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tv   Street Signs  CNBC  July 22, 2009 2:00pm-3:00pm EDT

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orders were up 2% year over year. when is the last time you saw a home builder report total orders were up. the absorption rate, the rate of measuring how many new orders you get per community was also up. and it's leading some speculation that maybe some of the other builders and this is the first for the big ones reporting, may have a little bit more positive news. home builders have been outperforming the rest of the market for a couple of weeks now. that's the top line versus the s&p, you can see doing better. rick, i see ten-year yields much higher. >> they are creeping up a bit. and it's been a wild ride. at 354, we're up tree or four basis points. if you look at the last 36 hours, we've had interday extremes in the high 340s and low 370s maybe the driving force
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is a combination of not a great outlook for employment as evidenced by mr. bernanke's comments but also the notion, mark, you'll understand this, having the tool box and tools is one thing versus actually tackling the job. talking about the exit strategy and as far as foreign exchange can't miss that. talked about some of the moves in crude oil and gold. the dollar has deteriorated and is under pressure. we're not that far from testing the dollar index. >> if i can grab you for just a minute. our colleague was kind enough too explain this to some of us. apparently the automatic roll off is going to happen because as the government -- the need for government sponsored debt recedes, then the existing debt out there will simply expire and get paid off? >> yes, that does make sense.
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keep in minds the short maturities that will happen and obviously a quicker fashion than the long maturity but it is true. he also brought up as a percent of the portfolio. remember, that portfolio is much bigger these days. >> yes, it is, thank you, rick santelli. president obama gearing up for a prime time speech tonight. what is he going to be preeliminating anything good? >> cnbc's john harwood. promised you this yesterday and i'm delivering. john? >> everybody knows mark haines delivers, president obama is at the point in the health care plan where he needs his personal persuasive power, all of the competi competing diagnoses on capitol hill are resisting both the tax
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provision and the cost control provisions in the bill and slowing the process down and slow the house down. that means you slow the senate down as well. the insurance industry is now bracing to become the target for attack. one sign of this, they are now shifting from talking about taxing employee benefits to taxing the insurance companies that offer the employee benefit. it's the same aim, same kind of tax. they thing it sounds better politically if they tax the insurance companies rather than the employees themself. and finally president obama has the challenge on his shoulders to try to make the sale to the public that we can't slow down or delay to get this done. the market is a very bill political challenge. >> john harwood. can president obama convince $250 million americans that are insured that this health care reform program will help them? here to discuss this carlos,
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former commerce secretary former ceo and robert andrews from new jersey, and chairman of the subcommittee on health, employment labor and pensions. >> congressman, i'll start with you. out here in -- outside the beltway, kind of get the feeling that support for the president's plan is drifting away. are you getting that sense on the hill? >> i think the president has some work to do tonight. i think he'll do it, mark. the reason 250 million insured people will want this, the costs are going out of control. this requires the insurance industry to do something it doesn't ordinarily do, compete for people's business. give people more choice and quality and help insure people. >> mr. secretary, what do you think? >> i think the plan is way too expensive. we can't afford it. i don't know who's looking after
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the country's checkbook but we can't afford $1.5 trillion on top of a 13% of gdp deficit. the cbo said it's going to drive up costs. spending a trillion and a half dollars to end up with a higher cost system. service levels will decline, the american people need to know the risks here. we're taking away the patient -- doctor relationship and government is taking over health care, private insurance industry is competition but when you put it competing with the public sector, competition will be gone and the government will end up taking over the insurance business. those are things that the american people deserve to know instead of just these very positive talking points. >> mark, what the american people deserve to know and say this all due respect, the plan he overstated the cost by 50%. no government takeover of health care. if you're in a plan you like
