the dow up about half of one percent. it had been up in the triple digits but given off some gains at this hour. the s&p has been close to correction territory. but you can see that is up about 10 points and gives a gain of about half of one percent. the nasdaq also seeing a the healthy 34 gain. and it is the german data that continues to be the weakness that is driving the markets but at least for today there is some healthy volume leading to the upside. part of that people will say banks. >> are we saying germany? are we putting it on germany? >> at least that was for futures. >> i would put it on ebola but anyway. >> there is a lot of stuff. let's be honest right now. >> switching gears and talk briefly about alibaba. several analysts starting to put out research notes on the

e-commerce giant. ubs first with a buy rating and of about $100 a area. they are lower this morning but up about 25% from the ipo of $68. the question, does this make sense? would you buy this thing? >> it's always difficult to tell at which price to buy a stock like that. because it was so high to begin with. but they are getting involved in so many different businesses. and the middle class population is growing so quickly. it is a very interesting stock to look at. and obviously in e-commerce. they are getting into web application, entertainment applications, partnerships with costco. it is an incredibly diverse company that is very aggressive. >> are you looked at some of the research? do you even understand it? none of the valuations look like they have anything to do with

math. >> yeah and that has to be the concern if you are an investor. look at the alibaba chart. it is trading at $84.80, around the low levels where it's ever traded. there was a time it was up near 94 and you have all of this uncertainty not just in their local market about the chinese economy and where it's going but also in the entire macro environment with high valuation stocks and ipo stocks in general. i think it is maybe convenient to say a hundred bucks and there are a lot of bullish targets on stocks like go gopro as well. >> and i seems that $100 price target is really the base case. if you look at the range, the downside is $55 a share. the upside is $136 a share.

it's rare you get a range that wide and scenarios that could be that vasally different. and i hear chris laughing in the background. when you think about the doing business in the china, are the risks that wide? >> yeah actually wasn't laughing. i was clearing my throat. but there is certainly a lot of volatility there. but if we are talking about the start-up companies there are similar conversations when facebook went public. and facebook has certainly shown it can make that pivot to mobile. but there are definitely a lot more risks in china with the economy and increasing competition and government regulations where things can seemingly change from regime to regime and week to week. >> i'm going switch topics because i want to bat this around. this is crazy to me. not craze, but surprising. from google's chairman eric schmidt about his company's top

competition. he said yet, many people think our main competition is bing or yahoo but really our biggest search competitor is amazon. of course people don't think amazon as search but if you are looking for something to buy you are more often than not looking for it on amazon. it is not just that but the web services and all the stuff we don't even think about it. amazon is not even just a retailer it's sort of everything else. >> john fort. >> andrew i think you are right to be skeptical here. andr eric has done a good job of setting this up for google. when you look at out there at the platform companies to watch. but if we are talking about search, google's power isn't so much just in the number of people searching. it is in the power it has over search advertisers. and when you look at that metric

amazon is really not their main competition but google has pulled far ahead of yahoo. it is even doing well versus bing. so when they are up against a i antitrust concerns in europe -- >> ah the old head fake. >> sure. >> amazon believes people are searching for products. that was the whole premise behind the fire phone. they believe people were going around in a world and constantly looking for things to buy. we saw that simmered out. but when you think about the difference between searching for products and searching for data, do you think we can really distinguish between amazon and google here? >> i think the original point was right. it was a bit of a head fake given the e uconn sernu concern. they are both directly coming together from the competitive perspective.

amazon is now in the phone market. they are in the app store market, where google is traditionally been the biggest power house. and now you have both companies going after the food delivery market, the goods delivery market. the e-commerce market. so they are becoming more competitive in every way from search to e-commerce to logistics. >> okay. finally we're going to go to kri chris on one. mobile games now looking to grab a slice of the market. and turning to holiday. chris dewolfe's own company recented points to fox to create a game on the upcoming film book of life. how does this work? how much money is in this? >> so broadly for the industry it is incredibly interesting. because when you think about it, a mobile game can generate more revenue than the biggest block

