than michael jordan as he claims >> didn't he say he was going to be the biggest brand ever? >> very trumpian >> thanks for watching "power lunch. >> "closing bell" starts next. >> see you for the draft tomorrow this hour facebook, chipotle, visa, at&t coming up after the bell. >> earnings plus moves in the 10-year yield. we'll look at what's driving all this for you the dow swinging 260 points today. down 2 hurkss at t00 at the lowt we've also come back we're close to the session highs and "the closing bell" starts right now. ♪ welcome, everybody i'm kelly evans on an earnings heavy day. >> and i'm wilfred frost

we'll get to the stories in a moment but first to our reporters they're following all the action for us bob pisani, bertha coombs, and it was 24 hours ago that the cfo made comments. >> phil lebeau is here with the latest we'll start with you >> boeing is getting a nice pop today, kelly, and for good reason the first quarter earnings beat the street by a wide margin. how wide check this out the company earning $3.64 a share in the first quarter well above the consensus of $2.58 a share. when you look at what worked for boeing in the first quarter, strong execution on the commercial side of the business as well as the defense side. operating cash flow, $3.1 billion. and the profitability growth of the 787 huighlighted by the company on the earnings call 2018 guidance for full year earnings up 50 cents a share

now to a range between $14.30 and $14.50 a share operating cash flow moved up to between $15 billion and $15.5 billion. and the commercial operating margins increased from 11% to 11.5%. one other note for the last three or four years, we've talked about how the market is soft and weak. not anymore. there is strength there due to the demand on the shipment of packages around the world. guys, back to you. >> phil, earnings have been key the last couple of days for the broader seconde eer sectors you. what are the key things to look out for? >> well, it's all about the guidance i hate to say the q1 numbers don't matter people will pay attention to them, but it's the guidance. does this company give wall street and investors a sense that they know how they are going to monetize this mobility plan for the future? what exactly is that mobility plan so the conference call, that

will be crucial to giving people a sense that ford really does have a path to growing in the future >> phil, whilst you're there in china, just got to ask about tariffs. clearly so much of the u.s./china trade debate has been on autos and what tariffs are or aren't charged i've got a question. if we did remove them on u.s. cars going into china, would it make that much difference? isn't a lot of the chinese demand for foreign autos the very expensive land rovers and bmws which already retail at a price well above the u.s. cars >> right and they continue to sell very well here. so you have a good point there that the wealthy in china will continue to buy these vehicles but what auto executives are seeing is growing demand if the rural cities a lot of cities people have not heard outside of china if they could offer suvs built in the united states at a lower

price point, maybe not as expensive as they currently sell for, that would certainly be intriguing i think the auto executives would say, sure. let's perhaps increase production a bit in the united states >> all right we'll see. phil, thank you. phil lebeau there. we'll change to the broader markets. the dow is down as much as 200 points in early trading. now we're hanging onto a gain of $1.21. >> more on what is driving today. >> much more eventful than yesterday. i want to echo boeing here 9.4 million shares on the left most important thing on the conference call, no word on peak earnings and a couple of things on trade and commodity inflation. on china they said we're hopeful for a discussion people are worried about commodity inflation. they came out and said on titanium, aluminum and other

thungs, they're not seeing any material effect on them right now. those are rather soothing words overall. but there are some troubling trends we're seeing. 3m look at this down another 2% today. it's down about 9% this week they're close to a 52-week low slightly lower guidance on the top end. they got killed on it. they're giving no mercy to anybody. then the banks aren't rallying again. down another roughly 1%. goldman sachs down this week despite the 10-year being over 3% the question is the consumer staples. 52-week lows here's coca-cola down another 1.6% none of them have any pricing power. the value of the brand names are slowly eroding we've been talking about 52-week lows all week in this particular group. guys, back to you. >> thank you for that. tech stocks in focus today

after we await earnings from facebook after the bell. we have bertha coombs with a look atz what are the main moves today. >> the nasdaq trying to turn a positive here. it's been negative much of the day. still lagging. but we are seeing some of the sectors now moving a little bit better tech moving higher chips are still a bit under pressure, but it's some large chip names today that are showing the strength and the biggest gains mostly because of strong earnings. texas instruments and silicon labs both with beats on the top and bottom lines cree turning negative for much of the day loj some earnings movers to the downside, twitter. just yesterday as they reported after the bell, flying high. but reversing this morning and staying in negative territory, disappointing guidance from

check point software wynn as well illumina all leading to big losses today and after the close, facebook turning positive here as we head towards the close this afternoon. but this stock is really among the most broken of the megacap stocks down nearly 20% from its high. the worst performer year to date in terms of the point impact on the nasdaq 100 and technically, this dock saw a death spot last week so whatever kind of bounce we see on facebook, technically there's a lot of a way to go >> bertha, thank you very much for that broader market turbulence has many woured includi ee eed recent surge in bond yields. >> yet our next guest isn't so concerned because he's calling

for 2850 by year end he's craig jons from piper jaffray. he's here along with jim mccant. welcome to you both. seem doable to you >> i think it's going to be doable before we get to the rally that gets us to the 2850, this hop drop and pop we've been looking for all year the drop phase still needs to play out we published a report today by talking about keeping powder dry in this market until we get more of a shakeout on this market i think this is becoming more evident. all these had been putting up big numbers. you're not seeing these stocks make new highs in here market seems a little heavy and tired. i think so you're going to get a pullback period to buy stocks. that'll be the entry point for the rally to the 2850 at year end. >> big decline 2300 to get back

up to 2800 jum, what do you make of the moves in the bond market is that suggesting the u.s. economy is headed towards a recession? >> there's a lot of ways to interpret the bond market move look, everybody was worried yesterday about a 3% treasury yield. it's high than it's been i think internationaleventuallyt paper. attractive compared to german debt, swiss debt the fed keeps raising rates you could see those tax up let's tall it four and a quarter that would be the lowest point of any here. you've got to run away from stocks one of the reasons the fed's able to do this is global economic recovery. we have no recessions anywhere in developed markets around the

world. when you look at leading indicators here in the united states, you look at the employment trends. we're not showing a recession at all here in the utes and now the stock market's gotten a little measure attractive because earnings have come up and prices have come down. i agree with your other guest that we could see more choppiness another way to say what he said is you could retest the lows from the selloff after january but i think that would be healthy. it would shake out some of the weaker players sentiment is negative enough to see between now and the end of the year >> all right real quickly, craig, just going to ask you what do you make of the recent strengthening of the dollar? >> quell, i think the -- >> i think the dollar -- oh, i' sorry. >> go ahead, craig >> i think the index is a decent sign that, you know, things aren't necessarily broken for

the overall equity market. i think we're at a point in time where great companies, not great stocks i think you're seeing that flow through. the strengthening dollar is a good sun >> would decent numbers from facebook change the sentiment particularly toward the fang stocks >> in terms of my mind-set on facebook, this is something we removed out of the portfolio this morning as we see this kind of relief rally happening here in facebook. i don't think things are going to be perspective looking at the charts and reaction. with the fang stocks being as large of wait they are, that's concerning to me >> gentlemen, thank you. ed vaig johnson, jim la camp joining us tim cook made an appearance at the white house today for a closed door meeting with the president. >> this comes a day after cook

