>> w stocks falling through that pivotable -- pivotal number. and a sale of -- a selloff in major commodities. what did you miss?

greek banks leading cash is the crisis deepens. will this be enough to fend off a grexit? sinkingghai composite four times in five days. the energy trade falls off a cliff. we talked to the ceo of a major power generator. my coanchor is in athens with all the latest details and analysis but first we want to get to what happened in the markets today here in the u.s. stunning versatile for markets. huge comeback. at one point made -- major averages were down over 1% and they have clawed their way higher. the dow's move was over 300 points. points was the swing. use all utilities and consumer staples leave the market and

rebound why you had energy and materials and industrial slag. it was a stunning reversal on a day where we some more value than normal. at someman is looking of these big market movers. had energy staples in group.d to highlight the philadelphiahe utility index up 2.5% and this coincided with the drop in the 10 year yield to a one-month low. as we were saying this risk off environment, we saw people buying treasuries and yields falling but that accelerated as the day went on. if you look at my terminal behind me you see that ailadelphia index is a must

perfect inverse relationship. it has been over the last year or so. one of the reasons why is -- there are a couple of reasons why. utilities have relatively higher levels of debt. they have relatively high dividend yields. you see the competition on these utility stocks and yields on treasuries. in other words, the lower the yield, the better news for these utility stocks. clock standsnt up at 1372 days since the last correction. a huge indication of where we have not seen that correction. two charts ofk at why you should be scared about china. the first one is going to be iron ore. below the $50 a ton level.

it are well extend the defiance. other chart. this is the aussie dollar. you can see that we have had a slide in the aussie dollar ever since the stock market started to fall. you have seen it right there below that 75 per u.s. cents level. let's get back to my coanchor. joe: thank you. i am here with a member of parliament. everyone is curious. members of your government are in brussels today. are you optimistic they will get a deal?

>> yes. i have heard from several persons including from the minister of finance reports that the claimant was cordial -- climate was cordial. pursue thee able to strategy that finds common ground with our creditors and partners and we very much look forward to tomorrow. some nervousness that representatives of your government showed out -- up without anything written. you are optimistic the talks can move forward. >> if the prime minister that we will be introducing the key negotiating team, that will be following him, following up after him. where optimistic that the grounds upon which we can build

up the agreement that will be mutually beneficial for our people and europe will definitely be put in place. questionas been some about how committed your government is to truly staying in the euro. is your government absolutely committed to doing everything possible to not leave the eurozone? >> they government has been committed to staying in the eurozone and not even a currency other than the euro. from the very beginning. if there was a commitment, the commitment remains. wanted to exit the eurozone, there were many opportunities to have done that. yes.nswer is absolutely the commitment is a strong as ever. closed.have seen banks how long can this last, how much

longer can the banks not function? >> it is extraordinary how calm the people are and the media long linesd on the outside the atm machine. the population is calm and we are confident that within the week there will be a definite resolution. a short-term bridge agreement that will allow the banks to open. joe: this week. >> yes. joe: thank you. back to you. me is mike regan. happened, whatat matters more, greece or china? i think it is hard to point out one issue today that caused this rebound. there is the 200 day moving average which works like a post

for investors. to say is this really this bad and a lot of the time it is the support level. overhang that the market has to play through. that only shows that there are investors willing to buy these dips. the news flow was improving today. it sounds like they are talking again. negotiations are upcoming. there is still the chance of a deal before the default on the ecb. people are nervous but it seems more like a technical bounce. alcoa is reporting after the bell tomorrow. what is going to drive growth? is it real earnings are dividends? there is a great chart delineating what point of s&p -- what do you make of

this bar graph? >> it is in purging. -- encouraging. this reduces the share count for stock and artificially boosts the earnings-per-share. that chart shows it is not all about why backs. buybacks. about they are more than half of the earnings growth. as far as the quarter coming up, this could be and we have said before, it is five times in the last five years analysts have said -- estimated that earnings will go down for the quarter. a 6.5% dropg like in earnings. time they have undershot it and earnings have come out positive, less quarter it was very small. less than 1%. this is going to be a big hurdle for them to job. -6% growth is the estimate.

some believe there is -- the bar is too low. growthn terms of versus earnings and revenue, there is the correlation between the two and basically for every 1% change in nominal gdp you are looking at 2% and revenue. .2 negative percent on gdp for the first quarter. >> that is a pretty amazing chart. i tried to wrap my head around why that would be such a multiplier. we have had a negative first quarter for the first month. >> thank you. a real power player.

are hedging against commodity prices.

bring you live reports from the ground in just moment. we want to take a look at some headlines crossing. the very is choosing ubs to help manage its ipo later this year. jpmorgan and goldman sachs will play a role in selling 10% of ferrari's shares. planning to cut

