take a look at this diamond. it sold for $9.74 million. >> thank you so much for watching "street signs." >> thank you for watching. "closing bell" is next. hi, everybody. welcome to the closing bell. we enter the final stretch. the market locked in a tug-of-war all day today, bill. >> you took the words right out of my mouth. investors not taking minutes in the fed that came out despite more fed members may be in favor of additional stimulus for the economy if things were to get worse. wall street once again taking the cues from the euro trade as the political crisis there weighs on that. the dow is up 19 points.

we've seen a little buying come in in the last few minutes. back to positive territory at 12,650. the nasdaq so far today has been doing the same thing. it's down ten points but coming off the lows. now at 2883 and the s&p 500 index down a fraction at this hour at 1330. >> meanwhile, jpmorgan chase wants to continue a decline in the final hour of trading. stock down once again today and the bank is now the target of two separate shareholder lawsuits. accusing the firm of taking on excessive risk that led to trading losses of at least $2 billion. keep it here. we have this developing story coming up and noted analyst meredith whitney to weigh in exclusively on what is ahead for jpmorgan and how to trade and invest in this stock. >> all right. so more fed easing with europe's political crisis firmly on the radar screen. is this a sign that more

headwinds could be in the foreseeable future? >> let's go to the "closing bell" exchange. rick santelli and bob pisani joining us. facebook banner demanding to appoint a female to its board. this is pretty aggressive here. they want a female on the board. is this appropriate going into this ipo? bob, what do you hear? >> i think the big issue is what is the valuation of facebook? i'm not hearing a big issue on the street about this or a big debate about what is going on. i think it's a nice way to argue about representation for women on boards, which i am absolutely supportive of. >> we've got a guest coming on on that subject. let's talk about the markets and what's going on. steve liesman, the fed minutes, are you surprised about the

information we got in about half an hour ago? >> a little bit. just the way that they are kind of parsed out. what happened is, more members are willing to step up to the plate if the economy falters. however, fewer members compared with january are assuming they won't have to. i think that washes out for the market. i think what the market did was read the first headline that we presented here, which is that it's gone from a couple to several willing to come in if the economy falter. and then there was the headline right after it that said, those that are assuming it went from a few to only one. so it is not the base case scenario for the fed right now, maria, but they will have to do additional quantatative easing and that is a change from january. >> and certainly the markets are different than they are overseas and it's a safe haven, right?

>> indeed it is. as far as what is going on in greece, not only do we have that issue and i'm telling you, people on the floor are taking bets as to what day greece leaves the european union. so this is really getting some gravitas. >> rick, where is the market right now? >> well, the market right now is within the next three month. i can't tell you as they are still collecting but people think it's going to be in the next three months. with regard to the fed, i'm a market guy. what i found fascinating, stock rallied but came back down. the dollar broke but came back up. >> well, if your base case is that the economy will falter, your base now feels a little better that the fed is going to come in. i mean, if your base case is that the economy is going to continue to expand moderately, you say the feds are not coming

in. i also think, by the way, rick that interest rates are very sensitive to what is happening in europe. >> is it safe to say the stock market is being held hostage by overseas? >> yes, absolutely. >> good news on ge and ge capital. more companies are paying a dividend and all of that coming out right now. >> the tape is terrible. if we end down today, the dow will be down 10 of the last 12 days. that's a lousy start. oil is collapsing, everyone is telling you that the risk is very real. we need to find some ways us a stare ree for a greek bailout three? >> and the headline that is coming, a fiscal cliff at the end of the year. that's one headline that we're going to be talking about.

compiled on top of that, infrastructure. discretionary spending, there's a lot of things colliding by year end and that's going to keep this market in check. >> i'm worried about that. but they are trying to get the greek thing. here's the problem. we have a three-year rally and buying the dips have been disastrous. very quickly there's going to be a buyer strike that's what the market is worried about. >> i want to give you a headline. greece leaves euro zone, world continues to spin i think that's something that will certainly happen. >> until one of the big guys considers it and then you have the domino effect which is, of course, the worry out there. >> i think greece, maria, is of a different magnitude to other countries but i also want to underscore that the fed pointed out the fiscal cliff and their

