Had this before, of the theater where the product is going to be unveiled. Our jon fortt is inside the event. Brian sullivan is outside. He will give us live updates as the details are unveiled. A lot of tension down here, you cant afford to go anywhere this hour, with the dow and s p at the lowest level necessary seven weeks, statistics for you. The markets dropped, the dow had the biggest point drop in the 1 p. M. Hour. Fry davis the same story, the dow had its biggest point drop after the open. Also in the 1 p. M. Hour. Falling 36 points. Yesterday again, the dow dropping almost 40 points in our 1 p. M. Hour. On aggregate, the threeday net change, the dow lost almost 100 points during this 1 p. M. Hour period. All right trend continue today . Well, right nows, down 223 points on the Dow Jones Industrial average, 13,122. 46. Full Team Coverage of the selloff with bob pisani here at the nyse. Seema mody at the nasdaq, Sharon Epperson following oil gold and Rick Santelli off camera now, looking at the breaking news any moment from the bond pits. We begin with bob. We have had technical damage to the mark threat morning . Yeah, still remember, the dow, off the low, sue, but just barely off the lows. Still only 4 from our recent highs here. So a long way to go before we get to any kind of correction. A little game of chicken, people buying at the open, get some kind of rally like in the last hour yesterday. A big game of chicken. Look at the sectors. The bottom line, the damage is wide spread, not as bad as it was earlier. Notice even defensive names Like Health Care and Consumer Staples down more than 1 , a fairly rare occurrence. S p materials down, of course, as we saw concerns about the dollar breaking out the new highs. There is some modest breakouts, tech stocks like microsoft and intel breaking out. Some stocks that moved into positive territory, coach good earnings, whirlpool, great numbers from whirlpool, upped the 2012 outlook, ross stores and tjx, very tough months selling off along with the rest of the retailers, also have just gone positive today. Little pieces of daylight starting to show. We will take that. Thank you very much, bob. The nasdaq now the loews level in two months, seema mody following the big movers. Seema . Thats right. Tech has been a lot of negative sentiment around tech, ever since earnings season kicked off, sue, i was speaking to brian marshall, he says tech investors are currently running for the hills as a fear of a global slowdown intensifies and says that old tech like ibm and hp continue to mature. Of course, blue chip stocks traditionally see a lot of money flowing into the sector for that highdividend yield. Old tech traced at eight times 2013 earnings versus new tech with traced 15 to 20 times. Bottom line, all about growth and margins. Not seeing that this quarter, not seeing them meet expectations this quarter, why we are seeing money flow out of tech with an old and the new tech sector. Back over to you. Thank you very much, seema. Matt chess love walked by me and said, i told you, we sell everything today. We will find out whether that follows through to the end. Commodities also though, selling off right now across the board today. Oil sliding to a threemonth low, platinum down better than 30 bucks. Sharon epperson at the nymex. A shift in the commodity space the last several days and particularly today, sue. We are looking at it starting, of course in europe, concerns about spain but really the focus is here in the u. S. And the earn eggs that weve gotten and what that means for Global Growth. Not so great thats why we have seen oil prices, as you mentioned, hit the threemonth level also seen copper at a sixweek low. Seeing silver prices at a sevenweek low. A sharp selloff across many industrial commodities, these multiindustry, as bob pisani says, Industrial Companies getting him. The key now you in the next half hour, to see if gold closes above the 1700 level. Can it stay above the mark . Back to you. Thank you very much. Jeff kill boring is here, founder and ceo of killer capital management, cnbc contributor. You point to what sharon was just talking become the selloff in oil. Why . Absolutely. Sharon hit the nail on the head that low print of 8569, think about oil you can the glue that held this market together, a tugofwar of geopolitical tension as well as Global Growth forecast reductions. Right now the Global Growth forecast reductions have prevailed and sellers came into equities after the oil dipped down to 88. Good for companies to pay less for oil, isnt it . But what it says companies are slowing down . Yes. Thank you very much. Go to Kayla Tausche for the market update. Tyler, on the back of oil, we saw that steep drop, take a look at all the big cap oil names. We are talking exxonmobil, chevron, conoco philips, valero and bp. Check out valero down 5 on those moves today, definitely a close eye on oil. Those names dont look to be hitting the green any time soon. Tyler . Thank you. 35 billion in bond mark nets twoyear notes up for auction. Rick santelli tracking the action. Whats the demand like, rick . The demand unbelievable. I feel like cheerleader at this point, but its an aplus for the twoyear note auction, 35 billion two years. Ultimate yield the dutch auction. 