the refiners. >>> more "fast" at 5:00 p.m. tonight. one second away from apple's announcement on "power lunch." >> we interrupt our normally scheduled broadcast to bring you this important announcement. >>> and we welcome you to power lurch. i'm sewer herrera. my partner today is simon at the nyse because tyler's on assignment today. >> the big day is finally here. if you own an apple product, if your family buys apple products, if you own the stock, are considering owning the stock or if you own a mutual fund, and who doesn't, be with us for the full hour as apple now shows off its new product line. >> highly anticipated, certainly, that's an understatement. that's why we have brian sullivan outside the conference hall in san francisco. we have a very sophisticated system designed to bring you the latest news and pictures as they happen. so brian, what are we expecting? >> this is going to be a big time event here. maybe we need a giant sledgehammer to smash a screen a la 1984. here's how this is going to work. this is why i walked all the way out here last night

but beyond the apple iphone 5 has apple ran out of am mow? or could a possible ipad or apple tv? debate. olaf's pizza palace gets the most rewards of any small business credit card! pizza!!!!! [ garth ] olaf's small business earns 2% cash back on every purchase, every day! put it on my spark card! [ high-pitched ] nice doin' business with you! [ garth ] why settle for less? great businesses deserve the most rewards! awesome!!! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? when we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. analysts, i have, too, that 50 million iphone analysts combined is what the analyst community wants to see in the calendar fourth quarter. that's a big number. >> that is a very big number. you have to imagine,

how does that influence the index? with apple, the s&p 500 has rallied 16.1% this year. if you take out apple, the gain drops to 14.1%. meanwhile, research in motion's blackberry service was down in europe for three hours today leading the company's c.e.o. to apologize to customers. there was no reason given for the outage. that embarrassment comes just ahead of two events next week. on tuesday, research in motion holds a conference hoping to get developers interested in creating apps for its new blackberry 10 device. that smart-phone is expected to be on the market next year. and then on thursday. rim reports its latest quarterly results. investors are eager to see how business is managing against apple's iphone and devices running google's android software. the stock will also be in the spotlight. it's now hovering just above new lows. >> tom: still ahead,working smarter, not harder. we talk with harvard business school professor bob pozen about extreme productivity. >> tom: while the apple launch pushed technology stocks higher, gains were held in check for the broad m

have a great time watching the apple announcement later on today. let's get back to hq with the "fast money" halftime. >>> and carl, thanks so much. welcome to halftime, four hours to go until the close. and here's where we stand. we are in the green across the boards. take a look at the dow, 13,349, and s&p and nasdaq playing along today, as well. here's what we're following on "halftime" today, zuckerberg goes public, did facebook's face deliver? is it time to deliver the stock? >>> and is qe-3 coming? and what will it mean for the rally? but first, our top story, less than one hour to go until apple unveils its highly anticipated iphone 5. the stock keeps going higher, but are expectations growing too high for america's most loved company? we're trading all of these stories with pete najarian, joe ts teranova. is it going to pull back? >> well, there's a chance of it. i mean, if you're looking at the options right now. the options are signaling people are expecting a big move. look at the volatility of options that expires tomorrow, by the way, an

thanks to the shine in apple shares, the nasdaq is up 19% this year. with apple's outsized influence on the market, a warm welcome for iphone 5 tomorrow might make more than apple shareholders happy. but some market pros say it's a stretch to think apple has kidnapped the stock market. >> i would not argue that, as apple goes, so goes the market. i think there's a lot of other sectors that we're also paying attention to. and granted, we've been overweight the technology sector, but we're also overweight things like materials and the consumer discretionary sectors. >> reporter: still, even wren concedes apple's effect on the market is more than mathematical; it's also emotional. which brings us back to the iphone 5, likely to get a good reception tomorrow from techies. but if history is any guide, investors might sell apple shares when the phone debuts. >> we're not so sure to what extent the near-term impacts are going to apple be from a stock perspective. but, frankly, we continue to like the stock right now, despite the fact that we've seen substantia

