Stocks . It may be early if youre trading oriented. I wouldnt be surprised to see a bit more choppy action and perhaps that extends but we may not quite have gotten there yet. Well keep watching for possible further decline in the market and deterioration on the earnings story. Rich peterson, we knew we were going to look at a contraction, how Many Companies . Is it 25 of the s p 500 has reported . Thats correct, little bit more than that. 23 have missed. But the dilemma they are saying is trying to find growth. When we started on october 9th when alcoa kicked off. A 1 to 2 decline in Third Quarter earnings. Financials has been the main stay, in part maybe we look at the numbers today, a little improvement, little help by refinancing, which is helping Consumer Cash flow. But the revenue hasnt been great, right . Thats going to continue into the Fourth Quarter and First Quarter of 2013. Low single Revenue Growth. You want to buy stocks and know youve got revenue so anemic and knowing that we are on border of fractional gain here . Weve seen this weakness that is providing an opportunity. We think the negative guidance weve seen on revenues is largely the result of fiscal cliff. So theres potential upside there if they are each a compromise and help stocks through year end and be on the election as well. Youre saying after the election, whoever wins gets together with congress and you think maybe we do get some kind of bargain by year end so we dont go over the fiscal cliff next year. Once the year ends, were over the fiscal cliff. And we know that because of politics, they couldnt address it before the election. But after the election, those lawmakers are looking towards their next election and we hope they do reach the compromise, otherwise were looking at congressional budget office, 2. 9 contractor hit to gdp in the next six months. If the president has been unable to lead both groups together, if the president has been unable to bring the two sides together to come up with a compromise, why should we believe hes going to do it later if he wins reelection . Without getting into a long political discussion, there were politics involved leading up to the election. When we get into that time period after the election, theyll come together and find a compromise. Rob morgan, do you agree with that . Does this dictate how you put money in the market . They are going to find a promiz, i think the fiscal cliff is overblown. I think congress set up the perimeters for the fiscal cliff and they are going to kick the can down the road. Thats an unfortunate consequence but not going to be clam tous for the stock market. Its going to be a choppy market. I like the large cap dividend paying stocks. You have to be invested here and something you said in the last hour, this is the size of a global slowdown but it seems were seeing signs of a pickup and poor earnings set the stage for easier comparisons Going Forward. Liz ann, what kind of 2013 are you looking for . It does depend on the fiscal cliff. If we go over it, the likelihood of recession is all about inevitable. By definition a recession is a significant contraction. But we would likely get one. If we can come up with a grand gar begin and it is progrowth and tax reform, then things look pretty good in 2013. We have manufacturing improving and Domestic Energy on fire to some degree and housing kicking in. Id be optimistic once we get past the fiscal cliff issue. Im more concerned about the monetary mountain. By that a mean a 3 trillion Federal Reserve balance sheet. At one point unlimited borrowing and buying of bonds and i know peter schiff and jim raised alarms about inflation out there. That is a concern that investors should be married about. Coming up with a new term, monetary mountain. Were seeing this on the air. No, were not concerned about the monetary mountain yet. Really we believe in the adage, dont fight the market. We think that with easy money policy, the fed is on our side for the foreseeable future, but down the road weve got a problem. And the fed is on our side and everyone searching for yield here. Its either the corporates bonds or its dividend payers, these are the only things working right now. Is that going to be the case as long as were in this low Interest Rate environment and monetary mountain . Thats what the fed is trying to do, trying to push people out the risk spectrum. Its unfortunate for the retirees of the world because it forces them into riskier Asset Classes and thats certainly one of the perils of this unpress denlted monetary ease. Go ahead, rob. Ive been on this large cap dividend paying growth stock kick for quite a while and im not getting off the train yet. In talking about what liz mentioned there, a lot of investors are underinvested in stocks, they are going into riskier assets but that is where the risk tolerance is suggesting they go. In terms of the tax story though, does anybody believe that the reason to own dividend players changes if the dividend tax goes to 43 . Come january 2013 if the bush tax cuts are revoked then dividend tax goes from 15 to 43 . I dont think these guys are that stupid to allow dividend taxes to go to 43 . That that would be a real market disrupter but who knows. Well, its inevitable it will have an impact. In addressing the fiscal cliff, we wont go to 43 . Any bets out there . I dont think we go to 43 . I think that will be one of the areas tackled in a compromise for sure. Absolutely. Thats good news. Thanks, we appreciate your time tonight and well see you soon. Which stocks got hit hardest this week. Mary thompson has a look at the stocks that were able to buck the trend. Another tough week for the markets and nasdaq extending the losing streak to two weeks. Blame it on the earnings season, disappoints on the top and bottom line along with weak forecast hammering stocks but helping those who beat estimates. Leading the dow lower, dupont, setting waengness in asia and cut Earnings Guidance for the year and cut 1500 jobs for the week, down 8. 