The 17,000 mark, we should add. Pressure across the other indexes as well. The s p 500 up almost 10 points to 1,978 aramafteramaicing new this week. And remember, amazon is about 13 of the nasdaq 100. Lets get more on what was wrong with visa and its responsibility for a lot of the dows decline today. Heres Mary Thompson with that story. Mary . Hey, there, bill. Visa is off the lows of the session, but the Payments Processing giants stock is the biggest loser among the dow 30, this after the company lowered its revenue forecast for the full year. The strong dollar and decline in crossborder payments revenue, payments made in one country and used in another, behind the lowered outlook. The crossborder business impacted by unrest in the ukraine and rising political tensions with russia. Heres cfo Byron Pollitt on yesterdays Conference Call. We see no signs yet of any acceleration in economic recovery and crossborder volume growth remains soft in the midsingle digits. Visa earned betterthanexpected 2. 17 a share in the quarter on revenue in line with expectations, but fullyear revenue, including the impact of Foreign Exchange is seen growing 7 to 8 , down from a previous forecast of an increase of 8 to 9 growth. Visa says its bullish long term, but any improvement in its shortterm outlook will hinge on improvements in the Global Economy and in the Global Payments business. Back to you. Yeah, thats one of those allpervasive kind of companies that has its pulse on many, many parts of the Global Economy. Mary, thank you. So, lets talk about it. Visa doesnt see signs of economic acceleration. What does it mean for the overall Global Economy . Were going to talk about it among other things in our closy Bell Exchange with Diane Garnick from clear alternatives, todd verchet, rich peterson from s p capital iq, david kelly from Jpmorgan Funds and Jack Bouroudjian from index financial partners. David kelly, youre our global strategist here. What do you make of the visa report itself and the implications for the Global Economy . Im not too worried. What were seeing across the globe, and you can see this in the flash pmi numbers earlier on this week, is modest positive growth. Better numbers out of china, a bit better out of europe. Nothings booming and there isnt a lot of inflation. And if you think about visa, they will do best in a booming economy with pending inflation and really strong real growth. But when youre interested in earnings in general, you want a moderate improvement of the Global Economy and thats actually what were getting right now. Of all the companies i expected to cite low volatility as pressure on their earnings, visa wasnt one of them. I dont understand what low volatility in the currency space had to do with their underperformance in the quarter and how telling that is about global strength or not. I think its a little bit towards the geopolitical side, too. I mean, obviously, theyre trying to guide down, lower expectations going on in the year, hedging their bets on the geopolitical risk. But again, its one company, one comment. Were really not too concerned. We do believe the global economies are improving, especially in the United States, and wed stay invested here. Rich peterson, it has sort of been an exception to the rule. Earnings have been pretty good for the most part. Amazon and visa notwithstanding. Thats true, bill. Let me augment that by saying the spokesman from visa mentioned theres no acceleration or growth, but really, as david kelly had mentioned, there is a continuation of growth. The fact is, you know, were going to see gdp above 3 in the Second Quarter above 3 and probably in the Third Quarter. You look at earnings when alcoa reported back on april 8th, youre looking at 6. 6 . Secondquarter numbers. Now were at over 8. 3 . Were seeing gains in health care, were seeing gains in materials, were seeing a turnaround in financials where initially financials were expecting to see a decline in Revenue Growth i mean, Earnings Growth. Now were seeing a positive showing for financials, which may help mastercard and American Express when they report next week. So, all in all, earnings are pretty good. In fact, we could very well see doubledigit Earnings Growth for the First Time Since the Third Quarter of 2011. Rich, what about for the nay sayers out there and actually to the broader point about the number of shares shrinking, is that boosting Earnings Growth, or are we talking earnings generally, forget the share count . Well, you look at the Financial Engineering or at a combination, and for some persons, accommodation is resuscitation, and for others, its levitation, but the fact is, companies are doing what they have to do to get, to meet the numbers, and whether its buybacks, whether its m auctiom a, corporate aversions, everythings on the tanel to meet those numbers. I was going to ask if that m a cycle is reason for investors to have exposure to equities. Weve seen big moves on that space. Absolutely. Its kind of a joke if you think about what the bears are saying. First quarter, beginning of the quarter, they said you know, companies have too much cash on hand, they shouldnt have that much wash. Now we see these Companies Purchasing smaller companies, growthoriented companies, and theyre putting the money to work and, you know, the bears are saying, hey, wait a minute, you know, the