investment firm sanford bernstein notes the companies were successful in delaying customers from upgradingut thinks those efforts waned in the holidays. the worry is customers upgrades come with one time subsidy costs, hurting earnings. after casting a shadow over technology, apple shares found buyers today. the stock rebounded from an 11 montlow to gn 4.1%, closing back over $500 per share. morgan stanley dismissed rumors and worries over iphone sales. apple earnings for the holiday period will be out a week from tonight. in the financial industry, while there was plenty of focus on j.p. morgan and goldman sachs, which we reported on earlier, two so-called trust banks also were in focus. bank of new york mellon fell 2.8%. shares were at a 52 week high a week and a half go. while quarterly profits as in as expected, expenses were higher than expected thanks to higher compensation and services costs. higher costs also hit shares of northern trust. it's stock fell 5.7%. both banks reported big drops in income from foreign exchange currency, driven down by a lack of currency volatility. but o

right now by senior columnist at yahoo finance mike santoli, also equity research analyst at sanford bernsteinchance to look through all the numbers that we are just getting at this point but brad, what's your early thought on just what you've heard about these numbers, what you think of jpmorgan yesterday and what you're expecting from the rest of these financials. >> the numbers are turning out to be somewhat better than expected. the settlements that we've seen coming through puts a lot of the expenses, the uncertainty which was going to be next year and perhaps the year after that behind them. it sets the role for a better recovery in terms of next year. the real challenge for the banks is going to be net interest margin coming down and whether the mortgage business is going to continue to boom into next year. >> okay. and of the banks, which do you think is in the best position? which has kind of set themselves up in the best point? >> well, actually, we think that they're sort of a sector rotation moving into the capital markets banks at this point. so that sort of a jpm-goldman argument

sanford bernstein said the break-up value is very good.do have a consulting business, a printing business. ibm at one time split up, downgraded by the way. the emc is really complicated, because they're saying that they're slowing storage. this is the third downgrade emc. my travel trust sold emc, because i fear pre-announcement. i fear there could be something that comes out and says, look, we're not going to make the quarter. >> even jpmorgan cut of ibm mentions if some of these safe havens could lose some luster, if smaller tech firms grow faster. >> i think that one of the themes of research and whether you want to take research at its value or not, is that, listen, we should buy more emerging market names, look at companies we regarded as being risky. i've got to tell you, the safe havens, whether they be general mills, okay, or whether they be ibm, ibm inexpensive stock, but as melissa mentioned, a lot of these stocks have been inexpensive for a long time and it doesn't matter. >> facebook jumping ahead of a big announcement tomorrow