attended the state dinner for emmanuel macron. eamon javers hasthe latest of that >> there is a very large crowd of reporters here at my left waiting to see if he comes out we know that's the way he went in the white house has been playing this very close to the vest in the last couple of hours we did see him emerge from the white house from an earlier set of meetings and go over to the trait representative's office. those are the pictures you're seeing there earlier today we have not seen him since the meet i meeting began. but the president was tweeting out he was looking forward to the meeting. and also saying he wanted to talk about trade and pointing out that the u.s. has been treated unfairly for many years by many countries on trade the president sort of laying out a marker there for what his perspective on this meeting is you know that tim cook has said

recently in china that he thinks calm heads needs to prevail in terms of that. it's unclear whether he thinks those are in operation in the white house. there are a lot of doors to this building, so we're not sure if we'll be able to talk to him >> but he does seem like one executive that might be able to bend the president's ear about the trade issues with china? >> he's a hugely successful in listening to him statement, he's been an opposition figure to president -- after president trump got the nomination back in 2016 that may have turned out to be a political mistake. we'll see whether or not the president on board with tim cook's criticisms here and how strong he makes them with the president of the united states the president seems, though,

very much determined to have the back of american workers as he puts it on this issue of trade with china >> eamon, in terms of catching tim cook does he not have find my friends turned on on his phone >> are they friends? >> they should be. >> no, apparently he does not. but a lot of the camera guys say they're going to take cell phone pictures of him. thank you very much. we're up about half a percent on the dow now. the s&p and nasdaq lagging but we are close to session highs. >> and "the closing bell" is just getting started here. straight ahead, ge shareholders get their chance to face the boss. see what happened next plus, the great american yield question as the 10-year moves past 3%, what's happening to high yield

and the tax-free municipal bond. we're back in two minutes. experience a blend of refined craftsmanship... ...and raw power, engineered to take the crown. presenting the all-new lexus ls 500 and ls 500h. experience amazing, at your lexus dealer.

anything worth pursuing hard work and a plan. at baird, we approach your wealth management strategy the same way to create a financial plan built to last from generation to generation. we'll listen. we'll talk. we'll plan. baird.

you know what's not awesome? gig-speed internet. when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party.

welcome back to "the closing bell." we've got 43 minutes to go until the close. we're at or near session highs the dow up 0.4%. the nasdaq the laggard but in positive territory >> wish we had better news for ge shareholders today. but falling more than 4% as executives face their shareholder base at the company's meeting in pennsylvania >> morgan brennan joins us there now on her birthday. happy birthday with the highlights from the meeting. >> thank you so much for that. general electric facing shareholders for the first time at an annual meeting here today saying that he's quote, keenly aware of the pain caused but that he's focused on making ge simpler and stronger and there are changes underway at every level of the company one of the major changes was in the spotlight today. that was the new board which was voted in at this meeting you've got three new directors

coming on and the size of the board shrinking down to 12 directors. we saw more than 200 shareholders arrive here and make the trek. many of them ge retirees who were being directly impacted by the company's struggles. >>. >> the ones that spent their whole life working in the shop day by day making money for general electric their whole life, 25, 30, 35, 40 years and those are the shareholders that really mean something. those are the shareholders that ge is hurting. >> now, we heard commentary like that from a number of shareholders here today. that's important since retail investors do own more than 40% of ge shares meantime as you mentioned, taking a look at the stock, it is down more than 4% today that's because moody's revised ge's credit outlook to negative. that is signaling a downgrade could be coming. in addition to the meeting here on the outskirts of pittsburgh

>> morgan, since i wasn't aware it was phil's birthday too, who do you think had the better birthday today you or phil. he's in china. you're in pennsylvania what do you think? >> i feel like that's apples and oranges a little bit china sounds pretty cool, but i'm in the heartland, baby and i'm bucking the rain i'm going to say me. >> we fully agree. thank you very much. great sport as always on her birthday >> they're both having a better day than ge shareholders >> yes, they are >> boeing shareholders are happier today than they were yesterday. anyway, we digress so we have 40 minutes to go before the close we are at or near session highs. the dow's up about 0.5%. up next as we await facebook's earnings after the bell, twitter is getting slammed today. we'll tell you why that stock is

trending lower after the break >> quite a reversal there. while ink has been spilled in the 10-year yield, there may be a more important rate to watch we'll tell you that when we come right back flexshares etfs are built around the way investors think. with objectives like building capital for the future, managing portfolio risk and liquidity and generating income. that's real etf innovation. flexshares. built by investors, for investors. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

welcome back to "the closing bell," everybody here's a look at the sectors of the s&p 500. s&p up 0.25% right now oil prices little bit higher, materials right behind them.

telecom up there interestingly back of the pack and technology lower today it's technology, not telecom that's what they kind of swapped roles. today's "closing bell" quote of the day comes from the ceo of paypal bill harris here's your quote. o earthquake, i'll say it. bitcoin is a scam. he goes on to say, it would be a comic side show if innocent people weren't at risk but ordinary people are investing some of their life savings. it's at a six-week high. still the cryptocurrency remains controversial and it's pulled back around 6% today >> there's nothing new in it if you read the whole article, it's months late it's the classic bear case that we've -- all arguments of which are out there. he's not saying anything new

>> no. but people keep investing in bitcoin. if you want to warn people, how can you put it in the starkest terms possible he's trying to come up with some pretty stark ways to put it there which he has >> i feel like we've had those arguments loud and clear from the jamie dimons of this world >> then no one else should weigh in >> that's not what i'm saying. there's nothing new in this. >> but people should hear the case being made over and over again. so they don't get burned which is his concern >> the price down 6% today according to coinbase. now let's head to the floor. mike santoli is posting up on twitter. >> right behind here twit her positive reactions this morning. but on the conference call led the stock to back off. mostly on guidance that revenue gains they showed the past quarter may not continue quite as nicely for the rest of the year kind of a good news/bad news situation. they are showing decent top line growth they are profitable on twitter

right now. i think it's profit taking this stock up 22% year to date even with this loss today and it has doubled in the last year i think the street has been viewing it as a viable alternative and a smaller version of the ad world from the likes of facebook now. >> quite a reversal. thank you very much. we've got 34 minutes until the close. we're up near session highs around about a hundred point os then dow the s&p and nasdaq just a little bit behind that. up next, from autoloans to credit card rates, we'll take a look at all the ripple effects from that rising 10-year treasury yield plus the overlooked metric that could perhaps have a bigger impact on stocks >> and we're rapidly approaching the onslaught today. we also have visa, paypal, many more ouanysilr alts wl break it down as soon as they hit the tape "closing bell" is back in two.

nobody's putting their money into equities. they're not investing in commodities or fixed income.

what people areally putting their money into is what they hope to get out of life. but helping them get there requires a real refusal to settle for average. because when you approach investing with a tireless desire to beat the status quo, something wonderful can happen. those people might just get what they wanted out of life. or maybe even more.