valuation is too high. I feel like the bears should have their heads in the sand right now. Think about all the great things that are happening. I mean, you know, we have earnings that are coming in, low inflation look at the highprofile credit funds which have been fired by Pension Funds across the country for underperforming repeatedly. We talked about calpers yesterday on this program getting upset with some of the hedge funds who have been bearish and wrong repeatedly on this. Theres no sand in Jack Bouroudjians hair, thats for sure. Very true, but think about what the fed has told us. The fed has for all intents and purposes told us they are not going to raise rates until next summer, potentially even the end of next year. I mean, we have a full year of an easy environment. I think visa and mastercard, what people are struggling with is they have these very high balances, and consumers are a little hesitant. Once they get through that hesitancy and they believe that rates are going to stay low for a while, expect credit card balances to head on back up and people to start buying again. Jack, riddle me this. We have the ceo of ryder coming on in a little while. We had the ceo of Norfolk Southern the other day. I mean, the transportation stocks have just been on fire. Theyve been setting alltime highs this year, but it comes at a time when other critical parts of our economy are still struggling housing, of course, the jobs markets still not what it should be right now. I mean, how do you assess the economy and where we stand right now . Well, there are two different things. First of all, transportation is a direct ancillary effect of this big Energy Revolution taking place in my backyard in the midwest here. We see more infrastructure. And remember, there are three or four jobs created for every one little oil drilling job created. So, its really taken on a life of its own. And were seeing the railroads be the big beneficiaries of that. Now, you know, when you look at the greater economy, of course, we see this disconnect between wall street and main street. Weve been talking about it time and time again. But until we can get and ive been saying it time and time again until we can get progrowth policies coming out of d. C. , were going to get the same old story from the fed, trying to keep us propped up as well as they can, and i think they deserve kudos for it. David kelly, you know, it might have been an impressive week for earnings, but certainly has been a troubling one on the international scene. This morning, germanys key index showing some pressure, perhaps from events that are happening in russia and across eastern europe. What do investors need to know going into this weekend and the weeks ahead as theyre concerned about this . I think they should still focus on the economic numbers rather than these conflicts. Because both in the ukraine situation and also in the israeli situation with the gaza strip, i mean, its horrible. The pictures are horrible, and of course, they sort of tug at your emotions. But in the end, its stalemates in both cases. I dont think the statusos really going to change in ukraine. I dont think the status quos going to change in israel. And neither of them are terribly important for the Global Economy. So, i think theyre more of a distraction to investors than really something to angt on. The thing to recognize is the economys growing moderately. Weve still got low Interest Rate policies in place. I think well see by the way, its a distraction, mcdonalds, more than a distraction for mcdonalds, which is now seeing russia say to them, sorry, were finding you in violation of various food safety or calorie reporting requirements. N the mcdonalds shares today are taking a hit on it, but there is a there there. But for investors, if you look at the broad swath of u. S. And global companies, they are taking advantage of a growing Global Economy here. I think the real thing to watch is, at what point do Interest Rates begin to move up in reflection that were running out of capacity, certainly here in the United States and eventually in other places around the world. Dont forget about china, too. Chinas just come back online. They started posting some real serious numbers, and thats put housing down 10 over there. Imagine if housing was just flat. Theyd be well over 10 with some of those numbers. So, lets keep an eye on them. That could be a story that nobodys talking about that could have big consequences down the road. All right. Thank you all. Weve got to go at this point. Thank you for your insights into this market. Pretty important market, as a matter of fact. Have a good weekend. See you later. Thanks, guys. Before we go to the break, we have to acknowledge the passing of a true wall street legend. Allen greenberg. Everybody knew him as ace greenberg, the longtime chairman and ceo of bear stearns. He has passed away now at the age of 86. He was one of a kind. Hes a character. You probably didnt meet him. I didnt, but what ive been doing if you take a look, you can find this online. He wrote legendary memos to bear stearns, and its great to go back. Theres a book of them, and he has this philosopher he created and he has all these great sayings about never be tempted by the perfume of your own odor or Something Like that that will all confuse, but its great reading. He was the