jim, it's been great having you. so glad you came in and hope you had fun. >> it's a delight. >> we'll look forward to having you back. that does it for us. follow me on twitter. and "power lunch" begins right now. "halftime" is over. the second half of your trading day begins now. good afternoon, everyone. four key stories on the radar right now. i'm tyler mathson. number one, apple, the developers' conference right now. ceo tim cook takes the stage in san francisco any minute now. number two, spain. you already know why. three, greece. you probably know why there, too. and number four, the impact of europe on your money with the full details on the u.s. markets and how they are reacting up to the minute. meanwhile, let's go to sue herrera at the new york stock exchange. >> the big story happening right now is coming to us from san

francisco. it is the apple's developers' conference under way. carl quintanilla anchoring the coverage of california. apple stock is moving smartly. last trade now up under just a full percent. what do you expect? >> apple's been holding the conference for 30 years. it started out as a way to announce new technologies for its developers but over time became a platform to announce actual products. safari, the iphone, one of the original iphones first introduced at the wwdc. a few potential announcements that could be coming from cook in the next few minutes. one, more of an integration with facebook. something he hinted at in a conference a few weeks ago. saying the company might work closer with facebook. that's a reason facebook could be trading higher today. a new maps app. maybe an app that does mapping from apple's own hardware and

software. potentially bad news for a google or a garmin. new version of siri undergone criticism not as effective as perhaps it could. some analysts believe that apple tv might get some kind of an announcement today if only because some key suppliers of hardware ramping up their utilization rates even as late as last friday. why would you announce that the friday before a gdevelopers. >>' conference. not completely off the table. apple gaming steam intraday as we get closer and closer to cook's address, guys. easing off just a little bit. but we know apple likes to deliver surprises. our john forte is in the building behind me and feeding the headlines as soon as they hit. >> all right. carl, thank you very much. let's talk about how to play apple.

director at tjm institutional services. welcome back, jim. what should i do with apple if i own and if i don't. >> if we don't own it, i was thinking of buying apple and watching it cleesely independent of the conference. two reasons, one from a technical standpoint, getting ready to break out of a consolidation triangle. it has. now the thing i like about it the best i think over the last two or three weeks in the shadows of this facebook thing, i think people are going to start gravitating towards companies, technology company that is have real people that pay them real money and we liked apple in the first place. the conference is great. finishing off strong, that's where i'll buy it. >> thank you, jim. appreciate that insight. meantime, let geese to brian jackman and "market flash." >> interesting. carl mentioned garmin. take a look at the stock already getting hit today. oppenheimer basically saying weakening demand for autos and

europe, part of the softness there moving forward, stock down 3.75%. david bionco at deutsche banc and joining me. we have an awful lot to talk about. >> sure. >> i want to refresh everybody's memory in terms of how the markets are doing and how they finished and then bob pisano will talk more about europe and spain. here's where we stand right now. the dow jones industrial average down on the trading session about 22 points of tn day. the s&p down about 2. the nasdaq down a little bit, a third of a percent. in terms of the gold mark on the upside. the last trade up $2.40. about a tebt of a percent or so. the oil market down 52 cents, two thirds of a percent. as for europe, here's how the europeans finished the trading session. a mixed bag. we have the spain index down about a half a point on the trading day. the ftse down and the dax up on

the trading session and france was down about 9 points on the day. greece, we await the weekend election and it is up abou about .75%. bob pisano joins me. we are kind of treading water at this point, bob. everybody's holding their breath. >> these things don't seem to have much impact anymore. look at spanish banks. they were positive earlier in the session when they opened. look at them. most of them negative here. traders don't want more debt on top of the debt. they real reform. a massive writedown or a restructuring of the economic system. there's two questions. where's the money coming from and if it comes to the euro bail-out fund, this means the bondholders are subordinate. how do they fund themselves if the senior debt is impaired? they won't be able to raise money. second issue, will it stop the outflows of spanish banks? it is not part of the whole

