>> qualcomm is the great company. it's really the foundation of this wireless bonanza cornucopia that we enjoy today. that really was launched by qualcomm. i was -- well, i was at qualcomm in the earliest period talking to andy and irwin jacobs and they introduced me to information theories. >> who is clod shannon? >> the founder of information theory and the teacher of irwin jacobs. founder of qualcomm. the quite insight he offered was the dwiefd information as surprise. freedom of information in shannon is freedom of choice. the more freedom of choice that the creator has, the more information he can convey. and so shannon allows you to put freedom at the very heart of a capitalist economy. not only is the condition for enterprise that is also a measure of information and a criteria for creativity. shannon's information theory, which is a foundation of all of these technologies we enjoy is based on freedom. that's why freedom fest is a good place to celebrate shannon. >> talking with several economists and people wi

it really was launched by qualcomm. i was there talking to andy and irwin jacobs and john paul jacobsen later took over the company. they introduced me to every nation theory. it's the one who is claude shannon? >> guest: the founder of information theory and was the teacher of irwin jacobs, founder of qualcomm. the key insight to that shannon offered was to define information as a surprise. freedom -- intimation with shannon is freedom of choice. the more freedom of choice that the creator had, the more and permission he can convey. and so shannon allows you to put freedom at the very heart of the capitalist economy. not only as a condition for enterprise, but also as a measure of the permission and as a criterion for creativity. so shannon information theory, which is the foundation of all these technologies that we enjoy in, all the information tools that are the heart of world economic growth is based on freedom. that is why freedom fest is a good place to celebrate shannon. >> host: george gilder, we are talking wi

next on the half qualcomm under perform this had year and lower again today.e with our traders thinks the hard times have just begun and another says the stock is too cheap not to be long. with the market lovering the aall time ties find out how one strategist says to play the market right now. we'll be back. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. awarded five-stars from smartmoney magazine. [ male announcer ] you wait all year for summer. ♪ this summer was definitely worth the wait. ♪ summer's best event from cadillac. let summer try and pass you by. lease this cadillac srx for around $369 per month or purchase for 0% apr for 60 months. come in now for the best offers of the model year. what you wea

>> kiss agreement i think qualcomm is in the right space and qualcomm might be a little bit the nexte of quarters. call come is well positioned to make advantage of that wireless. >> you see that at 66 and change on the day. >> argus research upgrading dow chemical from buy to hold. they say, goat, there's improving probably economic growth. do you agree or disagree with this upgrade? >> i agray. i think industrials are the way to go. emerging markets have absly been very troubled but a way to participate in global economic expansion of industrial names like dow i think is a good idea. >> goldman sachs, upgrading steve madden shoes to buy from sell, noting, quote, the likelihood of shareholder value enhancing capital allocation is high. whatever that means. the stock is up nearly 4% on the day. michael, you like this call or not? >> you know, i'll tell you what from a thematic standpoint people are spending more money. this stock is an expensive stock and raiding at 14, 15, expands out to 18, 20, 22, you're looking at numbers that are getting rhetty high and you have to be careful on

let take a look at qualcomm.ws yesterday, and i'm sure you are aware of the getting a downgrade by piper jaffrey to neutral because they lift the demand for high-end smartphones is waning. why do you beg to differ? >> as you're aware, everyone in my industry is a fortune teller in drag so what they are doing is trying to sigh what will happen to qualcomm. what qualcomm continues to do well is they continue to build their portfolio of patents. they have strong growing cash flow and they are gaining market share on broadcom so those are things we can quantify and that's one of the reasons we think they are a good add to the portfolio. we think they are a fine stock that's well priced. >> pet smart. everybody loves dogs. however we know they have had big runs, make the case for pet smart about why the empty nesters are trading it for dogs and cats. >> the real case for pet smart is what they have done with the free cash flow is what every retailer should do with their free cash flow which is expand. continue to expa

