microsoft, yahoo, gopro reporting earnings after the bell. we've got the voice of siri to announce apple's earnings at 5:00. >> do you want me to call in and debate live talk? >> no. done with that. done. >> "closing bell" starts right now. welcome to "closing bell." i'm sara he's nen for kelly evans. >> i'm bill griffeth. dow down 200 points. united technologies and ibm accounting for more than half of the decline in the dow today. we will debate whether those two stocks could have the way for more earnings drama to hit the broader markets. >> both of those companies citing concerns in the bricks especially in china. after the bell the earnings drama will be in full force. get ready. >> i cannot wait. >> apple and microsoft will be releasing their latest numbers, plus got reports from yahoo,

chipotle gopro. those numbers over the next hours and bringing you them after 4:00. >> it just doesn't get better than that. plus time to sell tesla maybe? a bold call from a ubs analyst downgrading that stock to sell today. the man who made that call coming up. >> it has been five years since the dodd frank financial reform bill signed into law. barney frank will join us to discuss all the criticism the law has received including from members of his own party. >> enjoy having barney on the show. first we start with this move in the broader market today. there is the dow down 214 points. it's getting hit the hardest. united technologies down more than 7% downgrading its own outlook for the year. that bad earnings report from ibm last night has been down 5% 6% today. that is accounting more than half that decline. s&p pulling back.

the nasdaq down today so right now no all-time high. >> s&p earlier was three points away from a record. we've come about a half percentage point down away from that point. >> joining our closing bell exchange, we welcome james liew and peter costa and rick santelli. >> i think it's a good thing. i like to see the internals earningswise. there will be days we'll be up significantly because positive earnings, days where we are down like today. apple, obviously people are anticipating possibly not making those numbers. the market and the stock reacted a little bit on the south side. this is good though. i do like this churning. i like to see volatility in the

market. i like to see because of earnings not because of some external china or greece. >> james, what do you make of the weaker earnings? especially ibm? it does appear overseas concerns in china and emerging world are taking their toll on american companies? >> we need to keep in mind the u.s. stock market is back to where we started before all these macro economic risks began. it is heartening to see volatility is driven by fundamentals for companies. it is still the case u.s. earnings will be down on a year over year basis. we know why that is. that is because of the u.s. dollar strengthening and oil prices plummeting. we've been talking about hard landing versus soft landing for a long time. won't be until later this year probably the fourth quarter we see many of these effects start to dissipate. >> rick oil's come back today. gold continues.

it's now below $1,100 an ounce. i can't believe i'm asking this and you are not. everybody convinced themselves that the dollar is only going to get stronger and commodities are not the place to be. are you convinced the dollar will be that strong down the road here? >> do you think the fed will normalize rates? i don't see a pathway with the fed raising rates the first time in a long time and thinking the dollar is going to go down. it becomes partially kind of trying to calibrate the country's going one way that are easing like hungary and some of the emerging markets outside the uk and the u.s. that is an important dynamic. left to its own device without the central banking issue, i think the dollar may have a hard time. even though china is such a macro issue that nobody can get away from and we revert our attention to earnings i still think china is the music that

the global economy to some extent marches to. if you look at a 20-year chart, it correlates very nicely. especially in the '07/'08 period. it's gone out of kilter. it's gone in an inverse relationship. chinese are manipulating their equity market. all roads lead to that. one thing remember it's getting close to 2.12 but settled at 2.30. on a 20-year chart, whether it's the lows or highs, there is a lot of action around the 200 level. people need to get their perspective on some of those areas. >> we are seeing the s&p energy sector is the only one green today amid this broader sell-off on the bounce in oil. would you be buying some of these beaten-up energy names? >> i do think it's just a bounce. i don't think anyone is calling the bottom in oil at this point

given iran that news is coming on line. we still have a supply dplut in this country. i'm not ready to call a bottom there yet. the energy sector is one of the most expensive sectors in the s&p. not just because prices have fallen, but more importantly, earnings have fallen 60%. the way to play energy is from a stock-pickers perspective. i would not be buying the sector. >> for all i know you are still out of this market. are you? >> yes. >> would you look at energy a place where you could maybe pick up a few bargains? >> i would be a stock picker in the energy sector. i think there is value there. it is a risky play. there is down side potential. i don't think the down side potential is that much. i would be very selective. i always liked exxon. long-term exxon is the greatest company this country had in probably the last 50 years because of think their view

point is 10, 20, 30 years out. it's extremely well managed. we'll talk a lot shorter term i do think there is a lot of decent picks if you really do your homework. >> thank you, mr. rockefeller. >> thank you. >> thank you, gentlemen. >> apple releases earnings in the next hour. we'll find out if the apple watch was a big hit or not. >> sort of. i guess we'll find out. >> we will. josh lipton has the numbers to watch from apple headquarters. >> it is not expected to have a big financial impact on results, but certainly analysts and investors are very curious about how the apple watch is performing. remember in that earnings result, that report apple is not going to break out watch shipments as they do with the iphone or the ipad.

that is unusual. i talked to one well-known apple analyst. he couldn't think of another product where they didn't break out apple shipments. instead they will lump that watch into the other product category. that is a category that will include the ipod, apple tv and beats accessories. analysts then have the tough job having to try to guess as best they can how much money apple is making off the watch. piper jaffray analyst thinks apple sold 3 million watch estrogen rating $1.5 billion in revenue. analysts are quick to stress that the importance of the watch here near term is not so much about financial results as it is about apple proving that it can still move quickly into brand-new product categories and attracting a lot of new fans. we might have a bet ever sense if that's true after the bell closes today. >> that's why i said sort of. we are just going to have to try

to figure out buried in that others number what the watch did. in terms of iphone sales in china, i know that's another big question mark. with recent volatility there, can they keep up 70% growth in this market? >> that is a great question sara. if you look at the greater china region talking about china, taiwan and hong kong no doubt booming. sales in that region jumped more than 70% to nearly $17 billion. you saw that stock market swoon. the worry is does that cause a ripple effect in the broader chinese economy then hurt apple sales? i will say that polling different analysts they are concerned, but think it will have a limited impact because they point out equities in china represent only about 12% of household financial wealth, if you include property. they will pay close attention to

q-4 guidance to see if there is impact of a slowing china there. >> thanks josh. we'll be on apple watch. that was too easy. fueling water cooler talk that an apple car may be in the works again. phil lebeau has been looking into this story for us. >> what is interesting about this hiring is because it is a former auto industry executive of some note, doug betts worked for fiat chrysler till september last year. it's his job further fueling discussion today. he was in charge of quality between 2009 and 2014. he was part of the executive council, the management group that runs fiat chrysler. he left for personal reasons last october. only a couple of days after the

