10:00 eastern time, a bit below expectations. i wouldn't say we're at some kind of market top here, but we're seeing signs of weakness in the last few days. we'll get the kd holmes earnings report out tomorrow. disappointing home sales numbers came out, the dollar rallied big-time. it was at a new low yesterday against some of the other major currencies. look at the big material names, commodity names. u.s. steel, alcoa, bhp billiton. the same with the energy group. oil service stocks, like smith this week, and exploration stocks also on the weak side. how about the ipos. there's certainly more ipos that are coming. and there will be more if the market holds up. today in particular, real es statement investment trust, two of them priced at $20 apiece. both of them trading below

expectations. more importantly this is half the total size in terms of the shares, were cut in half last night, not trading very well here today. mostly real estate commercial debt instruments. let's take a look why the ipos have been weak here. remember, they're not buying anything yet, there isn't any money to buy things. uncertainty around commercial real estate. a lot of idea that this is the right time to buy commercial real estate, a lot of kiss agreement about that. let's go around the horn and talk to haul my friends. we've got all the bases covered and we'll start with scott wapner at the nasdaq. >> weak spot is technology, more so as we moved into the afternoon. nasdaq off a little by more than 1%. research in motion, it's going to have a critical earnings report after the bell. the stock is up 100%, or better than that, year-to-date. look at this chart. 105% year-to-date.

the stock had a nice run of late. you can see that toward the end of the screen what that stock has done in the month of september. giving a little bit back ahead of that report. it's going to be critical right after the close. you'll want to stay tuned for that. elsewhere, widely held large cap technology stocks continue to sell off a little bit as well. not major sell-off, but nonetheless, declines of 1% for apple. google down about 0.3%. and intel, other chip stocks weak there as well. the other interesting story t t we've been following over the last couple of days is the move in electronic arts shares. the stock has been up the past couple of days on speculation that possibly a deal could be in the works between microsoft and electronic arts. and there's enough speculation in the market that microsoft came out today and executive there saying that they don't foresee anything happening there. and that's why you're seeing electronic arts shares pull back after a couple days of gains. down about #%. microsoft shares getting a little bit of the lift.

a123, they make the lithium ion battery, up today. >> another decline for the price of crude leer today. the november contract down over $3, getting below $66. almost testing that $65 level. it's been in that trading range of $65 to $75 a barrel, really for about two months here, but today down five of the past six sessions torques a two-month low here today. we talked about the dollar story, pretty thoroughly here today. but a rising dollar and high inventories not boding well for the price of crude, or the formulated gasoline. the anomaly trade, the bustaway, the breakaway, the darling of the natural gas trade, inventories today that maybe were benign. they rose a little bit better than expected. they're still at or very close to record levels. but natural gas, especially the

november contract rising strongly 3.5% to $4.90. that is a seven-month high on natural gas. a contract doubled basically in the month of november. i'm giving you the november contract, because the current for the month of october expires monday. the volume is already moving to november. where we're closing in on $5. gold also down $18 an ounce today. the dollar, the reason. i'm sure the dollar was moving markets out in chicago, too, hey, rick? >> absolutely. the technicians are all over the dollar market. man, against the pound? unbelievable upmove on the greenback. let's start at the treasury side. the update of the day is 112 billion supply out the door. no problems. as julian robertson pointed out in the great interview with erin, it's probably a little wrong to assume that the demand will be there forever. something to pay attention to, to be sure. the send issue is today, of course, the technical breakouts,

the key reversals in the equity, nasdaq, s&p and dow yesterday really had traders fired up, not only because of the impact of weaker equities on treasury buying, but, of course, the dollar, is it the dollar or s&p equity complex, who's leading who. maybe tomorrow's close will give technicals a better clue. why? because outside data is important and outside week is much more important. the s&p 500 would have to dabble under its lows of the previous week, which were 1035. maybe that won't happen. but that would make the setup much more dynamic for further equity weakness. let's go back to maria. >> rick, thanks very much. meanwhile, rick, get this, barclays capital saying the market is underestimating the strength of the global recovery. in the quarterly report, i'm joined by larry on the program.