. >> while leon cooperman likes apple there's an even more favored stock and qualcomm, which i believehink alike because you've also got that on your pick list. >> we do like qualcomm as well. you look, mandy, when they increase their dividend by march and 40%, a strong sign of future earnings power and you look at the growth of technology, particularly in smartphones in asia which is clearly going to be a dominant play going forward with the snap dragon as well as the developed markets we think we get a two-for of very strong company in management, positive dividend growth and an asia play. you have developed markets and, plus, it has low debt so we think technology as a sector has some of the lowest payout ratios and lowest pe ratios and lowest debt, the best potential for dividend growth and we think this is an opportunity for investors to take a fresh look. like seeing the positive moves. technically apple and qualcomm looked very strong. >> matt, thanks so much for joining us. >> where were you ten years ago today, because it is the anniversary of the great northeast blackouts who

semiconductor stocks, qualcomm downgraded to neutral. reduced demand for high-end smartphone. the semiconductor industry association today announced that worldwide sales of semiconductors in the second quarter reached 74.7 billion, up 6% from the first quarter. this marks the largest quarterly increase in three years, thanks to strong sales in the americas. data out on the tablet space. idc reporting that worldwide tablet shipments experienced a decline as total volumes fell 9.7% from the first quarter. competition, saturation in different product verticals, whether it be tablets or smartphones, pcs, that seems to be a major challenge for tech corporations in general. >> thank you. >>> shift over to bonds and the dollar. rick santelli at the cme group in chicago. hope you had a good weekend, rick. >> absolutely. when i looked at the treasury market a couple of things need to be pointed out. first of all, after the employment data and considering that it is august, i noticed that volatility, not the price fluctuation, the option metric, i

it's working on on a partnership with some of the largest companies including nokia, samsung, and qualcomm. it says internet.org will create cheaper smart phones and make internet available to the two-thirds who are not yet connected. >>> and going cell looking to score big with the nfl. they're in talks for rights to its sunday ticket package. this allows nfl fans to watch games outside their market. this is held by direct tv but that expires at the end of the 2014 season. if google gets the contract, it could attract thousands of viewers. >> and google is debuting a new feature for its google glass, field trip, about specific locations. it uses gps to track a user's location and offers facts about landmarks, bars and restaurants, or historic sites. >> thank you for making ktvu your choice for news. we'll see you the next time news breaks. our coverage continues with 10:00 news with ktvu news. tmz is up next. >> today on "tmz" -- >> this is big news, everybody. fred doesn't want to bang judy anymore because -- >> i'm gay. >> fred from nickelodeon, real name is lucas, people on twitter ask

. >> it's okay for qualcomm.a more expensive phone, but we think both will be driving the overall economy and markets over the next 12 to 18 months. >> david and tim, gentlemen, thank you both. >> thank you. >> thanks for having me. >>> coming up, macy's just out with quarterly results minutes ago. coming up next, we'll dig through the results with research analyst dana tesley, and then later more earnings to talk about. what to expect when cisco reports today after the bell. a lot of people will be watching that. we're back in just a moment. hap. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> welcome back to "squawk box." share

in the last seven years it's been qualcomm in mobile.ed the boat as it relates to smart phones, tablets and they are two windows deponent. they brought in a new ceo and something has to happen here. i don't think that is correct do it on their own. this company has to merge with a company like qualcomm. >> let's move. next trade earnings season of course winding down but there are still some big names reporting this week. joining us to break down what the options market is saying, the chief strategist. >> what do we read from the options market on earnings? >> first we'll talk about a stock that's going to look pretty well and a stock that may have a big move and a stock that maybe doesn't do well. the first one the stock that the options market is predicting good things for, tiffany. if you look at tiffany -- >> glad you were watching. >> there has been a lot of call buyers, particularly like the september 82 and a half and the september 87 and a half calls. all big buyers. with that there were put buyers today but the put buyers today

