The board after having run up 60 year to date on the major biotechs. S p 500 down 20 points. 1. 25 . The market clearly worried about the debt ceiling, now nine days away according to the treasury. Joining us now, he finishes out his final trades on the floor. Peter shift, the stock market is worried. Youre not worried. I think the stock market is going down because it needs correction. I dont think its panging because of the debt ceiling or the shutdown. However, the resolution to phony crisis may be the end of it but that doesnt mean it caused it. The main reason is the debt ceiling. The president danlt wont to pay our bills. Hes pretending the debt ceiling is the fiscally responsible dhoing when its the most reckless thing to do. Kenny, let me kick this up with you in terms of the market reaction. We heard the president talk for more than an hour. The market was steady and ten minutes before the close, what happening . This gridlock in washington is going persist and the market is going to do that. The correction needed to happen but its happening as a result of the dysfunction taking place in washington. We are entering earnings season. I think what people are going to do say whats it going mean . So investors are going to start to get kind of anxious about it which is why you see the market repricing. By the kwa, were waiting on the alcoa earnings. Then well talk with him. Courtney reagan. Let me get your take on where you are. Were seeing some stability here but lets not forget the governments shut down so we dont have the economic data. Exactly. So perhaps were going to pay more attention to the ceo commentary, reading between the lines of the Revenue Growth hoping there will be some because we dont have the broader read right now as least for a period of time as to whats going on in the Business Community with the lending consumers. Earning season is important but it is so much shifted to the side right now because of whats going on in washington. Thing markets tried to slip off the gridlock but now weve had to Pay Attention to it. Its not a deadline that just came auto of nowhere. We know that its been coming for some time, but right now its feeling very frustrating for traders and investors to try to take the appropriate positions while theyre waiting for the politicians to go back and forth and come up with these dueling processes. 11 cents x items versus 5cent estimate. Looks better on the bottom line. Revenue looks better at 5. 77 versus an estimate of 5. 3. Let me ask you, rick santilli. As we saw this market sell off in the final few minutes of trading sitting at the lows here at 160 points, what were you seeing in fixed income in. Well, the yields are the big story if you happen to be an unlucky group of shortterm bills that have a cash flow issue in the period on the cal tar. Thats going to be the most questionable period as to whether things get paid or things dont get paid. In the fourweek bill we auctioned last week is on the last day to day of october. That makes sense. And the yielding have moved up thousands of percent based on where they were at zero. Zero three auctions ago. But if you stop thinking about that for a minute and then look at a tenyear or 30 year, this is the 11th day a tenyear has closed between a 260 and 265 yield. So really its a calendar question mark and i dont want to diminish it because some traders are a little concerned that it could have an effect on an already fragile repowe market. Mike santelli, lets talk about that for a bit here because these markets can change in a nanosecond. We saw what happened at the end of the day. Were down 6 from the highs on the market. If this shutdown goes into a new week and we are approaching that debt ceiling deadline of october 17th, how much of a possibility is rates skyrocketing and basically putting markets in control dominating sentiment with a sharp selloff in stocks . I dont know about raid skyrocketing. As rick said the actually maturities are fine but i do think they get nervous whenever they see this kind of mechanical dislocation, that is a problem. To me the stock market has been trading almost like a stock option with nine days to maturity, so every day it loses a little bit of value because of time dekarks but the actually its not a panic. Today you saw the beginning of the process. Today you saw havens, growth darlings. Thats the beginning of the realization that maybe you cant hide somewhere, but i dont think theres a fat pitch. You might have to see a little more stretching to the downside before it becomes obvious that you want to buy it. Kenny, real quick. I do agree with you but i have to say as the day wore on you could feel the vacuum was starting to pick up. Today after his speech in the last hourks you could feel that there was more pressure on the market and then lets set up and see what happens tomorrow but it feels like this is not this is not the real thing. Default will be inevitable. Right now were talk about it because Interest Rates are so low we can service the debt so we dont have to default yet. But eventually when the markets lose confidence because we have so much debt and they know were going to keep printing money, thats when we cant play this game anymore. Its not about the lending creel debt ceiling. Its about the lending ceiling. The onto way to avoid that is to defau default. Correct. Thats what im trying to say. I want to get to klaus. The man in charge joining me on the phone is klaus kleinfeld, the ceo of alcoa. It tees first time in 55 years youve reports the with Dow Jones Industrial average. How would you characterize Business Today . Yes, marie yachlt happy to to that. When you look at the number, obviously were looking at a very