system to give deposit insurance. that's a bit of a problem. that's not the silver bullet people are looking for and the europe indices closed on the lows of the days. look at the banks from italy. the italian gdp contracted. that's a huge contraction but worse they have had in three years. look at the italian banks where the real damage is today, sue. here in the u.s., we dropped right at the open and really most of the major sectors, materials, industrials, and financials have been negative since about 10:00 eastern time. sue, back to you. >> so david, bob raised some key points there. the banks did get an infusion of capital, certainly. but at the same time, it increased their somvereign debt and creates other problems stemming the bleeding near term. >> spain is going to help from its larger eu so these are burdens that can be shouldered with help from the rest of the eu. see the eu providing support for

its own. my colleagues at deutsche banc are encouraged for the first time it looks like spain is getting ahead of the curve and hopefully they don't come back and ask for anything more. >> they have to probably raise capital on their own, however. and that's going to cost them a lot more money to do so. >> so far we see with this program, favorable interest expense thanks to spain borrowing the eu's greater credit rating and i think also importantly, there's capital buffers being put between the ecb and the assets of weak banks throughout europe. that shows them more comfortable in an emergency. >> bob pointed out the fact that the italian banks are seeing the biggest percentage losses at the end of today's trading sessions. are you worried about it sfli we keep going from one country to the other certainly but the two main areas of concern on a large scale have been spain and italy. >> one concern to the other. when one fire looks like it's been contained we go look at the

potential for the next fire. i think what's important is that attention's already turned back to greece actually to see the elections before we have a cheering moment for the actions just taken on spain and i think when it comes to greece, spain and italy, the key is that we don't see runs on the bank deposits and that's why i think the key now next we have seen capital taken by spanish banks is greece take actions to defend the euro value if it's deposit based. >> okay. tyler will speak to that right now, right? >> exactly, sue. greece and the world of finance both bracing for this weekend's election and that led us to this natural question. what if greece has to leave the euro zone? what exactly would happen? how do you determine the value of a new currency? michelle ka you so cabrera has for us. >> if the country does adopt a new currency, how does the

government decide the value of it? the answer say most analysts is they won't but let the market decide. consensus is, and remember we don't know if this happens. we don't know if they leave the euro but the government would announcement a redenomination of a one to one value. one euro to one drachma. what does that mean? if you are a greek worker and you are paid 2,000 euros a month, you will get instead 2,000 drachmas a month. there it is. if you have a bank account with 10,000 euros in it, you will be told you have 10,000 break mas in the bank. keep in mind that the break ma would not yet exist physically. it could take up to six months to print new currency. this is going to take time. however, the drachma will exist elect trn cli and the supply of break ma electronically is going to increase dramatically in the event it happens. here's how that's going to work. so the government would issue short-term debt to banks.

they would borrow money from their central bank. remember, this is quantitative easing and they would recapitalize the banks. they would just flood the system with tons and tons of break ma. this process i've just described is known as a devaluation. it is an engineered reduction in the value of a currency and analysts estimate that the value of the new currency falling 50% relative to the euro. this is good for greece in some ways, this is why economists argue for it to make it easier for greece to pay the debts but keep in mind it hurts companies to whom they owe money. so if the devaluation of the break ma reaches 50% in the elonic trading market, imagine you're a multi-national expecting to get 10,000 euros in a contract from -- your original payment is 10,000 euros. greece told you we'll give you 10,000 break mas instead. well, because of the devaluation, what are you getting instead?

5,000 euros. you have a 50% loss essentially on what you thought you were going to get. back to you. >> thank you so much, michelle. that was a great explanation, david. you say greece has to defend the euro. take a stand. do you think that they would leave the euro? are there any advantages to them doing so given what's going on right now? >> our house view is that greece will stay in the euro zone fully but what's critical and discussing possibility of things going wrong is distinguish whether they use a new currency for the purpose of funding the primary deficit and paying public employees, versus defending the value of their deposit base in euro terms. i think it would be terrifying to other periphery companies and deposit base to see how the values of savings were redominated in a currency less than the euro and important in terms of preventing a contagion of panic and runs on banlgs. >> what is your best guess of

