the dow up a quarter of a percent. the s&p 500 gets a fractional gain, and the nasdaq is up three quarters of a percent. helping me break it down is andras garcia. good to have you both joining us. we're keeping a close eye on the technology earnings out from now. we have roger kay. $10.10 a share is the number on google, we just got it in, and we mentioned earlier the stock has been trading today, we have $10.04 on the estimate, and we're getting the number as $10.12. we're getting $8.36 million on revenue. the stock right out of the gate trades up just a fraction. they're up ten cents a share. what's your take on the second quarter earnings so far. >> i think expectations were so slow, looking for zr row growth year over year, anything that helps that explains why we have the market grinding higher. >> david, are you with us? >> yes. >> great, i know you can talk about google here, he is executive vice president at e pocket investment partners, what's your take on the google story? >> this is unusual because they just met estimates they usually beat or miss by quite a bit. the good and bad news is the stock is reasonably priced, but these consensus numbers mean that they're cost, the revenue per click has decelerated. as you move to more mobile users of search rather than pc they get less revenue per click. unfortunately their revenue growth has been decelerating because of this and it doesn't chance anything, it's consensus. >> the sock is trading up, but you say you're not impressed by these numbers. >> i think it really is what most people expected. i think we're seeing tech stocks in general go up for the reasons just mentioned that expectations were incredibly low that sometimes even meting a estimate can be good in this environment. >> what's your take, roger kay, do you agree with that on google? >> essentially it shows that management was handling the cost situation. nay knew what they were looking at and had time to adjust. that's important. the onslaught of mobile is causing the problem here across the board. nobody mano crack that code. how do you monetize mobile as the users all switch to using mobile for facebook and everything else they do. >> uh-huh. so do you think you want to sell the stock or buy it, what's your take? >> google always has a risk of being a one-trick pony, people forget about that, they're not really making money at the other things with android and chrome and so on. if they don't figure out another way to make some money, or selling devices line that new tablet, then it becomes worrisome because their main market seems to be under asuggestiassaul assault, so maybe i'm anything testify. >> let's go to john who has more on microsoft. >> microsoft at this point, maria, it's a tricky quarter because of the goodwill impairment that they're taking on a -- it's a loss of six cents per share, but the good will impairment is 73 cents, so it could be 67 cents that is comparable to what the street is looking for. as with all of these things, be cautious how you look at this, you can't just take the nongap number, it includes numbers their setting aside for upgrades to windows. you have to deal with that acquisition and that will get us to the number we're looking for. >> we're showing 62 cents on the screen, john, and the stock looks like it's flat. not much of a monument now, but that's after a good turn around at the close. ann daughter and son, how would anyone be invested in this market? >> if you look at sectors we like technology, we're saying away from the commodity names until we get better visibility out of china. we like equities better and it's just basically what we're getting in an earnings yield. >> ben pace, let me get your take on all of this on how this market may trade for the rest of the summer. >> we think microsoft and google are micro cause ms of slow easternings growth environment. as far as positionings go, we think the economy are rebound a little bit into the second half of the year. earning wills be positive and stocks cheap. we did last week though increase our commodity waitings. we thought oil and gold prices have come down and we didn't expect them to rebound as quickly as they have. we think in general the earnings season will be better than tamped down expectations and that should be a near serve driver of equity prices. >> david, let me get your take on microsoft here? do you like it? yes, this was expecting to be tough. the windows vings was down because everyone is waiting for windows 8. pcs have been slow, we saw that from intel. but that have windows at the end of the year. windows for the first time will be on tablets and real windows on smart phones. they have a really pick opportunity. they have been growing other than windows and they're extremely profitable. 2.5% dive dent. it's really cheap, so if you believe there is any economic growth in a product cycle, great company. >> some people think we will see a pc stall going into the window's launch at year end, because why would you buy in new device if you want to wait until the upgrade happens after the launch. so i'm wondering if technology slows down going into the window's launch. >> what you have, maria, is the pc market for mobile devices, that's a negative there, you have commercial customers that hold off until they tested a new system. you'll get commercial buyers, about half of the market, coming into 2013. consumers buy what's on the shelf, they buy when they need one because the one they have doesn't work any more or it's too old, and they get whatever is on the shelf. in consumer it will shift entirely. so i would say you will start seeing the joy for that in 2013. that's it pretty much. >> okay, we'll leave it there. we appreciate your time tonight, see you soon. >> thank you very much for joining us, stocks holding on to gains today and this week, the dow knocking back on the door of 17,000, and a retailer going public tonight, and i heard from one of the smartest people on wall street about this and the shards you put on earlier, that's because it is a time waited program. . >> yes, it is a buy program, they're buying on the top of