>> twitter, yelp panera. what do they have in common? reporting earnings. we'll be on the conference calls and get you set up for tomorrow morning. >> if you want combine those companies into one, be spectacular. "closing bell" starts right now. ♪ guess who's back ♪ ♪ back again ♪ >> the music sounds different today. >> welcome back. >> welcome to "closing bell." thank you. welcome back to you. i'm kelly evans at the new york stock exchange. >> scandinavia, kansas. she went to scandinavia, i was in kansas. big family reunion. i think you got the better part of the deal. >> i'm not going to argue with you on that one. norway has $916 billion oil sovereign wealth fund and they are subsidizing hydropowered

electrovehicles. they publish everybody's income tax returns. should we publish that here? how much everyone makes, what their house is worth? >> and the corn is this high in kansas right now. everything is very very green, by the way. >> you are not allowed to take another vacation. >> neither are you. the markets seem to be celebrating today. stocks up nearly 1%. dow up more than 200 points. more focused on earnings than the volatility in the chinese market. >> energy stocks leading the charge today with the s&p energy sector up nearly 3% and some big gains in names like exxon. take a look at twitter, rallying ahead of its earnings report. we've got an analyst saying twitter is his least favorite stock he covers. find out why. >> see if they wait until 4:00 to release twitter's earnings unlike last time when they were leaked early. homeownership hitting its lowest level since 1967. we have a former fed official with us who will tell us why she

thinks monetary policy could be to blame, and it may be pricing not only one generation but maybe two generations out of homeownership. tesla knock-off in china. can you guess? which one of these is the real thing? we'll reveal the answer and discuss whether or not elon musk's empire could be in jeopardy because of this. >> let's get to business. joining our "closing bell exchange." we have kim forest ben willis on the floor of the new york stock exchange and rick santelli somewhere out there in chicago. ben, i kept hearing about the problems with the u.s. stock market. we are up 200 points today. what's the problem? is this for real or more pain to come? >> you were not here that was the problem. welcome back. >> thank you. >> the u.s. stock market was pricing in the chinese economy, not the chinese stock market. i don't know how to say it more directly than that. the chinese stock market is a

symptom of their own manipulation of their population, if you will. what we were pricing in the united states and throughout the world was the chinese economy realizing that at 7% gdp published by the people's bank of china wasn't going to line up with the other information we had at hand. we were discounting that taking 25%, 30% off that 7%. that's where you wound up. >> where are you guys seeing opportunity here? are you buying china? >> not directly. we are looking to add names that have more growth. that would be industrials and telecom. we think the economy continues to get stronger just very very slowly at this point. >> the u.s. economy, kim? >> yes. the u.s. economy. >> i'm thinking through some of the data we've gotten. consumer confidence number was disappointing. durable goods was stronger. what parts in particular do you think are going to carry us

forward? >> well we have some investments in aerospace and that is somewhat based on china that we still believe the developing world is going to continue to buy our high value equipment like planes and all the stuff that goes to service those. you have to -- you might be surprised by my answer. when i tell you my time frame which is three to five years, that might explain some of our calculations that we still think the american economy is getting stronger and we should buy low and sell high. we have time to do that. >> rick what is on your radar screen? what is moving for you these days? >> well i think the stability and actual quiet ranges of the fixed income market in my opinion, speaks volumes. i know that mr. willis talked about china. there used to be a time before markets were manipulated, managed and central planned

where comments used to be made. you look at stocks and that gives you a glimpse in the economy a couple of quarters down the road. i'm not sure we can say that about any market this point in time. the reason i bring it up is yes, if you see a stock market up or down in a country, that does give you a glimpse, a correlation into the underpinnings of the economy. we know china is slowing. there is no debate on that. the extent to which we talk about china and the extent to which the central planners try to take that market signal as depicted by equity prices and make it do something speaks volumes. i still contend looking at the yield curve, whether the fed normalizes or not may be an exercise in futility. as i started, the compact nature of treasuries tells me that the global economy most likely is looking at the type of growth we are going to see, maybe even a glide path lower, over the next several years. i think that's the true story in how markets and countries and economies make that adjustment.

>> by the way, it behooves me since the fed began two meetings today, to ask you, rick do you expect them to raise interest rates tomorrow? >> i don't expect them to do it tomorrow. i don't suspect they'll do it in september. december is a bad time to do it. having said all that i made bets that they are not going to. these are bets i wish i lose. >> we're speechless. let's pick up on this china point, don't you think? >> absolutely. >> we've got more volatility overnight in the chinese markets. the shanghai was down almost 2%. that is a good day, after it was down as much as 5% it rose even 1% midway through the trading session. the smaller shenzhen index closed lower by over 2%.

>> ken brown, the hong kong bureau chief for the "wall street journal." happens to be in town. >> thanks good. to be here. >> we've seen this incredible run-up and virtual collapse in china's market. you are saying this is not uncommon? >> china's market have a history of wildness. when they opened 25 years ago this year in the first two years when brought them up 1,200% and fell by 50%. >> that is extraordinary. >> the market is controlled by the government. the government is always pushing a rally, pushing up big ipos and things go overboard and the market crashes. it's a battle between the government pushing it up and investors saying i'm going to ride it while it's good. when i'm nervous, i'm pulling out. you see this wild volume tight. >> how do you think this blend of communism in the government and capitalism in the markets is

working at this point? is it seen as a setback for the government having to prop up the market the last few weeks or just the way it's going to be? >> this has happened before but never to this extent. the government is throwing everything to keep up the market. if you think about it there hasn't been much going well in the chinese economy. the economy was slowing down. they boosted up a real estate bubble. got the real estate markets going in and that was supporting the economy. that started to die and they started to get the stock market booming. the huge amount of margin lending. stock market goes up. that's not working. one of the bright spots is not there any more. there is a ton of debt in the chinese economy. it's quadrupled in the last five years. if you are a company with a lot of debt sell equity. nice stock market rally. none of this is good for the chinese government. >> and there is a great point how there is no face like a ben bernanke or mario draghi in china. if anything this is the country

run by one figure. what kind of person what reassurance would you expect? who are the chinese looking to at this point beyond the people's daily for direction? >> there's been no real government official coming in there saying we are doing this we are doing this. the spokesman for the regulatory commission has come out there a couple of times no one has. there has been no one. it's a weird thing because the underlings don't want to say something wrong so they are not willing to step out. the senior guys are not showing up. >> do you expect 7% is an accurate representation of the growth in china? you are smiling already. >> i wish i knew. the second quarter responded better than the first quarter which was 7%. a lot of other indicators say no, it isn't. one interesting thing is the second quarter was boosted by the stock market rally. some people estimate 1% to 1.5% growth came from brokerages and