he's recruiting nokia, samsung and qualcomm for a project called internet.org to cut the cost to deliver mobile access to everyone in the world. >> we use facebook to share news and catch up with our friends. but they will use it to decide what kind of government they want. get access to healthcare for the first time ever, connect with family hundreds of miles away that they haven't seen in decades. >> he admits the project is a challenge but says only one- third of the world's population is currently online and that number needs to increase drastically. >>> and yahoo!'s ceo marissa mayer is showing off her fashionable side in a much- talked about photo in "vogue." she's stretched out on chaise lounge. some feel it sends a rather odd message because it looks like she's on vacation rather than working hard at the top of a big corporation. comments on twitter range from demand for blamer shots of a few male ceos to a description of mayers as a nerdy, career- obsessed barbie which was actually meant as a compliment. >>> tonight at 5:00, we're continuing to following the news of the rim fire

the thing about the phone is it will have the new qualcomm chips in. but what it means is that they could now do a deal with china mobile, the world's largest carrier because it allows them to get on to a number of different chooz networks. watch out for that story. could be a real game-changer for china and for apple in china if they can get that deal inked. back to you. >> jeff, speaking of game-changer, brief us what's going on with sony and the deal with viacom. >> this is a real watershed story for the cable and satellite industry. you know, the business that you and i work in and make our livelihood. if this deal goes through, and then it means that nick loadon and mtv suddenly had i start appearing on internet tv, all those cable companies have to start rethinking the competition from internet television. do they sign partnerships very quickly and hope to old hold onto the revenue or do they continue to fight and then sony and viacom get a head start. this is a facenating is change but it's a very, very interesting deal for the market as far as

. >>> qualcomm stadium in san diego home of the chargers. and in just a few minutes, the 49ers will play their final preseason game. hello, everybody. i'm kim coyle. the 49ers made several moves this week including naming their backup quarterback. for more let's go out to san diego where dennis o'donnell and tim ryan have the call. >> reporter: yeah, thanks a lot, kim. alongside tim ryan i'm dennis o'donnell. we are getting ready to kick off the 49ers final preseason game of the year and this is the game where players come a couple of days from now either will or won't have a job. >> it's one of those days where you will have at least a handful of guys, dennis, playing for their nfl futures, bottom lines. the ambition is to stay healthy and get ready for the opener here in a little over a week away, but when you look at the four, five, six guys, we'll put a spotlight on them tonight. there's a spot open at wide receiver in terms of the sixth guy. i definitely think there's a spot open for the fifth safety so there's definitely some good batt

." >> and i raised the issue, because qualcomm was downgraded today in part for that very reason. >>and there was a very good debate over "power lunch" on exactly whether or not that is the case. what we do know for sure is mobile communications is just at its infancy, from connected homes to cars to the internet of things, we see mobile communications growing. and we see that as a very, very good demand driver for the semiconductor industry. >> where are we, brian, in the semiconductor cycle? because a lot of -- scott's talking about the qualcomm, and there have been a lot of people out there asking whether we've turned. there's been concern on the macro level about the slowdown in cap ex that we're seeing. and people pointing even to this survey saying despite the encouraging year-on-year gains, we're seeing signs we're moving into the later stages of the semiconductor cycle. would you agree with that? >> we see continued growth going forward toward the end of the year as well as growth moving forward in 2014 and 2015. i think in some ways the semiconductor cycle traditional semico

nokia, qualcomm, samsung all on board.will be watching this, thank you so much. >> thank you for having me. liz: getting the nod, good for them. the closing bell ringing and 38 minutes. exclusive new reporting on the race for the fed chairmanship. charlie gasparino will bring us the very latest on who might have the edge. plus it is the talk of wall street today, talking about the fallout of the goldman sachs trading glitch and the potential risk of a melt down to the entire system of trading. next we talked to the guy who literally wrote the book on high-frequency dangers but he is also out with a brand-new book on the knight capital collapse almost the same issue. could this bring down the system? he is up next. [ male announcer ] these days, a small business can save by sharing. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] ...office space. yes, we're loving this communal seating. it's great. [ male announcer ] the best thing to share? a data plan. at&t mobi