we've been speaking with a number of world leaders during this week, where so many leaders are here in new york because of the cgi, because of the u.n. general assembly, and they continue to say this recovery is going to be muted at best. where are you seeing this growth that the market is underestimating? >> first we've already seen it in china and the rest of asia. if you look at every economic indicator out there, it looks like a v. we actually think that rapid growth phase is ending. in other words, you're going to see countries like korea slow down a bit. above-trend growth seen in europe now. the next place, believe it or not, is the u.s. the u.s. for the rest of this year is going to look much more like a normal recovery. >> i want to talk about the u.s. first i've got to get your take on europe here. because we did see positive gdp readings in both france and germany. >> right. >> a lot of people have come on the show and they're questioning how sustainable that really is. when you were on the ground in europe, when you were on the ground in france and germany, do you really feel like things have turned? >> i think you're making a very good point in that we're seeing

the events now, a lot of it's inventory. they had a big auto sales push from some fiscal initiatives. but you're probably right, one, you've got a strong currency there. you haven't had as much policy stimulus. so i think, not only that, but countries like the uk, like tightening next year. so i think you're probably right, it's not going to stay as strong. >> in europe? >> in europe. but the place you're going to see it is the u.s. >> there's something about a rising stock market that makes people feel better, let's not forget about that. when the stock market is up, we all feel we're a bit richer. how much is that playing into the story of the u.s. sentiment? >> i think before we were in a negative feedback loop, the stress was hitting the economy, weakness in the economy, back on the financial market. that's been broken. part of it is the stock market doing well, credit spreads doing well. that's not really the whole story. we've got a huge inventory boost, which should be worth 6% in the next few quarters. housing, believe it or not, single-family housing, starts up

40% from the lows. trade is a positive now. export growth looks pretty good. you've got a very weak dollar. >> look, i don't mean to be, you know, the sour grape, okay? but you're saying we have a positive story on trade. what about about obama just did in terms of putting new restrictions on tires coming out of china? what about china's retaliating on poultry, on hollywood movies? should we be concerned that the trade story turns negative? >> well, hopefully it won't. part of it is the dollar is very competitive right now. as low as it ever gets, basically, and that's helping a lot. the other thing is, with strong growth in a lot of emerging market countries, that's a dangerous thing. you're not going to find any economist who thinks protectionism is a good idea. let's just hope that the fact that the world is now in recovery keeps this under wraps. >> okay. so let's say this scenario continues, as you are envisioning, and we do have a rising market. where do i need to be invested and positioned to know that you

benefit from a pretty good year end? >> before we favored credit over equity. but credit spreads have come in so much. and you've got closed end high yield bonds that's not a good sign. we do think as the u.s. recovery gets priced in, interest rates are going to rise. which could hurt even if the credit spreads now. we like equities and u.s. equities. the sectors we like, the industrials. we think the manufacturing sectors are going to be better. we like technology. and we like energy. >> okay. industrials, technology and energy. >> yes. >> where are you on other commodities? we're seeing all sorts of commodities rise on the fact that we're seeing demand around the world. you look at the bull market going on and all sorts of commodities right now. do you want to be a buyer? >> yes. though most of the rise has happened already. we do see china slowing a little bit. the boom in china was a big part of the commodity rises. we think we probably have about $10 left in oil prices. we think copper's probably going to go up a little bit more.

and the dollar probably weakens some more, which should probably keep gold rising. >> what do you avoid? >> bonds. we think the fixed income -- the big risk here is not that the recovery falters, or doesn't stay strong, that's what everybody seems to be worried about. this recovery's far from fragile. the big risk is that people start to realize, you get a couple of bang-up employment reports which you may well get before the end of this year. people are going to say, zero rates are no longer appropriate. that's when bonds sell off. that's going to make the going a lot tougher for stocks. >> we'll leave it there. great to have you on the program, larry, as always. larry cantor of barclays. coming up next, we've got a veteran trader who was very bullish off the market lows back in march. now he's turning bearish. find out why and where he seeks safe havens in case of a correction. join us for an exclusive interview with the president of

brazil. as we discuss the burst in prices in brazil, commodities higher, the real higher. we're going to get the president of brazil's thoughts at 4:00 p.m. first, here's a look at the most highly traded stocks at the nyse. welcome back.