4 . 3m, lowering its outlook as well, citing a weak global economy. New field exploration, the s p 500s worst performing down 20 after a drop in value triggered a Third Quarter loss. The Commerce Department wont finish reviewing their signs, contract for another six months sending its stock down almost 20 . Down 17 for the week. Sears was the big winner, up about 14 , followed closely by expedia, thanks to strength in its Hotel Business and the full year forecast, 13 last week. Varian medical, helped by stronger than expected Third Quarter results and raising guidance as well as for the Fourth Quarter, stock up almost 15 . Back to you. Great rundown. Keep it here, we have more heading your way on this big edition of closing bell. Storm watch, dire prediction of billions in dollars and flooding as sandy becomes more of a monster. The very latest on who is in her path of destruction is coming up. Why one vocal group is laying fiscal cliff blame at both of their feaet. And the apple effect, on what the Apple Earnings miss means for his company. All ahead on the closing bell. Welcome back, we keep the focus on the volatility Scott Spurling runs one of the oldest private equity firms and sees opportunity in Financial Services and health care. Welcome back. Thank you, maria. So there has been sfwl the last six to 12 months had a number of giraces to it. Weve seen that in the public market. For the private equity market, one of the things that driving deal valuation is credit markets as they get stronger, deal valuations tend to increase. For someone who is buying, that is not necessarily a good thing. That is something you need to work around. What we have found is by falling back to the sectors that we have been involved in for the course of almost 25 or 30 years, were able to generate transactions a bit off the beaten path and where we believe we have an advantage both in the sourcing and also in what we can do about those companies. And that occurs in the Media Information Services Area and consumer and Health Care Area and financial and business Services Area. Youre talking about private companies or public stocks . Its generally private companies but can also be a company that is publicly traded that we think theres opportunity. The partner with the management team, a private company can improve the operating efficiency of that company and accelerate the top line growth rate in a way that allows us to drive the kinds of returns were looking for. Were trying to identify within those sectors subsectors that have much better secular Growth Trends than the current sluggish gdp would provide for the broader market. I think its interesting that even with rates where they are, were not seeing a bigger surge in flow. Why do you think that is . And where do you characterize the deal activity for private equity . We have to look at the fundamental strength of companies in the outlook for growth particularly in demand and services of those companies and happen to be in a period where we think theres significant advantages to u. S. Based companies but those advantages are being offset to some large extent by a set of policies and regulations and urn certainties on the macro level, much of it in the United States but also obviously global issues that are well known, that create an enormous amount of needed caution in the world. Im not sure thats going to get resolved until we have significant resolution of where we are in the macro side. And of course the election is also a big uncertainty there. It certainly is. Do things get unlocked after november 6th . Whats your take on that . And also, well lets talk about the election. What kind of impact do you think after the election, things loosen up . I dont agree with the theory that says that its irrelevant who wins that its just certainty. I dont think this has ever been about just certainty. Its about a set of policies either encourage or allow Business Growth or set of policies that tend to diminish the ability of our economy to grow to employ people. I think the election is as many people have said, a very sequential one in terms of impact on our business because were trying to invest in companies where we believe we can generate better than gdp growth and look at the gdp baseline as something that determines whether or not the valuation we can pay for companies makes sense or not. Which candidate offers the best plan for growth, getting back to growth in the economy . I strongly believe that mitt romney has a set of policies that really focused on growing the economy. And his sole and single focus on creating jobs in the United States in the set of policies will lead to significantly higher gtp growth than over the last four years. I think theres a consequence as to who wins the election as opposed to the fact there will be quote unquote certainty. If you think president obama wins reelection, we sort of muddle along and not headed towards growth then . Again, i think if