record intraday high level, we're currently at 1,987. dow being dragged down by boeing. >> all right, thanks for watching "street signs." i will see you at 5:00 for "fast money." >> looking forward to it. "closing bell" coming up next. thank you for joining us, melissa too. and welcome to the "closing bell," everybody. i'm kelly evans at the new york stock exchange, where earnings are taking center stage this afternoon as stock markets here are zeroing in, at least for the s&p, on new highs. >> yes, we are there. i'm bill griffeth. the dow has struggled to stay above the unchanged level of the day, down 23 points. that's been dragged lower by boeing. that's the worst performer among the dow components, but the dow needs just a gain for about 25 points to close at a new all-time high. different story, though, for the s&p. that has been higher most of this day, and it is trading in record territory right now. the previous high was 1,985.44.

you can see we're about two points, a little less than that, above that number right now. >> i know we'll be watching for the next hour. >> yes, we will. >> that's for sure. an hour from now, all eyes will switch to another batch of key earnings. take a look who we're hearing from, facebook, at&t, qualcomm, all out with their numbers. and our julia boorstin will be speaking with facebook's chief operating officer sheryl sandberg immediately after the earnings are released. stay tuned to find out what she has to say. >> leaning in with sheryl sandberg, coming up. another twist in rupert murdoch's efforts to buy time warner. we now may know just how high he's willing to go to win the bidding and reshape his media empire. or do we? could murdoch just be posturing? he named a number today. we have david faber with a brand new detail coming up on that in just a few minutes. >> yeah, shares of that company, by the way, have been under pressure today. >> yep. >> here's where we stand across the broader markets. moving in different directions on the dow as opposed to the s&p, backup four points today,

and the nasdaq, which is up about 17. and interestingly enough, this against the backdrop, still, of low rates, bill. that is the theme. >> 2.45% on that bond, the ten-year yield. there it is. now 2.46%, but yes, at those multimonth lows. let's talk about this in our our closing bell exchange," cnbc contributor abigail doolittle from peak theories and keith fitzgerald from money map press, steven parker from jpmorgan private bank, dennis gartman is in the house with gartman letter, and our own rick santelli joining us as well. keith fitzgerald, we keep hearing it's all about earnings. what do you make of the earnings? have they been all about this market right now? >> well, 78% of the companies that have come in have reported beats. you've got growth of 6%, i think it's bottom line, 3% on the top line, or maybe i have my numbers reversed, because i was looking at them. generally, productivity's rising, earnings are looking good. it's the rally everybody loves to hate, but if you're not on board, it's an expensive mistake right now. >> by the way, the theme of the

credit boom is something we're following. steven parker, little noticed perhaps to the broader public, but important today, the money market fund ruling out of the s.e.c. could mean a lot of corporates, for example, take their cash out of the funz. if they put them in some of the growing popular instruments like an enhanced cash fund that pimco offers, for example, the kinds of things that reach into different parts of the credit market for yield, could that continue to fuel this credit boom here and ultimately provide a wave, if you will, that lifts stock prices in the end? >> well, i think, you know, it's not just the corporate sector. i would hope we're not moving too far up the risk scale for what we're trying to do with cash in the corporate space, but without question, there is huge demand for credit out there. there's a lot of liquidity in the markets, even as the fed is beginning to taper. you've got central banks around the world who are still very easy. and because of that, because you're seeing the good fundamentals, the strong earnings that we heard, that we've been talking about over the last couple of weeks, credit markets remain very well supported, and we don't expect

that's going to change any time in the near future. >> dennis gartman, rick santelli and i were talking about the low on the euro against the dollar. it's a 52-week low right now. i know you're paying attention to that as well right now. what do you make of it and what does it do to your investing right now? >> i think it's the start of a bear market in the euro. it topped out quite some period of time -- some while ago, i think 11 weeks, if i'm not mistaken, it crossed 1.40 for a few seconds and since then has basically been on offer. given what's going on over there geopolitically in europe and given the very weak economic circumstances, given the extremely low levels of interest rates, i think money finally, continuously moves away from the euro and finds its way into other dollars, our dollars, canadian dollars, kiwi dollars, aussie dollars. that's been the trend -- >> chinese yuan. >> -- and i don't see that it's going to change. >> rick santelli, to that point, does that mean here that fund flows are going to keep supporting u.s. assets? and not just stocks, by the way,

but real estate, which is getting more headlines across the country. >> well, anybody who has cash, you talked about credit. one-third of all the transactions are cash. so, even though low rates and big liquidity were supposed to help a big swath of america get access to credit and specifically mortgage andzs and houses, really hasn't worked out that way. but i do continue to think we're going to continue to see a lot of these cash deals come into the marketplace. it's a good time to have a lot of money. with respect to the euro currency, i would put forth exhibit "a," and that would be the dollar versus the yuan. right now in front of their pmi, which comes out in several hours, and china's looking to put a nice number on the board, we see the dollar at the lowest level since early april. i think when it comes to currencies, that we can't confuse the notion that in a real world, fundamentals should impact the currency. i think all the things dennis brought up about europe are true and they've been true, outside of maybe the ukraine, and it's still a 1.34 handle, lofty by

any standards. i think that all stimulus is fungible and there's enough liquidity in the world, even with the u.s. tapering back, that the major currencies all have their issues and we're going to ping pong back and forth. i'd be hugely surprised if any time in the near future we see the euro currency under 1.30. >> all right. abigail doolittle, lately, the stock market's been zigging and zagging. today it's zigging higher, for the most part, except for the dow. you say it's been ruled a lot by emotions lately. what? >> well, you know, this has been a highly volatile, highly emotional market, as you said, with investors i think not having a real good sense for what's going on. if we bring it back to the corporate profit outlook which keith was talking about, on the surface it looks pretty positive. we have all these beats. but when you go below, revenue growth at 3%'s not so great. if we compare it to what analysts were looking for in march, 7%, 5.5%'s not so great on the bottom line.

then what about capex? this was supposed to be the year of the capex recovery. we still have not seen that. and then when you throw on top of all of this the global turmoil, what's going on with the fed, the disconnect between stocks at all-time highs and the ten-year below 2.50, i think investors don't know what to make of it. they've been taught by the fed to push higher. >> i was going to say, dennis to that point about what's signal and what's noise out there. we have gold doing well today. we've had the soft commodities get hit. and yet, some of the metals are holding up a little bit better. what is happening in the commodities space and what's that signal for the broader market? >> first of all, kelly, let's understand, the commodities are not an asset class and they don't move together. they move absolutely in contravention one to another. the grain markets have been under unbelievable duress because the weather's been spectacular and we are growing one enormous crop. we have the biggest corn crop and one of the biggest soybean crops we have seen, so wheat

prices are week. grain prices are skyrocketing as energy prices are strong, but copper prices have been basically more abundant. it's interesting how different are the various commodity markets and too many people talk about commodities as if they're one instrument. they're not. they're extremely divergent. >> very diverse. >> out of that universe, dennis, which do you think is best poised right now, and is there one of them -- we used to call it dr. copper, but what is the new one to watch? >> i know what you're going to say, too. here it comes. >> i am going to say it is not dr. copper. copper doesn't have a ph.d in economics. however, zinc, tin, aluminum and copper and aggregate have a ph.d in economics. and what's interesting is you're seeing the base metals, zinc, tin and aluminum, actually moving quite strongly. copper's the laggard. so, watch the other base metals. it's probably a better instrument than watching copper alone. >> it's not plastics anymore. the key word from dennis gartman now is loom aluminum.

