We will hear from one asset manage who are says now is the time to buy into this beaten down industry. Where is the Broader Market heading as we wind down here. Were winding down the year . Its only october. Christmas is around the corner. Morgan stanleys adam parker and David Rosenberg will weigh in with their view of what happens as we make our way through the Fourth Quarter. Uber seek to go raise another billion dollars and you wont believe how much that could put the company in terms of valuation. Details coming up. Lets get to our Closing Bell Exchange with the dow down 30 points and we have had some Economic Data out this morning, a lot of cross winds in the earnings arena as well. Anthony chan from chase is with us here at post 9, so is Kenny Polcari and our own Rick Santelli joins us. Here we are again not a lot going on for the major averages. There are certain individual stock stories certainly but overall the market just me and rings here. Its meandering today but it wasnt last thursday and friday. We had this big move listen, we are up 11 off the august lows, and remember in august it was all doom and gloom, the end was coming now we are closer to the highs than we are from before. Action like today when theres mixed data, theres mixed macro data, new home sales and dallas fed comp numbers were disappointing and all of this talk about more stimulus coming from Central Banks around the world, we have fed on wednesday, people are biding their time. Anthony, what do you make of it . Im encouraged by the fact that market volatility since august has come down dramatically, whether you look at the reasons for, the shanghai equity market index in china has stabilized and we also see there is less enthusiasm for a fed rate hike going into the end of the year. Is the stock market with this come back that kenny was describing trying to forecast a stronger economy or just more monetary ease sng. I think its a combination of all these things, but remember that when you consider what was bothering the markets in august, it was Global Financial market instability and if the European Central bank is ready to do more, bank of japan is ready to do more and the Federal Reserve might be willing to wait a little longer that should soothe a lot of concerns. Also soothing concerns, whats happening in the energy space, if it werent for all the Companies Directly exposed to creating energy in this country the mere fact that Oil Continues to drop the way it does, prices at the pump are catching out now and natural gas could go below 2 bucks for the first time in years. What do you make of it all . Terrific news. Wonderful. I want to hear that he ever day, its just a shake that weve put all our marbles in things like electric cars when dual fuel natural gas and unleaded gasoline cars where consumer could switch a button, ive installed them, they run per rifk, too bad america cant more directly share in that. Maybe that will change over time. Here is what i see. Who things be better for housing since the crisis . We have a Federal Reserve who has cemented, super glued, nailed the rates to zero, whats wrong with housing . Down 11. 5 on new home sales, a little over 500,000, go back about ten years it was just high of 1. 4 million. So the notion of what drives housing is much more of a Credit Availability and a cultural change into renting where all the inflation seems to be hiding but atlanta fed now at 0. 9 of 1 . All these Central Banks are willing and able for more stimulus. Why . Why . See, thats the real question. Why . Because the current growth is insufficient. In the Third Quarter we know we have an inventory over hang. Of course it was disappointing down 11. 5 , remember, thats 10 of the share of the housing market. When you look at total new home sales and total existing home sales for the month of september they were still up 3. 2 . Probably existing home sales are ruling the day and telling us more. When i look at the National Association of home builders, thats where the rubber meets the road. They are at the most optimistic point in the last ten years. It tells me that yes this was disappointing but i dont think its a sustainable trend. Housing is going back up. Im not so ive got to tell you i think there is a mind shift in housing. I think youve got a lot of the millennials, the generation behind me that are really look to go spend more time in the city, live in the city, they dont want the big house in the suburbs, they dont want to cut the lawn and make care of the pool. I think there is a shift. That is true. I think theres going to a big shift in housing. What do you make of sam zel selling his huge home portfolio today. He has been bearish on real estate but did acknowledge that the tide was shift ag way from him, sold a bunch of office properties. Keby, what they see happening is so many new especially suburban apartments coming on line, vacancies will be an issue. I think that is very true. The Younger Generation behind me they want to be in the city. Listen, i live just in northern i live in westchester north of the city, housing by me still struggling. Those are suburban homes, lots of land, blah blah blah, strug snoolg sales in the northeast were down 61 . Looks whats in the northeast, new york, connecticut, jersey, the Financial Capital of the world is really here and its been forever slaughtered after the crisis and whats happened in our industry. I havent seen it. Part of the reason why you have that plunge in new york city was due to a regulatory change that they were going to make in the latest month. Part of that is that. In terms of residential investment it was growing more than two and a half times faster than the overall economy in the first half of the year, whether its apartments or houses, residential investment is a force to be reckoned with in this