the hour and peters out -- i think that's a logical explanation, i'll show you the charts in a moment, earnings really did move things. they talk about increasing copper production, that moved material names up, and then we had news in the oil service sector. we have a 20% or so increase in the last three weeks or so. we had noble with good reports they talking about the contract day rates. that moved that sector up and that's been up as well in the top of energy prices. a couple ipos. look at five below. it went as high as $28 and ended at $26. tonight we will have a couple of ipos, and the one their talking about is palo alto. the price range has increased. it was $34 to $37, and now those mysterious stay tooth patterns, the spike on the top of the hour and selling off after the half hour, and spiking up again. i agree it looks like a program going on here, but what exactly the purpose of the program is is not clear. mcdonalds and ibm, big volume because they had earnings. >> bob thank you so much, we have a situation going on here with chipotle, let me get to brian at the market desk. >> it's down about 5% maria, but it was down 10%, they beet on eps, that's the good news, their margins were solid, but the bad news is this, the revenues were light for a growth company like that. comps were %, expectations were for double digits. also, how about this. their effective tax guidance is 39%. it's just a large, large number. the conference called begins in 20 minutes and i will bring you any news from it. >> don't go away, we're just getting started here on the "closing bell." >> has president obama's jobs council been missing in action? >> in the last six months he has held 100 fundraiser website and how many meeting wgs his job's council? none, zero. >> is he too busy campaigning to focus on job creation. donald trump weighs in, next. and focussing on financial reform, is more regulation needed in the wake of the interest rate fixing scandal, barney frank joins us live from capitol hill. at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. are always on the move. so they can't get to the bank to deposit a check. instead, they use citibank mobile check deposit. it's easy. they just snap a pic... ♪ hit send... and their checks are deposited right to their account. well almost all of their checks. stand back. seriously? [ male announcer ] citibank mobile check deposit. easier banking. every step of the way. recently we're seeing more black eyes on wall street. during the delivering alpha conference yesterday, pree preet bharara explained how bad he thinks it is. >> every time you have a case of insider trading, you're showing people's confidence in that belief is misplaced, and it's especially disheartening given the variety of cases brought by many u.s. attorney's office, that it's not limited to one industry, one person, one area of geography, you have it in the pharmaceutical industry, the hedge fund industry, the technology industry, the health care industry -- >> wow, is it that bad? donald trump is joining us now, good to have you, thank you for joining us. >> thank you, maria. >> he is really echoing how most of america is feeling about big business, wall street, they just don't crust trust it, can this fixed? >> i think it can be fixed. it's very sad with libor and what's going on with bob dimon and barclays and lots of other things, but certainly it can be fixed. . >> let me ask you about the economy here. it's playing into the uncertainty here. it's all about the economy. machinery fending off the baen attacks. president obama has held 100 fundraisers with no meetings with his job's council. >> ultimately it's about unemployment, who's working and who is not, and i saw that he had 101 fundraisers and no meetings with his job's council. with all of the fluff and other things being mentioned, it will be about jobs and the economy, how are we standing in 90 days from now. >> yeah, i don't even understand this whole inability or unwillingness to address the fiscal cliff. morgan stanley comes out and says industries are seeing reductions in business orders and hiring cuts because of fears that congress wouldn't avoid the fiscal cliff. do you buy that? >> i think businesses generally are very unsure. they don't know whether or not they should be investing. the obama care has been a disaster. states are saying we'll pass. i look at texas and other states, there is great uncertainty, nobody knows what's happening, and we just don't have leadership. i have never seen a mess like it, and neither have you maria. >> you're right, it's really unbelievable. certainly i have never seen this country as divided as it is. >> and you have never seen this country with the kind of hate red it's got and republicans and the democrats -- have you ever seen where the hatered is this intense? >> right, and we need leadership to bring us together. >> leadership is the one word. somebody asked me before what is the answer? it's leadership. the president has to get everybody into a room and make a deal. now, i think something is going to happen after the election, but they have to get into a room, they have to make a deal otherwise this country is in big, big trouble. you look at what's happening, big, big trouble. >> what are the ramifications of doing a deal after the election? i guess we have a market sell off leading up to the election? >> it's a long time, and there's no guarantee after the election. there's so many bruises and hurts from people and the level of hatred and level of everything. i this maybe a deal gets made after the election, it should be made now. you look at the approval ratings of the president and by the way, of congress which is at an all-time low. never anything like it in history. they would be so well off to get in a room right now and stop with waiting. but i don't think that's going to happen and it certainly can't happen if the president isn't doing anything about jobs. jobs are getting worse, people are cutting back, there's great uncertainty, and it's a mess. >> how is your business right now, donald? >> i'm lucky i'm in new york because new york