295. Wi traded . Well, that was the offer site,. 295. The bid site was 30 basis points. We had a 4. 02 bid to cover. Means over 4. 02 chasing every dollars worth of two years available. I dont have any higher on my 20year database and 38. 2 was the direct. I dont have anything higher on my 20year database. This baby was really powerful. Dealers took just a wester can above 28 , very little. So the investors have pocketsful of two years. Sue, back to you. I dont know whether thats really good on a day like today or really bad on day like today. Lets ask kenny pull carry of i cap here on the nyse floor. They were seeking safety in the treasury market. Who can blame them. Pointing out 19400 level on the s p . That is cue. On the future stopped 1405 but flight that range it has to hold there if we break 1400 and break it decisively, you will get momentum guys will jump in you will get the algorithms that will jump in, put more pressure on the market, which is have interesting, because longterm investors waiting for this break should not be at that point, they should notrunning away, right . They want to save that i hear you, but the opportunity you want if you are a longterm person. Pointing out amidst pretty decent bounces in the market, you might be able to get it cheaper. Sounds like this might be the Inflection Point you have been looking for perhaps . I would like to see it holds here at 1400. I dont want to actually see break 1400 if it does, you should be prepared. I think actually there is a lot of demand here, a lot of money has to be put to work. I think it will hold 1400. What we have been talking about is something we have been talking about not really new news you can right . We note Third Quarter earnings will be weak and they are weak, nobody should be surprised. Waiting for the price of gas to come down. Im sometime paying 4. 49. A lot of people r you have company. I dont understand why its not coming down. We will talk about that see you later in the hour. Kenny pull carry. Todays Yahoo Finance poll, we asked markets sliding at the open, what do you do on a day like today, do you buy on the dip, sell, sell, sell, go to finance. Yahoo . Com and you can vote. There are a couple of options there four. The results coming up a bit later, ty, on power lunch. As we mentioned at the top of the hour, breaking news from apple this hour, special product event, now under way, widely expected to be the unveiling of a new miniipad. Here is the chart of am, the stock up more than 200 since the ipad was first announced back in january of 2010. Our Brian Sullivan is live at the big event in san jose, california. Good day brian. Tody, thanks. We are get golden gate to get numbers, product releases from apple the next couple of hours and we will bring them to you. We have apple co tim cook on stage saying the iphone is the fastest selling phone in history. More than 200 Million People have already downloaded and installed their new ios 6 operating system. Also talked about the ipad, or ipod, longforgot musical device to some. They say they have sold more than 3 million total units of that and they refreshed that of course, at the last event. Iphone 15 a hot seller. The ipod new lineup a hot seller. Everybody seems to be downloading ios 6 very quickly. Went ipad mini launch comes out, we will bring it to you. Gene munster wants to see it priced under 300, otherwise, may not gain new market share, just steal from the old. Im here all day for you guys. We will be back with you shortly. Lets talk about apples big event. Dan ackerman, Senior Editor at c net. Welcome what is the risk that apple cannibalizes itself with a product that it price at 249, 299 that is smaller but does functionally all the things that the bigger product does . That is exactly the risk, a lot of people like the idea of the ipad but dont want to spend 100, if it is 100, 150, 200 less, they will get that instead. Up until now, other options in that seveninch, smaller tablet thing, the kindle fire and nexus 7, 200. Apple will probably be more expensive than those, a weird price space for them to be n i guess if youre am, you would say we would rather cannibalize ourselves and let somebody else eat our lunch. What is this new product likely to have in it . What the selling points be, apart from the size . Everyone thought steve jobs said he didnt like the idea of a smaller mini tablet. Since then, some people done well it, amazon, barnes noble and google. Apple feels like they have to get in here and you can hold it with one hand. It will be less expensive. Probably the same storage options, probably connect to wifi networks, maybe 4 g networks, have to see about that. Dan ackerman, thanks very much. See you a little while later. Sue . The Dow Jones Industrial average off about 216 points, coming off our worst levels of the day, keeping a very close eye on this selloff. The dow on track for the first october loss since 2008. That was not a good year, as you might recall. Sea of red today, almost nowhere to hide. Facebook shares run today ahead of earnings. Julia boorstin will get you ahead of the numbers. Pressure on for Mark Zuckerberg to attack the mobile problem. Tell you what to look for in todays earnings