What's Up On Wall Street - Jeff Cox, CNBC.com

Well I think we need an alarm bells here but I think we did do we just got the pending home sales number comes -- down five and a half percent. So just when we got the real estate market was turn the corner can get pending home sales down five and a half and had to be the way it's then I mean right it's except the ticks down to says. This is crazy and it what we're coming out of a big what we'll say the spring real estate market this is should be hot right now home sales should be way. Cells and they're not down five and a half percent as bad for stocks. Stocks and nor trading even down even more than they were good ten or fifteen minutes ago if you combine that with that. The problems of Spain you've got the Dow down 246 points the S&P is down fifteen NASDAQ down 36. Loyola is trading down 196 at 8880. Hello party gold is down 710. And and you get the tenured US that's keeps dropping his wealth. Down -- point oh wait it's one point 6510. My goodness a lot of numbers this morning to have their drawer all right we're joined now by Jeff Cox from CNBC Jeffrey disappointed by that pending home sales number. Always yeah it's really. He just keep waiting to see what are we going to punt return a quarter on housing. And that number just content and never seems to come forests. Nobody -- it's a it was I thought maybe this would be enough a month -- what do you think for Friday does this bode badly for the Friday jobs report because that's that's the -- -- you know once a month that's a very important report. Yes I mean there are -- lot of numbers that are bode poorly for these nonfarm payrolls report on Friday the conference forward. Employment indicator that came -- yesterday was supposed not a good looking number. Public you know we're expecting this number to be durable wants. Fifty range here first blueprint that area I think. That sounds kind of optimistic I think we could. He did little surprise to the downside here if we do boy that's going to be a big problem as far as the market's concern. Not sure is pictures they have you been following this Blackberry story it all. Yeah it's -- -- -- it is just a poster child for our first for market ineptitude right now that yeah it's that it it's just that it was brutal news coming out of there. Would you that what do you think happens and in the stocks -- Downey's about a ten dollar stock now. Yeah hired an investment banking firm which leads me to believe I'd write and interpret that as being the company is for sale. Yeah I. I think that you're reading that pretty well I mean. When you look at the factors and -- towards the 147. Dollar stock not all that long ago that was was that it. I think we you know -- back just just a few years it's it is treating it -- much higher level now practically go back in June of 2008. So that our talking about the start with that that's -- ten dollars I think one of the analyst it yesterday this is really the only value to the company right now incidents patents. So. That often than not and that is goodies and and I just hate to think about a company like this. Big subject of fire yourself whatever it is that it just looks bad for now. Gallery it's hard to imagine how they recover at all you know you because they're. -- they can't compete with the android they they don't have a product to sell. Yet -- they are -- so for far behind vision to the android and you know iPhone. I think we're gonna see is just speculation but I think we're gonna see in new iPhone rollout pretty servicemen white -- so. And you know what what's that happened that that which is. Yeah ruby and further behind the eight ball and every time meter -- Blackberry outages that. That kind of stuff it's just really. Does not bode well for the future Research in Motion. I read a report on CNBC that they have warehouses full of manufactured blackberries and nobody wants to buy imagine that -- just -- non a lot of them. Because they're not selling -- -- sales have come to a screeching halt. Yeah alone. There's there's some. Kind of limited in what they can do now. It that it that it has to capabilities. That the other Smartphones have and -- programs. Marketing has been pretty disastrous. And that it just. If it is pages seem like do our rudderless ship hit the ball. CNBC's aid provided us with terrific coverage on FaceBook and today shares are up 1% but yesterday. Traders are able to start tree in the options on this thing and -- down a lot it's it's a 29 dollar stock now. Went public at 38 just the week and a half ago. With winning we're. They want to buy FaceBook IAEA. And invited the IPO. I have I've had people tell me it's going to be a fifteen dollar stock and Tom it's going to be seventy dollar stock I'm really confused. Yeah. You know I had just -- I don't know watching this stated in terms of you know where the initial guidance was audit and of course lo and and on the additional guidance was 28. And we -- is that it -- the -- seem to be making a run towards that number and has now kind of just pulled back I was a little surprised that they that they are. Positive tomatoes could just be sort of day. But buyers coming in who were doing would cheer with what were your callers are asking wondering you know where's the bottom you're just kind of open that they can sort of just picked picked this -- the right moment. Obviously all the momentum is on the downside for FaceBook that the options place haven't helped them and you know all of the shares that are out there -- bills we've borrowed -- helping FaceBook -- So. I for a media but I've had people ask me the impression they arrest you and I tell them what can just tell them it's just -- wait until. You get. Some visibility on earnings -- -- -- quarterly earnings report comes out and then take a look and Parse through that and then try to figure out where entered. By point is going to be there. He's Zuckerberg has fallen out of the top forties -- he's gonna wander into one of the richest K. Not already you know old and organize. -- go yeah tweet it's something a little while ago about how much. Zuckerberg is losing like by the minute edit it is really it's it's a basic number I think it's a public. Seventeen billion dollars of editors of -- along those -- of that that that's just incredible. Put. You know he he's still got a couple -- the fall back on but. It's it is really quite a story to see this sort of -- guy is already out during two in the road shows cities to big rock star and now he's content that not. Epic rock star Andy or sort of the guys just. -- move too who do it. Took a it took -- the market that wasn't ready to go to market and that -- -- fifteen point seven million dollars each hour -- -- it is Hamachi. That's a lot of money that's a lot of money informers are. Did you even from Mark Zuckerberg anybody's gonna feel that the company's gonna feel that. It is this can't be bacon anybody. Oh over there it's -- -- right now. Am reading that a lot of the big investors the institutional. Investors are bail and out of gold. It's been told enough it's still 1540 announced that they would what's the word on the street as it relates to gold as the Smart money get -- -- a gold. All of I don't think Smart money's getting out of gold -- that's just me I mean it it it just cut it seems that right that that that what we're. Looking at here's just -- play on the dollar where in the blues team. Due to record load the ten year yield being hit again today. Would it worked out of the 165. Range somewhere. Around there which is absolutely. Crazy when when you think about it. This is driving the dollar higher of course -- your weaknesses driving the dollar higher sort of as -- -- that dollar keeps going up it's going to be hard for for gold. To do anything. That's just kind of that -- this story at this point it until people decide that. That that that they're not willing to you know basically give the government free bodies at -- at this point it is gonna put pressure on gold prices that about it. All right well we sure appreciate your time Jeff thank you very much for joining us always -- that's Jeff Cox from CNBC joining us on the financial exchange.