one of the claims of the nyse is that they would limit the volatility.e nasdaq has not proven that there's increased volatility there. but that is one -- >> with the volume the way it is -- >> reducing volatility. >> volatility and volume so weak recently. scott kessler, you get the last word here. give me your take on what you've seen in terms of s.e.c. filings. people wondering why this period is limdifferent than the last t around when we saw vibrancy. these are real businesses today versus what we saw in the '90s? >> yeah, maria. there's no question. you and i were around and focused on this particular area back then and now as well. look, face book is a much more larger and successful company and in 2000 and 2001, i would just say we've been thinking about yahoo! over the last day. if you look at facebook, say, revenue per employee or net income per employee, it's a lot higher than yahoo!'s and more comparable to google. >> thank you, everybody. we have crunched data and here's a look at some of the top offerings listed on nasdaq, excluding closed-i

so that's, it can amount to 500,000 for the nyse. it's less for nasdaq.but i think you hit -- the important thing isn't just the numbers here. it's sort of the momentum and the brand and winning the top ipo for a number of years. >> sure. rich, great to talk with you. thanks so much. >> great to see you. >> we appreciate it. >>> another startling fact about facebook, based on cnbc calculations, facebook could find itself in the top ten companies in the nasdaq 100. at $109 billion, facebook's market value would fall just below cisco. amazon.com, comcast, news corp., ebay, and even starbucks. we'll keep a close watch on this story as the numbers could change once facebook goes public. >>> meanwhile, lots of other news on the docket today. take a look at the rest of the business headlines. the number of americans filing for first-time unemployment benefits fell to a four-year low. jobless claims dropped by a better than expected 6,000. tomorrow's jobs report is expected to show nonfarm jobs fell in the month of march. president obama today signed the biparti

bob pisani joins us from the nyse. bob. >> this is one of those days where it doesn't feel like the dow is up 90 points. we're about even on the advance-decline line and it doesn't feel that way. feels like a down day in a way. that's because people are worried about nonconfirmations today about apple and google not helping the nasdaq. but these worries started way back in february. the transports failed to confirm the industrials advance. that was the first sign people were a little bit concerned. and of course remember the -- we had gasoline prices really high. and in april the russell 2000 didn't confirm the s&p as it was advancing. more worries. and now today more worries because the nasdaq for the first time this year isn't really advancing with the rest of the market. and that's because apple and google are on the weak side. so take a look at the major sectors today. you can see nasdaq underperforming the overall market. the s&p is kind of weak. and, remember, google and apple very important components there. the

trader triple play at the nyse. joe grecco, jim woods, tjm institutional services.s, for joining us. matt, what -- joe, rather, what do you do at this point because you can't really trade it on the nyse, certainly, but it's one of the key reports? what are you doing ahead of it? >> well, clearly we have a little bit of pullback today. same thing we did yesterday after everyone recognized what's really going on in the world and what's going on in d.c. and the mindset as far as easing. at this point you want to prepare yourself to the surprise to the upside where it would be an improvement or a larger improvement than anticipated in which case you really want to be long this market especially below 1400 in the s&p which is where the markets seemed to want to stay for the last two months. >> jim, i'm going to switch to you. what is the bond market telling you in terms of expectations? and what's the trade ahead of a long holiday weekend? >> people are buying bonds today despite the fact that the fed has disavowed further sponsorsh sponsorship. what the bond market is t

let's get the action here on the nyse floor with bob pisani.my dear. >> you know my old role, don't yell at the stock market. don't tell it it should be doing something because it doesn't care what you think, but that said, why are we up? i keep saying this today. >> especially with some of the earnings misses we've gotten. granted we've got a lot of good earnings. >> this is the first day -- i'm not talking just about exxon mobil. >> u.p.s. >> in the commodity space we had misses as well and disappointing jobless claims and we had a weak euro. thank mr. bernanke for most of this. i want to show you what's going on in the commodity space because we had a sales miss from dow chemical, cliffs natural, iron ore producer, missed potash, that doesn't happen. exxon mobil, you know about that. look at this. we haven't had this in a while. these are big high profile companies that have missed. u.p.s. and higher oil today is effecting the transport. and here's a real warning. you know about dow theory. look at the dow industrials up and the dow transpor