good quarter. Were firing on all sill dinners defying all elements and our position is working. You see it on two months. The Third Quarter traditionally is seasonally weak because of the summer shutdowns of some of our customers and the second thing is were coming down on the commodity business in spite of metal prices you see. Its the eighth consecutive quarter of improvement. Also on the commodity business. So what you see is the weak positioning of our corps with the two focuses. Basically getting more innovation in there. Its working. I mean weve tripled the profitability of this and today meaningfully contributes to the profitability. It makes 50 of the revenues and 79 of the profitability in this year and on the commodity business were getting out of high cost positions. Capacity is shutdown. We have shut down the capacity and were getting into lower kostka passty. Were focusing more on those things we can control and that makes us less dependent on those things we can control. Let me get a sense of some things you may or may not be able to control. That is the price of oil. Today were looking at crude at 103 and change. The government, of course, shut down at this point. What can you tell us about that part of the business . Government buzz as well as the move impact of the oil. Well, on the oil side for us has a very, very indirect effect. In fact, it would only have an impact on some of the refineries, but thats relatively small. And most of the refineries we actually have switched over to gas. I mean if you look at all Point Comfort refinery here in the u. S. , this is actually a very positive story because dont forget whats happening in the u. S. The discovery of sheer gas has brought the price of natural gas down so its basically made this plan one of our lowest cost facilities. The different one is the one thats been running all over the tickers in the last days so the whole discussion thats happening in washington these days. Right. I want to get to that in a moment. Give us your sense of Global Demand coming from china for aluminum and aluminum products right now. Were all talking about the idea that china has slowed down quite a bit. What are you seeing on the dmoop dmanld front. Were not seeing it at all. You will see later weve taken our aluminum demand forecast up and also for china, were now projecting 12 . Let me be clear. Aluminum all around the world is a growth story. You see that in multiple elements. See that with the drive toward more phfuel efficiency. Aerospace continues to be very strong. Independent of whether its metallic or nonmetallic. Where the market is coming back, were very strong in the u. S. We climb into the element s sufficiency. Youve had downgrades of alcoa. Everybody. Morgan stanley, basically taking their price market down because theyre citing weak aluminum fundamentals. But what theyre talking about is the pricing side of things and thats the whole debate thats happening on the question of more transparency in the pricing. I mean we have seen a lot of changes in the trading of aluminum pricing. Unfortunately we have seen not very positive changing and whats happening there. For every ton of aluminum that is physically consumed, 37 times the volume gets traded ant currently you see it swing with sentiment. So thats the element that were reducing and thats why i think its a good story that now 79 of profitable comes from businesses making 50 of our revenue. So we will continue to do that. The other great thing is the aluminum price used to be completely linked to the Metal Exchange price we have introduced about 2 1 2 years ago, 3 years ago. Were now having 50 trading. Im glad we did this. I think on the downgrade on the downgrade side, people will eventually understand the story, were repositioning here, getting down on the cost curve and i very much believe they will see it. All right, klaus. Good to have you on the program. We know you have to get to your analyst. Thanks for joining us. House Speaker John Boehner getting ready to make a statement at 4 30 p. M. Eastern time. Well take you to washington. Up next, john thain will give us his take on the washington did function and threat of a default. Well talk about c. I. T. Management commitments and what hes seeing in the mid markets. Stay with us. Customer erin swenson ordered shoes from us online but they didnt fit. Customers not happy, im not happy. Sales go down, im not happy. Merch comes back, im not happy. Use ups. They make returns easy. Unhappy customer becomes happy customer. Then, repeat customer. Easy returns, im happy. Repeat customers, im happy. Sales go up, im happy. I ordered another pair. Im happy. both im happy. Im happy. Happy. Happy. Happy. Happy. Happy happy. I love logistics. Welcome back. Speaker house boehner about to react to the president s comments. Hitting the debt ceiling would not necessarily mean default. Listen to this. Theres no businessperson out here who wouldnt have think this would be a big deal. Not one. You go to anywhere from wall street to main street and you ask a ceo of a company or ask a small businessperson if it would be a big deal that the United States government isnt paying its bills on time. Theyll tell you its a big deal. It would hurt. The president said if you ask a businessperson what they think were just going do that right now. In a cnbc exclusive, we have john thain. Good to see you back here. Your old stomping ground. Great to be back. Are you hearing his concern from those middle market businesses that you serve so well . The answer is yes. What were seeing in washington is a lack of leadership. A lack of leadership on the part of both parties and the lack of leadership on the part of the president. You heard