convention when talking about

netflix. he says it's still trading at a lofty multiple. bbc analysts say amazon's focus is on growth and, and the ratio doesn't tell us the full story. joeall when i talked to a -- is a good buying opportunity, he says these momentum stocks do not look attractive. he prefers sticking to old-cool tech names like ibm oracle and cisco, a lot of cash, very little dead and an attractive different yield. sio sue? >> thank you very much, seema. we just touched down a few moments ago to today's lows. here with some perspective. is kenny policy carri and art cashin is with us for ubs financial services. you just sent me a note saying something may be a foot. we did take kind of a gap down. are they testing the technicals?

>> actually there's two things going on, the note was relative to a friday afternoon. viewers and traders should have their own checklist. the rumormongers may be about going into the weekend. you look for stock toss go down, and perhaps gold to go up. that tells you that it's likely that there are some rumors about that have a geopolitical nature. that having been said, that little dip down that you just discussed has taken us back down to the post-opening lows. that would be around 16040 in the dow, 1819 in the s&p, and 4007 in nasdaq. if they test those and hold again, they may try to rally. if they break, you may get cascade selling. you have the three-point checklist, and you know what your levels are. >> kenny, you are saying we move down below key technical levels,

right? >> we bronc into the 50 on all of them. arthur makes a good point, you make a good point, there is no reason to run right out and buy it. my sense is it's going to be a -- that's going to be a weak attempt. you're coming into the weekend. there's a lot of geopolitical stuff, whether it's iran or russia and crimea, there's no reason, so most traders will go home with cash in their pockets. >> there's no volume today, either. >> it's an uninspiring sell-off. what you would like to see, you want to just see them start throwing it out the window. you want to see some emphasis. this kind of water torture is just that, right? at some point, though, it's going to break. >> when it breaks at the right level. >> when it breaks at the right level. appreciate it. keep sending those notes to me, art, okay? >> there's a nice picture of kenny in "new york times," a big quarter-page head shot. there's jpmorgan chase and wells

fargo going the other way, first of the big banks to report quarterly earnings. plus who will be the financial winners this earnings season. this is how the rest of them are faring, all moving lower. "power lunch" returns in two minutes. minutes. who do you work for? your boss? yourself? your parents? your family? at baird, what matters most to you... matters most to us. as an employee owned firm, our financial advisors have the freedom and resources to realize a plan to fit your family's unique needs. we'll listen. we'll talk. we'll plan. baird. how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going to have to rethink this thing. it's hard to imagine how much we'll need

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banks today. kayla tausche is here to break it down. >> jpmorgan is bearing the brunt of the markets, as profits fell 19% and missed wall street's estimates. while segments showed promise, results overall exposed an economy with less corporate activity than expected. for jpmorgan, two distinct consult pretty, an exactly sharp slowdown in trading. fbr's paul miller said trading and markets are so unpredictable, but ceo jamey dimonside it will be up. >> i don't aye in my soup. and we've had very consistent pressurance, remember it's driven by technology, research, sales, ideas. >> well fargo saw record earnings up 14%, even though loan growth was slight. mortgages expectedly rather

slowed, and the big question for ceo on its call, when will he hang it up? >> i'm 60. i know you think i look a lot younger, but i -- i plan to stay here at the board, if the board is okay with that and they said me, you know, through my 65th birthday. and we've got great people here. >> john stumpf saying he will stay until 65, but one of those people who could replace them is current cfo tim sloan, he is one to watch, but overall, guys, really not a good way to start off the earnings season. >> kayla, stay with us, we're going to talk more about this, and we're going to bring in kneale wine berg. you heard her detapes, and i you thin, jamey dimon seemed a bit defensive.

>> he asked if he was still having fun, he said yeah, not real convincing. the problem is there's no growth anywhere. the banks are finding they have to squeeze and squeeze costs, having to hire compliance people, 15,000 in the case of jpmorgan. there's just no growth, and huge legal bills. >> exactly. >> kayla, i felt sorry for mr. stumpf was, when are you leaving? the poor guy. >> there was a very high-profile people move this quarter. tim sloan would be moving to -- that's largely viewed as a role that will prime him to potential take the -- when you have a move like that, anything can happen. i will say to kneale's point, i wrote a story last week, and there's a story in american banker about some of these businesses that the bank has decided not to financial because of the representational issues. there was a start-up that condos had sold, a payment from one of the russian embassies, and

citing regulation, and then ended up backtracking, saying we were being overcautious, they are so risk-averse that they are turning down what -- >> probably understandably so. >> i wanted to jump in and get kneale to elaborate on his earlier point, that banking didn't seem as fun as it used to be. broaden that out from jpmorgan to the whole sector at large. my impression is that banks just isn't going to have the growth across the table that it did. there are higher capital requirements, more restrictions, more regulation, and you're basically seeing the refinancing business dry up. >> absolutely. so they are really getting it from both sides. on the one side there's just not a lot of fundamental demand for what banks do. on the other side, you have the regulation, we have the volcker rule, forcing a lot of basicsing to out businesses, where they had lucrative franchises in the past, so the result is that you're really getting it from both sides. of course, the compliance costs