economy. So is the consumer. If this persists, rick, do you sense now that the chinese are being more aggressive with their quantitative easing that we are heading toward yet another leg of majorieesing by the world Central Banks and could we see another rally for equities down the road . I know thats not your primary focus but that seems to be whats jump starting this market lately. I just dont see whats going to derail stock market rally. Its not going to be continuous or without its bumps and bruises, but for the most part all of our arguments about the dooms day scenario still in my opinion equities are somewhat away from that argument. Listen, the worlds liquidity among those that are investing isnt necessarily going to change when bad things happen. I continue to say that we could put a positive spin on a lot of things. I know friends that cant afford ferraris so they talk down ferraris. You cant afford a house you might talk up apartments. But in the end these things have changed post crisis and growth is lackluster. We could put as much lipstick on it as we want, those are the facts and we can kind of work in a world of denial, yeah, its great that we are building a bunch of rental properties but it isnt the optimum choice and certainly isnt what Central Banks thought would happen after they pushed Interest Rates down to zero in 2008. All right. Thanks, guys. Appreciate all your thoughts on todays Market Action. Lets get some details now on val yebts conference call. Meg terrell has been listening in. What are you hearing . It was a big morning for valeant, a few of the key points, valeant coming out strong, coming out strong against sit ron research. Valeant working with outside counsel the call to the sec to investigate that short seller sit ron research and its founder. The board coming out early reiterating unanimous support for ceo mike pearson. Confirming the appropriateness of the accounting around that Specialty Pharmacy, but also saying new allegations about the way it does its business and some of its practices it will reveal the Business Practices and fillidor operations. Fill yant details that ownership option or the option option to buy part of philidor. Now, folks are wondering why they didnt disclose that and the nature of an option to purchase something youve already spent money for and then it wont cost you anything else. Skroefr hang on the shares of course remains pending the outcome of this outso many into philidors Business Practices and the government investigation noose valeant regarding its pricing and its Patient Access programs which all ties into this. Still a lot of questions remain despite annual is e. Lists saying they did a good job regarding the Accounting Practices around philidor. Sit ron research not backing away from its claims, continuing to go after this company and insist the government does as well. What people are worried about, maybe not the fraud claims here, but just what else investors dont know and when the next shoe will drop. The next short seller report and what thats going to be about. What people have been saying is theres so little understood about this Specialty Pharmacy network, will r. There other aspects of their business they dont understand. For now, meg, thank you so much. Our meg terrell with the latest on a company many in the space will say is a Financial Company not a pharmaceutical one. That model under more scrutiny than ever. Dow is down 20 points, same for the s p down about 3rks the knack dak slightly pos i have, up about 3 points. What a busy week this is going to be for earnings. Tomorrow, for example, apple and twitter post their numbers, a leading analyst will tell us if hes expecting hits or misses and how hes playing those stocks right now. Thats coming up. Plus two wall street heavy weights will be here, adam parker tells us why he likes financials and David Rosenberg says airlines could be the ticket to big gains. Stay tuned. When youre not confident your companys data is secure, the possibility of a breach can quickly become the only thing you think about. Thats where at t can help. At at t we monitor our Network Traffic so we can see things others cant. Mitigating risks across your business. Leaving you free to focus on what matters most. [female announcer] if the most is the staying awake part, day sleep train has your ticket to a better nights sleep. Because when brands compete, you save during mattress price wars. Save up to 400 on beautyrest and posturepedic. Get interestfree financing until 2018 on tempurpedic. Plus, helpful advice from the sleep experts. Dont miss mattress price wars at sleep train. Sleep train your ticket to a better nights sleep kelly, we mentioned the major averages arent doing a whole lot, but kelly mentioned earlier natural gas, have you seen what its doing today . Now down 8. 7 , you certainly hope it bodes well for heating costs this winter. Chesapeake downel , anadarco down 4. And this is the ultimate double whammie for some of the energy names who saw the first shoe drop with oil prices and now the second shoe drop with natural gas prices. On a supply gut thats for sure. We are awash in natural gas right now. Its also a big day for apple relaunching a product that analysts say is more important than an ipad and microsoft opening a Flagship Store in new york city. Julia, whats happening with apple . Kelly, the new and a improved apple tv is available for pre order today. While its projected to add 1 to apples revenue according to piper offfree it is a key play for the growing farkt for streaming video. Apple is in third place with 13 share of households with streaming media devices following roku and Google Chrome cast. We will get the latest on the sales of all of apples devices within they report their earnings after the bell tomorrow. We look forward to