consumer reports quality rankings came out for september of last year and fiat chrysler brands got hammered. when you look at apple shares people say what is doug betts doing for them? the company is not commenting and it's unclear whether he is working with that auto development program or some other program. it was just la year at conference where a company executive dodged the question about whether or not apple is developing and planning on building a car. >> the car is the ultimate mobile device isn't it? we explore all kinds of category categories and we'll certainly continue to look at those and figure out which ones are ones we think we could make a huge

difference. >> if apple is not commenting on doug betts and there is no announcement, how did it come out? it was listed on hid linkedin profile he was working at apple. you try to find his profile now, the profile cannot be found. >> shocking. >> a lot of questions today. might have prompted him or somebody to say take it down for a while. >> that is hilarious. when they hired angela aarons they made a big deal about it. they had a no comment when you asked about whether they hired her. >> it's all very secretive. >> what exactly are they planning to do when it comes to the automobile? do they plan on simply developing systems that then can be plugged into other automobiles built by other manufacturers? they have car play which is gaining traction or do they have bigger plans in terms of saying this could be the appliance of the future let's manufacture an automobile at some point.

>> it strikes me you were in ann arbor yesterday talking about how the big automakers are trying to show silicon valley they are on top of this next trend. what is the view on apple and google potentially getting into the car business? >> they are watching them very closely. they are watching them extremely closely. look at the automakers that now have development offices in the silicon valley. that is not by accident. they realize there is so much talent and such focus in the silicon valley on automobiles and the future of transportation, they want a play in that. they realize silicon valley is not necessarily going to come to south eastern michigan. >> thank you. great story, phil lebeau in chicago. >> you might have hoped they would break it down car and sales. you never know, with the beats head phones and others. >> we have a sell-off. down 209 points on the dow with 47 minutes left in the trading

session. s&p down 10. nasdaq down 11. >> a title wave of earnings hitting wall street right after the bell. especially technology. talking apple, microsoft, yahoo among the big names reporting. we'll bring you their results. guidance from the companies and any other headlines along with the after hours reaction. >> get your popcorn ready. can't wait. >> also barney frank weighs in on the sweeping financial reform law bearing his name. today marks the fifth anniversary of dodd frank's passage. what he would have done differently.

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more red than green on our dow 30 heat map. the worst laggards topping our movers today. that would be united technologies tracking its worst daily drop in four years. the company that makes elevators and aircraft engines cut its full year earnings outlook citing slower growth in china and posted a surprise drop in sales due to the stronger dollar and lackluster aerospace demand.

>> ibm posting its 13th consecutive decline in quarterly revenues continuing to overshadow the growth and strategic initiative in cloud computing and data analytics. you've got more than a 100 point decline on the dow. >> shake shack not in the dow. gearing up for a second public offering. the company estimated to raise almost $200 million. the stock was down on the news premarket. shack rebounded nicely in today's session. look at that up more than 6.5%. one of the standouts in today's sell-off. >> our next guest thinks shake shack is worth $20 a share at best. he put out a note back in may on that citing why he thinks it is a bad investment. stock has fallen about 40% since then. joining us right now on this is keith fitzgerald. welcome back sir.

yesterday, last night when they announced the secondary offering, stock was down 4% 5% but back up 6% today. what do you make of that before we get to the reasons you don't like the stock here? >> people are bargain hunting trying to play off the street's actions. they are fishing for fish they don't want to catch. >> why don't you like shake shack? >> they make great hamburgers. that is not conducive to good profits. nothing against the shack. i love eating there they have rising labor costs, rising material costs, pe is totally out of line. if it was trading at the pe mcdonald's was trading at you would be talking 66 cents per share. a couple hundred million dollars at best in revenue. >> you know this environment. people are paying up for growth companies. you look at tesla. all these companies.

bulls would say shake shack has great brand many presence. >> those are excellent points and valid. what i'm saying you are talking about technology that can fundamentally change the way our world works. a hamburger is not going to do that. >> it can fundamentally change the way the world eats at a time when mcdonald's has been losing share. so have the other big chains dominant in this country for decades. >> again. i hear what you are saying loud and clear. ask what the american consumer is doing right now. the american consumer is pinched. most chains are trying to go upscale. what you are seeing is an american consumer spending less that wants more value on the menu. a $9 or $10 hamburger doesn't get them there.

mcdonald's could make a play. mcdonald's is having trouble. that ought to be significant indicator as to why you should not touch a chain like this unless you want to be a speculator. as an investor i don't think so. >> we showed the map. they've only got 42 locations. >> exactly. >> they only have one place to go to grow don't they? up. >> i don't think so. people made that argument about krispy kreme. they made that argument about a lot of companies. you can't confuse hope with a bible investment strategy. nothing against the shack. fantastic hamburgers. >> i'm surprised, keith. a lot of analysts put out bearish notes saying to sell but that was based on valuation, that the stock was getting too ahead of itself and too expensive. they were concerned that the lock-up expiration is coming next week.

you cited neither of knows facts. >> those things are well known. if you are paying attention to the numbers, well established, i don't have a problem with those reports. the stock is hopelessly rich. it's priced like it should be on another planet. fundamentally, you are talking about a company that has limited size, very expensive menu difficult to scale. model is complicated. that is not a winning recipe when it comes to the bottom line. >> all right. good to see you, keith. thanks. >> thank you. >> the bear case on shack. less than 40 minutes to go before the closing bell. looking at declines across the board. dow getting hit the hardest thanks to two big losers. utx and ibm. united technologies and big blue. both down more than 7%. s&p 500 off about 0.5%. nasdaq composite coming off that record high. just marginal losses here down 11 points.

>> can you believe this? dodd frank law marking its fifth anniversary today? barney frank will speak with us exclusively to celebrate.

dow down 210. >> we are watching shares of

lender and trade finance company cit. trades spiking up by about 2.5% towards their best levels of the day. this after the office of the comptroller of the currency granted conditional approval for cit bank to merge itself with one west bank. remember last summer one west agreed to be taken over by cit. what this transaction is going to do is create cit in a bigger way by adding retail branches and more of a retail and commercial banking franchise. that's customer facing not just for companies looking to get loans or finance their accounts receivable. conditional approval granted by government regulators. that's why cit shares are up. back to you. >> thank you, dom, very much. today is the five-year anniversary of dodd frank. the far-reaching financial reform law spawned by the crisis that began with the collapse of lehman brothers. the fed just announced

additional capital requirements for eight of the biggest banks. >> joining us in an exclusive interview, barney frank, co-author of dodd frank, former chairman of the house services committee and cnbc contributor. >> thank you. >> are you surprised to see how much criticism and how controversial this bill is five years post? the current chairman of the house financial services committee writing in today's "wall street journal" that dodd frank is a big failure. >> i'm not surprised he said that. he's taken the position for a long time that no regulation of the financial community was a good idea. i quoted in the book i wrote with his criticism of us specifically for borrowing the subprime loans that were so irresponsible. i believes we were wrong when we