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at the nyse matt cheslock and jack bouroudjian. how do you see it?ou've seen it time and time again. >> inflation running at 2.9% as we saw earlier today with cpi and a 10-year at 1.99. people are losing money putting their money in the 10-year. we're going to hear the fed chairman in a couple minutes on the q & a. bottom line is they are force feeding us an expanding balance sheet and debasement of the gre greenback. we have to be exposed. we have to look to be buying. a 3% or 4% pullback is a perfect textbook type. >> looks as if we're very close to the chairman speaking. matt, comment from you. how do you see things moving into the weekend? >> i would agree with jack. now is a good time to add on a pullback. but i think the market is still very hesitant. volume gives me a pause here right now. i'm not so sure that if today's a trend what we're looking for next week on earnings as far as the financials go. that's something i would really look forward to next week. >> and quick comment from joey at the nymex. what's your play into next week? >> righ

we'll head to the nyse. this at&t 4g network is fast. hey, heard any updates on the game? i think it's final seconds, ohh, down by two, shoots a three, game over. so two seconds ago... hey mr. and mrs. harris, where's kevin? say hi kevin. hi. mom, put me down. put...the phone...down. hey guys. did you hear... the choys had their baby? so 29 seconds ago. well we should get them a gift. [ choys ] thanks for the gift! [ amy and rob ] you're welcome! you're welcome! [ male announcer ] get it fast with at&t. the nation's largest 4g network. at&t. ♪ nchtsz welcome back. >>> welcome back to "power lunch." risk-on field, although that's catching flak. since the waiting in the s&p with the utilities is light, i want to look at consumer staples second weakest but still positive. one segment doing great today supermarket. strong numbers yesterday and the best in the entire sector today up almost 6%. interestingly it's down big year-to-date, but it yields over 6%. if you think the stock has turned taking a yield and impending and present stock appreciation safeway only yields 3%, but

look at the nyse's ipo, info blox priced at $16. talk was $12 to $15. opened at $22.50 and held up straight line across the board. mid states petroleum priced at $16. price talk 16 to 18. there's one that priced below the range there, sue. the important thing is it's been clawing its way to the upside. not quite back to its initial price, but getting a little bit better throughout the day here. the price talk rather. >> yeah. getting a little closer. thanks, bob. let's switch on the "power lunch" power surge and drill down on the stories driving this trading day. two american titans, general electric and mcdonald's both out with earnings. ge beats, mcd's matches. they're up about 2% or so on the trading session. jackie deangelis is all over mcdonald's results. but we're going to begin with mary thompson on ge. and it was energy fueling those results, correct, mary? >> that's right. strength not only in energy but also transportation business is driving ge's better than expected earnings. profits from continuing operations of 34 cents a share penny ahead

but there are companies that are part of the dow but don't trade on nyse. back to you. >>> a bay area lawmaker wants more scrutiny on the high speed rail project. san mateo legislator jerry hill submitting a bill to guard against contract or self interest. the $68 billion rail line connects the bay area to central valley and to southern california. >>> pg&e wants to hear from customers by tomorrow whether they want to opt out of the smart meter program. three months ago tomorrow, state regulators gave homeowners the option of rejecting the wireless meters. tuesday is not a firm deadline. you can opt out any time. but keep in mind, you have to pay a $75 fee and monthly surcharge. >>> new this morning, some great news locally. a local school coming home the national science bowl choons. >> fremont mor than 40 choose t that honor. national science bowl is a competition that tests the students' knowledge of science. san jose parker middle school also made the finals, one of eight teams. each finalist team got award of $1,000 for the science department. >>> just

so tom, you can imagine allots of disappointment here at the nyse about losing facebook. but big win for the nasdaq. >> tom: way, pitch battle. there is a lot of financial consequences, but also just bragging rights when it comes to new york and the financial market, no doubt about it, here, susie. we did see a business of a quiet end to a shortened trading week. the markets are closed tomorrow. the s&p 500 popped into positive territory late this morning before settling lower in afternoon trading. it was a tough week for u.s. shareholders with the major indices finishing with three straight sessions of losses. the dow industrials fell 1.5%, thanks in large part to the stiff selloff yesterday. the nasdaq fared the best, losing less than one half of one percent. it was able to eke out a fractional gain today. and the s&p 500 is three- quarters of a percent lower tonight compared to the end of last week. this makes it the worst week of the year. we saw investors pull back from economically sensitive areas this week. european worries returned with interest rates on spanish g

we're joined live from the nyse- listed and the bloomberg business report. >> good morning. i am doing fine. the airlines may be charging more to fly, but maybe if you do get what you pay for. according to a report being released in the transportation department, air travelers were treated better, but less lost baggage, and got better service. american eagle had the best improvement. on a related note, expect to see those new southwest cavan's longer and more comfortable. the first set of boeing 757 jets -- arm wrestler at a more comfortable height and overhead bins are larger. the latest u.s. carrier is seeking bankruptcy protection. today, wall street it's a report on manufacturing. futures are very quiet. wall street closed the books on a solid first quarter. $3 trillion restored. finally, a penny for your thoughts. a poll released by americans said that over 2/3 of those surveyed are in favor of keeping the penny in circulation. why? americans are concerned of costly price rounding of the penny is eliminated. bloomberg news reporting for wbal-tv 11 news. back to you. >>