>> aluminum. >> keith fitz-gerald, since janet yellen made her comments about the stretched valuations in small caps, the russell 2000's done pretty well and the social media stocks have done pretty well. would you buy them at these levels? we've got facebook coming up tonight and they're usually pretty volatile after the numbers come out. >> that's an interesting question. i'm normally very skeptical of social media. the one i'm watching is ali baba, because that's backed by a lot of real demand and 1.3 billion consumers. u.s. social media, not so much, but i'm very intrigued by what's happening here. i think it's being driven by hope right now and expectation. neither of those come down to earnings and i want to see the earnings. >> steven, i want to go back to the backdrop of the credit boom we were discussing and how this is going to play out in the next couple of months. i think it was credit suisse who while being under pressure in some parts of its business lately was saying it sees structured finance, leveraged loans as a source of growth or that it's going to put more investment into. again, what is that going to mean here? does that just mean that if you're any company out there who

wants to raise money, you can? and i'm thinking through the m&a boom we're seeing in relation to this as well. >> without question. it's a really easy time for companies to raise capital. everybody's looking to put money to work. what's important is to see what those companies are doing with that capital. you talked about m&a being an important driver, and i still think we're pretty early on in the cycle for m&a. the other thing we're going to be looking for is companies raising money to invest in their businesses to spend money on longer-term capital spending. you're hearing from the financials that in this earnings season, they're seeing a pickup in loan demand. that's really important to hear in terms of what the forward-looking outlook is. i think that's one of the reason -- >> hey, kelly? >> yes, rick? >> leverage loan finance that's fallen to a six-month low in june based on major outflows to the likes we haven't seen since 2011. sorry to interrupt. i just wanted to point that out. >> is that lcd? who's -- what's the source on that? interesting. >> leverageloan.com. i could read you the clip underneath it. the assets under management of low mutual funds contracted by

$2.5 billion in june or 1.5% to a six-month low of $169 billion, according to data from lipper fmi and fund filings. >> i wonder, would that be the retail crowd, then, steven, piling out for any reason or is this an institutional move? what do you think? >> yeah, i think we're seeing lower demand from both the retail crowd and from institutions. i think the mind-set is shift. at the beginning of the year, everybody was saying that rates are going to move dramatically higher. obviously, markets have gone the other way. >> oh, right, right. >> and people are coming around to the notion that rates are probably going to move higher, but at a much more gradual pace. as a result, that whole floating rate element that you have in the loan market isn't as important. so, people are looking to reallocate that money into things like traditional high yield, but more importantly, on the margin back into equities. >> i guess then the signal would be that even if the retail public's disappointed, it's not getting that upward float it was looking for, that the major banks are still going to be in this business. we'll see, you know, if that's enough to keep the whole happy dance going. >> exactly.

just buy aluminiam. >> put your emphasis on a different syllable. >> thanks for being on. >> 50 minutes to the close here. the dow continues to be negative on the day, off about 22 points this hour. the s&p and nasdaq are still higher. >> that is an all-time high for the s&p we're watching, by the way. the earnings parade continues. we mentioned facebook, at&t also will be front and center at the top of the hour. we'll tell you the numbers to watch out for, bring you the results the second they hit the street and tell you how they're going to affect thursday's market. that's all coming up here this hour. and straight ahead, investors taking irobert to the wood shed after revenue miss and weak guidance today. the company's ceo explains what's happening on a first on cnbc interview and if military robots will rescue the company's fortunes. plus, norfolk southern's ceo breaks down his company's earnings. the giant railroad beat analyst estimates. find out why he is confident

about this economy. the transports, the rails have just been on a tear, that's for sure. that's coming up on the "closing bell." stay tuned. the cadillac summer collection is here. ♪ ♪ during the cadillac summer's best event, lease this 2014 ats for around $299 a month and make this the summer of style. ♪

mixed day. the dow has been down 23 points, much of that the result of boeing moving lower. that's been the weakest component of the industrial average today. the spotlight really has been on the s&p, because that is in record territory now, 1,985 and change was the previous high set back on july 3rd when we got that blowout jobs number. so, we're back above that number today at 1,988 and change. meanwhile, the nasdaq helped by the performance of apple of its earnings report. dom chu joins us with some of the biggest movers today. hey, dom. >> hey, with the s&p 500, guys, 12 points away from 2,000, it's a big deal here. we'll start with boeing moving lower, despite better-than-expected second-quarter profits. investors are unimpressed as revenues came in about $300 million shy of average wall street expectations. you can see there the stock's down about 2.5%. a different story for puma pharmaceuticals, more than tripling its stock price after positive clinical results for one of its experimental breast cancer drugs. puma up toward session highs, up

by nearly 300%. a strong day for biogen iac after raising its forecast due to strong sales for its multiple closis treatment. shares up about 11%. then, herbalife falling after rising some 26% on tuesday as hedge fund manager bill ackman failed to live up to some promises that he would deliver a death blow to herbalife as a company, and you can see there, carl icahn, who is long the stock, made a cool $234 million yesterday on his stake with herbalife shares, and so, that's a big deal. a lot of nice little pay day for carl. we'll end with irobot, falling after missing analyst projections in the quarter. down about 8%, off of its session lows. bill, kelly, back to you guys. >> no wonder carl icahn hugged ackman at that conference. so, while irobot is best known for its roomba vacuum, they're hoping to make a push

into the defense space, drones. in fact, irobot drones were used for security purposes during this year's world cup down in brazil. >> joining us now is colin angle, ceo of irobot in a first on cnbc interview. colin, it's great to see you. look, the market punishing your company today, maybe some concerns about the cash you're generating, the earnings, sustainability for the next couple of quarters. what can you tell us, especially about the cash piece of this story? >> well, we delivered two bits of news today. one was on our home side of the business, the roomba vacuum cleaner and related robots. that was a very strong story. with full-year guidance up 19% year over year, so that was very strong. we also talked about the defense business, where we saw some of our expectations for signing some large defense contracts pushed right some. so, while the year outlook solidifi solidified, we saw some push to the right, and i think that's why some of the investors are

reacting to today. it usually takes a few days for full digesting of the story, but that d.o.d. shift probably being at the heart of what's going on today. cash is all very strong. we had a few adjustments that we made this year, this quarter, which oppressed margins, but we expect cash flow to come back and hit its high single-digit figures by the end of the year, as predicted. >> defense. even you admit that the defense industry, as you put it, can be lumpy. it's unbelievable. it's feast and famine. so, you get to deal with that. i'm sure that makes guidance trickier. are the margins better? talk about how it would be different from the more traditional view we've had of irobot in the past with good old roomba. >> well, you know, the defense side, which is getting a lot of attention right now, is now only

about 10% of our business. so, the lumpiness that we have long had to deal with is somewhat still very material to growth rates and guidance, however, and that's what we saw a little bit of today. what it means that at the beginning of the year, what we predict is going to happen doesn't always happen. and so, moving into the second-quarter earnings call, when we've had six months behind us, able to see what's happening, we say, okay, i have sidelined every dollar to get to my predicted, the today announced $45 million bold gain we're starting to build for next year, but it's not the $50 million we had hoped. >> colin, as you move increasingly into the defense space, is there anyone you won't sell to? >> you know what, our products are controlled by certain u.s. regulations, basically nato nations we're all free and clear to sell to. there are some states outside of

nato where there are restrictions, but we've sold to dozens of companies at this point, and -- >> so, you're mostly selling to companies as opposed to nations? >> no, we are mostly selling to nations. so, u.s. dod is a huge part of our business, but also foreign governments. we've sold 30 robots recently to brazil to probably most notably provide security services at the world cup. they were used very actively every day and happily, nothing particularly bad happened down there. >> talk about that for a minute. i mean, we've had our issues in the united states, the boston marathon bombing of a couple of years ago was an issue. how would your drone robots in that case help with that kind of open-air security? >> so, at the boston marathon tragedy, we had over 20 of our

robots deployed after the event looking for additional improvised explosive devices used next to the police officers and the s.w.a.t. teams in doing the building searches as the chase to find the fugitive continued to unravel with the concern that explosive devices and booby traps could be deployed against our police force at any time. so, it's really used as a point man, to go into situations where you're not going to throw a destructive device like a hand grenade, and you really prefer not to jump in and find out firsthand what's there waiting for you. you really would like a third option, and we have a family of robots, everything from 5 pounds, where you can throw it through a window, to 400 pounds, where it can go and lift up a person and drag it out to provide services. >> wow. thank you for joining us. we'll be following along as that

happens and we'll see if the shares rethink, colin, how they've been trading today so far. we really appreciate your time. >> thanks, colin. 40 minutes left in the trading session, the dow down 23, but we're really watching the s&p 500 index, which is up about 4 1/2 points right now, and it's in record territory. if it closed right now, it would be a new record high for the s&p. up next, how high could rupert murdoch go in his bid for time warner? some reports suggest the deal is a non-starter until he says over 100 bucks a share. david faber has more next. and norfolk southern's ceo will talk to us about that railroad giant's earnings. we'll get his reaction to this new crude oil shipment rule that's being considered by the government and talked about just today. it could put a dent in norfolk's bottom line. talk about that coming up. stay tuned. in india we have 400 million people