welcome back to "the closing bell," everyone. here's what's happening at this hour republican senators say they want epa chief scott pruitt to address questions about ethics and spending decisions but they stopped short of

calling for him to step down they say his answers at those house hearings tomorrow could prove crucial in determining whether he keeps his job former president george h.w. bush's medical condition has been upgraded. a bush spokesman says he has been moved from the intensive care unit to a regular patient room where he will spend the next couple of days. the commission on college basketball announcing several recommendations calling for wide reforms impacting the sport. it urges an end to the one and done rule. more strict ncaa oversight and penalties and curtailing interactions between athletes and apparel companies. >> first we must separate the college trek from the professional trek by ending one and done we call on the nba and the nbpa who exclusively have power here to once again make 18-year-olds eligible for the nba draft so that high school players who are drafted may proceed directly to

the nba. >> you are up-to-date. that's the news update this hour i will send it back to you guys. >> all right some pretty big changes there. sue herrera. let's check in on the 10-year. just over 3% still steve leisman has a look at the credit markets most impacted by these moves. >> the market is trying to gain this out the idea of the impact of the rising rates on the broader economy. one way to look at it on individual areas, the 10-year was trading at 3.03% here's what's happened to the 30-year fixed, 4.5%. highest since 2014 autos near 4%. that's a 60-month loan that's the highest since 2012. and over here, credit cards have really surged. 16.68% if you look at each individual, you can see they've gone up 70 basis points same for home mortgages. little less for autos and a lot more the credit cards. this whole thing on a home loan

is about a hundred bucks autos, a buck o month. so it adds up over time. take a look at corporate credits. 60 basis points on aaa, that's the highest investment grade and lowest investment grade. over here 70 basis points. 4.26% for bbb. of course, guys, when you get into high yield and junk bond credit, those numbers are quite a bit different. but that's how it works its way into the economy there's one tug or war we've been talking about between earnings and between rates this other one is between rates and the tax cuts and the effects of higher wages in tax cuts and how much more people are paying. >> steve, i have to say, i think the most interesting if our camera man can zoom out again is the screen behind you at the moment because the rates onthe riskie end of the corporate bond market have only gone up exactly how much the government debt's gone

up if there was a warning sign we were heading to recession, you would expect those to increase as well which they haven't done. >> here's what's interesting you're zeroing in on something i didn't want to get into, but really it's the spread issue okay so if you take the 10-year treasury as the benchmark, it's not necessarily for these things but let's say it is. the fact that this has gone up only 60 means, in fact, it's compressed so what's happened is these higher rates have attracted some investment attenuating the amount they go up. for the lesser credits, it's about the same you haven't had compression. so the difference -- you're absolutely right, will this is a matter of spread compression where the difference between the underlying security and its benchmark have gotten smaller and that's often a sign of attracting capital from the higher rate that's out there >> thought you did a lovely job at that, steve. >> did, indeed >> these are patented air charts >> steve, thank you very much.

steve leisman at hq. on that very note, some companies are using junk bonds to raise cash. why not? when the market will hand the money to you, people are buying in droves. last week junk bond funds took in $3 billion. that's the most since 2016 >> joining us now john miller head at nuveen asset management. that point we just discussed with steve, also this point about junk bonds, it is i guess relatively encouraging that ultimately people feel companies and the economy is still pretty strong >> absolutely. in the muni market we've been seeing data come in whereby state and local government tax collections, that's really some of the key credit metrics for municipalities they're coming in around 5% for the trailing 12-month period that's better than 2016. we're also seeing defaults ebb to a lower level and upgrades are exceeding downgrades at moody's. that spread compression on the

corporate side, that spread compression is also happening within municipal bonds too >> it might be looking more and more attractive for investors to give money to these companies. what about giving them to state and local governments? i feel like every day i read another headline what trouble they're in because of pensions and other obligations. but we're in the middle of a bull market. what do you think is the prospect for people in muni bonds right now? >> couple of things. first of all, pension obligations, that is a very long-term ongoing issue which is also extremely diverse depends on the specific state or city or county that one's looking at i would say overall funding ratios are relatively stable it just depends on which particular municipality. then more broadly speaking, this is a whole infrastructure sector in terms of many different securities that are less related to unfunded pensions

we're talking about airports, toll roads, hospitals, schools and the tax benefits the individual investors are receiving. in some respects have been enhanced by the tax reform law that went into place so after tax or tax adjusted yields in municipal market have improved >> john, what about yields elsewhere in the rest of the world? are we seeing spreads there widen or tighten >> we've actually seen spreads tighten. the general theme across fixed income has really been to avoid the negative total returns from nearby term movements higher in interest rates therefore things like emerging market spreads, corporate high yield spreads, and so forth, muni bond high yield spreads those have all been more popular. because that creates a little bit of a cushion from just the interest rate move not to mention the higher income you receive along the way.

>> okay. john, great stuff. thanks for joining us. john miller from nuveen. let's discuss a little bit more about the yield curve. of course everyone's been focused on the 10-year jeff cox says another treasury could, in fact, be more important. >> hi, wilf. the 10-year treasury yield has caused a good deal of worry in the markets this week. but i think investors may have their eye on the wrong ball here now, a bigger story developing could be the 2-year notes eclipsed at the 2.5% rate. that's a ten-year high and a level that could make bonds more attractive than stocks especially in this volatile environment. now, consider this doesn't it make more sense to buy a risk-free bond for two years at 2.5% return than to hold 10-year paper for a 3% coupon many investors think so. etfs have seen outflows over the pa month at the same time, bond funds have seen inflows of $5.2

billion. this comes at a time when the s&p 500's dividend yield is 1.9% now, how high levels can go from here is an unsettled question at this point the rising pictures gave investors something to look at guys >> jeff, very interesting take i can totally understand that short-term point what is the relative high compared to a longer time frame? clearly as you say, this is roughly a ten-year or nine-year high for the 2-year at the moment when we go back, what was typical of the shorter term? >> if you went back a year before the financial crisis around 2007 or so, even two years before, we were talking about a two-note with a 5% yield. which looked like a pretty good play you could sit there and flip a coupon while all of the tumble was going on in the market one of the things you have to look at is for so long under the fed's qe programs and zero

interest rates, cash and cash equivalents, you were forced out of them. that's no longer the case. so that gives investors a choice there's also the other question of why are yields going up are they going up for good reasons? are they going up because we've seen a -- the feeling i'm getting from folks in the market is maybe we're out over o >> thank you, jeff cox check out more of his article right now on cnbc.com. 20 minutes to go dow up 45. quickly losing the gains we were up more than a hundred on a moment ago. s&p hanging onto just a 2.5 point gain here. up next "the closing bell" exchange sizes up the market calm we'll see if there's another storm coming and after weeks of pr woes, we'll see if there was any impact on social media giant

atcebook with their earnings th come after the bell along with other companies we're back in a couple of minutes. helping keep shoppers safe. this is a financial transaction secure from hacks and threats others can't see. this is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. this is not the cloud you know. this is the ibm cloud. the ibm cloud is the cloud for smarter business. ♪ ♪ i am an independent financial advisor. i left a traditional brokerage firm because i wanted to be free of their constraints. at my firm, i act in the best interests of my clients. i can tell them i'm supported by one of the world's strongest, most admired financial firms. fewer constraints, the freedom to do what's best for my clients. that's why i'm independent. charles schwab is proud to support more independent financial advisors and their clients than anyone else.

visit findyourindependentadvisor.com

>> welcome back to "the closing bell."

shares of entercom up today. entercom also owns radio station the number one sports radio in the country. mike francesa will be returning to the station who here can i talk about this with not you. grasso >> sure you don't know that i don't know who that is >> i know you don't know who that is. >> and he's such a nice person too. warm and fuzzy nap is amazing, right? complete turnaround. >> oh, my gosh so they're rivals on the michael k show now those ratings are up they brought in three people now they're going to try to keep him around >> i also would have mispronounced that i would have said francesca. >> no.