over to you at the nyse. >> sharon, thank you very much.traight from the opening bell, the fifth autism awareness day. bob wright, the former chairman, vice chairman of nbc. and nyse, be duncan need der haur is here with his son as well. tommy hill figu tommy hilfiker. >> thank you. we have a study in korea that is the gold standard and that's where we're headed here in the united states. not headed because that's what the real numbers are probably going to be and we have to protect. we have 30 states now with insurance. we don't have federal government mandates for the large corporations. the smaller corporations are covered. we have to hold on to this as benefits get rolled out into the affordable care act. we could potentially lose all of the things that we gain. we have to really be on alert now. >> they've been watering things down n response to all of the big work that you do, the reaction has been, we'll cut the definition and get the number of people that need help. >> well, if you make the bills just be the lowest common denominato

while shares in the nyse fell 1.3%.the facebook ipo is expected sometime next month. >>> and one day after announces 2,000 job cuts, yahoo ceo scott thompson issued a memo to all the remaining employees in an effort to try to reassure them about the company's future. thompson also hinted at changes that could streamline yahoo's management team and said he would reveal more next week. thompson is yahoo's fourth ceo in less than five year. >>> hundreds of comcast employees could soon lose their jobs. comcast is slashing 200 jobs in california. with some cuts coming at comcast morgan hill center. comcast is helping employees find other positions. >>> what we noticed in the search for sierra lamar and where authorities will focus next. >>> the cold air remains in place, the one part of the bay area that will soon be under a frost advisory. >>> these american idol [ teen ] times are good, aren't they, kids? it's nice having u-verse, isn't it? see back in my day, we didn't have these newfangled wireless receivers. fangled? no

let's get right to bob pisani at the nyse. you know, bob, considering before the opening it wasn't looking so crash hot there for the market. why are we up today? is it earnings? is it economic data? or should we be saying thank you ben? >> you should say thank you ben. i mean, look, the earnings -- this is the first day i have been rather shocked by the earnings numbers. we had some high profile disappointments. initial jobless claims disappointing, the euro weak going into the open. these are the residuals from mr. bernanke assuring the market if things go wrong, he'll be involved. the commodity earnings, the paper company, they came out and talked about lower global prices, dow chemical said the same thing. potash, lowered demand for fertilizers. coal and iron ore producer, cliff natural lower demand as well in asia pacific, look at the nurmbers. rather surprising. mandy, a rise in brent crude today. that's not good for the economy. it's putting pressure on the transports. look at this it started going up for the first time

while shares in the nyse fell 1.3%.the facebook ipo is expected sometime next month. >>> and one day after announces 2,000 job cuts, yahoo ceo scott thompson issued a memo to all the remaining employees in an effort to try to reassure them about the company's future. thompson also hinted at changes that could streamline yahoo's management team and said he would reveal more next week. thompson is yahoo's fourth ceo in less than five year. >>> hundreds of comcast employees could soon lose their jobs. comcast is slashing 200 jobs in california. with some cuts coming at comcast morgan hill center. comcast is helping employees find other positions. >>> what we noticed in the search for sierra lamar and where authorities will focus next. >>> the cold air remains in place, the one part of the bay area that will soon be under a frost advisory. >>> these american idol fans are here to show their support for their final finalist of san jose, find out if they heard what they came for. ♪ okay, so who ordered the cereal that can hel

. >> we're going to talk to a top trader on the floor of the nyse next. >>> apple's worst two-week selloffo years ahead of tuesday's earnings. >>> as we head to break, here's some stand-out performers. e-trade financial higher by 6% but sears is holding down by nearly 5%. >> announcer: but, first, before we go to break, the dividend. which stock is this year's outperformer? apple, gap, or time warner cable? "the dividend" pays off after the break. [ mujahid ] there was a little bit of trepidation, not quitewingthe next phas, you know, because you been, you know, this is what you had been doing. you know, working, working, working, working, working, working. and now you're talking about, well you know, i won't be, and i get the chance to spend more time with my wife and my kids. it's my world. that's my world. ♪ why let erectile dysfunction get in your way? talk to your doctor about viagra. ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pain; it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach,