started drafting that bill when we started reacting to the crisis, we were guided a lot by ben bernanke george bush's appointee to head the fed, hank paulson, secretary of the treasury. paulson left bernanke stayed on and sheila bair. they were all people who spent a lot of contributed a lot to the bill. i'm not surprised. mr. hensarling is in a position where his extreme conservatism has him in a war with the speaker. he's off to the side. so no it doesn't surprise me he's still where he was in the midst of the crisis. >> let me quote from that op-ed. it's not a real specific reason but it sort of sums up what he thinks is wrong with dodd frank. he says it is gradually turning

america's largest financial institutions into functional utilities and taking the power to allocate capital away from the free market and delivering it to political actors in washington. is the government too involved in the world of the big banking industry right now? >> let me quote in refutation to that, jim gordon. there is a great headline page b-56 today's "new york times" business section. morgan stanley profit rises 13% chief credits u.s. economy. apparently they haven't been choked off by this bill what we do is not to prevent the financial institution from doing anything they've been doing before except give loans to poor people i love but shouldn't given loans they couldn't replay, over mr. hensarling's objection. what we had a problem was with aig, which incurred $185 billion

in debt and credit default swaps, didn't know how much they owed and couldn't pay it back. we don't like people lending to others and then selling the entire loan and having no responsibility at stake if the loan doesn't pay off. let's have capital requirements. we don't tell a bangor financial institution not to take a risk. don't take a risk unless you can stand behind it. >> but the unintended consequence of the bill and one is all this concern about liquidity and the ability of banks or lack of ability of banks to make markets, especially moves like last october. this idea that the rule which banned banks in prop trading is hurting liquidity. >> when did the volcker rule take effect?

today. tell me when it's my turn. >> go ahead. >> so you are blaming the volcker rule for something that happened last october. secondly, you said moves like last october. no. that was a one-time deal. there was a one-time problem with liquidity. it did not do tremendous damage and hasn't recurred. he was right when he said sacrificing all kinds of values to liquidity is a mistake. i do not think there is anything in our legislation that caused that problem. the argument would be the capital requirements were too tight. if capital requirements are too tight over time you can loosen them some. that is the moral of that situation. >> the behavior has changed in anticipation of it. >> no. they did not stop doing things in terms of market making.

by the way, the volcker rule stops banks from doing this trading for their own benefit and their own profit. explicitly allows them to do market making. >> we have to go here quickly. let me ask you about the living wills that came up a lot. on the republican side they don't like these living wills. they think it turns the government into puppet masters for the banks because they are dictating how they are going to unwind if they don't like what they see in these living wills. on the other side your colleague from massachusetts, elizabeth warren is skeptical if they go far enough what do you make of the brouhaha? >> i never thought they were a major part of the bill in any case. i want to have capital requirements. i want to have restrictions on people taking risks unnecessarily.

the living wills dictate how they unwind. yes. if the institution fails. these living wills don't require you to say we are going to take you apart now. what they are trying to do is say if you have another situation where there was a lehman brothers or aig, if you have a failure and the federal government steps in because there is no more too big to fail. if a large institution gets in over its head it fails, it is resolved, which means dissolved. interesting semantic thing. this tells how it will be dismantled. >> the other topic du jour beyond the five-year anniversary of dodd frank is 2016 presidential election which is kicking off. 's specially endless comments we are getting from donald trump, very controversial. >> i would say this as a democrat. i am not a religious man, but i

am looking to some being whom i can offer thanks for donald trump. >> because irtt's making it easier for the democrats? >> harder for republicans. here is the problem. it's the degree of appeal he has to their primary voters. this is an indication there is something about a lot of republican primary voters that troubles me. there is a meanness there, an instinct for being angry about other people. i think if i were a republican and had to win a primary among those people i would be very troubled so many have decided they like donald trump. >> it is not lost on us you mentioned your book twice. good subtle marketing there. i'll finish it for you. >> didn't tell the title. >> i'm about to do that. it's called "frank." i'm on the record saying it's a terrific read. we enjoy having you on the show. >> thank you. good talking to you. >> time for a cnbc news update with courtney reagan.

>> good afternoon. apple services are back online after a three-hour interruption. 12 apple services were affected including the app store itunes, apple music and apple tv. apple hasn't said what caused the problems. citigroup will refund $700 million to consumers and pay a $70 million fine for illegal and deceptive credit card practices. the consumer financial protection bureau says citi has to issue refunds to nearly 9 million consumers. >> the white house flag was lowered in half staff to the five service members who lost their lives in the chattanooga shootings. president obama ordered the flags lowered prompting criticism from republicans. archaeologists retrieved a 2,000-year-old canoe from a river in slovenia. its exact age will be determined

after further examination. that is your cnbc news update. back to you. thank you, courtney. >> heading to the close. coming back a little bit. the dow down 185 points. it was down about 220 at the low. >> quite the discrepancy between the s&p 500 and the dow. s&p was down less than 0.5%. >> weighting of united technologies and of ibm. and apple not helping either. >> true. up next, the ubs analyst who cut tesla's rating to sell. what was behind that downgrade. en power outages in the us are caused by weather. but utilities can now predict where the power will go out, within a few city blocks. working with ibm they're combining micro weather forecasts with detailed data from local sensors. to predict where outages are likely to occur. and send crews exactly where they're needed, when they're needed.

ibm analytics from the internet of things is making energy smarter every day.

less than a half hour to go before the close of trade. we are knee-deep in earnings. what are you going to watch into the close? >> those stocks that are going to be reporting near term whether it's today or the next couple of days you have to focus on. that's where the action will be. at the end of the day you have major liquidity event of the final trade. a lot of guys play that trade. we are starting to see it. some volumes appear elevated in

certain names. >> is where the bias? >> it's to the down side. you can't get fooled by the market down. >> it's two stocks. >> yeah. used to be ibm ran the market. you have yahoo and apple after the close. maybe guys pulling back. a lot of guys saying there shouldn't be any surprises there. >> apple should be a trend setter. we'll leave it there. thank you very much. >> wall street getting tough on tesla. ubs has downgraded that stock, did it today to a sell from neutral on expectations that growth in both storage and auto volume will disappoint. ubs is the third investment bank this month to downgrade the electric car company. let's bring in the analyst who did the report today. good to see you.

thanks for joining us today. >> thanks for having me on. >> do you think the stock was getting ahead of itself? >> this is partly a valuation call. it's had a 40% run since the end of march. i think a lot of the estimates out there for storage growth are ahead of themselves. that market will take longer to unfold. >> talking about the new power-all battery so many investors were optimistic about. you also said expectations are high for auto sales, as well. >> on the auto side what is the stock pricing in? looks like it's pricing in 1.5 million units. that is an aggressive outlook in terms of what could be achieved. that is based on assumptions they could hit their margins.

you need to believe in stellar auto growth. that's clearly part of our downgrade today. >> i'm struck when people would say they were buying tesla, they would say it's because of elon musk. they were betting on the man, not the company, per se. >> as an analyst you have to have a fundamental view on valuation. you go into the second half of the year and see if they can hit the delivery targets. we'll see how r&d costs ramp into next year. >> thank you for joining us. >> with the stock up more than 20%. >> 40% gain from late march to now. 18 minutes left. dow up 180 points.