all the focus is on apple. d amount of attention paid to this quad witching day down here on the street. some unusual activity. >> we've got a lot of folks that are in here of course shoring up positions that expire today so they've been rolling out throughout the week into next week and into of course october and november options. more and more people want to set up for the election are going to be in the november options, scott. so those that aren't already listed come on next week. >> i think it is generally been a positive day for the stock market quad witching days. >> it's interesting to me, it feels so much quieter today in terms of volumes than the normal quad witches which we've seen which use to be big events. people come in and take the opportunity to get investing. >> mondays are usually down so maybe today you want to sell the market, buy it back on monday. other than that, emc on all this cloud storage, stay long. >> that's one of the most interesting stories of this entire run. if we go positive f

>> it is not the price, not the dollars. apple trading 12 and a half times this year's earnings, and actually trading as a cheap stock, one that has a 20 to 30 to 40% growth rate. forgetting about the dollar price, it is just a cheap stock from a pe ratio. lori: a lot of concerns with tim cook at the helm, there may not be the next great thing to keep this revenue trajectory going for the medium term. three, five, 10 years out. >> we have been long-term holders in stock and have never trimmed it. right now we are pretty clear, they don't own the market, they share the market with samsung, but their ipad sales or 2% of the market. they have a lot of room to go on the ipad, emerging with some sort of ipad versus pc. they're in good shape, but like any stock you watch day today, make decisions and we see the coast is clear for the next two to three years. melissa: more from our all-star panel throughout the hour as new details emerged. lori: much more from that event and the panel. robert gray standing by, our cameras are rolling. me

the beginning. then i began bombing him with questions about apples and fruit. there was one moment that did change things in my perception, which is we were walking one day, i worked the fields and packing house routine, 5:00 a.m. routine. we were walking at dawn with the pickers who were all working, my brother was walking ahead of me. i saw all the shades of green, i was able to get my own ego out of the way. i thought he is amazing. this brother of mine is amazing. he has built up something astonishing here. it was almost like he was no longer invisible to me. i could begin to see him. then when i watched him walking ahead of me, i realized he has the same gape i do. we are probably so much more alike than we ever allowed ourselves to think. that was a beginning moment for me. >> one of the narratives that runs through this book, particularly as he becomes more sick in the last part of it, you are the relentless, you are going to be okay, there is going to be hope, if i make enough contacts, i'll fix this. he is the almost unfailing despite his occasional req

but the key difference between '99 microsoft and 2012 apple is the valuation and the amount of apple nds. in terms of the bear case, apple not reaching $1 trillion, what would that be, nick? >> today, you look at the stock, it's down about 1.4%, about ten points. and i think that's because of the map fiasco that's going on right now. apple is determined to remove google from its software because google is one of its biggest competitors with android and customers aren't happy about what's happening. if they continue to do things like that, that could affect the eventual outcome. but microsoft in the late '90s, the difference is when microsoft peaked in december 1999, it was 20 years in the pc revolution. we're only five years into the smartphone revolution. all apple needs to do is double its numbers and it's well past that goal. >> i think there's something intangible that you're trying to drive at here further, nix. you say in the final paragraph of your article, when apple first introduced the iphone, people slept on the streets to get one. five years later, people are still on the

apples? >> this is astonishing, are we talking about the family past apple? >> both and the way thing danagers come together, yeah. >> kind of astonishing, again working on the idea that everything is passed down in families is it or is it not or is it coincidence. my father had a difficult relationship with his father from mexico. we knew our family had this chain of nurseries from mexico. i never understood because my father would change tg subject when his name came up. our grandfather was an orchardist at the turn of the century. >> which you hadn't even known. >> i didn't know it until i discovered this at the archive when i was trying to page through all of these things. then i discovered an obituary that had been written about our grandfather when he died when we were much to young to remember him. it was very, very long in the texas at the time. it detailed every, all the rare plants, specimen plants, horticultural, introducing them to texas. i was so excited about all of this. i used to say to my brother, this apple thing, you have gotten from your gr

