They have some real backers, Richard Branson among them. Building a real city in the middle of the ocean. The idea behind the institute. Can a city give rise to its own government . Lets get headlines from my radio cohost carol massar. American International Group said Peter Hancock will be its next ceo. Hancock will replace the ceo september 1 of this year. Google says the satellite will keep google maps accurate. Theyre hoping to use Skybox Technology to improve access and Disaster Relief efforts. Shares of radioshack have fallen after the retailer reported a loss last quarter citing sales drops for the ninth straight time. United airlines is the latest carrier to change its frequent flyer program. Beginning next month march, the new reward system will be based on the amount of dollars that you spend rather than the number of miles that you fly. Joining me now to discuss this is the founder of pointsky. Com. It offers services to maximize your frequentflier miles. And defense analyst
Thats down and a check of the markets at 153point rally. S p up 17. Nasdaq up 54 this hour. The small cap russell 2000 leads higher off the mid mfmonth lows and perhaps more than anything is the october surprise. Joining us now, rob morgan, michael cagino, christine short is here, peter costa and our very own Rick Santelli heading into the weekend. Peter, this is a really strong rally now. Were up over 10 on the s p in just about 12 sessions. How do you feel about it . Well, you know, ive been on the bearish side. I think that what youre seeing right now is people are rotating back into stocks and equities. I think the earnings are coming in a lot better than expected. And i think that, you know, they want to put money to work and still two months left and they feel more risk on and take it off other places. Rob i was going to say, peter, we know the costa family fortune. Im not speaking to anyone in my family right now. I would imagine. Do you feel like we have the flush out at the lo
Cme. Where are you seeing action the most . Obviously were seeing the Broader Market come off quite a bit here. It is very dangerous for this market to trade off of headlines coming out of the region. We had one majorly conflicting story out of the region today. I think trading off of that can be very dangerous. As a trader i want to focus on price action and overall. Stocks tied to russia falling off the most. Rsx, russian equity etf traded here in the u. S. Were today seeing something very interesting in this name. All last week we saw puts outtrade calls pretty much every day as investors got more and more bearish the fund going into the weekend. Niece comes out over the weekend and today the script has flipped a little bit. Weve seen calls outtrade puts in opening hours. Day. The stock opened down 9 . It has come off the lows. Some of the biggest orders to hit the tape today are sales of march 21 puts, almost 20,000 times sold this morning 40 cents, indicating traders believe there
Of europe is hanging to some green arrows. Apple disappoints and revenue guidance is short of expectation. Meantime, the overall market set for a missed open after a big mix on durable goods orders and another big driver of todays market is earnings, ford, comcast, pfizer some of the names making moves in trading and well break them down. First up, well talk about apple and shares taking hits after betterthanexpected quarterly profits they sold a record 51 million iphones in the quarter but below expectations, the Current Quarter guidance short of consensus and an hour from now well get information from john scully who will join us at post nine. We said how easy it would be to set a new record which they did on phones, but no one expected phones to come in quite this low. No. I think theres a big schism developing, the analysts have really turned on apple now. This has become an unruly Conference Call. And youll see in a moment, but the analysts are still talking about are you still a
Announcer next, major credit card executives testified on excessive fees for card transactions. That is that Card Companies announce a fee hike to insert or tap credit and edit cards. This hearing runs two hours. Good morning. This hearing will come to order. American consumers today are rightly worried about inflation and rising prices for the goods they buy. Today were going to talk about a hidden fee that fuels the fires of inflation across america every day. What they may not know is this swipe fee is contributing to the problem of inflation. When swipe fees on credit and debit cards go up, as they recently did, it increases inflation. Consumers ultimately pay the price. Ironically, this journey for me started in this very room 16 years ago. Arlen specter was a chairman at the senate judiciary. He called the hearing on swipe and interchange fees. I attended because i was not familiar with those terms. I heard for the first time what a swipe fee was. The fact that, when i used my de