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with a private employer, you get to keep it. this money is already being paid by premium payers and taxpayers for uninsured people. this gets people insured and pairs for in a fair way by cutting wasteful spending and having more taxes on some people and the economy. i think those are the facts. >> can't employers push you out, drop the health plan, pay the, whatever the fee or fine or whatever you want to call it is? >> yes, mark, they can do it but we think it's very unlikely to do that because they want to compete for skilled labor. when they do, they'll keep the plan that way. they can do that way. an employer can drop health coverage now if they want to. >> they won't be competing with a low-cost insurer like the federal government that can essentially lose all of money is wants so there will be a tremendous incentive to go to the cheaper option, eventually as more users go to the cheaper
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option, the private option will welcome more and more expensive and less cost efficient. over time, i'm not saying in six months, but over time this will lead to essentially a government-take over and we might as well look at canada for example. >> we're not going to look at canada. with all due respect, i think the secretary is wrong. the reality here is that the economy tigs will be good for insured people. the so-called public option is not funded by taxpayer budget appropriations. it has to earn premiums the way any private insurer is. doesn't have the power to fix prices. it's going to be a fair competitor for the private sector which it doesn't have right now. >> the realty is, no one knows -- >> read the bill and you'll know. >> 1,000 pages -- over 50 new
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bureaucracies. >> have you read the bill? >> best thing to look at is canada. they don't want to wait in line for six to eight months for emergency services. we don't want that in the u.s. we've got the best medical innovation in the world and best medical devices because we have a for profit industry -- >> bartter even more when we have competition. part of what the democrats want to take away profits from health care and that is going to be a disaster. we have -- >> mr. secretary -- >> the best in the world because they are a profit -- >> give the congressman a chance to respond. >> have you read the bill? >> i haven't read the 1,000 pages. >> i have and what you're saying is wrong. you're misleading the american public. >> tell the american people what the risks are, not just all these positive talking pointsz. tell them about the cost and quality and about the service and fact that the government is
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going to take over their insurance, about the fact we cannot afford this. >> mr. secretary, the risk is doing nothing. kriples the economy -- >> this isn't the only option. >> you're telling people that it's either stay as you are or do this. >> not true. >> how come you didn't do them? if there's all these other things -- >> let's talk about today. it is not the only option and you know that. >> doesn't want to talk about -- >> gentlemen, let's give the congressman a chance to talk about. >> i feel like i'm on the trading floor with mark santelli out there. they don't want to talk about the past because they did nothing in the past. the cost of doing nothing is a lot more expensive than the cost of the bill. that's how i think the president -- >> let me ask you, mr. congressman, you do seem to be playing down the cost here. i'm reading that taxes are going to go up big time for the
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wealthiest americans and, in new york, for example, the total tax bite on people making a really good living will approach 60% when you add in all of local and state and everything else. >> mark, at the end of the day, i don't think that's going to happen. there are negotiations going on to get us to the point -- i don't think that will happen. >> the other thing is not just taxes for the wealthiest but for small business -- >> that's not true. >> you're putting small businesses at risk? >> read the bill first, mr. secretary. >> this is a wild -- >> i think we get an idea on -- how this debate shapes up. thank you very much for your input. up next on "street signs." we're on earnings watch. ebay next up. the company only missed once in ten years, can that streak last? and chrysler doubles down on
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cash for clunkers. now they tell me. maxing the government's $4500. come on, guys. i had three clunkers. "street signs" coming right back. you have questions. who can give you the financial advice you need? where will you find the stability and resources to keep you ahead of this rapidly evolving world? these are tough questions. that's why we brought together two of the most powerful names in the industry. introducing morgan stanley smith barney. here to rethink wealth management. here to answer... your questions. morgan stanley smith barney. a new wealth management firm with over 130 years of experience. has the fastest serve in the history of professional tennis. so i've come to this court to challenge his speed. ...on the internet. i'll be using the 3g at&t laptopconnect card.