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shares of td ameritrade trading lower today, despite beating analyst expectations for earnings, the company did miss slightly on revenue. what is behind these numbers and especially strong numbers when it comes to trading. >> right, which we were expecting. we welcome back td ameritrade ceo fred thompson. welcome back. >> my pleasure. >> this is a busy time right now. we don't get that lull we used to get. >> through the summer trading has been strong in july. we've seen the greece situation, seen surprises on google earnings seen surprises on

netflix. that created volatility in the market, which we haven't had much in the june quarter. >> what happens to your earnings if interest rates do go up? if we do get a rate increase in the fall? i would think that would be helpful. you have net interest margins. >> us and our peers would be one of the more intrasensitive stocks in the markets. if interest rates went up 100 basis points, a sharp move, parallel shift in the first year would add 38 cents per share. >> she is talking about raising rates at a very slow pace. >> i would not predict we are going to have 100 basis point shock in interest rates. you'll see a gradual rise in the fed funds rate. i don't know what time that is going to start. i don't think the yield curve will move as much as people might think. >> you have 6.5 million client accounts. how long are retail investors

when it comes to stocks? >> right now, i think retail investors are fully invested. if you look at our results, our investor moving index is rising. they are more bullish. cash allocations are low. margin lows are a record. it's not a surprise. we had the third longest bull market in the history of the s&p 500. it's not a surprise that people are fully invested. >> what are they doing in bonds right now? >> not much. staying short. >> what are they doing in apple? is it still the most popular holding? >> still the most popular stock. it gets competition from google and netflix every once in a while. apple is clearly the most widely held stock. >> have you seen appreciable pick-up? >> we were surprised with positive trading during the quarter. intraday volatility was the lowest, 1% move was the lowest

since december 2006. we didn't see that volatility. trading was good. people rotated into options and futures. we are certainly seeing a pick-up in july with earnings season. >> you expect the volatility to continue? >> i have in my view chairman yellen starts to change interest rates, i think you are going to create volatility in the market. >> one ceo tells us every night he dreams of a rate increase from the fed. >> i don't dream any more. >> good to see you, fred. more than ten minutes to go before the closing bell. looking at the dow off the lows of the session. it was down more than 200 points. s&p 500 down 0.4%. >> art cashin signalled the bias

to the buy side. when we come back we have full team coverage of all the earnings due out in a moment. stick around.

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microsoft, yahoo, chipotle about to report earnings. >> after the bell. microsoft trading higher in that report. >> it is. microsoft's quarter will be clouded by a $7.6 writedown of its nokia acquisition and will axe 7,800 employees. analysts are treating the charge as an expected one-time item. they expect 56 cents per share. for the full year which microsoft will report estimates are for $2.42 on $93.4 billion. the decline in pc sales bought licensees for windows down with it. investors have high hopes for growth in surface tablets as well as microsoft's cloud which has repeatedly doubled sales in previous quarters. we'll have that after the bell.

>> thank you. now for marissa myers' favorite company. yahoo earnings. >> expecting to report a 15% drop on 1% revenue. perhaps more important, investors are hoping for an update on the planned alibaba spin-off hoping to learn what to expect in terms of tax liabilities. there is the question whether marissa meyer can deliver 15% plus growth from mobile video, native ads and social. rival google beating expectations, the pressure is on. back to you. >> dom chu keeping an eye out for gopro numbers. >> you know how much i love numbers. q-2 earns per share, 26 cents, a key number there revenues expected to come to $395 million. the number of shipments estimated the company at 1.46 million with an average selling

price of $260 per unit. those are the key numbers. this is a roller coaster of a stock. it was $598 stock back in october. $37 stock in march and now a $62 stock. the roller coaster ride could continue. options market is pricing in what could be a plus or minus 12% move to the shares and gopro on the heels of earnings. you want to keep it here for what could be a volatile trade. back to you. >> chipotle serves up its earnings. >> when chipotle reports, analysts will look for $4.44 per share on $1.22 billion in revenue. same-store sales comps expected to increase 5.7%. until now comps had been growing by double digit percentages. chipotle missed estimates in higher food costs and pork

shortages. looking for details on the company's recent price hikes tied to beef. shares are trading down about a fraction of a percent ahead of these earnings. >> thank you very much to the whole team. everything you need to know ahead of a big afternoon. we are coming back with the closing countdown.

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>>. >> 90 seconds here we go. these four chipotle mexico yahoo, gopro and microsoft coming out at the top of the hour, then apple after that, bob pisani. apple is the one focusing on. >> there is a lot riding on apple. we mentioned the big four. apple recently and some of the others out there got a lot of money riding on them. twice as many calls have been bought on apple in the last few days as puts. normally it's the other way around. normally it's about 2/3. typically in the market there's at least twice as many puts as calls bought on the s&p 500. here you have a lot of people anticipatesing apple will have another blowout quarter and move up. that is a big bet. my point is a lot is riding on apple. keep an eye on that. the street is very long apple and anticipating a strong report

tonight. >> we get in place the team ready to go. we'll get you those numbers. today down 180 on the dow, led lower by united technologies and ibm. stay tuned. here we go. second hour of "closing bell." welcome to the closing bell i'm sara eisen in for kelly evans. bill griffeth will rejoin us in a moment. take a look how we are finishing the day on wall street. the dow down 180 points. ibm with 65 of those points. united technology was 50. a big reason why the discrepancy between the dow and s&p which closed lower by nine points. 0.43%. nasdaq coming off a record high down a little less than 11 points. we are way deep in earnings mode. we have a barrage of earnings

heading your way. kayla tausche waiting on microsoft. julia boorstin yahoo, dom chu gopro and josh lipton will bring the apple numbers from headquarters in cupertino. >> we'll sing show tunes until they come out. >> apple will be the biggest in terms of setting the tone. >> apple and microsoft are big bellwether names. today was about those earnings. you mentioned it was ibm verizon. it was a bad day for earnings. that can change in a heart beat. if we get a good number from apple or microsoft or the next couple of days there are tons of companies to report. see what the companies have to say. >> we've got a lot of market movers. we talk about how earnings become a secondary indicator of