buster movie that is out there. so now when you are talking to either celebrities directly. the kim kardashian game, she is probably going to make more money from her game than from any other individual project she's ever done. >> how many of those games has she hold? how much money. >> my guess is 60 or $70 million. but i don't have any inside information on that. i think the bigger point is because so much money is being made on mobile games that ip owners, content owners, while in the past it was an afterthought they are now taking a the mobile game first look. >> we we're in the wrong business. >> do you think that mobile games do need to latch on to existing brands? because we've seen zinga and king digital that are stand

alones. but if it seems if you partner with the kardashians or the book of life for instance that maybe there is a little more heft behind it. >> from our perspective we're planning on about a third to be connected with ip. but when looking at the deals t content partnership has to be large enough that it is substitutional for the marketing dollars that you are spending to acquire new users to play your game. >> how much does it cost to make -- i want to get in here. here is my concern about the long-term trajectory of this market. it used to be when zinga was getting ready to ipo the story was we figured an entirely new model. we are able to the gain user at

the cheaper rate. that's broken down. now social and mobile looks more like traditional gaming more like toy merchandising and the marketing costs are just as high. is there any advantage companies like yours are going to find to make the business model better than the ones we've seen before in gaming and toy merchandising? >> the top games out there are still independent ip. clash of clans. candy crush. cookie jam which is our game has continued to grow after a year. it will do over nine figures in revenue if not more. all the independent titles are still going to be as popular as some of the ones associated with ip. so that is why about a third of our new games are going to be associated with ip. it's interesting because you don't have to completely worry about user acquisition prices and people are more likely to download it. they have seen the ip. they are comfortable with it. they are big fans of it. but these newer games are the

kind of games that we're making will last for three or four years while a movie may last a month or two. >> book of life isn't out yet correct? later this week. >> yes. and the game just came out in the app store and will soon bo b out on android. >> thank you for joining us. we got do leave it there. >> thanks guys. >> and we've got to start a game. you have inspired us. >> when we come back a new ipad, a new computer or something else entirely. what to expect at apple's big event thursday in cupertino. and major move in fashion. designer torey birch will join us at post 9 for a life interview. and replacing your standard dead bolt with a wireless lock you can control with your smart phone. we've been talking about this technology but we're going hands on later this hour. in a world that's changing faster than ever,

we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. ghave a nice flight!r bag right here. traveling can feel like one big mystery. you're never quite sure what is coming your way. but when you've got an entire company who knows that the most on-time flights are nothing if we can't get your things there too. it's no wonder more people choose delta than any other airline.

we're watching shares of sky works solutions. this is a supplier for among others, apple. a chip maker and one of the stocks is doing well. moving higher after raising quarterly profit and sales forecast. up about 9% so far. rivals also moving higher to the coat tails are there because of

what is happening with the sky works. back you do. >> thanks dom. apple enthusiasts are gearing up for yet another event. what exactly can we expect this thursday? let's ask co-executive editor of re/code. >> hey. >> if you distill all the rumors a new ipad air, new mack displays and finally getting yosemite launched commercially. is that what you expect? >> yeah i do. i think we are going to get two ipads is my guess. including a new mini. and yosemite which is important for this whole new continuity feature they have where the phones and tablets and the maess all wok together. but i think you are overlooking one thing which is going to be apple pay, which you have talked about quite a lot here on cnbc.

and i think apple pay will be unleashed on the world also on thursday. >> you don't believe the reports that say apple pay will now be delayed until november? >> i've heard nothing about it. as far as i know it is coming at this event but i have no facts. >> i got a wild card for you. you know i go to all these gadget sites and the rumors and i'm crazy about it. have you heard there is a potential mac book air 12 inch screen with retina? if you told me it was coming now my heart would go pitter patter. >> well andrew i would love to make your heart go pitter patter. i do think there is a new mac back air in the works. it's one of their seminal

products, probably the number one or two best selling notebook in the united states and they are working on a new one, i do believe that. i kind of lean against the idea that it will come out in this event. >> wallt, three things i'm hopig young weigh in. one larger ipda, two software for the ipad. and then lastly the ipod. sales have absolutely dropped off on that product because people can use their phones for music. do they continue to push on the ipod? to do something new with it? or do we continue to see it decline? >> well i'm trying to remember all your three questions. >> big ipad, software and ipod. >> i think they are workingen a bigger ipad.