. >>> and it is finally here, the first iphone 5s are already in the hands of apple fans in australia. here in the bay area lines of people are counting the hours until they can get theirs. we are live with a preview. >>> we're also live with a live look outside. look at that. before the sun's arrival on this friday, september 21st, this is "today in the bay." >>> good morning to you. it is 4:31. i'm marla tellez in for jon kelley. >> and i'm laura garcia-cannon. something we'll only get to say once in our lifetime, space shuttle "endeavour" soaring through the skies above the bay area. rob mayeda is in our weather center tracking the fog conditions and mike has a look at potential problem areas as that shuttle flies over. first let's go to bob redell, live at moffett field which has quite a history with the space shuttle program. >> reporter: good morning, laura. this is certainly one of those days you do not want to be caught without your smartphone camera because this is going to be a sight you'll want to catch on a digital format. the schedule for the space shuttle's arrival here

scott mcgrew is live at the apple store in los gatos where quite a few people spent their night waiting for the new iphone. where's your tent, scott? >> reporter: good morning to you. you know, what i do have is a timer so three hours, 13 minutes left on the old ipad 2 here. i got -- a year and a half ago we were standing in line for this so how quickly times change. if you look down the street it's about 80 people in line last i checked. from the apple store in los gatos all the way down past the movie theater down to about round table pizza. a lot of people have come out of line, which is kind of cool. the ability to trust your neighbor and go take some sort of break that you need to take and come back, which is cool. jesse, come over here. where did you go? jesse is number 5 in line.

the pop line. but, max, you see apple is going to -- its own product and the upcoming mini ipad. >> we see apple continuingdo quite well. we expect the iphone 5 to be a hit. let's be honest, the iphone 5 is a catch up phone. it's the first time we have seen apple release its new phone and it's now apple's version of the faster speeds, the bigger screen features that people are liking and enjoying on motorola products, on samsung products, on hdc products. we continue to see that 70% of revenue, 40% of revenue, 70% of profits tied to the iphone, it's a gateway product for apple which builds a walls garden approach. we don't think it can grow much and of course year it can sacrifice margins or sacrifice growth. that's why we don't think it will have a repeat year 12 months from now. >> gene, what about that? >> well, first thing is this concept of it being a catchup phone, the concept of it being a catchup phone. that's what apple has done ever since they came out with the ipod event initially and the iphone was a catch up. these are not about features. they buy it for the platform. so i would strongly disag

. >> the apple phone 5 blowing into the big apple and other parts of the eastern time zone this hour. the gadget is debuting in stores today. welcome to "squawk on the street." i'm carl quintanilla, david faber, it's like new year's eve in many ways. we'll see if we go out positive. the dow continues to ride a 4 1/2 year high. have not had a decline of 1% or more in about three months. some continued news out of europe, as well, continue to read every little tea leave regarding spain and rajoy. we'll talk about that, too. >>> our road map this morning begins in hong kong, paris, now new york city where the iphone 5 goes on sales today. lines are long despite claims about apple's problem maps. >> dow is up eight friday necessary a row. will today make it nine? it's also quadruple witching day. >> earnings in line but revenue is a bit light as hardware sales tumble more than expected. can the company continue to steal shares? >> and define what is troubling other luxury retailers boosting its forecasts. comp stores are up more than 45%. we'll start with the iphone 5. apple's newest ipho

the parts leak. that is earlier than apple has parts coming out. something tells me they started manufacturing on this earlier than usual. they knew the volumes are going to be huge. a couple of things coming up after the holiday quarter. one is verizon. people who got the first verizon iphone will have contracts coming up. and also in asia the q1 tends to be a little more like q4. there could be a bump there. >> thanks for that report. one noticeable difference is that the iphone has a lack of preinstalled google map app. it seems like this map app has a problem finding certain locations. this could be the latest symptom in terms of the war between google and apple. apple is replacing parts of google's system with its own. >> this is an issue you will hear as a major tenant of the case in google that the fact that they have been kicked out. when you think about that as far as tablets is concerned it may be a bigger issue because apple has dominant market share. smart phone share is obviously growing. the story is going to be how much is google goin