how it's going to work out? >> our view is that greece will the help of the eu can slowly get through this. if they ask for the help, the eu should be willing to provide it. there's 176 billion about of greece deposits. that is a sum that with the eu's help should be defendable in euro denominated terms. i hope greece does the right thing. >> it's a lack of political unity holding them back? >> there's views of what to do and in the best interest if they defend the value of the deposit base in euro terms. >> thanks, david. >> my pleasure. >> good to see you. ty, back to you. >> from david's interesting background to the more practical question of how do you play if you dare greece and europe this week. jimmy, how do you do it? >> first of all, stay short the euro which i am. think of how crowded that trade is. we couldn't squeeze out the shorts today and if i'm looking through europe to try to find something that's of decent

value, i kind of like the health care and the yield, i like the notion of just a tiny bit of risk and certainly not as far out of risk as the banks are but only the context in short the euro. >> short sanofi. >> if you dare, yes. >> sue? >> ty, tim cook has taken the stage in san francisco. an update now from carl quintanilla. hi, carl. >> hi, sue. yeah, tim cook has taken the stage and beginning the conference here. the keynote address at least with a tutorial on the power of the app. according to tim cook, 400 million accounts at the apple store, 650,000 apps. 225,000 for the ipad. in 155 countries, that is up some 32 countries from the last count. here's the more amazing number. customers have downloaded

according to cook 30 billion apps. and apple has paid about $5 billion to developers as a result. just some of the metrics that apple is handing out today. with're not expecting cook to hold court, sue and ty, in ways that steve jobs used to and more likely to give an up front and then delegate some of the unit managers. we should point out, though, the conference sold out according to cook in 1:43 and they opened it up, sue and ty, with a comedy routine from siri asking how many developers does it take to change a light bulb? she said, none, that's a hardware problem. that's the latest from apple now. ty? >> thank you very much. you never make a lot of money with sort of software engineer humor i guess. facebook getting welcomed news today and news not so welcome. the saga coming up. before the break, five big movers on this late spring monday afternoon.

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welcome back to "power lunch." brian shactman here. the financial sector the weakest but the best stock in the sector is strait street. we talked about the report of goldman sachs at the final stage of selling the business. not enough to tell who they're selling to, state street.

it makes state street the largest administration of hedge funds in the entire world. back to you, sue. >> thank you very much, brian. facebook is on the preliminary list to join the russell 3000. the shares on the upside by 3% and the stock lost about 26% since its ipo. there's also big news on facebook's growth, slowing down and julia boorsten is live in l.a. with the latest. that's not good news. >> reporter: it is not but u.s. business is maturing and the user growth is hitting on the brakes. april, unique u.s. visitors to the website grew just 5% according to comscore. the slowest growth they tracked facebook in 2008. down 24% growth a year ago and 89% growth in 2010. the growth of time spent on the site is also slowing. in april it was 16% growth.

that's continuing a decline we have seen over the past few years. now, the stock shrugged off the numbers and trading higher as sue mentioned because they're not unexpected. facebook has 71% of u.s. internet users and people are spending more time on the site than any other so there simply is not that much room to grow here in the u.s. but with the stock down about -- almost 3% since last month and it underlines the fact that facebook's feature lies in mobile. that's where facebook's growing the most both in terms of users and time spent. but facebook only showing ads to the half billion mobile users in march and they see fewer ads than those users of facebook's website. the next question is, of course, how well facebook's ads work. on friday, com score said it found that the facebook ads are effective. hearing more about what kind of impact the ads have coming up tomorrow morning when comscore

releases another report. over to you. >> thank you very much. let's check in again with carl quintanilla at the apple develop developers' conference. carl? >> tyler, the first headlines out of the conference and the keynote here. the company as expected making changes to the notebook lineup as you see tim cook there on stage. changes to ios and to mac os. bear in mind that is important given that windows 8 is coming down the pike in a few month's time. the senior vice president of worldwide marketing says it will be backed up with ivy bridge chips, an intel play. but as expected, looks like the mac will get a refresh and getting more specifics on that, we'll come back to you. >> thank you very much. and next, we analyze the analysts. on the list today and apple play. commodities and a stock that's up 70 -- yes, 70% in a year. before the break, today's s&p 500 leaders.