that very much. Lets send it over to Morgan Brennan on this Flagship Store that microsoft has opened in new york city. This is the opening day of microsofts first Flagship Store, this is a glass covered five story destination in midtown manhattan on swanky fifth avenue just a few blocks from apples own nyc flagship. The new retail location spans over 22000 square feet, its the companys largest so far of 113,000 stores, theres tech support for customers and displays including the not yet for sale hollow lens. It is focused on boosting direct hands on contact with consumers and the store opens just as new products go on sale including the first ever laptop the surface book. Morgan, thank you. Julia, thank you. Microsoft among other big tech names including alphabet and amazon have reported quarrel earnings that beat expectations. We are waiting for apple whose numbers are due out tomorrow. Getting used to saying alphabet thats just weird. What should we expect from the next wave of earnings . Joining us is irwin fine stuff. What do you think still to come from some of these big names . I think apple is going to have a very good report, i think they are going to have strong iphone results and i think they are going to continue to announce Additional Return of capital to shareholders to increase buy back an dividend increases. Soim overall im very optimistic. Ivan, so many people are focusing on how many iphones they will sell. Whats the break number for new at what level do they report a number that you say, forget t i cant buy apple shares here . I dont really focus on the number of phones, i focus on the overall profit they make on the phones. I still think the phone right now the estimate is around 92 or something around 90 million phones already, it started off very strong. The launch of the 6s has been the best launch they have ever had. Each new iphone has sold better than each of the iphones prior. I also think the apple watch will be the number one requested gift this holiday season. I am very bullish and optimistic on the apple tv, especially as an app platform. I think theyre hitting on all cylinders and will continue to perform well. Some of the themes theyre watching is this migration you know, to the cloud. Mobile. I think of an ibm that has stumbled, their sales are still going down even as they attempt this transition to the cloud and other types of services. Who is going to dominate there . Whar your expectation those areas from the companies that are yet to report . I think google and i still would call it google even though now its alphabet, amazon, microsoft is starting to have a better showing in the cloud, i think that they will continue to dominate. As far as consumer or individual access to as communication over the cloud, im very bullish on facebook, i think facebook is the best platform for sharing experiences, for communication. So i also am bullish on facebooks earnings later on in the beginning of november. Let me go back, ivan, for just a moment to apple. You mentioned them pulling a couple of levers in terms of increasing the dividend or buy backs this quarter. What expectations exactly do you have and what happens if they dont do this . Well, if they dont do it will be disappointing, however, they have the they are never going to use all the cash they have and they continue to generate record amounts of cash of over 50 billion a quarter. They have to accelerate the return of that to shareholders which is part of what will drive the stock price higher. They increase their return on capital which to our firm is the biggest driver of shareholder value creation. So the more they contract their Balance Sheet the more the return goes up. The more cash they hold that dill luds the return. Its a very important aspect. Just briefly here in the market today apple is down about 3 . Some of it the buyers are as well on the report overseas about potentially falling short for one of the key suppliers of revenue numbers. Are you reading anything through from this, from the reaction in the stock market today . Other than i think its an opportunity to buy apple, i think its an opportunity to buy sky works, to die corvo and a number of suppliers, no, i think even if the reaction in the stock is negative, i believe the report will be positive and stock the apple apple as a stock is so unbelievably cheap i think it will over time continue to go higher. Twitter reports tomorrow, should we consider that ancient history since thats before jack dorsey was named the ceo and starts to clean things up or will that give us a sense of whether they can begin this turn around or not. Im not sure. Were neutral on at which time, we have a strong buy on apple. I think twitter has a great brand name, tinning does a great job of engaging users but what im not seeing them do is create revenue and make money. We are going to have to see how somehow they engage the users and engage the advertisers. That is going to be the key thing. Still in the show me phrase. All right. Yes. Thanks, ivan. Good to see you. Thank you so much. We have 40 minutes left in the trading session here, really the major averages arent telling the story today, down 23 points on the dow right now, some of the features of course we have already highlighted some of those and natural gas in the Energy Sector and oil continue to move lower right now. Just extraordinary moves. Coming up, an amazon exec explains why they have a better solution for mobile payments than apple or google. Whole foods is lower after a recall across several states. We will have details on that when kelly and i come back after this. patrick 1 whats it like to be the boss of you . patrick 2 pretty great. patrick 1 how about a 10 raise . patrick 2 how about 20 . patrick 1 how about done . patrick 2 thats the kind of control i like. And thats wha