lending and trading. that's going to be gone in the third quarter. they have to make that up somewhere. >> you mentioned this has a lot to do with volatility we've seen in this market in the past. in your hong kong. people say that market held up much better relative to what's happened in china. how much knock-on effect does this have on the economy broadly speaking across asia? >> it's having a big effect. chinese slowdown is having a big effect across asia. all the commodity exporters are getting hurt. singapore had a bad quarter. there's a bunch of ripple effects from the chinese economy. then there is this loss of confidence. there's been an underlying confidence. chinese leadership is smart. they've done well with the economy. gibb them credit for that. now they are losing direction. this is a vote of no confidence. that's got people worried. you can see currencies are down across asia. in hong kong there's been more volatility than we've seen. interesting thing is the hong kong market joined up with

shanghai earlier. money was slowing up there. now the money is flowing back into hong kong. >> forever we heard that china is the place to be long term. investmentwise. are we starting to see cracks in that though at this point or are these just growing pains for the sleeping giant? >> well the market's been around 25 years. it's still young. this was a key moment for china. they were opening up their financial system. they wanted to be in the global indexes. they wanted global investors to come in. this is a key moment. they wanted to put this on a show. 2008 they had the olympics. there was a big show. this was similar for the financial system and is just not working. it is pretty embarrassing. >> are we expecting this trading link with the shenzhen to continue? >> everyone says it's on schedule. you can open up the link. no one has to use it. it's in some ways more

interesting because a lot more innovative companies are traded in shenzhen. western investors, those are the companies you want to be in china. you don't want to be in state-owned banks. they are loaded down with debt. they know how to build bridges. china doesn't need more bridges. they are not in good shape. you want to be in health care and tech. it might work. >> monday the only sector that was in the green was the restaurant space. there is an opportunity somewhere, just not the one that has been. thanks so much. >> good to see you. >> thank you, ken brown. with just under 50 minutes to go until the close, markets staging a nice rebound until yesterday's losses that were the longest losing stretch since january we've seen. dow up 189 points s&p 25 nasdaq almost 50. get the popcorn ready. another earnings palooza after the bell.

twitter, gilead sciences, yelp panera. we'll bring them to you the second they hit the tape with that instant analysis. latest cnbc survey showing wall street pros lowering their economic growth forecast next year. steve liesman has a special report. bring us your aching and sleep deprived. bring us those who want to feel well rested. aleve pm. the only one to combine a sleep aid... plus the 12 hour pain relieving strength of aleve. be a morning person again, with aleve pm.

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welcome back. bill griffeth here at the new york stock exchange to carry me through the programming for the rest of the hour. >> you ain't heavy. >> how was kansas? >> kansas was lovely. it was hot, as you all in the midwest can attest to. it was very green and fun to go home. we have 66 cousins. the oldest was 96 years old. >> we've got a rally on wall street. industrial average up 187.

transports are also on pace for their biggest gain since january today with a gain of 2.6%. the ups earnings hit a fire under the transports today. we've seen a good rally in that sector today. >> let's look at some of these movers. ups giving a lift after earnings topped street estimates. that is due to falling revenue with foreign exchange rates. growth in the international segment will help ups achieve the upper end of its earnings guidance. micron among the biggest gainers on the nasdaq 100. it was hammered yesterday. intel higher. two chip giants micron that is -- anyway. intel higher unveiling the chip category since nanflash in 1989.

3-dx point technology is 1,000 times faster than nan and condenser than conventional memory. >> twitter numbers out after the bell. shares higher despite low expectations. especially that user growth number. >> ben schachter says it's his least favorite stock. great to have you here. >> they don't know who they want to be. they don't know where they're going. certainly, the numbers not a lot of confidence on the street where numbers will go close to call. >> yet it is such an important or has become an important social media. they haven't figured out how to monetize this thing, right? >> if you think about who they are versus facebook facebook has done a tremendous job in terms of monetizing its users, figuring out what those users are interested. twitter has not executed.

they haven't done those things facebook has done so well. >> what numbers this afternoon would tell you that perhaps they are finding traction and turning things around? >> the main thing people are going to look for is what are the forward guidance numbers on revenue? people want to understand what is the strategy where are they trying to go with the company? the number themselves in general, this is a storied stock, not valued on near-term numbers. how big can this company be over time? can they execute and be a company that looks more like a smaller version of facebook over time? not having a permanent ceo is a key issue here. >> when they finally figure out who that ceo will be what should his or her strategy be? what would you do to try to make this work? >> one thing they can do in some ways attempt to be more like facebook and google. don't try to recreate everything themselves. if you think about one of the

most important metrics is the number of advertisers they have in their system. facebook has north of 2 million, twitter last time had 60,000. when you are looking at ad fares, they are not well targeted. >> who is your favorite in your coverage universe? >> we continue to like facebook and amazon the most. >> the story is there for them. they continue to build. >> thinking through, again, the reports yesterday about instagram's monetization in terms of its ad display surpassing twitter within a couple of years. that is what emarketer was saying. how many quarters does twitter have to turn things around? >> i don't know if they have one or two quarters. it's over the long term where do they want to go?

if they don't get the strategy right, the stock will take another leg down. if you have a ceo that can't turn it around or the street loses confidence, that would be another problem. they still have over 300 million years and an opportunity to turn it around. we want to see the distribution and what they want to become. >> shouldn't google buy them and call it a day? >> they have been talking about it forever. i think it's unlikely to happen. google is looking for different businesses. they are trying to change the world in a different way. regulator was have a much more difficult time with that. google is fighting this battle with one hand tied behind their bag because i don't think regulators would allow them to buy twitter. >> thank you for joining us. >> thanks for having me. heading toward the close. you've got to back time pay six, all those things. 39 minutes left in the trading session. dow up 188 points right now. wall street pros cutting economic growth forecasts for next year.

steve liesman tells us how low they are going and why main street needs to pay attention. >> it was only a matter time a chinese manufacturer coming up with a tesla wanna-be. it has a lower sticker price than the real tesla. can you tell which one is which? we've got a fake one and real one up there. phil lebeau will weigh in. 40% of the streetlights in detroit, at one point, did not work. you had some blocks and you had major thoroughfares and corridors that were just totally pitch black. those things had to change. we wanted to restore our lighting system in the city. you can have the greatest dreams in the world, but unless you can finance those dreams, it doesn't happen. at the time that the bankruptcy filing was done, the public lighting authority had a hard time of finding a bank. citi did not run away from the table like some other bankers did. citi had the strength to help us go to the credit markets and raise the money. it's a brighter day in detroit.