courtney reagan is on the nyse right now. over to you. >> good afternoon, maria. who came first, us or europe, who started the selloff continuing to slide from there. a couple of reasons behind the selloff, number one, global growth concerns. this continues, whether it's europe, china, that still looms. spanish and italian yields rising again today. equity selling off fairly substantially. could be the first negative earnings. qe 3 at least right now that sent this slide into motion. all of the sectors are lower today. we have a risk off trade in play. consumer discreditary. >> copper has lost 3.5%, record volumes. we've got investors flooding out of u.s. equities and european equities, moving into u.s. treasury, and some of those other safe haven place. maria, back to you. >> courtney, i've got the numbers. ten cents a share is the quarterly number for alcoa. estimates were looking for a loss at alcoa, reporting earnings of 10 cents a share. that also is better than expected. expectations call to revenue of $5.77 billion for the first quarter in alcoa. the compan

the nyse for some reason isn't telling us how many women are on the floor.20 women are on the floor. i talked to one, she said the nyse is no longer the boys club it used to be. >> even though you see a lot of men here, first of all, they're much younger men and they have a different philosophy than the previous generation of men did. they have mothers and sisters that are all in the working world now. it's not quite so different to them to see a woman working down here and they work a little bit more easily than the generation previously. >> reporter: now, doreen also told me that technology leveled the playing field for her because in the old days, she says, men had a trading advantage because they were just physically bigger. so people could see them better. you know, this is back when the trading floor was jam packed and you used actual paper to trade. everybody was kind of shoulder to shoulder. now trading is almost all done by computer. >> i know a couple women who used to be a part of that bumping and shoving and that kind of thing trading on the floo

join us at the nyse. >> stock rising to an intraday. bob pisani is here. following the if i had minutes, let's talk on apple. expressing some concern that things are getting out of control but the stock keeps moving higher. >> well, we have to talk about apple. we get chris sized for talking about is so much. we've had aggressive increases. one of the few who wrote a letter to his clients trying to explain and tried to do is in a quantitative easy way. let's take a look at what he had to say here. >> once you get to a growth rate or a market penetration rate of a 51% of households per your recent survey, it gets tougher, in our view, to get the kind of incremental growth that they've had in the past. >> there's very few analysts that will come out and say anything negative and that's understandable. his point is, if you go and look at the next five years and look at the discounted cashflows, he's saying you should get 20% revenue growth and, again, you have analysts coming up with price targets that expect that type of revenue growth. >> 1001 is the new pr

. >>> nyse 22 date used marmite at 10:00. coming up next half- hour, the growing trend on socially yet that this on my committee promoting its extreme diet habits. the twister or whips through a small town in the severe weather damage here. and in the midwest. the real comedy of errors now on stage in san francisco. we have a preview of the award winning spam a lot. ,,,,,,,,,,,,,, [ birds chirping ] [ inhales, exhales ] [ announcer ] cigarettes are not just dangerous when they're smoked. [ rat squeaking ] they're dangerous long after. cigarette butts are toxic. they release chemicals that poison our water... and harm wildlife. and millions... are polluting our environment. [ sniffing ] [ seagulls squawking ] >>> one dad, two injured following a late night shooting in san francisco. the investigation continues this morning. neighbors call it an eyesore and what this stripper bus is doing in a quiet bay area neighborhood. and tornado sirens went to the midwest. a hot spot for the latest round of severe weather. welcome to the w

. >> at the nyse. thanks so much for that update going back to shawn reynolds.ou are taking a look at unconventional oil play and back in as well as the basin. which stocks do you like the best? >> the two that we really have big ways and the pioneer and sim rex. pioneer is a pure play and we have been producing for hundreds of years or 100, not hundreds. there is a renaissance on horizons and they have a very, very good position. sim rex is more diversified, but both of them have the ability to add significant reserves. just big quantum chunks over the next several years and that's what is attracted to us. >> the top picks, does that reinforce the story and so much attention on gas, it almost meat them that much more profitable. is that something we can continue to follow? it seems too simple. and again, how much offshore exposure do you think we should be looking for or do you think we should go for the guys that are much more conventional? >> i think there is a dual approach. unconventional oil is big and profitable. we saw that in the halliburton numbers and

justice will shift the listing from the lse to the nyse.rger king was taken private in 2010. >>> and the march adp employment report is out at 8:15. 200,000 private sector jobs last month versus 216,000 last march. down nearly half a point from february. joining us now, of course, still with us, bill stone at pnc financial to talk a little bit more about it. bill, going to be interesting in terms of what we see in the adp number today before friday's report. and also interesting to note it's not a trading day on friday so investors won't be able to react to the news in aggregate until monday. what's your take? >> well, i think you're right that people probably watch the -- just like most months watch the adp pretty closely for the clues. it doesn't always match up. but certainly they should be heartened and i hope it's what we expect that you will see a pretty decent money. we're looking at about a 200,000 number for payrolls on friday is our thought. i think if you see something around that area, it's certainly going to make people feel a