i don't expect to see hit the week. software, ios 8, brand new, lots of features i suspect. and this whole continuity thing, i think that suffices in their mind for new ipad software at the moment. i do not expect the ipads to be radical departures. although i do think they will be real redesigns. but i don't think you will see different sized screens or keyboards attached or any of that. and then on the ipad john, i think they have just been managing a decline as well as they can and continuing to squeeze money out of it. i have no information that they are going to do anything new or drastic on the ipad. >> walt, we also want to get insight into your latest review. you looked at the august block. we've long been talking about the fact the home will incorporate more and more smart technology and be synced with

all of your existing devices. but is august lock going to be that product? >> i've reviewed a bunch of these things. the august lock i think has the tremendous virtue of being both high-tech and simple. i installed it myself. it wasn't without any problems. but it was something i think most people can install themselves. just goes on the inside of your door. you can still use your key but it gives you a whole bunch of the digital advantages. you can unlock and lock the door with your phone. the door will auto unlock if you approach it from the outside with your phone in your pocket. >> what about hackers? i'm worried all of a sudden my door is going to open and there will be somebody on the other side. >> hackers can hack anything but this has a numb of protections. two factor authentication to get

an account. and they have various systems for if you lose your phone, they will immediately disable it. all of that kind of stuff. i would never sit here, andrew and tell you that hackers can't hack anything. but i found this to be a very nice combination of a high-tech thing. >> sure. >> by the way you can give guest keys to people that are digital. so you don't have to worry about those keys being lost or copied. i just think it is a good balance. >> hopefully this is a way for those to expire. we'll leave t it there. it is a crowded space but security is probably going to be the one factor that will win out. we should also note we'll be speaking with august lock co-founders later this orr. also reminding nbc vurs is a minority sharer of the.

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u.s. stocks are up this morning. the three majors trading higher for the first time if a few days. thank you for being here this morning. what do you do if you are at home right now. >> i'd like the market for the rest of the year. i think the volatility is clearly due to fear and not fundamentals. a lot is around the fed and deceleration in europe. but earnings is going to buck the trend this year. we're looking at probably 11% year over year earnings growth

and i think that is going to be significant in terms of strength for next year. >> this morning on some of the bank earnings conference call there were a lot of statements about the voluatility. he said this should hurt american growth from macro perspective on the business side by actually really won't touch the consumer. do you think the consumer recovery is separate from what is going on in corporate america and what they are exposed to. >> i do think is consumer is starting to see tail winds. new consumer confidence has been floundering somewhat so you see that reflected but a stronger u.s. dollar for a consumption based society should mean better spending and earnings growth. and also lower oil price as well.

>> seems like everybody we have on this program and throughout the day we are in that little blip. does that worry you? >> i don't think that is the sentiment i read out there. from institutional investors yes, they are sticking to allocations for the most part. >> what do you account for the last week and a half two weeks. >> i think a lot of fear. and reading negative head lines about ebola at logan airport and react very negatively over the course of several hours. but at the fundamentals things bounce back. and i think there is a slow down in europe and it's going to continue. but there is been this tug of war between international news and the strong domestic news we've seen. and i think you will keep seeing this. >> we've got a number of tech earnings coming out. intel, ebay, google, san disc. the semies have all kinds of

trouble. what i keep hearing is pay attention to the guidance what. they say about q 4. how good does the top line have to be on the guidance for people to really get reassured for where we are going to the for the rest of the year. >> the concern is on profit margins. they have expanded dramatically over the course of this recovery and still at record levs. i think they keep expanding but eventually higher labor costs which will push things down. so top line is ultimately the key here. the consumer has tro drive the top line growth. over the next several quarters it is going to surpass. >> you it's another buy in opportunity. >> absolutely. the 7% pull back. when they happen it is a question of whether they take advantage of it. >> thanks. >> thanks. >> scott wapner is back at headquarters with braking news.