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little more than a half hour to go. that's a lot of green on the screen. dow up 181 points. s&p is bouncing by 1.25 today. energy up 3% after it's been hammered. oil went back below $50. >> turned on a dime this morning. they were expecting because it was in oversold territory to come back. when it did, it caught them off guard. >> not bulls are going to like the extent it's snapping back today. >> wall street economists have bone reducing growth estimates for next year. >> steve liesman joins us with the results of our latest fed survey. >> this is not a story of a one-off reduction. what we found in the july survey a story about consistently

diminishing expectations. 2.5% is now the new 3% in terms of aspirations for this economy. when you look at this chart which tracks what the forecast has been for year over year change in gdp in our forecast. take a look at the blue line. that is 2015. we have been hoping for 3%. steadily coming down. we just ratcheted it up a little bit in this last survey but hoping for 2.4%. steadily the expectation has been 2016 would be better but that has come down now five times in a row now we have reduced the expectation for gdp growth. that hopes of a 3% rebound not in the cards, according to our 35 respondents. what are the threats? 29% choosing as the number one threat global economic weakness. you can count in there china, greece. tax and regulatory policies 21%. the global economic weakness has been the number one five surveys

running now at a rise in interest rates in the number three position. looking at a chance of recession, it ticked up a couple of months in a row now. it still remains low by historical standards. back in september 2011 it was 36%. it's now 17.4%. that's the highest it's been since december 2013. still again, relatively low. everything's okay if you bring down expectations by about half a point. instead of hoping for 3% we would lucky to get away with 2.5% on gdp next year. >> is that the back drop which the fed will orchestrate its rate hike we know they want to do at the next meeting? >> you know and you didn't ask this because you have pity on our viewers, that the real way the fed looks at this is relative to potential growth. i think we saw, the fed growth

is 1.79% to 1.80%. 2. 5% is pretty good. the fed would say that's the growth rate that absorbs slack and creates concern about inflation. >> gdp forecast will fluctuation what about the inflation target? if we are going to expect less growth in the future should the fed reduce its hope for inflation target at 2% at the same time? >> that is an interesting question on a lot of levels. the fed's inflation target is thought to be determinative of outcomes. the reason is this. if you want a higher inflation rate than the one that is underlying in the economy, some of the research shows you should aim for a higher rate. reducing the inflation rate could actually cause inflation to come in even lower. the debate right now between doves and hawks is should the

fed aim for or allow an inflation rate higher than target to bring up the level of inflation? >> thanks steve liesman. >> time for a cnbc news update with sue herera. nfl commissioner roger goodell upheld the four-game suspension of tom brady for deflating footballs during the afc championship game in february. brady destroyed his cell phone before meeting with independent investigator ted wells. a counterterrorism meeting in spain today. discussing ways to prevent the flow of foreign fighters to countries like iraq and syria. >> iran's foreign minister says high-level talks will soon be launched with the european union following a nuclear agreement with the six world powers. he spoke after meeting with eu foreign policy chief in tehran.

workers at japan's fukushima nuclear power plant began taking the cover off one of those reactor buildings today. the cover was installed initially to prevent radioactive particles from scattering into the atmosphere after a hydrogen explosion damaged the building in march of 2011. amazing photos to look at. that is your cnbc news update. back to you. >> su thank you. heading to the close with 30 minutes left in the trading session. pulling back a little bit. dow up 175 points after a 200 point gain. billionaire fund manager leon cooperman tells us what he's hot on these days and avoiding. >> we learned this morning homeownership dropped to its lowest level since 1967. have we become a rental society? if so a former federal reserve advisor will tell us what the long-term effects of that could be. a new season brings a new look. a chance to try something different.

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welcome back. strong rally. dow up 185 points. nasdaq bouncing back.

dr horton gaining ground. posting better than expected earnings and rising orders across the country in the south and midwest. we are heading to the close. we are in the last half hour of the trading. that critical time as we head toward the closing bell. tell me about the impact of the comeback in oil on the market today. judge, it was surprising and coincided with the market rally. you've seen huge gains with integrated oil. we are not sure there will be a sustained rally. can we sustain that? >> we heard that insider selling a lot of the oil companies dried up and sentiment was that bad. it would seem maybe this was right for a rally of some kind. >> that's the best time to trade. when sentiment is all one way. there is way more reward than risk out there. that's what we are seeing today. especially right now. >> what are you looking toward

the close? we have twitter earnings tonight. >> twitter had a 4% gain last time i looked at it. people may be looking forward to facebook going forward. google had a huge move. people expect twitter to be big. >> any surprises? >> no. we bounced yesterday off key support levels. we'll have to breakthrough highs. that will take work to get through those levels. >> thanks, matt good. to see you. new data out today showing u.s. homeownership dropping to a record low in the second quarter. seasonably adjusted rate 63.4% matching the lowest since 1967. joining us for more on the state of the housing economy, former advisor for the federal reserve bank in dallas. welcome to you, danielle. >> thank you for having me. >> you've been focusing on this issue of just the extent to which we are becoming a renter

so side. are there broader concerns about that or just a reflection of people's desires today? >> this 58-year low we've seen today, i think it reflects this mass movement we've seen into rentals. rentership is a word that didn't exist and now we can google it. in 2004 the homeownership rate peaked. we lost 1.2 million owner/occupants. >> is that a bad thing? forever homeownership has been a component of the so-called american dream. i don't know a lot of millennials that aspire to that. is that an age thick or going through a cycle? >> when millennials are queried, a majority would prefer to buy a home especially that older cohort 25 to 34-year-old. they would really prefer to be able to buy a home. mortgage lending standards have just now begun to ease. it's almost impossible when you

consider their car payment, their student loan payment, their iphone bill that is $150 a month. there is nowhere with all to save up the money for the down payment. >> did we overdue the homeownership thing? everybody was getting a mortgage that didn't deserve one. >> exactly right. the 69.2% where it peaked in 2004, that was equally out of whack. today i think is an overcorrection on the homeownership rate that reflects the fact the banks have been fined to kingdom come. they don't really know what the regulatory mechanism is in terms of will they take future losses on mortgages or not? there is outgrowth in dodd frank. you don't have the lenders on your side yet. without that you won't get mortgages. >> is this something policy makers now, which would echo what we saw in the past should be trying to encourage ways to get people back into homeownership? >> i think policy makers do not

want the situation they have today with renting and home sales last week when that report came out. home prices are at a record high right now. i don't think they want that or want renting to be as much as it is. i think they would like an easier path forward for first-time home buyers. >> how does this play out? especially when the fed does start raising rates? >> i don't think people understand how sensitive housing is to port gauge rates. a lot has to do with standards as they are to date. so difficult to get into a home. my greatest concern for the housing market is not so much the first timers. it's the baby boomers. you have a generation that has gone into the rental pool instead of going into their home the first time. baby boomers need move-up buyers to sell their homes to through 2030. 26 million baby boomers are going to put their homes on the

market. if you lost a whole generation of first-timers where are the move-up buyers going to be to buy the baby boomers' mcmansions? it's a huge quandary. >> want to buy my house? >> i thought that might be coming. danielle thank you so much. >> surely not, bill. thanks. you wouldn't want to buy my house? >> i've got my own to worry about. >> you did buy recently. 19 minutes left in the trading session. the dow up 187 points as we head toward the close. all those earnings reports coming out. can you spot tesla clone and the real thing? take a look here. may only have been a matter of time as china has been producing knock-off electronics and high-end purposes. now it's cars. still ahead, tag team market advice from leon cooperman and his son wayne. they will join kelly in a first on cnbc interview.