i'm carl quintanilla with melissa lee live at the nyse. david faber will join us in just a moment. jim cramer has this week off. the dow is less than 50 points away from a multi-year high. moderate weakness this morning. europe in focus as well ahead of a very big week. the jobs number on friday, big ecb meeting and a whole lot more as we begin to talk about a story that begins with the book business. >> microsoft investing big in barnes & noble's textbook and nook business. can two old-timers get together and pose a real challenge to apple? barnes & noble's stock appears to be saying, yes. >> lots of m&a action today. energy transfer partners buys sunoco. >> and spain now the eighth eurozone country officially in recession as this week brings an ecb meeting, a french election and the first spanish auction since that s&p downgrade just last week. we should know as we mentioned, david faber joins us from the active/passive investor summit in new york city. david, what's the buzz so far? >> you know, a lot of talk, as you might imagine, about barnes & noble. in fact, a number of peop

bob pisani is on the floor of the nyse. even though we ended off the best levels, i like the placement of money, technology, retail, giving us real specific trends of why people are going into certain sectors. >> yeah, amazon drew up the retail to new highs. we also have real estate coming back. that was the other big trend. real estate investment trusts, home building trust hit new highs. that's why the consumer discretionary group was so strong. earnings were good this week. remember, the start of the week we were probably up 4% on earnings. now we're up 6.5% for this quarter and a couple weeks ago everybody was complaining we're only going to be up 1%. slowly but surely it's getting better. there's the number as we saw it today and two weeks ago. the important thing is we have 60% of the season done so far. now we're going to hear in the next couple of weeks from retailers and they have an april ending quarter. >> that's a good one. >> now we're going to hear whether trends in april hold up. >> and do the moves equate to

we have bob pisani at the nyse and jon fortt back at hq in new jersey. look at the earnings, look at what we had yesterday. on the surface it looked like we would have a down day today. >> we should have had a down day. 45 companies reported today 18 miss, 40% of the companies reporting miss. that's unheard of it. we've been doing 80% have been beating expectations. 20% less than that have been missing. this was a very strange day. we had mr. bernanke out assuring the world that he would act if things fell apart. that's the primary reason that we're moving up and then some people complain about the housing. march sales were better than expected overall. this is the kind of day, put up the s&p futures. 1390 at 1:30 and all of a sudden that was a new high for the day and all of a sudden, boom, there is 1:30 when we moved up from new highs. >> i think we've got to point out again decoupling from europe. we did not have a very good europe close. so this was a big u.s. quantitative easing induced rally? >> yes. that's the main package. speaking of the dow, di

bob pisani, on the floor of the nyse, pretty good snap back? >> yes. i think alcoa was a positive but on the margins i think what really moved things was the ecb official over in europe who said if things really get bad we have the power to go out and buy spanish bonds and that reversed all of the build-up in yields or essentially stocked it. that was the main factor in helping things out in europe. volume today was notably lighter than yesterday. we had 4.7 billion. >> which was a surprise. >> yes, with yesterday's selloff, that's when volume started picking up. >> what about the beige book? >> consumer prices was loan demand even improved. that got my ears perked up. overall i thought it was positive. >> good stuff. we have ipo pricing. five ipo. bob, thank you so much. let's get more buzz about today and what traders are focusing on for tomorrow's trading session. and don is with us from nymex. good to see you, gentlemen. real quick, you're looking at google numbers. what's on tap. >> well, i tell you, that's the first big one and i'm looking at tec

let's turn to bob pisani, our man on the floor of the nyse. qe 3, in or out, up or down? >> mr. bernanke is getting really good at this. they released their new forecast. unemployment estimates are down. they raised their inflation market. sounds like good news. the market sells off because that sounds like less qe 3. mr. bernanke comes on and says very clearly, the fed remains prepared to do more to help the economy. that's the buzz word for qe 3. so it's very much on the table and stocks move up. so which is it? well, it depends on which mr. bernanke you're actually talking to. >> it's really interesting when you look at this market. we've had a fantastic first quarter. we're looking at multihighs once again. >> that's right. i find it remackable for all of this fear about the economy, we're 2% from multi-year highs. at the beginning of april, we were two weeks away from that. the dow is 1%. remember the nasdaq, that high goes back to ten years ago, maria, and we're only 3% away from that. so for all of this worry out there, the stock market, as john harwood has pointed out, i

