And right now the dow is higher. But the s p is trading a bit lower. We should mention a lot of people are looking a t the moves weve seen in the 10year wondering if people woke up today, realized, oh, my god. Maybe tapering is tightening and stocks could have a tougher go of it. Well get into all of this coming up on the program. Also coming up, weve got two huge exclusive interviews on tap. Legendary investors jim chanos and bill miller. Their best ideas on a market many think is to fidefying grav looking forward to that. Today we get an exclusive read from zillows ceo spencer rashoff. Home sales dropped in the Third Quarter, we saw, for the Third Straight month. But zillow says that home prices are still on the rise. So what happens next year as the fed is tapering, presumably yields go up on the long end of the yield curve. That has an impact on Mortgage Rates. If Mortgage Rates are going up, what does that do to sales and home prices . Well talk with the ceo of zillow about that.
Really make it happen. But quarter after quarter the company has been able to deliver with a surprise when it came to sales for pcs which we know are in decline but perhaps not quite as much decline as wed anticipated particularly on the commercial side on notebooks where they choed real strength. That did help the quarter and on the revenue side, printing went fairly well. They did come ahead on revenues and on profit. One of my favorite notes Morgan Stanley saying they are achieving the impossible keeping expectations low while increasing revenue and cutting costs and investing and so forth and cash as well. Well talk a lot about that with meg in a minute. The futures are up a touch which means the s p could post its first threeweek win streak in three months. Meantime, were keeping our eye on the tenyear yield and overnight in asia the nikkei was almost up 3 as the markets liked the manufacturing data out of the u. S. Yesterday. First up, though, ukraines government said a tentative
Listen up. If you are someone who has one of these cars, you can get these benefits. You do have to ask. Gm recalled 1. 6 million cars for faulty ignitions. 12 deaths have been linked to the defect. The company is facing investigations from the Justice Department and two congressional committees. If you take a look at the stock, the reaction came earlier this week when the news first started getting out and the news about the investigations really ramped up. You can see that stock at this point is at 35. 05. Well have more on this story throughout the show, including updates from phil lebeau. What has been interesting is some of the stories that have risen on usa today and some of the people that profiled these accidents. Who bought a saturn ion . It was a long time ago, but there were a lot of them sold. 1. 6 million ions . 1. 6 million cars being recalled. I dont know how you can say dont put a heavy key ring on your ring with a straight face. Seriously, thats your answer to this . N
Expiration. Bill, the question which well get to in one second is why. So here is where we stand in markets right now. The dow is up 161 points. The s p 500 adding about 18 to 1854. If we hold, there will be a new record closing high. The nasdaq up 40 points above the 4,300 level at this hour, bill. Lets ask that why question you posed. Get to our closing bell exchange. Our round table includes Patti Edwards from u. S. Bank, Quincy Crosby from prudential financial, anthony chen from chase and our own Rick Santelli in the windy city as well. So, patti, why is the market up as much as the dow was up 190 points at the its peak today. Why is the s p near alltime high territory . Were getting through earning season and 75 of the reports have been better than expected. You add to that it looks like weve got a little bit of resolution in the ukraine and the fact that people had been taking money off the table and its time to get back in. I think people are just going where the best deals are
Years. Companies are showering cash on shareholders. S p 500 companies bought back more than 128 billion of their own shares in the third quarter. Thats the highest level since the Fourth Quarter back in 2007. If you combine buybackes and dividends, you get a total of 207 billion. Thats just in the third quarter. Take a look at the futures right now and see how markets are setting themselves up for the morning. We have some green arrows again. The dow looking like it would open up about 30 points higher, nasdaq looking like it would open higher. We have more on the markets in just a few minutes. But before we do that, Michelle Caruso cabrera has some of the morning headlines. I love the shirt, andrew. Thank you. Its terrific. I will take that. In corporate news, disney is reducing bob igers pay. Disneys strong results didnt outperform igers target by the same extraordinary amount in 2012. In other company news, the company has named jack dorsey a cofounder. Shares of disney are up this