grasso you got a good view down there. what's the mood now as the selloff has started to accelerate, you know, as you're filling orders from big clients, as you're making trades. what will get people to come in and buy this significant dip? >> the beauty of going last everyone working with a bunch of smart guys everyone hit on something important. you've seen a whole cross section of our economy start to be a little bit lackluster on the earnings front i should say. a couple of days ago what was the commentary? the markets still moving higher ever worried about earnings. now they should. guy hit the most difficult thing. hard to buy in this market. 1425 biggest level to watch. >> mobile hangup. customers are going mobile faster than tech companies can figure out how to make it all profitable and as we learned from google yesterday, we talked about it with facebook, investors just aren't willing to wait around. google when to monetize mobile. what was facebook's story? they owned this problem. now it's come over to google a

it's steve grasso. so amazon we know now gets 68% of its profits from electronics and general merchandise. where does -- you alluded to, they made an incredible amount of spending. they divested a lot going forward. where does apple become, dare i say, a value trap that no one would be willing to say now but could you see that happening? i think you aluded to it already. >> apple, a value trap? the stock could fall a lot -- >> yeah -- >> before you get there. i think that's where microsoft for a lot of people is now. >> i'm going to give you a different view before we get to guy and apple or amazon. anybody can jump in. as a long-time apple user, here's the difference between apple and most companies. when you -- and i love the mac numbers, by the way. nobody's paying enough attention to those in my mind. once you're in the apple ecosystem, you've got the apps, the music, the books, you're not leaving. it's the roach motel that's five star. >> that's -- >> you're not getting out. >> that is the most, ri

grasso. >> aci. >> stain law. >> butcher baker candlesti

grasso. >> profits up 12%. likely generate over $850 million over the next five quarters. on a $3.5 billion market cap company, that's huge free cash flow. i'd stay long. >>> coming up on "power lunch," the best evidence yet why this shopping season could be great for shoppers and rum for retailers. >>> first our final trade on the other side of this break. [ male announcer ] you are a business pro. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. to compete on the global stage. what we need are people prepared for the careers of our new economy. by 2025 we could have 20 million jobs without enough college graduates to fill them. that's why at devry university, we're teaming up with companies like cisc

grasso? >> well, she nailed, it right? pandora did come in the first time we got wind of maybe some competition coming from apple. but then what marked it higher was the internet fairness act that everyone thinks will be passed or hopes will be passed and that could double the value of pandora. that's a huge question mark. so before we worry about competition, maybe think about that mitigating some of the damage as well. >> got to take a break but stay with us because we will continue to bring you all the latest in the movers after hours, including amazon, apple, and coinstar in the after-hours session. later in the hour you'll hear chuck jeannes join us to break down the company's third quarter results. >> "fast money" isn't just about a bull market. it could be going up, down, or sideways. zbluf got to be able to surround the trade. >> we're all doing what we do for a living and we're all together as a team but we all come at it from a different perspective. >> it's all about moving the odds into your favor. >> it's real

the former nyse chairman dick grasso joins me now. we'll get his take on what it takes to reopen after a two-day shutdown. meanwhile, bob spoke with the current ceo earlier today. he joins us with the latest details. >> it's all systems go. that's what he told me. the nyse along with all of the other exchanges will open as usual tomorrow for a full trading day. the most important issue was making sure the nyse could connect with the trading community. >> i think what we're most worried about, bob, and we've been working with the clients and will continue to do so throughout the day, is since a lot of them are working from their own contingency sites, we want to make sure it's working as planned. that's not something that's tested frequently. >> the other major issue is making sure there were enough personnel to open the trading floor. the opening of the bridges and tunnels is making it possible to get the roughly 200 people they need to open the nyse. many are already there. there's been pressure on all of the exchanges to open tomorr

, saying grasso wasn't disclosing this. in an interview with news4, grasso, a lawyer, said it's a 20-year-old minor arrest for marijuana. >> i'm not trying to hide it. i voluntarily disclosed it to college when i applied to college, law school, and ultimately to the d.c. bar. i think this is just a way to distract away from his own problems. he had serious problems that are current and shows he's not fit to be on the council. >> reporter: michael brown said he doesn't care about the old arrest, not the ethics of better disclosing it. >> the issue is, if you're going to run on this kind of transparency, good government, ethical mantra, you need to be ethical and open with the voters. he didn't seem to do that. he didn't mentioned it in the beginning of this campaign. >> reporter: as for his own business and financial issues, brown says the voters will decide if they're relevant. in the district, tom sherwood, news4. >>> coming up on news4, a15u89s in syria. gunmen using machine guns in the streets. but it may not be what it