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flash. backed up by intel chips. shipping today. one reason, perhaps, we saw the mac or the apple online store earlier today close for a rebranding. supposedly will open up later on today. meantime, brian shactman back at hq with a "market flash." >> thanks. great job out there, as always. es, waste management, specifically focused on the nuclear sector with a new ceo. slashed guidance. lost more than half of the value today and, tyler, typical volume 855,000. today 20.8 million shares traded. back to you. >> thank you very much. time for "analyze this." the number one on the list of s&p 500 we showed you before the break. ubs upgrading invidia.

the professional solutions business they say continues to drive operating profit. and one of apple's big chip suppliers. >> i agree with the call. since april, it's been dead money. for some inexplicable reason sometimes, the market turns the back on names that are viable and good companies in favor of other things. i don't understand why. what i want is proof. proof that we're done with this consolidation period and trade above 12.85 with the peaks there. above there and stays there, i like it and buy it. >> let's move on to goldman sachs, a bullish call on commodities. the quote from the note, we continue to expect policy makers to contain the european debt crisis. long commodities? >> longer term play, i like long commodities, oil, gold, natural gas. we saw what central banks do. bail out.

put money in there. they'll inflate. shortage term play, i don't know. >> final one, piper jaffray. the note says after the spinoff indicate both near-term and long-term fundamentals provide a favorable risk/reward. have you missed it if you didn't buy it? >> i missed it. the companies like facebook, groupon, concept companies on the internet. priceline did great. many others didn't. >> so you agree with two calls, disagree on this one, trip adviser. sell in june and avoid the swoon, i guess. all right. the metals market about to close shop for the day. we'll hit the floor next and talk gold, silver, platinum, all of the metals right after this. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 the spx is on my radar. tdd# 1-800-345-2550 and i'm on top of it all with charles schwab.

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gold market's getting ready to close right now. we have a little advance, a modest one at that in the gold markets and base metals, as well. sharon eper son joins us. sharon, can you hear me now?

>> i'm here at the niymex and $1,600 an ounce for gold. gold at the levels means gold might be an identity crisis, that's what the analyst at barclays are saying, saying is it a risk asset, safe haven? it was declining with the other risk assets and basically nearly unchanged. we have seen gold struggle to maintain any gains even as the crisis in europe has escalated and traders' reaction to the spanish bailout plan is mixed today. continue to watch what happens to gold etfs because barclays pointing out that we have seen broad resilience across many etfs in terms of holdings and points to the fact that gold will come back and reiterated the price target above the 1,700 level for 2012. also, keep your eye on the other metals, real momentum today is in the base metals where they were talking about platinum,

copper or palladium. so the real momentum is in the base metals but gold holding its own right now here at the close, closing at 15.97. back to you. >> thank you very much. here on the floor of the nyse, bob is back here with me. >> hello there. >> kind of a mixed market today. >> yeah. >> they're not going anywhere. >> we started on the upside up 90. ended down 50 here and now close to break even. while the spanish bailout is not really impressing a lot of people here, there's specific reasons why parts of our sector are to the downside. so for example, materials and industrials have had a tough time throughout the day. the steel stocks, goldman sachs with a very negative comment downgrading ak steel and making generally negative comments of the steel stock. do they need that? not a great quarter for steel stocks in general and worse for

the cole stocks. cole stocks are down and -- >> along for the ride. >> not only a bad quarter but a bad year for cole stocks. >> is that with global growth story once again or the lack thereof? >> slowdown and lack of demand in the steel markets in china affecting them and the slowdown here. just want to note the industrials on either side of positive or negative here and the hmo stocks are weak, as well. centene talked about higher costs for their business. >> thank you very much. ty, back to you. >> thanks. let's go back out to san francisco and apple worldwide developers conference. ceo cook started to talk about half an hour ago and carl quintanilla is there tracking it for us. >> we knew going in to conference that the mac would get that attention. but the headlines are really

centered and the mac book air and pro today, especially the pro. now getting the retina display as we show you video of ten or 15 minutes ago. they'll be updating a number of packages. final cut pro. the mac book pro rivals the air in thickness. that's a big deal. phil shiller calls it, tyler, the most beautiful computer we have ever made. and it does begin shipping i've seen reports of both today and tomorrow. but none the less, tyler, it will make it in to the june quarter at least for a few weeks so that is key if you're watching sales of the mac ahead of windows 8 an expected to be unveiled a little bit later this year. >> the most beautiful computer we have ever made he said modestly. you mentioned earlier they're doubling the flash memory on some of these models. that sounds good to me. what does it mean in terms of a practical use of the machine?