classic risktaker. He spent his whole career he was 65 years on wall street, the whole time at bear stearns. He started in 1949 as a clerk, worked his way up through the years. He was a trader extraordinaire. He loved the trading environment. And even when he was chairman and ceo, he loved walking the trading floor. He was a great bridge player, too, talking about risk. He often played with Warren Buffett and malcolm forbes, to name a few people. By the way, jamie dimon bear stearns, as we know, was sold to Jpmorgan Chase in twalt twaigt. Jamie dimon eulogized him saying its hard to manage Financial Services industry without ace. It was better having ace a part of it. And while there will never be another ace greenberg, the example he set will live on through all of us, those who had the opportunity to know him. From the memos he wrote, he said he was a legendary pinch penny when it came to costs in the company. Watch costs at all time. Quickly, the time to stop stupidity and be tough on costs is when times are good. Any schlameal and most schlomosles try to cut costs when times are bad. The first is the guy who spills his soup at the big wedding. The other is the guy he spills it on. That was ace greenberg. By the w56ay, on a summer friday, another one had to do with his reminder to partners, that if they werent off, they were expected to be working on summer fridays and he had never taken one off. Ace greenberg dead at the age of 86. Well be comeback after this. Greenline do for you . Ouy just take a closer look. It works how you want to work. With a Fidelity Investment professional. Or managing your investments on your own. Helping you find new ways to plan for retirement. And save on taxes where you can. So you can invest in the life that you want today. Tap into the full power of your fidelity greenline. Call or come in today for a free oneonone review. In a we believe outshining the competition tomorrow requires challenging your Business Inside and out today. At cognizant, we help forwardlooking Companies Run better and run different to give your customers every reason to keep looking for you. So if youre ready to see opportunities and see them through, we say lets get to work. 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Mattress discounters down day on wall street, pulling back from that alltime high the s p hit the other day, down 10 points there. A good portion of that, two stocks, visa and amazon after their earnings reports disappointed last night. The dows down 140 poins. A lot of that is visa. Then the nasdaq along for the ride, down 25 points at this hour. Morgan brennan touching on some of the big movers for us. What can you tell us . Thanks, kelly. Lets kick it off with the biggest gainer in the s p 500. Thats verisign, the internet Domain Company gaining more than 12 , almost 13 on the day after beating earnings expectations. Verisign reporting nearly a 5 increase in sales compared to last year. Meanwhile, a big debut on the nasdaq for El Pollo Loco today. The restaurant chains stock soaring more than 50 in its first day of trade. Shares of loco opened at 19. That was 4 above its ipo price. Pandora plummeting today after reporting earnings. The Internet Radio companys stock losing around 12 of its value after forecasting a thirdquarter profit thats sharply below analysts expectations. Pandora also reporting a dip in user numbers. Kelly, back to you. Morgan, thank you. Now, transportation and supply Chain Company ryder systems reporting strong earnings this week. Take a look at the shares, currently trading at pretty much an alltime high. As we mentioned, a lot of transportation stocks are right now at alltime highs. More on what it indicates about the state of the economy. We are pleased to welcome ryders ceo, william sanchez, who by the way, will be ringing the closing bell later at the new york stock exchange. Youre rebranding. Youre coming out with a new advertising campaign, first one in a while. Why now . Whats the change . Well, weve been in the Transportation Industry for 80 years, but were a bit of a wellkept secret in that a lot of people know that we rent trucks but dont realize all the searches we offer. Were in the outsourcing business, so companies outsource their fleets and their supply chains to us. Nice thing about that, its a very large market. Its over 8 million commercial vehicles in north america and only about 10 of them are o outsourced. So, its a big opportunity for us to really convert more of the doityourselfers to outsourcing that type of opportunity to us. Is it true the one reason why the transport sectors been doing better this year is because of this energy boom across the country . I think thats part of it, but clearly, we saw, and were a little bit of a bellwether, i think, for the economy. In our truck rental business, we saw that pick up at the beginning of last year. That continues to move strongly. Thats usually an indicator theres product moving in the economy. What kind of product . Theres the energy sector, but i would really say across the board, anything from housing to even food distribution. You just really see it across the board. See, thats what im talking about. There seems to be this disconnect. You know, we talk so often, of course, about housing for obvious reasons, other sectors that seem to be lagging to some degree, or theyre growing