40,000 troops and that is according to usa today which says 17,000 employees will also be let go. by army would have 450,000 the and of the budget year. the reductions are due to budget constraints. donald trump is losing yet another art and are and this time -- partner and this time it is in the pga. is in everyone's best interest not to play at his course. those are your top headlines. the u.s. is shifting away from using coal to natural gas and one company in the middle of dynegy.ansition is i asked the ceo what he thinks when he sees this big slide in oil natural gas prices that we

saw today. guest: pif natural gas is falling it drives power prices lower which is generally not a good thing for us. make more money when natural gas falls. guest: what we have seen recently in the past week, accommodation of no real hot summer weather in the mid-atlantic and the east and the fall off of gas prices. we are seeing incredibly low power prices. the lowest i have seen in quite some time. : they compete against each other. what is your out like -- outlook for prices? guest: with the amount of supply it will be range bound for the next two years. we have gas assets -- gas generation assets sit on top of

to gas assets and we tend buy gas lower than others so that softens the blow for us. the general outlook longer-term is the gas prices are going to be range bound while the supply exceeds demand. it will take until you start exporting natural gas, until you start using lng, shipping it abroad, and higher power burn using natural gas as coal plants retire. that will help the supply get soaked in by higher demand. it becomes more attractive for the end user as gas prices fall. coal is less attractive. guest: there is somewhat of a asked pricese when come down. the gas assets can do ok, offsetting what our lance use when prices go up. that is when our plants come

into money which illustrates the natural hedge in our portfolio. what you need to do during these times as you have to hang in there and manager cost as well as you possibly can and recognize there is other dynamics happening in the power market that it is not just about natural gas anymore. you are seeing a dramatic decline in supply of generation assets and that will drive higher capacity prices and more expensive units are going to start setting the price for power. that offsets the decline in natural gas to some extent. a 1.1 21 $.2e billion for capital allocation. our portfolio is largely open. it would reduce the amount of capital we have to allocate and if power prices go up to my you have more to allocate. as i said before, there is more than gas prices that will drive

that gas -- cash flow generation. it will be the retirement of assets, capacity prices that are newg set in the pgm and england marketplaces that will drive revenues that gives us the capital to allocate. gas pricesnatural will hold -- help that causes well. alix: the supreme court gave utilities a break get the end of june ruling against the law that would force companies like yourself to close some old coal or pay up to make them cleaner. did that make you rethink any coal strategy, to put more plants on line, not take plants off-line? >> we retired plants that would need so much environmental expenditures. rulee supportive of the requirements. one of the difficulties is that

the rules committee and they go out. -- and the rules come in and they go out. you make billion dollar investments into these assets and with these rules coming in and out it makes it quite difficult to plan for the future. for us, we have the portfolio that is environmentally compliant. we would like to see the natural in place and move on and let's focus on the future and not keep going back in the past. we find it disruptive that these rules keep coming in and out. alix: are you thinking -- rethinking renewable strategy? guest: the basic from his -- premise for investment is between the environmental rules and the low natural gas prices, you are seeing a lot of retirements. what you will see in the second half of this decade is you're upng to see how prices go

because the supply side has gone down and the rules around how do you get capacity payments are tightening up. for those that have they have been selling into the market that have not always performed, you get paid for the quality of your assets and that will be a benefit to us in the years to come. we head back to athens and joe finds out how they are dealing with their countries crisis. ♪

there is onens,

thing you may have missed. joe: i visited a tech incubator to see how they are dealing with capital controls in a dismal economy. foundation.of it is a tech accelerator and co-working space in athens. i am here to learn about how the startup system works under capital controls. let's check it out. ofm curious about the issue brain drain for people who are engineers and coders. you witnessed a lot of people leaving greece to other countries where the conditions are better? >> we have. the problem we have to face is how you create an environment that makes these people want to stay. how you provide an environment that is appealing enough for people who have left to come back. what do politicians need to

understand? >> they need to provide a stable environment. i can be many things. maybe it has to do with certain changes in the tax regime. joe: i am interested in how companies that are web days, where many of the services they pay for, they are not even allowed to under capital control. ofthe recent development having capital controls poses a big issue for all started -- all the startup community and greece. joe: do you think the government has paid enough attention to on ownership on -- and enterprise? ,> there have been some good fair steps. we have a lot to give.

we operate -- consider the way we handle our payments. it is aligned with the [indiscernible] of transactions are web days. joe: have you seen transactions [indiscernible] this is not before sustainable in the long run. i hope everyone here understands that having the banks closed can actually be a one week or two week period for us to keep operating. joe: there are a few days when you can survive but if it goes on longer it will be a problem. >> it will be a problem. joe: yeah. being in a startup is difficult

anywhere but in greece right now, extraordinarily difficult. we will be right back.

reportingird trip

from greece. what was your number where -- number one take away? here for the election earlier this year. people are contemplating some very disturbing scenarios. people are concerned about the banks. people are contemplating the possibility of life outside the eurozone. i continue to be absolutely blown away by the calm this, the arelligence, which people willing to talk about their situation. ll see you back on thursday. chart youe number one need to know. this is where they see global 2015 in their key market. aerospace up 10%. automotive, perhaps 4% growth.

huge growth area for them as well.

♪ our studios in new york city, this is "charlie rose." charlie: greek voters took to the polls on sunday. a referendum last week. the vote resulted in a resounding rejection of austerity. more than 60% voted against the terms set by the international creditors. officials warned greece could be ejected from the eurozone. prime minister singh burress hailed the result as a brave choice and also said greece would go back to the negotiating table. megan