he has recruited nokia, samsung and qualcomm to work with him on a project he calls internet.org.obile internet access to everyone in the world. >> use things like facebook to share news and catch up with our friends but they will use it to decide what kind of government they get, healthcare, connect with you family hundreds of miles away they haven't seen in decades. >> he says it will be a challenge to get all of those people online but he says making sure everyone in the world it connected is one of the biggest problems of his generation. on his facebook page he writes -- >> reporting live in the newsroom, pam cook, ktvu channel 2 news. >>> there's a new report ranking the world's top college and universities. who is on top and where does the bay area rank. >>> it is 8:55. a private girl scowl in palo alto says it's trying to rebuild trust with the community after admitting to a few transgressions. in a report, the school says it enrolled more students than it should have during the last school year. it also says it violated some permit conditions with the city. all of this is

members include facebook, samsung and qualcomm.to develop cheaper smartphones and less data- hungry applications. mark zuckerberg admits it's a challenge but says that it should be available to everyone. >>> how california inspects its school buses. >>> also, graduating but not prepared. the shocking number of california students who aren't ready after high school. what teachers, though, plan to do about it. >>> and giving an answer. what the white house said today about the president's plan to change marijuana laws. looks like you started to make something. ♪ oh, a green! ♪ ♪ [ female announcer ] cheerios. with flavors your heart will love. ♪ find your favorite cheerios flavors. available at target. living on cloud nine with that u-verse wireless receiver. you see in my day, when my mom was repainting the house, you couldn't just set up a tv in the basement. i mean, come on! nope. we could only watch tv in the rooms that had a tv outlet. yeah if we wanted to watch tv someplace else, we'd have to go to my aunt sally's. have you eve

. >> pete, what do you think of qualcomms january 2015 calls. >> that's so far out to the future that that. i don't think it's something that any of us would want to be trading off of. even january of 2014 that's getting closer so i would start paying attention to that. this is obviously somebody who is sophisticated but i don't think you want to follow this from a trading perspective. i'm one of those folks. i'm not going to be looking at this. >> steve, disney? >> i love the content providers, i love disney but the chart doesn't look as constructive as lion's gate films. i would play lgf. >> jim, when is it time to enter the short treasury trade, the tbt. >> the short answer is never. this is a public service announcement, don't play with these things. it's like playing with matches in the middle of a gas station. first off, we've already had the rise, about 140 basis points or so in the ten year treasury. that trade has gone. we talked about that at the beginning of the day. further more, these things are derivatives and you have to be aware that there are costs that get involved w

sales may slow down so some of the big chip names, downgraded broadcom and everybody's favorite qualcomm on the upside and finally, sue, you'll notice, the vix is collapsing here. >> right. >> down 12, the lowest -- >> almost 7%. >> march was essentially a six-year low so we're sitting right near the bottom. >> makes me a little nervous. >> the value of that vix is not so great anymore. >> i know, that's what i'm saying. i don't think it's reflecting what the market is really feeling so that's a whole other discussion. let's talk about the weaker jobs report that pushed the stocks lower. is the economy being overrated? are investors expecting too much and james bullard, st. louis fed president, said the committee needs to see more data on macro economic performance for the second half of 2013 before making a judgment on the taper. let's bring in kenny polcari along with tyler, and in washington bill rogers joins us again, a professor from rutgers and former economist at the labor department. welcome to you all. kenny, i'll start with you. i want to take off on mr. bullard because that's

oracle and qualcomm. the sales. smart phone boehner is sort of waiting a little bit.ations have come down. a company looks likely to make them. oracle, labetalol in corporate spending. again, modest valuation. i am leaving one off of my list. let's not forget. they make electrical components. we have already had a strong recovery in car sales they have not started. starting to look old and rickety and they're due for recovery in the autumn market. liz: now we flip the idea on its head and see which three stocks will make it in? >> as much as i love tiffany i have to say, the growth has been fantastic. overseas growth especially. the stock is 20 times earnings. the estimates call for this year's fast growth to sharply accelerate by next year. i just think that puts you too much risk. we saw investors look up. a chemical company. expectations there for a sharp earnings jump. homebuilder lennar, well-positioned for this housing recovery. you know, house prices have sort of gotten off to a fast start in this recovery. is not going to stay fast forever, especially with mor