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that's the strongest of the three major averages interestingly. the nasdaq is up 46 points. freeport-mcmoran rallying today. it is reviewing possible cost cutting and among the energy sector that has been up almost 9% in today's trade. ford motor humming with a strong earnings report. >> another original facing chinese copycats. phil lebeau joins us to fill us in. let's start with ford. >> numbers from ford were spectacular. when they came out i heard more an few people say, wow, those are really impressive. 10 cents better than the street was expecting coming in at 47 cents a share what pushed the profit last quarter for ford when north america continues to be the place where they are making most of their money? this was the best quarter for this company overall since 2000.

the best quarter ever in north america in terms of profitability. one driving factor pricing. up $745 million. it's not just the f-series but across the board. new models are selling. more importantly they have more features people are willing to pay for. take a look at the revenue per vehicle over the last four years for ford in north america. look how it's grown. back in 2011 it was $26,500. today is at $28,500. ford is able to sell its vehicles at a higher price point in north america, not just because of the f-series but all of their vehicles. it's that up contenting trend. >> reports popping up of a tesla copycat in china. we've been showing how similar these cars look.

some are saying it's china's answer to the model s. >> the fake one is on the left. the model s tesla is on the right there. for those on satellite radio, can't help you. >> they look a lot alike. not the first time we've seen this with the auto industry in china, won't be the last. >> do you know is tesla upset about this? is this something elon musk has to pick up the phone on? >> i don't think he has to pick up the phone. this is a model that could be built. if it starts to be manufactured he could say we have an issue here. you see a mock-up and it looks like another one and everybody gets worked onto a lather saying you can't sell it. it never makes it to market. let's see if this gets close to making it to market. >> fair point.

thank you, phil lebeau. 15 minutes to the close. dow trying to make it 200 on this rally today. it's up 191. s&p up 1.25%. >> the earnings onslaught continues. in more than 15 minutes we'll see quarterly results from yelp panera bread gilead sciences and twitter.

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xçó0 today's upcoming earnings will show one company in transition, others in the midst of a turnaround and two looking for a rebound. >> talking about twitter, panera gilead and yelp. cnbc's top team of reporters are covering the earnings due out in minutes. >> the most important number to watch for twitter is active user numbers. analysts are expecting 310 million, 8 million more than in the first quarter slowing user growth. revenues projected to grow 54%.

earnings projected to double to 4 cents per share. wall street analysts are looking for the company to forecast third quarter revenue growth. of course investors are really hoping for an update on twitter's ceo hunt as well as the product overhaul in the works called project lightning due to launch in the fall. >> we'll watch for that. meg, what are you watching for gilead? >> earnings of $2.71 a share on revenue of $7.61 billion. the important number are the hepatitis c revenues. analysts are expecting $3.16 billion in hepatitis c revenue. gilead is important for the biotech sector which is reeling from a disappointing friday from biogen. >> it's getting harder to find yelp bowles. stock is down 40% this year. slowing year growth.

ken senna says to focus on average monthly unique visitors. he is averaging a rise of only 7% year offer year. part of the problem, yelp gets a lot of users from dwoogle searches, but google is making it easier for business owners to pop-up at the top of its search results, so traffic can stay at google rather than being sent to yelp. more color on the conference call. bill back to you. >> dom, what do you say you take your wife for her birthday to panera tonight? >> maybe a power kale chicken salad? maybe my wife will like that. let's get straight to the headline numbers to watch here. analysts looking for earns per share of $1.63 sales of $379 million.$379 -- $679 million. analysts looking for a 2.2% gain. look for any update or comment

how the company's panera 2.0 initiative is going. last year they unveiled that plan to use technology to streamline the ordering process, production process, payment fulfillment, all those things. the plan was to have a more efficient way for customers to spend their money. this could be one of those more volatile ones around earnings. options market pricing in what could be a 4% 5% move up or down in the stock. we'll see what happens with panera. we are coming back bob pisani and i will have the closing countdown. after the bell those earnings will march on. at the front of the pack it's twitter. we'll have instant analysis. keep it here. you are watching cnbc, first in business worldwide.

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transports were up as strong as they were up 2.6% in today's trade. now we get earnings after the bell tonight. we had guy companies we highlighted earlier. four we highlighted. twitter, gilead and panera higher. yelp trading lower. the other one coming out is express scripps. art cashin what did you think of this turnaround in oil today? >> i think it was the turnaround in oil that put them into hyperdrive. a lot of energy stocks apparently all sold out. insider trading dried up. they are starting to buy that. got them up and moving. two biggest contributors to the dow, over 40 some odd points from exxon and chevron. >> i think the only thing anybody cares about if this snap-back rally, energy materials and industrials. the most beaten-up sectors we had all snapped back. not just energy. everybody wants to know is this

just a one-day event? there you see tech consumer discretionary up nicely. big leaders were energy and materials, as well as industrials. thank you. >> ask for it you've got it. >> different orders but the important thing is we don't know if it's going to continue. people want to see follow through, not just oversold rally. >> absolutely. >> what will we watch for? levels to watch? >> we bounced off the 200-day moving average. great deal won't matter as how they play the game in china overnight. they have two sessions a morning and afternoon. afternoon is the most critical. we are having fed statement tomorrow but no press conference. that has a bias to the down side. >> wouldn't it be just like them to raise rates tomorrow when we are not expecting it? >> if they call a press conference suddenly, then we know something is going on.

>> it tends to have a bias. they like to hear janet yellen's soothing words. >> twitter earnings? >> twitter earnings will matter basically to twitter. people will look beyond it. they want to go to facebook and several years. >> good example having trouble generating new forms of earnings. >> transports were strong. >> that is another sector that bounced back. ups helped them a lot. in general, earnings were good today. big industrials had good numbers. cummings had great numbers. great numbers from the home builders. d.r. horton was good. the earnings improvement helped. we didn't have this particular disaster of the day which we had the last seven, eight, nine trading sessions. that made a big difference in terms of the mental attitude. >> is this just a one-day bounce? >> i think it will last more

than one day. i think we are going to struggle against this resistance. we've been trying to break out now for weeks. haven't been able to do it. that tells me there is strong resistance here. >> we've got back down to the bottom of the trading range we've been in since early march. do you think we break below that or can we see us bounce back? >> you are going to see it tested and retested. the greatest strength unfortunately, has been in the resistance so far. we'll see if we keep playing that old game of palm showing my age. >> days when the fed meeting, markets are usually up. there is your one little game you can play if you want. >> is it at noon or 2:00 tomorrow? >> 2:00.