let's take a look at some of the day's research calls. the upgrades and downgrades on the day. first up, national semi conductor up today. that was by citigroup. raising its price in the stocks $23 a share. up from $18 a share. not doing much for the shares, as you can see. the shares right now are fractionally lower on the session. lp communications was down. the government starting to cut defense spending. ann taylor was down. because of valuation. ann taylor shares right now are up 40% just in the last two

months. you can see that from this chart today. we're looking at a 4% decline. bob, over to you. >> joe is joining me from jw partners. a veteran trader over at morgan stanley. one of the things, i've known you many years, one of the things you always insist is don't tell the markets what to say, just listen. what are the markets telling you as a veteran trader? >> right now what's being put out is we're in the eighth or ninth inning, or maybe extra innings of one of the most spectacular rallies in the history of wall street. and i think that given the sense of the rally, i think you have to look at the inherent risk. >> what's the risk right now? we were talking before we came on, and you said the market is not respecting the risk that's out there. >> you have people, vix very low, and primes not a lot of fear out there. we've got a tremendous amount of

stock offerings put in place. come back in november. it's not november. >> one of the things you complained about, and i feel there are a lot of calls from you when we see all that speculation, and fannie mae, freddie mac, you kept insisting this is a bad sign, speculation in low price, essential stocks that have no real performance potential in your opinion. why was that happening and what does that tell you? >> i've been around a little while in the market. and in my experience, we get these major rallies like this, the first stocks approach with real value. growth stocks cyclical, et cetera. finally when people are reaching bad ri for performance, they start to come after things that maybe don't make a lot of sense. i've seen moves in stocks that have been 20%, 30%, 40% on the day, number one, and number two,

it's questionable whether they have any value. >> you keep pointing out the market is a mirror image of what it was a year ago of the traders were desperate to create performance. now they seem a little more concerned about preserving their performance. >> right. i could see potential scenario where if we had a couple of glitches in this market, if this market started to get some ground, that people who are up 30% or 40% might find that it's necessary to try and seize that performance. >> yet you're not terribly bearish. if the market drops 10% or 15%, you would be interested in buying. give me a couple stocks you would be interested in buying. >> you were talking about goldman sachs, $16 billion bonus pool, well, they're making that money somewhere. i would be liking to buy goldman sachs, brokerage names. but i'm going to feel my way through this. >> i think you're reflecting the sentiments of a lot of traders here. 40 minutes to go before the closing bell.

stocks just off of their lows here. the weakest in material stocks, financials as well as some of the other big names. anything responding to the dollar strength here. up next, maria. >> coming up next, we've got a very special interview, bob. my one-on-one interview with richard addderson. get his take on metal prices, copper prices are heading and how far out he's hedging on oil. let's check the demand situation for commodities with richard adkerson next.

you have to look at what people buying, whether people are going out to eat. that will give you clues to economic trends. i'm john wagner, i'm an investments columnist for "usa today."

welcome back. take a look at widely held stocks here. weakness all throughout the day in some of the financials, citigroup, bank of america, jw morgan, wells fargo, and goldman. goldman has been just off the 52-week highs. the important thing, general electric after hitting $17 a bit on the weak side. energy stocks also have been weak as the strength in the dollar held down materials and energy names. a little bit of strength in more defensive names like pfizer, at&t and verizon. maria? >> that's going to be something we'll be looking at for the -- >> thank you very much, bob. we're live at the globclinton gl initiative.

richard adkerson, nice to have you on the program, richard. thank you so much for joining us. i guess my first question. i'm a wig bull on commodities. i love what's going on in terms of copper, iron ore, steel and oil, because it really gives you a window of where the demand is. but given that we have heard so many stories that the global economy is sort of muted at best, the recovery, where is the demand for these commodities coming from? where do you see it? >> for copper, it's driven by china. by infrastructure spending, by the growth of the internal market within china, it's been much stronger during 2009 than people expected going into the year. so china is really the chee to it. and unlike oil, consumption in china is 2 1/2 times that in the yids. >> and it hasn't slowed down? well, there was a slowdown in the export business earlier in the year. there's been some restocking. there's been shortages of scrap

there. but i just returned from china, and the comments on the local economy there were very positive. >> is that right? so now the story turns to when will the western world catch up to some of the emerging countries which are seeing growth, and as you mentioned, china seeing real vibrancy? what's the answer to that? are you seeing any demand out of the western world? >> you see some demand. but copper is the commodity that's most closely correlated with industrial production. so you look at the industrial production numbers and you can tell what's going on for copper demand. and demand, fundamental demand is still weak in the united states, and in western europe, and in japan. there's some bright signs with the resurgence of the financing markets, inventories are very low, so if the economy does pick up, that will be very positive for copper markets from a miner's perspective. we're still waiting to see fundamental demand pick up. >> let me ask you about the inventory story. at some point companies will