>> stocks mostly shaken off the positive results whether solid earnings joining us today tom liden, stewart frankel, steve grasso, and rick santelli. gents, good afternoon to you all. steve, i guess the key thing is earnings yesterday beauing is a great example. dragged down by somebody else's earnings today able to prop itself up with its own ones. >> when you see the key thing is earnings, when you read that headline where it said 80% of the companies that have reported have beat, and the market really doesn't care about it. the market cares about what caterpillar reported yesterday that scare about peak earnings or margins being compressed. i think the market is trying to evaluate what multiple they're giving on this marketplace where

they have so much unknown. whether it be trade. whether it be the real impact of taxes. this is all positive stuff and i think that the sellers are shooting first, asking questions later. earnings have been on as a whole on the positive. but the market's trying to price in have we seen, quote unquote, peak earnings. >> tom, i'll just mention a moment ago there's now 650 million to sell on the bell. so those numbers might have increased the selling pressure the dow just turned negative we've given up that rally from a moment ago what are you focused on for investors? >> well, a couple things you know, trends are still in place. we've seen a lot of volatility we've seen concern about technology stocks. but the nasdaq composite is still above its 200-day average. it's still above that february 8th low. and also, in the last segment we talked a little bit about flows.

even though mutual fund flows are in the negative, we've seen $128 billion in new money coming into equity etfs that's really huge i think looking at those long-term trend lines is really important as steve kind of touched on earnings are driving this whole thing though they're not getting a lot of love right now. trends are clearly in place. >> rick, in terms of what we're seeing in the bond markets and auctions, there was the 2-year yesterday. how are those going and how much is that demand/supply outlook factoring into where yields are versus other factors we talk about? >> you know, average is the new great when it comes to actiucti. today's 5-year wasn't too bad. we haven't had the type of demand at auctions that we used to have. does it really matter? the paper's moving it's going to be $96 billion after we get done with $29 billion seven years tomorrow but it is a little bit more sticky and we can see that the

auctions aren't as aggressive. having said that, i think that today's biggest feature is the fact that 3.03% is the high. that's a hugely significant technical level. i would suspect a lot of technical traders out there are going to go against this move. they're going to buy some treasuries and then double sell them they're going to get out and get short. should we get three or four basis points above that on a weekly close that's important like first quarter gdp. dollar index within one penny of unchanged on the year. and the biggest variable in my opinion, tomorrow's ecb meeting. you know, the central banks that are still shoveling lots of coal into the furnace of the global economy are starting to run out of coal. okay whether it's corporate securities in europe or some of the products the bank of japan's been buying. i would think tomorrow at the press conference, may have questions along those lines. i think that's very important considering the spread between

10-year bunds and notes. >> steve, a last word to you i was just going to ask about the dollar if it does start to strengthen here >> the most consensus across the street has been short the dollar it might take a few more days to see that unwind. but i'm looking for -- we're going to hear from facebook and amd. i'm looking for a little bit of a bounce whether or not it's a dead bounce or not. this is quite shocking to me that we're able to sell off during earnings season so maybe it's the reverse again of the reverse. >> bit of a bounce the the market in general or facebook? >> both. whether it's tech or semis in the sub-sector of tech, i think you're looking for a bounce. i think it is oversold just watch the tape. i think it's going to get a little bit of a footing in the next couple of days. >> tom, where are the investors who are supposed to be buying

those bonds? >> well, frankly in the etf world, they're looking overseas. with the s&p, we're seeing 14 and develop in international markets. and p in emerging markets. we're looking too much at the u.s. start looking a bit overseas >> okay. tom, steve, and rick, thank you all very much for that >> about 11 minutes to go here dow's turned negative by ten points we mentioned there's selling pressure on the bell that's feeding through. s&p down two, russell down four, nasdaq down 14 >> the mystery company that is gearing up to report earnings after the bell and history shows it typically moves a massive 7% on its results what stock is that we'll reveal when we come back let's begin. yes or no? do you want the same tools

and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online.

with a class leading 31mpgs nx combined estimate. lease the 2018 nx 300 and nx 300 all wheel drive for these terms. experience amazing at your lexus dealer.

you know what's not awesome? gig-speed internet. when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party. welcome back we've got some big deal earnings after the beg today. facebook in particular the whole market will be looking to see what their numbers look like after their privacy issues. but we also have chipotle, visa,

at&t among others. only chipotle in the green right now. up a little less than 2% now, what might happen when they report? chipotle according to our data partners at kensho have moved on average 7% up or down over the past eight quarters after earnings were released and facebook we've seen shares move typically quite a lot on earnings days around 3%. so those are the ones to watch >> especially today for facebook by the way, at&t, 2.5% visa usually moves around 2% not huge these days the market's really hanging on what happens with the earnings numbers we saw it play out again yesterday and certainly today. we'll bring you the numbers and instant analysis after the bell in just a bit. >> meantime, coming back with the closing countdown. don't go anywhere. let's begin.

yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks,

$0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. welcome back to "the closing bell." we've got about four minutes until the close. we're back in the green on the dow. for most of the day we were in the red. for much of the last hour, we were in the green. we've been yo yoing for the last five or ten minutes around the flat line. we're in the green just about as we approach the close. but all those are essentially flat let's have a look at the

intraday chart of the s&p. we opened flat we quickly sawed off steadily improved throughout the day. we lost that sort of 0.5% of gains in the last 5 to 20 minutes or so. let's have a look at the sectors. interesting to see yesterday it was very much the industrials and the materials that underperformed and telecos that were the best. today it's a bit of a reversal energy near the top. the likes of real estate, financials, and technology near the bottom today again, overall we're essentially flat so there's no real clear winner or loser let's have a look at boeing over two days such a crucial factor has been earnings over the last couple of days caterpillar yesterday really brought down the broader industrial sector. and there is boeing over two days potentially the call was more encouraging than the numbers that important guidance as

opposed to the quarter just passed as i bring in bob pisani and looking forward to tomorrow, we got a half screen there of tech names twitter down today facebook after the close and comcast which reported nice numbers this morning up 2% at&t will report after the bell. so many earnings coming as the bell rings today >> there's good news and bad news i think you put up stocks i care about here but the conference call was uneventful they seemed to imply this was going to work out, a deal was going to be made they weren't terribly worried about inflation. they were very soothing on that. there's the news here's the bad news. look at 3m again down today near a 52-week low it's shocking to hear that but it is. near a 52-week low down about 9% recently got a problem there. even minor tweak to the guidance

goldman sachs, no energy at all since the earnings of financials generally are down this week despite the 10-year continuing to move up and the staples names. i could put up ten at 52-week lows right now that's a bit of a concern. we're one-third of the way through earnings season. the numbers have been nothing short of spectacular overall not only are they better than expected 80% beating. the second quarter numbers are high higher nobody's disappointing in any tremendous way but nobody's terribly impressed. since the earnings seasonjpmorge market's done nothing. >> we got away without mentioning the 10-year treasury so far but what impact is that having on the dollar and will the dollar be a head wind? >> the dollar's been strengthening. remember, we were in a down trend for the longest time that impacts overall earnings. you'll hear people talk about the impact of the strengthening