you look at whats happened over the course of the last four years, but particularly the last 18 months, weve seen significant desell race in growth. I think that has much to do with the set of policies that been problematic in terms of job growth in this country and also fundamental growth of overall gdp. Can governor romney win then do you think . Its an incredibly tight race. You tell me. I think people have seen the real mitt romney, the individual who has had an incredible track record of success, solving complex problems both in the private sector at bain years ago but also in the public sock tore in terms of saving the Salt Lake City olympics and governor of the state of massachusetts during a point in time when we had incredible bigt situation in the state and he was able to solve that. That was one of the points he made at the debate. He was able in the face of different parties, he was able to go ahead. I was going to say, all we can do is look at the track record of the individuals to figure out what might happen Going Forward. Even with all of this uncertainty, theres a recent poll of private equity executives that say they plan to invest more in 2013. Are you in that camp . I think, again, its hard to predict our hope is that there will be some level of growth particularly as the political environment evolves. Youre waiting for the election like everybody else . Waiting for the election like everyone else. Exactly. Sitting on cash and waiting. Yes, you know, again, were very much fundamental analysts of businesses and our ability to generate the kinds of returns we need to for investors and public Pension Funds and firemen and Police Officers and teachers who were the beneficiaries of those funds, for our broad range of investors, is really dependent upon our ability to see opportunities to invest at prices that reflect the fundamental growth story and i think today its been more difficult than we like and it means we got to work hard, which is okay. But in terms of the volume that youll see, i think thats going to be determined by the broader Macro Economic conditions. Unusually, ive been doing this for 30 years, never seen a situation where the Macro Economic issues are so impactful to the microeconomic fundamen l fundamentals of what were doing. Thank you very much. Good to see you. Scott sperling joining us from thl. Frankenstorm alert, what could be one of the most deadly and impactful storms to hit the northeast. How is facebook doing . Well have that trade next. The ceo of major apple supplier Qualcomm Joins me. The looming fiscal cliff and a lot more. Stay with us, back in a moment. In America Today were running out of a vital resource we need to compete on the global stage. What we need are people prepared for the careers of our new economy. By 2025 we could have 20 million jobs without enough College Graduates to fill them. Thats why at devry university, were teaming up with Companies Like cisco to help make sure everyones ready with the know how we need for a new tomorrow. [ male announcer ] make sure americas ready. Make sure youre ready. At devry. Edu knowhow. Bob. Oh, hey alex. Just picking up some, brochures, posters copies of my acceptance speech. Great its always good to have a backup plan, in case i get hit by a meteor. Wow, your hair looks great. Didnt realize they did photoshop here. Hey, good call on those mugs. Cant let em see what youre drinking. You know, im glad were both running a nice, clean race. No need to get nasty. Heres your honk if you had an affair with taylor yard sign. Looks good. [ male announcer ] fedex office. Now save 50 on banners. Welcome back. Hurricane sandy making its way towards the east coast right now. Many experts are warning that this could end up being one of the most costliest storms in years. Jim cantore has the latest on the storms path of destruction. Over to you, jim. Reporter maria, were about 250 miles from the center. And you can see the wave action behind me. Florida knew they would deal with the fringe effects. That said at the time of high tide this wave action we have behind us run all the way up to these chairs here. Im telling you, it was a matter of luck that they didnt wash out to sea. Well see what happens at 7 00 when the next high tide rolls in. Weve had bands of rain, some produced gusts as high as 50 or 60 Miles Per Hour. The weather from south florida to north will start to improve tomorrow. We know that. This is what im afraid of. Were going to see a storm that will weaken in terms of tropical intensity, go down to cat one and maybe even 70 Miles Per Hour and become a Tropical Storm. As thats going on, its going to change its characteristics, its going to go from just a tropical system to a noreaster. The wind field will spread. Its about 400 miles wide. It could be as high as 800 miles. 