today the president talk about the pop impact of a default. He used the words chaos, chaotic. He used insane. Catastrophe. He said catastrophe. Well, think hes right but why isnt he as the liter of the country driving to a solution to this problem. Its interesting that you say fwhaus he keeps digging in. Im not going to negotiate on the Affordable Care act but leaving the two sides to negotiate in congress but when does im not going to negotiate become a problem . Isnt it his responsibility to negotiate . He is the leader of our country, he is the one that should be driving this to a solution. Yeah. Let me ask you this, job. What kind of plans are you putting in place right now in the event that something goes badly awry next week or heading into the october 17th deadline . I spoke with bankers. And theyre basically firing up war rooms. What are you doing . First of all, to me. It should be unthinkable that the u. S. Would actually default. It should be unthinkable on the part of the president and on the part of congress. That should never happen. If that were to happen, thing it would cause tremendous amount of disruption in the marketplace and you have to prepare yourself for that. C. I. T. Is a company in itself. Were not in the market day to day but youre going see a very negative reaction and thats whats on the table. How are middle Market Companies doing . How would you advise the companies to change their course of business as a result of planning for the worst . Whats interesting is theyre already doing this. What are they doing, john . When you look at the survey, theyre generally optimistic about the business. They think business will be better this year than last year. What they say is theyre worried about the economy, theyre worried about their health care costs, theyre worried about the regulatory environment. Theyre worried about taxes. So theyre not adding workers or hiring people. Theyre being very conservative. So once again we see the hoarding of cash. That equates to very little hiring, very little investment and r d, et cetera. We bump along the bottom. Which is exactly why we need to solve this problem in washington. If we came one a bipartisan solution that dealt with the budget, dealt with the debt ceiling, whatever the action was. The reaction in the market and the confidence that would give middle Market Companies would be a great boost for the economy. What is the health of some of the middle Market Companies . For example theres concern that c. I. T. Is going to cut off suppliers because of jcpenneys performance. As you know, we wont talk about any companies and in the retail space theyre actually doing okay. Its not great, but its been tear snoobl the retail space is what has seen pressure. Are you seeing a different environmental today from that retail space than say six months ago, a year ago . No. It really has. Gotten much better is the real answer. It depends a little bit on which sectors. The high end sector has done a little better than the middle, but in general its just kind of okay, not great sfwhoo what are the other areas that are okay, not great. Where are the vulnerabilities john, in terms of seeing this middle market space . As i said, most places, the middle Market Companies are generally optimistic. You know, the energy space is doing particularly well right now. Particularly anything that has to do with fracking. The commercial industrial part of the economy, its okay. I think the u. S. Gdp is growing around 2 . Its not great but its not terrible. You cant stick your neck out when you see a company struggling to suppliers for example, jcpenney. What do you do in that regard. Again, were not going to talk about any particular company but when we factor to Small Companies that sell to their bigger retailers, we do continue to provide credit to them. We have various means to protect ourselves but our job is to continue to allow the Small Companies to sell their products to the big rear tailors. Let me ask the voice of the market. Whats different today than the last time you put the survey out . First of all, they are much more optimistic today but its also interested whats your view of whats going on in washington, 95 disapprove offing what congress is doing. Thats an incredible number. Its an incredible number but its interesting to me its all congress. Where does it say its the president . The president is goingetal all. Its a combination of lack of leadership among the republican and Democratic Party and the lack of leadership from the Democratic Party . Are you saying the needs of the middle Market Companies rise in terms of lending . Are you seeing more different and complex strategies that theyre demandindemanding . We asked them do you have access to company toll, 80 said yes. So for the most part they are getting access to capitol and funding. Its not particularly complicated. Its pretty straightforward. Are you expecting rates to rise as we approach the october 17th deadline . I dont think its shortterm rates will rise any time soon. You know, we saw some things. Also people are concerned about the longterm Interest Rates. John, good towtohave you on the program. This middle Market Survey is really interesting and certainly gives us a window into whats going on. Good to be here, thanks. Were going to take a break but yum brands is out with their result and then we want to get you to john bane ironce he makes his speech over to you. What were seeing is a downside for yum brands who owns taco bell, burger king, and pizza hut. On the revenue side were talk 3g. 74 billion dollar. A little bit of a miss on sales and earnings. When it comes to china the if Third Quarter, sales for yum in china, the china sales in the