dollar that routinely showed up this quarter, it's commodity inflation. if that's what's going on with the dollar, we'll hear about dollar effects >> thanks very much. there goes the bell. we are back in the green at the close. dow up 50. ringing the bell here abercrombie & fitch to highlight they had their investor day. the nasdaq infertility awareness week nap is it for the market trade today. up 56 points on the close. kelly's got the second hour. welcome to "the closing bell," everybody i'm kelly evans. dow with the highs this afternoon. gave that all up then was able to reclaim on the bell there the 24082. the s&p also managed a five-point gain to 2639 today. not the case with the russell

and the nasdaq the nasdaq just by a point or so just above 7,000 7,003. and the russell 2000 down about nearly three points to 1,550 interestingly the dollar strengthened not major moves and interest rates but the 10-year still over 3% or so the major focus now is going to be on earnings and in particular on facebook's results. we have our reporters standing by to cover these results for us julia boorstin this is a seven-box. phil lebeau will bring results from china josh lipton is monitoring ebay for us bertha coombs will bring chipotle numbers jon fortt, qualcomm. and seema mody, at&t we'll see you all in a couple of minutes as this gets underway. joining me on the panel, we have michael santoli. what do you do to prep >> i'm just riding free here >> rahm cox is with us too mark lashini is with us as well.

the big winner on the dow today, by the way, was boeing that bottom line, they blew out the earnings number on the bottom line. boeing was up 4% interestingly even though the other defense stocks did rather poorly general electric was down 4% it also had a shareholder meeting today. over in the s&p, norfolk southern was the biggest winner and trip adviser was the biggest loser. those moving 8% or so in different directions mike, let's talk about facebook for just a second. we're looking for $4.2 billion on the monthly active user how much does the overall market depend on these results, do you think? >> i would say the nasdaq has a lot at stake when it comes to facebook numbers because it was the first to roll over obviously cost going to go up. we want to hear how they characterize that extra spending to do that monitoring and the rest of the it i don't think last quarter's

numbers are the only focus, but i think we have some suspense here >> i want to get into that i want to hear your thoughts on interest rates we held above it today >> yeah. i mean, i'm not looking at the -- a lot of people say my god, it's not a two, it's a three in front it's just going up and i think that's the general problem that's going to take people's interest away from other potential investments. i went to open a bank account yesterday. at an unnamed bank that has an acronym. >> it's about time you got one, rob. >> i needed a weird account. anyway the guy made a big deal saying, look i can get you in at 1.5% interest rate. and he started talking how interest rates are going up. it occurred to me that people are making -- having this conversation all over the place. and so it's starting to take people's minds off the idea of investing in potentially riskier securities when they think they can get a bank account, savings account at 1.5%.

i was like, that's kind of interesting. no one pitched me on a 1.5% interest account that's all because of this interest rate environment we're in >> and mark, there's been a lot made of that what is it going to mean for the bank ifs they are seeing more pressure from the deposit base like show us the money we're not really getting compensated for it >> the good news is for their markets, there are a couple of things one is the fact that domestic economic activity has been sturdy and should remain robust. that should be good for their loan portfolios. we know that commercial industrial loan related demand is rising. and banks are in a position to lend into it so they should make money there. in addition to that, while they may have to pay a little bit more on those deposits as rob was mentioning, the fact is they're making more spread if you look at the yield on the 2-year treasury, it's up to 2.5% plus while last week's concern was about an inverting yield curve as spreads between 2 and 10 compress to 43 basis points

today they're back up over 50. i think it's good news for the banks. >> we'll see, of course. the reactions have been interesting amed all these moves. qualcomm earnings have crossed how did they do? >> this one is possibly going to be choppy after-hours. qualcomm has a beat on the top and bottom lines $5.3 billion in revenue. the street was expecting $5.18 billion. but the guidance, the street was looking for $5.28 billion for q3 the midpoint of the guide that qualcomm is giving is 5.2% and the midpoint that qualcomm is guiding to is 70 cents. but in the commentary in the press release around this quarter, they sound positive they say that they are making

progress on executing their billion-dollar cost plan as they said in the recent past. they are continuing to expect to close that agreement to acquire an xp. although there are regulatory issues around it >> yeah. the chinese don't seem to want that to happen qualcomm shares of less than 2% right now. let's get out to julia boorstin. how'd they do? >> they beat on both the top and the bottom line. the company reporting revenue of $11.97 billion that's up 49% better than expected analysts had been projecting $11.4 billion in revenue earnings coming in at $1.69 per share. analysts had expected $1.35 per share. that's up from $1.04 from the year ago period. 63% increase in earnings per share. the company's also announced an additional program of $9 billion buyback. this is $9 billion in share

repurchases. in terms of the daily and monthly active users, both grew 13% year over year both right in line with expectations 1.45 billion daily active users. 2.2 billion monthly active users. what this means is they're generating more revenue per user than expected. average revenue which is a key metric is $5.53. analysts only expected $5.35 so really interesting that in this quarter when there was so much scrutiny on, you know, data privacy and safety, that they actually generated much more revenue per user than expected and mark zuckerberg writing in a quote here, despite a challenging few months the community and business are off to a strong start. we're taking a broader view of our responsibility and investing to make sure tools are used for good but we need to strengthen communities and bring the world closer together. a key thing they'll be focusing on, how much they're going to be

spending to help manage these issues back over to you >> all right, julia. thank you. facebook shares fluctuating here on the results they're up about 3% or so right now. this is going to be real interesting. is it going to get broader attention even from congress this number the average revenue per user the market was expecting around $5.35. which is a chunky number as it is >> it's amazing, you would think the company had no particular incentive to maximize the rep t reported numbers this quarter. >> exactly >> it is so effortlessly profitable that it gets away from them. we've seen this before >> this is the bold case of facebook you made this case before. the reason they're attractive is the sense they have a momentum of their own we wondered if that was gone now because they have to hire so many people and deal with so much >> not gone yet. the good news if you want to look for an excuse to say this stock has bottomed and it can go

up from here, the level from which they're now going to spend more is higher in terms of the profitability right now, $9 billion additional buyback. that's okay. it's not a big percentage of market cap but it shows you there's plenty of cash there for whatever uses they would want. >> yes and the shares hanging onto a 2.5% gain. rob, what do you think >> i think -- i never doubted the -- this machine. i mean, it's ability to crank profits off our data has always been the great allure of facebook i guess longer term you just -- i can't help but think microsoft 15, 18 years ago they were also doing really well at this time 18 years ago as the department of justice and everyone was sniffing around they were still cranking out earnings in fact, they went on and became more profitable. the company got bigger in every respect except its market cap. i think that's one of the

problems facebook is going to have i have no problem that the top line is going to grow. even with the extra costs. the bottom line will continue to be robust. i just question whether the world is going to want to give the kind of waiting to those numbers they have in the past. >> exactly with the market making that. let's bring julia back in with more color here. >> a couple more interesting details here the company saying that mobile advertising revenue represented 91% of all advertising revenue in the first quarter pretty dramatic to look at how nearly all of the ad revenue now comes from mobile devices. also the head count was 27,742 as of the end of march zuckerberg has talked a lot about how they're hiring more. so it'll be interesting to see how big that number grows over the course of this year. also capital expenditures. capital expenditures in the first quarter were $2.81 billion. the company had forecast