800 miles before it makes its way onto the coastline by Tuesday Morning. That means just take half of that, 400 miles worth, from d. C. And baltimore to new york city, going to have to deal with damaging wind issue. Weve never seen a situation like this show up on computer models where a hurricane morphs and moves ashore. The perfect storm did it but never came ashore. This one undoubtedly well. As late as sunday night with the storm well offshore, well get just with winds up to 35 Miles Per Hour. And people need to be done with the preparations by sunday night, even though it wont be until Tuesday Morning until the center of this thing comes ashore. So jim, how does it feel where you are right now . Youre saying that in terms of the new york area, boston, well feel it on monday going into tuesday . Reporter i think by 6 00 monday morning, well already have winds that will gust to near Tropical Storm force, boston, new york, baltimore and washington, d. C. Think about the disruption in transportation at that point. By the time we get into tuesday, thats when the center comes ashore. Depending on where that center comes ashore, well have all of the meaning in the world as to where the waves set up and bash lets say the jersey shore, long island sound, new york harbor, perhaps southern parts of new england. All of these areas will be highly impacted as waves off the coast will be at least 30 to 35 feet if not higher. Theres no question in my mind, were looking at the multimillion dollar disaster here facing the northeast, potentially in the billion dollar range. Well be watching. Jim, thanks so much, well catch you on the Weather Channel as well. Outrage about inaction on the fiscal cliff and its bipartisan. The head of Public Policy sending angry letters to president obama and House Speaker john boehner, asking why neither of them met to discuss the fiscal cliff. Shes up next. Also ahead and this is no joke, yacht owners receive millions in dollars in tax breaks and lawmakers cant figure out a way to sink them. Then what does the head of one of apples biggest suppliers think . Well talk about the economy and fiscal cliff. Keep it here. Back in a moment. Gecko clearing throat thank you, mr. Speaker, uh, members of congress. In celebration of over 75 years of our Government Employees insurance company, or geico. As most of you know it. I propose savings for everyone im talking hundreds here. 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So they can inspire our students. Lets solve this. Welcome back, here is Jp Morgan Chase Ceo Jamie Dimon earlier. Spoken to ceos who said were taking actions to protect against the fiscal cliff. It alone will take 3 or more out of the gdp. Only 2 or so. The problem is that thats a static analysis, peoples reaction could make it worse. My next guest blames both parties for the damage being done by the inaction in separate letters to president obama and john boehner, she writes, americans deserve straight answers on where negotiations stand. The upcoming legislative session will involve a lame duck congress, theres too much at stake to not take immediate action. The author, gretchen hamil, good to have you on the program. Thanks for joining us. Thanks for having us. Have you gotten a response to the letters youve sent to the president and House Speaker . Unfortunately not. Theyve been out and about and on the trail. We havent gotten a response but it doesnt mean we wont continue to push the issue. How irresponsible is this . I know were in election time and 11 days from the election, but weve known we are going to facing sequester since the end of november of last year. The house has taken actions but the president said this would have a solution and wouldnt have to worry about it in the debate monday night. We find out he and Speaker Boehner havent talked for four months. How do we expect a grand bargain to happen when the lead ares arent even talking . Why do you think the president and House Speaker have not met in the last several months . Thats a good question. Id like to know when the last jobs Council Meeting was . Thats another thing that has been mia. There will be a lot of things mia when it comes to economy and leadership we need to see from the president on these issues. We havent seen it. For the past 11 months, weve known this is coming and known this is going to hit. Weve had warning sign after warning sign since the beginning of march. The house moved to take actions and thif taken the actions to replace the sequester cuts but the senate has not and president hasnt called the house or senate to have a conversation about ail way to move forward. I know we have an election, but this is about our economy. And the economy continues to move whether theres an election or not. We know where the line are but president obama has been very adamant about this, on not giving is he right . Is this an ideology getting in the way of getting deals done or is this the core of a bargain between the two sides and something that should be done . What do you think . Lets look at the problem. How did we get into this mess . How did we get 16 trillion into debt . Not by taxing too little. Its by spending too much. Every Year Congress spends more and more under a republican administration, under bush, and under president obama. We have a spending problem first and foremost and that needs to be the first thing we tackle when we talk about finding a deal and path to move forward. You make a great point. Where does this go . I mean, lets say the election takes place. We know who wins the election on Election Night and then they come up with a plan to deal with this right after the election. Is that enough for you . I think thats being thats the best were going to get at this point. I dont think thats going to happen unfortunately and we have already seen reports this week here on capitol hill that democrats are already starting to talk about how they can push this off into january. Were not going to be facing a real solution here. Thats the problem here in washington. That we continue to talk about Short Term Solutions to problems and bandaid type solutions. We dont talk about long