here on the floor of the nyse. a two-month low after the new ceo fails to impress investors. mark, what are you seeing in terms of volume on sony? >> it's actually more than double the average. the average is 1.46 million. we're trading 3.2 million. >> so almost double the volume on sony. really heavy volume. the stock has declined about 10% this week alone. let's take a look at where we are on the shares. to recover from four years of losses. sony says it will focus a lot more going forward to win those customers back from apple. they are focusing on mobile devices, games, and digital imaging. that's where the priority is going to be. the company says it's scaling down the tv models and slashing $ 10,000 jobs worldwide. sony taking the one-time charge of $926 million this year to put all of those changes in play. sony, phillips, and panasonic have been losing ground over the last 52 weeks and apple has shot up 80% in that same time frame. a sign of the times. bill, back to you. >> as we head towards the close, the

bob pisani is on the floor of the nyse. we started to see an acceleration on the downside. >> yes, there was a real preponderance of sell orders where they indicate what there is to buy and sell. we have problems for all throughout the day in two groups, in financials, which we can go into the close and material stocks on concerns about slowdown in china, 8.1% gdp that you mentioned in china. material stocks weak during the day. stocks like wells fargo going into the close, and then stocks like steel stocks, like freeport mcmoran. >> so the economically sensitive stocks taking a hit? >> yes. and china was a disappointment but the march numbers are looking better. it's a very hot topic right now. >> you mentioned citi and morgan and bank of america, i think you're going to find these big guys are all right. the concern is some of the regional players out there that don't have big trading operations and maybe don't have huge mortgage operations. loan growth in general has been fairly lack luster. >> bob pisani, thank you. at

action here at the nyse ahead of mr. bernanke. bob pisani joins us.tching the real estate investment trusts at this point because you said there's been a change in leadership. and they're it. >> it is. they're the new leadership group. the fed's had a low interest rate policy for years. and the real estate investment trust community is the big beneficiary. they're able to borrow rates and refinance at exceptionally low numbers. reits at a four-year high. also improvement in the fundamentals, guys. look at the chart here. we're seeing apartment building, terrific rents are through the roof. the business there is outstanding. we're also seeing high quality malls recovering as well. that's also helping the real estate business. you've also seen business travel strong. so the hotel business is doing exceptionally well. suburban office buildings, so-so. overall we're seeing real improvement in the real estate business. how about the laggards? sue, we have a new laggard. all the big name financial groups. all the big names, morgan stanley, jpmorgan, citi, s

taking a beating at the nyse. the liquidity rally may be over given the details from the fed minutes yesterday. it's important to know that the selloff came on average volume. what will it take to turn this around? cme group in chicago, rick santelli. let's talk about the fed minutes. steve and kelly, do you think that this is just a continuation of what we saw yesterday and more digesting of the fact that qe 3 is not happening any time soon? >> i think what is interesting is when you see the prospect away from quantitative easing, we already knew we had a fiscal cliff. now it means that we have a monetary cliff coming in june when the current bond buying program ends. that's why you see downward pressure on stocks. not really indicating an eagerness to do more liquidity. it's just that the punch bowl is being taken away when there's worries about global growth flaring up. >> steve, the adp numbers today and i saw the chart that you put up, very much in line with the bls numbers, bureau of labor statistics, versus

tnc posting the worst drop at nyse today after reporting first quarter earnings, well short of analystes. minneapolis maker with an equipment of $800 million market cap. first quarter sales are disappointing because of credit tightening in europe. the first quarter is seasonably the company's weakest. he said he sees improvement at its business in the americas and ordering growing momentum in strategic accounts overseas. today's drop is tenant's 52-week gains to about 2%. maria? >> scott, thank you so much. i just got the end of day market orders. and it looks like we have a leaning to the sell side. about half a billion dollars right now, or -- sorry, 587 billion, half a trillion here and sales orders coming in, in this market as we are 10 minutes to the close. wal-mart pressuring this market today. stealing the headlines but there are a number of stocks under the radar. let's get to it, bertha coom th ofs bertha coombs names them. over to you, ber that. >> thank you. biosciences leading the russell 2000. a 54% premium, most advanced trial right now, is for a drug to combat euric acid

bob pisani joins us from the nyse. >> hello, kayla. there's worry about spain and that's worried our market a little bit, but we also had a separate event here today. there's the open, which was not particularly pretty. but right about here we saw stocks moving further down as the ism services number came in. that's a little after 10:00 eastern time. numbers a tad disappointing. new orders light. and a lot of people watching these very carefully. remember, we're the engine of growth. we're getting better growth than the rest of the world. that's the thesis. it didn't help today. once europe closed right around here, we came off the lows here. yes, we're down today but off lows earlier. europe closes, we tend to act a little better on days when europe's a concern. here's your big sector weakness. apple for once moving in line with the market down 1.3%. materials, financials and energy, all your risk-off trade there. i've been asked about the vix. the vix is about 17. the way to understand the vix, i'll put it quite simply for you, when