the markets. everyone looking at what the fed is saying in news. these are earnings you want to watch because their stock tends to move depending how results come in. apple, microsoft and chipotle. >> today was a bad batch. before this we were talking about how great the numbers were out of google netflix. see how the numbers look today. >> it's going to be interesting to see if the trend remains. people want these high growth high multiple stocks in terms of in technology. it's going to be interesting to see. do they tend to stay to the growth stocks or are we going to now start to look at value stocks and see there are values? up until this point, people have been ignoring the value names. >> chip oat 0le hitting the tape. morgan brennan has those results. >> that's right. chipotle reporting $4.45

adjusted per share beating street estimates by one penny on revenues of $1.2 billion in line with expectations. same-store comps coming in light. $4.3% versus expectations of 5.7%. taking a look at chipotle after hours, plunging down 7% right now. back to you. >> down 7%. >> tim seymour is here. do you like chipotle? >> if you come in with a 45 multiple, if you rallied 13% into these numbers effectively from july 6th through today's close, it was up from $600 to $675. we've got a company difficult to support these comps. technical things like short interest down in this company. i think this is the kind of thing -- we haven't seen gopro,

but this is what the market needs to see out of high multiple stocks. if you are investing in fast food, you don't want to chase a high multiple. >> it has to be comp store sales increasing 4.3%. this is always going to be the number to watch. last year weren't we at 17%, 18%? >> even though they had such a high same-store sales number last quarter and beat earnings because they warned it would be lower going forward, the stock dropped and now we are seeing the same reaction. >> the mood of the market is changing. we are getting away from these momentum players of the past. in the past when they would report a number they beat on the top end and bottom line. would have kept going. >> let's see and wait. >> am i reaching a conclusion too soon? >> way too early. you are in the second inning of earnings. let's take a deep breath.

>> this is disappointing, for sure. you can't trade at this multiple and disappoint. >> i'm trying to look for in the release why the miss on same-store sales. dealing with higher costs in the restaurant industry. opening new stores. >> income costs have been coming down. that could be a nice tail wind if they have these other labor costs. >> i agree with that except if you are playing chipotle you are playing the same-store sales growth and the store openings playing this price incentive consumer. that is a big problem. this is a fantastic company.

they are growing gangbusters and eating taco bell's lunch in the mexican part of that framework. if you look where this company has gone they disappointed the last three quarters. the comps have been high. up 15% a year ago in terms of second quarter comps. 13% for all 2014. those are tough numbers to hit at a 45 multiple this is bound to sell off and that is what it did. >> mcdonald's is out tomorrow coca-cola is out tomorrow. >> a 4.5% same-store sales number at chipotle will look great compared to what mcdonald's is about to report or other major restaurant companies are about to report. >> there is such a loyal customer. they go there because their whole food is integrity platform. they took a hit because they didn't agree with the conditions the animals were living in. >> everybody is going organic. >> first national restaurant train to use nongmo ingredients.

>> they talk about costs. they did have relief in dairy and avocado prices. that was offset by beef and packaging costs compared to the second quarter 2014. tough comps for chipotle. it is all about protein. >> i understand puts and takes. again, the stock is not cheap. it's hard to get aggressive when the company that is this expensive is not delivering on all fronts. there are one-offs here. let's hear what they have to say. >> microsoft? it looks like a beat even though the stock is moving lower here. >> revenue miss. >> we'll dig through the numbers and make sure they are comparable. >> we are watching this carefully because of this transition they are going

through, this change in strategy with the new ceo. >> right. new ceo. we also know pc which is a big part of their business is in secular decline. we knew all the industry data showed very negative pc trends. that is not a surprise. one of the reasons the stock trades at this multiple. we have to listen to what they say about their cloud initiatives. >> what would get you to be a buyer in microsoft? >> the stock to pull back. it went from $42 to $48. no one liked it then everybody liked it. the sentiment got a little more euphoric. you have to see a pullback and get through this unwind of the pc challenge which is going to persist for some time. >> when is the last time we saw euphoria around microsoft. >> last time you saw euphoria when you had a change at the

top. the stock wound through all this good stuff. commercial cloud, commercial 365 business is what you need to see in terms of stronger numbers and outlook which will be difficult on the pc side. on the cloud side absolutely. the stock will not move the needle. >> kayla's got her arms around the numbers. >> it does look like a beat. we are seeing 62 cents for bottom line on microsoft compared to 56 cents per share expected. revenue at $22.18 billion. that does look like a beat. we did see revenue estimates from wall street analysts come down in the last day. even so, it does look like a beat. where we are seeing negativity is gross margins appear to come in a little bit. analysts had been hoping for those to expand. we are seeing the company discuss currency head winds. that has been plaguing the company the last few quarters.

we told you about the $7.5 billion impairment charge the company would be facing. we are seeing that coming in this quarter. we'll continue digging through these results and have more later on. >> gopro down 8%. half a million shares traded in the session. headline numbers coming out. earnings per share 35 cents. that handily beats the average estimate of 26 cents sales. $419.9 million, expectation from analysts $395 million. we are still digging through some numbers here. why we could see sell-off pressure coming on. with gopro, this is another stock, a nice run up off the lows we saw. a $37 stock back in march of

this year. it's now about $62 going onto these numbers. we'll look for average selling price numbers or any indication on the conference call later on as well as how many units they shipped. wall street handicapping this like it's a down report. we'll bring in more details as they come in. >> you said they were expecting volatility after the report and they are getting it. now to yahoo. julia boorstin. >> coming in two cents lower than expected. coming in at 16 cents per share. wall street analysts had been projecting 18 cents per share down from 37 cents per share. revenue beat estimates by a hair. revenue coming in at $1.04 billion compared to expectations $1.03 billion. the display ad business saw the most substantial revenue growth since 2010. mobile revenue which is a big focus increased to 22% of the second quarter in terms of

traffic-driven revenue. we'll be listening for more details. >> it's election night. >> the biggest mover is gopro. lower though the numbers look good. >> the numbers looked very good. they are a mover, but you wouldn't expect them to move in the opposite direction. >> wouldn't that be because momentum players are not buying like they used to? >> could very well be. i'm trying to set the stage where the expectations are. >> we were at 8 cents. see a revenue beat. i'm surprised as they start to introduce these new product, moving to virtual reality, moved by the drone quad copter. all these new offerings. they made strategic media hires in the last few quarters from

hulu, from cbs. >> it's in the price. >> it's already in. is that your point? it's priced to perfection. >> it's all in the price. look at the earnings growth. revenue growth 60% year over year. the company can't keep with itself. great company. on some level one of the big pushbacks, it will be a commoditized hardware product. they've got new product releases. you need to see more for a stock that rallied 20% into these numbers. >> julia, i've got guidance from yahoo? >> that's right. we have more details for the third quarter. the company expects third quarter revenue in the range between $1 billion and $1.4 billion, lower than the estimates wall street has of $1.07 billion. that is another factor weighing on the stock which is trading down over 2% in after-hours trading. >> thank you.