concern is a repeat of what happened in august and they are actually pointing specific to the entrancement in hiring because of the fiscal uncertainty that is out there. >> yeah, thank you very much. we'll check back in later here. >> all right. we've got a market here that is mixed. dow jones industrial average up ten points and nasdaq while looking at a negative component. we'll take a break. >> announcer: is jpmorgan chase a buy after the massive trading loss? meredith whitney joins us next in an exclusive interview. >> it looks like, what, 58% of the icer base are women and 71% of daily activity. we can take care of this. >> announcer: coming up, the co-founder of a women's rights group is demanding that facebook a add a woman to the all-men

board? tweet us at cnbcclosingbell. your answers later in the show.

welcome back. 50 minutes left in the trading day today the financials, the materials, technology, they've all been weighing this market lower today. the market is on its tenth consecutive down day. the dow is masking a very dramatic development kind of a day. the fed minutes suggesting that there could be more qe on the way if the conditions continue to deteriorate here in the united states and, of course, the drama in greece on whether or not new elections will allow greece to stay in the eu and remain with the euro zone. so right now the dow is down just seven points with this tug-of-war that is going on, maria.

>> we're watching that. and we have a market that is really tightly traded today take a look at jpmorgan after falling more than 10% in the wake of the $2 billion trading debacle. meredith whitney says the next several months will not be pleasant for jpmorgan and getting past this issue by year end, as it hopes, is not guaranteed. she is here to join us to talk more about that always nice to see you. thank you for joining us. you say it could not have come at a worse time with auflt pressure on the banks and you don't necessarily think that this is going to go away very soon. how is this playing out? >> there is a civil inquiry, a federal inquiry, a department of justice inquiry, and so that just means jpmorgan's name is going to be dragged through the headlines unpleasantly and then if there's a congressional

inquiry and they have to explain the trade, i don't think it's very difficult that the company was successful in an average american represented by congress and it's going to get hairy. it couldn't have come at a worst time because the volcker rule is being decided now and this really loads these guys forebear in terms of arguing for the volcker rule and wondering what the banks are doing, you know, having been proprietary trades after being told for so long not to have them. >> how would this change the way you value the company? yesterday we did a report on looking at price to book, looking at the fact that the financials have lost $60 billion in market value in just a couple of days on the heels of this. putting all of those fundamentals aside, this is front and center and what you said is really what investors are trading on. do you just throw out find

mentals and stay away from the banks, jpmorgan included in this? >>. >> the group is trading at near or below tangible book. that aside, what the earnings power is of this group really needs to be seriously reexamined a lot of these institutions and they are hedging on the business. the company makes a good amount of money any way and perhaps it has to lower guidance in terms of deliverability. jpmorgan has been sitting on a low deposit ratio. it's a -- it should be a simple business but because there's been so much excess liquidity,

higher reserves and not as much loan demand, they are sitting on 63% of their deposits being unused. so they throw it into another way to make money. that's not what i think depositors had in mind and certainly not what the regulators had in mind. >> so is this somewhat of a wake-up call that they are looking at and saying that they are making more money this way, a much riskier way? >> i think investors feel some idea that they have to own the bank because it's a key principle and a key foundation of their portfolio, that the market can't move without the big banks. but the banking industry is changing into such a fundamental structural way that you have to look at financials entirely different. and what a great regulator has said, certainly the big banks, the regulators want the big banks to be smaller, the small banks to be bigger. for the last 50 years when american financial institutions

who were almost specialized institutions, they made a lot of money and we still led the world in terms of financial innovation, financial competitiveness, and i think we've got to go back to that. so it's hard -- if this happens to a jpmorgan which is so -- such a revered institution, it throws the rest of the industry into question. so it's hard to point to even one bank that's had a successful supermarket business, conglomerate business. certainly you get the discount and maybe she's firms are just too big to manage. what that means is there's incredible opportunity for those monoline businesses to. >> so is that where you will see asset sales? >> i think you'll see businesses, you know, really shrink certain businesses. they have been running off their washington mutual portfolio so their mortgage book is shinking.

