bonds. there's other news aside from apple. >> there is oil around 50 bucks and microsoft a better performer today. thank you very much. take care. cleb with "closing bell" with more on apple starts right now. happy monday. welcome to "closing bell." i'm bill griffeth. >> and i'm sara eisen in for kelly evans. all about apple and the stock market rally. retaking 18,000 getting back some of the steep losses from friday and the dow is strongly outperforming other indices right now. we've got industrials and financials in the lead. that's bullish. energy is lagging behind. >> which would be just the opposite of friday when financials were more concerned that the fed was going to start raising rates, down they went. now we're coming back. so we've got a bit of a bounce from friday. interesting activity for apple today. it was up about $3 at one time,

but i don't know if it was coincidence or not. ever since the apple watch was introduced, they brought out everything else. as soon as the watch came out, the stock started to fall. last i saw it was down about $1 probably off the lows right now. everybody was waiting for the watch. >> they got a bunch of other things. >> they got this research kit which is very interesting. >> on health. >> an accumulation of information that -- crowd sourcing of medical information that people can share. this one app that is going to be on the apple technology the operating system. and then the new mac which got your attention. >> because it was gold. you know how i feel about gold devices. people noticed who were watching this tick by tick moves of the stock that that's when it hit the high for the day and then came back lower. once they actually started to talking about what the event was about to begin with the apple watch, we got pricing, the 18-hour battery life. a lot of details from apple and we'll keep you apprised. >> we have some very smart tech

analysts coming your way. let's show you the markets. dow 18,000 as sara said. back above that level again for the industrial average. a gain of 168 points right now. that's off the high of the day. the s&p is up 10. they took out a lot of support levels on friday on the s&p, but we're up just 10 points now. and the nasdaq so far away from 5,000. >> and just some perspective we were talking about the last time we saw the numbers, a week ago monday we saw a record for the nasdaq 5,000 and the s&p. and then they fell out of bed for the rest of the week. >> here is our "closing bell" exchange. lindsey bell andrew slimmen, anthony chan from chase is with us today. so is killer jeff kilburg from kkm financial in chicago and so is rick santelli at this point. let me see a five bock a six box, whatever anybody going to buy the apple watch?

a show of hands. anyone? jeff why not? >> no from a rick santelli. >> i want to see the second iteration. i'm leery the first model coming out. i'm going to be patient and prudent. >> andrew -- >> killer you want to avoid the recalls. >> andrew you said you would buy it. why? >> all part of the ecosystem. if you're an apple user it's quite likely you'll buy that product as well. >> are you guys apple users? should we just talk about that and maybe andrew you can talk a little bit more about the apple effect on the overall markets with the nasdaq lagging behind the s&p and the dow behind. >> i think the bigger issue for the market is apple has become such a big part of the index that many people have to own the stock just to keep up with the index, and that's historically ban a dangerous time. you know the dow, it was out of

the dow last week and historically when tech stocks have been added to the dow jones, it's been the signal of a peak in the technology stocks if you look at past history. >> jeff, did i hear you picked up your iphone there? that's one issue -- >> i did. >> it's sort of the apple watch is sort of redundant because it has to work in tandem with your iphone right? >> correct, bill. and i know we love to talk about apple and that's the proxy right now but i think the market is a little dislocated. today is the six-year anniversary for the bull market in stocks. that six-year anniversary gift, bill, is actually iron. maybe it's time to put a little iron around your portfolio as we see this qe purchase but i think apple by itself i do like the new products. i think it's great they come out but right now i will be cautious. i'm still digesting my iphone 6 plus. >> me too. anthony chan on the note about the bull market turning six years old. obviously a brutal day on

friday. the concern there was the economy is doing so much better including that last jobs report that now the worry would be higher interest rates. today we're not feeling that. is that a worry or not? >> i think the market will have its day worrying about the federal reserve raising rates and, in fact i have done some research looking at the vix index and as we move into a fed tightening the vix volatility index picks up a point or two. three months later when the hoopla is gone the vix index drops about one to two points but 6 and 12 months later each of those intervals, that vix volatility index does pick up another point, both 6 months and 12 months later. so it's going to be a rocky road in terms of volatility and we also have to deal with the fact that the dollar is getting stronger historically since 1990. that tends to dampen price earnings on multiples and right now when you look at earnings, forward earnings we already are dealing with a 17.5 multiple forward earnings on the s&p 500 so these are things the market

will have to digest. the market will be betting on faster economic growth to offset some of the negative factors sgrp. >> last time you were with us you said you felt the fed was going to be taking the word patient out of their language and i think the feeling something that's going to happen at next week's fed meeting, don't you? >> fingers crossed. >> lindsey, we're going to get earnings at some point. the fear is that the strong dollar is going to hurt a lot of earnings in this country. >> that was probably the biggest surprise going into the quarter is seeing how impactful the fx would be on the outlook for 2015. you see energy is still weighing on 2015 estimates. if you exclude energy growth would be about 8% for 2015 and earnings per share for the s&p 500. including it it's only about 1% which is preet anemic and i think to anthony's point you will need to see a lot of economic activity to help boost

that number. >> rick santelli, what is the bond market telling you? today we're coming off a little of the higher levels we saw on friday but is this it? is this the big jump in rates everyone is worried about and expecting? >> well, i think that if you look at interest rates now, we're looking at them through the prism of we're at 1.64 in the month of january, 2.17 when the year started. so these are low rates, and everybody is kumbayaing about how great the economy is. i say if you think back to how long it's been since we've been over 4% and the notion that we hear every once in a while still, don't worry about higher rates, higher rates are because things are doing better. well, when i look at a 2.19 10-year, look at a french 60 basis point 10-year. i see central banks in a tizzy. i think that the treasury market

actually is really happy right around this sub 2.25 level until we get more details on exactly the path of rates from the federal reserve's perspective because it's very difficult withqwith qe and europe going on. the one thing about qe in europe that's different than qe in the u.s., you have to admit the fed did it right. they had more information about the path of buying versus the europeans and that's probably because they don't want to tell you exactly specifically what they're doing hour to hour because some of those markets on the securities side are so thin. >> somewhere janet yellen is smiling hearing rick santelli said the fed did it right. andrew, you think the u.s. market is getting expensive, right? >> we've had a pretty good -- as lindsey said estimates have come down and the multiple have increased. earnings will have to pick up or we won't have much of a year for

u.s. equityhe canequityiesequities. that would be consistent after year years of strong growth. wouldn't it be time for the u.s. market to have a little bit of a breather and the rest of the world, the international markets really start to pick up after a pretty weak year last year. >> where are you going to put your money to work? >> i think europe and japan particularly. those markets have really come on and it's because earnings estimates are rising there, unlike in the united states and those markets are cheaper. so we're seeing better performance outside the u.s. just at a time when really investors were really questioning anything but u.s. investments going into the end of last year. how ironic right? >> and their currencies are getting cheaper and that helps earnings as well. >> exactly. >> folks, thank you all for joining us. appreciate your thoughts on today's market action. with the dow up 168 points we've got about 51 minutes left in the trading session and we're back above 18,000.

s&p is up 10 points. nasdaq is up just 12 right now. that's the laggard. and apple is not helping that right now. >> the bull market as we mentioned celebrating its sixth birthday. hard to believe. >> today is march 9th. >> but one of the biggest bulls out there is warning investors not to get excited, too excited, about this rally. >> first time i have been cautious in quite a while. we are very close to fair market, and that leaves the market open to more volatility. >> quite a statement coming from professor seigel. is there cause for concern that the party for investors may be coming to an end. i should have looked at my watch and seen it was march 9th. first more on the apple watch. will it be a boom or a bust with consumer? that's one of the big questions. we'll get to that coming up on "closing bell." back in a moment.