. >> i hope one day we can have qualcomm passion for a trayvon martin and chris lane, both no longer us. heather and james peterson, thank you both. >>> and still ahead, the day's "top lines" featuring the unreasonable return of the "i" word. [ dog ] we found it together. on a walk, walk, walk. yeah, we found that wonderful thing. and you smiled. and threw it. and i decided i would never, ever leave it anywhere. because that wonderful, bouncy, roll-around thing... had made you play. and that... had made you smile. [ announcer ] beneful. play. it's good for you. beneful is awarding a $500,000 dog park makeover... in the 2013 dream dog park contest. enter now. ♪ every now and then i get a little bit hungry ♪ ♪ and there's nothing good around ♪ ♪ turn around barry ♪ i finally found the right snack ♪ ♪ diarrhea, gas, bloating? yes! one phillips' colon health probiotic cap each day helps defend against these digestive issues... with three strains of good bacteria. [ phillips' lady ] live the regular life. phillips'. >>> from crazy talk to impeachment fever, here are today's "top lines" wi

valero, monsanto, qualcomm, goodyear and cognizant all making the list. back in a minute. than ever, creating new opportunities for those who stand ready to seize them. in a time when the biggest risk is playing it safe, we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, our flexible, collaborative approach helps forward-looking companies not only run better, but run different... to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because now more than ever, the future belongs to those who challenge the present. >>> several energy companies out with their earnings today. we begin with duke energy, the largest power provider in the u.s. it posted weaker than expected second-quarter earnings on weak commercial sales. the stock right now is down about a third of a percent. different story for devon energy. the oil and gas producer's second-quarter profits jumped a better than expected 43% as prod

it is qualcomm. qcom. it's in the news because piper jaffrey downgraded it to a neutral.cern is potentially falling high end smartphone demand. we'll keep making these things harder until it's going to be a fake chart. got to make up a chart. that will get people going. >> check out priceline, by the way, because officially it's the highest priced stock in the s&p 500, sitting at a 14-year high and got an upgrade with a price target of over $1,000. that's also the kiss of death, as we know. >> jetblue and delta unveiling reconfigured first and money-making coast to coast routes. these seats account for as you have as 50% of the airline's revenues. jane wells at the business travel associate. jane, what's going on. >> reporter: brian, i'm not sure the seats are aimed at the mile high club but business travel is expected to hit $273 billion this year, up 5%. here you're seeing it for the first two, the big reveal. jetblue, its first nobody coach see. reclines flat and your feet slide under the person in front of you. it's coming to some transcontinental flights spring and e

intel, qualcomm and apple on that list.aking of apple, according to factset, apple's institutional share value experienced its third consecutive decline in the second quarter. however, it's still one of the top tech holdings held by institutional investors. google, microsoft also on that list. simon, back to you. >> thank you very much, seema. >>> big news in the bond market. we've had some sort of rally. the yield on the ten year backing down. rick santelli has that and more live from the cme. hi, rick. >> yeah, not a huge rally but i guess everything has to start somewhere. think about it. if your emerging markets are breaking down, where's flight to safety coming in? well, as you look as a ten year, simon is right, we're down a half dozen base points. we're still at 282, 283. let's look at everything from may 1st when the selloff began. look at our ten year, or look at the eurozone ten year, or the french ten year, whether you look at the uk ten year. none of them, to me, look like a flight to safety is ensuing even thou