the businesses that i think is so fantastic, certainly in the case of citi as well, custody business, cash management business, it's under 10% for jpmorgan. it's more than that for citi. any way, you have to know your customer when you make a loan and it's hard to -- when you're running an institution that is so large and so effectively centralized for efficiency, it's hard to know your customer the biggest correlation between a loan loss and the quality is different. >> you have to know what you're buying into. at the end of the quarter the losses may be even worse. what do you mean by that?

do you think it's going to get worse in terms of the numbers? >> well, this is a -- such a complex and sensitive situation because it's not just a handful of people that are trying to figure out what this trade is and squeeze jpmorgan on this trade so they would lose more money. how you unwind it, you think thanks goodness they have so much capital so they can hold on to these position. if it was anybody else, it would have been uglier. but we just used what jamie dimon said, this could get a lot worse. the position is so large. it's very hard when you take that size of a position to get out of it easily. and that's -- >> which is the point jim rogers made yesterday, basically saying, look, they are still holding on to an enormous commodity portfolio, which they are probably in the middle of

lick k liquidating. >> right. you've got to sell the good stuff in order to mitigate. this is an ideal market for folks on the other side of the trade. for jpmorgan, it's going to be a painful several months. >> what do you want to do, then? y you own the stock. do you want to sell it, avoid it? what are you telling clients? >> well, the stock is cheap and that's why we've liked the stock for so long. i think it's going to stay cheap for a long period of time because things are not going to be easy for this company and, more importantly, things are not going to be easy for this industry. to sell at these levels i think would be a mistake and if you have a long-term horizon, you can buy at these levels and see upside. but you're going to have to be very patient waiting for upside on this. unless the company comes in with a very aggressive stock purchase program, even that may not be enough. >> that's a good point because here we are waiting for bush tax

cuts to expire. we're expecting that to happen at the end of the year. are you expecting all of this at the end of the year to create reason to sell in this market? do you expect a tough market the rest of the year, away from just the banks? >> what you've been seeing with the stocks is at the first four months of the year, you remember the beginning of the year, bank of america was up over 70%. so what didn't work last year really worked at the beginning of this year. now the fundamentals are really coming to the fore so you're seeing fundamentally strong companies start to outperform. the same thing happened last year. you saw the weaker companies outperform and then on a fundamental basis, outperform finally until the ebds of the year. that's what you're seeing. if you're trying to go for a cash for dash, you're going to get what you pay for. they are very risky stocks that have a rally over 50%. they have no business trading

above tangible book. i think you've got to be careful. stick with boring, solid names and you'll be fine. >> and in terms of the banks right here, you're expecting just no movement on the upside? >> zero movement on the upside. i can't think of one catalyst that will get these banks to move on the upside because you have the volcker rule coming across, jpmorgan just teed up, any type of regulator in terms of solid argument against keeping these big banks in aggregate form. you have all of the pressures that you talked in terms of tax issues, fiscal cliffs, et cetera. and then you have an issue where they jam so much into the first quarter and benefited so much from the european ltro program that there's no way that they can hit the type of returns that -- for the rest of the year that they hit in the first quarter. absolutely no way.

>> nar dimeredith, thank you so. we have brian shactman an the market flash. >> basically on the heels of that conversation, putting the whole sector into question, in her estimation. it's certainly moved a lot of the names and jpm, bank of america, citigroup, wells fargo sitting at the lows of the session. >> brian shactman, thanks. 45 minutes until the closing bell ends for the day. walmart down since the blackberry scandal in mexico. down 5% in a month. is this a stock on sale ahead of tomorrow's earnings report? we'll preview the numbers. then, here's a story that's a head scratcher. why is taxpayer money meant to help struggling homeowners being used by some states for anything but struggling homes? that outrageous story coming up. stay with us.

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welcome back. gold prices continuing to lose luster. sharon epperson at the nymex. >> we saw a price below 1538 an ounce, putting gold squarely in bear market territory. we're a bit higher right now but still gold prices are down some