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watch and seen it was march 9th.

rally day to start the week. the major averages gaining back some of what they lost last

week. the dow back above 18,000. up 170 points. >> a steady climb throughout the session all day long. apple the big story of the day placing a huge bet that watches will be the next game-changing must-own device. >> imagine that. kayla tausche is at the big event about details on the highly anticipated and highly staged event. kayla? >> bill sara apple decided to unveil actually a wide array of products today, but, of course the spotlight of today's event given that it was titled spring forward was the apple watch, which was previewed last september but we did start to get the nuts and bolts of exactly what this offering from apple would look like. first, there are going to be three tiers of products. a sport, a regular, and what they're calling addition which will be the high end watches, and those three tiers will be priced starting at $349, $54,549545$549

and $10,000 respectively. battery life is 18 hours and there were quite a few different apps showcased by apple executives on stage today as new developers begin building more apps ahead of the watch's release next month. of course, it didn't take long for comparisons to dick tracy to emerge when executives were using the watch to do everything from ordering an uber to checking into a hotel room. boarding a flight and one executive even remotely closed his garage door. of course, health and fitness are going to be one of the main features of the apple watch as that's what's really been touted. research kit was another product that was unveiled today that will really help the watch and the iphone to become die agnostic tools. then there was the mac book, then there was the news that apple tv will be the exclusive launch partner for hbo's standalone service when it launches april 12th. there was really a lot to work

with from today's event. when they were talking about the nonwatch products that's when you saw the stock climbing but then when the discussion turned to the apple watch, that's when the stock started retreating from its highs. so investors and certainly observers of today's event are still scratching their heads exactly how wall street and how main street will be looking at this watch and whether there will be real uptake from consumer to go out and buy this when it's available. april 10th is when preorders for the watch starts. april 24th is when shipping starts. but, guys, there's a lot for the company in between. tomorrow is the annual shareholders meeting. that's the latest from san francisco. sara, and bill back to you. >> thank you kayla for keeping it all straight. you mentioned shares right now. wall street's reaction it's up a buck. it's really been all over the map, including down at one point. let's ge reaction now. mark from laptop mag.com is outside the apple event. also joining us is ben par.

he's author of "captivology." so did it capture yir aour attention, ben, especially when it came to the price point. apple has proven it can command a higher price for consumer products and electronics, but is this must-have enough that it can get those higher prices from consumer? >> i mean, i guess that's the $10,000 question, right? so i thought that they did a great job with the presentation as best they could with a brarchdbrand new product. the price points were in line with what most people expected but whether consumer will snatch it up is really really un uncertain. i can't really predict. >> mark obviously the watch was the draw but i'm curious what you think the headline was? if you're with laptop mag you have to like or be looking at the new mac book they introduced

but then there's this research kit tool they've got and then the reboot of apple tv as well. what was the headline for you today? >> i think there was two. we cover all the wearables. i think knowing the final pricing of the apple watch and how it's going to compete against the competition, i think what was important for me was to see apps that demonstrate the power of apple's platform. the fact they can get inside the head of developers and get them excited. some of the apps we saw like uber being able to check into your hotel room really just scratching the surface. the number of apps they have at launch will be important to get people convinced to pony up for that $349. they say they're reinventing the laptop but with the new mac book the fact it's two pounds, it's amazing but i went hands on with it and there's a little bit of a learning curve. they redesigned the key boort

and board and the touch pad while huge -- dell and others have proven that they're really starting to get what consumer want at a lower price range. >> that's certainly interesting to hear. ben, notable that this was the first category product launch under tim cook? the last one came from the ipad when steve jobs was still around. how is the new apple positioning itself under tim cook? it seems like wall street has fallen in love with him after a long time being skeptical. >> well, tim cook has done a great job over the last few years of managing the existing devices and the existing products but people have been clamoring for a new product for that vision. then this is really the first time you get to see whether or not tim cook's stamp of approval -- because he was so intimately involved in the apple watch -- whether it will be a hit or not. this will be defining his legacy. >> ben, who is going to buy the watch?

who do you think is going to buy the watch? >> well that's why i think they have three tiers. there's going to be a small set of consumer who have no price point. they don't care if it's $10,000 or not. you will see a lot of athletes buy the $350 and regular consumer. the big question is whether or not regular consumer will jump on especially in the second year. >> mark 18-hour battery life. that was one of the big questions. is that long enough? >> it's better than what we've seen from other android wear watches. i have been wear the moto 360 and i have to wear it before the end of the day. there's other competitors that moved to a color e paper display like pebble and they're saying five to seven hours. i think it's good enough but some people might want to wait for the second generation to see if it improves. >> mark sage question to you. tim cook, how has he done. these are not steve jobs' products anymore. what do you make of the apple

watch and everything that's come out under his tutelage now? >> sure. up until now it's really been about staying the course. this is a bold new step for the company, the fact they're getting into wearables for the first time. there's a risk but it's a good risk. they're used to being the fast followers. they're never the first to get into a market. it's up to them to prove like they did with the ipad and tablets before that they can really put a stamp on the wearables market and they're off to a good start. >> how do the economics look to you, ben? i know you write about the gadgets and a lot about apple as a company. we talked about the price. how about the fact that apple is a $20 billion0 billion company and this isn't expected to sell nearly as many as iphone units. is it enough to move the needle for apple? >> my guess is that the margins on some of the apple watches are enormous. the $10,000 watch, i bet the

margins are fantastic. if they can sell just a small amount, it could have a material impact. i don't think you will expect it to be a hit. it will be between what apple tv sells and maybe what iphones or ipads sell. it will just be a new addition but maybe it will help upsell iphones as well. >> thank you for your thoughts today. appreciate it. mark we'll let you get back inside there. ben par joining us from san francisco as well. i love this research kit idea. that's big. >> that's what people say, it's going to come down to health and the one hardware developer that's going to crack that code. that's the future. here we go. a little less than 40 minutes to go before the closing bell and it's a pretty bullish session. the dow up about 160 points right now surpassing that 18,000 mark again. the s&p 500 is up about half a percent and the nasdaq is

trailing behind up 0.3%. >> and oil has helped as well. back above $50 a barrel on wti. gasoline continues to surge as well. one gigantic wall street firm is predicting oil prices are set to plunge back to $40 a barrel. we'll get to that story coming up here. >> later we'll meet the man trying to save skymall from bankruptcy. he's got a plan to get the magazine back in the sky. there's just one problem, the airlines aren't returning his phone calls. you don't want to miss that interview. it's coming up a little bit later on "closing bell."

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check out the dow jones industrial average. we're losing a little bit of steam of that rally. still flirting with the 8,000 level. a psychological benchmark. they were there last monday but continued and proceeded to lose some of those gains that notched record highs for the s&p and the dow earlier. the nasdaq having a mini rebound from friday's sell-off. still friday we lost 279 on the

dow. >> this is one of those days where stock is watching oil. wti back above $50 a barrel. >> but if you believe goldman sachs, that won't last very long, right, jackie deangelis? >> good afternoon. goldman just to clarify is saying it thinks in the sort term short term we could see negative price action but they think they were too bearish with the $40 call and too bullish with the $60 call in 2016. it's tightening the range and that makes a lot of sevens given the price action we've seen. really bouncing around very tightly to that $50 mark. what are the catalysts that will potentially have us break out? the first thing is the strong dollar could send us down. also that inventory report that we're going to get out on wednesday, but remember the last report was very bearish and it didn't break us out -- push us lower either. so traders are watching this closely. they're also looking at the commitment of traders report

showing that shorts in oil hit a record for the second week in a row. so there are some bearish trades in the pipeline here but still we haven't actually seen that leg lower. what people are say something this is oil really trying to find a bottom here. again, that you should adjust those ranges and really think about where you think it can go from here. so a lot to think about this week when it comes to crude. but gas prices bill hovering around $2.45. we haven't hit $2.50 yet. >> our neighborhood they keep going up. and i know it's a bottle neck at the refineries but the oil inventories just keep going higher and higher. they are still pumping madly here in this country. >> but gas prices are still $1 lower than where they were last year. just be happy with what you got. >> how nice for puce. >> thanks, jackie. much more to come on "closing bell." up next, we'll take the pulse of the housing market. we'll speak to the ceo of lending tree. >> right now here is sue with this hour's cnbc business news update. >> thank you.

here is what's happening this hour. an amtrak train headed to philadelphia has derailed in halifax county, north carolina. there are reports the train colonellided with a transfer truck. donald trump has reached an agreement with carl icahn to allow the trump name to remain on the trump taj mahal casino in atlantic city. trump had sued the owners of the casino saying they allowed it to fall into disrepair which damaged the trump name. microsoft is suing keocera for patent infringement. they claim they are violating seven microsoft patents. and happy birthday to the bull. wall street's bull run turns six years old today, and they said it wouldn't lost. that's the cnbc news update for this hour. "closing bell" is back after a quick break.