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another big day of earnings,
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ebay leading and jim has a preview of it all. >> it's nice to see you this late in the day. very good day to you. this has been an interesting tech earning season to say the least. beating the street seems to be the order of the day. we've seen sizable beats by yahoo! google, makes you wonder whether the rally is real or whether the climate was worse than it was. attention shifts to ebay. muted expectations with analysts expecting 36 cents on $2 billion in revenue. ebay shares are up 36% this quarter sure but that doesn't mean they are aren't facing a host of deep issues, continuing to lose ground against amazon, and expecting a year over year revenue decline on the quarter. so much attention on wireless,
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litigation with broadcom largely behind the company might be positioned nicely for a break jouxt we'll have all of the numbers and complete analysis coming up. nasdaq, up just for ten days in a row for the first time since '96. 13 years ago. we're poised to hit the 11th. here to give us trades, david lutz and jim, institutional services director, options actions trader. >> last night c-gate technology and guided higher that brings us to the earnings straight from steeple. they recently just picked up the first design win at cgate. we think this will trickle into
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notebooks, 60% market share in enterprise hard drive and commented they are seeing improved serving dynamics. that couples with intel seeing improved server dynamic as well. that's really going to benefit marv marvell and they are exposed to the wi-fi segment that competitors are saying are growing 20%. the street has been betting against marvell, they don't report until late august, i would be buying dips in marvell. >> you like sales force. >> sales force.com. they are a providing of software and service to manage the whole sales business. the thing that is different that they branched off in cloud computer. like outsourcing your it department to them.
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they manage the server and do everything like thafor you over the internet. cloud computer is probably one of those buzz words they make up to confuse us, probably managing your stuff over the internet. they have explosive revenue growth and stock price has been stellar. the good part is during a recession like this, almost all companies want to see huge cost cutting efforts. one of things they like to do i stick to the core confidence. outsourcing the i.t. department is perfect, that's why the market share has been growing. one the recessions drags on and keep increasing market share and two, we bust out of this recession and tends to lead us. teches is very forward looking, nothing shows more promise than tech. that updraft so take the stock long too. >> not a bad point, jim, it's been a decade since tech has
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been a long-term leader in the % market. >> don't you think it's because of that reason like everybody likes to think promise and technology is promise. yeah, they have decent earnings but i think it's more a psychological jump to get out of the doll droms here. >> tech has inventory control in place, they have cost management in place and right now the business is grog. we're not seeing many who are organically growing their business. >> all right, gentlemen, thank you very much. >> giving us something to think about. don't forget, jim and rest of the options actions again fridays at 11:30 p.m. just ahead, chrysler makes the first move, massive rebates. deja vu all over again?
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15 million americans play online poker for money, even though it's not legal in the u.s. is it time to change that? g b [ engine revving ] [ engine powers down ] gentlemen, you booked your hotels on orbitz. well, the price went down, so you're all getting a check thanks. for the difference. except for you -- you didn't book with orbitz, so you're not getting a check.
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well, i think we've all learned a valuable lesson today. good day, gentlemen. thanks a lot. thank you. introducing hotel price assurance, where if another orbitz customer books the same hotel for less, we send you a check for the difference, automatically.
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take a look at starbucks, up more than 17%, almost 18% on te day. strong guidance for the coming year. here we go again, less than a month out of bankruptcy, chrysler has a new incentive plan, they will mash the $4500 cash for clunkers plan. does that sound familiar? they think they'll make money by giving it away. let's ask jeremy. >> can they do this without government help? >> sure, they've been offering incentives for year. if you look at june, the most recent month, average incentive exceeded $4900. one would argue they are cutting the incentive a little bit as they match the cash for clunkers program. >> isn't this like crack cocaine
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to the auto dealers? >> in this case it's pretty smart. when you look at the cash for clunkers program it is complicated and people that have gotten excited are disappointed, finding out they don't qualify. by tyinging them together, they are giving its dealers a valuable tool to say, the bad news su don't qualify for cash for clunkers, i can give you $4500 if you do buy a new vehicle. what we'll find is that there are actually more new cars sold that aren't -- that you can attribute to cash for clunkers not because people qualify but because it brought people into the market that would not have bought a car otherwise. >> does chrysler have product people want to buy? >> i think they have good product out there. one can always go through and criticize but they have some cars to offer, good jeepz and mini vans and challenger is out there. they've got cars to sell and this gives the dealers a
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valuable tool. >> the uptick in sales, mercedes and somebody else said the rate of decline is flattening out. do you see the bottom in sight here? >> we've achieved some stability. car sales over the last 90 days have been scraping along the bottom. hard to say that july is going to end up being up any material amount. but clearly it's not declining any more, hopefully we'll see august sales improve a little bit. >> jeremy, thank you very much for your input. edmunds.com. >> the pension benefit guarantee corporation announcing plans to pick up a $4 billion tab for bankrupt auto supplier adelphi retirement plans. face pension benefits up to the
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maximum limits set by the law, as much as $54,000 a year for a 65-year-old. get ready -- already. time flies. get ready to stop trading. jim cramer earnings, a match made in heaven. has the federal government declared war on fun? are they blacklisting mickey? new travel guidelines may hamper destination cities. back in a moment. taking its rightful place in a long line of amazing performance machines. this is the new e-coupe. this is mercedes-benz.