they'll be over on the nyse. now marla, you mentioned yesterday's ipo, splunk, holy cow. they mine big data. the stock didn't go down, it was a rocket. doubling in the first day of trading. >>> microsoft was the latest tech company to report earnings. jackie continues our coverage. good morning, jackie. >> good morning, scott. well, the futures they're slightly higher this morning. and as you said, microsoft could be providing an early boost for the market as it posted better than expected earnings last night as sales of windows held up in a sluggish pc market. now, we did see stocks dropping on thursday. investors focused on disappointing housing and manufacturing data and continued worries about the debt crisis overshadowing some of the good earnings reports. european markets were a touch lower, and here in the u.s., no economic data today, but we are watching for more earnings from ge and mcdonald's. the dow losing 68 points, the nasdaq falling 23 points to 3,007. >>> mortgage rates have ticked up slightly in the past week, but remain relatively low as inflation is sta

let's get straight down to the nyse trading floor. we have our very own bob pisani. i'm done with april. i'm bored with april already. we've just given the stats for april. so let's move forward to what's going to happen for may. there's the old adage sell in may and go away. should we really be thinking about that? >> they're thinking about it. but be careful here. that may not be so applicable this year with the fed still very much around. mr. bernanke clearly indicating he would be around to help if things fell apart. and number two, the real estate game is back. i've been saying all day the home builders, reits are at new heights, spring builders have not been bad, the builders themselves have been doing better. 13264, mandy. that's what we need to get. four-year highs on the dow. look at this chart. here's the big drop we saw of course with the financial crisis, there, believe it or not, is the flash crash. there's the european crisis. despite all of that last year we're still on an up trend. one other thing i'd point out to you, it has happened without the help

bob pisani joins us from the nyse as always. bob, what are you watching? >> i'm not very happy with the home sales either. the trend is not the direction i want it to go in. however, there is one segment of the home market that i am very happy with and that's the d.i.y. the do it yourself market. we had u.s. gyp some come out. great numbers out of these guys. earnings and revenues well above expectations. wallboard volumes were strong up 17% from quarter over quarter. pricing up 16%. and the pricing is sticking. so they're getting volume and pricing. it doesn't get any better than that in the buildings industry. and by the way f you're wondering where this is coming, it's the repair and remodeling. that's what's driving the sales. not the sales to the home builders. that's an important point. here's the building material companies. you can see not a lot of energy here. usg is basically flat to down all throughout the day. the other big names in that space also basically flat on the day. still not good numbers, but not enough really to get everybody excited

in fact, there are companies that are part of the dow, but don't trade on the nyse.soft and intel would be two examples. looking ahead on the week, we get the big jobs number on friday. obviously we care from an economic standpoint, but this is also a political football, as well. a poor jobs showing last month was a boon for republicans who were able to use the less than spectacular numbers to criticize president obama's policies. now economists think friday's numbers will once again disapoidis disappoint saying the warm weather over the winter caused companies to fill jobs earlier. why do companies fill jobs when it's warm? i have no idea. i'm mystified by that like everybody. >> because retail sales go up, people need more shorts, you need more people -- >> what about the snow shovel companies? those can't go well. >> you got me all excited, scott, i thought you were going to answer that -- >> i think economists are making this up. >> very official. >> it wouldn't be the first time. >>> 5:54 right now. let's check in with christina loren to find out about the week

. >>> a market update with bob pisani down at the nyse. >> sue, as you all know over there, it's all about europe. as europe was moving down and simon noted earlier we closed right near the lows on europe, our markets continue to move down. in fact, strangely, we continue to move down even after europe closed here. we've now bounced off of that. it's all about europe, by and large. we see some of the risk off factors today. the energy stocks. some of the technology stocks are a little bit on the weaker side. put up some of the major sectors and you can see there what i'm talking about. energies, financials, materials and industrials all to the downside. european banks to the downside. this has been going on for several weeks. italian banks, spanish banks, fre french banks, all of them moving to the downside. 4, 5, 6. big declines. italy, spain. even dutch banks. sue and simon, tomorrow we're going to be getting the ecb meeting tomorrow here. a lot of people, the big issue is going to be wlrnt the ecb is going to revive its growth estimates to the downside. they have modest growth. a

know the details of the deals that were offered by the nasdaq as well as the details offered by the nyse. they appear to -- we haven't confirmed this, so let's be careful on this, to have gone with the nasdaq. i would like to hear about the details though. >> yeah. certainly a lot more to this story. again, folks, if you're just joining us, facebook will list on the nasdaq. a two-letter ticker symbol fb. much more all day long on cnbc on facebook. now let's go back to the markets. while we're live in chicago and maybe facebook listed at the cme an index options future on facebook, you never know. bringing in a couple smart geen e guys, jim reynolds, jim bianco. thanks for joining us here. >> pleasure. >> happy to be in your city by the way. >> welcome to chicago. >> jim reynolds, i want to talk first about these markets. you kind of heard what rick santelli had to say. you're one of the largest financial services firms in chicago. you're big in the corporate bond market. used to trade muni bonds, what do you see happening with interest rates? where do you see the bond market headed? >> o