20% from the all-time highs reached last september above $1900 an ounce. we're seeing funds liquidating positions trying to raise cash as there's continuing effect about the contagion in the euro zone. gold is trading like other riskier assets, like other commodities, and we're seeing a deleveraging. the flight to quality is a flight to the dollar and away from gold. back to you. >> that's it. that strong dollar taking a toll. sharon, thank you very much. walmart's stock is down 4% since the mexican bribery scandal broke in the middle of april. is it a bargain at these levels? feaou sell it fearing that

there's more to come? let's talk on the technical side. it's rich ross and chris who follows walmart for jpmorgan. chris, i'm going to start with you. you have an overweight on this stock where the price target is 64. i take it you would buy shares right now? >> i would buy shares right now. i think it's a great risk reward. it's a couple dollars down. three times that higher. it's reembracing the core, pricing the leadership. they did that process over the past 18 months. you're in the heart of those benefits. you should see accelerating traffic. and the other key point really is, it's the safe haven right now. risk is coming out of the market and it's a good time to be in walmart. >> but technically, rich, you don't like the chart. you'd have a sell on this chart? >> yes, mega cups is the sell ahead of earnings? a very poor relative strength. essentially flat on the 4% gain in the dow and more importantly,

the 14% gain and we have a textbook at key resistance but even more sinister than this double stop is are the gaps down? big gaps undermining psychology and just this week we saw dow components, cisco, as we all know about. we think any kind of disappointment, you can kiss that good night. that could set the stage for a fast move down to our downside target much $52. we're a seller ahead of earnings sbl and that could set the tone for tomorrow. rich, chris, thank you both for joining us on "talking numbers" today. bill? >> final stretch on wall street.

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welcome back to "closing bell." david is taking the stage at the conference of herb ba life. asking point d questions and if there's any real news on it, in the bathroom and saw presentation because there was no news yet but there might be soon.

let's go to bob pisani. >> once again, no energy late in the day. dour is down again. we're down 10 of the last 12 days. bottom line is, we are not even getting a bounce. we haven't even been getting that there's a buyer strike. retailers, big day for the retailers. hot topic, gap tomorrow, air positive sell as well. very choppy so far for retailers. bob, back to you. many have described america as the least best place to invest. pick your favorite metaphor. neighborhood being the entire world from an economic standpoint. >> with us now is todd from the black bay group good to see you both. thank you for joining us. >> thank you. >> u.s. the rest of the world to

invest? >> you have to look at the u.s. and clearly we're obviously the best looking girl at the dance. but let's be honest, it's still going to be bad. the u.s. government is borrowing too much money right now. much more than we ever had before. when you look at the long-term progress and what we have to expect, we're just not there. >> but up didn't answer the question, todd. invest in the u.s. or outside the u.s. right now? >> invest in the u.s. right now. invest in china if you want to pick another country. i guess you can look at china if you want, the u.s. is a close second. stay away from europe. >> you are a market skeptic but you're ending more positive. you're holding out more hope for the economy? >> i would pick the u.s. we understand the way businesses can operate and we are seeing a positive sign in the housing data. it was positive. we're seeing some signs that may lead us to believe we're not

going a v-shape recovery from here. things are pretty solid. >> we are not exactly dictating our own fate because we are beholden to what is going on in greece and europe, i think you would agree. >> right. >> the stronger dollar is putting a cap on the dollar? >> it is. and i'm not sure -- the stronger dollar is good for us overall. but there's a lot of positive signs. the macro is driving sentiment. individual company performance is going to continue to drive performance. >> the problem is, and this coincides with what todd is thinking. if europe decelerates, we're all in the soup together. we may be the best house in a neighborhood but is it sustainable? that we've got a fiscal cliff happening at my question to you now is, do you want to short.

>> you clearly can look at the sector. i know we're looking at oil and gas as one i think it always serves as a proxy for economic growth. right now with oil prices dropping, that could be related to the slowdown in europe. china including here in the u.s. and what we're expecting in quarters to come so you may want to look at that. >> as a group, the sector is down 12 consecutive significances here. >> >> right. and it tends to be an area that people focus. there's no areas of growth. i also like the prospect for

energy and i think there are opportunities. >> real quick, on technology i spoke with the senior executive technology a couple months back and i said to him, all of this excitement around technology, are we on a bubble? and he said, yes, and yes it will burst after facebook goes public. >> if facebook wags a category killer content leads to product. that's the true benefit of investing. >> your money keeps going into tech? >> absolutely. but it's specific tech. >> i'll get your thoughts when