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back up again. up 166 points. i think that's about the high for the day or just off of it on the industrial average. the s&p is up 10 and the nasdaq up 16. yes, we've had this rally today. a bit of a bounce from the sell-off we saw on friday. >> we're nicely above the 18,000

mark again. the market posting gains across the board. energy is under a little pressure. courtney reagan is joining us with some of the biggest movers of the session. >> that's right, sara. some stocks did move that weren't apple. let's start with general motors. one of the best performers in the s&p 500. gm announcing a $5 billion stock buyback program earlier today. shares are up about 3%. meanwhile, alcoa, one of the worst performers in the s&p. down about 5%. saying it will buy rti international metals in a $1.5 billion deal. rti shares soaring nearly 40% on the heels of that announcement. and finally blackberry shares sinking 7% on the day. goldman downgrading the mobile phone mack phonemaker to sell saying it cease losses widening in the years ahead which ironically comes on the day apple announces a brand new product category. >> unfortunate timing for blackberry. here is another stock that's been on the move. it's up more than 50% in just

the past year. >> that will be lending tree. for more on what's driving the company's success, joining us in a cnbc exclusive is the chairman and ceo who is ringing the closing bell in 25 minutes. good to see you again. >> thank you very much for having me. >> there was a period where people just couldn't get a loan. for whatever reason the banks were holding back or people didn't have a job or whatever. things are thawing right now, and i guess you're seeing that and that's what's contributing to your stock gauge in the last year, isn't it? >> absolutely. there's several big trends. one is lenders are absolutely starting to lend money again. which is great, so they're widening out their credit bans but also you have new types of lenders coming on line. so-called marketplace platforms. we've had a trend towards mobile but the most important thing that's happening is that this is probably the last industry to transform from offline to online in the way that travel and so many other industries did and we're positioned very well for

that. >> you have got some competition as well. on the uptick of loans, what are you seeing in terms of the quality of the consumer credit, subprime loans we've been hearing are on the rise. consumer loans, higher consumer loans with lower credit scores. >> you're definitely seeing a little bit of that but i think the pendulum swung so far to the conservative side that now we're coming back towards what i would call just a more normal environment. and ultimately i believe it's always been my vision for 17 years that the consumer credit market should be very similar to the corporate credit market. that everybody can get a loan. it's just very different based on your actual risk profile. and i think that's where we're heading over time. where banks are doing automated underwriting, risk based pricing, and a highly automated consumer friendly well and lending tree is well positioned to be the search engine in that new world order. >> are you saying we're going to go back to the days ever the financial precise?

credit quality is one thing but quantity of loans -- we're in a period where we have been deleveraging. >> consumer credit is still the largest category of outstanding loans. so i think the originations every year will absolutely go up but interestingly, we're seeing consumer be very smart. we're seeing, for example, refinancing your high interest rate credit card debt with maybe a lower rate personal loan. refans refinancing student loans is a rising trend. same thing in auto. just like in the housing market and now the home equity market is starting to come back a little bit too, which consumer used to be able to use for very low priced credit as well. >> that's where i wanted to go. i wanted to see what you're seeing in terms of demand for mortgage loans and the k3789tation that mortgage rates are going to go higher. what that's doing to activity. >> one of the nice things about our business because we sit

between consumer and lenders, that lenders typically like us and need us more when they can't -- when they're not as busy on their own. as rates have ticked up lending tree has done a great job. we've actually outpaced the mortgage market nine quarters in a row as the markets has come down. the market for our business has been even greater. very similar to what happens at a hotel. if you sell your rooms at a high price, you don't need priceline and others. >> your market cap is $589 million. if i'm barry diller your old boss, or somebody else i'm looking for a company that's growing right now and is in a sweet spot as rates rise i'm going to pick up the phone and call greg and ask if he wants to be bought out. what are you going to say to that? >> we always recognize that we're fiduciaryies to our shareholder. i'd take the call but we believe we're in the early innings.

we facileitated 0.8 of all the loans. >> wanted to ask about your perspective. you lived through the tech boom and the nasdaq bust. now that we are again flirting with 5,000, we hit it last week in terms of the nasdaq what sort of perspective do you have on then and now, the difference and how your company has come along with the rebirth of technology? >> i remember we went public in february of 2000. one of the last companies that got out and watched our stock crater. so we have lived through all that. i think the difference you see is company haveies that have stayed solid on their numbers, while multiples are high they're not like they used to be and people have sustainable business models. you can always argue about valuation but at the very least

the thing i like is these are great companies, well run, and very, very profitable when you look at the facebooks and companies like that. so i think we're actually doing all right. >> last question, you're in a unique position to assess the makeup of the housing market right now. we keep getting mixed signals. one day the sales numbers are good. you know building permits look good. then we get a bad number down the road. where are we in the housing market right now? >> i think the housing market and if i were a good prognosticator on housing i might be in a different job if i could predict that but i think we're clearly recovering but it is definitely spotty and it's definitely localized. but the thing that is really, really great that i think is going to undergird housing is one, it's population and household growth and that's moving in over time the right direction and the second thing is the availability of credit. as i said as that pendulum has swung back lenders are willing to lend there's less fear of loan buybacks from fannie and

freddie as they changed some of their new regulations. you can get loans with lower down payments and it's giving more people access to the housing market. a lot of people have been left on the sidelines over the last few years because of the very very, very tight credit standards. >> yeah. that's for sure. doug, good to see you. thank you for joining us. let you get ready to ring the closing bell at the nasdaq. doug lebda from learning tree -- >> lending tree. >> what did i say? >> learning tree. lending tree. >> where am i today? >> in apple land. >> the dow up 152 points. yes, we are back above 18,000 barely. we'll see if that can stay there as we head to the close. the s&p is up 9. nasdaq up 14. >> up next, the bulls are still running but the tide may be turning as one well respected wall streeter is warning investors to brace for an upcoming correction. jeff cox joins us with those details next. and later it's the hot story of the day, the apple watch

event. we'll review the watch and find out how crucial its success is for tim cook. wallerter isaacson will be joining us to give us his take. "closing bell" back in two minutes.