most would agree it is always worth the wait. for apple fans the day is look new year's, out with the old in with the new. they'll replace early versions of the iphone. with the 5. the scene is playing out all day across japan and in eight other countries or regions. they call it their thinnest, lightest and fastest model. >> translator: the moment i touched it i was wowed. the design doesn't lack too different. but the graphics are amazing. >> translator: it its just so slim and light. it feels especially light. when i compare it to my iphone 4. >> reporter: the apple brand helped whip up a frenzy before the release date. company reps saying first 24 hours of preorder period, more than 2 million devices were reserved worldwide. double the record set last year for the previous model. here in japan, apple is already riding high. the iphone was the top selling smartphone last year. but globally, it is still trying to catch up. rival samsung's share in the last quarter was 32% that compares with 17% for apple. finland's nokia and u.s.-maced m

you can't get away from the ecosystem on apple. it feels like you are the nerd at the table. >> that's the truth of it. >> this has been an interesting time for the iphone release and what apple is doing in other parts of the world which may offer more upsides. china mobile hasn't unleashed a network that can support this. if you look at 1/3 of the carriers offer the iphone. you have the ipad mini next month. i believe that samsung news being nerd at the table was something that was going to give us a short term high on the stock. i was wrong. i do think that this is a company that on valuation still looks very interesting. so much good news has been priced in. at some point you get to a place where it is difficult to move the needle. there is still significant smart phone growth coming from asia. that is probably 50% of smart phone sales at this point. >> let me ask you an intell intellectual question. can news be in the stock with a decent valuation? >> people need to approach apple as a value stock versus a growth stock. there is

>> here is, the new apple iphone 5. you can see the gadget everyone has been waiting for. i'm here at union square apple store where about 100 people camped out overnight for the long anticipated release. this comes almost one year after the death of steve jobs >> i have the old iphone and it is outdated and it is time for an upgrade. i am a true apple girls so i will never stray from the apple brand. >> some people have reportedly been standing in line just to sell their spots and others to promote their own businesses. we can expect sales to take off all day and all week. >> coming up, the shuttle endeavor getting ready for its final trip over the bay area. we will have a live report from southern california coming right up. >> a dirty dilemma, what they're being told to avoid for health reasons. >> a,,,,,, (car horn) paying with your smartphone instead of cash... (phone rings) that's a step forward. with chase quickpay, you can send money directly to anyone's checking account. i guess he's a kicker... again, again! oh

is the new device that could upset the apple cart in the smartphone industry. apple c.e.o. tim cook unveiled the iphone 5 in san francisco. and it has new features designed to fend off competition from rival android phones. >> it is an absolute jewel. it is the most beautiful product we have ever made bar none. >> reporter: now the nitty gritty: the phone is made entirely of glass and aluminum. so it's 18% thinner, and 20% lighter than the last version. it has a larger four inch screen, and a faster data connection. >> the apps on the phone constantly communicate with the network. so if the connection is slow, the phone will be slower. with these faster data connections, people will find that using their phone-- the phone itself will be more responsive. >> reporter: for customers who sign two-year service contracts, the phone will range from $199 to $399. so where does the iphone 5 fall short of the hype? >> you've heard of this ewallet functionality-- using your phone to pay at the register and a whole bunch of other things. i thought there would be that type o