guidance for spending between $14 billion and $15 billion over the course of the year it seems that will be back loaded towards the end of the year we'll be listening to see if that number gets higher than $15 billion in the earnings call guys, back over to you >> thanks. facebook still with a little more than 2% what do you think is going to be the impact here? we have a ways to go this is just the first reaction. we'll see what they say on the call we had a big reversal just today with what turned into decline. what's the significance of these numbers to you, mark >> the significance for me is it reinforces the numbers we've been seeing in this earnings confession season. that is we're seeing spectacular earnings growth on a year to year basis, enough momentum to see them collectively announcing that is going to be the same in the subsequent quarters to come. it's not not just -- it's top

line revenue growth. so how it plays out amongst the fang stocks in broader tech space, yet to be determined. i think it's certainly a tail wind for the market at large which i think investors are being particularly harsh on at the moment but as well the tech space overall. >> yeah. well, speaking of scrutiny from washington, we also have earnings from at&t that are out right now. seema mody has those numbers >> at&t first quarter results are out. earnings of 85 cents adjusted which came in below expectations the expectation was 87 cents revenue after $38.04 billion that also missing expectations that is down over 3% from the first carter of 2017 it reported a net gain of sub skrie -- subscribers

postpaid subscriber ads, 158,000 of which 49,000 were domestic. of course, the big overhang of the stock has really been at&t's proposed acquisition of time warner the trial is set to end next week with closing arguments expected any time now. keep in mind, down over 10% so far this year. trailing the s&p telecom sector as well as the wider market. >> thank you, seema. mike, this is another one where you wonder -- i'm not saying they can just play around with the results, but is the worst they do going to lend the more greens to their need that is being debated right now. >> potentially this would resemble a perry mason verdict before going to decision in the case i think this reflects the market is not going to look at these numbers and say this is decisive about at&t's prospects

you want to know about time warner you want to know about the scrutiny of the competition and the government inquiry verizon's numbers yesterday looked okay. >> i was going to say they actually did all right at&t is down about 3.5% right now. let's see how chipotle the one that usually moves the biggest of the bunch, chipotle numbers out now. >> we're seeing a big move on a pretty big beat. chipotle reporting $2.13 per share on revenues of 1.15 billion there is the earnings were higher than expected an increase of 7.4% for those revenues also the same store comps were better than expected at 2.2% compared to 1.3% estimate. the new ceo brian nichols said while we made notable progress before the quarter, i think we can accelerate that progress in

the future and that we are in the process of forming a path to greater performance in sales the stock has done well since nichol came over from taco bell in february. was named as the new ceo and a lot of people have real expectations that it will help try to revitalize this company that's had branding issues over a number of problems that they've had. operating margin at the restaurant level was 19.5% in the first quarter, guys. that was up 1.8 points from the first quarter a year ago that conference call will be happening over the next hour or so and of course you're going to want to tune in tomorrow morning. we'll have brian niccol on tomorrow on "squawk on the street." >> thank you very much

bertha coombs there. chipotle was up a moment ago double what the street was looking for. >> a little bit of upside to the comps. the fact they're controlling what they think they can control. still very expensive stock i feel we haven't talked about how this stock is up 35% since the new ceo was down but it shows the market wants to try to believe the story >> the like the taco bell guy? >> apparently so they like when somebody tries something new. >> i think they should offer chips as a topping and a base. >> my own household focus group as a base. >> you don't need the lettuce or the rice rob, what do you think about chipotle >> you know, when you have to bring in somebody from taco bell to improve your menu, i think that's a problem but no i mean, as mike said, people like that this guy's come in the stock's still 340 bucks or

$350 it was a $500 stock a year ago it's expensive, but it's one of these stories that's just never going to be hot again. what it might be is -- >> never >> -- it might continue to exist. i don't think it will ever be hot again. but these are restaurant concepts as they call them in the trade. and they follow this stock graph that goes up, it's fantastic then there's a problem oftentimes they go up, down, and then it flat lines >> is that one of the guys in the mid-'90s saying who's going to spend $2 for a cup of coffee? >> i never was a bear case on starbucks. to me that's a drug. that's different coffee's a drug. >> some might feel that way about queso. but let's move on. how about visa

deidra has the latest. >> hitting on the top and bottom lines in terms of eps up 30% $1.11 versus $1.02 expected revenue up 13%. and hiprocess $29.3 billion. in the release ceo al kelly attributed to strong growth and payments volume. also the payments processer increasing the outlook based on its first half performance remember this is fiscal. second quarter earnings. some of the backdrop here, of course, the big banks reported strong car volume numbers as well as third party data telling us spending's been strong. so far this year and over the last 12 months has been beating.

year to date mastercard up 14% before the after-hours action, visa up 4% >> thank you shares of a little less than 2%. this has got to be a good -- as much as caterpillar was talking about a high water mark here, can visa give us calm looking at the outlook? >> that's what i would hope to hear from some of these managements opposed to what we heard from cat bierpillacaterpi. and of course visa as well as any kind of payment processer is -- if you will, more of a coincidented activity that's occurred in essence telling us what we already knew which was this accelerating global growth that's been underway since 2016 continues in earnest. the question now is whether at

peak growth or not >> especially with the -- we're going to get the gdp rate on friday visa with its own look thinks it's good >> phil lebeau has the latest. hello? >> it is a beat on the top and bottom line on ford in the first quarter. i'm not sure people are going to be excited about the numbers ford earned $39 billion in revenue. that came about $2 billion better than expected the bottom line? ford earning 43 cents. but most of that was due to a beneficial tax rate. continues o to be north -- and something we've talked about involving a lot of companies in the first quarter, it came home to roost for ford. that's raw material costs. it was up $484 million for ford

in the first quarter so there a company says in 2018t expects modestly higher revenue and cash flow. cost cutting and efficiency. this is what they call their fiscal fitness it's starting to come through for the company. in fact, they are moving forward. their projection for hitting their target, 8% even if the market is -- finally the one question a lot of people are focused on, when will they be able to -- still no guidance on that conference call coming up a little bit later this afternoon. but there are the numbers from ford >> phil, thank you very much mike, as you said shares up about 0.5% right now >> under a tremendous amount of

pressure >> right the whole thing about moving from steel to atlum numb but you, it's a longer -- >> absolutely. we'll see if they can hold onto the gains. let's talk about ebay in the meantime that one's moving on the results. josh lipton brings that to us. >> eps here 53 cents thap is sma that is smack in line what the revenue was looking for. so the total value of products sold on the site, $23.6 billion. that was up 13%. let's get to the guidance for q2 between 50 and 52 cents. looking for revenue they were looking for $2.64 billion. analysts projected $2.69 billion. and they're calling for $2.30.