i think the markets to grasso's point is what we needed. you had a lot of companies that announcede on monday and tuesday and we had deals announced. you had a lot of pent of demand for the market. all things considered after this massive disaster, today couldn't have dpon any better. >> what did you trade today? >> a little bit of macy's and netflix. listen carefully to gm which we -- listened to cmi. we're long as well. which wasn't delightful. it really was a normal day to us. i wonder outside of new york, which is so affected by it, i wonder how much it -- you also wonder how much, what the effect of the last day of the month. i think that was a huge thing for the last couple of days. i've been on conference calls for the new york stock exchange. we've been looking at this. really, microscope, trying to figure out what today means. if it wasn't the last day of the month, we would have seen the markets off today again and waited for tomorrow. if it was the middle of october, you might have taken an extra day because there were a lot of c

steve grasso, give me the view on the floor of the exchange. mr. bernanke, mr. evans and other that is like the stimulus are your friend, right? >> you tell me where the central bank that's not printing money and i will give you a lollipop and i know that's what you're in the business for. for me i stayed invested in the gold miners. if you look around the globe, it is all you see. there is some predictability but we're in ab election year cycle and a lot of the unknown is out of the chairman's hands. >> there was a time going to the dentist, the only pay off was a lollipop at the end. >> it keeps you coming. >> we have much more to come coming back live from the investing congress and we'll sit down with whitney till son, the host of the great event and we'll talk about his investment pick and his highly conversational and provocative comments regarding netflix and apple zone. we'll follow and have more trades ahead on halftime. nces. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] ♪ [ male

. >> steve grasso, what's your pick, google or apple? >> google came out with a better advertising scheme yesterday. and it's for advertisers who want to market on the website a royalty base versuses a fee structure base. i love apple, but i think it's a little lofty here. can it go higher? it's defied all levels of gravity since. i don't know about the ipad. i think they're forced in to it because they're actually competing against the samsung galaxy note at this point. they're forced into that. so if i were a buyer, i would either buy google or i'd be a buyer of amazon and i would wait to see what happens with apple. i think it can go $50 or $60 lower before you see the run back up. >> brian kelly, the trade of late has been impressive, a dramatic rise. it's outperformed apple. you can see that on the chart. it tells a really good story. are you buying the story? >> certainly if you're buying the stock here, you've missed a good portion of the run. >> if you buy apple here, you've missed the run, too. >> we have something to shoot agai

the new york stock exchange was going to close on tuesday through grasso it did not. he was the contact. j.p. morgan based on relaxing of some of the rules at exchange starting buying back the stock. that morning --. >>neil: that triggered ibm and microsoft. >>guest: the money opened up 200 points but there was a gap between the futures and the current market the crash market that no one had seen anything like it and it started to close, good news came out and the following day, on wednesday, smart money came back to the market. >>neil: here is my worry about this environment today, and everyone had my ridiculous hair style so take a chill pill, the one thing i noticed now we have a lot more computers we have a lot fast are trading. we can move trillions at push of a button and there can be bad trades or an early earnings announcement leaked to soon, but it is a faster market condition so it can be exaggerated. >>guest: there are a couple of positives, you have the circuit breakers grass so -- grasso put in. it is a cooling off period. >>neil: we would not see somethi

coming up, dick grasso on the decision to close trading.futures will trade until 9:15 eastern. "squawk" is back in two minutes. >> when we return, the latest on hurricane sandy and what it means for your money. "squawk box" on cnbc is back in just two minutes. >>> welcome back. if you are just waking up, the markets are closed for trading this morning. joining us to talk about storm preparedness and how wall street is going to handle this is dick grasso. good morning. >> good morning, becky. i hope all remain safe. >> we agree. we hope for the same thing, dick. it's been 27 years since the stock exchange was closed for weather. back then it was for hurricane gloria. what do you think about the closing this time around and what do you think about whether or not there could have been trading done electronically? >> first and foremost, becky, it's important to remember the human life will always trump the need to trade. you know, you make a decision based on what the experts are saying about this storm and the danger that it's going to present