term and thats whats holding our economy back. Thats why the report this morning in the Washington Post where 1 billion jobs have been lost because of the fiscal cliff. Its a problem that we have no vision and no policy here in the u. S. For long Term Economic growth. Whose fault is it, congress or the president . Buck stops at the president , right . So youre saying because hes been unable to bring the two sides together, the buck stops with him . The president does deserve he is the commander in chief, he is the leader here. I think it is up to him to forge a path forward to layout a vision and Push Congress to act on the vision. We have yet to see that. I think both parties are to blame, both republicans and democrats have put us in this situation. At the end of the day, hes the president of the United States and he is the one who determines the vision and path of this country. Are you expecting recession in 2013 . Already the expectations call for perhaps a slight recession if we go over the fiscal cliff, but most people dont think were going to go over it. They dont think they will allow this to happen. I say, they havent done anything yet. Why would i have confidence after . Exactly. If they do do anything it will be a shortterm measure that kicks the can down the road because the sequester just slows the rate of growth to begin with. I do think were going to seal a recession or some sort of slow Economic Growth next year. I dont think were going to see unemployment continue to fall. I think were going to see unemployment continue to be around 8 or even higher. I just dont think people have confidence in congress and policies coming out of washington right now to make a difference in the economy. All right, well leave it there. Thanks very much, well appreciate it. Well see you soon, gretchen hamel. Getting a deal will not be an easy task. Republicans and dems cannot agree even on a small cut like fundsing for pbs, as well as wealth reporter robert frank pointing out yacht owners dont need the money but get a bunch of tax breaks. Tell us about this, robert. Thats right, maria, if you own a mega yacht behind me youve probably gotten a visit from the tax man. They are becoming targets. Brazil launched a team of 30 people boarding yacht by helicopters looking for tax evasion. Italy and france throughout the summer were boarding yachts in the mediterranean. If you put the word yacht in your tax return youre guaranteed an audit in the u. S. Three main Tax Strategies are under scrutiny. First is sales taxes. A lot of boats in ft. Lauderdale were registered offshore. Remember, john kerry got in trouble for this in the u. S. For registering his boat in rhode island, ended up paying the Massachusetts Tax bill anyway. The second area is mortgage deduction. Under certain circumstances you can deduct the mortgage of your yacht as a second home. People are increasingly looking at this. Democrats every year, every six months ask for this to be eliminated but the republicans and boating industry want to keep it. Thats under fight as well. The third thing is business. A lot of boats are used for charter, registered as commercial businesses so you can deduct the business expenses. Thats come under xrult scrutiny a lot. The vast majority do pay taxes, especially the owners of the super high profile up yachts. We brought this boat into the United States and paid the duty. We also paid the sales tax on this boat. It was easier to do that than sit home worrying hey, somebody will knock on the door, you owe me taxes. You can guarantee with rising political pressure to crackdown on tax evasion by the wealthy, chances are again, if you own one of these yachts, youll probably get a visit from the tax man. My question would be, if we all knew about these tax loopholes how come nothing has been done about it in the last several years . Were still waiting on the tax code to be reformed. Thank you so much, robert, well see you again. Our wealth editor. How worried is one of apples big suppliers about the growth . Also discuss the looming fiscal cliff and qualcomms latest push to transform health care. Facebook shares locking in their best weekly gain ever. Is this a oneweek wonder or sign of good times ahead . Next, stay with us. [ horn honks ] hey, its sandra from accounting. Peter. I can see that youre busy. But you were gonna help us crunch the numbers for accounts receivable today. I mean i know that this is important. Well, both are important. Lets be clear. They are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows its better for xerox to help manage their finance processing. So they can focus on keeping the world moving. With xerox, youre ready for real business. We dont let frequent heartburn come between us and what we love. So if youre one of them people who gets heartburn and then treats day after day. Block the acid with prilosec otc and dont get heartburn in the first place [ male announcer ] one pill each morning. 