dow up 194 today. let's see if it continues. a whole lot of earnings coming your way right now. see you tomorrow kelly. thank you, bill. welcome to "closing bell." i'm kelly evans what a rally we are seeing on wall street. breaking a several day losing stretch. dow up 188 points on the close. that's good enough to put it in the positive for the whole month of july. the s&p 500 up 1.25%. nasdaq reversing some of its recent losses. up about 1% or 49 points on the day. before we get to more of this with today's panel, it's going to be a super busy hour for earnings. julia boorstin covering twitter. meg terrell will have results

from gilead. thank you for standing by. we'll have leon cooperman and his son wayne on set at the new york stock exchange to discuss market strategies. let's get straight to it with our panel. michael santoli on set, dan greenhouse and steve grasso will join us in a moment. mike, how much of today's rally had to do with this enormous snapback in energy that looks strange? >> it was the big losers winning today. one of the messages the past few days everybody noticed the weak breadth numbers and the rest of it. one of the things that tells you is a lot of stocks had already corrected very hard. i thought you saw that reflected in the oversold bounce today. we have to see if it continues. today was not much about any kind of new leadership. it was a bounce. a lot of people having the same

observation of fed days upside bias, let's snug things up before that happens. >> viewers love to comment on how often the market does rally on fed days or around minutes. not that that's a guarantee anything will happen on that front tomorrow. this is a market still hanging on the federal reserve? is this a market hanging on what happens next in china? >> i'm in the minority. i don't think this is a market hanging on the federal reserve for six or nine months now. i don't mean to insinuate the fed doesn't matter but the fact of the matter is you are knee deep in earnings season. people on guard for the four companies that will report. energy is not doing what it's doing because of the fed. energy is doing because of the oil. >> what do you think of earnings season so far? >> it's gone in these different phases which happens. we knew expectations were low

enough. we got that initial bounce when we got confirmation we could beat the numbers. people overanticipated that trend. i don't think you can tell a story how it's been except earnings in general stalled. they are not down in aggregate. they've stalled and the market's flattened out in recognition. >> we talked about in yesterday on the show. i don't think it's been very good at all. i'm generally thought to be someone relatively positive on the market. starting about six or nine months ago i would challenge that. with respect to earnings season it doesn't feel like stocks are trading very well in the wake of earnings. we focus on google and amazon. you look at a number of other companies and they are trading very poorly in the wake of their reports. >> let's see if some of these earnings changes any of that. gilead's numbers are out. meg terrell with those results. >> a big beat on top and bottom

lines. revenue at 8.2 billion compared to $7.61 billion average analyst estimates. of course that hepatitis-c number coming in in a big beat $4.9 billion compared with estimates of $4.31 billion. a big beat there looking at gilead trading up 2% at the close. >> thank you. that is what gilead was trading on the close. not necessarily on these results. your jaw dropped on the hepatitis c numbers. >> we don't follow gilead no rating, but we follow the biotech stocks. i was talking to our biotech analyst. based on that conversation and the numbers here, this is a company doing stuff on the revenue line that every other company in the s&p 500 would be jealous of. i don't follow the company and

i'm neither endorsing or saying buy or sell but man, they are doing something special. >> it's such a binary event. i would stay with ibb. it's up 23% year-to-date. gilead up 19%. there was a miss there, this thing is down 9% versus being up 2%. >> if there was. >> if there were you don't give a whole lot of up side. >> gilead looks cheap and therefore, doesn't trade like a biotech. you don't want to actually overearn because the market doesn't want to reward it. ten times earning company now. i think biotechs, people who want the juice of biotech want to own it for what's going to come. now they are harvesting actual growth the market doesn't reward those profits. >> celgene, amgen, gilead these are different biotechs. >> they dominate that index.

when you talk about biotech, it's easy to lump all these names together. gilead celgene, biogen these are different animals than some of the names that soar 40%, 50% on earnings or takeout rumors. >> twitter's quarterly results are out. let's get straight to those with julia boorstin. >> twitter beating on the top and bottom line reporting adjusted earnings 7 cents per share, 3 cents better than wall street projected. revenue higher $502 million versus $481 million estimated. the company reporting 316 monthly active users. that's 6 million more than projected. wall street had been looking for 310 million. last quarter it was 302 million. this is slightly better be expected for that all-important active user number but not a dramatic increase as we've seen with facebook in terms of their number. we'll be back with more.

>> thank you so much. >> we are not going to show you the share price action for twirt in the session. it is up 11% after hours earnings. a big pop for the name. beaten down into this report. >> this was something looked upon as a kitchen sink event quarter. everything to me i'm a shareholder still. i felt if you were looking for an event that you had the most upside potential, this was it in twitter, you couldn't have said that in a long time. when you get that kitchen sink event, you never add to a losing position. i'm happy it's up after hours. >> we have a neutral on it. leaving aside grasso's point about the quarter. at least our view is this is a company that has a lot of problems right now. it doesn't have a full-time ceo. the call should be about what the company is going to do in

terms of not just a ceo but engaging users and the corporate plan over the next couple of quarters. >> without a doubt. except the stock refused to go down much much below the mid $30s. people were reluctant to price in still-worse news. today's session action was people sniffing out this was going to be probably an easy hurdle. not a blowout relative to expectations. incrementally better but not something that changes the story. >> hang on. twitter popped about 11% after hours initially. coming off that about 6% 7%. to your point, this was a name up 5% just into this report. >> people thought the down size was limited to all the things we spoke about. when you don't know the true fundamentals, you have to trade off technicals. 50-day moving average is below $36. then you have to jump up to $41, $42. watch those levels.

>> great. yelp, meantime releasing quarterly results. >> yelp reporting a loss of 2 cents on $134 million on the top line. the street was looking for a gain of 1 cent on $133 million. some disappointment there. looking quickly for the release. local advertising accounts grew 40% year over year to approximately 97,000. guidance disappointing. q-3 guiding to $139 to $142 million. that is light. net revenue of $544 to $550 million disappointing analyst forecasts. this conference call starting at 4:30 eastern. we'll be on it and bringing headlines as they come. it's down double digits after hours. about 12%. joshua, thank you. let's get back to julia boorstin

with more detail on twitter. that is going in the opposite direction. >> that's right. twitter, more detail here on monthly active year numbers. total numbers, $316 million but the number wall street is going to be focused on is actually $304 million. that is only $2 million more than the prior quarter. the issue here is they did add more people who only use the smaller app. the active number of core user service is up 3 million. twitter's outlook projecting revenue $545 million to $560 million compared to wall street projections $560 million. projecting outlook for the full year higher than wall street had been expecting $2.2 billion to $2.27 billion for full year

revenue outlook. it's key to point out $316 million number does include a big increase in sms fast forwards which to wall street analysts don't represent twitter's true active year number which is only 304 million. >> thank you for clarifying. twitter shares now appear to be negative after hours. we'll bring that soon as we can. that negativity, that switch owing in large part to the fact people prefer these to be apples to apple. >> after you sift through a lot of these things, to mike's point, this is a stock that refused to go down lower than it was. it starts to get real harry and negative once you get to lower 30s. that's where investors will scramble, including myself. when you look at monthly active users, i don't care if it's sms. once you get in the system you're more likely to stay in that ecosystem. it's about growing monthly

active users, period. >> you guys agree with that? this makes more sense after hours for it to be up 11% than for it now to be negative. does this change the narrative that expectations were really low going into this? if this sentiment holds, it's got to be a real difficult sign. >> this brings us back to the start. the call matters much more than the numbers. you have to get assurance not just on the path to have a new ceo, perhaps will not be jack dorsey. also they have some kind of a plan to remain in the game for the replacement of tv which is what facebook and google are doing. >> fair enough. let's get to express scripps. gilead beat estimates. express scripps has its results out. >> coming in mixed a beat on eps at $1.44 a share for the quarter versus estimates of $1.40. missing on revenue at $25.450