so markets posting record highs just a week ago, but as the june rate hike looks more likely will the bull run hit a speed bump. >> one noted wall street pro is making the case for a correction. jeff cox has the details. >> sara it's sam stovall from s&p capital iq. today's rally, if the sentiment from some of the market's biggest bulls holds true could end up being a dead cat bounce. stovall put a note out earlier this morning saying that history tells us that as the fed gets into a rate tightening cycle, the market enters a pullback of at least 5% 13 out of 16 times since world war ii. sam has been a strong market bull. he's been raising his price target consistently, but he's

not the only one. earlier today jeremy segal, he issued this warning about the possibility of a correction coming. >> first time i have been cautious in quite a while. we are very close to fair market, and that leaves the market open to more volatility. >> now, they're joined by several other folks in the market that have been prominent bulls. jeff saut from raymond james being one of them. if you're looking for a piece of good news sam stovall is still sticking to his 2250 12 months target. if the index would fall to his correction range, 1900 the bounce would be 18%. if we get that correction that some of these folks are looking for, it would set up according to their sentiment a really strong buying opportunity on the other end. >> and i think that's an

important point, jeff. because what's fascinating is the market has not hit a 10% correction. that's what a correction is, 10% off the highs, since back in 2011 during the depths of the european debt crisis. >> one last stat kelly and i were talking on friday and i think you saw the same stat jeff that isi group was pointing out that so far this year individual investors have pulled out $13 billion from equity mutual funds while they've put in $39 billion into bond mu fuel actual funds. >> i think that sara makes a good point. trees grow straight to the sky and the market doesn't seem going up and up and up. at some point you have to get the market to come back into reality with valuations and, you

know, you can value the market anything. but when you start to get into a tightening cycle, even on a historical terms the rate is still going to be low when interest rates start to come up the market is going to have to make some type of adjustment. >> yeah. good point. >> some point. thanks, jeff. see ya. >> a little over ten minutes to go before the closing bell sounds here at the new york stock exchange. and we're still above 18,000. we still have a dow rally about 160 points. >> and art cashin signaled that the imbalance is to the buy side. we had $300 million to buy. not a great amount but it's enough that we're moving higher again right now. >> up into the close. >> when we come back we'll talk to a money manager who says if you want big returns this year you're going to have to get out of the u.s. and head to the emerging markets. and later it's a one-stop online shop for car buyers. lendkey is teaming up with true car to treat a combined auto buying and lending platform. can you really shop for a car loan online like you can

actually price out cars? we'll find out when "closing bell" returns. you've got to make every second count. banking designed for the way you live your life. so you can welcome your family home... for the first time. chase. so you can.

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ten minutes left. we have moved a bit higher. as i said, art cashin was

pointing out the imbalance was to the buy side a little bit. up 162, still above 18,000. the s&p is up 11. nasdaq is picking up a little bit, up 22 points right now. >> joining us is wayne willbanks and our own bob pisani. what is leading to this sort of steady melt up higher throughout the session? >> people were happy with the ecb moving forward on their plans. you saw the historic bond yields collapsing over in germany, down 25%. that really got traders' attention. markets were generally mixed and here we regained 60% of our losses we had in the dow on friday. s&p. notice though that nasdaq is lagging. some of the smaller stocks are not doing as well. >> wayne, we're hearing some of our more prominent bulls become cautious. you're among those who say if you want better returns you better look overseas. >> the valuation differences are becoming pretty stretched

between the u.s. at 17 times versus emerging down at 10 to 12 times. plus i don't think investors understand the size of this $1.2 trillion ecb intervention. this amount of liquidity is amazing. >> even in the u.s.? >> it will limit the correction to 5% to 10% or less. i agree in the long-term but this inflection between japan and the u.s. -- >> in terms of the correlation, what are you watching the 10-year treasury seems to be a focal point of the treasureytreasury. is that why your eye is? >> stock traders don't usual lyly talk about the bond market. all this morning it was about the bond market. i do have to say though, i have

a concern about the earnings situation. they have been dropping for q1 and q2. do you think thep pdp growth we are seeing will offset that? that's the issue. we're seeing numbers coming down and they're coming down much more than they normally come down. >> i think it sets us up for that 10% correction. gdp numbers will be strong because of jobs and exports and this lower oil price. it makes a big difference on trade deficits but we're fundamentally priced in our opinion. >> it's interesting the outperformance in europe. >> the first year of the bull market we've seen that in the last few years. >> something we'll look at in a moment as a matter of fact. we'll come back with these two gentlemen with our closing countdown in a moment with the dow up 150 points. >> and then after the bell, is live video messaging important to making the apple watch a hit. a top venture capitalist is making a big bet on this

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the s&p, show you that that's what traders follow. here is what the average investor follows. here is what the trader follows, the s&p. same pattern right there, and in that time the s&p, bob pisani is, is up 84%. and we all remember march 9th 2009. >> march 6th was actually the intraday low and on march 6th we hit 666 and it was -- remember that? it was widely commented. oh, my herchsavens, 666, 1576 was the old historic high. the 666 was a drop of almost 57%. we want to pay tribute to our late great colleague mark haines who called the bottom on march 10th. came on with erin burnett and said i think this is the bottom. he said whenever the s&p gets this far away from its 200-day moving average and it was very far away it usually stages a bounce back. it was a simple observation, but it was the correct observation.

>> and wayne, rarely if ever, have we seen a seven-year bull market. we've had six years consecutive now. we're into our seventh year. is that partly why you're a little nervous as well? >> i think it's seven years on price only. never seven years on a price only basis. but the market is getting long in the tooth. the question is what would the market be like without the fed propping it up? what if interest rates were at 5% instead of zero? we just don't believe we might be at this sort of price. >> i hear from bulls when all is said and done earnings still matter. if we weren't growing our earnings, if the "e" part of the multiple wasn't growing, we wouldn't see this bull market continue. >> ours is more of a forecast of more of a sideways environment than a big correction because of what we talked about in the earlier segment. >> and right now they're talking 1% to 2% earnings growth in 2015. that's what i was saying earlier. they cut the numbers dramatically. i think it's a little too

dramatic. we're talking about 3% gdp growth potentially. it would seem to me we could do better than 1% to 2%. >> they'll probably come up. the euro will go to par. >> difficult time. >> a lot of american tourists heading to europe this summer. >> good heavens. >> who cares, we're at $1.08 now. >> we'll get the rest of the retail earnings this week, probably 20 companies posting. generally the numbers have not been that bad. a few obvious disappointments, but by and large the numbers have been better than expected and the actual numbers, final numbers we have so far, are higher. so so far it's still shaping up to be a good -- even i went we are the bad weather we've had. >> all right. good to see you, bob. quain waip wayne, thank you for joining us. can we stay above 18,000?

doesn't look like we'll do it. the s&p is up 8 and the nasdaq is up 14. what about the new apple watch? and all the other products announced today? let's talk about it coming up now on the second hour of "the closing bell." welcome to "the closing bell." i'm sara eisen in today for kelly evans. here is how we're finishing a pretty strong day on wall street after a sharp sell-off and particularly on friday. the dow closing just below the 18,000 mark, good for a gain of about 137 points as it settles down. the s&p 500 up 0.4%. 8 points. and the nasdaq was lagging all day, managed to close higher 0.3 of a percent. we have walter isaacson from the aspen institute, author of "the innovators." also wrote the definitive biography on the late steve

jobs, a true expert on apple. also with us another expert on apple, jon fortt is here. with more on today's market action we have michael block, "fast money" trader guy adami. we want to talk about what we saw on the markets today but first, walter everyone wants to know what the verdict from you is on today's apple event? >> i'm no expert on these new products but apple for 30 years has always been creating objects of desire objects of beauty objects that are very intimate and personal and this is the ultimate in that. it really does make it something you want to touch. >> are we at the point now, is this now the time when we stop comparing tim cook to steve jobs do you think? >> yes. and steve jobs one of the last things he said to tim cook was don't run apple by waking up every morning thinking of what i would do run it the way you have. tim cook has done that. this is his company. >> speaking of technology, we have some breaking news. david faber has the details for us. >> thanks very much sara.

