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joining us out of the rbc capital trading floor, getting the guys behind me, rbc trading floor.hief u.s. economist. thank you so much for joining us. what do you make of the view on the muni situation? >> we expect that to be the case going forward. and we are concerned about the fiscal health of local governments but most of them will manage their affairs in an appropriate way. if they run into financial trouble, it's our view that most of the states will institute the kind of oversight and dimension mechanisms necessary to manage the problem going -- you know, as it arises. >> when they first made that call a couple of years ago, we haven't seen the kind of default that she obviously predicted. what kind of an outflow of money did you see? it really caused a stir in the market. >> it did. it was that call and a combination of technical issues in the market relating to some of the tobacco securitization funds that were downgraded that really sparked a big sell off so we had $50 billion in outflow between december 2010 and december 2011. but since that time we're up about 25 bil

rbc also saying concern about job loss at a nine-month low. i want to show you this one chart i like from this index here. this is people who have experienced job loss themselves. you or your family. do you know somebody? you can see that is trending down now right around 34. brian. >> all right. so now let's bring in tom. >> that's your job. you're the anchor. you toss to me. i toss back to you. you bring tom in and we have a round about. >> we play ping-pong. >> mandy cuts it off and we're done. >> it's verbal ping-pong. >> tv is that simple, folks. those at home. >> it's kind of like cooking. all right, tom -- >> who are you doing in the middle of all that? >> i'm used to being in the middle of all that. >> she's the coach, ref, teacher. >> there's a huge big crash talking of which, move along. >> can we do the show? let's get to the show. how was the report overall? steve says little more positive. looked pretty good. everyone wants to spend their tax refunds. >> they do. but what's interesting on that point, if you look at where people wa

let's welcome girard cassidy banking analyst at rbc on the fast line.ard, interesting call on the financials given what we've seen so far. so the worst is over for ficc do you think and that's fixed income currencies commodities trading? >> i think it is. as you might recall, the first quarter is traditionally seasonally strong for the trading area. now the numbers we're going to likely see this quarter should be quite a bit better than the fourth quarter. but probably won't exceed last year's first quarter numbers which were truly extraordinary. >> apparently some traders on the floor here must like that call you've made on the financials today specifically related to citi and jp morgan. want to get steven weis involved in the conversation here because i know he traded banks in the past. likes the group. watches the group. steven? >> jp morgan my favorite, which is your favorite here, number one, number two, off saying those fixed income volumes. i'm talking to some people, the biggest firms, they're telling me they're equity volumes year to date are d

we have john, ceo of rbc wealth management, along with doug sandler, chief equity strategist.ood to see you, gentlemen. thank you so much for joining us. doug, you make a good point that the expectations are here, and there really isn't a lot of room for wiggle room. given this run-up that we've seen. what do you think is troubling the market today? >> well, i think today's exactly the medicine we were looking for, which is we needed a little dose of reality that things aren't as good as everybody expected. but the good news is, equities are still really cheap. the alternatives are terrible. cash and bonds. and the global economies are slowly recovering. maybe slower than everybody hoped. but ultimately i think this is the buying point. we're coming up in the next couple of days for a buying point where everybody said they wished they had gotten in. i think the test is going to happen. >> does it get weaker before it gets better? >> it may. three to five is what we've been expecting. for most people that live longer than six months in their investment portfolio, three to five

facebook just amended this s1 adding biggest names citi group, deutsche bank as well as rbc, pacific crest, raymond james, and smaller names. those 25 are in addition to the six banks that were originally listed. now, also some updated information here on facebook's credit facility. facebook is opening up a $5 billion credit facility at a rate of plus 1%. also entering into a bridge facility. borrowing up to $3 billion. that is a short-term facility for tax settlements for the employee restricts stock. other interesting details. facebook looks like it goes into more details. but nothing we haven't already seen. some interesting data on mobile users. in the filing here they reveal that approximately 58 million of facebook's users access facebook solely through mobile. so even though 432 million people are using facebook on their mobile devices, only 58 million of them only use it on mobile devices. one piece of information that is interesting is facebook acknowledges 5% to 6% of their users could be duplicate accounts. >> that's not good. nobody wants to hear about duplicate accounts.