>> i just got off the phone with. you can see right here the 10 year note, the yield currently at 222. he thinks 220 should be the low in rates. it did hit that earlier today. and the 10 year should hold here and stocks will bounce. he says sentiment is driving rates more than u.s. economic data. he said most of the data come out most repeatedly has actually been positive so the trade and what's been pushing these ten year yields lower has been all about sentiment. a move under that level is really the line in the sand he says because that could be a fed policy game changer, in that they would not mbe able to rais policies change policy any time

soon because of the deflationary risks that are currently with us. he also has been watching the dollar and said that is very crowded however the currency will still go higher regardless of the fact of whether it is a crowded trade or not. also commenting on the stock market saying alibaba probably did mark the top for stocks this year. that was on that friday, september 19th. we all know the stock market has an awfully difficult time since then but the head lines,'s been watching this ten year note and the yield like we all have been wondering if it is going to bounce. at 220. he said that in fact should be the low. stocks should bounce skrult as a result of that. but if it did move below 2.20% that could be a game changer for the fed. he's concerned about the deflationary risks globally, here in the united states perhaps as well.

what all of that means for fed policy going forward as he continues to watch the dollar, he wouldn't be surprised at all to even though it's crowded that it would move higher. interesting comments on the notion that alibaba probably did mark the top in the stock market for the year. >> at least for the near term, that date is the one everyone is looking at. it's not just treadsrying that are hitting a low. german yields are also lows. here's simon hobbs. >> this is a good day actually for the european markets. as we've rebounded here so europe as also rebounded. the data is horrible. german industrial production down. germany's cut the growth forecast. inflation looks a little tricky. two trades here. the greek stock market. there was a selloff in bonds

that took the yields above 7% on the ten year. that is because the greeks are arguing they should come out of their international bailout early so that they can win an election and stop the antieuropeans gaining power and the rest of europe is going if you pull out of the bailout, how will you pay your bills? the second tail risk is what's happening in luxembourg. the european court of justice heard the challenge from the germans against draghi's vow to do everything necessary to save the euro zone, in other words to buy sovereign debt. this court won't come back where a judgment until the spring maybe a year's time. but the over hang, the fact you don't know for sure that it's legal. that may impede things. on earnings today, two companies i would point out as we start earnings season in europe.

daimler has its third quarter ever. and burrberry is warning that travelers didn't travel as they do and the slow down in europe. illiad, abandoned its potential to bid again for t-mobile u.s.a. the stock up 9% though it is off highs. >> awesome. the one and only. coming up as simon just told you. luxembourg getting slammed today with sales of the burrberry getting slammed. and or tburch in a moment.

because of this burberry news and i want to ask about skpaiz what you are seeing in the terms of the strength. >> the macro environment is tough and we are lean as the company and approaching asia carefully. we haven't expanded a great deal there. although i'm going to shanghai next week. >> what's on tap? >> we're opening our biggest store. >> you succeed in asia without the logo? >> i hope we will succeed. we are treating our logo carefully. so we have the logo. i think it is resonating in asia for sure. >> when you founded your business decades ago did you think asia was going to be as big as it is or you would be developing health technology for your wrist?

>> not at all. >> what did you think in 2004 when you opened your first door? >> i was thinking a five year plan of three stores and it became 17. so it was very different. it started to change almost the day we opened. our business plan changed. >> i think john's got a question in the valley. mr. fort? >> hey tory. there's been a spotty history of brands outside of tech having a real influence on tech sales. youtube partnered with apple on the ipod. what do you think is going to happen with the wearable tech here? how do you think you will maintain a foothold in wearable tech. >> i can only hope. and when we first launched it sold out within three hours without any marketing. >> and the pennant and the raised -- i tell every women i

know to get it. >> two fit bits and one that looks like jewelry. >> why. >> we were just having a conversation and it worked out. >> and does the apple watch take over all that. >> i don't think so. it's very different. but eventually wearable tech is where it is going. >> how can you get mainstream people to wear this and not just gurus and aficionados who. >> we're looking mainstream. a lot of our customers are not gurus and they are wearing it and liking it. >> and what about google glass? >> i have no idea. i hope so for google. i have a pair i'm about to try them next week. i haven't tried it yet. >> let's talk about the structure our your business. there are so many brands out there who asked them a decade or maybe two ago the goal was always to become part of a conglomerate and roll up. but it seems more and more