a very large return of capital by a well known technology and telecom game. qualcomm whose annual meeting begins an hour from now announces it will burnreturn $15 billion to shareholder. they're also talking about an accelerated share repurchase meaning they perhaps will buy of that $10 billion over the next 12 months a big block of it sooner even than that. of course, $15 billion is a big number just to put it in some comparison. you're talking about a $120 billion market value so roughly 12% of the overall market cap of the company. apple, of course, is out there as you were just talking about it with the largest authorization at $50 billion. then microsoft at $40 billion. intel at $20 billion but after that oracle would be right in there -- excuse me qualcomm would be in there with the likes of an oracle an ibm, and a cisco with a very large buyback. the company has about $31.6

billion in cash. much of that is overseas. it has been under pressure from its shareholders to return capital to them although not many of them may have been anticipating the capital return would be quite this large. the company also announcing it will increase its differ dend byvidend by 14%. it increased it about 20% last year. they're contemplating a debt issue to raise the money using cash on hand and the proceeds from a dead issuance. that $31.6 billion, much of it overseas, so it doesn't necessarily make it easy to get to without paying a large tax bill. qualcomm made a $975 million antitrust fine to the chinese government only one month ago. it is marking the one-year answer verse anniversary of its ceo. it's not had a great year in

terms of growth. there has as i said been at least some angst among the shareholder base and pushing for a return of capital and they're meeting that although i expect they will be talking about the enhancements they can make to try and generate higher revenue growth than the 3% or so that qualcomm just saw. you can add qualcomm to the list of big technology companies that are returning a great deal of capital to their shareholders. $15 billion authorization, $10 billion of which will take place in repurchases this year with an accelerated repurchase that will mean they buy back we don't know quite how much but a lot of the stock in the nearer term than even over the next year. >> and it comes as welcome news to investors. the stock getting a nights little after hours pop above 2% jon. it's been an underperforming, down about 3% over the last 12 months. what's the context here? >> sara i think you got to look at this in the context of those troubles in china, the fines they face. part of what they did to put

that antitrust issue to rest is restructure how they do licensing with the brands that are actually based in china. they're selling phones in china. they willsmaller share of profits from some of the intellectual property they have based in china. there's been concern what happens to profitability as you see the midrange of the smartphone market kind of getting hollowed out with so much competition and then at the high end you have apple where qualcomm does not get as much profit because apple has its own a-9 chip it's using and sam sungs is using its own chip in the galaxy s6 and s6 edge which it has announced. this is qualcomm saying we're going to continue to battle for share. they said they feel confident about their road map going forward. they announced new chips that will be important for them. investors don't have to worry about return as much as they might have thought because they've got this huge buyback

perhaps. so it sort of works out that way i think in the context of all the other troubles they've been facing. >> how much longer will we be talking about big buy backs? when are these companies going to start putting the company tal to use with some other kind of expenditures? is this the best use for the money? >> not necessarily but you need to figure out how you want to invest -- where you can best invest for growth. the likes of an ibm which gets criticized certainly for perhaps returning too much in terms of share repurchases to its shareholders says we're investing as much as we think is appropriate and there is a part of our capital strategy that involves returning that capital in the form of dividends and share repurchases. i think you will continue to see it. you're talking about a lot of companies, in this case qualcomm as well with lots and lots of cash. $31.6 billion is the number here for qualcomm. we know you can access the capital markets extraordinarily cheaply to borrow money even when it's overseas so you can use it but you can't really use

it by bringing it back but because the capital markets and the debt markets are so generous, it does allow for the returns of capital. my expectation is they will continue. certainly thesh krity are criticized occasionally but they're good for getting the stock up. you get a bump up in eps when you're not delivering as much growth on that bottom line. >> walter you're nodding your head. >> throw it back at you. is this more buybacks than we've usually seen and is this a lack of creativity among companies who can't get a return on investment by going for their own product? >> we've gone through a period where there have been so many buybacks by companies that either are under pressure to get the stock price higher they've down earnings engineering. >> mainly for the people on this floor -- >> stock buybacks are at a record level. and gm was the big news planning a share buyback. >> but as the economy improves my point is at some point it

will make more sense to put that money to work building a factory or hiring more workers rather than returning it to shareholders. >> it seems right. i hope that turns out to be true. it's also a creativity of leadership in business wlo say i can make a return on investment. >> right david? >> without a doubt, bill. not that the investments are not being made but your point is a good one in terms of a debate that's currently out there. you have a lot of activists, sara mentioned gm and the threat of a nominee to the company's board of directors. they go for a 5 billion buyback in the near term and we get qualcomm with the $15 billion. they keep coming and certainly there will be a debate about the near-term benefit that shareholders get from the share repurchases ler vus the longer term benefits if they were investing but it's not as though they aren't investing. >> we're over generalizing but the point is enough with the

buybacks. >> there's going to be a debate on this for sure. the atlantic just came out with a piece, stock buybacks are killing the american economy. >> thing here is we're talking about qualcomm talking about gm. last week we had a big health care bond deal for $21 billion. is this the last waltz? on friday we had a big jobs number and you can sense it's shifted to say maybe you're in liftoff. if the fed is as the market seems to be saying that the fed is going to lift rates so soon is this party almost over? that's really the question. >> is the window closing? guy adami, the champion of lower interest rates who predicts they're always going to go lower, maybe that's a question for you. >> to the -- back to what's going on here with qualcomm you mentioned gm if you can tap these markets and get cheap money, why not? and it's -- ibm is the poster child for this. and everything they've thrown at the market the stock today notwithstanding continues to go

lower. you look at qualcomm and david can speak to this you had a big downdraft in october after a big miss. awed subsequent huge downdraft in january. down to i think 63 bucks. so what's left to do? yeah buy back stock. hopefully the market will focus on this and not focus on the fact that maybe your kour underlying business is fault tering. it works to a point. >> before we let you go what are you more likely to buy, apple stock or apple watch? >> 100% apple stock. the chances of me wearing apple watch, bill are the chances of me doing an iron man again. >> come on. you're a hip guy. michael, same question to you. >> look i even look like pc guy so i think i'm probably more likely to want the stock meaning even if we don't think the watch will move the needle i have a lot of faith in tim cook and the team and this will be one to own and growth is going on. wildcard again, the fed. what are they going to do. >> we're going to be hearing

more from jon and walter on that. david before you go, apple watch, apple stock? are you going to buy the stock? >> no we talked about it this morning. cramer is going to buy the watch. i'm not. you know i find that this thing i have with me does a pretty good job of doing everything i need and i just keep it here. >> it's about fashion, david. >> what? >> it's a fashion thing, too. >> yeah. okay. >> see, i can't wait to get one. >> as usual, i will be behind the curve on that. >> i am with you on that one. >> just go like this it's fine. >> thank you, everybody. be sure to stick around and catch guy "ironman" adami and the rest of the "fast money" crew at 5:00. they're talking to the editor of the gartman letter with the one place you should be investing in and it might surprise you. that's coming up next hour on cnbc. >> we've got much more to come on "closing bell." make or break time for tim cook unveiling the first product that was actually developed under his watch and that would be the apple watch.

does cook need this one to be a hit? >> a lot to talk about there. later, trying to take the hassle out of automotive loans. lendkey will talk about their new partnership with true car and pricing out car loans like you price out the car itself. will that work? we'll talk about it coming up. you price out the car itself. ok, if you're up there, i could use some help. smart sarah. seeking guidance. just like with your investments. that sets you apart.