have to start replenishing those inventories which are at such low levels. so how long does that cycle typically take? let's say we do see a bit of a recovery in the western world in the next six months to a year, hypothetically speaking. what's the time line in terms of restocking those inventories that have become so depleted? >> there are inventories on the commodity exchanges. the first thing you would see would be drawdowns of those inventories. but the real story long term in the copper business is, there are real challenges that have been in place for a number of years now with developing supplies. we just aren't seeing major new mines being discovered, existing mines are depleting, and operating systems are aging, grades are falling. there's some development projects out there, but in the context of a significantly increased copper market with the addition of china to that marketplace over the past six or seven years, the supply

situation for copper is very supportive for our business long term. and really, it's led us to be focused on copper as a strategy for our business. >> i want to ask you about china stockpiling in a moment. let me get back to that. you've got an enormous mining facility in indonesia. how is that going? give me the story of economics in indonesia right now. >> it's a great ore body. it has more copper reserves than any mine in the world, and more gold reserves in any mine in the world. the world's largest gold mine, even though gold is a by-product. our team has done great. we've had recent security issues that we are working with the indonesian government to keel with. but our operations are going very well. >> do you see barriers around the world? obviously you've got to work with governments inner to put these projects in the ground and really get the proper production out of them. where are the troublesome governments today?

or is that sort of an obvious question? >> it's not just the governments, but speaking for the industry as a whole, these barriers to supply are really significant. it starts out with where the resources are locate. they now tend to be underground. some of them are in challenging places from a community acceptance or environmental standpoint issue. and that's an issue wherever you operate around the world. and then you're dealing with governments of emerging countries where you have those challenges. so there's a whole series of issues, not just governments, but geological, environmental, social acceptance, and political issues that are limiting new mine development. >> of course, the development requires enormous amount of energy. what are your thoughts on the price of oil today? is this warranted where it is in the '70s? >> you know, i've worked in the oil business all my career. and i never try to say that whether a price at any point in time is warranted or not. it is what it is.

and there's supply and demand functions as well as in the oil industry, unlike the copper industry, you have the impact of opec involved there. and there's trading issues. at any point in time all those factors come together with a price. but, you know, oil in some respects is correlated to the price of copper. we benefit when prices are lower from a cost standpoint, but then generally copper prices are lower, and vice versa. >> let me ask you about your own investing, and of course, according to the financial reports, you spent $248 million on exploration in '08. looking at this year given the economic environment that we all face, would you be maintaining that kind of exploration budget? what's your plans in terms of capital expenditures? are cuts coming? >> in exploration, we did adjust our budget at the beginning of the year down to $75 million. now, prices are higher, we're spending a bit more than that. but we have done a lot of core drilling, and we're stating this

year, analyzing the information that we had gained over the past two years. our capital spending this year is going to be under $1.5 billion, which is less than 50% of what it was before. but as we see markets recover, we have a number of projects that we've deferred, but we still own that we have teed up to reinstate when the market requires for copper that those products will generate. >> what about other cash on the balance sheet, will you be reinstating a dividend anytime soon? >> well, we've been focused on improving our balance sheet. we've retired some debt. we've called preferred issue recently. we're taking advantage of these higher prices to improve our balance sheet. as a company, we have a long-term philosophy of returning cash to shareholders. our board's going to be reviewing that. we've traditionally paid strong dividends, and had share purchase programs. we suspended that when the

market changed in 2008. but our board will be reviewing that as we go forward. >> in addition to china, where is the best growth story in the world, in your view? given your operations all over the world? >> well, behind china, long term, the developing nations require infrastructure, and infrastructure requires copper. so the long-term story is india, eastern europe, latin america. but in the near term, the real key is going to be the recovery in the western world. and when you have china's growth with recovery in the western world, it will be a very positive time for our company and or industry. >> you think that recovery is a 2010 story? >> i'm not going to predict that. you know, we look at scenarios in running our company. traders have to predict things of that nature. we're not a trader. >> got to prepare for something, though. >> well, that's right. we prepare for different scenarios. so we're not going to act too quickly to invest until we're comfortable that fundamental