david from rbc capital markets. patty edwards, you like any of the media names?> i think this one does look interesting. i was looking at some of the numbers behind this while you were guys were talking. this one works for me. i also would look at a disney. i like the idea of the parks, i think if the economy is getting better, that will be a help for them going forward also. >> were you one of the, i don't know, handful of people that went out and you a "john carter"? >> no, no, although i think i have two little boys at home that two like to have me take them this weekend. >> maybe they'll get a boost from you. >> with the ncaa pick that dovetails into the march madness, i like deagio, they are trading amazingly well. >> let's answer your viewer tweets, on the vic, why should anyone buy a stock with a vix under 15? >> we've talked about it repeatedly, the vix doesn't mean what it used to me, you have to look at stocks. i am throwing out the dow completely, because the transports mean nothing in terms of the underlying health of the economy or the market that's

joining us now is rbc capital markets david bang, thank you so much for joining us today. >> you're welcome. >> i see here out of a list of stocks you have cbs as the one that stands out for you. what is it doing right? >> well, we're in a really unique period in history where all the sudden companies that had a pretty good business have a fantastic business. what cbs is able to do that it hadn't been able to do in the past is charge cable operators to carry its broadcast stations. so it's getting something like ultimately a dollar subscriber for carriage on cable. and then on top of that it's very, very good at making content and selling that content into all these new digital distribution avenues like the netflix and the amazons as well as international outlets. so it's really just a golden time for these media companies. >> you know, it's interesting too because you look at the cable companies, comcast, a company we've heard about here, of course our parent company, they're rocketing even more, but you don't have this sort of election spend angle. why are we seeing the comcasts of the wo

this week upgraded to sector perform from underperform at rbc. do you share that view?s the time to buy goldman or not? >> i do. in fact, i own goldman. i bought it when the editorial came out and the stock took a hit and it's traded nicely since then. i think u.s. financials continue to trade well. i will give this major caveat, i am also short european financials against them. so as bullish i am on goldman sachs, i'm just as bearish on names like deutsche bank. >> and you are no muppet. let's go to caterpillar. cat going to expand china construction equipment company, but chinese manufacturing is slowing down. cat, buy, sell or hold? >> i am short caterpillar. i started shorting a couple days ago. a decent bounce today but had a terrible week. i do not believe, tyler, in decoupling. i do not believe u.s. cyclical names can continue to trade this well given house slow the international scene is in europe and china. >> and let's talk "the hunger games" and lionsgate. going to see the movie, number one? going to buy the stock, number two? >> as a disclosure, as soon as t

joining us is analyst with rbc market analysts.>> i see from my notes you said last quarter was the worst quarter you've seen in nine years for this company. yikes. that's quite a statement. what do they need to do this time around? >> well, the biggest thing they need to do is improve their sales force execution. they've lost key partners in hp who basically they compete now against. and they've had to replace those feet on the street. getting that kind of awareness and new strategy in their partners' hands has been the major issue for them. and they've had tough comparables from a year over year perspective. we look at next quarter only a 12% year on year increase. the comparables get very easy starting next quarter. >> it's interesting though given that miss they had in december and what you've just laid out that the stock has been able to perform as well as it has. are you surprised by that? >> a little bit surprising. when you look back into the late december time frame, the stock dropped all the way down to $25 and has reboun

a new report from rbc capital market said retailers plan to open 71,000 stores in the next two years.l add more than 200 stores in the u.s. this year apend $6.5 billion to $7 billion on real estate in the u.s. neighborhood and community center, that is strip mall, vacancies fell by 10 basis points in the first two months of this year. now at 10.9% is the first drop in over a year. now, they'll release their full report for the quarter next week. absorption, the net increase in occupied stock topped out at 1.63 million square feet in december and 1.87 million in january. the sector has not increased occupied stock by this much on a monthly basis since 2007. and the malls, which weren't quite as hard hit by the recession, are improving as well. national vacancies falling by 20 basis points at the end of the year by 9.2%. asking rents up. retail landscape remains bifurcated with malls posting signs of recovery than other property types or classes. let's look at the reits and where we want to put the money. property group for one is a real leader. up nearly 33% in the past six months. gen

we've got the exclusive results from a new rbc survey.lus we're calling it the trade can you make serious money by investing in sirius xm? and what's brewing with coors? we'll debate the future of tap. that's all coming up next top of the hour on "street signs." sue, tyler, back to you on "power lunch." >> thank you very much, mandy. now let's get to courtney for a three in 30. hi, court? >> hi, soon. here we go. nasdaq, three stock stories in 30 seconds. dendreon shares lower than more than 8% on news that johnson & johnson prostate cancer drug having positive results hurting shares of dendreon and the possibility of shares for its prostate cancer drug. med vags shares up 15% because it has a prostate cancer drug too that's a close cousin to the johnson & johnson prostate cancer drug. last but not least, hot topic, shares up 11% trading at highs not seen in 19 years after positive earnings, good guidance and increased dividend by 14%. tyler, back to you. >> courtney, thank you very much. this is the highlight of the program right now. i

he's a senior emerging market strategist at rbc. good evening to you.a hard landing? and, if so, what are the implications? >> well, i think the problem with the hard landing is quite an imprecise term. generally speaking the slow down has been gradual and driven not just by external factors, such as the weaker euro situation but also very much by domestic policy from beijing. they've deliberately tried to slow things down in order to get inflation under control. that's a large part of what has been driving this slow down in that data that you showed. >> when we see overnight that the fell for a fifth month in february, that's good news, from your point of view, isn't it? that's policy makers doing what they need to do? >> i think so far, yeah, if you talk to officials in beijing, if you hear it, they are very much welcoming the slow down in the property market so far. you've got a situation warehouse prices are rising too quickly for the average home buyer in china. that's been a big focus and now we're starting to see that really take effect. if thing