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the apple watch is actually the first entirely new product launch in the post-steve jobs era. all eyes are on ceo tim cook for this one. walter isaacson how crucial is this launch for mr. cook and what are your thoughts on him? >> well i think tim cook has shown that he has his own mind. i mean tim cook is a fitness person so you look at this watch, i'm looking at the beautiful thing on the screen the heart is beating, and i don't think steve jobs ever got up at 5:00 a.m. to spend an hour doing a workout, but tim cook understands health understands fitness, and so i think his mark is on this. i also think this is something i certainly want so i really do think this is going into the luxury good business it's going into an intimate new type of

appliance and as you said the enormous am of appnumber of apps that are going to be developed. it was 2008 that steve jobs opened the app store. if it's taking care of my parking meter for me keeping track of my heart rate if it's making sure that uber is getting there on time these are things we never thought of five or six years ago. imagine what we're going to think of five years from now that people are going to be able to do with this watch. >> you and i were talking about this earlier, the watch was the draw but there was so much more to this presentation. the new mac book this research kit that's got my attention, and then the reboot of apple tv as well. >> i think this was kind of a soft sell on the watch. often when apple feels like they really want all attention on a product, they don't crowd a bunch of other stuff into the announcement. they don't show off this gold amazing slim mac book at the same time. also, they didn't have a lot of

developers partners actually up on stage. they showed off uber and some other things you could do but it sort of felt like a softer sell to me. maybe we hear more about developers and from develops at wwdc in june their developer conference. they can explain how they can make money building apps from the watch. it's not clear what the process will be for downloading and installing new apps. we have a new iphone launch to expect in the fall expect the watch to get more attention then but this sell to me seemed kind of soft for the people who are going to buy it anyway to be able to justify that. >> and that gets to an important issue. they do these big unveilings. >> they wear lots of black. >> do a whole presentation but does any of that really matter. wall street is watching this. the stock ended highary biter a lit. the question is are consumer going to want this and need this

and the jury is out. >> i think the launch of this it started back in 1984 when steve jobs did the original mcintosh, it makes apple products these objects of desire. we don't know we need them. i didn't know i needed 1,000 songs in my pocket until suddenly the ipod is launched. these are desire goods that really work. the other thing that you mentioned, bill the many things in this announcement what struck me was the notion of streaming hbo, breaking the old cable model. if there was one thing steve jobs rm wanted to do he wanted to break the tv market. it wasn't the hardware that stymied him, it wasn't the software that was hard to break. it was the notion of getting people like hbo to say we'll stream as opposed to being bundled by your cable provider. >> point well taken, but back on the apple iwatch when the ipod came out nobody else was doing something like that. i didn't know i needed it but i love it --

>> the mp nps 3 -- >> the convenience was there. with the apple watch, there's a redundancy factor. i can do other things it will be doing in one place. >> you look at the ipad there had been so many tablets. everybody said that's tablets, they never work. even when it came out, i remember steve jobs looking at the reports and the e-mails feeling like oh my god, everybody is jumping on it and yet it redefined the field. even with the ipod. i remember my pmmp3 player. >> it redefined the category. >> it was so beautiful. i just needed to have it. >> there are always apple haters jon fortt. >> and you write a lot about this in your book. that headline sorry steve, here is why apple stores won't work. there are still apple haters anz i wonder how integral that is to

the apple innovation machine. >> i think apple continues even though it's big, the executive there is continue to have a bit of a chip on their shoulder. in a good way. phil schiller will still mention to me the skepticism around apple retail when at the first launched. that was a reporter in silicon valley covering that and he was like remember all the doubts about how this would work out. i think it will be true with the watch, too. walter mentioning the ipod. when it came out it was 500 bucks i believe. there were other mp3 players out on the market that people enjoyed that were chen eraper. google has android wear software that's in a lot of different watches. we'll see what happens with apple but undoubtedly, apple will outsell everything that's come before in the smart watch landscape. i think also pretty much undoubtedly a year from now the apple watch entry price will be

lower. and then you see a whole different market dynamic, especially if you've got apps from facebook out there, from snapchat that give kids a reason to want this above just the phone in their pocket. so soft launch here. i don't think they really sold it extra hard. i don't think they tried to. >> interesting. i did think the price was high as well. $349 for the sport in the 500s for the main one. >> i think it was the highest cost for any product new launch that they've had. >> typical of apple, but it's got gold. >> talk about the real price, that $10,000 beautiful gold ceramic alloy. i can't afford that one. >> yeah. >> doesn't matter. she's going to get it anyway. >> apps may be what makes or breaks the apple iwatch though right? >> a top silicon valley venture capitalists will be weighing on. his firm is banking on a video messaging app that will be hot on the apple watch. that's coming up.

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on coal fire heating plants and prevent 60 million tons of co2 emissions? when emerson takes up the challenge it's never been done before simply becomes consider it solved. emerson. book talking more about apple today. our next guest is a top silicon valley vep tour capitalist and former executive at oracle who is betting big on mobile and apple. >> mark segal is behind a live video texting app. also joining us is jon fortt and walter isaacson. mark, what did you think of apple's watch and how are you

backing some of apps you thought would be a part of it? >> i thought it would say an exciting launch. i have been listening to what you were saying the last few minutes and i think it was true it was kind of a soft launch on the watch but it's very promising. i think it could be a huge new product for apple. for us it's really all about the apps. it's the apps that make the iphone a great product. it is beautiful, it's lovely but it's really the app that is give it utility and i think we're really looking to see if there's going to be a whole app ecosystem specifically around the watch that creates a whole new level of utility. >> what i see here is called video texting, a video texting app. what is that? >> you can think of it like very similar to text messaging but with video so you don't have to type. if you think about having a device on your wrist, of course it's not really very convenient to enter characters in there, and so this way you can respond with audio or video. people are using it today on their smartphone but we think

it's an ideal application for a wrist computer. >> is that like facetime we do already? >> facetime is absolutely sink ron newsthis is asink ron news. they've worked hard on making the video watchable very soon. you can start watching it actually before somebody is done recording it but you don't have to reply in real time and you don't have to set up a conversation with somebody. it can also be something you reply to minutes or hours later if you want. >> michael gorman thumbs up thumbs down so far on the apple watch? >> i think thumbs up thus far. certainly it was good to hear about the new battery life. 18 hours it gets you not quite a full 24 hour period but through most people's work day. so that was good. you know the hardware is beautiful. certainly they're going after jewelry and i think they've accomplished that to a certain degree. if you're in the market for a smart watch, apple has a clear segment of the market that will be attracted to it.

>> jewelry, that's the keyboard we're -- key word we're not hearing enough about. >> i think there's going to be a lot of money here in the bands. the basic bands, the basic colors start at 50 bucks each. that's very high margin. you have $150 $250 leather bands. but, you know, i'm interested, mark, in your take. we had john malloy on earlier today asking how he's advising startups around the watches? is he advising them to jump in and develop apps to catch that first wave of using that proved profitable with users of the iphone. he said no. mark what will you doing with this? are you advising startups to jump in and doferl and try to make money here or are you trying to get some of them to hold off? >> i'd say very similar probably to john that we're going to probably wait and see what happens with the watch sales in terms of number of units because

thus far smart watch shipments have really been pretty disappointing, maybe about 5 million smart watches shipped. i think apple could change all that. but just like glide, we're talking about apps that are today being used on the phone and might have more utility or slightly different type of utility on the watch, about you i'd say we're advising caution right now to see just how this ends up going. >> walter so we had a soft launch people were acknowledging that. we have a major developer here who is taking a wait and see attitude on this. do you think they're sort of holding their breath at apple headquarters right now on the apple watch? >> i think they're going to sell 12 million units by the end of the year and more than -- >> is that good enough? >> yeah and that's more than 50% of smart watches. we were talking about it in the break. you remember google glass. i got google glass. you're thinking what would you use that for? but every minute since that tim cook announcement, i'm looking at my old analog watch and

thinking, you know what would be cool, if you could do this do that, parking meters pay. i think people come out of the woodwork and it may not be the ones -- the venture capitalists we're talking about. it may be kids i garage in brooklyn or san francisco. >> mark siegel on glide and some of your other investments, are you looking for more video apps. where are you looking to put your money, hardware, software apps? >> it's mostly in apps not so much in hardware, although we do look at hartway startups but we like the whole messaging space. company that is take off there. we saw it in spectacular fashion with what's app. same thing with a company like snapchat. so we like that category. we also like transactional apps and i think that there's a lot of opportunity potentially like with apple pay on the watch, for instance, for more transactional or subscription type of applications to work well also. >> this is walter isaacson.