24 hours. Zero heartburn. Welcome back, shareses of apple closing lower after the Technology Giants latest results. Down about 1 as investors worry about the higher Construction Cost and how this might affect suppliers like qualcomm who make modern chips in iphones and latest ipads. Joining me to talk about it and the latest push is qualcomm ceo paul jacobs. Paul, nice to have you back. Welcome. Good to be back, maria. Thanks so much for your time. Lets begin on apple, how might worries about the supply constraints affect your business . Are you worried . You know i rarely comment on apple because its a company that really like to keep its secrets to itself, but if i can turn to smartphones overall, they are growing around the world right now. Great demand, lots of new features, were bringing out new chips all the time with lots of great processing capabilities and great graphics capabilities and thats what the story is. Smartphones are growing, and not just in the United States, its all around the world and emerging markets as well. A lot of people worry about the higher production cost and whether or not its going to affect the suppliers. Where do you stand . I and i think thats thats going to really hold them in good stead Going Forward. Its hard to comment on anything much more specific than that. I agree the whole mobility trend is the biggest thing any of us have ever seen, the biggest event anyone has seen in decades. So what do we have, 5 billion mobile phones on the planet versus a billion pcs. 6 billion mobile connections right now. Very interesting aspect though is about half of them are in the merging markets. You think a global brood band is something developed countries want but its the only computer that most people are going to have and thats an exciting opportunity for us. It really is. Thats what i want to get into health care, i know thats a big opportunity and even there youre seeing the mobility trend change everything. So tell me about that. Youre betting big on mobile, was the potential for technology to cut costs and improve the way we care for patients. Its really great. If you look at the kind of money were spending on health care, 2. 7 trillion in the United States and over 3 4 of that on chronic disease management. Mobile health will impact that and allow people to really take care of themselves, monitor, remind themselves to do things. Allow their loved ones to monitor them or even for elderly patients. We have 10,000 people turning 65 per day now. And so their kids can keep track of them more easily. Having mobile technology really will allow people to take care of their health better. Even you know, radiation machines as well as radiology, i know the vchip, mobile mammoography machine. People can do cardiac monitoring, for example, attached to an iphone. We know of a doctor on a plane and somebody in the back of the plain had a problem, he went back and was able to diagnose he had a heart attack and got the plane to land and take care of the person right away. All of these things are great. Were doing work in egypt where people with the simple cell phone with a camera on it, take a picture of a skin disease and send it back to a doctor and get diagnosed and let them know what do they need to do . Do they need to go in or will it go away . Thats fascinating. The health care component to the mobility story is so huge, even in new york, this city and state is being rewired. Got the Engineering University going up on roosevelt island, all about health care and mobility here as well. It really is an exciting story. Let me ask you about something a little less exciting, the fiscal cliff. How worried are you in terms of going over the cliff at the end of the year when the tax cuts expire along with the spending programs expire . Are you preparing for that . We are a little bit. I was back in washington with some other tech ceos talking to people in the administration and also on the hill. And we are very concerned about it. It is something that seems irresponsible to me that congress has not been able to take care of this and come to an agreement on it. But, you know, its very frustrating situation. We would like to see them come together. We recognize that with the election coming, thats very unlikely that thats going to happen before the election and of course we have a lame duck session after that. So very concerned about whether something can happen between now and when the cliff hits. Has it dictated your behavior as far as being an executive adding heads to the payroll . Are you waiting to hire new people or adding to the payroll because of these uncertainties . We are still continuing to grow strongly because the smartphone growth around the world. Our budget is actually underway right now. We are being a little bit more cautious about gdp Going Forward because it really is something thats uncertain at this point, what the Macro Economy will do. But with that said, as i said, smartphones continue to grow so thats helping our business. I know that you are in a quiet period because youre going to be coming out with earnings, so i dont want you to go there and i know you cant anyway, are there hot spots in the world that look particularly good or weak that you can tell us about . Of course europe is having its issues right now, a little bit softer. All of the emerging markets are looking strong. Were seeing 3g continue to roll out. If i look at places in asia, china in particular continues to look strong. India was very interesting, were rolling out not just 3g but 4g technology in india. A lot of good we talked about on the planet, only a billion of those are smartphones, so the Incredible Opportunity to turn those into smartphones is also i guess a great opportunity for you and others in the business. Right, were looking forward to that opportunity very much. And were driving the cost down so we can really help those emerging markets. The key is now were seeing phones under 100 and then were looking to try and even cut that in half