around the same time expecting be a announcement from qualcomm at the uplink conference.l be there and i'll bring cnbc interviews with paul jacobs and marc andreessen. interesting perspective from both and get their take on the news of the day, and then we have to expect to see an invitation to an apple event next week. 'tis the season to see a new iphone. not just the used ones they want to talk about. they want to sell something new. >> i love it. invite season is back. jon fortt, thank you very much. reporter number three with our third topic, steve liesman, what's on your radar for next week? >> three things, guys. data, data and more data, a big week for economic data. a big week for the fed to figure out if it's going to taper at its september meeting meaning it's a big week for the third thing, the markets. ism, manufacturing index, 53.8. first one out of the box. expected to decline but still well above 50 vehicle sales, right in line where they were the prior month, adp in at 170 and jobs at 173 with the unemployment rate unchanged at 7.4% and five public appeara

trend of the 1980s, and it included carl icahn and a host of others, irwin jacob, not the ceo of qualcomma different gentleman, all of the guys out there trying to force companies to either get rid of the cash, part with certain businesses or recapitalize. they did it to have leveraged fashion in those days. now you have corporate raiders coming after company-cash-rich companies. in the '80s, they would whisper in our ear, not a turf thing, and the reporter would tell you what he told you if he was an activist, find out whether or not the statements that were material and made to you made sense. now they can go straight to the investing public without an intermediary having to figure out whether or not they're just doing this to push the stock, they've got -- you know, at the can pump and dump if they want to, although it's illegal, but there's the possibility of that kind of risk where investors can get taken for a ride with no in-between, no buffer in between, you know, the person who puts out that type of information and the person on the other side of the trade. >> all right. dave, yo

then you see how their family works and there are a lot of parenting lessons you can pull away, qualcommtion of discipline and love, obviously yie yields fantastic results. maybe billy ray should have been works less on his fancy frosted hair -- >> in the back not the front? maybe the needed to pull some around? sn>> the power of the beard. >> maybe he needs the power of the beard. >> self-made, making duck calls in the back shed. now all millionaires and created jobs in the community. the kids are there and disciplined them about using the phones too much and where they're going on their dates and supervising and chaperoning, a lot more than the messages we're fed and track tv. folks are watching the ratings and seeing how much this family is being embraced maybe they would offer more products like this to the average american viewer out there. >> the nice thing about it, wonderful thing about this family, the core of great soa stories on tv tend to be the families that stick together. think about the osbournes, sopranos, they're non-traditional models. with this family, they're so swee

s and p capital iq qualcomm analyst jim mormon. dennis: is a death knell or not?e death knell. and total subscriber losses. one of the main problems, and we didn't see that. a fuhrer units than people expected, the one caveat i would put out is we could see some enterprises options, can be very lumpy because it takes awhile for companies to approve and bring on the new devices so we could see better than expected sales of q 10 but also -- was disappointing and the new touchscreen i don't know -- dennis: blackberry is trying to be apple instead of be a better blackberry. hi team manager, which bone to buy for, you got to worry if you see someone fall 3% market share, the other thing is your software development, and the using a blackberry can survive to save microsoft. big and corporate accounts. >> and we will be going to the cash burn mode and that is the concern. the thing people in in terms of valuation is cash balance climbing rapidly now that they go in the cash burn cycle with the launch of these new devices and try to reinvigorate the brand that has fallen