is doing well. new york has been a strong place, but you know i bought a country club, a big job in miami, and frankly i got a better price than i would have gotten if i bought it five years ago. it's a great time if you're buying, not a good time if you're operating unless you have places like new york or a palm beach, florida, some places are doing very well, miami is doing very well. but most places are not doing very well. most places are doing very poorly. >> according to the globe and male, the average canadian is richer than the average american. >> that's the first time in history that's taken place, i saw the same stat, that this is the first time in history, never happened before, does is surprise me? no, i think canada is running a very good, very strong country. they're taking advantage of their natural resources which we're not and doing a good job. this is the first time in that history of whatever that is statistic that this is taken place. >> thank you, donald, we'll see you soon, thank you. >> donald trump joining us on the telephone, and the canadian banks system has been doing well too. there are some banks that have not been hurt by the economy. i'll talk to the head of bb and t next. and will new regulations in dodd frank work? barney frank is coming up and he will give us his controversial take on the law he co-authors to keep wall street in check. i'm only in my 60's... i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, it could save you thousands in out-of-pocket costs. call now to request your free decision guide. i've been with my doctor for 12 years. now i know i'll be able to stick with him. you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and you never need a referral. see why millions of people have already enrolled in the only medicare supplement insurance plans endorsed by aarp. don't wait. call now. welcome back, regional bank power house bb and t posting a strongest quarter ever. inproving credit conditions also boosting the bottom line. they finished up 1.25%. joining me now is kelly king. mr. king, good to have you on the program. >> thanks, good to be with you. >> how would you characterize the quarter, what drove business? >> it was a great quarter. strongest quarterly earnings in our history, we're excited about that. it was broad based. all of our segments did well. we had nice growth in income and fee income. expenses excludeing our insurance acquisition were down, ftes were flat, so we had good growth in loans and it was pretty broad based. we were fortunate we had specialized lending businesses that were going well. direct retail loans to our consumers is going well, so it was pretty broad based loan growth. our cost came down, so kind of all of the pieces worked. >> we had richard davis on yesterday, ceo of usbancorp. what kind of lending picture are you seeing and what about credit quality for consumers right now? >> well, our volume, i suppose very similar to what richard told you, our volume is very strong in all categories, for example, we had $8 billion in mortgage production, one of the strongest quarters we ever had. loans booked is very, very good in mortgage and retail and business across the board. so the volumes are good, the quality is vrg good, the euros are satisfactory. not as high as we would like. but the interesting thing is that does not necessarily reflect what's going on in the broad based economy. we're very new in big markets like florida and texas. we have specialized businesses like i just mentioned, so we believe we're substantially moving market share. we're very happy about that and concerned about where the economy is. >> and what are you most concerned about? >> well, what we're seeing, and what you just talked with donald about and others, is that the economy is slowing pretty, i think p think. people are concerned about the lack of leadership out of washington. job growth is temperatuid, peope concerned, and there is not much new activity going on in the economy. ultimately, even though some companies like ours are experiencing good growth, ultimately that's bad for the country. so we need changes to move the overall economy forward so that, you know, all individuals can benefit as well. >> let me ask you this, earnings estimates have been moving up for your firm certainly for the rest of the year, what kind of 2012 are you expecting? >> we learned a long time ago that things are so volatile it's not good to do that, but we did say that we're relatively optimistic. we did give loan guidance and that we think it will be in the 5% to 7% range similar to what we just experienced. we think our margin will be similar to what we just experienced so we're fairly optimistic? what might we expect? >> well, we said that, you know, our strategy in terms of capital employment is very clear. our number one priority for capital deployment is to support strong organic growth because that's most efficient for the shelter. our second priority is returning catch to our shareholders in the form of dividends. third is to support m and a activity, and fourth is buybacks. we're not very big on buybacks. we expect to be relatively aggressive. it depends on regulatory approval, but as i hit here, i feel fairly positive in terms of capital deployment in the way i described going forward. >> does that change if taxes go up to 43%? we talk about the fiscal cliff and tax cuts that come at the end of the year. will that dictate your plan? >> technically it would have an impact, but we're still about 50% held by retail shareholders, and so i don't think a tax increase on dividends would change our strategy because our rethey'll shareholders, many of whom are senior citizens still need that money. if taxes go up that would be very bad for them. they will have less money to pay their rent, electricity, and buy prescriptions. but we can't control that in our personal votes. i don't think just because -- >> i'm sorry, please finish your thought. >> just because taxes go up, we will not change our dividend strategy. >> what should investor dos with their mono? 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