let me ask you a question what do you think about the health and fitness category which hasn't been done as much but this seems tailor made for that. are you going to see a lot of developers going either at health or at fitness? >> well there's certainly a big push in the advertising around the watch for all the health and fitness, and that's been one of the key features of the smart watches that are available on the market right now. but i'd say if you look at consumers have really spoken with tlar wallheir wallets and have not purchased a lot of these. there's a lot of other alternatives to the iwatch for just the fitness. i think it's interesting but i don't think it's the killer app. >> michael, we've shortchanged you. clearly water isaacson is going to buy an apple watch. who is the classic consumer for this item? who is tim cook hoping is going to buy this thing? >> i think they're just trying to get everybody with an iphone. i think that's really how

ubiquitous they want that to be. i think that's really aimed more for -- obviously we're not talking about the gold edition because few people's pocketbooks can spend $10,000 and upwards on a watch. because it starts at $350 i think you will see -- they're looking at the same people who buy iphones. they've made the watch to kind of fit into their lives as well in addition to kind of mac books and the phones. so i think that's really who they're going after. again, we've kind of said we don't know what the killer app is and if -- i don't think they're going to be able to reach the full kind of iphone audience until they found out what that is. >> we know already, it's video texting. >> right. >> hopefully. >> mark michael, thank you both for joining us today. appreciate it. >> thank you. >> coming up remember skymall. >> i do. >> the magazine with kitschy items that you could buy, of course, while flying. we'll speak to someone who is trying to get the inflight shopping catalog back into

airlines' seat pockets. >> first, here is sue herera with this hour's cnbc business news update. >> here is what's happening at this hour. sam simon, the co-creator of the simpsons has died. he was 59 years old. the 9-time emmy winner also wrote episodes of taxi and cheers. he was diagnosed with cancer in 2012. delta air lines is letting frequent flyers book some one-way flights for as few as 10,000 miles. that's down from the usual one-way price of 12,500 miles. those trips must be booked 21 days in advance and they are restrishthed to destinations in the u.s. mexico, and the caribbean. the solar impulse two has landed safely in oman on its quest to become the first solar plane to fly around the world. the entire trip could take up to five months to complete. a new survey of u.s. investors shows they believe they need an average of $2.5 million to retire comfortably.

the leg mason survey also found investors spend 475 hours or more worrying about money each year. that's the cnbc news update for this hour. "closing bell" returns after a quick break. ♪ at mfs, we believe in the power of active management. every day, our teams collaborate around the world to actively uncover, discuss and debate investment opportunities. which leads to better decisions for our clients. it's a uniquely collaborative approach you won't find anywhere else.

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now you know when apple holds a live event cnbc.com gets pretty busy. >> allen wastler is here with the hot list. >> it's been all about apple all day. prit now right now the big draw is our poll where we're asking would you buy the apple watch. over 16,000 people are in there and the counter is still burning up. right now around the 40% mark of people saying yeah i'd buy it but 44% say at $349 as a starting point, that's way too expensive. a solid 46% say, nope not going to buy it not going to buy it but it's still fluctuating. i have had three times as many lookups of apple stock today as i have of the next highest stock, folks. it's all about apple. >> that's a pretty good analysis to have that live intel, especially when it's a mystery of how many of these watches they're going to sell. thank you, alan.

>> for all the innovation on the internet, car buying is still seen as anything but hassellle free. >> i hate negotiating. that could be changing with a new program from online auto dealer true car and online loan platform lendkey. one-stop shopping could be here for cars and auto loans. we'll have details on that still ahead. >> also, we've got sky mall. we've all thumbed through the catalog on the airline but probably didn't actually buy anything and that let to skymall's demise. >> but one entrepreneur is trying to get skymall back in business but he's running into some unlikely obstacles. he'll be here to explain when we come back on "closing bell." if you want to succeed in business, mistakes are a luxury you can't afford. that's why i recommend fast reliable comcast business internet. they know what businesses need. and there's a no-mistake guarantee. if you don't like it, you have thirty days to call and get your money back. with comcast business internet

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back with walter isaacson and jon fortt. a couple other things we've -- everybody is talking about the apple watch, understandably, but there's other things that came out today. the reboot of apple tv which has been languishing all this time. pretty smart to hitch their wagon to this hbo now thing. they're unhitching from hbo itself. >> i think one of the big disruptions that's about to happen is we're going to be able to get whatever we want on tv on whatever device we want it whenever we want it and that's something that this hbo deal and, by the way, richard pepler the people at my old company, time warner the notion of tv everywhere, i think that's one

of the big disruptions. we'll talk about another which is buying cars. you can see certain industries like the taxicab industry used to be that are just ripe for the picking, and certainly this notion of being able to get tv what you want when you want it. >> were you surprised to see the exclusive deal with apple here from hbo? >> i was and i'm scratching my head a little bit not because it doesn't make sense but because it shows apple wants something and it's not clear exactly what it wants. the price drop from $99 to $69 says to me they want to move more units of apple tv. price elasticity suggests they will do that. also by having this hb o now exclusively for a period of time and i don't know how long that is, that should serve to accelerate that process even more. we know people love their hbo. what exactly is apple trying to lay the groundwork for? is it for a television that they want to come out with that people have been predicting for three, four, five years? whatever it is it seems to be more than they put in the market

already. i don't think they just -- their grand am bixggs is to sell a $69 box. >> this is also tied to the fans of quk game of thrones" because it will be able on hbo now that you can watch on apple tv. >> and walter is going to watch it -- >> if you're really a fan of "game of thrones" you've already seen it. you don't want to see it on a screen this big. >> we'll talk about sky mall the failed in-flight catalog you used to find in the backseat of your chair or in the chair in front of you in the little pocket. it went bankrupt earlier this year and has been missing from all flights. >> but one frequent flyer is trying to bring it back. the airlines though may not want it. with us now is scott jordan the ceo of scott vest. he's behind the efforts to relaunch skymall. scott, good to see you. >> good to be with you. it's scott evest. >> i didn't know if it was silent or not.

the airlines don't want it? you've said i want to bring it back and they said what? >> the fact of the matter is that the value is dependent on having deals with all the airlines. most, if not all the airline contracts with skymall have expired or are up for renewal and in conjunction with the sale and the auction, it's virtually impanel to renegotiate those agreements with the airlines prior to the auction date on march 25th. we've reached out to all the airlines in an effort to understand how receptive they're going to be to entering into these contracts again with the winning bidder and to date only one airline, u.s. air and american, has even returned our calls and we're pursuing all the others in the hopes to sit down and bring back skymall the way it should be done. not the crappy way they've done it previously. >> i guess i'm just curious why. it seems like sort of an old school thing to have a magazine,

and it did go bankrupt because there were a lot of cool things in there but i'm not sure how many people actually bought them. >> well you're exactly right. you know as a long time advertiser ourselves through my clothing company, one of the things we realized is it was a poorly run company. first and foremost all the things in the catalog were not talking to the people in the airlines. you know, you don't need a six foot yeti but you are a traveler. you know some key things about the people sitting in the airlines. they are captive and traveling from some place or to some place and they're traveling for personal purposes or for business purposes. but there was nothing about the magazine that spoke to those people, and i believe unlike what they said that there were so many other distractions between your ipad and iphone and kindle, you know yeah there are those distractions but they run out of battery power and you

crave -- people crave to touch a real catalog because they're not doing it anymore. >> clearly, it was going to be an impulse buy. you're in flight looking at the magazine, you want to buy something but it's so cumbersome to do that but with in-flight wi-fi, wouldn't that be a possible way to bring this thing back. >> i was going to mention the same thing. it seems like a no-brainer, you should be able to scan something in the magazine and through in-flight wi-fi either reserve it or make a purchase and i'm wondering did you offer the airlines maybe 1% of the gross to sweeten the deal because they're always looking to make another penny. >> we're prepared to offer them more than 1% of the gross. the fact of the matter is we want to be partners with the airlines because without the airlines, we have nothing. without the airlines skymall is valueless in my opinion. you have to have the airlines in that backseat pocket. because they're providing all the access to the passengers they're going to get the lion's share of the profit and we just need an opportunity to sit down with them and explain that to

them and i'm confident that it will happen. >> a lot of airline executives watch our show so you've just let them know. scott, good luck with that. thaths. >> thank you very much. i appreciate it. >> scott jordan. >> we have more "closing bell" right after this.