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welcome back. as we wait on some key earnings after the bell, including facebook and at&t, take a look at markets. today it's green arrows across the board, except for the dow. as we mentioned, boeing weighing heavily on that index. and goldman, interestingly enough, one of the best performers on the day. >> yep. >> now, the saga between 21st century fox and time warner remains unresolved. a week ago, cnbc first reported time warner rejected fox's $85-a-share bid. now the stock trading just below that mark, about $84.20 today. >> our david faber has been doing some amazing reporting on this story. he joins us along with rob cox,

editor at reuters "breaking views." david, a lot of numbers being thrown around right now. what are you hearing right now about the give and take between the two sides? >> you know, it's funny, bill, you said it perfectly, the give and take. you've seen so many of these situations in the past, and that's exactly what's going to go on for quite some time. so, we are going to hear and see many different things, some of which may turn out to be true, others a voyage, where if and when they eventually get down to doing a deal may not be true. that said, as i've been reporting in recent days, certainly the fox side and its advisers are trying to send a message of discipline. what that will actually comprise, perhaps not any more cash in a revised offer. it also means, what i'm hearing, likely not to include voting stock, something that time warner has made a point notify its defense at this point when it talks about governance or lack thereof. so, what would a higher bid look like if there was to be one? probably made up largely of the stock that is already 60% of the

consideration they offered and was rejected, that being the "a" shares. but we'll see. like all these things, and to your point, bill, give and take. at this point, time warner is sending very strong signals in my conversations with their advisers and the like that they have no interest in this bid, that they seem very much resolved at this point to saying this is not in the interests of our shareholders and our board is unified in its opposition. but again, time will tell. >> rob, how badly does rupert murdoch want to get this deal done and how much is he willing to pay to get it done? >> well, i think they've done their modigliani miller. they actually realize there is a value to both companies, and no matter how you play with it, whether it's equity or debt or how many hats they have or they're pulling habits like sky at deutsche, it's basically what they've got. they're going to have to play with these pieces in such a way so that they don't actually sacrifice their returns, their shareholder returns.

so, i think david's right, discipline does seem to be uncharacteristically the message from the murdoch camp. and i think shareholders for years now, a couple of years now, have gotten used to buybacks, dividends. i mean, a few years ago, murdoch himself said that he had foresworn big deals. they're kind of holding him to that. so, i get a sense that, you know, it's like 95, 100, but they've got time. they can just sit there. and people look at this, the logic of this deal, the industrial logic. they look at the sort of parameters, the competitive ones -- comcast, time warner cable, dish, at&t -- i think it actually becomes kind of compelling and that will seep into the market. >> and that's the thing, david, you wonder if rupert murdoch just leaves a bit on the table and then waits for shareholders to become impatient as management sort of poo-poos this whole thing. you know, the thing working -- you know, they don't have a dominant shareholder out there to be a voice for the shareholders. >> no. >> does that benefit rupert

murdoch or time warner, do you think? >> well, in a way, i think if murdoch and fox are willing to hang in there -- and by murdoch, i mean both james and rupert, because james, of course, is very much involved, as is chase kerry in the strategy here, and perhaps even more involved in saying discipline, discipline. but to the extent that we go down that road and they stay in there -- and they may have to stay in there until before the annual meeting of time warner is held. i think bill, toward the end of this year, if you're sitting on a gain and you're one of the long-term only funds, perhaps you don't want to look at the possibility of that stock dropping dramatically should this fall apart, so maybe you apply some pressure there, but we'll see. i continue to hear somehow $100 being a price that a lot of shareholders like in their minds and pushback certainly from the fox camp that they would ever reach that, although if they could identify a lot more synergies than the billion they've said going in, which they obviously don't know about, given they haven't opened their

books at time warner, perhaps you get to a different number. >> or if someone would come in for a big number for cnn or something. we have to go, but to what extent is the pressure potentially coming from shareholders of 21st century fox who don't seem impressed with the amount of debt this company may ultimately have to take on to get this done? >> there's only so much you can give away. whether you raise debt and reduce value of your equity or reduce equity, even though it's class "s" equity, no voting -- you can determine what the "s" is for. i'm not really sure they are the ones imposing the discipline. so, james may actually be the one in the camp with rupert, his father, saying, look, dad, we can't do this because i'm not 83. the value of this stock is going to have to last me and my grandchildren for some time. maybe he's imposing the discipline. but you know, there's just so many hats you can pull rabbits from, and i think they've recognized that. this isn't a $3.6 billion, $3.5

billion deal, this isn't dow jones. >> miss on this one even by 10%, you're talking $8 billion, and that ends up haunting you, perhaps, for a long time. >> exactly. >> great point. thanks, guys. >> thanks, guys, very much. i'm sure we'll be talking again about all this. good stuff. thanks, david. heading toward the close, 30 minutes left in the trading session, the dow coming back a little bit, down just 17 points right now. the s&p comfortably in record territory at the moment. as we try to come to terms with what is happening across the u.s. economy, norfolk southern's ceo is going to speak with us on a first on cnbc interview next. we'll talk about their earnings and the economy. we'll also get his reaction to new transportation safety rules on oil shipments. it's been a big business for the railroads. we'll ask him how that will affect more folks' bottom line. then, in about a half hour, at&t and facebook among those will be the center of the earnings story. we'll have full team coverage. analysts, shareholders, reporters. it's team coverage coming your way. don't go anywhere. what would happen...

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mixed day today, the dow down, much of it because of boeing, even though they reported better-than-expected earnings. revenue came in light. guidance was light. so, that stock is down.

it's taken the dow to negative territory, but the s&p is up almost five points right now. it's in record territory. and technology has done well. there's the s&p. the old high was 1,985 and change. we're at 1,988. railroad company norfolk southern's stock down today, despite reporting record earnings this quarter. >> we're going to talk about that and more now with norfolk southern's ceo, wick moorman, first here on cnbc. you can't complain too much about the stock price, transportation stocks have been very strong, you've been setting all-time highs, but you wonder why the stock would sell off today, wick. first of all, welcome. welcome back. >> thanks, bill. thanks for having me. it is not uncommon for companies to announce great earnings and their stock, for whatever, goes down that day. but as you say, the rails and the transportation companies have done extremely well recently. so, we're not worried about today. >> and wick, looking forward, when we spoke with csx a little while back, they were extremely

bullish on the u.s. economy. do you share that view? >> we think the economy will continue to grow. i think our view is it will grow at a reasonable pace, but not necessarily a robust pace for the next half of the year and into 2015. we're more bullish, quite frankly, on some components of our business which grew at an exceptional rate in this past quarter. as you know, our total volume was up 8% in the quarter, our revenues were up 9%, and we set records for operating income, net income, operating ratio. so, we're optimistic even beyond the growth of the economy, which we think will continue to be good. >> a lot of that was coal replenishment, i gather. a lot of coal inventories were depleted over this bad winter we had, and because natural gas prices are so high, utilities and companies are choosing coal instead, and you're among those rails that are moving that from point "a" to point "b," right?

>> right, that's exactly right. we saw inventories go way down. and coal inventories are still below where they were six months ago. so, we expect that utility coal business to continue to be good, at least through the second half of the year, and then we'll see if we get another winter like we had. >> let's hope not. >> now, we've got to talk about some of the changes coming down the pike here for the railroads. you guys have been shipping a lot of oil around, and now the government wants to make it safer, wants to make it more efficient for you to do so. how much of a restructuring does this mean, potentially? how much are you going to have to invest to come up to meet some of these new regulations, if they pass? >> well, let me start by saying that the rail industry, norfolk southern and all of us, along with everyone else who's transporting these products first and foremost is concerned with the safety of that transportation. as you know, the rail industry has a great safety record, and we all continue to invest a lot

of money in infrastructure, assets, technology to be as safe as we possibly can. we've seen the new regulations. we're doing a lot of analysis and will be over the next few weeks to see how they'll impact our operations, and we'll come out with our comments once we've done that analysis. but i'm basically optimistic that we're going to come up with a set of regulations for the transportation that's material that will allow the railroads to continue to move it efficiently, effectively and safely. because quite frankly, this is such a great resource in terms of pushing america towards energy independence that i think we're all going to have to come to a way to do this and do it safely. certainly, norfolk southern and the rail industry are committed, committed to doing that. >> i will say, mr. moorman, that was hardly a ringing endorsement of these new regulations. that was ceo speak for this is

on the negotiating table, we're going to be doing negotiations. is it possible they will be too onerous in terms of the amount you'll have to spend for upgrading your equipment, for the speed limit they're going to impose on you guys that might put you on a slower rail schedule? i mean, all these things that are going to go into consideration here, just first, is this an appropriate regulation that they're proposing right now? >> at our very first blush, we think that when you look -- and of course, as you know, there were a menu of options -- that there are options in this that may require some investment from us but will allow us to continue to ship this material without excessive burdens. and i will say, the other important point here in terms of all of this analysis is not just how it affects the rail industry. what it really affects is all of the other consumers and communities that rely on the products that we ship, from

u.p.s. packages to food to automotives to amtrak passengers. and it's those kinds of network effects that we really have to sort out and aren't quite sure of yet. >> yeah, got it. >> we could all be paying for it, in other words. >> wick moorman of norfolk southern, always good to see you. thank you for your time. we appreciate it. >> thanks, bill. heading towards the close, 20 minutes left in the trading day, down 16 points, well off lows. the dow was down 50-some-odd points at the low of the session, so we're off those lows. but the s&p's the focus today, as we are setting an all-time high there, looks like. as the earnings parade continues, raymond james is also reporting next hour, and its ceo will be here. we'll get his take on the numbers, find out his view on how strong this economy really is. up next, as at&t and facebook gear up to post their earnings after the bell, dominic chu will tell us the numbers to watch, so stay tuned for that. r0 turbocharged reward card with a new volkswagen turbo. why are we so obsessed with turbo?