another question is whether the spin-off of alibaba can go through, can go through tax-free and u.s. and chinese regulators will sign off on that. i'm sure she will get a question on the call. >> it hasn't gotten government approval yet. >> they just filed last week. >> right. display ad revenue, the biggest part of that business. we have to see that momentum and turn. the headlines i've seen doesn't look like it is doing so. >> tim, before we go thumbs up thumbs down on apple? >> i think thumbs up. the apple iphone refresh cycle, especially china, the cellular providers in china, china will be a longer refresh cycle. i don't think expectations are as high on apple going into this quarter. valuation is easily supported. i think it goes higher. >> we'll see. >> those earnings around 4:30. >> yes. you can catch tim and the rest

of the crew on "fast money" at 5:00 p.m. eastern time. the biggest night in tech is just getting started. they'll have all the latest headlines from the likes of apple, microsoft yashgshoo and gopro earnings conference calls. >> we'll dig deeper in some of these reports. then it's the big one. apple's results. due out any moment now the question is whether the watch is a hit or a miss. what happened to that china growth? of course, the number of iphones. (vo) me? i don't just wait for a moment. i watch for the perfect moment. the one nobody else sees. and when i find it- i go for it. (announcer) at scottrade, we share your passion for trading. that's why we give you the edge, with innovative charting and trading features, plus powerful mobile apps so you're

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we are having such fun. yahoo trading down on worse than expected guidance. >> let's bring in nicholas carson, wrote the book on marissa meyer. you told us to look for mavens. this is the new metric. it's quoted first here in the press release. >> it's the story marissa meyer likes to talk about. it's mobile video.

>> what is your biggest concern? >> what you want to know from the guidance not necessarily from guidance how alibaba is doing. if she can get revenue growing like this on a consistent basis, the company is going to be heading in a better direction. the main problem yahoo has is in its top 100, in the itunes top 100 apps it has two. they are at number 50 and 88. things like facebook have top three in the top five. google has two in the top ten. things like mountain goat mountain are higher than any yahoo apps. >> is yahoo losing share in advertising to facebook and google? google had great results. we haven't heard from facebook. >> yahoo is losing share.

microsoft decided to pull out of the online advertising game. it's a sign where yahoo's health is. >> mountain goat mountain is that what you said? >> a yahoo app. >> thank you. we are going to shift to microsoft. >> falling despite a revenue and earnings beat. >> we are joined by microsoft shareholder cole wilcox. good beat on the bottom line. >> yeah. the bottom line looked good. i didn't get to see all the numbers because i was here. what i'd like to know is what did they say about the cloud competing platform and growth that came along with 3.65. >> we do not have that number. >> someone in our control room i'm sure is scurrying about to get that number for you. >> they are in this transition

phase. we've got to look for not today but where microsoft is going the next year two years, the strategy. as we enter into this golden age of cloud computing, where is the platform trend they have and where are they going to win going forward in the future? i see microsoft becoming the dominant cloud computing platform winner going forward with the strategy they have. having refocused all the resources around that and cleaning up and exiting the disastrous decisions from before like this nokia acquisition. >> commercial cloud revenue growth grew. when do you think people will get through this pc concern because it is a big piece of the total company? >> i think what you are looking for is transitioning all their legacy customers from one way of buying software on the enterprise side to locking them into a subscription on the go-forward basis.

in that phase, you are not going to see a lot of customers leave, but there is a retooling aspect associated with it. doesn't show up in short term numbers. as a buyer in my view on microsoft going forward, where are they going to be a year two, three years from now, not so much what the numbers look like short term now? it's a bet on the strategy and direction of retooling and refocusing resources. >> also the commercial revenues came in light. people were looking at that as a growth driver. we'll leave it there thanks cole. >> thank you. >> i think it's cool they are giving windows 10 away. couldn't believe that. very exciting. up next we'll get a check on some of the other big names reporting earnings after the bell. the clock is ticking on apple's results. will sales of its watch make it a blowout quarter or are there red flags for apple's latest product?

check out what's happening with shares of gopro. we told you it would be a volatile trade. we are seeing that volatility play out here. what you are seeing there is both a pretty deep move into the red or negative territory after hours. the roller coaster ride continues, even though gopro did beat on earnings and sales. we are waiting for more context and color with regard to what the average selling price as well as shipments. we'll hear that on the conference call later on.

untightive surgical earnings per share beat $4.57 a share. average analyst estimate was $3.98. revenue $586 million. $567 million was the estimate. those shares up by about 9% after hours. back to you. >> one of the big gainers. has been a busy afternoon. we are just getting going. apple results are due out any moment. ♪ ♪ isn't it beautiful when things just come together? build a beautiful website with squarespace. can it make a dentist appointment when my teeth are ready?

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we heard from microsoft yahoo, chipotle and others. now we are awaiting apple. >> we talked about the apple watch, that will be buried in the other category. >> 75% of their profits are tied to the iphone. it will be important to see asp and gross margin. guidance drives this stock over the course of the quarter. >> what are you watching for? >> china. last quarter sales of iphones surpassed those in the u.s. we know the iphone market here in the u.s. is maturing. let's see what they can put out from china. what are their plans for other

emerging markets? the feeling is this phone is too high priced to penetrate india which would be a great area but the price is going to be an issue. the loyalty isn't there for apple products. are we making too much on the apple watch? >> i don't think it will matter. >> let's find out. here is josh lipton with the numbers from apple. how did they look? >> well apple just reporting. let's get you knows numbers. reporting $1.85 on revenues of $49.6 billion, 33% jump on the top line. analysts had been looking for $1.80 on $49.3 billion. running through the different product categories. iphone shipments. 47.5 million, a jump of 35% year over year.