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all right, it's time to stop trading. mad money's jim cramer is here. >> mhey, mark, how are you? >> pretty good considering i'm still conscious at a time when i many normally not. >> morgan stanley kind of -- not all of them are created equal. >> no, i think this is one of those when we might have seen the stocks up a buck but had the
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mismore tune of appearing after goldman sachs. they didn't have any real estate. i don't think there's any real problems at morgan stanley. the book value will go up and china business they can sell. i think people are worried and don't understand the accounting for good will for the smith barney ak decisiquigs. it isn't meriting selling. >> but goldman is still the gold standard. >> goldman is so far ahead it's difficult for anybody even in the same game. i think morgan stanley may be six to nine months behind goldman. >> home builders, k.b. >> i have a debate going with ron. i am just in awe of the fact that he called these home builders, but i'm still skeptical. the reason they are working is because we see some appreciation in housing, i think housing is stabilizing but kb homes looks really great and bob mentioned
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this nvr, washington, d.c. and you know there's one place where there's hiring like mad in washington, first time home buyers, they are sin om mus. >> phillip morris, i have to tell you i think they will have much greater growth profile. i think it has come down a great deal. a 5% yield. i look at this company as being really aquintessential growth stock. >> i'll take you back ten years as the tech bubble builds and it was fun -- >> yes, it was. >> like it was a growth stock. >> and topped out in the spring of 2000, and still at 40% or
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less of its former highs. my theory, people just really got burnt. but tech has been behaving well and we had a guest on earlier who pointed out, you're getting both bottom line and top line growth in tech. can tech become a leader again? >> yes, i think tech is much less driven by gdp growth and much more driven by product cycle growth. this mobile internet, i had the ceo on last year, this mobile internet is exploding. a whole new generation of not watching tv, from intel to microsoft to apple, it is about the migration. it is bigger than snail mail to e-mail, but many people in their 0's and 50s and 60s, don't see the transition because they are still at home watching tv.
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>> okay, but people still got to overcome the fear because of how badly they got burned. >> i agree, but remember intel is at 18 not 50 and cisco at 20, not 80. well below where we thought the mobile internet was here to state. apple computer down 40, from where it was. these companies have explosive businesses because of the long-term secular growth of mobile internet. >> all right, james, thank you very much. >> more of jim on "mad money" 6:00 and 11:00 p.m. eastern time right here on cnbc. next on "street signs." a top venture capitalist, launched city search. google is investing in his newest idea. find out what it is. and, poker players are
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betting on congress. hoping congress will lift the ban on internet gambling. billions of dollars in the pot.
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that's better. that's more up to date than the other one. fortune magazine's tech conference kicks off today and i -- what technologies will transform business? for today's tech effect we head to the conference in pasadena where our own julia is with the
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man behind the most innovative starts out there. >> reporter: i'm here with bill gross. ceo of e solar, an ee efficient solar energy company. what is the one technology that you would tell businesses they have to be watching out for right now that's going to change their business? >> clean energy will change the world. as a global demand for energy grows dramatically because so many people are being lifted out of poverty in china and india, we have to think of some way to make up the gap. the only way to do is with renewable energy. there's going to be so much opportunity. it's basically a trillion dollar opportunity over the coming decades. >> tell us what are some of the ways you're taking advantage of this opportunity in trying to profit from it? >> right now utilities are hungering for renewable energy
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to meet the renewable portfolio standards, if you can make cost effective solar energy to supply to the utilities, it's an enormous opportunity. right here in california, an hour from here, we built a huge solar power plant. with tens of thousands of mirrors that concentrate sun light and by doing it this way rather than putting solar energy on one house at the time, we can power hundreds of thousands of homes at once. >> everything is smaller and lighter and faster. in terms of innovation right now, it sounds like you think it is a good time for your company and for businesses at home? >> in a recession like this, everything is scarce, money is scarce, customers are scarce. the only way to grow is to innovate. the one thing that is possible right now is to get customers to switch and try new things in these tough times people are willing to try new things.