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and when i find it- i go for it. (announcer) at scottrade, we share your passion for trading. that's why we give you the edge, with innovative charting and trading features, plus powerful mobile apps so you're always connected, wherever you are. because at scottrade, our passion is to power yours. a very special guest with the new york stock exchange today. you've probably by now recognized ryan pitt, former u.s. army staff sergeant, who on monday received the medal of honor from president obama, and then on tuesday, he was inducted

into the army of the pentagon's hall of heroes. he'll be coming up here in a few minutes. he's ringing the closing bell today as well. >> we're going to speak with him, as bill said, in a couple minutes. >> looking forward to that very much. one of the heroes that comes to ring the bell at the new york stock exchange. >> dominic chu at headquarters, some of the biggest names in america posting after the close and he has the numbers to watch. >> hi, kelly, bill. a busy close after the bell today. earnings season heads into full swing. the big four after the bell today. you've got facebook, at&t, gilead sciences and qualcomm. they're on the top of the board here. analysts expect facebook to earn 32 cents a sale. the key question is how well they're monetizing its mobile business, advertising. also, look at at&t, looking to maybe earn 63 cents a share, according to analysts, on $33 billion in sales. it's going to give us the latest picture on the state of the telecom industry. it's the second biggest telecom in the country.

gilead sciences is scheduled to make $1.79 in earnings per share on sales of $5.9 billion. analysts think that $3 billion of that could come from that blockbuster hepatitis-c drug, the one that costs $87,000 for a 12-week treatment. and qualcomm, the other big one looking to earn about $1.22 on sales about $6.5 billion. it's one of the top producers of smartphone processors. now, that's going to be a bellwether for some of that wireless side of the business. also after the bell today, trip adviser, tractor supply, cheesecake factory all reporting. we'll have all of those in the next hour of "closing bell," so stay tuned. it's going to be a busy, busy earnings close today, guys. back to you. >> our favorite kind of day. thank you, dom. 15 minutes until the close. markets still seeing the dow potentially finishing to the negative, off about 20 points, but again, the s&p here is eyeing a new record close and the nasdaq doing okay, buoyed by apple, up about 18 points. >> when we come back, we're really looking forward to talking to former staff sergeant

ryan pitts about what a great week he's had, the newest recipient of the medal of honor will join us as we gets ready to ring the closing bell here at the new york stock exchange. that's coming up after this. collection is here. sur ♪ ♪ during the cadillac summer's best event, lease this 2014 ats for around $299 a month and make this the summer of style. ♪ with all the opinions about stocks out there, how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments.

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welcome back. ten minutes to go here. as you can see, at 1,988, the s&p 500 currently is above its prior closing high of 1,985 that was recorded on july 3rd after the stronger-than-expected june payroll report. we've been struggling to get back to that level all month. today it looks like we could be going out with new highs here with ten minutes to go. humility, honor and heroism. some days, those qualities seem as if they are in pretty short supply. >> but staff sergeant ryan pitts represents those traits and a whole lot more. he was the sole survivor of a fierce attack, now regarded as one of the bloodiest battles in the war in afghanistan. and on monday, president obama made sergeant pitts the ninth living recipient of the medal of honor for actions in iraq and afghanistan. >> today he's set to ring the new york stock exchange closing bell in just a few moments, and we are honored to have former u.s. army staff sergeant and medal of honor recipient ryan pitts now on the "closing bell"

here with us. welcome. congratulations. >> thank you. >> i said to you during the break, you've had quite the week, haven't you? >> it's been busy. >> has it sunk in yet? >> no. i think it will be a couple of years before that happens. >> and this is for events that happened during the summer of 2008, so about six years ago now, in afghanistan, a battle that took out nine of your fellow soldiers. how freshly do those events still live with you day by day? >> many of them are just as fresh as if they happened yesterday. i think about those guys, what we did every day. >> does that make it difficult now that you're back in the workplace, we understand working up in new jersey where you're from, with oracle, doing business software, does that help our heroes program ease the transition back into, away from the battlefield? >> absolutely. i mean, just knowing that the country's behind us and, you know, my peers at work, the brothers i served with are behind us certainly helps, and there's a lot of programs to help us in other ways with our skills and things of that nature. >> how was the transition for

you to come back? i mean, you've made a lot of life changes since you've been back. you left service honorably in 2009. since then, you've been married, you've had a child, which we congratulate you on. he's 1 year old right now. and you work for oracle. was there a transition program for you to go through there at oracle to get into the workforce again? >> there was a transition program at walter reed when i separated from the military, and then, you know, i don't think there's ever going to be a point where i'm transitioned. i'll spend my entire life transitioning. i went into oracle through a friend, so they didn't know too much about me being a veteran when i joined. >> mark hurd certainly knows about it now. he put out a press release honoring you as you received that medal of honor from the president. how did that go on monday? >> it was surreal. >> surreal, right? >> yeah, absolutely. and you know, just a whirlwind, but the president made us feel very welcome and at ease with everything. >> you mentioned walter reed and you said this will be a lifelong

struggle. to what extent has your experience with the va been supportive of that, or has it reflected some of the reporting, which is that in many cases, veterans affairs hasn't been up to the task of caring for our veterans? >> my experience has been overwhelmingly positive. just going to the va medical center in new hampshire. >> that's great to hear. >> well, you've got another great experience coming your way. you're going to head up to the balcony to ring the closing bell. it goes without saying that we thank you for your service and congratulations on this distinction and honor. it's well deserved. >> thank you. it was my honor to serve. >> deeply appreciate it. >> he will be closing the day on wall street coming up here in just a few minutes. >> and it looks like it will be a positive one. >> it does, at least right now. the dow's negative, but the s&p's in record territory. we'll cap it off on the closing countdown. facebook and at&t after the bell report numbers and we will have that, plus instant reaction from analysts and shareholders standing by.

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b[b♪ll rings] offers end july 31st. time and sales data. split-second stats. ♪ its so close to the options floor, you'll bust your brain-box. all on thinkorswim, from td ameritrade. okay, kelly and the gang, next hour they have their hands full. here's what is coming out with earnings in the next hour here. of course, facebook will be something they'll be watching for carefully. the earnings estimate is for 32-cent profit on $2.8 billion in revenue.

at&t's another one they'll be watching very carefully. earnings of 63 cents on $33.25 billion. gilead sciences looking for a profit of $1.79 on $5.8 billion. qualcomm, earnings estimate of $1.22 on $6.5 billion revenue. and tripadviseor, 61-cent profit is estimated. bob pisani along with mark martiak of premier wealth management. earnings supposed to be the lifeblood of the market. is that how you see it and are you inclined to want to invest right now still? >> i am inclined. i am confident that the market will continue to climb higher, bill. and as multiples expand, investors will increasingly lean on corporate earnings to propel the markets higher. >> why do you think multiples are going to expand? this is a very controversial point in the market right now, whether the market deserves a higher multiple. >> i believe the market deserves a higher multiple. when i look at the -- >> meaning that the price will

go above what the premiums are. >> when i look at technicals, fundamentals and valuations, i still think corporate earnings are going higher because of the u.s. economy, bob. the u.s. economy continues to be at an above-trend pace, even though we had a very bad q-1 gdp number, minus 2.9%. my forecast and what i see and what i'm telling my clients is that annualized, we're going to be at 3.5% annually. and i'm looking at a price target of the s&p 500 of $2,050 by year end. >> profit margins go up, for example. are you anticipating that? margins are under a little bit of pressure right now. >> they are, i agree. >> a lot of charges of earnings engineering as companies buy back shares, rather than piling the money back into capital expenditures of some kind. >> i agree. discounting the share buybacks i still feel that with valuations, technicals, fundamentals, i think everything looks good. this market continues to go higher, in my opinion. >> by the way, you see now the best performing sector in the

standard & poor's 500 index is the information technologies sector. that is now annunumero uno. >> your ciscos, ibms have been out-performing. >> tomorrow we'll get the builders. d.r. horton pulte, we're expecting a push-up in the second quarter, but we haven't heard a lot from the builders yet. and we're going to get the auto sales. ford and gm are going to be reporting tomorrow. my favorite big international company, caterpillar, there's a great example of the global construction, global demand for businesses overall, because almost 60% of their businesses is overseas at this point. >> favorite sector right now? >> i like technology, i like biotech. materials has been doing well. and believe it or not, in this last quarter, consumer services has been doing really well. >> you're investing for growth. you're not investing defensively. >> i'm invest aftering for total return. i'm always focused on growth and income for my clients. >> metals have been up, aluminum's been strong, all of