. >> john barnes from rbc, thank you so much this morning. >> thank you. >> coming up, politics and businessair of the senate committee, carly fiorina. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 the spx is on my radar. tdd# 1-800-345-2550 and i'm on top of it all with charles schwab. tdd# 1-800-345-2550 tdd# 1-800-345-2550 i use streetsmart edge and its tools like... tdd# 1-800-345-2550 screener plus. tdd# 1-800-345-2550 i can custom build my own screens tdd# 1-800-345-2550 or use predefined ones to help me find tdd# 1-800-345-2550 possible trading opportunities quickly. tdd# 1-800-345-2550 i can also bounce my ideas off their trading specialists - tdd# 1-800-345-2550 on the phone or face-to-face. tdd# 1-800-345-2550 and i can trade wherever i want, whenever i want. tdd# 1-800-345-2550 tdd# 1-800-345-2550 the kicker? tdd# 1-800-345-2550 i pay $8.95 a trade. tdd# 1-800-345-2550 that's a deal in any language. tdd# 1-800-345-2550 hey... a breakout on a head and shoulders bottom! tdd# 1-800-345-2550 that's what i'm talking about. tdd# 1-800-345-2550 open an account and trad

but that's also on the heals of requiring rbc down at her cause -- the movement that we've deployed hasthink the strings. >> maybe you don't want to talk about all of your peers, but what was the difference between, you know, the actions that you've taken and a sun trust, for example? our a citi group is an extreme example. but what are the differences? >> well, it's very hard to say. you'd have to understand, their capital plans and i don't really understand those. i'm busy enough with our own. i think the real issue for all of us, though, is that the fed put us through what has to be considered very extreme stress. i mean, unemployment rate of 13%. 30% higher than we've experienced in the depth of the recession that we've been in recently. stocks down 50%. housing prices down 21%. clearly a severe stress test. and when you look at and see that 18 out of 19 banks still have a 5% capital ratio after that, really is a confirmation that the industry is really strong. i mean, when you think abatisou, when we managed our risks appropriately, pnc went into and through the financial crisis wi

rbc likes it, too. raises the target.you is that it was a disjointed conference call. kind of saying, listen, we'll deliver. we'll deliver anthropology. there's a lot of turmoil there. >> i want to get your take on journal. getting to the web service television business. >> it seems like intel, every time it tries to get into something new, they put a release out and it doesn't happen. i know intel is a great company and the stock is inexpensive. that is a very, very tough area to crack into. >> they appear obsessed with getting beyond pcs. >> he feels like he's missed wireless. he's moving into wireless. you're really just talking about a shooting war. there are so many companies already there. i just can't -- i can't own the stock with that. it's not a needle mover for me. >> yeah. bank stress test thursday. >> i think they are going to surprise the upside. the fed will reserve once the banks start lending, i had associated estates, which is a very big rental company. it's clear that there's no construction going on to

a home builder analyst at rbc capital markets., good to see you. >> thanks very much. >> kb homes at this point seems like an outlier. what about its mix of business where it operates would make you believe that it actually is? >> i think the issues that are affecting kb are definitely company specific. i think lennar results today, attest to a recovery in the housing market. >> in terms of where they're seeing lennar, the most growth, where would that be in comparison to other home builders like a toll seeing strong demand in the higher end projects of the higher price points? >> lennar is really big in florida, good presence in texas, good presence in california. the real story with lennar, solid top line performance. good developments from the margin standpoint and good order growth is universally strong and reinforcing the view on the housing market. we think the read through of lennar, an excellent company is also applicable to the broader builders. >> you're there at 225. as you have watched the bond yields rallied a bit her

. >> rbc says billings are good. morgan stanley has last word.day. >> in terms of the s&p. >> what can i tell you? >> you did it all. you always do it in about 60 seconds. unbelievable. >> it's kind of theme. six in 60. >> i picked up on that. >> i got to tell you, david, there's a lot of cross-currents in the brokers here. deutsche bank downgraded morgan stanley today. i thought this was significant. >> let's go to rick santelli. get consumer sentiment. we'll come back and talk more about the brokers. >> we are waiting for the preliminary march reit. 74.3. this is a disappointment. you know, we were looking at some of the best levels in a year. we're expecting that to even climb higher at 76. this a miss at 74.3. this takes us back only a couple of months. january was 75. if you look at december it was 69.9. as i said it's a preliminary number. it's not the final. i'm comping it to all the finals. this one's a bit of a miss. equities according to my guys trading around me started to give up a little bit of ground a few minutes ago. we want to re