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in addition, employees are willing to go to start-ups and willing to take risk because the so-called safe companies are turning out to be not so say. taking a job is very attractive. you can get great talent. despite the times with innovation, you can grow out of this recession. >> what about for big businesses? does this hold true for big companies? >> big companies have to be nim bl in a time like this. typically over a three-year period of top ten companies in industry, only one will turn over in the top ten list. in a recessionary period, three or four will. >> what are the areas that you're looking at that you think are real sources of innovation and growth right now? you have a new kind of car company you're working on. >> the energy area is one big one and working on a car which
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is an ultrastream lined vehicle to save a lot on the cost of transportation and we think real time communications is enormous, the communications we have on us now with handheld devices and the conduction we have, great chance. >> maybe it will be big new innovation here. thanks for joining us. back over to you. >> up next, it may be virtual poker, but it's real money. some in wall street that want to get a piece of pie "street signs" coming right back. tdd#: 1-800-345-2550 if i'm breathing, i'm thinking about trading. tdd#: 1-800-345-2550 i always have my eye out for a stock on the move. tdd#: 1-800-345-2550 doesn't matter if a company sells computer chips tdd#: 1-800-345-2550 or, i don't know, fish and chips. tdd#: 1-800-345-2550 i'll look at all kinds of stocks before i settle on one.
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he won't. so i can browse the web faster, email business plans faster. all on the go. i'm bill kurtis and i'm faster than floyd mayweather. (announcer) switch to the nation's fastest 3g network and get the at&t laptopconnect card for free. last month, this woman wasn't even able to get around inside of her own home. they chose mobility. and they chose the scooter store! if you or a loved one live with limited mobility call the scooter store! no other company will work harder to make you mobile or do more to guarantee your complete satisfaction. if we pre-qualify you for a new power chair or scooter and your claim isn't approved, the scooter store will give you your power chair or scooter free. that's our guarantee.
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an estimated 15 million americans play poker for money online according to the poker player aliance. they are lobbying for legalization of online poker. more than $3 billion could be at stake. here now is les, executive director of stop predatory gamble and john pappas, poker players alliance. john, why don't we have legalized gambling? >> well, mark, to be clear, it's not illegal for the individual player to play online but unfortunately our government has taken a head in the sand approach and left consumers unprotected and left children vulnerable to be preyed on by unregulated sites. it's left adult consumers who want to play responsibly online subject to potential fraud and abuse and billions of dollars of
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revenue to be shifted overseas and not here in our own economy. the cost of prohibiting the activity -- >> what do you want? >> licensing and regulation as well as taxation, licensing and regulation helps protect the consumers. i share the concerns with the folks with the predatory gaming caucus, there needs to be regulations in place to make sure children can't access the sites and adult consumers aren't subject to fraud and abuse. at the same time collect the revenue that is vastly needed here in this economy. >> les? >> this is not a debate about the kitchen table poker game. it is about predatory gambling based on 90% of the money coming from 10% the players. this notion that a casual player is virtually ir rel atlanreleva
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business model. that's the problem. no one is saying that, you can't play poker. you can play poker online right now for free. the question is doing it for profit. and doing it as a business, they only make money if people get heavily indebted. >> that just isn't true, because the reality is, online poker site doesn't care if you win or lose. they only care if you play. you are not betting against the online site. you are betting against other like-minded individuals who happen to be sitting at their homes around the world. they don't care if you win or lose. this isn't a business model for them to beat -- >> assuming he's talking about a honest site. >> that's why we hope licensing and regulation will make sure there are all honest sites operating here in the u.s. >> ubs came out with an analysis for the investors two years ago
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that showed that this business revenue stream for the predatory gambling online trade is unsustainable. over short-term they made money, long-term it did not. the reason for in a is because they rely on on a lot of people to initially play at the outset. once those people have been worked through, call them the prey. once they realize they don't win, they end up losing significant amounts of money and they stop playing. so this is a business model that only relies on getting new people involved. once it works through that initial base, they need new players. nine out of ten players are irrelevant to the model. >> can these people that want to play poker, can't they find a game if they want to? the country is full of casinos now. >> why should we be bringing las
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vegas into every days a week? the economic crisis we're in today as a country, we all call it casino capitalism. >> one question. let's give john a chance to answer it, and then we're done. >> the reality is if you're talking about bringing a roulette wheel or bringing a craps table into someone's home, yes, you have a good argument there. but poker's always been played in the home. and the fact that it's moved from the kitchen table to now fiberoptic cable doesn't make it unlawful or suspect. people should have the right to be able to play in the privacy of their own home. if they choose to do it with others sitting around their kitchen table or with others at their computer. >> i just drew a royal flush, so i win. les and john, thank you very much. >> have a good day. >> and the government may be putting the brakes on more than just internet poker. i love this one. according to the "wall street journal," certain federal agencies are saying no to conferences in fun cities.