>> well, 512 gigabytes of flash memory is not an incremental step. this is for the mac book air. not an incremental step in terms of flash. usb 3 added, as well. a friend of mine, tyler, tweeted a few moments ago, this is the part of the conference saying my personal and work computers are completely irrelevant. >> really? the power to have on the laptop is so great that you're not going to need any of the more muscular machines that used to be on the desktop. thanks very much. we'll check in with you. meantime, let's go to jim and you have got some information about four etfs that let you play apple's big meeting. some long, some short. >> well, there's four that i'm looking at. two that are one to one longs. qqq and iyw. and i'm thinking about both of them and i like them as a play

on the fed but a play on apple i come back to the notion if i like apple and in vidia, i'll stay with those and leave them alone at this point. it's different to believe in the whole market story. the other two are both short tech etfs. rew and sqqq. to f the s&p itself breaks through like 1315 in the downside, then things start to look ugly, i might jump in to those as a play. >> all right. let's go to sue now. >> all right. we are going to look at walmart right now. despite the bribery scandal -- let's start over. look at walmart there, down just a fraction on the trading session. and that comes despite the past few months some very difficult headlines for the company. bribery scandal in mexico and the stock on a stealth rally. what do investors see in the stock? courtney regan with a closer

look at it for us and an interesting story of headline risk and divergence. >> i think it's about the fundamentals. they're not happy about the allegations and costly investigations but as long as the financials remain strong, shareholders are committed. it's impressive gains and analysts agreed for the most part. only one downgraded shares since a revelation of the allegations. they have some concerns about the headline risk associated with the scandal but forecast remains unchanged and upping the price target of 68 to 72 encouraged by improved merchandising. but not all shareholders give executives a pass. while all 15 board members re-elected and the addition at the annual shareholders meeting, a large percentage of shareholders cast votes opposing re-election of those to have at least some connection to alleged bribery in mexico.

walmart posted a stellar first quarter and the bottom line is as long as profits are increasing and the all-important u.s. comp store sales improve, investors aren't walk away from this defensive stock. sue? >> seems not. thank you very much, courtney. to the nasdaq now where we have modest losses there, as well. jackie is following the big movers on the upside and downside for us today. >> we are still slightly lower here at the nasdaq and big movers to focus on. green mountain coffee roasters. stock down 7% after a report that kroger is going to come out with its own single serve k-cup and green mountain makes money on the machines but k-cup where they make most of the money with that share. vertex lower after the chief commercial officer retired late on friday and coming after the company revealed last month that it released incorrect clinical

data regarding the cystic fibrosis therapy and nvidia up about 4%. ubs upgrading to a buy with a solid product cycle in the second half and attractive given the recent pullback. in three months alone, down about 18%. sue? >> thank you, jackie. all right. to the bond market. there's been news in the equity side of things today, especially with europe. rick santelli is tracking how the interest rate futures and cash market reacting here in the u.s. rick? >> well, sue, i tell you, a lot of my friends that were texting me last night at 1:00, 2:00, 3:00 in the morning are not happy they ever got up and traded. looking at the s&ps now, 25, 26 points off the highs and pretty much all the highs all occurred at the early moments of european trade. two-day charts are best. look at tens. last night, briefly, we were at