ipad, 10.9 million. the watch, they are not going to break out watch shipments. they are going to put those watch numbers in other product categories with ipod, apple, tv. sales in other product category 2.6 billion. worth noting in q-2 that other product category without the watch saw sales of 1.7 billion. gross margin 39.7%. looking ahead to q-4, apple guiding for revenue up between $49 and $51 billion and gross margin 38.5 and 39.5%. i did talk to ceo tim cook. let me run with you through the report how he saw the quarter. cook saying the iphone performance was a run away success, that the momentum continues. that apple continues to take share in the smart phone market. a couple of interesting data point tim cook told me he said only 27% of the install base has

moved to that 6 and 6 plus. the indication there the suggestion is there is plenty of potential upgrade head room left. he also noted android switcher to ios, the highest rate ever. as for the ipad, that has been a source of disappointment for the treatment. 10.9 million. street was looking for 11.1 million. cook telling me he pointed to the new enhancements productivity tools, that partnership with ibm as well as way knows is in the pipeline. he said on the commercial side he saw plenty of momentum. as for the watch, giving us color there. he said it is exceeding apple's expectations. there are 8,500 apps available. there will be more points of sale. you'll be able to buy the watch in more places. he didn't say where or when but you will be able to buy the watch in more locations. maybe that's why he believed the watch would be a big holiday

gift. i have to mention china. sara brought this point earlier. big concerns about china. chinese stock market what kind of ripple effect that would have in the chinese economy. revenue in greater china, china, hong kong and taiwan up 112% in the quarter. back to you. >> we are looking at the reaction here. stock is down sharply in the after hours. >> bob pisani mentioned earlier ahead of these reports, two calls on apple were purchased for every put purchased. obviously, there was tremendous optimism going into this. that's not happening now. the thing that is hitting me the ipad is still light. what is wrong with the ipad market right now? >> there are structural challenges and head winds with the ipad. you can see cannibalization with the larger screen iphone. consumers don't upgrade as often. they don't upgrade their ipads

as quickly as rapidly as they do their smart phones. at least on the enterprise side cook is believing this bullish tone talking about partnerships with ibm. he said he does believe you will see that upgrade come you will see consumers out there move to those upgrades. he is confident in that product. >> i'm surprised. he mentioned the android switchover. he didn't mention the blackberry switch over. >> bill is the last remaining blackberry user on the planet. >> iphones came in kind of in line where the sell side was. buy side was up 50. ipad clearly disappointing gross margins in line. guidance down. revenue bracketing to where the consensus is. it's not a really great report.

not really great guidance. i think this was supposed to be a great one and we would see what would happen. this one wasn't so great. >> let's get more reaction. >> ross are you disappointed. we've come to expect such blowout numbers from apple. we've seen two quarters of this new iphone cycle, 6 and 6 plus. >> i'm not disappointed at all. these are great numbers. if this was netflix it would be up 512 points but it's apple. everything is going well for apple. the reality is they are doing very well. >> john what stands out for you?

>> it's interesting for me with apple what they have coming next. there's obviously disappointment with the ipad market. it's not just ipad specific. it's tablets across the realm are down. there are rumors of new apple products coming in tablet. larger screen ipad, pro that can run multiple operating systems. could be the hint cook was giving that ipad sales are coming up relatively soon. >> average selling prices on the iphone $662. managing to sell these at higher prices. light on the ipad. that was part of the expectation. >> i think it's what everyone said. you expect such a big beat coming into this. wall street was at $1.80. this was the most estimated stock in our history of our platform. this is a cult favorite. we know that.

as one of the guests said earlier, do you expect these huge beats. overall, the report was good. i think we have question marks about what's coming next. will they be able to produce hits? what's the next phone? we haven't heard about apple tv. what about apple music? >> are you as disappointed in this as the market seems to be? >> i'm modestly disappointed. i think the stock is a better buy at the 200 day moving average at 119 plus. 47.5 million iphones when the street and some of the bulls on the stock which need to propel the stock higher were expecting 50. the other thing that disappointed me was not the gross margin they posted for the quarter just ended, but the guidance falling a little bit

sequentially. i think the stock will do well over time. sure. i am modestly disappointed. probably more so than the other chen commentators. >> we are seeing the cash pile breaking above $200 billion for the first time. >> apple tv will be refreshed and this will be great. apple music will be a huge success and generate a lot of revenue. their ancillary products like watch bands. >> are you wearing the watch? >> wearing the watch and i love it. it took a while to get it. they could have done a better job on the launch. apple is doing very well. they've got a great set of new products and services over the next six months. we have to keep our focus here. huge expectations. they are doing fine. >> we have more to come. we'll get more guidance not only on that one, but some of the other companies reporting earnings tonight. we'll be back with more on that

in just a moment here. up next we'll dig deeper into the numbers. how they are all trading after their results. busy afternoon. in fact, the number of mris has increased by ten percent a year. and a radiologist might view a thousand images to find one tiny abnormality in shape, contrast or movement. because it's so challenging a research project is teaching ibm watson to see. in the future, it could help clinicians spot key patterns quickly and precisely. ibm watson is working to make healthcare smarter every day. ♪ approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five but now is a good time to get the ball rolling. keep in mind medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement

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microsoft down and so is chipotle. how is that possible? >> that apple number down almost 7% falling after reporting third quarter earnings that came in line. we are joined by stephanie link christine short ross gerber. we talk about the fact they didn't sell 50 million iphones when the street was looking for that. is this as good as it gets for apple? >> that's the question right now. this was supposed to be one of the great quarters. if expectations were for 50 and they didn't deliver, that's going to disappoint. i think the ipad is disappointing. gross margins were fine. guidance was fine.

now what? without new products you're still dependent on the iphone cycle. that is not to say they can't continue to grow and grow robustly but they have to. >> we are all looking for the next iteration. >> he thinks the apple watch will be a terrific seller at the holiday. is that code it's not good up to this point? >> while i do have one on my wrist, i'm a step above em ambivilent toward it. apple has been scooping up automotive big wigs left and right. they hired doug betts from fiat

chrysler. >> but they won't confirm that. >> it's on his linkedin page. >> he took it down. it's gone. >> he's definitely working for apple. >> you'll be hearing a lot about project titan. this is supposedly a car built by apple. >> i don't believe that. why would you compete with tesla? they need to put their stuff inside the car. >> they will accessorize the car. >> i want to listen to my apple music inside the car. it's i not a seamless system in a car. >> i respectfully disagree with that. >> we'll see who is right.