. >>> qualcomm shares have been falling, this is on an analyst downgrade.ok at this one, piper jaffray for example, has been cutting the stock and they said accelerating to the low end of the smartphone market. that will not help them and they cut the price target as well. back to you. ashley: nicole, thank you very much. we'll be back to you at the bottom of the hour. tracy: coming up detroit is really hoping to fast track its bankruptcy but find out why an attorney for the city says time is their earn my. ashley: plus look likes we'll have a record soybean crop this year. tracy was just saying that. jeff flock is getting a first-hand look. jeff? >> i am standing out, i am standing out in a field with a man who called this bear market in soybeans. -@he said it was going to be beautiful five months ago. what did this field look like five months ago? whaa were we wearing when we were out there? stay tuned after the break. the latest on the soybean market. it's pretty. you make a great team. it's been that way since e day you met. but your erectile dysfunctio

downgraded to hold from buying from jeffreys, both with valuation concerns and increased competition and qualcommded to neutral. piper jaffre is pressing concern. nasdaq down by about 10prd and a percent. >>> ayman javers is joining us with the latest debt struggles. that was the downdprad that sent shock waves throughout the world. here we are, two years later, the dow and stockmarket much, much higher, things seemingly getting better. it's a big anniversary. >> things are seemingly getting better. the question is, are things in washington getting better? remember the s&p downgraded the united states because of the gridlock here in washington. we're heading for another series of legislative battles in september. later on in the fall that could be just as bruiseing as what we seen, starting with the end of the fiscal year at the end of september, the u.s. government is going to run out of funding, in order to avoid a government shutdown, a cr or continuing resolution. but to do that, there is a big fight about whether republicans would put in a cr poison pill that would defund obamacare. a lot of

you could name things like oracle and qualcomm and then medium sized stocks like sandisk and lamb.ing between 8.5 and 10.5 times this year's expected earnings net the cash. and those are cheap. but i certainly wouldn't be reaching for cyclicals and i wouldn't be chasing 20 and 25 multiple stocks in this kind of an environment. >> i was going to ask, scott, yeah, if we start to see the market correct another 5% or 10% as some of the negotiations and other concerns play out, do you start to be a buyer of stocks more broadly or are you going to stay specific? >> we're always specific because we're a bottom up stock picker like warren buffett. we're trying to find deep discounted value. we pretty much stay fully invested at all time but it's getting increasingly difficult to find very good values in this market. carl alluded earlier, small cap and medium cap defined by the russell 2000 are 21 and 20 times this year's expected earnings respectively so they've been really picked over as an asset class but i would definitely avoid fixed income. rates will continue to back up even if berna

this happened with qualcomm, and another group, hyperjeffrey. >> thank you, bob, on this busy day on go over to seema mody. >> well, one consistent trend over the last few weeks is the outperformance of the nasdaq in comparison to the s&p 500 and the dow. today, we are looking at the nasdaq trading in line with the major indices, and biotech weighing in on the composite, and pharmaceuticals missing the "wall street journal"s as sales of eye lia slowed, one of the top drugs. elsewhere, cognizant technologies and indian i.t. consulting firm reported better than expected results which is a common theme among the i.t. firms. more companies are spending money on i.t., and analysts say it is an encouraging sign for the tech sector and something to watch. and speaking of the tech, facebook closing at $39 for the first time ever, and they have now gained 50% over the last month. facebook's market cap of $95 billion is now three times that of yahoo! and almost double of hewlett packard, and so this is in some way, carl, showing us where facebook stands in terms of the iconic tech names and no

when talking about the entire space, he says he still thinks that qualcomm is the best play in that overallith carl icahn that apple is cheap in his words. they got back in in the low 400s and thinks the new iphone is going to create some buzz, and, you know, apple was right on the cusp of $500. we'll see what happens. >> everybody wants to be seen as the cheerleader for apple to take credit for it moving over $500. >> lee cooperman had been in, then he'd been out. now he says what he says is another new position so he's back in. >> all -- remember, this was the most owned share going back to 2012 among hedge funds, apple was. they piled in, they piled out. now you have cooperman, you have people getting back into this name, and, again, to the extent that signals they see the bottom and think they can ride it for another 10% upside, that's what people will focus on. plenty more to come on "halftime. >> we'll talk about this and much more. >>> want to draw your attention to breaking news out of egypt. the vice president has stepped down. he was an important voice calling for moderation. agai