the steel stocks have been strong recently. >> thank you, gentlemen. good to see you. and as you can see, staff sergeant ryan pitts, the latest medal of honor recipient ringing the closing bell as we close out a day when the s&p 500 index is at a new record high. but stay tuned. a lot of earnings coming your way on the second hour of the "closing bell" with kelly evans. i'll see you tomorrow. welcome to the "closing bell," everybody. there's that graphic. you know what that means, the s&p 500 today going out at a new record high, 1,987 and change. that, by the way, is not for the market, it is for ryan pitts who we just spoke to, medal of honor recipient and duly so. up about 3 points for the s&p 500, down 25 for the dow, weighed down by boeing. i'm kelly evans. joining me on the panel is herb greenberg, nick lag carlson from

business insider, todd schoenberger from jay striker asset management. and to wrap up the day's action on the markets, "fast money" trader jon najarian. we're all waiting for key earnings reports due out in a couple minutes' time. dr. j., what is the most important thing to watch for here after the close? >> well, for me, it's going to be facebook, because number one, because i'm in that stock. so, kelly, that's important to me. but as far as the overall market, i think the fact that facebook could actually be monetizing in a bigger way, mobile in particular, i think that's where the real juice is coming from here. stocks just slightly below an all-time high. there were big up-time -- i'm sorry, call speculation in this name. if they can blow it out, that's going to carry an awful lot of social media names, of course, like twitter and all the rest of them that janet yellen talked about. it will carry them all higher. >> can't wait to see what the response would be in case, but look, at least these are the big

names in this space that are generating, todd some earnings, have an actual business behind them, but let's talk about the broader markets. nasdaq looking pretty strong today, dow transports at a high, dow jones industrial average lagging a little bit, but the s&p at new record highs. >> it's going to continue. i mean, what is going to be the catalyst to actually get the bears out of hibernation? there's nothing there. minus 2.9% gdp print in the first quarter, polar vortex, geopolitical issues, and yet, the stock market continues to rally and continues to move higher. >> good or bad? in other words, is that supported by fundamentals, strong long-term -- >> you can look at fundamentals. hold on, herb. you can look at fundamentals. also look at the fact that you have less participation. only 52% of americans right now invested in this market. you still have a lot of cash that's on the sidelines, but that retail investors hasn't quite jumped in yet. >> so raising an eyebrow, herb. >> because i think what we're seeing makes the market that much more dangerous and vulnerable to that. whatever it's going to be that will bring it down and scare the living daylights out of people. what you're seeing now is you're seeing companies, even like an

intuitive surgical up today. big gains on just sort of, you know, things are getting better at our company. >> come on. >> so, i think you just have to pay attention to the fact that it's quality earnings are going to matter at some point. they're higher, but you know, it's not -- look, we've already had a new run! >> the bar was already set low because of the first-quarter problems that we had, and look, these numbers are blockbuster. 72% of s&p 500 companies who are reporting over the next three weeks are in the heat of it and we haven't been disappointed, and you saw it in the financials as well. >> a little bit of a disappointment maybe in at&t shares which looked to be under pressure in after hours. we'll talk about the details of that report in a moment. but todd, it's clear that it's not all good news. >> it's not. it's not all good news. here's the only thing i can see actually coming down the line, herb, that can actually get the bears rolling here, and it's going to be something geopolitical. look, here's the thing, we have not as a country been involved anything with any type of hostile event, violent. think about it, over the last

few years we've been on the sidelines. but here it is, on the cusp of something big. if we jump in, that's going to hurt sentiment for wall street. >> hold on for a second before we go down that road. let's talk about at&t. second-quarter earnings are out and morgan brennan digging through the numbers. >> we're still going through this report, but right now it looks like a top line and bottom line miss. we're looking at adjusted earnings of 62 cents, and that is versus the 63 cents that the street was looking for and on revenues of $32.58 billion. that's versus what the street was looking for, $33.22 billion. so, overall, a miss. also looking at the churn rate, though, i will tell you this, we're looking at post paid churn rate of 0.86%, and the street had been looking for post paid of 0.94%. there's some other headlines here that look interesting. we're going to dig in and bring you those in a bit. kelly, back to you. >> morgan, thank you. and before we move on, we want to now hit qualcomm's earnings, which are hitting the tape here. i believe dominic chu is going

to join -- i'm sorry, josh lipton is going to join us now with those numbers. josh. >> qualcomm just reporting. $1.31 on $6.8 billion. that's a beat. street was looking for $1.22 on $6.52 billion, so a beat on the bottom and top. looking through the release, msn chip shipments, that clocked in at $225 million. that, according to estimates i was looking at, better than expected. but the guidance here, kelly, looks to be a little weak. q-4, they're guiding for eps of $1.20 to $1.35. the street was looking for more like $1.39. that conference call's going to start at 5:45 p.m. eastern. expect a lot of questions about china, seen as a big opportunity for qualcomm, but also some questions. analysts point out, listen, are those chinese consumers? are they buying high-end or low-end devices? that would have a big impact on qualcomm's asps and royalties. kelly, back to you. >> josh, thank you. dr. j., what do you think about

these qualcomm numbers? you were with us when sandisk reported. it's not apples to apples, but we're trying get a sense of the strength in the tech sector. >> yeah, well, the revenue number looked light. and as josh said, there's no doubt that the guidance is weak. the guidance is weak in the area of about 10%, kelly, from what street was looking for as far as the forward guidance. so, that doesn't mean they'll hit the stock 10%, but i wouldn't be surprised to see them push it under $80 pretty quickly here. it's already down $1.30 in the post, and it looks like it's going to be challenging $80 right now. >> thank you, dr. j. we've got now a look at facebook. shares look to be moving to the down side to the tune of minus 2% after hours. julia boorstin joins us now. julia -- in just a moment, i should say, she's going to have the numbers for us. nicholas carlson, before we hit that, just a thought on qualcomm and what dr. j. was alluding to with a little miss there. >> yeah, well, it's -- they're

in the business of making the chips right now, and it's like they have to be just sort of recharging and sort of, they're about the ecosystem as well. >> yeah, and that's one to watch as we start to pivot towards some of these newer models. julia, what can you tell us? julia boorstin joining us with facebook earnings. julia? >> reporter: that's right, facebook earnings per share, big beat on the up side, kelly, coming in at 42 cents, excluding items, compared to estimates of 32 cents. that is up 19 cents from the year-ago quarter. revenue also higher than expected at $2.9 billion in revenue, versus expectations of $2.81 billion from wall street analysts. looking at key user numbers, daily active users were 829 million. that's just a hair lighter than wall street had expected. mobile daily active users 654 million, and then looking at a mobile monthly, 1.07 billion. that means that over a billion people used facebook on a

monthly basis. a key number that investors are going to be watching is mobile advertising. it represented 62% of all advertising revenue. that's up from 59% in this most recent quarter and it's also higher than expected. kelly, continuing to dig through this report and i'll be back to you with more. >> julia, thanks very much. facebook shares now off about 1%. let's bring in martin pike and colleen taylor from tech crunch with their reaction to these earnings. martin, first to you. what do you say about the quarter? >> you know, i think it's a very solid quarter. the stock's obviously had a great run recently, so i'm not surprised it's trading off a little bit here, but revenue close to 60% growth, advertising 58%, 60% it looks like in that range, so very solid. as you pointed out, mobile is growing. what's happening here is advertisers are getting a good yield and a good return on investment with mobile apps. so they're working from the advertisers' side. >> colleen, what about you? >> i think the reason we might be seeing some early downgrades in the stock in after hours

right now is because those mobile users, the mobile monthly active user growth hasn't been maybe as strong as a lot of people had been wanting it to be. i mean, the overall numbers here are fantastic and no big surprise from facebook, they beat analyst expectations over the past four quarters. so, once again, blowing out of the water overall. but it's not just about the numbers, it's about the specific where those numbers are coming from. and right now, it's really all about mobile. we need to see a lot of growth on the mobile side, both in mobile users and mobile advertising dollars, and it's not quite clear yet that facebook really surpassed expectations in that small thing. so, i think that may be why we're seeing a little hesitancy about the stock. >> do you agree, nicholas? >> i think when you look at facebook right now with its core product, the mobile app, it's in optimization mode. you know, they're trying to get more out of video, more out of ads. what we haven't seen is what they can do with instagram or

what's app. they split it off and that shot it right up the charts. >> todd, what do you think? shares are now down little more than 1% after hours. >> i'm shocked by it, kelly. i don't understand it. i'm what, a year and a quarter ago, their mobile ads were, what, maybe 0%, i mean, compared to total earnings. now you're looking at companies actually made $1 billion in revenue increase year over year. what am i missing here? that's a 50% increase. if you own a hyper growth company, this is it! >> but it's hyper priced in. >> if you're not buying it now, you're never going to buy it. why wouldn't you buy it now? 62% of revenue from mobile apps. they have 1 billion people around the globe that use the app on their mobile device. they have 1.2 billion user base! >> dr. j.? >> i agree. i mean, it will also be key, kelly, what we hear from conference call and so forth. but overall, these numbers, top line beat, bottom line beat. i mean, all the engagement, everything you wanted to see is there. so, if people want to --