demand has returned. >> that's true, because so many people on the ground are saying, yeah, sure, we're in a recovery, but it doesn't necessarily feel like one, all that much. >> we're going to watch the actual marketplace. we have our marketers right in there with people who buy copper. and when we see that demand returning, we're going to act then quickly to restore production. >> mr. adkerson, we appreciate you joining us today. >> thank you, maria. good to be here. fractional losses. the dow jones industrial average down about 30 points. nasdaq under selling pressure as well with just about 20 minutes before the closing bell sounds. make it ta. bob? >> as the dollar stabilized earlier in the morning, the stock market stabilized, maria. there's aggressive puts in the financials. could someone toss me

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welcome back. you are looking at a live shot of president obama and the first lady, as you see there they have just come off of their plane in pittsburgh. they'll be attending the g-20 meeting obviously. the president talking with the officials coming off of the plane. i guess that is one of the more

charming aspects of presidential protocol. michelle obama you see there. there's been a small group of protesters all throughout the day. we don't want to make it look like they're very large. a fairly small group. nothing like we saw in seattle ten years ago. but there's some shots of them as well. of course, we'll bring you more news from the g-20 summit as it develops here. time right now, maria? time right now for the "fast money" "final call." putting pressure on commodities and related stocks. should investors start to rethink their holdings at this point. we're joined by joe kenehan at a.t. ameritrade. the stock market is beholding to the dollar. tell us a little bit about what you think is going on here. as we've seen the dollar strong in the last two days, the stock market has gotten notably weaker. >> one of the interesting things, we're seeing commodities get pretty much smacked around today.

coffee was down 5%. i mean, people don't even really trade that a ton. but it's interesting that every commodity, gold, et cetera, is getting smacked around. we've seen a big weakness in oil over the last week to ten days or so. it's interesting to see what's going to happen there. do these prices start to stabilize. with that, we start to see the market weaken a little bit, too. you know, the housing data this morning certainly was a big disappointment. that's dropped a lot of stocks. you talked about the xlf right before the break. we've seen a lot of put buyers in the xlf. people think that the financials could be the first ones to crack along with the commodities. >> but hold on, joe. we've heard this play before, right, with the xlf. we saw it in july as we started to weaken. and august we moved sideways. every day, there were days where they tried to sell off key sectors like financials, right at the open and it didn't work. there wasn't enough selling pressure. we're at the same situation now as we were in the last two

months. what evidence is that this may be in fact be more of a significant sell-off? i think that's a great point. two interesting things here. s&p future, we're trading right around $10.46, for the last hour, hour and a half. that's a big level of support. we're going to have to see what happens there on the close. the other thing about the xlf that i find interesting to your point is that more than 50% of those stocks are going to release earnings before the october expiration. it could be that people are using this as a hedge, although they've had a nice runup. but there's not as much confidence as there was, naturally, since we've had the great runup. so i think this is a little bit different case than july. july didn't follow the great runup we've seen over the last month and a half. and if we do, it would make sense cyclicly -- >> we're coming out after the close about the many quick thoughts here about rimm. >> they're expecting a move of just over 4.5%. earlier, i said i would, if i

was going to play it, i would do it by selling a put spread, selling a call spread. i would lean more towards selling the put spread. if you're wrong, you have a chance to be okay. rather than just playing something naked and having unlimited risk. i think there's a lot of positive energy around rimm's earnings right now, and that could lead us up here in the close. >> thanks very much. >> always a pleasure, bob. thank you. a first on cnbc interview, the impressive beat on red hat. google announced it was ready for acquisition. who could be on the top of their shopping list. melissa and traders are alive at 5:00. the standard charter tells us if the financial sector is out of the woods. he'll also give us insight into which emerging markets will be the biggest standouts over the near and long term. and christine lagarde, french minister for the economy, industry and employment.

welcome back. moving from crisis to opportunity. the big theme here at the clinton global initiative this week, as business leaders look for solutions to grow their business in the current environment. joining me now, my next guest, firm's operated for more than 150 years in the banking sector, through the good times and tough times. peter sands, ceo at standard charter. he joins me now for an inside look at the global banking sector. nice to have you wack on the program. >> good to see you. >> is it a different story from country to country? what do you think in terms of barnging? >> it's a lot better than it was this time last year where we were looking at something like a systemic meltdown. markets are operating normally. i think significantly better. i think it is very different in different parts of the world. our business is focused on asia, africa and the middle east. i'm afraid to say, asia is feeling a lot better than the west, than north america and europe at the moment.