brands are operating as the stand alone power houses. is that the new model. >> i can speak for ourself. we like being independent and want to be private and it's worked for us so far. >> will that change? >> not in the near future at all. >> another question from john? >> yeah. tory, how do you look at investing in development of the products beyond just the core look of them as you move into technology? is that something you do yourself or do you continue to rely on outside parties to do that as you think strategically going forward. >> i think we have to keep our focus for now. and we will eventually go into that space. right now we love partnering with people like fit bit. and for the foreseeable future that is how it is going to be. >> we have a book coming out. tory burch, in color. i follow you on instagram. >> you do? >> you make me tired. you go so many places and you

are always taking pictures. what's in the book and how did you the curate the con feint for that. >> we want to give the customer a real look at what inspires us. it's really other designers, music, fashion, culture. it is art. so we wanted to bring our blog to life and that was the starlet of it. >> what is the customer for the book? is customers or. >> i think so. and others. >> is it men is this. >> of course. and all the proceeds help. >> right when you sat down we got converse is suing 30 companies, you are one of them. everybody makes sneakers look like chuck taylors.

we take it very siresly i hope we'll be excluded from that list. when we come back, is this what security looks like for the home of the future? we go hands on with the only smart lock for sale in apple stores nationwide. first rick santelli in chicago. >> the whole notion of illusion. illusion and liquidity. imf, or janet yellen and our central bank has talked many times about liquidity. and potential exit charges for mutual funds. how much liquidity is in the system? and why is it something we should be concerned about? when change is in the air you see things in a whole new way.

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top of the hour, more of what jeffrey gundlach, where he thinks the market is going. and the chips, should you be buying. and the pain trade. we're talking to a money manager with $4 billion you shouunder mt and the stocks you should stick with even though they are going down from here.

>> now let's get over to the cme group and rick santelli. great to see you at this later hour in the day. >> absolutely. goo audio to see you as well. maybe it is also good so tee european markets turned around, the kax and the dax. and i still see survey, 100% of economists polled think sometime in 2015 rates go higher. maybe they are right and maybe mr. gundlach will be right with the 220 holding it's what direction is going to be proactive. normalization by the fed? it means a lot to a lot of people. one thing it means , normally yu

should --. i don't think so. and i don't think the market thinks so. now we're going to talk about that i dream of genie effect. many have talked about the wonders of the etfs. a year half, two years ago, gold traders, during the big heyday, 1979, 80 it was the futures markets in chicago that were king of gold. what's happened since? etfs. you can have one on gold, high yield, on investment grade securities. pretty much on everything. back to gold. what did traders tell me back when? they said gold is now securityized it is not the same. and boy were they right. whether trading the gold etf is not the same as bullion or futures.

trading a high yield etf isn't the same. why? in the etf world we create all of this volume in surrogates, derivatives of derivatives of derivatives. so it looks as though the system is highly peopled and there is boat loads of liquidity but that isn't the case because it correlates to some extent, detracts to some extent, whatever it is junk bonds or gold but in the end it really isn't the same and that i think is what the imf and central bankers are worried about. should markets have a significant event? the liquidity that seems to show up in etfs isn't necessarily going to show up in the treasury or corporate securities cash markets. >> rick santelli in chicago. one indie go go project is taking on wearables to an extreme. another is giving users full phone functions on a smart phone

sized bracelet. and with our tech crowd this week you decide which you would fund. >> pavlok, is a wearable device that helps change habits. the bracelet sends a small electrical shock to users in order to reduce specified behaviors and it is all controlled via smart phone app. the campaign's goal, 50,000. so far it's raised close to 130,000. >> the rufus cuff. allowing full phone functions. feature it is a large touch screen and is voice controlled. the campaign's goal, $200,000. currently more than 360,000 in

funding. vote now on cnbc.com/tech crowd. >> when we come back this device replaces your standard dead bolt with a wireless electric you can activate with our smart phone. dow up 137 points. s&p up more than 1%. nasdaq fairing the best. up 1 and a half percent. starts at 6:30 a.m. - on the nose. but for me, it starts with the opening bell. and the rush i get, lasts way more than an hour. (announcer) at scottrade, we share your passion for trading. that's why we've built powerful technology to alert you to your next opportunity. because at scottrade, our passion is to power yours.