. >> the option market agrees with grasso. we saw big call sellers in sprint because no matter what happens soft bank will end up with a stake in the company. the market thinks this deal is done, that soft bank will be the buyer because there is a break up fee if sprint goes with somebody else. we saw 25,000 of the february 6 calls sell for .19. the seller thinks the cap is 6.19 and is certainly not going higher than that according to them. it would be tough to see how somebody would come in and match it or beat it. >> would you stick with the stock and sell calls at the same time? >> no. to scott's point a lot of these guys are selling because they are bought. if you go back september 5 and look at the option volume on that day absolutely monstrous volume. they are buying the 4.5s, 5s all of which have paid off dramatically already. >> our emerging markets getting ready to stage a massive comeback. coming up morgan stanley's chief strategist reveals what should be on your radar. [ male announcer ] the markets keep moving. mak

the post endorsed ins david grasso and leon swain, jr. >>> a sad day for the prince george's county police department as they mourn the loss of another fallen officer. >> officer kevin bowden was killed yesterday when his patrol car collided with an suv and slammed into a utility pole. fox 5's sherry ly is live at police headquarters with the latest on the investigation. sherry? >> reporter: well, wisdom, police say that officer kevin bowden was off duty when this accident happened. witnesses say the collision may have been caused by an suv that was swerving to avoid a tour bus when this collision happened. bowden got off work at 1:00 yesterday afternoon. and within hours, he was dead. his cruise are was headed northbound on branch avenue when he collided with that suv and crashed into a utility pole nearly slicing his vehicle in half. investigators do say it is early but it appears the suv may have changed lanes to miss that tour bus and then slammed into the officer's cruiser. >> this is the second death that we've had in two months in reference to traffic accident and i would just ask t

. >>> former new york stock exchange chairman dick grasso addresses that delicate question we have about thinking about the last few days, does the exchange really still need traders on the floor to be fully operational maria and i look forward to closing bell at the top of the hour. >> thank you very much, bill. >>> check out this video.from the jersey shore and atlantic city. it shows just how widespread the flooding is in that part of the garden state and the residue left when the water receded, obviously huge amounts of sand were dumped. >>> the focus of san i did turning now to the insurance and obviously the claims millions of people will file. let's get the latest with courtney reagan what have you found, court? >> reporter: insurance industry estimates that hurricane sandy caused between $5 to $10 billion in insured losses that would rank sandy as the fifth worst hurricane in history by those insured estimates. now, potentially doubling hurricane irene's insured loss bus nowhere near the $62 billion incurred by hurricane katrina and because so many very dangerous and damaging sto

." >> i am steve grasso. i am "fast money." with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and narrow down to exactly those stocks you want to follow. i'm mark allen of fidelity investments. the expert strategies feature is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> windows 8 is all really about enabling through, creative, imaginative devices. pc notebooks, pc desktops, pc laptops. now pc tablets as well that you can touch and interact with and are alive with information. >> that was microsoft ceo steve ballmer speaking with jon fortt about windows 8 this morning on cnbc. hope you tuned in to see it. can the new operating system launch microsoft into the post-pc world and jump start the stock? we have here onset, joe and i, the new surface. their entry into the tablet world. i love all new technology.

grasso came out today and said it was the right decision.u know what, they should have opened electronically. charlie: you are talking about the members of the club. i am saying, the average investor, i think they see technology and they want to know, well, if you can trade in a high-frequency manner, why can't i place a trade when it is raining out. ashley: exactly. charlie: i think duncan instincts are right. we have the technology. if this is going to be an electronic market, obviously, he likes it better to have the hybrid model that they have, why can't this thing happen. i think more about this story will come out. obviously, you know, if the brokerage put pressure on them, let's find out why. they are the ones that got rid of the floor originally. why don't you want your baby to work when it is raining out. ashley: charlie gasparino. nicole: thank you. in washington hurricane cindy has forced most of the -- richard, what have you learned lately? speaking you keep checking these power of states. the federal government is ready for this

you know, listening to grasso, saying if one human life -- i understand all that.t makes sense. >> i get all that, totally. it has nothing to do with that. >> but that's covering up the real issue. is that you need to have, you know, it's not necessary that it's in a discreet location. so what's the problem? >> we did talk about how a lot of organizations after 9/11 had places they could go, the "new york times" "the "wall street journal," new york times had places set up. >> you've got to get them there, and it's so hard. >> and liesman is here, rick. you two guys probably agree that the broken window logic that this could be good for the economy is not -- this is one thing you probably agree on, right, rick? >> listen, we all know it isn't good for the economy. i don't know what else there is to say. >> the people that still argue. for construction and for everything. it's good for home depot, right? >> yeah, i'm surprised home depot didn't trade up given the forecasts. >> but it's bad for so many other things. but you could improve. what about improving the infr