do they have the -- i think has to happening is apple, with the fight with samsung, apple has to say,isten, we're done with samsung. we're switching all of the business to intel. until they do that, you are flogging a dead horse, my friend. you're just going to get that bond equivalent at 4%. is apple unstoppable? tonight's chart is cut to the core. he thinks it may be coming more than we had. if you want to take a bite, he's saying, wait for that pullback. look, i'm saying, stop already. get a little long as it comes in. okay? it's an investment for me. for him it's a treat. stay with cramer. >> announcer: coming up, seeing red. software supplier redhat has been making green for investors in 2012. but after reporting, the stock's in the red. is this your opportunity to buy or should the open source powerhouse no longer get your tip of the hat? cramer's earnings exclusive with its ceo is just ahead. now, that's what i call a test drive. silverado! the most dependable, longest lasting, full-size pickups on the road. so, what do you think? [ engine revs ] i'll take it. [ male announcer

and the internet and apple. ss in the transports, while important, simply isn't that representative of what's going up. so my take, other than the apple iphone, worry, sell industrials, because of the transports, but alas, they have nothing to do with the strength in eli lily, verizon, or google. they play a role in the rally, but not the role. you're only worried about a subset, not the whole market. let's not forget, this could be day one of the transport rally, arriving just when we have all given up on the group. stick with cramer. >>> a lot of people saying that caterpillar severely cut. take a look at the way 3m is trading. that stock was supposed to have cooled off because of things they said last week. it's been going higher and higher. i think the caterpillar weakness

and the internet and apple. orts, while important, simply isn't that representative of what's going up. so my take, other than the apple iphone, worry, sell industrials, because of the transports, but alas, they have nothing to do with the strength in eli lilly, verizon, or google. they play a role in the rally, but not the role. you're only worried about a subset, not the whole market. let's not forget, this could be day one of the transport rally, arriving just when we have all given up on the group. stick with cramer. ♪ ♪ moving along ♪ new beginnings and new ends ♪ spending our time with our family and our friends ♪ ♪ celebrate with the cool autumn air ♪ ♪ ♪ and we're livin' out our lives ♪ ♪ as we dance without a care ♪ oh we were made ♪ don't worry, i can make more. ♪ oh to be free since then, there's been one wedding, 2 kids, and 43 bottles of olay total effects. so in spite of 185 tantrums 378 pre-dawn starts and a lot of birthdays, caroline still looks amazing. you can challenge what's possible thanks to

supposed to be the biggest one then that might change the game of, of android/iphone. >> the launch of 5 will likely give apple a boost. the company hopes sales will help it become the leader in the global smartphone market. >>> and another apple related story. south korea's samsung lech troing maze add the apple iphone 5 to a patent infringement

the daily chart. remember when apple reported in late july when the company missed the numbers? ullback stopped when apple hit a solid four. and after that, it was off to the races. if you look at the course of this r this rally, it shows you how important this is. so many have tweeted me. the first pattern was when apple traded into the gap post other thanning earnings july 27th. showing power and tremendous demand. it turned on people and it has been put on sale because it had blown up after the quarter. the second buying pattern when apple cleared $618. a higher high. because it came out ahead of head and shoulders. after that you caught another leg higher and a third pattern when apple took out the high of $644 on august 17th. this is usually a sign that the stock is going higher. and the 4th pattern came the day the iphone 5 was introduced. and buyers took control after spending the day hanging on or above the support. usually the bears sell the events but they couldn't keep the stock down and it went higher. it was a big big tell. remember, he is doing short-term work. some

the changes come as apple prepares to drop the video services built-in app from its new phones.nd that is today's speed read. just made it under the wire. well, cantor fitzgerald is holding its annual september 11th charity event today, the bond trading firm was one of the hardest hit that day. it lost 658 employees. in honor of their memory, the firm is going to donate 100% of today's revenues to several charities around the world, and sandra smith joining us lye on can -- live on car to have fits -- cantor fitzgerald's trading floor. >> such a huge day. celebrities trading, money going to those charities, a big day. >> wasn't it wonderful, sandra? this is your first charity day. >> reporter: yes. thank you for having me. >> hey, it's been our pleasure. this is my third. the excitement keeps building and building. and a big thank you has to go out to all of our clientele. my clientele, the firm's clientele, everyone really came through today. >> reporter: let me tell you, i did a $750 million trade myself. >> i can't wait to see the total numbers. i think we're breaking records