billion for the quarter versus estimates of $26.15 billion. the company is increasing its full year guidance for eps of $5.46 to $5.54 compared to $5.57. folks were looking for 94% to 97% retention rates. >> we have a lot to sift through. a couple of social media names. a couple of health care themes. which do you think is more key to this market as we move forward? >> health care has been a real great performer. when you start to say look at today what do we have that outperformed? energy, materials, industrials. it's been a while since you could have said those three were the top performers on a daily basis. it's not that shocking. they were so oversold. to me once you start to see selling in health care selling in tech more aggressively large

cap tech that led this market up, that is more troubling than to go back to selling energy materials and industrials. >> it's clear from the performance that health care has been the market leader. not just this year but the last couple of years. if you are going to see turbulence additional weakness in the form of energy will not do it. energy sector has been bottoming out repeatedly over the last couple of days beyond anything we saw earlier in the year. the broad market has more or less held up. largely because of names such as health care and tech names. if you look for market leadership, it's not going to come from energy. >> yelp is not going to take the market anywhere. twitter has always been a one-off company. if it's social media, it's facebook. >> google which we do not follow, not rate it after the stock popped jumped by almost 20%. the market cap it added that day was equivalent to the bottom 16

companies in the s&p 500 combined. just its jump was 16 additional s&p companies. >> i don't know if that makes me feel better or worse. >> probably both. >> if you want to talk about the story this week people are passing around how six names driving the nasdaq higher, how concentrated is this market? are we seeing here in earnings the disbursion in july? >> you have to be more selective if you want to play it. >> we'll leave it there. a big thanks getting those results to us. twitter after hours which had been sharply positive negative for a moment is now up by about almost 4% as people dig through whether it did add enough users

to satisfy investor concerns. thank you very much. stick around and catch steve grasso with the "fast money" crew at 5:00. much more to come. a twitter shareholder tells us whether these numbers want him to buy more stock or get out of it. hedge fund manager leon cooperman is here. how worried is he about the collapse of the chinese market? can it make a dentist appointment when my teeth are ready? ♪ ♪ can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight attendant to please not wake me this time? ♪ ♪ the answer is yes, it can. so, the question your customers are really asking is can your business deliver?

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welcome back. we begin with julia boorstin with more on twitter earnings. >> looking at the slide twitter is preparing for its earnings call, there are interesting stats in terms of monetization metrics. the company says there's been a 53% increase in ad engagement. that's how much people are seeing and interacting with that. a greater rate of growth than we saw last quarter. then the costs per ad engagement up 6% from a year ago. it's a slower rate but still positive. twitter is able to charge

advertisers more because those ads are becoming more valuable. two positive signs driving twitter shares up in after-hours trading. >> thank you very much. they are up after hours. about 6% for twitter shares after hours. they did pop 11%, gave that back briefly and back in positive territory. joining us for the reaction. >> seems like they are changing metrics to make the headline look better than it is. i'll have to dig through them later to get to real numbers. the results are in line. twitter has an awesome product and periscope has so much potential. they need management. jack dorsey cannot run this company and run square. they need somebody to run this company, but it is a beautiful company to run one day.

it's not a time to invest in twitter. i'd rather pay more and know management has their act together. >> in the results, twitter says its monthly active users were 316 million up to 308 million the prior quarter. they did say the vast majority added came from sms fast followers. what does that mean for these numbers? >> thanks for having me. i think this is a good report. it's not going to knock the cover off the ball. it's a good story from a company folks dumped on here and had a tough time of it in almost any metric you could use. certainly a lot better than the bear case which is worth mentioning. credit where credit's due. it's not enough to turn this story from kind of bad to wonderful. it's enough to stabilize. i think user engagement numbers suggest they are getting more penetration in the developing world. about 75% plus engagement is

non-u.s. it is truly international right out of the gate. we think long term that is hugely valuable. we continue to think this story is better than wall street gives it credit for despite the real bumps and warts that do exist on the story. >> are you saying this is just a management problem? >> the product is great. we advertise on twitter. every metric we use, twitter's engagement is going up. our results are going up. we've been upping our budget. the quality of a twitter user is higher quality than a facebook user. i think twitter is getting more ad revenue and getting better products. the product is confusing and ad campaigns need work. it's getting better. fundamentally, twitter is a hunl opportunity with right management. management is key for success

with every company. that's why we like facebook more than twitter. i like gilead more than twitter, as well. >> what should this new ceo emphasize aside from just getting in place? what are the things they need to do to persuade investors that there is opportunities being exploited here long term? >> there is a great question. one they have to make this really easy on an onboarding basis. part of the success of facebook it is more or less idiot-proof. twitter remains intimidating. it tends to attract a small number of people who overproduce content. then they leave. they have to make an easy self-onboarding ad tool. i think it's a great ad.

it's underpriced including facebook. like becoming a year it's too hard to advertise. they've got to fix those. if they do it's off to the races. >> you mentioned you advertise on twitter. what would you add to that from your user deal? >> the user isn't being bombarded by ads and most can scroll through quickly. the ad integration is good. what max is saying is true. i have training from twitter how to use their ad platform they give me. i can't just sign up and have an ad running like with google or facebook. the second thing is about the way the content is used. they need to focus on popular culture. they should tell me what's trending like sports or entertainment or tv shows. things that will engage your average person more than the more sophisticated twitter user. i think they have a lot of work

to do. they are working from a great base. >> we'll leave it there. thank you so much. shares up almost 6% after hours. ross gerber and max wolf. coming up we'll bring out our earnings crystal ball and find out how twitter results might foreshadow facebook earnings which will be released tomorrow after the bell. democratic presidential hopeful hillary clinton has been taking aim at the hedge fund industry's tax rates. we'll get thoughts from leon cooperman and his son wayne. ♪ ♪ isn't it beautiful when things just come together? build a beautiful website with squarespace.

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a nice rally for the dow, erasing losses for july. many seeing this as a time to buy. our next guests keeping their eyes peeled for the next big opportunity. leon and wayne cooperman. thank you for joining us. >> nice to see you again. >> if there is one thing you have in common it's allergan. the direction which you think this space should keep going? >> with obamacare, more people will be covered. we think allergan is an interesting company. had a big run. i wouldn't want to make a big emphasis here. we like health care generally. >> you do.

>> we've been taking money off the table as a result of the large move. allergan is one of our few holdings in the area. >> what about you, wayne? >> allergan? we own it. we've been involved since the actavis allergan merger. the news they were selling their generics business to teva wasn't quite as surprised and very interesting. now they basically delevered the balance sheet and go after somebody else. >> they try to move higher up in the food chain. probably go after a branded drug company. >> want to give us any hints? >> maybe adve? >> what about the rally in oil prices today and energy names. are you nibbling there? >> unfortunately, we owned them before they went down. we still own a few of them. with what's going on in china, i would not want to be buying aggressively in oil. >> what but, wayne?

