It doesnt make it over. Box Office Records also could be in danger when disneys new avengers movie is released. If youre looking for a potential blockbuster alternative investment, boy do we have one for you. How you can invest in films and get your name in the credits as well. In the markets right now, were sniffing again, 3 00 were on. All right. We were at 2,119 on the s p, just a little while ago. Down to 2,117. We need to get over there for a new historic high. Nasdaq in record territory but below where we were just a short while ago. Kelly. Lets get right to it with our closing bell exchange. Brad mcmillan joins from us commonwealth financial network, doug gordon from russell investments, peter costa from empire executions and our very own rick santelli. Lindsay, let me start with you. How bad is the First Quarter gdp number going to be . And whats going on with the Second Quarter . Are we getting much of a rebound here . As we saw in this mornings number, it was up 4 . Not normally met by disappoint. The details, looking at that proxy for business spending we saw orders decline for the seventh consecutive month. Down 4 yearoveryear. Down nearly 10 . This is significant weakness that cannot be discounted because of oneoff disruptions and certainly not because of unseasonably colder winter weather. As we look out to the remaining nine months its likely to continue to drag. Consumer spending is down. Housing is bouncing along. We have choppy economic numbers as she just referenced. Whats going on with the Old School Tech names . When was the last Time Microsoft was up 10 . Amazon is up 15 , google is up 4 or so. Why does the world suddenly decided they wanted to own Old School Tech . Growth is back in fashion. Youve got companies that are actually making money that are in a position to make more money over the rest of the year because i think companies are going to continue to invest. Maybe just not in durable goods. Theyre going to make more money by investing in technology. People are playing the growth and recovery. The market expects that to continue. Im looking, doug at the market, the softer Economic Data coming in. And wondering if people are wrong to say is there is something amiss here . Are we back to bad news as good news for the market . Are the levels becoming detached from the fundamentals . I dont think just yet. Were beating on eps and materially missing on revenue. Thats the case of the cat and mouse game that analysts are lowing expectations up to the announcement and firms being able to beat. Revenue you cant hide in whether thats the strong dollar impact and the more transparent impact on energy. As we move through the year though we could see the wind fall from the low energy prices, we havent seen it yet but see that unlock Consumer Discretionary spending. Similar to what we saw last year, though being this much later in the earnings cycle, it wont be as material an impact. The minute we got that lousy durable goods number at 10 30, we went down 4 or 5 basis points and the stock market didnt react nearly as much. Where are we right now in the way we should be looking at the tenyear . Well ill tell you, i think keep it simple meat and potatoes, understand this is the 27th session, not 27 days. 27 sessions where the closing tenyear yield is going to fall between 186 and 199. Think about that. March 17th was the last close above 2 and theyve been rare. They were basically around the 6th and the 9th of march because we had that big 295,000 jobs number. Outside of that its been sparse. To answer your question, bob, i look for more of the same. If we close above 203 or close below 183, look for followthrough. The most interesting dynamic is how our stock market is going up on weak data and the devil is going down on a strong euro. It shows you policy trumps everything. Whats driving the flows you guys are seeing these days . Were seeing flows into big names. You can see that from the industrials. Theyve done fairly well. One of the other things id like to bring up is that the earnings per share, theyve been beating but theyre also beating because theres less shares outstanding. Theyve had a lot of buy backs. Similar revenue, maybe the revenue has gone up a little bit but theyre dividing it by less shares. The earnings per share are going to go up. I dont look at that or look at Revenue Growth. I look at going forward. Do you think everybody does . Are stock investors that gullible that theyre only responding to an earnings per share number or is that the overriding factor . I dont think theyre that gullible. People have the ability to look into things deeper no you with the internet. I think that theyre looking at these companies and the potential growth going into the Third Quarter. I think theyve written off the First Quarter. If you look at the way the market has reacted, the market has not been bad the First Quarter. You know, the earnings are coming out market has been fairly solid. You know, what were looking for is that second and Third Quarter growth. A lot of companies have been increasing. Even the First Quarter numbers might avoid being negative. Thats something, i guess. That is something. How are we supposed to look at earnings . The traders have been wringing their hands about this. Thats one of the problems. We have low volume and low volatility. No one can decide firmly on what direction they feel the market should be going. Earnings are flat to down this quarter and the next quarter. As ive been noting part of the problem was oil down and the dollar rallying. Those are reversing recently. Is there any reason to be optimistic that earnings may improve in the second half of the year . Well bob, thats a great question. I think its a case where revenue is down both in large cap and the russell 2000 relative to expectation. If we can see this