and mike santolli. john, first to you, your take on the earnings. they missed on the domestic subscriber number after hours. people didn't seem to care. focused on the international number and some of their projections for the rest of the we're. this morning, i mean, i don't know if this is second thoughts about that or if it's just overall high valuation. amazon is down more than ibm this morning. what's your take? >> i think it's second thoughts. when i originally saw the numbers and i saw the u.s. miss, i was surprised that the stock was trading up right now. granted, the international growth is huge, but that's coming off of a much smaller base. i think people are saying if they're already reaching saturation in the u.s., you know, that's a concern. with that said, they have the winning idea. i mean, the international number is pretty amazing. when you hear the nbc comments from alan saying that people are going to go back to tv as god intended it, that's not the way of the future. that sounds like blackberry trying to attack iphone circa 2007.

. >> we'll signal the top when mike santolli signs up for facebook. mike, thanks for joining us. carol, appreciate it as always. this does it for us on "closing bell" today. "fast money" begins right now. >>> thank you. "fast money" does start right now. live from the nasdaq market site overlooking new york city's times square i'm melissa lee. tonight on fast we're all over facebook's earnings. the call just getting under way. the stock is surging in the after-hours session. we'll hear from ceo mark zuckerberg on what drove the quarter. plus, one of the oldest dow components is signalling major trouble ahead for the global economy. what it is and how you can protect yourself and there's one part of the market that correctly predicted the selloff and it's pointing to more pain ahead. why that is and why so many investors are here. first, we start with another fierce selloff, most concentrated in big-cap technolo technology. check out shares of apple, in fact, having its worst day in two years closing below $94 a share, just a buck away from the flash crash lows and amazon feeling

. >> art cashin, mike santolli, thank you very much. >> when we come back, calls for weakness in iphoneales. a top analyst predicting an unprecedented decline in q1. >> and the white house metering with top executives from apple, twitter and more to figure out how to disrupt radicalization. >>> and finally twitter is raising eyebrows today. a one handle for the first time ever. below $20. down about 15% for the year. we'll talk about what's next for them. >>> welcome back. i'm sue herera with breaking news concerning volkswagen. according to reuters, volkswagen is refusing to turn over internal e-mails to u.s. state attorneys generals, and they are citing german law as a result of that. they say they will not turn over documents, specifically connecticut's attorney general says volkswagen is resisting cooperation by citing german law in the diesel emissions probe. we will see where this goes, carl. i think there's another chapter here. back to you. >> thank you very much, sue herera. >>> let's bring in teresa galt. welcome back. >> hi, carl. thanks for having me. >> stocks in the green,

mike santolli back at headquarte headquarters with more. >> back last spring we were about 17 times earningsa forward basis. basically 17 times expected earnings for the next we're. that's pretty much as high as we've been for the entire bull market. that's still above the five-year average. you see the five -- this decolumbining general with the bear market and the u.s. market after having hit a 15% peak to trough decline in midday yesterday, that's sort of appealing to a lot of people like a 2011 european sovereign debt scare. in 2011 the market was a good deal cheaper. just over ten times earnings. that's the five-year low in valuation at the end of that selloff in 2011. that perhaps would represent a genuinely cheap level given other things going on in the world with the market. that would be under their, you know, let's say 8% down. i honestly think there's a lot of blended valuation method that is say you have to go down 20% to get down to something that looks like very long-term fundamental value. >> the guidance for the year is still early. >> exactly. it's only as -- that's an issue

mike santolli, looking at verizon, invidia, amazon. any safe to buy?uy in the fact that it's a dividend play and the sustainability of the dividend is key. i think what we see with names like invidia and amazon and the outperformance of the nasdaq in general, once the selling eased up, the market gave me another chance to buy this stuff that seemed like it went nothing but up last year. those are related ones that make some kind of sense. you haven't seen a tremendous dips response. you had a reflex. we ran out of sellers at the lows last week. i don't think that professional money managers who have cash have felt in a hurry to put it to work, which might be kind of a bullish thing for contrarian reasoning. >> so do earnings matter, more or less? >> i think they matter in pockets. one thing i'm fascinated by as the week goes on, how the industrial earnings play out. so caterpillar went from 90 to 60, and today got a downgrade to sell at goldman sachs. so the stock is reacting negatively so maybe not all sold out. but you have united technologies report

. >> joining us now is our senior market commentator mike santolli. what's going on?at is going on. at least all that's on everybody's minds. i mean, i do think one of the issues you had there is everybody is downscaling where they think, how deep this selloff can go. obviously i think broader context, this is a catch down move by the major indexes in the u.s. we've had small caps already in a bear market. most other global indexes already down 20%. we have high yield debt that led this market down, and, of course, oil. all these things have been growing for a long time. now it's a question of just how much the large cap indexes had to go down to essentially get in line with what the rest of the world was telling us. honestly, in many ways, the evidence is piling up. >> have you so many people looking at it, and we run into this friday and we are running into lots of standard trading rules of thumb, like markets never bottom on friday. you don't want to be a hero ahead of a three-day weekend. you might like to see the volatility index, the vix go up even more than it

. >> we'll signal the top when mike santolli signs up for facebook. mike, thanks for joining us., appreciate it as always. this does it for us on "closing bell" today. "fast money" begins right now. >>> thank you. "fast money" does start right now. live from the nasdaq market site overlooking new york city's times square i'm melissa lee. tonight on fast we're all over facebook's earnings. the call just getting under way. the stock is surging in the after-hours session. we'll hear from ceo mark zuckerberg on what drove the quarter. plus, one of the oldest dow components is signalling major trouble ahead for the global economy. what it is and how you can protect yourself and there's one part of the market that correctly predicted the selloff and it's pointing to more pain

to "squawk box" here on cnbc, first in business worldwide, i'm joe along with becky quick, and mike santollit. he's gone. >> leaving us here by ourselves, abandon. >> he was here. it's just the two of hus, less than 90 minutes from opening bell, and futures now, hey, hey, good riddance, mike, look at that, up 53 points now. >> up 60 points before he left. >> oh, really? okay. it was partly him. >> good grief. >> earlier, we got in, it went down. this was just like the regular trading session with what we saw yesterday, up over 100, and closed down 360, but we are gaining a little back today, but people worry that, you know, when we're up a little in the morning, that's certainly doesn't mean we're going to be up by the end of the session. >> looks like this by the end of the session. >> could, but it looks like us because of yesterday. that's i think the response to the 360 point loss, the forces are, that we had yesterday, so maybe we stand today, but who knows. and another day, another deadly, what looks to be a terrorist attack. this was in jakarta this morning. terrorist launched attacke