>> what about colleen's point? >> i missed that. >> what about the mobile user growth? doesn't it all come back to that metric? >> i don't think it all comes back to that. certainly mobile is important for facebook and twitter, but obviously, an awful lot of folks use facebook on desktop still. whether they're dinosaurs or not, kelly, that's the way a lot of people still use it. so, if i'm not seeing mobile growth with facebook, as long as the numbers hold up and the revenue numbers certainly did -- >> more problem for mobile than for facebook potentially. >> yeah. >> what do you think, herb? >> i think the best part of this whole thing is mark zuckerberg's comment. in the very second paragraph of the press release, "we had a good second quarter." that will go down as one of the greats, because there was not really hype there. just telling it the way it is. those of us using facebook, we know we're now forced to deal with the ads, but a the one thing i was looking at twitter based on this, because in the end, user growth will be what it is. people really want to see mobile ad growth continuing to move

forward, but looking at twitter, twitter's hardly budging on this one. for whatever reason, it's actually not hitting them. >> we have to go. we have one more earnings to hit the tape. dr. j., before we do let you go, a name that started moving after hours here was puma yesterday, and you said there's been fishy action in options. anything else you want to flag for us while we have you? >> another one would be ariad, aria. that stock popped like that, kelly, right after we finished "the halftime report." it was trading 15 calls to every put. >> wow. >> much heavier than normal volume, betting on the up side. they make leukemia treatment that the european medicines, which is the equivalent of our fda overseas, has been exploring as far as making it more available overseas. if that happens and if they bet on things, or at least if they trade on things the way our legislative bodies tend to, then this is a pretty good tell. >> all right. we're going to leave it there fow for now. dr. j., thank you for joining

us. gilead is out with second quarter earnings and meg tirrell has those earnings for us. >> a big beat for gilead, seeing earnings per share $2.36 for the second quarter versus analyst estimates of $1.79 a share. also a big beat on sales, $6.53 billion versus analyst estimates of $5.86 billion. but of course, the important number here is gilead's sales of its help tight c drug coming in at $3.8 billion in the second quarter versus estimates of about $2.6 billion to $2.9 billion. the whisper number's up to $3.5 billion, so it just hit that whisper number with sovaldi. they say they've treated 80,000 patients since the launch of sovaldi. back to you. >> those shares moving higher and travel website tripadvisor also hitting the tape. seema mody has the earnings reports. >> kelly, tripadvisor reporting second quarter earnings.

the stock is getting hit after hours and here's why, earnings missing street expectations. second-quarter earnings of 55 cents a share versus an analyst estimate of 61 cents a share. revenue slightly higher than what the street was expecting at $323 million. the analyst estimate there $322 million. two other metrics -- display ad revenue, $37 million for the second quarter. that did come in higher than analyst expectations. and click-based revenue of $235 million, also higher than the street expectations. but again, given that it missed its bottom line estimate, the stock getting hit after hours. kelly? >> it certainly is. seema, thank you. thanks, everybody. be sure to stick around and catch dr. j. coming up with the "fast money" crew at 5:00 p.m. today. they're talking to the ceo of stratasys, david reis. some described them as doing one of these tax inversions, so don't miss a moment of that. much more on facebook earnings still to come. we'll hear from a pair of shareholders on whether they are

buying or selling their shares based on these reports. then, steve liesman interviewing president obama exclusively here tomorrow on everything from taxes and economic patriotism to the minimum wage. steve will be here with a preview, plus, find out what the panel would like to ask the president. we're back in a moment. don't just visit san francisco. (water dripping and pipes clanging) visit tripadvisor san francisco. (soothing sound of a shower) with millions of reviews, tripadvisor makes any destination better.

welcome back. a lot's just happened. let's send it out to dominic chu for an earnings alert. >> we have angie's list, which is down about 12.5% in the after-hours trade and about 85,000 shares worth of trading volume in the after hours. the company's actually reporting a loss per share of 31 cents. again, a 31-cent-per-share loss versus analyst estimate of 24-cent-per-share loss. revenue is light, $79 million with the analyst estimate $80 million. also, guidance for the third quarter was light as well. the company sees third-quarter revenues of $80.5 million to $82.5 million. wall street's looking for $87 million. the company saying in the statement accompanying the earnings release that they increased marketing spend during a seasonally strong period, also that they expect significant improvement in margins in the second half of the year and see continued compelling opportunities for growth. so, angie's list was a miss on

the bottom line, a miss on the top line, a miss in the forecast. they do think there's optimism in the second half, but still, you can see the investor reaction. shares are down about 12.5% in a lighter, relative after-market trade. >> dom, thank you very much. we'll pick one facebook in just a second, but herb greenberg, compelling opportunities for growth here at angie's list? >> an incredibly great service, but guys like me are doing service around the house, trying to find somebody to use, i can still go to yelp for free. if you know how to use it and how to track things, i don't have to pay for it. so, i have yet to pay for it, i have yet to go on a trial. it's sad because it's a good idea and it's a good concept. >> yeah, difficult second half ahead for them. we're continuing our coverage of facebook earnings now. the stock, let's take a look. it began by trading lower to the tune of about 2%. now it's climbed back into positive territory. joining us for more is mark hauten and brian evans. welcome to you both. mark, facebook investors clearly

trying to make heads and tails of the release. what do you say about these results? >> well, i think they're absolutely exceptional, to be frank. the financials are really strong across the board. for me, what was really important was they had a beat on advertising, because the market had been slowly edging up numbers because various ad networks had been suggesting that numbers were going to be strong and pricing good, and that's indeed what we've seen, about $100 million beat. that's really what was needed to drive the shares higher. if you want to pick a hole in anything, it would be some of the user numbers were slightly lower than market expectations, but it's really picking very, very small holes in what are an extremely solid set of numbers. >> brian, same question to you, and why is it that the market is not as focused on those slightly lighter user growth metrics, which i feel like a year or two back they would have been much more heavily punished for? >> well, this really isn't a social media company, it's a communications and advertising company. so, really, what they're about is making a profit. now, when i was on your show back in march talking about the

valuation at facebook, i said it was about 20% overvalued, and it proceeded to drop about 20%. now i was coming in today to talk about how it's 25% undervalued based upon the present value future expected profits. i've got to go back and redo my numbers because it's even more undervalued than that based upon this earnings report. >> wow. can you just give a rough sense now what you think we're talking, then? >> well, i was going to say it was worth 93 bucks a share, but i would suspect it's going to go above $100, because i believe that earnings do matter. i have a whole fund based upon that at advisorshares.com called the medrona funds. all it does is buys growth at a reasonable price. and here i'm looking at a stock trading at a peg ratio of five-year forward ratio of 25% under the average of the market. >> okay. >> yet, one of the interesting factors of this stock is that it is increasing its percentage of earnings before interest and

taxes as it's increasing its growth. so, that's something you don't usually see in a large company. >> and question for the panel here, do you guys think facebook beats the split-adjusted apple to the $100 mark here? >> yeah. >> do you? >> i mean -- listen -- >> it's much further away, obviously. >> right. we're obviously premature with this discussion. however, when i look at this report card, herb, you're laughing. if you had matching pants on, you'd give a standing ovation. this is a great story! i'm telling you, looking at the numbers, monthly mobile. i mean, you're looking at 1.07 billion on the monthly mobile users. i mean, that's a number. i know we're slightly below, you brought it up. however, that's a number we want to focus on, because there's mobile tv ads. that's going to be the thing that really propels this company. >> we have more on facebook from julia boorstin, just finished speaking to coo sheryl sandberg. julia? >> that's right, kelly. sheryl sandberg telling me that on the earnings call, she's

going to announce that the company now has 1.5 million active advertisers, so that's a landmark number there. she noted that the company's really seeing growth across all geographies, across both existing advertisers and new advertisers, and mobile ads growth is being driven from everything from small businesses to large businesses. she said even those app install ads, which are a portion of the mobile ads, are being adopted by large advertisers like a target as well as a small advertisers. now, she gave me this quote s saying "personalized upscale advertisement is working. the platform is starting to combine with people realizing facebook is a creative, unique canvas for story-telling." i'm sure we'll hear about measurement. she said they made investment in measurement and focusing those ads directly at who people are. now, kelly, one other key point is i asked her about instagram, because they've been slowly rolling out instagram ads. she says it's a great opportunity. we're seeing a lot of demand and