172. we're 12 bases points lower and we are already have today traded a bit under 160. let's look at a two-day boon. it was up in to the 142 area. now at 130. let's look at italy. italy is 40 basis points off its low yield. now over 6% on their tens and the last chart is the most damaging of all. this is spanish debt for briefly moved 50 basis points higher to over 650. the bailout didn't last long. not one cycle of the sun. tyler, back to you. >> look at the move in the spanish yields. thank you very much. as we move now back out to california, and once again, check in with carl quintanilla. carl? >> tyler, starting to get the first look at the revamped mac books. the air. we are now getting johnny, the chief hardware designer starting to unveil the details and phil

schiller talking about the air. there's a look at the air. with the u.s.b 3 port, shipping today, will be material you would imagine to the june material and then the pro, it is the one that people are going to be talking about come tomorrow. 16 gigabytes of memory. 768 of flash, retina display. seven hours of battery life. rivaling the air in thickness with updates to lion os and a lot of technical talk here, tyler, but material to those who were trying not to buy a new product today. already a lot of discussion about will power since these items will be able to ship both today and tomorrow. >> all right. you can order one right now. thanks, carl. appreciate it very much. up next on "power lunch," the super rich and the super paranoid. inside the incredible world of protecting the incredibly

wealthy. >> that's right. we traveled the country from miami to nebraska to the hollywood hills to find out how billionaires keep safe in these sometimes troubling times. we'll be back with the didetail. [ male announcer ] this is the age of knowing what you're made of.

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>> see you then. thank you. the super rich can get almost anything. the newest, latest technology and comes at a cost, sometimes that technology can be hidden and very dangerous. ammon javers reports on that. >> hi, sue. we traveled the country. top billionaires. is it a little bit like living inside the bubble like the president of the united states with the secret service? once you become a billionaire and high profile, there are threat that is come your way and we were out in california seeing some of this deadly technology in place. take a look. >> this is todd parrot. todd, you have got a device here. this is terrifying. >> 15 shotgun shells. >> you mount it in to the wl or the ceiling or where? >> either. so that blends with the

architecture. >> you can remote press a button and what happens? >> first of all, it's not something we do in the u.s. but overseas. and it requires a series of three or four authentications before it can be deployed and then -- >> when you fire this off, could anybody survive underneath this? >> not a chance. >> i wouldn't want to be caught in the foyer when that thing goes off, sue. and we spent a couple of days watching training with dan clark of clark international. he primarily works for warren buffett and seen a lot of buffett's side and something about dan clark, he was very, very sensitive about the secrets of the clients them. he wouldn't tell us anything about buffett or the other clibclibt clients but an inside look at the training of the guys and we have that at 9:30 p.m., sue, on cnbc. >> that is fascinating and threatening at the same time. i understand if you live in some

countries where there is a lot of domestic violence or strife. but in general, do the super rich really need those types of devices, that much security? >> that's the question. they have the money to indulge the paranoia if that's what it is but the consultants said they ratchet it up or down based on what kind of a profile he or she has and whether there's public anger about that person right now in the general culture, so in particular, they were keeping a close eye on occupy wall street and the political moments right now, sort of the anti-wealth rhetoric out there. that's one of the things that causes people a concern. >> right. obviously. thank you very much, eamon. >> you bet. >> don't miss our original cnbc documentary "dangerously rich: billionaire super security." that's coming up tonight 9:30 p.m. eastern time only on cnbc. market flash now with brian shactman. >> he's a great reporter.

listen. overnight, a lot of people thought a full-on, risk-on kind of day. obviously it's not been the case. i just want to point out, tobacco stocks. how defensive this market actually is. high yielders. money flocks to the names in down times. take a look at them. phillip morris international up. back to you. >> thank you very much. jpmorgan chief will face a grilling on the hill this week. and we're going to have his biggest risks. heading out, the biggest losers on nasdaq today. we'll be back in a flash memory. . i needed a coach. our doctor was great, but with so many tough decisions i felt lost. unitedhealthcare offered us a specially trained rn who helped us weigh and understand all our options. for me cancer was as scary as a fastball is to some of these kids. but my coach had hit that pitch before.

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apple flirting with the flat line right now and a chart that completely overstates the size of a five-cent move on a $580 stock. of course, we have been watching the developments at the apple developers conference. a new refurbish of the mac book pro, the biggy. the stock above the 50-day moving average earlier today but it's dipped in to the negative territory just in the past couple of minutes but now 32

cents higher. we can all retire now. qutd power rundown" time. tim cook takes the center stage out there in san francisco. the apple annual worldwide developers conference. wwdc. just like the old radio station in washington. that is where howard stern got his start or really became howard stern. a little information you don't get anywhere else. where he unveiled, that would be cook, a bunch of hardware and software upgrades. how'd he do? how do you grade him, cindy? >> i would say probably a "c." people -- i talked to a couple of people crazy apple fans. they said they wanted one thing. a new iphone. they knew they weren't getting it today but that's what they wanted to hear or hear other things like improvements to siri. idy he did okay and keeping investors from falling off the cliff but he's no steve jobs. >> siri needs improvement. it needs work.