bob pisani at the nyse, sharon epperson atd the nymex and seema mody at the nasdaq. we begin with bob. >> the french elections doesn't matter who is the president. the french have rejected austerity. going to be tough there to get the necessary reforms that europe needs to get through. here in the united states not so much in the way of a panic. look, here's the bottom. right around noontime right with the european close we've been moving off of that. not a lot of big selling. not a lot of big volume going on here. look at the major risk-off factors here. you see materials down. interestingly consumer staples equally weak today. consumer discretionary down and industrials as well. my key point, brian showed you the vix. you don't want to look at the price spot on the vix. put up some vix numbers today. here's your spot down 11%. that's not the big number here you want to watch. you want to look what's going on on the curve. may, june, august. these are vix futures. not down that much. 2% declines. if there was some world changing event going on in france and the univ

bob pisani joins us on the floor of the nyse. >> hello, kayla. simple about what's happened today. number one, higher gdp talk in the u.s. and number two, higher gdp talk in china. does it get any better than that? remember what side of global growth you're on and that's really what matters. here's the s&p 500. this morning a number of wall street firms have raised their estimates on gdp based on the better than expected trade data. imports were a little weaker and that was the main factor that helped. but that's a factor. jpmorgan, barclays both raised gdp estimates for the first quarter. now we're talking 2.5%, 2.7% versus 2% earlier. that's significant. that's helping propel the s&p 500 up as well. the other major factor what's going on in china. they reported lending in china hit a 14-month high. does that matter? yeah. everybody's been talking about a slowdown in china. here's your main etf for china. nice pop up today. this is heavy volume it's been seeing. it's been kind of neglected for a while. very popular for a long time and kind of fallen off. today nice activity. buyin

nyse and the euro board for workplace leader in personal finance education.he nasdaq, a nonprofit providing educational programs to children facing medical challenges. >> yeah. >> so, jim, the timing for the fed isn't until june which is what most people believe because of the election. it's a much more compressed time frame. if the fed is pinning their hope on what corporate america is saying, we are going to see rate hikes at this point given what we have been reporting incorporate america? >> true. what i'm focusing on is trying to pick stocks in an environment where this offense, risk on and risk off. they don't need the fed to continue to do well. they get tossed out like everything else does today. does sher win williams need natural gas down and yet they are doing it without a lot of home equity loans out there because the banks don't want to give you home equity loans. case by case this year, less macro. i'm going to be tough on people for a second. you know when you shoe horn macro? when you haven't done the hard work. that's what is going on. >> in

now to the nyse. >> just off session lows. the dow down about 165 points. all of the major s&p sectors are lower. industrial and consumer discretionary fairing the worst of the bunch. taking a look at commodity stocks, dollar is higher. gold and silver are higher. some of these commodity names are lower. alcoa, they report after the bell today to kick us off for earnings season. i want to drill down on energy. yes, that bpun was intended. crude lower for a second straight day despite hawkish comments out of iran. remember, china said their march imports for crude lower by 6%. natural gas also seeing ten-year lows. take a look at oil services, fairing the worst. the worst day they've seen since december 14th of just this past year. look at some of these refining names. really getting hit hard in today's session. western refining, holly frontier and valero some of the names seeing big moves to the downside. kayla, back to you. >> let's switch on the power lunch power surge and drill down on the stories driving our day. first, yahoo!'s new ceo holding an all h

bob pisani joins us from the nyse after a busy morning with all the superstars. hey, bob. >> and eli manning was there. rex ryan, great day for btig and the many charities that they report -- that they support. thanks very much, brian. 3-to-1 declining to advancing stocks. it's been a lot like that. three-to-one advancing, three-to-one declining to advancing. anyway, on the downside today. s&p intraday we hit our lows of the day essentially right at the european close. as often happens, we came off of those lows but not dramatically here. the problem of course very, very sloppy close. a lot of spanish stocks, a lot of the big financials names -- put up those financials in spain, down 4%, 5%, energy companies and construction companies down ahead of a 10-year auction occurring in spain. we saw most of the sectors telephonic and all the spanish names to the downside. let's move on and talk about tech sector today. with ibm giant down almost 3% you would think tech stocks would have a better weighting -- a much lower move to the downside, but really they're not. we