>> we've been negative on energy for a while. oil is not really a perceptive rally. most of the stocks are pricing in higher price of oil. $1 move in oil is not moving the needle very much. >> right. you have to look at what's happening in china in terms of this broader slowdown and wonder how much more pressure it puts across the commodities. >> china has major sector impacts. copper, steel, oil. in terms of the overall economy it was interesting five years ago china was growing 10%. growing now maybe 6%. it's been a big deescalation in growth. i read research the other day which we concur with from goldman that said each work percentage point dropped in the growth rate of china, we take

about 0.1% off the growth rate of the united states and 0.3% off europe. it's a slowdown as a negative but not all that significant for the u.s. end market. >> are you investing in the parts of china you like? >> not really. the government shot themselves in the foot with their intervention of the market. we like more transparency rule of law. we like the government we like to say the government of the united states, you get more out of their markets. that's why the economy in america has been growing so slowly is excessive regulation. >> we have the federal reserve tomorrow. is that why you like citigroup, aig names? >> i think if you step back and look at what's going on in the u.s. monetary policy is irresponsible. there is enormous substitution of debt for equity. interest rates are cheap. money is cheap. buy a company for $50 billion and put $30 billion in the

equation borrowing costs are so low. i guess a good thing for the market. if the average multiple is 15 times, you are getting an after tax return course of equity of 6%, borrowing money at 2% 4% money is cheap. >> what about, speaking of investments that are tax-effective, hillary clinton recently been making comments about changing the rules about this, trying to crack down on some hedge funds. >> why does she want to crack down on hedge funds? >> did she e-mail that to you? >> i know what you are saying. i've said this before. she hangs out with all the hedge fund guys and gals in the hamptons and martha's vineyard then turns around and becomes like every other politician or most other politicians and dumps on the industry. i don't see it. if she feels the tax rate is too

low, let them deal with the tax rate. i said this on not only your program but seven years ago on other segments of cnbc i think it's crazy that the capital gains treatment carried interest. she should tax something specifically. to genrically attack an industry where most people are extraordinarily generous. they love what they do do what they love and take their financial success, whether it's carl icahn, dan paulson, all extremely generous giving back to the system. if you want to tax more, tax more. she wants to raise capital gains tax rate 50%. you are going to immobilize capital. >> i don't have more to add to it than that. she might be the next president, but i don't know how she is not facing more heat sending out classified information on public

e-mail to people that aren't supposed to be receiving it. >> real quick though on this before we move on if there are people including bang of england's chief economist giving a speech today saying there does seem like there is a sea change in ownership, who owns the public company is the name of the speech. >> public companies owned by shareholders. >> the bond market is more deficient where central banks are printing money on one hand buying it on the other level and keeping rates suppressed at low levels. you don't get paid for saving so you have to increase your risk to earn a reasonable return which got people in trouble in the first place. >> the question you are raising is slightly different. the companies are owned by the shareholders. shareholders are represented by the board of directors. i have a mixed view on activism.

on balance, it's a plus. it's a very individual situation. there is activism that makes sense and doesn't make sense. the standard cookie cutter approach of buy back a lot of stock, leverage up i don't agree. with. >> looking through the top holdings here, wayne, we've got delta, e-trade, energy names. leon we see citigroup, sirius. not a lot of social media holdings in here. >> it's bifurcated. i would say we own google facebook, priceline. these are high growth companies selling at rational prices. the most expensive is facebook. probably 40 multiple stock, but will grow and monetize their interest in instagram which will

be more profitable. we tend to be bottom up. the area of the market i mentioned to your viewers, i'm mesmerized -- because everyone has this complete income shock. they can't generate income for their portfolio. we own all these unmentioning. 13.9% yield, 80% book value. ellington financial, 80% book value. penny mack 14.1% dividend yield, 84% book value. thl credit a situation stock gives 12.3%, trading 8% book value. the ceo is buying stock. highly unusual for externally managed company, but the company is buying back stock. 12% yield well covered by earnings. >> is there a credit boom we don't know about? >> no. i think the public is scared of equities. i don't know of any market top where the public is putting

money in fixed income product. if i said beginning of 2009 we would begin the longest economic expansion in history, would you have me arrested. i didn't say i forecast that but we've been optimistic. we are setting up for what looks to be the biggest bull market in history. >> your daughter we wish happy birthday today. >> she is very big in global warming. i would love to accommodate her and tell but global warming. >> thank you so much. leon cooperman, wayne cooperman. time for a cnbc news update with sue herera. >> centers for medicare and medicaid estimate spending grew slightly less than expected in 2014 but topped $3 trillion for the first time. prescription drug spending rose nearly twice as fast as expected

due to high-priced hepatitis c and cancer drugs. >> nfl commissioner roger goodell upheld the four-game suspension for tom brady. goodell says brady destroyed his cell phone before meeting with independent investigator ted wells. >> an 8-year-old baltimore boy who lost his limbs to a serious infection has become the youngest patient to receive a double hand transplant. he received the hands earlier this month at the children's hospital of philadelphia. although doctors did not disclose the 11-hour operation until now. >>. >> thieves made off with $150,000 in cash mistakenly left behind by atm employees in a northern new jersey town yesterday. a white van driving by then turning around to pull up beside the bag of cash sitting on a lawn. they grabbed the bag and dashed off and have yet to be caught.

that is your cnbc news update. i don't know why the bag is sitting on the lawn and that has raised suspicions. >> many more questions than answers in that story. >> absolutely. >> thanks sue. another wild after-hours earnings session. we'll bring all the breaking details. >> our twitter results foreshading what we can expect from rival facebook.

welcome back. dow did jump 19 points. s&p was the outperformer. already earnings have been fast and furious. let's begin with twitter. up 5%. gilead blowing out what people expected for its hep-c numbers. yelp shares are down 15% at the moment. for more on what twitter's earnings mean for facebook tomorrow let's bring in edmund lee with our panel.

we are still trying to sort through what twitter results mean here. what do you make of what they are telling us and what it does indicate for facebook tomorrow? >> it was a little confusing at first with the different monthly active year numbers they've been throwing out there. it's the way we are looking at it they added 2 million more users this quarter over last quarter. we are looking at whatever it was, $306 million. the $316 they are throwing out there have to do with people who access the service through text messaging. it's a nice number to look at but you are not looking apples to apples. still nonetheless, looks like the investors like it. they are trading it up after a bit of wavering. the ad number is good. that is a sign of what it might mean for facebook. growth is begger for advertising. it's a newer market for them. the fact they are out there is a

good sign in terms of ad growth. we'll probably see better numbers from facebook tomorrow when they report. >> what do you expect to hear from the call? what do you expect analysts want to hear from this call that's coming up? >> i personally -- i want to know who is going to run the company? they are looking for a permanent ceo. jack dorsey is running it right now. we've been hearing he might want that job permanent lyly and also run square. one of the people insiders people like adam bain who runs their advertising business which did pretty well. more clarity on that. whether it's going to be someone like bain or someone from outside or whether jack is in the running or not. these are things we want to know. >> thanks so much.

gilead's conference call is under way. let's get to meg terrell. >> huge beat in the second quarter with hepatitis-c revenues. getting more caller on how many patients have taken these products. gilead saying it has a 90% market share of hepatitis-c patients getting treated with gilead products. 85% of all patients are taking the combination pill from gilead. all together 470,000 patients worldwide have been treated with the gilead hepatitis-c drugs. they are talking about the length of growth left in the hepatitis-c market. investors are saying the market is still in its early days. they have seen a decline since a peak of the market in march. they are saying a lot of patients are not getting their prescriptions filled at pharmacies and that is why there is growth left.

