spi. >> use your tailwinds. k cup distribution, coffee cup, buy it. >> that was so fast. >> he speaks fast. >> i bought stock in waste management. don't ask me why. it's an american industry. people have to throw out their garbage, own their own plants, what the hell. that's it for us. halftime is over. the second half of the trading day begins now. >> i love it. buy garbage. tomorrow is going to be a very different story. the countdown is on, closing countdown, 2:59 until the close of the day. we're about 21 hours away from jpmorgan ceo jamie dimon, who will testify on his company's mult multibillion dollar trading loss in front of the senate, starts tomorrow at 10:00 a.m. sharp.

mr. dimon is not known for backing down in the face of a challenge. expect some fireworks. we'll have it live on cnbc. our coverage begins right now with sue at the nyfc. >> hi, todd. the market is off its best levels of the day. still, given what's going on in europe, i'm hearing a pretty strong market. the u.s. market looks better than any market around the globe and as a result, traders are willing to buy into that perhaps spain is off the brink and the question is whether italy is. nonetheless, they're willing to put on a little risk today not only in the dow jones industrial average but other markets that include key commodity markets and the flight to safety is less intact today than yesterday and we will be able to hear more of that from rick santelli with the auction results. i'm anxious to see how it did.

the market is up 87 points and nasdaq up about half a percent on trading session, s&p up half a percent, up above that 1300 trading mark. watch that in the closing basis for s&p 500. and gold co-mex up a third of ew percent and crude oil, up.28. rick santelli is here to tell us whether or not they bought into the action. >> i haven't formulated. as i go through the metrics, i'll process. 32$32.3 billion, the needle was 38.7. .385 bid at .38. i didn't see a trade higher than .38. priced out of that range a bit. bid to cover 3.42, did better, 3.53. very light on indirects. 10 auction averages 38%, this

was 27%. i think we will give this a b minus, not a bad auction, but could have been a little tighter. the best thing was the bid to cove cover. >> thank you. we are focusing on shares of jpmorgan chase, and they are actively traded as they always are and incidentally traded behind me on the floor of the new york stock exchange. right now, the last trade is on the upside of almost 2% on the trading session. since jpmorgan revealed $2 billion in trades loss on may 10th, you can see the stock has dropped almost 20%. andrew leaving for washington in just about an hour, bring an umbrella. what are you expecting. my yet question is whether or not mr. dimon can get a fair hearing on capitol hill, one, given his demeanor and, two,

given the way washington works with wall street these days. >> there is an element of washington theater. there are two elements to look for tomorrow. one is disclosure and the other is policy. disclosure. what did he know and when did he know it and what did he tell the public about it. i think there will be a lot of questions about the famous quote, temp pest in a teapot. he said this whole speculation around the london whale was temp pest in a teapot didn't matter and a month later we find out, boy, does it matter,to the tune of $2 billion and later, 3 to $5 billion. the largest policy question we will try to tease out tomorrow, whether big banks like jpmorgan should be in the ledging business at all, whether it leaves enormous loopholes. m was it a hedge or proprietary trade and what does it mean towards reform and regulation

around the banks. >> a lot of people are wondering what type of line he has to walk. he is outspoken on policy and regulation issues. when you go through q & a statement, you have to be careful what you say because there is a perjury aspect that looms quite large over that. >> the coverage is always the part that isn't even a crime. i am told there will be certain issues around the trade he is not going to be getting into. some of that information they're planning revealing later, possibly when they announce second quarter earnings. there are times he will be asked pointed questions about the trade and exactly how it worked. it's unclear whether he can come forward and talk about it. in part, because the trade is still on and doesn't want to give it to those on the other

side. >> they are handing him his head to him in that way. you will be with us to talk about spain in 30 minutes. coming up, we'll talk to a potom public relations specialist how he would prepare mr. dimon tor the hill. there has been nothing grabbing the headlines like europe. it's becoming more like a soap opera every day. today's edition, as the bailout turns, austria's finance minister said italy may need financial assistance because of the high borrowing cost. and uthe finance minister said take that. here's the europe market board up to the minute. the equities closed about a half hour ago, brits and german an french all higher. ftse in italy down

three-quarters of a point and spain down about .10 of a percent. now to rick santelli for the solutions on the whole europe mess. take it away. >> thank you, tyler. we'll talk about sweeteners. i didn't pick sugar, i picked sweeteners. i think everything they've been doing in teurope is a sweetener. it used to be cds and banks put out. you get a sweetener, a participation on the s&p index, should it move higher. sweeteners. now, back to gold. we already talked. ira harris and i thought the solution is gold. greece has 111 tons, $6 billion, spain, 281 tons, $15 billion, italy, get this, 2400 tons, $123