Third Quarter down 11 . The stock down about nine , 6 in the market. Theyre going to see a high double digit to find. So an earnings miss, a sales miss. The forecast also wore than some analysts suspected. Thats why the stock is down. House speemer john maker getting ready to make a statement at 4 30 eastern time. Im fweeng to take you live to washington. Well catch up with that. A standoff continues. At least one vet real lawmaker has seen enough today. Im ashamed. Im em bairded. All of us shout be. That would be senator john mcbain. We know of his straight talk. Well be talking with senator schumer. Up next well see if his colleague on the other side agrees, if hes embarrassed. My exclusive interview with the senator right after the break. Stay with us. Ive saved 75 in checked bag fees. [ delavane ] priority boarding is really important to us. You can just get on the plane and relax. [ julian ] having a card that doesnt charge you foreign transaction fees saves me a ton of money. [ delavane ] we can go to any country and spend money the way we would in the u. S. When i spend money on this card, i can see brazil in my future. [ anthony ] i use the explorer card to earn miles in order to go visit my family, which means a lot to me. [ laughter ] [ female announcer ] each one of us is our own boss. And no matter where you are in life, ask your financial professional how lincoln financial can help you take charge of your future. [ male announcer ] eeny, meeny, miny, go. More adventures await in the new sevenpassenger lexus gx. Lease the 2014 gx 460 for 499 a month for 27 months. See your lexus dealer. Welcome back. Were joining now by senator chuck schumer. Thanks for being on the program. Thanks for joining us. Hi, maria good to be back. What happens next. T what happens if the speaker does not blirpg as the president did not speak. As we get closer to the debt ceiling and possible default, the pressure on our mainstream conservative republican colleagues, not the tea party, theyre almost immune to it but the majority of the republicans will be large. That i know that rinking default rinks a catoclysm, greater than 2008 and perhaps a depression. If u. S. Treasuries are marked way down, Balance Sheets of every Financial Institution gets all messed up and they cant lend and Interest Rates go up and many other bad things happen. I hope they come to their senses. It wont be today, it wont be tomorrow but as we get closer, i have some confidence we will. Lets move on the debt ceiling and maybe we can get the government tied to that. The president said he will not negotiate on matters as far as the faith and credit of the United States but isnt it the responsibility of the president to negotiate . No. No . Maria, no. It dealing with life and death economically. So if we were to start that press departmeprecedent, every someone got up and said unless i get my way, the debt creel willing go up, thats the best way to make the economy a second rate economy. Theres a reason not to do that when you have a gun to your head. Fair enough. When does it become an issue that the market dictate as what happens next. Lets face it. Here comes john boehner right now. I want to get your reaction, senator. I dont know if i can. Conversation. Ail know i have to say i was disappoint thad the president refuses to negotiate. When it comes to the issue of funding our gouft, the house has passed four bills. Each of those four bills was rejected by the United States senate. Under the constitution and our system of government, we asked that they sit down and have a conversation with us about funding the government, keeping it open, and providing fairness to the American People under obama care. They refused to do it. Now, over the last 30 years dozens of times, there have been negotiations over funding our government. All of those negotiations over the last 30 years have resulted in significant policy changes. I would remind you that the president of the United States and i sat down in the spring of 2011 to negotiate a funding bill for the government from march all the way through september. During that negotiation there were all kinds of policy considerations. And if you recall, the opportunity for scholarships for kids here in d. C. Was, in fact, restored into law. So the president s position that, listen, were not going sit down aunld talk to you until you surrender is just not sustainable. Its not our system of government. When it comes to the dead limit, i agree with the president. We should pay our bills. I didnt come here to shut down the government. I certainly didnt come here to default on our debt. But when it comes to the debt limit, again, over the last 40 years, 27 times the dead limit has been used to carry significant policy changes that would, in fact, reduce spending and put us on a sane or fiscal pachlkt president rang sat down with tip oneill in the 1980s. President bush in 1990 went out to Andrews Air Force base and got into a long debate and negotiation with democrats here in congress. Bill clinton went through this three times in the 1990s. President obama and i sat down in 2011 and had a serious negotiation. And while the president today has suggested that i walk away from the deal that i was in the oval office along with the majority leader eric cantor when we had the agreement that the president two days layer walked away from. There was another one in 2011 that resulted in really the laencht weve seen in the last 20 years bchl but in 2010 when they controlled the congress and o was the the whoout, who happened is a bunch of moderated wouldnt agree to raise the debt limit without a negotiation. The long and short of it is theres going to be a negotiation here. We cant raise