>> is that the key to what moves the stock further in the after hours, especially with what they say about the 6s? it's going to be tough comps to match what we saw last year. >> it seems to me from their go forward revenue guidance for the september quarter that they are expecting probably sequentially flat to berth iphone sales. the street was expecting that from a higher base than this quarter. as far as other comments over time one of the best opportunities for apple will be an infotainment. when you think of companies that dominate that space. that's where they will be with the automobile. i don't think they would ever acquire tesla. >> i'm curious. you said you're mildly disappointed in this report. stock down 7%. are you rethinking your investment? are you going to take a little

off the table? >> no. i actually think, not that i'm a trader that if the stock successfully holds this average where it trough ared for a month. it might be a better buy. where it was at $131 a share and based on this news i think it's probably a hold. we'll see what happens. >> you are the estimates person. you are the expectations person. that is what it's about when it comes to these quarters. i think of jim cramer's line on apple which is don't trade it own it. this could be why. the expectations game going onto earnings. >> you can't expect the third quarter will get better. 27% of people upgraded to iphone 6. everyone will wait for the 6s to come out in september if that's when the launch will be. this is as good as it gets. guidance is in line we'll see

flat year over year revenues. i don't think you are going to see a big pop in apple until they do come out with something new which might not be for a couple of quarters. >> we need to move on all right? >> sure. >> you're so easy to work with. >> thank you so much. >> thank you. talking about apple. now on to microsoft. >> microsoft notched its first quarterly loss in more than three years. i think what is surprising the street is that the loss is wider than expected. it's 40 cents per share, 8.4 billion charge in what microsoft telegraphed a few weeks earlier was 7.6 billion charge. more of a restructuring charge on the top. certainly there is discrepancy there. when you take that out of the equation, it does look like a beat on the bottom line. when you go into revenue, there is a little bit of disappointment.

especially on the commercial licensing revenue side. you are seeing that down 7%. of course there was expected to be some licensing pullback both on the consumer side and on the commercial side that sort of traces what we've seen in the decline in the pc market. it's much greater than that. we are not seeing the up tick in the cloud revenue are or in the surface revenue which was up 117% cancelling that out. there's big revenue head winds. currency an issue. $272 million hit on the currency front for devices and consumer. and $481 million currency hit in commercial. microsoft had said last quarter that when you see a strong dollar, that does hurt bookings from countries that are not the u.s. namely japan and that happened again this quarter. i think it just happened to a greater degree than the street

expected. >> particularly on that commercial side. kayla, thanks for runnings through some of the disappointments. they are a company in a turnaround mode, which is why you look at the mix to see if the fast-growing parts of the business are posting fast growth. >> don't you think we'll get messy reports for the foreseeable future while he turns this company around? >> we probably will very much like what ibm is going through. some of these old legacy companies have a lot to get through. last quarter the stock was at $42 and rallied $48, $49. now it could pull back. it's going to take a long time. >> we are also one week out from the new windows 10 release. >> it's free for the upgrade. >> it should help define -- the pc is built a lot on that. >> the fact the adjusted number

did come in 8 cents higher than we were expecting. 62 cents we were looking at 54. that is a plus when you take the one-time charges and revenue looked good pretty good to us as well. they're a little light, but better than i think we were expecting. and the cloud was up 88%. i mean yeah last quarter 106%. but i mean we're take it. a few good things in that report. >> we just said a lot of companies. can't get to the cloud fast enough. >> thanks guys. up next we'll take a check of some of the other big after hours earnings movers and what to be listening for. this is key on the upcoming conference calls including apple's in the next hour. >> the earnings parade marches on tomorrow. yes, we have more. we get results this time from boeing qualcomm american express, while mcdonald's, caterpillar and amazon report on thursday. why would you want to go anywhere? >> coca-cola also tomorrow. we'll be all over that. >> coming back after this.

a lot of action in the after hours. shares of apple are sinking after releasing third quarter earnings. even though, bill profits were up 38%. maybe those iphone numbers came in a little lighter or at least on par with expectations. >> yep. and it's all about the guidance too. plus dom chu checks in with some

of the other names out with results after the bell. >> we're all trying to catch our breath but let's take you through some of the bigger ones. gopro, we're just seeing some moves here. you can see up -- or down now by 2 1/2%. it's been a rocky road for those shares. earnings 35 cents. beats 26-cent estimates. revenue 420 million. that beats 395 million in terms of its estimates. microsoft also checking out what's happening there. microsoft shares right now down by 3, almost 4% on 2 million shares of volume. 62 cents per share in earnings. the estimate was 56 cents. revenues coming in at $22.2 billion. estimates were for $22 billion, just thereabouts. those shares you can see down by almost 4% at this point. yahoo! shares also in focus now as well. yahoo! currently down by about 1 1/4% about 1.1 million shares have traded. 16 cents was the earnings there. 18 cents was the estimate. the revenues came in $1.04 billion pretty much in line with the $1.03 billion estimate. so again, some moves there. obviously the big ones in gopro,

apple, and what's happening here with microsoft as well guys. back to you p. >> that's not all. we've got a news alert now on at&t and directv. courtney reagan with that. courtney? >> that's right, sara as if we didn't have enough news a dow jones report citing sources says that fcc regulators are poised to approve at&t's $49 billion purchase of directv. this deal initially announced in may of 2014. if it goes through, it would be the biggest media deal of the year. the justice department has already approved it. but again, dow jones citing sources is reporting the fcc is now poised to go ahead and improve -- approve at&t's purchase of directv. bill, back to you. >> all right, courtney, thank you. they're exhaling at both headquarters there. we have chipotle's earnings call under way right now. morgan brennan's listening in and i hear they're talking about my favorite dish the carnitas. >> they are. we've got a few headlines. they're all tied to pork. we've seen a pork shortage at

chipotle this year something like a third of all restaurants around the country have been without carnitas after the company pulled one of its suppliers due to the company -- the supplier not meeting quality standards. so we've seen a shortage going on. this affected first quarter same-store sales. it's also something that's affected this quarter's same-store sales which were disappointing versus what the street was looking for. the company saying that they had found a new supplier and that they are going to be as they get more supply online they're going to be bringing carnitas back into restaurants on a market by market basis and that they expect to, as they ramp up pork supply they expect to make up any lost sales tied to this outage. so those carnitas are going to be back in the stores. >> bring them back. bring them back. bring them back. hurry up. thank you, morgan. so the earnings were fast and furious after the bell tonight, as we've already established. apple, yahoo! microsoft, gopro, all with conference calls that are starting in this next hour as well. >> up next the important things to listen for on those calls. plus the move in overall s&p

futures. we're back right after this. an making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim? for all the confidence you need. td ameritrade. you got this.

well that was a crazy afternoon of earnings. thank you to the panelists today, stephanie link and christine short. "fast money" coming up in just a few seconds here. >> yes.

melissa lee. gee, what do you have on tap tonight? >> i wonder. hmm. all the conference calls are getting under way. there could be a lot of volatility in the after-hours session. does this spell bad news for tomorrow's session for the dow which saw pressure from ibm and utex as well as the nasdaq wp we're going to follow all those moves tomorrow. >> see you tomorrow. >> see you tomorrow. "fast money" starts right now. live from the nasdaq marketsite overlooking new york's times square, i'm melissa lee. cnbc's live team coverage is all over the after-hours action for the full hour. josh lipton is monitoring the apple call just getting under way right now and will bring us the latest from ceo tim cook. julia boorstin listening in to the yahoo! call will bring you all the headlines from ceo marissa mayer. kayla tauschi is standing by as we await the microsoft haul which begins in less than half an hour's time. dom chu with gopro. that stock to say the least volatile in the after-hours session. plus our two top analysts