windfall as we mentioned before around the unlocking of the consumer spending, that might get us back. The issues that are transparent to your point, we know what the impact is or its more transparency from the impact on energy price on firms are directly tied to that. The other side of this is that strong dollar and how long that will pertain. We have to think when the fomc does make a rate change, that sheering of Monetary Policy will have an impact on the dollar strength. We dont know how effective some firms are in their hedging strategies. Thats more opaque. The market is having a harder time in terms of anticipating what the revenue impact is to for some of the large cap names. Fair point. Lindsay, as we do digest the impact of the stronger dollar jpmorgan this morning was saying, look some of the indications say this wasnt a First Quarter weather port strike thing. It is more about the stronger dollar and the oil and gas slowdown. How does that affect what the fed does with Interest Rates here . Weve maintained our 2016 forecast for the past several years. We dont see any sense of immediacy or catalyst to suggest that 2015 will be the year of above trend growth. Weve seen nearly every sector of the economy lose momentum since the second and Third Quarter of last year and when the fed is looking out in the economy, theyre looking at the labor market top line job creation slowed. We continue to see the same variable plaguing there and record low Labor Force Participation and stagnant average hourly earnings. Also from an inflationary standpoint, what inflation . Negative cpi, very low pce. From the fed standpoint theres no justification to be talking about a nearterm rate increase. Every time i talked to the skeptics out there, there are many, this is a hated rally, i asked why are you still in the market . Well, bob, i cant put it in cash or bonds. I dont have much choice. The fear of losing money has been a losing trade. In a way for the last four or five years. Is there any sign what would make people reverse that say i dont want to lose money. Nobodys been saying that for a long, long time. Were definitely seeing Retail Investors move back into the market. I think that in and of itself is a good sign. The other thing i think we need to look at is to look at whats happened. Weve seen a lot of negative effects that have hit immediately in the short term. There will be positive effects in the back end. Lower gas prices, for example, no ones spending yet. The key word is yet. It normally takes about 6 to 12 months. I personally think well look back on this First Quarter and say this was the first story as we saw last year. You remember we had pretty much exactly the same story. And then people came back and started spending and the weather improved. My point is the complacency is astonishing. Were at historic high with the vix at new lows with no volume. Thats kind after mazing technically. Yes. Its inkred. Credibleincredible. If you look at it this is a classic goldilocks market we have a lot of good earnings good momentum in the market yet theres a lot of negative feeling out there. To me its almost confusing. Why is the market at 20 you know, the industrials over 18,000 . When you think about it you know, it is because there is no other place. The bottom line is theres no other place to put money. Where your risk is theres a 5 risk on the downside which i think a lot of people would agree, thats not so bad. Your upside potential is a lot more. With no fear. No theres no fear. Theres no fear to put money is the answer. Maybe the simplest answer is the best. Good to see you this afternoon. 50 minutes to go until the close. The dow trying to stay positive to close out the week. The dow is up 14 points. The nasdaq is up 2. 5 . The s p trying to close at new highs watching those levels very carefully here. It would by the way be the highest level since march 2nd. Theres the alltime high. 1, 2,117. Look at that. How strange is that . Seriously in any positive move on the nasdaq would morning another record microsoft, google starbucks among the big movers. Also ahead, is housing hot or not . There have been mixed messages including Dottie Herman of douglas real estate will talk that out when were back in two. You used to sleep like a champ. Then boom. What happened . Stress, fun, bad habits kids, now what . Lets build a new, smarter bed using the dualair chambers to sense your movement, heartbeat, breathing. Introducing the sleep number bed with sleepiqtm technology. It tracks your sleep and tells you how to adjust for a good, better and an awesome night. The difference . Try adjusting up or down. Youll know cuz sleep iq™ tells you. Only at a sleep number store where youll find the best buy rated mattress with sleepiq technology. Know better sleep with sleep number. Hello. I am a fully automated Investment Advisory service. I can help you choose investments. Monitor them. And rebalance your portfolio. I can do a lot of what humans can. Except have a real conversation. If youd like that, you can always speak to someone at schwab. They arent algorithms. Try not to hold it against them. Say hello at intelligent. Schwab. Com welcome back. Yesterday the nasdaq closed for the first time at a new alltime high in 15 years anyway. Today were seeing if the s p will follow suit. About half a point below the level it needs to do that torturing bob pisani here. 2,117. 39 is the benchmark. The s p up 02. 