the debt ceiling without doing something about whats driving us to borough more money and. This isnt about me and frank lets not about republicans. This is about saving the future for our kidness and our grandkids and theed on way is to have a conversation. Its time to have the conversation. Conversation ought to start today and im hopeful that whether its the president or democrat leaders here in the congress rng we can begin that conversation. Mr. Speak, what would you tell military families who have just been denied funeral benefits. Last weekend wee gave prod tort to the department of defense to pay all kinds of billing including this hp and flank i think its disgraceful were with holding these benefitet. I hope the president will sipe it. Mr. Speaker go ahead. Mr. Speaker, the president made it extremely clear that he did not want to negotiate. You are making it extremely clear that you have to negotiate. What happens in all candor if its 11 59 on october 17th and were not there. At times like this americans want us to sit down and have a conversation. I want to have that now. What the president said today was if theres Unconditional Surrender by rchs hell sit down and talk to us. Thats not the way our government works. Thanks, everybody. All right. John boehner reiterating what we heard from his side. We want to get reaction on john boehner from eamon. Did you hear anything in. No. This is the second time weve seen him in front of the cameras saying he was disappointed. He phrased it differently. He said he will negotiate as soup as they remove the threat of breaking from the debt skrooeling. Weve got a standoff here. Interesting that what we see is a shift in technical emphasis. Republicans feel like theyre getting some traction now out of this idea that the president wont negotiate. Thats why you saw the president stating it earlier. Now were hearing the republicans. Now we know thats take an bit of plate cal toll. Thats why you saw the president come out and say im happy to negotiate, im happy to negotiate, im happy to negotiation, but not much on obama care which is where all this began marx rhea. Thank you very much. Republican john mccain with an outburst just a short time ago. Hampton pierce on thain gel. Over to you, hampton. Essentially weve had outrage about the shutdown. The families of american servicemembers killed in combat just in the past few days it prompted harry read to call a live forum where, in fact, john mccain took the lead in expressing outrage. Im ashamed. Im embarrassed. All of a an goes and on. The reality is we cant sit down and talk like grown ups and address this issue. We cosit down and negotiation within an hour. Stop attack each other and impugning peoples integrity and honor. Senator mccain earlier said republicans should not go into any negotiations with the democrats or white house without a clear plan of what they want in return for raising the debt limit. Meanwhile Senate Majority leader harry reid is expected to reduce it to raise the debt limit shortly. Maria, back to you. Thank you so much. If theres a master of social media investing it might be milner. Hes poised to replicate that success when twitter goes pub lilg. Hell be with me. Stay with us. At a ford dealer with a little q and a for fiona. Tell me fiona, whos having a big tire event . Your ford dealer. Who has 11 major brands to choose from . Your ford dealer. Whos offering a rebate . Your ford dealer. 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When you think about it, isnt that what retirement should be, paying ourselves to do what we love . Welcome back. My next guest was an early investor in facebook and twitter. He heres with his take on the twitter ipo, the rest of the social media space, and the prize that he and his colleagues have created. Its good to have you on the program. Welcome. Thank you. You certainly invested in it when it comes to facebook and twitter and so many others. Where are you seeing the growth in technology . Is it the social space or Something Else . Well, we have a very longterm view here. If you take that view, you would recognize around 2020 there will be 5 billion people connected around the world and another 20 billion devices collected. There will be connected commerce around the Internet Plus 50 companies will be with a Market Capital of 5 billion. I think the total capitalization of space will reach 3 trillion compared to around 1. 5 trillion ontoday. We believe its the tied i tide that will tide that will raise a lot of voting. Its changing industry, right . Where are you seeing the biggest change right now . What centindustries do you thin will be impacted . This goes beyond technology, right . It goes kind of across the board. According to the latest data, if you take the last five years, about 20 op of the Global Growth can be attributed to internet and developing countries and that cuts across all the industries. If you take the share of internet in global gdp, it is already about half of the share of energy including all of them and everything related to energy. So i think its a significant and growing sector and the Global Growth is really significantly dependent on the technology. And i guess one of the key areas to focus on is mobility, particularly when youve got population growth outside of the United States. What have we got now, yuri . 