Going Forward. So we really want to get to those people on the bottom of the Economic Pyramid so we can make sure they have access to the internet and they can actually get online and get the benefits that we see out of being connected. Sure, you can do this with the population growth outside the u. S. Good to talk with you paul, thanks so much. Thanks maria. Facing better times ahead. Is facebooks rally a harbinger of more things to come . The facebook trade is next. Stay with us. [ male announcer ] at scottrade, we believe the more you know, the better you trade. So we have ongoing webinars and interactive learning, plus, inbranch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. Our teams have the information you want when you need it. Its another reason more investors are saying. [ all ] im with scottrade. Welcome back. Shares of facebook down 2. 5 today still up better than 15 since monday. For the best week in this fraught stock short history, do traders see more upside ahead . We find out some the managing member of the sultin volatility group. We got great news out of their earnings. It looks like their Revenue Growth is maybe catching up to the val weighings. We saw options traders getting bearish. Buyers of the november 21 put basically saying they think it could trade to 21. 25. 270 million shares due monday, the other billion shares coming due by november 14th. Ive been a marketmaker on this floor for the last 14, 15 years here. I have to back off my bid on this stock. The pressure of least resistance is to the downside on facebook. Yes, the earnings were great but sheer number pressure here, look at the daily average volume in facebook, not more than 50 million shares a day. You see downward pressure on the stock. That continues at least for the next couple weeks, then maybe you can step in. Great insights. Thanks so much. Thanks. Be sure to stay tuned for options action, straight ahead, top of the hour, right after closing bell. Ceo e get it. How come washington doesnt get it . Thats next. [ male announcer ] tradings like a highspeed train. And you dont want to miss it with thinkorswim by td ameritrade. You get knockyoursocksoff tools, simple oneclick orders, realtime paper trading to hone your skills, plus anytime you need it support. Stocks, options, futures, and forex. Get your trading on track. Thinkorswim by td ameritrade. Trade Commission Free for 60 days, plus get up to 600 when you open an account. Plus get up to 600 if we want to improve our schools. What should we invest in . Maybe New Buildings . What about updated equipment . They can help, but recent research shows. Nothing transforms schools like investing in advanced teacher education. Lets build a strong foundation. Lets invest in our teachers so they can inspire our students. Lets solve this. And finally tonight, my observation on business leaders, trying to get things done in the absence of leadership. Well, from our leaders. Socalled leaders. Yesterday chief executives of more than 80 big u. S. Corporations joined forces, urging congress to make a deal to reduce the countrys 16 trillion debt and the annual trillion dollar plus deficit. In a rare show of unity, companies as diversified as Goldman Sachs and cisco, boeing, aetna and many others are ringing in the alarm bells. And its not in a partisan way. They want to make sure we are also making muchneeded and sensible spending cuts. And above all, we cannot go over the fiscal cliff. The cuts and tax reform must be thought out and effective. Not blunt and damaging. But isnt the it interesting that its business that is pressing congress to act . They say it is urgent to put a plan in place to cut americas debt load. In the here and know, the uncertainty about tax rates and government contracts is throwing a Monkey Wrench in their budget plans for 2013. In the long term, these leaders of business all know that a trillion dollar annual deficit piled on to an already unimaginable debt is simply not sustainable. This group reflect and responds to the economy. Businesses create jobs but they will not commit to adding heads to the payroll in the face of so many questions out there. In fact, if Congress Fails to act and reach an agreement by year end, automatic spending cuts will go into effect. And taxes will rise for 90 of americans. In all income brackets, including corporations and investors who are watching and worrying about taxes on dividends. Many expect it will lead to another recession next year. So with the president ial election just 11 days away now, congress and the white house are in campaign and lockdown modes. We know nothing gets done in the next couple of weeks. But will they act before year end to reach a compromise . The need for action is now already you are jen. It is unclear whether this letter by the 80 ceos will get them to Work Together for their countries. The unify message could strike a cord with the electorate. So many lawmakers like to bash wall street and ceos but this group is actually trying to get something done and are willing to pay more in taxes to do it. Let me ask you, how many of elected officials from either party have you heard say, what they would give up to make a deal . And thats why were in this mess. That will do it for us for tonight. Thank you so much for watching collective bargaining. S thank you for watching closing bell. Good stuff coming your way right now with options action. Have a good friday night
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