>> sure. now, there's some debate about asia. have you seen any slowdown in the last six, eight months now? a lot of people say particularly in china, you've got back to 8% growth or so. >> well, asia certainly has slowed down very sharply at the beginning of the year. basically as it responds to the clamps in demand from the west. but actually, what we've seen is really quite a surprisingly quick recovery. so most asian markets are looking much stronger now. particularly china. >> i know africa has been an important opportunity for your company. give me a sense of what's going on there. we had a number of people on this program the last couple of days, shay comment from cutter for one, the ceo of coca-cola, who is joining us on monday. they're telling me that africa represents a big opportunity. tell me what you're seeing in terms of africa. >> well, for us, actually, africa has been one of our stronger businesses over the course of the last year or so.

remarkably resilient, despite the crisis. we are continuing to invest, because we do see lots of opportunities in the continent. >> where are people investing in africa? where is the money flow? >> one of the really big opportunities is nigeria. it's an economy that has its complications, its ups and downs. but it's a very big hop lags. a lot of natural resources. it's an extraordinarily vibrant economy. we're also seeing a lot of money flows in terms of investment from asia, from china, from india, into africa more generally. particularly towards natural resources, towards agriculture. significant opportunities for growth. >> very fascinating. let me switch gears and ask you about the financial reform on the table. plans across the world in terms of fixing the financial system so that we don't get into another situation like we were in too big to fail, et cetera. what are your thoughts on bigger government in financial services? are you feeling a bigger clam-down in your country?

>> we're undoubtedly a much more politicized industry. banking has become a much more political issue. i don't think we can pretend that will go away very quickly, given what happened. so i think all of us as bankers, and certainly for me, that has changed my role, my involvement with regulators, government to some degree. i think all banks need to be thinking quite hard about their role in the broader economy and society. >> yes, but how do you deal with regulators overseeing what you're doing? i mean, do you think that government officials should have a say in what you pay people, for example? i mean, it does dovetail on compensation. >> well, compensation is obviously one of the hot issues. >> hot-button issues. >> yes, hot-button issues. the trouble with the issue is, i think it reflects a genuine anger among people about what banks and bankers are doing. there's no doubt some of the remuneration packages in banking

were egregious. i think it would be a mistake to conclude from that, as you suggest, it would be a mistake to have governments control every aspect of re mun ration in banking. that wouldn't work. it wouldn't achieve the objectives. >> what are you seeing in europe right now? a lot of people say western europe remains weak. we saw gdp positive reports out of france and germany. do you believe that? >> i think it's better than it was. i think in both europe and north america, there are still some pretty significant issues that have to be worked through in the economy. the extent of de-leveraging, problems in commercial real estate. still some pretty big problems among the banks in both europe and america. sxl one area that we've seen so much money moving into our commodities-rich places, resource-rich areas of the world, let me ask you about commodities. your bank expects to start trading commodities on a spot basis next year. the commodities business overall

has done very well, launched three years ago. what are you expecting here? tell us what your goals are. >> our commodities business is growing very, very fast. we've deliberately not putting -- i'm deliberately not putting big ambitious dollar targets for it. i want to make sure the growth is very much in line with the needs of our clients rather than simply driven by some other tar get. but we are in the countries which produce much of the commodities. we're also in some of the countries like china, which need many of these commodities. so we are naturally placed to serve clients who both produce and use commodities. >> and in terms of expansion, do you grow that business by acquisitions, or do you see internal growth? >> ultimately, throughout it will be or dpanic growth. maybe some opportunities in acquisitions. but our bank is fundamentally about growth, and we can drive pretty organic growth. and we have done throughout the

crisis, just simply by hiring people, building systems, launching new products, deepening our relationships with clients. >> do you see an increasing number of talented people out there, perhaps possibilities coming to your company because of the displacements you've seen in the u.s.? >> we have benefited from the disarray of some of our competitors, and have taken onboard quite a lot of talent. >> what are your thoughts on what we're hearing out of citigroup, that they're going to become a much smaller firm, focused on a handful of cities in terms of lending? >> i can't really comment on what citigroup is up to. but i do think that many banks are going to have to re-think their strategies and business models. because what's been proven, demonstrated by the crisis is some banks were running strategies and business models that simply weren't sustainable. >> well, you know, we still have too big to fail, don't we? we're still looking at a number