6 billion phones or is it even more in. Thats correct. More and more of those mobile phones will be internetenabled. We do see some Interesting Companies outside the United States. Particularly i want to mention if e were talking about mow buy. We have the Company Called ciao li. Hes named the steve jobs of china and i think hae has the potential to become a big player alongside apple and samsung. And creating huge growth in china. Thats correct. At the same time a lot of people dont feel we have the skill sets required to start some of these entrepreneur real companies. Physicists, scientist in plan. Youre talking about it similar to the nobel prize with some of your colleagues in the business, sergey brin and others. Tell us about the prize. Well, this is something that will launch this year and its that scientists should be on par with other celebrities that we have in entertainment, sports, and politics. We believe its not fair that bangers are making more than scientists. We believe that science in particular is unrecognized in our world. So in order to address that, we believe that, you know, its a nonprofit world that can help address the issue and we got together with Mark Zuckerberg and priscilla chen, his wife, and recently jack marr whos the founder of alibaba and Mark Levinson whos the chairman of apple to give out 6 Million Dollars apiece. So how does the person win this prize . Tell us how to go about it . Where are you finding the talent . Theres an open nomination process. Anybody can nominate his or her candidate and then there is a very transparent process whereby the previous winners will select the next winners. And that year the winners will be announced on december 12th. The inweres announced on december 12th, they get the money in terms of putting that money to work. Where do you expect some of these prizes to be best allocated . Where will this money serve the need and this demand and serve the Technology Best . Well, this particular prize is actually targeted at putting money really in the hands of scientists and they can pretty much do whatever they want with that money. I think its really a personal recognition of what they have done for the humanity. And i think that this sizeable amount of money is really meant to send a signal to the world that fundamental science is important so that some of those scientists can maybe become even celebrities of sorts and become inspirational for the young people around the board r world. It was john freeman who said you hear people say i want to be an act leak or celebrity. Rarely do you hear, oh, i want to be a scientists. People worry that the innovation has slowed. They do well relative to what apple has done. Have we seen a slowdown in innovation at this point, yuri . No, i dont think so. Actually e receive an acceleration which is really the opposite of what other people say. Well, maybe i have a little bit of a global perspective here, but what i see is that innovation coming of the United States is really becoming dominant. And it is almost overwhelmingly dominant if you look around the world and see whats going on in other parts of the world comp e compared to whats going on in places like silicon valley. I really see the opposite trend which if you take a 20year perspective, really emphasize the importance of innovation coming out of silicon valley. And with we will look towards december 12678 and good for you to start to create some celebrity. Good to have you. Thank you. We will see you soon. Another round of red hour has hit. Hoo announcer scottrade knows our clients trade and invest their own way. With scottrades smart text, i can quickly understand my charts, and spend more time trading. Their quick trade bar lets my account follow me online so i can react in realtime. Plus, my local scottrade office is there to help. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer ranked highest in Investor Satisfaction with selfdirected services by j. D. Power and associates. Welcome back. 30 seconds on the clock. Next guest is here to tell us what we should be watching tomorrow. The only difference between cnbc and cspan is the stock ticker right now. That doesnt hold, who knows where we stop. And were watching the vix, but the vix options. These are bids and are serious bids. We are concerned about them as well. 30 seconds i would imagine you are watching the same things tomorrow. What else . I am focused on earnings from holdings in my actively managed etf. Of course i will be watching the treasuries and potential problems with the budget. Will certainly gravitate to the biggest losses. We will be watching that. Thank you so much. I ordered another pair. Im happy. both im happy. Im happy. Happy. Happy. Happy. Happy. Happy happy. I love logistics. My observation on the dysfunction in washington. Apple out with news. Over to you john. All things reporting that apple should hold its next event on october 22, that would be almost a year exactly from when it unveiled the latest line of ipads. We expect to see more ipads coming out, perhaps with more iphone 5esque like form factor. None of that. Last year they also unveiled computers at the same time. We expect to see the mac pro. Tim cook said they tried to do a little too much at the end of the year last time and were not able to get all of those products out the door. So john, its likely an ipad event. What are you expecting here . The iphone is the main product in apples line right now. The ipad as far as growth and increasingly in terms of revenue, a cloes second. And i guess we have already seen incredible success there, wondering what the next big thing is. Do you think this is it . We have seen incredible success but we have seen a slowing in the growth rate. Thank you so much. We will see you later. That will do it for closing bell. Things really accelerated. Have a great night. Earnings kick off and following all the big moves. No deal, day 8. So whats the fallout for business as usual outside of the capital. Joins us with the real cost of the shut down show down. And smart balance for your portfolio