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like las vegas, like orlando. in favor of, no offense, plainer destinations like milwaukee. in 2007 $240 billion -- no offense, milwaukee. in 2007 -- roll it back a bit. just a tad. thank you. $240 billion was spent on business travel, and over 2.4 million jobs relied on it. so will blacklisting or discouraging certain destinations hurt travel-dependent states? joining us today to discuss the topic, mayor buddy dyer of orlando, florida, one of the cities that's just too much fun. mayor, you should be ashamed. all those people coming to your city. they're having too much fun. >> just because you can have fun and it's a great destination doesn't mean it's not a good value. and actually, to have a policy that blackballs some cities is probably really more
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counterproductive. you look at orlando. tourism, business meetings, conventions, that's our number one industry. we know how to do it. we're a great value. if you actually look at the major convention cities around the country and look at the per diem that the federal government pays, we're actually the lowest per diem. we're a very good value. so it's counterproductive to go to a more expensive city. >> plus you've made it -- or someone has made a gigantic investment along i drive. so you're kind of talk your own book here. what do you do now if the government's making it harder, you know, for people to get there? what do you do? certainly you've picked up the phone and talked to your congressman and your senators. >> we've done exactly that. we've asked our senators to weigh in. we've asked our congressmen and women to weigh in. we have the number one tourist destinations. and just because you can have fun and enjoy being in a
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community and visiting a community does not mean that you can't conduct a good business meeting there as well. >> would you be willing to set up no-fun zones? where people can go -- >> i don't know. i think -- >> no? no? >> i think it's hard to come to orlando and not have fun. but you can certainly have a serious business meeting. and i hope that what we would get in front of people is that if you look at the facts rather than the perception orlando is the place you want to come for your business. >> i love orlando. i think it's a great city. i've been there many times. mayor dyer, thank you very much. appreciate your spending time with us and having a little fun with this one. >> well, we look forward to having you for your next visit. >> i'll be down soon, believe me. mayor buddy dyer of orlando. the hard rock making the hard times in vegas a little easier. hard rock's new restaurant on
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the strip will be hiring 500 people. the cafe is set to open later in the summer. this is the hard rock's second vegas location. the recruiting chain will hold a job fair next week. is there a reason you're telling me this? it's -- am i in trouble here? do i need to go to the hard rock job fair? it started in space. and now it's in your garage. all because of one man. coming up. at first i was afraid. i was petrified. kept thinking that each meeting meant... that i would have to fly. but then i spent so many nights... reading e-mails way too long. then i grew strong. network video came along. ♪ and so i'm back ♪ no time to waste ♪ just click the mouse and get things done ♪ ♪ see people face-to-face ♪ i should have changed things long ago ♪ ♪ this technology saved the day! ♪ [ female announcer ] more collaboration, less complication. that's the human network effect. learn more at cisco.com/newways.