after the break. Welcome back to power lunch, im Kayla Tausche with a market flash. Watching shares of u pfrmt s. Profit femme for the last quarter but slightly raised guidance for the rest of the year, meaning that that allimportant Holiday Shipping season that comes in q 4 should be a good one for ups. Wall street see it is as a sign that it could beat q 4, possibly by ten cents. You can see that stock is getting a lift by 3 today. Tyler . Investors getting ready for another Earnings Report from facebook, comes after the vthe two issues in focus for the company. Jul jul jul Julia Boorstin with more. With a shift to mobile hit in googles results, the issue is how zuckerberg is tacking mobile use. Investors are looking for an update to that halfmillion daily run rate for mobile, sponsored stories that zuckerberg announced last quarter. Another key metric to watch is new users. Facebook announced moneymaking initiatives, including selling gifts and apps and in the ad space, introduced Facebook Exchange to target users based on online activity. These new businesses may be too new to boost the bottom line so we will be looking for any comer on the new businesss potential. Analysts are mixed on the stock. Jpmorgan releasing another upbeat report yesterday saying they are confident facebook can reaccelerate advertising revenue but citi is concerned about continuing desell rating growth. Todays results are particularly important as we head into another series of lockup. Monster lost 20 s of the value in the last couple of days on news that the fda is investigating five reported deaths perhaps linked to the companys energy drink. As mentioned, the stock is trading at 40. 74 down 11 . Jane wells in los angeles with the latest. Jane . Hi, sue, yeah. Almost four times normal trading today. Volume, Energy Drinks are the Fastest Growing beverage category, topped 10 billion this year. Up 12 . Monster investigated by the state of new york, even before the news from the fda. So could sales lose their buzz . Analysts say maybe not, monster targets young males with red bull. Same audience. Red bull number one by dollars. Monster number one by volume. Coke and pepsi dont have a major energy drink label are step neg and moving the category. Pepsico making starbucks raeshs juicebased energy line and coke working on a hybrid sports and energy drink. The con very eggsal Energy Drinks are going to slow over time. Ventional Energy Drinks are going to slow over time. Functionality will be popular with consumers. Goldman sachs removed monster from conviction buy list, shares are down anyhow. We dont believe the headlines will impact monster sales growth in the u. S. , however, citi says sales are falling, quote exmonster isnt cheap. We think the fundamental case of strong and profitable growth has weakened considerably. Marketing for these drinks continues on the same date monster news breaks. Frs Energy Drink Launches a sweepstakes involving pitchman tim tebow. Guys, potentially awkward tebow time timing. Sue . I think an understatement, ms. Jane. Thank you very much. The dow is down more than 200 points on the trading session, right now down 216, but it was worse. You can blame the latest round of earnings. They are beating on the top line but missing on the revenue side. Are investors being too sensitive about earnings . In the next half hour, Steve Liesman sits down live with former fed chiefable greenspan what is he saying about these market, and this economy . Apple ceo tim cook made startling comments about pc sales that should have dell, hp and microsoft shaking in their reboots. 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We do expect that the big inall have a. Live tv. Cue the bus behind me. But they are announcing a new macbook 13inch macbook, thinner, lighter, a better display. Get this, more pixels in its screen, twice as many, in fact, as an hd television. Here is what should make hp, dell, microsoft and others very nervous. Apple ceo tim cook saying that for six straight years, growth in sales in the mac outpaced the pc laptop market. A big win, think about ipads, think about iphones, think bit. Pods but the ceo and also the head of the macbook division at am making a very clear point, guys, which is do not count apple out of the computer business. They want to get people in that hay low. You buy a phone, then you buy a pad, then you buy a macbook, stuff on i tubes, the new ibook store they launched today. Pretty soon, you are in that apple halo and may be in that apple halo for life. Apple stock 629. 30 when the day began p i will bring you the headlines as they certainly happen, guys, a fun day to be out in san jose. 20 of the nasdaq 100. So do not underestimate apples importance to the overall stock market as well. Get back us to when you count all those pixels, brian. Just keep working on it. Go to a kayla for a market flash. Thanks, tyler. Watching shares of arm holdings, ukbased chipmaker pretty stellar earnings today, pretax profit rose 22 . See shares were up 11. 5 , not only on the back of smartphone royal test but apple a big client of arms, could see bigger gains if they are included, chips are in that ipad mini expecting later today. Thanks very much. Single biggest week for earnings seas