great results, but it's still very early days. so they're not going to break out those numbers, it seems, just yet. kelly? >> julia, thank you. shares appear to be moving around on that, nicholas, now up to the tune of 2%. what's your reaction to either what sheryl sandberg said or further detail on the first quarter? >> if i'm down and patient on instagram as long as possible, seems like they have a lot of runway with other businesses. then the number i'd be curious to see from facebook is just a breakdown of the mobile app install ads, which are large companies which are small companies, because a little bit, that's frothy, because you're looking at start-ups buying distribution through facebook, and that's venture money. so, it's, you know, that's not real businesses buying advertising in marketing. that's people just saying, look, oh, we just got $25 million, we need ads. >> mark? >> i think that may be true at the margin, but what we've got here is a company with a user network that is multiples the size of anybody else, and the power of a network increases exponentially with the number of users. this network is well more than

five times worth twitter's network with a fifth the number of users. >> wow. so i'm guessing you think it will beat apple to the $100 mark. >> our former price target was $87. that will clearly go up since today's numbers. these are exceptional numbers. they really are. >> herb, last word? >> these guys, regarding where it goes, they would know better than i, but i still look at it in the context of the entire market. facebook, i look at it compared with twitter. i use them both very differently. i am sucked in by those ads. i don't like them, but i am sucked in by them because it is so effective. i use my facebook on my mobile app a lot. doug kass is saying 40-plus. those 40 and over don't quite understand facebook. i think he may have something there. but i think, look, we'll see. i've learned never to underestimate these tech companies or these type of companies and what they'll do, because we've seen enough people hurt by that. >> that's right. and those ads, those video ads? keep in mind, they're probably going to go after the worldwide

tv advertising market, which is worth $200 billion -- >> but the one point i want to make here, given the mood of this market, any disappointment in facebook, this, not next quarter, anything they'll say, be careful, because this is an unforgiving market, each if it's a blip in history. >> key is mark zuckerberg's aggression. he'll use this to buy the next app. raymond james set to report and paul reilly is here to break down the numbers. up next, steve liesman is here with a preview of his exclusive interview with president obama tomorrow. find out what's on the president's mind and steve's mind ahead of the big sit-down. we'll be right back. just take a closer look. it works how you want to work. with a fidelity investment professional... or managing your investments on your own. helping you find new ways to plan for retirement. and save on taxes where you can. so you can invest in the life that you want today. tap into the full power of your fidelity greenline.

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okay, if you thought today's after-hours action was busy, wait until you hear what's on tap for tomorrow. we've got amazon, starbucks, visa, pandora, just some of the big names set to report after the bell thursday, and that's the undercard for the main event. an exclusive interview with president obama on this network. steve liesman is in los angeles, where he'll be tackling all things economic with president obama, and he joins us now with a preview. don't give away the questions just yet, steve. >> no, i don't think i have to, kelly, but i think you know as well as i do, this is a particular particularly poignant moment when it comes to economics in president obama's presidency, in the sense that this tax inversion issue has really exploded. and the question i think for business for our viewers is has this become a wedge for changing the tax code, does this become a way for there to be reform that businesses have been waiting for?

very interesting interview with the head of one of the drug companies moving overseas and her father, who is a senator, saying that what the daughter did should be deemed illegal. so, this is a real issue that's out there, and we'll be anxious for the president to weigh in on that as well as what's going on overseas and the impact on investment and business in the united states being very important as well as u.s. foreign policy. and then there's the whole obama agenda that seems to be stalled right now when it comes to the minimum wage and a whole host of other issues, building infrastructure and how the president might make any progress on those. so, i don't have to give you the questions, kelly, but a smart person like you would take a step back and know exactly what they're going to be. >> i don't know. you're unpredictable, steve. but listen, i'm just wondering, you know, the president often has a motive, an agenda in mind when he does these interviews. what do you think it is right now? >> well, it may be to weigh in on this tax inversion issue. jack lew, by the way, at "delivering alpha," a cnbc event, brought it up to the

administration's level, making the first comments there, and my guess is the president wants weigh in on that, and i think he wants to see if there's a way to advance that agenda that i just spoke of, the economic agenda, which is so stalled. i don't even know -- i saw that the number of days congress is going to be in session before the election is really minimal. so, there's not a whole lot of time to make anything happen if they do, and of course, after that, the question is whether or not a window opens up for the president to advance his agenda there. so, i think that's a part of it. i also think, kelly, as you know, he hasn't really had any time to focus on the domestic economic issues in part because of how much events overseas have really taken his time. >> to that point, steve, i wonder how much the domestic audience wants to hear about it. i mean, there's a lot happening around the world right now. it's not as if these aren't major, terrifying, you know, troubling developments. and is this the time to be sort of doubling down on domestic economic policy? >> it's an interesting question. i think that when it comes to our viewers more than when it comes to average americans, they

sure would want to hear about the domestic economy. and certainly, the president, despite what's going on overseas, still has to steward the economy. so, i think talking about it makes a whole lot of sense for him. >> yeah, fair point. all right, know it's still difficult out there for a lot of folks. steve, thank you very much. steve's interview's coming up tomorrow, live at 5:15 p.m. it's unusual for it to be live. 5:15 p.m. eastern, exclusively on cnbc. don't miss a moment of that. raymond james earnings are also out this hour. next, ceo paul reilly giving us the numbers and telling us whether retail investors are ready to get off the sidelines as the market hovers around record highs. and -- ♪ shares of hawaiian airlines parent company soaring after earnings today more than doubled on strong demand and stable fuel prices. but does geopolitical turmoil threaten the travel industry? the carrier's ceo joins us exclusively coming up on the "closing bell." you're driving along,

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welcome back. the earnings keep on coming this afternoon. now dominic chu is taking a look at skechers' results for us. >> skechers up about 7.5%, a strong, strong quarter for them. they beat on the bottom and the top line. handy beats on both sides.

in terms of the overall forecast for the company, the company did say in their release that they feel comfortable with the analysts' current consensus estimates for the third quarter, even though we're up against tough comparable comparisons. robert greenberg saying through the release that they feel as though that they're positioned well for the overall growth picture in the second half of the year. given the broad product acceptance we achieved through the first half of 2014, we believe the momentum will continue through the second half of 2014. so, some more bullish comments. they also did say that their earnings in terms of the first quarter resulted in a strong beat. also, that was driven by a 37% sales increase over the same period last year. the highest quarterly revenues in the company's 22-year history. so, again, skechers shares up on that bit of news. 130,000 shares have traded, up 7.5%, you can see there. back to you. >> dom, thank you. financial services firm raymond james out with earnings a short while ago and reporting

record revenue. joining us in a cnbc exclusive from nashville, tennessee, the company's ceo, paul reilly. paul, it's good to see you. >> good to be back on, kelly. >> so, which part of your business was most profitable in the second quarter and where are the headwinds right now? >> well, the business is strong, and here i am in nashville, the few thousand of our raymond james family members, including 700 kids. so, we really are a family company. but the private client group set records in revenue, net income, 49 additional advisors this quarter alone, along with our asset management group, which continues to grow, both on, you know, organic growth in the market. so, that group has performed very, very well, as well as the bank. >> and is the return on those divisions, return on equity, return on assets, however you want to look at it, going to be as strong going forward as, say, some of the other parts of the business, investment banking during the last cycle here, as everybody chases this area across the industry? >> you know, we've been such a

long-term growth-oriented firm. we're proud that we had essentially 12% return on equity, 11.99% for the year on 20% capital. we're a heavily capitalized company and have strong earnings and it's driven off the private client group, which has been growing at this pace for over 50 years. so, it's been a long-term investment. we haven't been chasing it lately and feel very, very good about it. the headwinds have come more in the capital markets area, the fixed income business is very tough because of lack of volatility and low interest rates, and same with trading and the equity capital markets. but both two very good franchises, just little headwinds. >> that's the question, are these franchises you're going to keep and continue to invest and grow long term? >> absolutely. we're looking at long-term growth. in fact, in many of our businesses, we actually recruit in downturns. it's part of the advantage of being heavily capitalized and very liquid is we look at downturns as opportunities to grow businesses we want to be in long term. so, we're still growing. we like organic growth,

recruiting people we want, but have been pretty open about looking at companies that fit our culture and would add to the people we have, both either geographically or, you know, expanding our businesses. >> i'm glad you raised that point, because i'm thinking of cit group, which is buying one west. it's going to become one of the biggest banks in the country. and you know, it's looking at a cheaper funding source, of course, with getting a bunch of depositors and just positioning for what could be a wave of consolidation across the banking industry here. it sounds like what you're saying is that that is coming and you're going to be a part of it. >> well, but we're not aggressive. we did do a $1 billion acquisition, morgan keegan a couple of years ago, but the primary reason was it fit our culture. their advisers were very much like ours. they had a great fixed income business that complimentemented in public finance. so, if it's not a cultural fit. we hit $480 billion in client assets this quarter. we're not going to be the biggest, but we think we're big

enough to compete and the culture is the number one driver right now. >> well, you mentioned some of these targets. what about overseas targets? tax inversions are all the talk, and i'm sure whether it's, you know, the m&a wave we're looking at and some of the people at your firm talking to clients possibly about this, it's going to be a huge issue. we may see real pushback out of washington here. >> that may be. we've been open about looking at acquisitions on the continent and m&a for equity capital markets business and asset management. so, but there will be more niche acquisitions, and i don't think we're going to invert from st. petersburg, florida to overseas any time that i could ever see. >> well, stranger things have happened. >> that's true. >> we'll leave it there for now. thank you so much for being with us. paul reilly from nashville, tennessee, with raymond james' earnings today. >> thank you, kelly. and the cavalcade continues. still to come, we'll recap today's events and look forward to more, apple, ford, visa, gm