>> definitely. people talked about it being a step to announce, going to make it more useful. that didn't happen. i think anybody that tries to replace steve jobs will have this problem for a long time. you just lack the ka miss ma, the magnetism. >> there's a tremendous excitement, really just an upgrade, pro is thinner, faster. there's no comparable excitement about anybody else's product all over the world as there is on apple. >> that's true. >> they rung the bell on me there. >> how much money they've made for developers, there's a new economy, independent of -- >> that's what america needs more of. let's move on to the hill. jamie dimon before the senate banking committee about the trading loss. quhas the biggest risk for dimon as he goes in here? >> it's the risk whenever you're before congress. perjury. you come up. you're under oath.

you're sworn to tell the truth. you get asked a question that might be a little awkward for you to answer. you have to tell the truth or else you are in a lot of trouble. i don't think he'll set out to lie but even mistakes can be made to look like deceptions so that's the big risk. >> quick thought on his biggest risk? >> other the risk besides perjury is coming across as a jerk. jamie dimon, taking charge of a situation, you see when you mentioned volcker rule, he needs to not lose it with congress and keep respectful. >> we debated last week if it's a pass he was so doggone good looking. >> a handsome man. >> a sexy man. moving on. the beach banker blues. the elite says the european crisis ruined the vacations. they're wound up too tight to relax and enjoy the multi-million dollar mansion in the hamptons. you wrote about this. poor babies. they have a point here.

summer used to be a time -- >> absolutely. >> not the past few years. >> no. been several years. probably 2006 was the last sort of kick back, relax wall street summer. they're really, really under pressure now. i know it's not cool to be sympathetic to wall street, not supposed to say, oh, you know, i feel bad for those guys but you have to say that the job has changed, the bonuses are lower. and we don't get to relax in the summer anymore. >> are you sympathetic to the bankers that can't get out to the hamptons more than once every other weekend? >> this story is so sad, it should be a lifetime movie for women. i mean, come on. right? we have 12 million people unemployed here. if you want to see how much it sucks in the hamptons, give the keys to the timeshare of an unemployed person and ask them. >> that's a good idea. we showed you how hidden technology plays a part in keeping the dangerously rich dangerously safe. a problem that i will never have to confront.

coming up, we go inside warren buffett's security detail and meet the big guns who protect the oracle of omaha. so anyway, i've been to a lot of places. you know, i've helped a lot of people save a lot of money. but today...( sfx: loud noise of large metal object hitting the ground) things have been a little strange. (sfx: sound of piano smashing) roadrunner: meep meep.

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all right. let's head back to carl quintanilla at the apple worldwide developers conference in san francisco. anymore more headlines? they still are able to create excitement around their products even though they didn't announce some of the new ones that everybody wanted. >> well, it's not over yet. we should keep that in mind. the keynote in the presentation continues inside the center behind me, sue, but if you had i don't know in with a wish list, most investors probably would have said we want to hear about apple tv, a maps app, we would like to hear about facebook integration. we have not gotten any of those things and one reason perhaps the stock visited lows in the past hour. people expect the macs to get to a refresh. the pro did get that. a new display, retina display. seven hours of battery life. price of $2,199.

phil schiller calling it the most beautiful computer that apple has ever made but traders like to game the presentations and not hearing something on television or maps then you might be able to call today a disappointment. we will see. >> yeah. as you say, it is not over yet but the buzz down here is they expected more. that he also, mr. cook doesn't have the same presence or charisma as steve jobs did or not. >> they may be saving something for last. something jobs did very well. >> all right. let's take it back and bring in jimmy here saying if utilities are the proxy for risk, you ain't got much risk. >> that's it. something so boring telling a fascinating story to me. it is really shot up the last couple of days. that's the risk on so to me that looks like people looking for