street was at $11 billion. just digging in here kelly, looks like market place platforms delivered. stubhub drew revenue of $232 million. gmv up $1 billion. call starts at 5:00 p.m. eastern. >> thank you ebay shares are down nearly 6% right now. so investors' reaction is not too hot on this one. speaking of ebay, they famously spun out deidra. >> trying to reinvest investors the stock has not -- eps of 57 cents. that's higher than the 54 cents street was expecting revenue of $3.69 billion that is greater than the $3.6

billion that analysts were expecting. also want to talk about guidance lowering its gap eps to $1.76. however, raising its full year revenue guidance will raise it to a range of $15.2 billion. payment volume, higher than expected $132 billion up 32% also total payment volume for venmo. this is the peer to peer payments app $12 million greater than expected that's up 80% and seeing strength in mobile as well we are going to be on the call to find out a little bit more about the guidance changes also take a look at the take rate back over to you >> deidra, thank you >> earnings looks good this should continue the next quarter at least

the market reais erts itself in terms of a bullish response to the behavior we're seeing in corporate america. >> rob, your two seconds >> earnings growth is good 22% growth from year before according to reuters numbers but i just feel like the world, people are looking for more than that i think it could be a flattish period of time in the markets. >> all right we got that in before the satellite pulls the plug on us thank you for joining us one more check on chipotle which is up 10% after-hours. people pay 3 bucks for coffee now. 6 bucks. >> now starbucks is the kind of exception to the rule that restaurant concepts run their course quickly >> we'll see if chipotle can be part of that more still to come on "the closing bell." straight ahead, wie'll debat facebook what should you do with this stock? and we're waiting for several earnings conference calls to

start and move those stocks. and don't forget to vote where you think amazon's second headquarters should be we'll reveal the winner tomorrow this is "the closing bell" live from the new york stock exchange 'rba itwva ens wee ckn o minutes.

welcome back everything for facebook the last couple of months, the stock is up based on its results. welcome to you both. ross, i know you turned a little bit less positive on the stock here lately with all their privacy troubles what is the fact they're monetizing so well do to make you feel more positive about them if it does? >> yes and no. it was obviously a great quarter and they didn't have those problems baked into e the earnings last quarter. we'll have to see how this confluence of maturity of the social media business here in the western hemisphere, the higher costs for employees and monitoring services. and most importantly greater regulation that's why this story has

changed and why we trimmed our position the future of facebook is going to be harder than the past so they're in a great place to sort of resolve their issues and they seem to be in a pathway to doing that. but it's not the same investment it was two years ago or three years ago. >> and kevin, that's kind of the point that rob cox was just making he said, you know, comparing it to microsoft in the early 2000s, that company kept growing but the stock was mired because the market just didn't think favorably of it. is facebook in similar territory now or no? >> i think people are still really hooked on it. occasionally it gives you the creeps does logging onto facebook give you the creeps if it does, that's really bad for mark zuckerberg. if it doesn't, then everything's fine you know, it's -- i guess people are shocked that they've given all the data they've given to facebook but, you know, they only have

what you've given them >> a lot of people aren't shocked, by the way. so if they do have to keep hiring, if they are subject to more regulation, do you like the stock here do you think it can continue to grow >> i think it can probably continue to appreciate it's one of our top ten positions. we have no plans on trimming it right now. i guess one way to think about this is that regulation represents barriers to entry for new competitors coming in. it actually often helps the incumbents because they can afford it >> yeah, but i don't think they're regulate start-ups >> no, but they had this spread about how much this regulation especially what's happening in europe is already putting so m of the smaller data companies out of business and actually reinforcing the market leading position of the giant ones >> well, in some ways, that's true but i would say the truth of the matter is there's plenty in technology and i'm not per se worried about that

i think as a facebook shareholder, once the regulators come in, they either -- you have no regulation or overreaching regulation but there's nothing in the middle that's what we're concerned about. >> all right and earlier this week jeff gundlach said he was shorting facebook >> that concerns us too. he is pretty good. >> oh, he is i'm sure thank you, both. the shares still up 4% after-hours though >> they are. to me the regulation question is are they going to have a chilling effect on anything they want to acquire. >> or i wonder, too, julia said they're now 91% of their advertising is on mobile but what happens when the next platform is voice and reportedly they pushed back a little bit on those? >> it's the long-term shifts you have to be concerned with. by the way, everything pc-based for facebook, we should be talking about it it's this kind of stub end

business that doesn't drive it >> tracking down everyone who still gets them. here's how we finished the day on wall street dow managed to hang on to a small gain the s&p up four. the nasdaq down 3.5. we'll see what the nasdaq did in particular time for a news update with sue herrera. >> hello, everyone here's what's happening at this hour a suspected california serial killer who committed at least 12 homicides and 45 rapes throughout that state in the 1970s and 1980s was identified today as a former police officer. he was known as the east area rapist and the golden state killer >> yesterday afternoon in a perfectly executed arrest, my detectives arrested james joe de angelo 72 years old living in citrus heights. today we at least brought the first step towards closure for

those victims of these horrendous crimes. >> senate minority leader chuck schumer took to the senate floor today to explain why he is voting no on the nomination of cia director mike pompeo for secretary of state he cited pompeo's unwillingness to say he would resign if president trump took moves to undermine the law. a one of a kind mcdonald's will open tomorrow it will offer menu items from around the world and the globally inspired restaurant is part of the experience of the future you are up-to-date, kelly. it is very cool. they're going to have the spicy chicken sandwich and something from canada all over the world >> canada's such an exotic place. i can't wait to see what they come up with >> i know. i sense a road trip coming, kel. >> let's do it >> smoked meat

montreal's delicacy. >> there we go >> all right i'm learning a lot here. thank you so much. >> you got it, guys. boeing the best performing stock today. coming up the "fast money" traders on whether tt anhagit can take off again be right back. kevin, meet your father. kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you.

welcome back couple more earnings reports

have headed our way including advanced microdevices. >> a lot of chip stocks. amd, earnings and revenues came in better than expected. shares spiking here in after-hours. keep in mind, shares have been under pressure over the past month due to concerns over a slowdown in cryptocurrency mining but the company's actually forecasting stronger revenue growth in the second quarter trying to trump those fears. shares up now almost 8.5% in extended trade let's switch to xilinx 64 cents versus the estimate of 65 cents so lower than expected revenue, though, $673 million. that came in higher than expected and shares are up 7%. so far a strong day for semiconductor stocks >> seema, thank you. i feel like this is a big deal i mean, especially after yesterday. >> and qualcomm today. i'm looking ing ing at the semir etf, it has been higher after

close. so clearly they're trying to front run this idea there's a bounce coming. >> yeah. let's talk about the industrial heavyweights diverging earning story for two of them. boeing up 4% after beating on revenue especially on earnings today. caterpillar down we talked about that yesterday the cfo told analysts it was a high water mark. joining us fast money traders. welcome to you i know we've had a lot of earnings and a lot of news here to think through but if industrials was supposed to be a leadership place, david, did boeing calm some of those fears today after caterpillar results? what do you think? >> it absolutely calmed some of the fears. i think they were blown out of proportion they talked about peak margins, not peak cycle the reality is i think both stocks here are a buy. i like boeing and the fundamentals it's a really sort of locked up

story. cash flow story. i mean, they really have everything sort of working in their direction there. cat i think that be derisked after yesterday's sort of, you know, commentary from the company. i think it was a little bit misconstrued and probably a little bit overblown by press and media. cat is still an excellent level to step in and buy stock >> derisked is a polite way to put it >> exactly >> on a day like that. pete, what about you >> i agree with david in terms of some of the commentary being taken. taking the context to the next level. in terms of boeing, though what numbers weren't great i mean, absolutely across the board, kelly this is a stock that everybody's been trying to shoot at. where it did get to highs earlier. the projections going forward and earnings projections going forward, the guidance was strong deliveries last year were a record and those numbers were even better so there's nothing about what