>> thank you. nice performance from that name. up next another check on all the after-hours earnings action. microsoft has been one of the worse performers in the dow. can the midnight release of windows 10b the savior? zen different hats doing small gigs,side gigs...gig gigs. quickbooks self-employed helps me get ready for tax time. to separate expenses,i just swipe. it's one hat i don't mind wearing. [passenger] i work for me. and so does quickbooks. it estimates my taxes,so i know how much stays in my pocket. and that's how i own it. [announcer]stay in the flow with quickbooks self-employed. start your free,thirty-day trial today at join-self-employed-dot-com.

welcome back. there's been a slew of earnings after the bell today. dominic chu has a round of the big movers for us now. >> we've got a bit going on.

let's start with twitter. after-hour trade's been volatile. reports earnings 7 cents beating average analyst estimates by 3 cents. the comments about monthly active users, if you exclude a certain class of them comes in perhaps below some analyst estimates. that's moving the stock. yelp reporting a q-2 loss of 2 cents a share. analysts looking for a 1 cent gain. revenue $134 million, slightly beating average analyst estimates of $133 million. they offered light revenue guidance. getting more details coming out. we'll bring more as they come to us here. >> buffalo wild wings revenue a tad bit light, $426 million. same-store sales up about 4.2% over the same period last year. those shares up by 6% 7% there we'll top it off with akamai

earnings 57 cents a share. estimates were for 58 cents. revenue coming in line $541 million versus $540 million in terms of the average average overall estimate. and with regard to akamai just some interesting notes coming out here as well for akamai shares. if you take a look at some of the comments coming out, with akamai at least we were seeing some notes. they're starting to stream in as we kind of get this thing going. but again, we have some more details. we'll bring them as they become available, guys. back over to you. >> dom, you're carrying the weight of the earnings world on your shoulders. we really appreciate it. our dominic chu. let you get back to it. let's get out to josh lipton with more on yelp. what's going on? >> kelly, we know yelp reported and disappointed. that stock down hard in the after hours. now in the conference call some news being made by jeremy stoppel that max levchin is now stepping down from the yelp board. levchin, paypal co-founder and early big fan and supporter of

yelp. provided some of the seed funding for that company. but now levchin stepping down from that position. jeremy stoppelman simply saying he wished max well on his journey. going to have more on the call. bring you more headlines as they come. >> josh thank you very much. again those shares under pressure after hours. it's not just earnings in the hjz headlines today. we've got the launch of microsoft windows 10 tomorrow. up next an analyst joins with us a preview of the operating system and what it could mean for microsoft. stay tuned. can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight attendant to please not wake me this time? ♪ ♪ the answer is yes, it can. so, the question your customers are really asking is can your business deliver?

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microsoft launches windows 10 tomorrow. they skipped 9. maybe because 8 was so bad. how will 10 do and what will it mean for the company? joining us is daniel ives managing director and senior tech analyst at fbr capital markets. you've already tested out windows 10? >> yeah. i would say so far in terms of reception me and 5 million other developers, and consumers, i think so far like what we've seen but it all comes down to nadella and microsoft are betting on windows 10. they need to be successful given the pc headwinds. this is the cloud strategy's underpinnings. if it's not successful it goes back to the drawing board. >> we know that but how do you like it? what is the user experience like? >> i like that they listened from a consumer and an enterprise perspective.

it's easy to use. the scaleability i like. a lot of the features and the interoperability. i think howell ends and some of these other areas but it really comes down to windows as a service. that's the difference. they're going with a subscription model. there's black clouds in the pc market. this is their answer to try to see a renaissance of both. i think right now the street's still glass half empty but they can be successful on this. >> the last version of windows was a disaster? >> a disaster would be a compliment. >> so why do we have any optimism at all about windows 10? >> last word. dan? >> this has really been more about a cloud-centric strategy. nadella's listened to developers and consumers as opposed to ballmer which really had a blindfold on. and this is really from a scaleability, from a cloud -- it all comes down to the cloud. that's the key to windows 10. >> we'll see. they got the start button. maybe that will blast to the future. dan, thank you so much. dan ives here as we await the launch of windows 10. it's been a busy hour for earnings. up next we're counting down to the conference calls. and be sure to tune in to cnbc's

"halftime report" tomorrow. jeff curry, head of commodities research at goldman, will join the traders. you won't want to miss it.

welcome back. the twitter earnings conference call starting in just a few

minutes. twitter shares up a little less than 5% after hours after posting their results, guys. what do you think people will be listening for? >> obviously how's the ceo search going is number one. and then just broadly the strategic approach. twitter doesn't want to say they're for sale down the road. what are they going to do to stay independent? >> obviously everybody's going to listen to who they're going to have run the company. but a strategy from our perspective, that's what you want to focus on because again you get caught up in the specifics of jack dorsey and the management itself. this is not a fully functioning company, so to speak, outside of that debate. so where exactly they're going to take the company when instagram's doing what it's doing, when google and youtube are doing what they're doing, they've got to compete in some respects. >> and you imagine video's going to be a big point of conversation? >> i guess they're actually periscoping the call. jack dorsey just tweeted that out. thank you so much. really appreciate it. dan greenhaus, mike sanity oeli for us. that does it on "closing bell." "fast money" coming up in just a few seconds. melissa lee, what questions are you guys asking? >> we've got a heck of a lot of

earnings but obviously the clarity on the sms and what they're saying about revenue growth specifically for twitter. but we've got panera yelp, a whole host of others tracking the conference calls on and trading. >> good luck to you. straight over to you guys. >> "fast money" starts right now. live from the nasdaq marketsite overlooking new york city's times square i'm melissa lee. one of the biggest nights in earnings is here and cnbc's live team coverage continues throughout the hour. julia boorstin listening to the twitter call. just kick off right now. josh lipton is covering yelp. meg tirrell's all over gilead's conference call. plus one the top twitter analysts on the street suntrust's bob peck is here for instant analysis on all the headlines as they break. let's start off, though with the biggest story of the night and that is twitter beating on both the top and the bottom lines. the stock is seeing a wild ride in the after hours session. julia boorstin has more on the quarter and what to expect as the call gets under way. >> investors seem to like twitter's revenues and earnings beat. the big questions on the call will be about the slower than projected user growth. the company just