are either hurting the earnings for the big banks or making some just decide we have to merge, we've got to get out of this business. >> citi is coming up next week, kayla. they've had issues with the mexican basicing arm, so it will be interesting to see how their report comes in. the street does not have high expectations. >> the street does not have high expectations. the expectations have only gotten lower by the day. the mexican unit, but also the stress test, you imagine that at the beginning the march, once they figured out they would not be moving forward, that they hired a lot of people, took a lot of expenses into account there, so i think not only is citi going to have a bar that is high, and it probably won't clear it, but also there's going to be a lot of macro issues weighing on them, too, so that will be tough for a company like that. >> do you agree, kneale? >> i agree. citi seems to always have the same problems, can they manage

the business? they stumbled, so we're well past the financial crisis, but they don't seem to being manage the bank. irchltsds thank you both. coming up, doth business wells fargo's cfo coming up on "closing bell." that's right here on cnbc at 3:00 p.m. eastern time. ty? all right. sue, the industry sector being dragged down, but are there opportunities here? bob pisani is following those stocks the hi, bob. >> enough of the biotechs, enough of the internet. what about old-schooled industrials? i'm going to show you what's working, what's not in that old-fashioned sector when "power lunch" continues. lunch" continu.

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welcome back. take a look at the industrial sector. not a pretty sight. it's been a tough week for a lot of sectors. is there room to buy in this sector? where are the opportunities? bob pisani is here with me again on the floor of the nyse. you look at companies like caterpillar, others that have been driven down, but do they

deserve to be at the levels they should be? >> i'm glad our producer asked me to do this. we've been so obsessed with everything else. enough with it already. let's talk about the stuff in the dow industrials. the answer, sue, is it's been a mixed year. this is the core of what i consider industrials. growthr ge is having a rough here. the more international exposure, and the rougher time earlier in the year, those kinds of stocks are coming back. i want to show boeing. a lot of industrials look like this. boeing was $70 at this time, sue, it went to $135, and it's down like $10 off that high. my point is these stocks had runs of 30%, 40, some 50% and now we're all worried they're

off the highs. just look at it a bit longer. what's amazing is how well the transports are holding up delta was $10 last year. it's 30 essentially this year. where these -- and now they're just a bit off. it was $10 the ble ginning of the year. and now it's $33, $34, and we think the market is crashing. >> ty, do you want to get in here? >> the conversation a few minutes ago between ken and art, where art tantalizingly dangled the idea there might be some rumors in this market, and that was what was triggering that quick sell-off. anything more on that? >> no, i haven't heard anything.

we're all nervous about what's going on in ukraine, but there's been no imminent news about that. what's happened is the stock market is moving in lockstep. watch the ten-year yield. as the ten-year yield moved down again late in the day, the stock market also moved down. >> if you need to mark your money someplace for the weekend. if you're worried about geopolitical risk, one place to put it is in the income market. moo every. >> my point is there isn't anything of large magnitude that's floating around. obviously some concerns about the middle east as well, but there's no hard numbers. >> we haven't seen a headline. >> that's what i'm trying to say. thank you. >> we've been together so many years, we finish each other's sentences. that's called a marriage. >> indeed it is, bob. there are still some stock winners. we will bring you those names next, but first let's see what's

coming up on "street signs." mandy? >> a really big focus is how many investors will want to be holding stocks over the weekend. could the sell jo widen? biggest and most respected names, andy kiss le. he'll join us live off the top of the show to talk about new tech versus old tech, which ones look like a better bet right now. see you at 2:00 p.m. eastern, sharp. sharp. ♪

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one stock we have on our ray day is j.c. penney, a big percentage loser. dominic chu is working that story and will bring us any news as it becomes available. there's a longer-term-looking. the right-hand side is not a pretty sight. it looks like it's at the lows of the trading session right now. the market is approaches the lows of the trading day, down 120 points, two thirds of a percent drop for the s&p 500, and we are down almost a fun% on the nasdaq composite down 32 points. there are some winners out there in the s&p 500. the top winners are allergy again, gill adsciences, and c.h.

robinson. so there is some green out there, ty, just not a lot down here on the floor. >> i think c.h. robinson might have been the only one higher. that will do it for this week of "power lunch." have a great week gent. "streets signs" begins now. igns. slg. the question is who will be brave enough to hold on to stocks over the weekend? the public can finally buy google glass -- well, for one day, anyway. what is the bonds market telling us that we really do not want to hear. since brian is out today, scott wapner will be