we come back from the countdown. todd, thank you for joining us today. heading towards the close, the dow is up by a whopping three points from now. >> more than half of facebook users are women but more the board is full of men. what do you think about that, bill? is it realistic that they are going to put a woman on the board by friday? >> oh, that's going to happen. >> should mark zuckerberg add a woman to the board ahead of the ipo? what are we going to do? pick a woman and put her on the board tomorrow? tweet us. your responses will be revealed later in the show. >> this is going to be a good conversation. i can tell. is facebook in this for the greater good? one lawmaker thinks so and he's urging the company to reserve a portion of the ipo for nonprofit organizations. but what happens if the stock

eventually goes down? we will hear from that lawmaker at 4:30 p.m. eastern time. it's all about facebook. we're back after this. >> announcer: but, first, before we go to break, the dividend. which stock is this year's outperformer? abercrombie & fitch, era positive sell, or hot topic? the dividend pays off after the break. break.cart. my mother said, "well, maybe we ought to buy this hot dog cart and set it up someplace." so my parents went to bank of america. they met with the branch manager and they said, "look, we've got this little hot dog cart, and it's on a really good corner. let's see if we can buy the property." and the branch manager said, "all right, i will take a chance with the two of you." and we've been loyal to bank of america for the last 71 years. i bathed it in miracles. director: [ sighs ] cut! sorry to interrupt. when's the show? well, if we don't find an audience, all we'll ever do is rehearse. maybe you should try every door direct mail. just select the zip codes

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>> announcer: just before the break as part of "the dividend," we asked which stock is this year's outperformer? abercrombie & fitch, era positive sell, or hot topic? hot topic has shot up 52% year to date. >> >> all right. we want to get to brian shactman. he had negative things and something to the effect that problems on many levels that the

company has but i want to be clear with people out there, he did not specifically say that he is short the stock. the market seems to be interpreting that to a certain degree but did not expliciting say that. we have scott walker monitoring all of these. he's going to give us a full recap. that stock we've talked about a possible merger between those two companies. back to you. >> brian, thank you very much. 18 minutes left in the trading session. let's get you caught up with a quick stat check, among other things. the volatility index, fear indicator climbing for a fourth straight session on those nagging uncertainties over greece's political and economic future. it's still in the yellow flag territory above 20 at 22.37. the nasdaq is on course for the second three-day losing streak of the month, if you're keeping statics. nasdaq down 18 points, not too far from the 20-point session

low. maria? >> big story today, the woman's rights group ultraviolet is demanding that women be added to the all male board. the group tried to deliver a petition to facebook's manhattan headquarters but they got turned away. >> they launched this video last night to get its rather direct message across. watch. >> it looks like 58% are women and 71% of the daily activity. look, we can take care of this. let me just get rid of them. yeah, we don't need her. let's cut her out. we're all done. you should be good to go. >> with us now, one of the people behind that video, ultraviolet co-founder.

>> frankly, the quality is women on the board any way. they have an opportunity to fix this problem. there was a bloomberg article this morning suggesting that they were looking to diversify their board but i don't know how much -- i don't know how much thinking this -- that they really need to be doing on this. it's very clear, their consumers have said clearly that they want women to join the board and all he has to do is do it. he could do it if he wanted to. >> have you done this to other companies? i realize that 58% of the user base of facebook is women. and is this a facebook story or more women incorporate america? >> we haven't demanded of this of any specific company. ultra violet launched in february and when there is an

historic moment like this facebook ipo that is about to la to , we will use the opportunity to shed light on this problem but it's particularly a problem in the tech industry where we know women don't have access to the high levels of power and, frankly, women see that. >> wait a second. we have ibm -- >> we're looking at the board and almost exclusively these are venture capitalists who helped get the company off the ground to begin with. >> but you said the tech industry. you have ibm and for a while hewlett-packard, ebay also had women. i feel like technology, more than other sectors and sheryl sandberg is a chief operating officer. >> unfortunately, the data doesn't support that women are occupying top leadership roles in the tech industry. there's been a lot of writing about this in the last few