of institutions that are quite large. and we'll need government support. so we haven't really fixed that part of the financial fall-out. >> i think this is one of the more challenging aspects of what happens from now on, is that somehow or another, the banks and regulators have to unwind some of the things that have been done. so the confusion of guarantee, the asset purchase schemes, liquidity provision. and focusing on t.a.r.p. and capital projection is easy. it's the other stuff that has to be gradually unwound. i'm worried if they don't do it, because without it we don't have market discipline, and i'm worried if they do do it, if they do it too fast in an uncoordinated way, that will create instability. >> we appreciate it. peter sands, ceo at standard charter. still to come on the

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the no slip white strips.

welcome back. research in motion just minutes away from recording its second quarter earnings. cnbc silicon valley, rimm weak as the rest of the market. >> giving back a let bit of that rally, no question about it. a lot of interest in this one, bob. good evening to you. rimm shares in a bit of a retreat ahead of this report, no question. despite a pretty strong year-to-date, the company's rally, even though it has doubled in price, has lagged that of other big tech stars, like apple, hewlett-packard, intel and google. they expect $1 a share on # billion in revenue. 4.1 million new subscribers signed during the quarter and 8.7 million blackberry shift. rimm's news tonight will offer a referendum of sorts for the smart phone sector.

that means apple and nokia, they are worth watching, too. rimm numbers should hit the tape in just a few minutes from now. guys, back to you. >> thanks very much, jim. we're coming right back with the closing countdown. yes, we are. after the bell, instant analysis of the research in motion numbers. we're going to tell you what the stock does right at 4:00 p.m. you're watching cnbc. we're first in business worldwide.

welcome back. bob pisani on the floor of the new york stock exchange. one of the great things about being on the floor, you meet a lot of famous people and a lot of politicians. john kay out there on the podium. and of course, a large contingency of important personages from new zealand standing around discussing global politics and walking around on the floor. we got smacked around by the dollar again today. the second time it's happened, as we note, dollar moving the markets rather well. dollar strength generally translates into weakness in the stock market. that's been a problem now for the last couple of days. remember, the dollar's been at 62-week lows. since, well, really yesterday. until we had that rally after

the fom meeting. we're moving up the last couple days. most traders don't think that will amount to much. yes, the dollar has become sort of the reserve currency of choice for the, what used to be called the yen carry trade, now should be called the dollar carry trade. they're por rogue dollars and going out and investing in higher yield currencies, and also higher yielding commodities and other instruments. that puts pressure on us occasional live. the important thing, as the dollar strengthened today, we saw weakness in materials, weakness in financials, weakness in financial stocks, all hurting the markets here. after the close here, we'll get the rimm. the hope here maybe they'll announce shipments up 10%, or going to be up 10% in the third quarter. we'll get the news in just a minute. there's the closing bell. you know who's next. maria bartiromo.

it is 4:00 on wall street. do you know where your money is? hi, everybody, welcome back to the "closing bell." i'm maria bartiromo. today coming to you live from the clinton global initiative from new york city. we have many participants joining us to talk about the economy, talk about many of the commitments made at this conference. and talk about what's ahead for the market. stocks today extending wednesday's losses after disappointing housing data, as well as a big decline in the price of energy. home sales unexpectedly fell nearly #% last month ending a four-month winning streak. oil prices getting hit hard today, crude oil tumbling 4.5%

on the session. closing below # $6 a barrel. just $72 a couple of days ago. and on top of a 4% decline on wednesday because of weak energy demand. that certainly is the story circulating trading desks. how we finished at 4:00 on wall street. the dow jones industrial average tonight under selling pressure, declining on the session by 23 points. now at 9706. nasdaq composite down about ten points. as you can see, 1,060. the nasdaq composite down 2 points on the session. bob pisani has all the action. >> hello, maria. the important note here, existing home sales weaker than expected. that's what moved the markets earlier in the morning. the important thing here, stocks are again beholding to the dollar. it's not just existing home sales, but those moves up we saw in the dollar again today, hurt the markets overall here. dollar strength equals stock weaknesses. not just commodities like oil,