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[ engine powers down ] gentlemen, you booked your hotels on orbitz. well, the price went down, so you're all getting a check thanks. for the difference. except for you -- you didn't book with orbitz, so you're not getting a check. well, i think we've all learned a valuable lesson today. good day, gentlemen. thanks a lot. thank you. introducing hotel price assurance, where if another orbitz customer books the same hotel for less, we send you a check for the difference, automatically.
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he was 84 years old. gary ridge is the current ceo of wd-40. he joins us today to talk about the product, the man, and why space should continue to be the next frontier. good morning, sir -- good afternoon, sir. thank you very much for being with us. >> good day, mike, thanks for having me. >> it's a remarkable success story. i don't know anyone who doesn't have wd-40 and a roll of duct tape. with those two things you can fix anything. >> absolutely. >> so where do you go from here? >> well, wd-40's in 8 out of 10 households in the u.s. and jack barry, who was our president for many years, a very pragmatic, a very focused guy, gave us the direction. and that was to take wd-40 to the world. so we continue to look for the squeaks in china and the rust in
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russia that he'd be proud that we're out there solving the problems. >> and you wish the space program would get back in gear, don't you? >> well, you know, with the atlas space rocket, had its anniversary in san diego a couple of years ago, it was 50 years old. the company started in 1953 in san diego. jack took over as ceo in 1969, changed the name of the company from rocket chemical company to wd-40 company. and the rest is history. we're in 160 countries around the world and very much guided by some of the early principles that he put in place. you know, honest product doing an honest day's work. >> i know the answer, but i know a lot of people want me and the question. what does wd-40 stand for? >> it stnds for water displacement 40th formula. i often say there were 39 great formulas and the 40th one was the best. and that's how the product was named. >> thank you very much, sir. appreciate your time. >> thank you.
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>> and here's a piece of really sad news. taco bell losing a member of its advertising family. gidget the chihuahua. died last night. had a great life, though, lived to the age of 15. what is that, 105 in human years? she charged millions without ever saying a word, managed to make fast food tacos adorable. gidget starred in all of those "why quiero taco bell" commercials. now she's in the big enchilada in the sky. thanks for watching "street signs." next, "the closing bell" with maria. >> announcer: this is cnbc.com "news now." newly proposed s.e.c. rules would restrict money managers from making political contributions in order to win government business. abbott labs has received an fda warning letter about a promotional dvd video for its hiv drug. the agency says the dvd contains misleading information about the treatment.
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and house majority leader stenni hoyer tells cnbc he expects the house to pass a health care reform bill before the scheduled august recess. i'm rebecca jarvis. and there's a live picture of the floor of the new york stock exchange. stocks mixed in the home stretch. investors gearing up for another round of technology-related earnings after the bell. we're entering the final and most important hour of the trading day. hi, everybody. welcome to "the closing bell." i'm maria bartiromo. once again at the new york stock exchange. mixed bag of earnings. we are waiting on president obama's press conference following his meeting with the prime minister of iraq. we will monitor the event, dip into that live event once the president starts taking questions on health care and on the economy. but first we can tell you for sure that the market has been back and forth today, positive and negative territory. very much a struggle for direction here. after a mixed bag of earnings news. but the dow industrials remains above that 8900 level with a fractional move lower.
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about 10 points. the laggards on the session include coca-cola, among others. this dow component. some of the oils are down like exxon, although chevron is higher. mixed bag on the oils. and the banks are also mixed with citi, jpmorgan, bank of america, goldman sachs all showing gains on the session. the nasdaq has the big mo, momentum. it's up 20% year to date. check it out today, another 3/4 of 1%. with a gain on the session of 14 points. googsale higher, ebay is higher apple is higher. intel is also doing well today. a number of big name tech stocks on the up side today. worst-performing sectors, as you can see there, energy, utilities, consumer staples. s&p 500 as a result has some limitations today. up 2 1/2 points on the standard & poor's. fractional move. although it is on pace for the fifth straight monthly gain for the month. also joining me our eye on the floor of the exchange right now, bob pisani with more. bob, what are you looking at? what's on your raidar? >> two things really matter today. number one is how the financials are behaving midday because they've turned around. and number

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