2 on the session. The markets are in positive territory today. Just ever so slightly except for the nasdaq bolstered by the Strong Performance by microsoft and other components on the back of the earnings. A new report from red fin says some homes on the market are, quote, stale meaning theyve been on the market for more than a month. Is housing hot or not . Housing is hot. Housing is always hot. Ask these two. Christopher thornberg, the founding principle of Beacon Economics and Dottie Herman president and ceo of a real estate company. I dont know where they got that from. I cant figure where that information came from. My wife has been in the real estate business nor 30 years in philadelphia. Shes bitterly complaining they done have the enough homes to sell. We know the prices are up. Why is the supply so tight . For a couple reasons. Most people lost equity. When you lose equity you cant move around. So people werent able to do theyre just starting to gain equity back so that they can actually make a move. If you have negative equity youre not going anywhere. Youre starting to see people move. Interest rates are tight. Interest rates are good but the credit is tight. Hard to get mortgages. Even though Interest Rates are going up theyre still very low, under 4 . Andmillenniums, 18 to 34 thats usually firsttime buyers. That usually drives the market. Theyve been delayed because they got out of school during recession. The job market was horrible. So they put off. That is a generation thats larger than the baby boomers. In numbers, sure. Generation now, theyll start buying. Youll continue to see it move. If we had more homes available on the market suddenly the Sales Numbers would take off . There are factors holding demand back, too, arent there . Right. To that point. Its a great thing. Most people when they sell their house theyll buy another one. If you dont cant get the credit youre going to move. When you look whats happening, the trends are obvious. It is easier to get credit right now. Youre starting to see stabilization in outstanding mortgage debt. Banks are starting to lend again. The average fico score on a fannie mae 30year fixed Rate Mortgage is coming down. According to estimates from the federal reserve, americans have about 13 trillion in equity in their homes. Thats up from 8 trillion at the bottom of the housing downturn. Thats a lot of money sitting out there. As things start to circulate, people are more confident. Theyre making more money. This will be a good year for housing to be honest with you. Were in new york. What about housing . Lets say this. Its what i tell people okay Sustainable Growth meaning were not going to see what we saw across the country in prerecession. Where the prices. Reporter going up double digit. So theyre going to go up i guess most economists say 2. 5 to 5 , 6 . However, if they really spike, they become unaffordable. It was more than that last year. Yes. I think youre going to see it level off with a growth but not over the top. Chris, last word to you. A lot of people have been betting on the home builders. Theyve had a great run but theyre lagging a little bit in recent sessions. Yes. Are they very well positioned for the reasons we just laid out or will we continue to see them struggle to get back to prerecession building levels . Heres the pro and the con of the builders. The pro is sales are starting to go up indeed. First quarter this year housing sales are 20 higher than they were last year. But to that end, most of the activities on the higher end of the market. The lower end is still being constrained by the weak labor market and tight credit conditions. As long as we continue to move forward over the course of the year the way we did last year thats going to start to change. Where the builders are going to do better are the guys who focus on the more lower end of market. Thats the part of the market that needs to come back. That we would love to see for so many reasons. Chris thornberg, Dottie Herman thank you on this friday afternoon. Appreciate it. Thank you. The Dow Jones Industrial average down from where we started at 3 00. Apparently the s p 500 is stuck at 2,117. It seems to not want to get off of that. We need to get over 2,117 to get a new closing high. Were up for the week. It hasnt been a terrible week. We cant seem to hold the breakouts. Art cashin said it feels look a failure to launch bob. Up next, pulling the plug. Comcast, the parent km of this network spiking its proposed 45 billion buyout of Time Warner Cable. Whats next and what does this mean to the Cable Television wireless and set Top Industries . Back in two. But whos got your back when you need legal help . We do. Were legalzoom, and over the last 10 years, weve helped millions of people protect their families and run their businesses. We have the right people onhand to answer your questions backed by a trusted network of attorneys. So visit us today for legal help you can count on. Legalzoom. Legal help is here. Welcome back. Morgan brennan tracking movers in the final hour of the trading week. Mattel that stock getting a boost after Goldman Sachs upgraded the toymaker to buy from neutral with a 37 price target. The management is making the right strategic moves. Shares are up 4 right there. Newmont mining also higher. The gold miners profit nearly doubled in the First Quarter. Those shares are up about 6. 5, 7 . Shares of biogen on the other hand are trading lower today. The drugmaker reported lower than expected profit and Revenue Growth as sales of its key multiple sclerosis drug slowed down. Those shares are down 6 . And comcast, the Parent Company of cnbcs owner, nbc universal, officially calling off its proposed 45 billion merger with Time Warner Cable after it became clear the deal would not get approved by antitrust regulators. Shares of comcast up 0. 5 Time Warner Cable up nearly 5 . Back over to you. Morgan, thank you for now. Brian roberts be the ceo of comcast told squawk box even though the deal is off the table, comcast wont look back. We thought we could get the deal approved. We thought we could make a good case. I think our team did. In the end we have to move on. Weve had record quarters every single quarter. We