amazingly we have more breaking news on apple. josh lipton what is left to tell? >> well bill i just had the chance to sit down and chat with apple's eddie cue, the man in charge of itunes and richard pepler hbo's ceo as you all have been talking about. hbo bringing a streaming service exclusively to apple. if you're a fan of "game of thrones " thrones" you can watch on apple tv, your ipad for 15 bucks a month. i asked mr. pepler when the talks began. he said it's been in the works for some time. he began talking to eddy cue last spring thought they had a shared vision. i said you have this partnership with apple. what about blinging that to the cable providers, what about bringing it comcast and time warner? he said we're talking to all of our partners. he thought it meaningh bo now,

would be a great vehicle for them. as for eddy cue, he said this is about increasing optionality for consumers.increasing optionality for consumers. we're beginning to see, bill the reinvention of tv. what he meant by that consumers don't want to pay these tv packages. they want to watch when they want what they want on whatever device they want. also i should mention here i did ask cue and plepler. they said the financial terms of the new partnership not being disclosed right now. guys, back to you. >> we've heard this before walter. >> well, iowa certainly heard it from jeff who talked about it all the time. that's the theme of the revolution. >> it took a long time for technology to catch up with what we knew we were going toe want. >> no it took a long time to break the old ways of doing it. just like breaking a taxi cab industry may be hard or breaking a financial system in terms of bank payments is hard.

breaking, as we'll talk about later, buying a car from the local car dealer. it's hard to do that. and that's the hard thing about tv is not making the software, it's making the deals. >> richard plepler is really smart. and he sees the future. he is leapfrogging ahead, and he and eddie cue, it's a perfect match. >> i just wonder who gets hurt by this jon fortt. does amazon get hurt by this? the cable companies obvious willy? >> maybe. we have to slow down a minute. it's not broken yet. i remember years ago steve jobs on apple's itunes the ability to download tv shows. disney jumped in and jobs said hey, i hope we have a lot more to announce by the end of the year. and there were not. this there is just one, hbo now. it's significant that it took a whole year to negotiate. this they could have done this over the holidays there are plenty more convenient times. i think eddie cue without steve jobs to help in this negotiation kind of has to step up and prove that he can move these hollywood

moguls around and get more of them to take this dive. i'll be curious to see by the end of the year how many more deals like this we have. is espn doing more live streaming, not just the hbo going recorded content. >> some of the providers will take that wait and see attitude. >> remember when the ipod came out, the main thing was breaking the seven record labels so you could get any song you wanted whenever you wanted it. >> the disruption factor. >> the day the music died. >> look at jon fortt's skepticism. >> josh lipton, thank you, buddy. see you later. you got us talking on that one. and yes you hate the hassle of getting a car loan? you are not alone. >> there is a new service trying to eliminate that headache. the ceo of lend key joins us next. we'll be right back on "closing bell." azy as you not rolling over your old 401k. cue the horns... just harness the confidence it took you to win me and call td ameritrade's rollover consultants. they'll help with the hassle by guiding you through the

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everything to us. the s60 sedan. from volvo. this month, get these exceptional offers on a new volvo. visit your volvo showroom for details. it is now common practice. you use various tools on the internet to price out cars before you go visit the dealer right? >> but what if you could actually do the same thing with car loans? our next guest trying to make that exact thing happen. joining us now vince passione ceo of lendkey. so explain how this works, vince, and how you're trying to change the world of car loans, making it more accessible. >> sure. so today lendkey creates and

manages an online lending platform for about 300 credit unions and community banks. the process is pretty transparent and very, very clear, and clients today on our platform have access to low-cost loans for student loans student refinance loans, as well as home equity loans. this partnership that we've created with truecar will merge together both the online buying experience that truecar provides with the ability to finance the car at home before you enter the dealership. >> am i always going to get the best deal? i can see the competition if we're at a period where we're in high interest rates. we're at very low interest rates right now. everybody is offering low interest rates. what is going to differentiate one lender from another in this aggravation that you're putting together? >> sure. when you think about the way we're approaching it it really is enabling local lenders to provide both truecar's very unique buying service that provides a guaranteed discount on the purchase of the vehicle

with the opportunity for these customers to obtain financing directly from their local lenders. so these are really customers of an existing bank today who are very comfortable with their current lender and they want the opportunity to obtain a loan directly from them before they enter the dealership. >> tom? >> so how is mobile technology changing the way you do this? is that an important part of how you launch something like this? i'm wondering if your typical consumer is just going to be at home, at a desk looking at options, or are they actually going to be at the dealership talking to the people and then checking out you guys and what you have to offer at the same time? >> that's a great point. and the answer is mobile definitely has a place in this. some will do it from the comfort of their home look at their computer. they'll go online through truecar. they'll begin the process at this cobranded baseballs at the local bank's website or credit union, and then they'll go through the financing process. others may opt to do it on their mobile device, right? sitting there. and the certificate for the purchase of the vehicle as women

as the certificate for the preapproved finance willing both show up on their mobile device. >> i was wondering in how many states and how important do you think it is to be able to just do this direct rather than through a local car dealer? >> so if you take a look at last year about $400 billion of auto loans originated. of those about 20% were done through the direct channel. and if you talk to the millennials, of which there are about 75 million of them about 75 million of them are starting the process online. they're spending four times shopping for the car before they enter the dealership. today we believe it is going to make a very big difference for them. >> do you think you'll ever be able to cut out the local car dealer? >> just quickly. >> i think this is more about where the auto buying process is going versus where it's been right? 75 million millennials are out there today. and they're doing is access everything from ordering up a car on uber to turning around and buying their lunch on

seamless web. they're very, very open to the process of shopping online. and this is really us attempting to migrate the ecosystem to where the consumer wants to go. >> right. vince passione of lendkey, thanks very much for joining us today. thanks very much. >> thanks for having me. >> you bet. before we go we were talking during the break, wouldn't it be interesting if we could find out right away realtime what the response is to the apple watch and other things out there. like we said, the guys at apple are probably wondering the same thing. >> they're doing a vary on cnbc.com. >> they are. >> what's particularly interesting, i think people will be able to take twitter streams, facebook posts like that and have big data analytics applied to it. so if you want to you could know pretty quickly not only what is trending on twitter or facebook, but how positive or negative it is. >> last word jon, for it. >> those quickie clever comments aren't necessarily indicative of what sales. you have to be careful about

measuring snark versus predicting sales. >> they have to put their money where their snark is. >> yes. >> good to see you. we'll see you tomorrow. >> a good duo for such a big apple day, don't you think? >> yeah. >> jon is the true expert there. we've got "fast money" coming up in ah foo seconds here. melissa lee, what's on tap? >> hi guys. i'll take it away. live from the nasdaq market site in new york city's times square, this is "fast money." i'm melissa lee. pete najarian, karen finerman and guy adami. the time for the apple watch is here. tim cook unveiling the details just a few hours ago. we'll take you live to the event and debate whether you should buy the stock before the watch is released. and breaking news after the closing bell. qualcomm announcing a $15 billion share buyback. we have the details and the trade. and another hit for tesla today. job cuts in china sending shares lower. the stock is now down 12% over the last month. we have someone who says this sell-off is a