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exclusive is hawaiian air ceo mark dunkerly. mark, welcome to the program. >> well, thank you very much for having me. >> so, we understand the strong performance, and not just in terms of your financial results. you guys are one of the airlines that's most on time of any. there's a bunch of headwinds out there in the world right now, though. there's the fuel issue, which could become a problem if the geopolitical tensions heat up. do you guys hedge for fuel? how concerned are you about what's happening in your industry around the world right now? >> well, first of all, i think from what we can see out the windshield of our business, things actually look pretty good. demand's been very, very strong in all our geographies, and at the moment, we certainly don't see any impact from some of the geopolitical tremors. with respect to fuel, we hedge our fuel forward. we don't try and second guess the market. we hedge to dollar cost average

fuel expense at the time. >> and i want to bring in the panel for some thoughts here. herb? >> yeah, hey, mark, this is herb greenberg. when we see how well you appear to be doing, when i ask the question, and that is, you know, what makes you different, it's really the question of what makes you different in terms of what you're charging for and what you're not? or is it because you have such a captive audience? every time i see one of your planes land into my home, san diego, i always want to be jumping on one of them. >> well, firstly, i'm glad that that's the sentiment that you have every time you see one of our airplanes, but essentially, in our business, it's terribly important that you stand for something and that you have a proposition to the customer that separates you from everybody else. and what we sell is hawaii as a destination. people have this fantastic view of hawaii because it's an

appropriately realistic view of hawaii, and we try and capture that in everything that we do, on board and on the ground. >> understood. what about consolidation in the future across the airline space, mark? i mean, we've seen some pretty significant moves in the last couple of years. where does that leave your company? >> well, you know, yes, we've had a lot of consolidation in the industry, and of course, the large have become larger. that has really two impacts for us. one is it actually gives us more of a niche to exploit, so we've been growing very, very quickly. we've grown and we've grown profitably, which in our industry is actually quite a hard thing to do at the same time. we are mindful of our consolidated competitors. they are becoming increasingly focused on the business traveler, on having a network that spans the globe. we, by contrast, really focus on selling hawaii, as i mentioned a

moment or two ago. and so far, we found that the traveling public interested in coming to hawaii has responded extremely well to that. >> yeah. >> hey, todd schoenberger. you mentioned how geopolitical events are not impacting your airline. i know you don't fly into tel aviv. would you voluntarily or willfully keep your flights, if you were flying to tel aviv, would you keep from flying there? >> well, you know, we take our guidance about the safety of air space from the faa and from other sort of competent aeronautical authorities from around the world, and i think that's from whom we would take our guidance. airlines are not equipped to make that call all by themselves. they need the information that's provided by governments. i think it's entirely appropriate that the u.s. federal government in this instance has made the call. i'm not close enough to know whether it's a reasonable call

or not. we have to assume that it is. >> mark, you bought airbus, not boeing. why? >> well, first of all, both manufacturers make great airplanes, and you know, we do operate a fleet of 18 boeing 717s, which is an airplane we're extremely fond of, as well as the 7767s that are retiring fro our fleet. but each airplane is optimized for a certain mission, and it so happens that the missions that we fly are best suited to the airbus a-330 for the long haul and also for the a-321 neo, which is a narrow body with some pretty impressive range that will be coming out in a couple years' time. >> mark, we'll leave it there, but first, what do you think is the biggest risk to your line of business in months ahead? >> well, the biggest risk to our

business is always consumer sentiment and their willingness to come on vacation. as i say, we've seen no dampening of that so far. it is, you know, a fickle thing. we can't by any means guarantee that, but so far, we've seen no indication that that has been impacted by global events. >> and we understand the share performance today in light of that. mark, thank you for being here. wl appreciate your time. mark dunkerley, hawaiian air ceo. it's been one big earnings report after another since the market closed. next, dominic chu will try to round it all up for us. and a programming note. we have an exclusive interview with president obama tomorrow. steve liesman is sitting down to tackle all things economy, from taxes and economic patriotism to the minimum wage and much, much more. tomorrow, 5:15 p.m. eastern live, exclusively on cnbc. state we're changing the way we do business, with startup ny.

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welcome back. a lot of movers to bring you up to speed on. we had some fast and furious earnings, domenic chu joins us with the recap. dom. >> holly, moly, it's been a lot.

record high shares for facebook, they posted better than expected sales. facebook, you can see they're up about 4% near after market highs. at&t is moving lower after coming up a penny say. trades down for at&t in the after hours. qualcomm posted better-than-expected profits for the first quarter. it forecasts the quarter's results below consensus view, the licensing business specifically with regard to china. can you see those shares down 4%. gilead hepatitis c drug had sales up $3.. trip adviser missed in the bottom line, down about 10.5%, kelly, in the after mark, over to you. >> stick with trips to half.

up next, look at the challenges of breaking news in 140 characters. tomorrow a coffee clash. starbucks and duncans are releasing earnings. closing bell will have the numbers. we'll be right back. how do you know which ones to follow? the equity summary score consolidates the ratings .

welcome back. qualcomm earnings, we just spoke to the company's president. john. >> we got offer with the president, derec dunkerly. he says it has to do with the licensing business, they got some businesses if chosen, particularly lower to your tables that have 3 g if them him qualcomm is not getting the licensing fees, they are going out trying to get that.there. they think some of their oems, based if china, are under reporting the number of devices, maybe so they don't have to pay qualcomm as much. they got auditors going out to try to catch that. he says the battle is going well at pedia tech at the lower end in markets i can china, they will be out with few products soon that continues to address that market cap. >> john, thank you. we should note. qualcomm shares moving lower after hours now, nicholas, the

reaction to that. what are you watching generally for folks here? >> we were watching amazon being smaller tan the mark cap. it's a silly football, it's impressive, it's amazing 189 to 163, suspect leak that. >> it's extraordinary. >> this company a few minutes ago we were talking zero and mobile app revenue, i remember being on cnbc, it's coming! it came. kaboom, it's huge. >> in a huge way. is is that what you are watching tomorrow? >> facebook and new home sales come out at 10:00 a.m.. it's critic. a we haven't seen the data that's there to support a recovery. >> we just had don peebles diehl telling us the housing market was stronging look at the residential sales, people may be differ. they sold 25 million piece of property for $125 million. >> we have one permanent to argue, that's on the higher end. look at everything else that's out there.

you haven't seen new construction data. it doesn't bode well the rest of the year. >> caterpillar, pay attention to the earnings, they report the rolling three-month retail sales for june it was down 20%. it's been that way. the street seems to ignore that. quality does count at some point. just watch the fine print of the result, todd. >> i'm looking, herb. >> tomorrow, by the way, caterpillar results, they don't just talk about their own business, they offer a whole view globally and economically what we can use at this junkture. >> we feed that. we have to talk about global gentleman demand, forecast. i'm telling you, herb. >> those glasses you are wearing have so much rows on them. >> you love me, herb, i'm telling you, you have to look at the global story, that hems with the caterpillar number. >> it's a busy hour, i appreciate the thoughts and the guests that have come through.

we hand it o'off to "fast money" in just a few minutes. what are you focusing on? >> we are talking facebook, qualcomm and gilead, a big move in biotech, there is one company in particular on the radar of one of these traders of some unusual options activities. we will fame names in the next hour. >> important stuff. over to you. >> thank you, "fast money" starts right now. right from the nasdaq markets, i'm melissa lee, big earnings in the past hour, facebook sales rising after carl sand sperg eberg says they have 1.5 million active advertisers him we'll bring you updates throughout the hour. we have suntrust, monitoring the shares. shares are falling after subscription revenue coming in below expectations. angie's list, third quarter guidance is falling short of expectations, our traders are tim seymour,