months and facebook, having been such a phenomenal leader and in general has a real opportunity to say actually we want to turn the tide on the extent to which women have -- >> don't you think, especially with sheryl sandberg at the helm, once these venture capitalists cash out and they are planning to cash out many of their shares as they exit the board, don't you think this board will evolve and have more equality? >> i certainly hope so. i think that there's an opportunity that every six months -- >> why would we think that? >> why not? you know cheryl sandberg. do you think she will stand for -- >> she should be on the board. i agree with you. i'm a girl's girl all the way and i do agree that we need much better representation on corporate boards but to demand that they do it before the ipo, to me i think it's highly

unrealistic. it's in two days. >> well, lots of people have been demanding that they look at their board and diverse it for months now, ever since the ipo was initiated or when the news of the ipo made the headlines. they've had plenty of time to fix this and they have chosen not to. >> they had to have these people in place, these are the guys that put the money up to get it off the ground. and going into the process, he didn't think -- mark zuckerberg or anyone else on that board didn't think women should be a part of that process before the ipo process started. that's just shameful. >> you think this is a willful exception in terms of keeping women off the board? >> absolutely. absolutely. >> point well taken. >> we'll be watching. >> thank you. >> great to have you on the

program. where do you think facebook will close the first day it trades? go to facebook.com/cnbc. we'll announce the winner on friday. what's your guess? where does the stock close? >> come on, bill, stick your neck out there. >> we're the masters of ceremony. we move them in, move them out. >> i'm going to stick my neck out there. >> go ahead. >> see, she can't do it. >> 65. that's my guess. just a guess. >> "closing bell" price package for her if she can win this thing. down 12 points and we have 10 minutes left in the trading day. >> the market may be getting ready to close but we are just getting started on the "closing bell bell.". >> announcer: taxmaggedon. will the tax bills get raised? plus, it was meant to help struggling homeowners.

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individual stocks both higher and lower. brian shactman has more on that. >> it's coming fast and furious. scott wapner is in the einhorn euro zone. take a look at the train day chart. the news of that moving immediately, now down 6%. it was positive when the day began. let me recap a little bit. he also had a comment on amazon. it briefly moved the stock negative and now it's slightly lower. he said that he questions the profit growth. a lot of people do. they are investing heavily and focusing on revenue. not necessarily profit at the moment. that was one issue and herbalife popped before it took the stage. it's still up 9.5%. there are a lot of problems with

stock down 8.5%. i want to point out to people, it's not the commentary that we're making. the stocks move based on what goes on at the conference. that has to be pointed out clearly because that's exactly what is happening. >> so what you're saying is the einhorn -- >> david einhorn is the market mover and people clearly seem to be acting on what is said. >> right. >> okay. so -- >> i have to be very careful about these things because -- >> you do. >> because there's a push and pull thing here. there's no doubt that there are some people out there, i don't know who they are, they are acting upon what they are hearing at this conference. >> that's for sure. >> see you later. a short break and then the closing countdown. >> should you race with different ideas coming up on the "closing bell"? you're watching cnbc, first in business worldwide.

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brian shactman here at the market flash. you can see a bit of recovery as we look at the intraday chart. the quote for him at the conference is a great company with a great balance sheet. einhorn is not delineating whether he's short or long. that has to be clear to the audience. he's not long apple or short. he's just got his opinion on it. >> got it. very good. thanks, brian. maria bartiromo has shamed me into giving you a thought on where the ipo closes. i wouldn't be surprised to see $100. the question is where will it be 100 years from now. let's talk as we head towards the close here about this market. it's all about the dollar, folks. this is a five-year chart and as the dollar gets stronger, our market gets a little weaker. the u.s. stock market i'm talking about. as long as the stock -- the dollar goes higher and right now

it is, it's the safe haven play, it puts a cap on our markets here in the united states and does that provide you an investment opportunity, do you think? >> i think it does in selective places. there's certainly a lot to be worried about out there. i think you can't buy when there's optimism everywhere. stocks get too expensive. we have to take the opportunity to buy when there's uncertainty in the world. >> and technology is one of those? >> yes, technology, energy is another area that we like as well. >> art cashin, we're beholden to what goes on in greece right now. here we go again, right? do we see any movement until that's resolved? >> well, we have a slightly paradoxical situation. the next deadline is the election and that's in the hands of the people. viewers need only look to see what the lines are at the atm machines in athens. >> we'll have cameras on those as well. thank you both. good to see you. we'll see you