they reported that doesn't tell you right now that boeing is still the place to be. >> no doubt. the guidance was strong. and the guidance was probably conservative i'd say there's probably upside to that. my idea is you see the stock continue to work higher here >> all right we'll see if boeing can regain its place as a momentum stock. thank you, guys. there's much more "fast money" action starting at 5:00 p.m. eastern time the earnings calls from chipotle and at&t are under way. we'll bring you some of those highlights that's coming up so, my portfolio did pretty well last year. that's great. but the market was up nearly twice as much. that's a tough pill to swallow. exactly. so i started trading. but with everything out there, how do you know what to buy? well, i think my friend victor has just the thing for you. check this out, td ameritrade makes it easier to find the investments

that might be right for you. like our etf comparison tool it lets you see how etfs measure up to one another. analyst ratings and past performance... nice. td ameritrade also offers access to coaches and a full education curriculum to help you improve your skills. that is cool. and if you still have any questions you can always chat with us on facebook or call our experienced service team, 24/7. yep. just because you're doing it yourself doesn't mean you're on your own. that's great. you're still up. alright. you're still up. if i knew you were gonna run the table i wouldn't have invited you over. call (866) 296-7451. act now to take advantage of commission-free trades for 90 days, plus get up to an $800 cash bonus when you open and fund a new account. ♪

welcome back we've been watching cities make their cases as to why they should be homes to amazon's new hq-2 we're down to the final four final four for this race according to our viewers include dallas, denver, pittsburgh, and toronto. pittsburgh, mike, made the cut and dallas head to dashforamazon.cnbc.com all four have gotten your voting thus far

hhea rt&t shares tradingigr. we're going to get more on these calls after this week break.

welcome back qualcomm results out earlier this hour. jon fortt has just spoken to the ceo. what'd he have to say? >> three points are interesting. one, smartphone sales in china solid across the board across the low, mid, and high tiers that's in contrast to what we saw last quarter he also said he does expect

china will approve the nxp acquisition despite this delay that's partly because eight out of nine jurisdictions have done that already it would be pretty unusual for china to allow itself to sort of be out there alone and then finally this guy that's a bit weaker than some had expected has to do with the licensing business because there's a lag in how the licensing business recognizes revenue. this is really about those q1 issues with demand in china. there have been an inventory build. now that is behind them. so investors shouldn't necessarily worry about that following it through the rest of the year >> so it's not so much about apple and waway and everybody withholding those payments >> no, i mean, that's already built in and it's really just apple withholding payments mollenkopf has said the licensing business issue here has to do we the inventory buildup ahead of the new year and then the flushout through.

>> the shares up more than 2%. jon, thank you jon fortt speaking with the ceo of qualcomm. shares of chipotle popping after results earlier this hour. that call is you should way. bertha coombs monitoring the call for us. >> that's right. a lot of analysts saying it's more about the tone on this call that is what people are going to be watching for. among the highlights that they touted during the quarter were that digital sales made up a big increase up 8% year over year mobile orders up about 40% from a year ago and they said they have seen a surge in those mobile orderings since relaunches that's one of the things they're going to be concentrating on including exploring their catering and the fact they won the webby award for the best mobile app and the interface they expect that they will see food costs continue to stay

down moderate at the moment part of that, though, is driven by the fact they have increased prices that's what helped them on the bottom line here and also helping to offset the fact they are going to see probably a 5% increase on wages as they as they pay more to those managers and to workers they really are trying to boost the culture and really trying to turn things around and make people very committed to maintaining quality so they don't have some of the problems they've had in recent years. marketing costs they say are likely to go up in the next quarter. they were about 3% of sales during the first quarter but they say for the second quarter, it could go between 3 1/2 to 4% of sales and at the moment, their 2019 guidance they say does not include what they expect will be the results of some of these initiatives that they will be launching. we're going to go back on the call and wait for the q&a. >> bertha, thank you mike, chipotle shares up nearly 10%. i know you're impressed by that

webbie >> that's really what you want to fixate on what their projection is ultimately for store openings, for store account. they do continue to add stores relatively modest. >> i think they reaffirmed it. >> 140 or something. >> about a 150 yeah and for a while, that was the whole narrative with them. >> exactly, and of course they've had over issues. i don't know how much more they can keep increasing prices, though but maybe to your point of 2 t $2 cup of coffee, maybe you would pay 15 bucks for a burrito. >> if you you've use the app coming up on "fast money," facebook's earnings call kicks off at 5 and gene munster will be lynning in he'll give us the instant reaction to the quarter to highlights from that call. all starts the top of the hour

it's been a crazy hour for earnings results from facebook. shares up there. chipotle shares up even more at&t and others going the other way. we're going to recap all the big movers for you, and what to listen for on the upcoming conference calls, right after this

11:00 a.m. on wall street, and squawk alley is live another earnings mover this time it's oh really automotive seema mody has the numbers. >> it's important to keep in mind when look at trade and the uncertainty around nafta, o'reilly automotive reporting earnings of $3.61, well above expectations of $3.58. revenue was in line with estimates. 3.4% which was above the mid point of the company's guidance for the first quarter. in terms of commentary from management, they say that long-term drivers for demand and the industry remain intact including a growing and aging vehicle fleet that has driven over 3 trillion miles each year making the point that aging cars means you'll need updated component parts for your car shares up nearly 11% in extended

trade. >> thank you this interesting it's kind of a battleground stock that sometimes it pops up on a death by amazon trade other times, no, it's going to benefit from fleet sales to uber because the car stock is going to get driven so much more. >> more on the downside than upside lately. it's been very volatile. a 10% move after hours is definitely something it's funny, though, because the aging, average age of a car on the road has been also for the new car sales. it's true, they don't wear out as easily, but it's definitely good for auto parts. >> other names moving in earnings after hours led by facebook rallying after posting a big beat on sales. despite everything that happened with its privacy woes in court the social media giant also announced a $9 billion stock buyback plan shares up nearly 5%. chipotle soaring after the company posted better than expected earnings. 9.5 gain for cmg at 9:30 tomorrow on "squawk on the street," don't miss an

interview with brian nicco on those relative humidities. ebay is down after missing revenue estimates and issuing weaker than expected guidance. it's moderated some, michael >> it has. it seems like today's crop of earnings, you have slight tilt to the upside in terms of the response pointing out todaythat it seem like the markets are nothing but sell all the news. s&p is down about 1% since earnings season kicked off went up a little bit, down little bit i do think you should keep in mind kind of the response pattern of earnings doesn't stay consistent throughout the whole season. >> absolutely. we get different styles of companies reporting. texas instruments was up today about 4.5. and after hours amd last time we checked up 8, 9% on its results and xilinx too that should give the tech trade some comfort, right? >> maybe facebook. the market has been in search of some kind of group that can rescue it on a daily basis yesterday you could see industrials get smacked there is a lot of profit-taking in

industrials. but somehow the tech growth stocks manage to keep it afloat. they didn't. so what you're look for i guess is the market is kind of the bottom end of the range for some group to stop the bleeding >> all right we'll look for that group. in the meantime, that does it for "closing bell. thank you as always. "fast money" with all the earnings coverage begins right now. ♪ sure does. "fast money" startings right now with an earningspalooza. we have full coverage in all the big names reporting after hours. what do you call that, covering these conference calls, julia boorstin on facebook deidre bolsa on paypal and bertha coombs handling all the other type of chips but chipotle we're going to check in with everyone throughout this hour. so don't move. and plus, "fast money" friend and earnings, gene munster, look at him he is monitoring the facebook call from the red phone in minneapolis that call kicking off right now. and that's where we start, facebook the stock is soaring after