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the entry point for an internet of things controlled at home could be a smart lock. the co-founders of august lock are here. good morning. tell us about the concept of the smart lock. we saw it in a video earlier this hour in use. but how broadly do you think consumers will adapt to this technology? it's really for anybody who has that problem of having to give a key to somebody. maybe a house cleaner or maybe a friend in town for the weekend. and you hide the key under the mat or somewhere around the house. and that challenge of giving the key to somebody and then of course giving it back. so maybe you terminate that housekeeper and you have to ask for the key back or break up and

have to get the key back. this gets rid of all that messi business. >> physically there are issues with leafing a key and having someone potentially uncover it. but maybe this device could be hacked and it could be equally insecu insecure. >> we have three layers of security. first, bluetooth is how it talks to your phone. so it is no internet connection. and that has an encryption layer of its own. we added a 120 bit encryption. aes. it's what banks use. and lastly a code that can only be used once. so . >> what happens if my phone is out of battery? can i get in? am i locked out? >> you will notice on this

mock-up that we designed it specifically so it still works with an existing key. so it is not -- we're not replacing your entire lock. we are only adding something on the inside of your door. and that is really critical. because in a lot of cases the grandma may want a key or the landlord to get into the house. so that is the first thing. you can still use a key. the second thing is you can borrow a friend's phone and you can log into the application. >> you can. >> log into the application with your password and unlock the door. >> let's get to john fort out in the valley. >> my question is about the management of this. this seems brilliant, more secure than a key arguably. but how many different apps are we going to need in the future to manager our house? to get in the door? so shift the thermostat, to do all toes things. is there a limit to that? >> one of the best things about

the august smart lock is that you have the app on your phone but then you can actually forget about it. it is on your phone and as you walk up to the door, it just talks to the lock automatically. you don't have to pull the phone out and press any butt ps. it just unlocks. so you really forget about the app after you install it. >> you are rolling this out in the apple store i believe today. you know, beats started that way too. interestingly tough. could you ever see this part of the apple ecosystem or part of another company for that matter. >> yves is looking straight at you. he doesn't want to have anything to do. >> your bracelet. when is the day the door opens

because your bracelet is there. >> great question. all those are very soon. stay tuned. >> yves, jason, thank you. we'll keep posted on this. >> i want to try this thick. but you were talking about those keys that disappear. coming up next. why did box decide to delay its ipo? he'll explain right here on squawk alley. back in a moment when i'm working, things can get so hectic. so sometimes i need to find an easy way to express what's most important to me. like, with my crew, i use shorthand to talk to them and tell them what i need... and when i need to talk directly to my fans... but the most meaningful shorthand of all is the one i use when i'm about to drive: "#x." it's an easy way to tell everyone that i'm about to drive. and i do it every time before i get behind the wheel. use #x to pause the conversation before you drive. because no text is worth a life

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we reported last yeek cloud storage company box was delaying ipo until january. and now we're getting more. >> with so much focus on box and its highly anticipated ipo i spoke to the ceo and asked whether he's been following the recent market volatility and he said we're watching and paying tx. attention. but that didn't seem to be the primary reason behind delaying. in fact he says it was a misunderstanding in the growth curve when originally fold.

>> january, you never know. >> november? >> is this a staring kon contest? >> yeah. >> you will be the first to find out i'm sure. >> he also said one of the reasons he's here london is box is looking to expand into europe which is interesting given that euro zone is seeing a slow down but he says this is an opportunity to expand prevention as companying loose to expand into cloud and that is box's main strategy and service. back to you. >> it will be interesting to see the expansion, especially in such a competitive industry ahead of an ipo. we'll see. >> and do they all make it out? is the window still open? >> it is looking like the window is january now. so we have a few months to wait. a quick check before the markets. sixth day in a row we're seeing a triple digit move for the dow

today. and that is nothing to sniff at. october 6th, the last day we didn't have a triple digit move. near session highs now. that's all for squawk alley and we'll send it up to hq and scott wapner at the half. kayla, thanks so much. welcome to the halftime show. stephanie link, co-portfolio manager of jamie cramer's charitable trust. pete najarian. --. we do begin with the markets and stocks rebounding from their worst three day losing streak in three years. good earnings and perhaps