billion. you don't need to back your bonds 100%. let's say you leverage it by a factor of 10. back then .1 andy spain 150 billion and 200 billion for portugal. 1.23,ian for italy, not including france, germany, if they want to help, kick in a few gold reserves. tie it back to gold, sweeten it up, leverage it up in the best part should buy you one 0 two years. for the first plan, write a constitution, the second year, get the countries to ratify it. that's the short plan you took when you didn't pass the constitution in '05. back to you. >> interesting ideas. sue. >> andrew is back with us. his column entitled, why the bailout in spain won't work.

i think the marketed agrees with you. we have seen interest rise and italy is in the eye. and it won't rise enough as you so aptly put it in the paper. >> one of the things i tried to do in the column is get us remember history. europe is looking at these bailouts individually almost the way we did in the u.s. regarding t.a.r.p. t.a.r.p. is often considered the model for the capital injections. there were two other elements of the bailout crucial to making it work back in 2008. that was the fci guarantee changing it from 100,000 to $250,000 per account and also the guarantee of the entire money market industry. those two things were so crucial towards giving stability to the system. you think about what's happening in europe, if you have money in a spanish bank today, you are still anxious and worried and

likely to put that money likely in a bank in germany. until you can give everybody a reason not to move their money, put their hands down, get off the telephone, get out of line at the bank, you can't win this battle. >> do you think we will see either spanish for greek governments put in controls of how much money can be taken out of banks? >> i think that will happen. >> that would trigger a run. >> that itself would trigger a run. >> warren buffet has a famous line, when you see a line forming around a bank, what are you supposed to do? get in the line. we said it until we're blue in the face, you need a structural construction but in extricably, we have officials in europe who don't want that. >> safe travels.

for everything you need about the euro crisis, how to your ro proof your investments, check out our onlinonline. >> a bit of a bittersweet time for the automaker, profits rebounding but fears about europe and the stock has been a laggert in the past year. speak i speaking exclusively with pam ackerson today. phil. >> reporter: that stock price is overha overhanging. a lot of people asking what's going on with general motors stock, down 36% since the ipo in 2010. we talked to ceo dan ackerson about the lagging price and what it takes to improve it and profit margin, what he had to say. >> am i concerned about the stock? yes.

but more concerned about two years, three year, five years, not two quarters from now. our margins, are the operational efficiency where we want it to be, no. if i said yes, quite frankly, if i were on the board, i'd remove me. nothey made $7.6 billion last year. the key concern for investors, what's happening with europe. ackerson said progress is being made there but too soon to know when they will be ending loss there that stretched over 12 straight years. you look at general motors sales worldwide, there has been progress and change. look at 2000. half the sales in the united states and north america, europe a big chunk. look at last year, predominantly sales in the international operations, specifically china and they diem fa sized europe to a large extent. they are not forecasting when they will finally end the loss

there. they're making progress, but when they will fix it all we mains to be seen. >> one step forward. thank you very much. dow jones industrial are up 100 points including jpmorgan. we have a banking a ining analy hart. you have a buy rating on this stock. what are you expecting tomorrow? >> i think there's been a bit of circus environment around something that will be uneventful tomorrow. i expect a detail light session tomorrow. i would love to hear jamie dimon say we're out of the position and here is what will happen. absent we're out of the position, i don't think we will get a lot of details about what happened and what the position is because jpmorgan doesn't want people to trade against them

knowing the position. >> do you have a gut feeling how far they are unwinding that trade given the fact the street is moving against them. how long do you think they have to hold that trade on their book? >> hard to say. talking about a $2 billion loss, looking how the markets trade, suggesting something close to a $4 billion loss now. even if it's a $4 billion loss, 1% of equity, 2% of equity, 1% of portfolio, manageable. it will take them a while to get out of a position this big in locked up markets. give us better market environments and macroeconomic data, they can probably get out of it quickly. in this environment, it will be the end of the year. >> i agree. the street is a difficult place. when they know you need to get out of a position, they won't

let you do it, given the macro environment, right? >> yes. >> we're in a no interest environment. investors are looking for interest wherever they can. the lure for investors may be more than the position. and if that happened, jpmorgan may be able to get out quickly. >> look forward to having you back tomorrow after mr. dimon has his statement. brian chapman. >> thank you. at the morgan stanley financials conference, seem to indicate they will take $350 million to put aside for repurchasing bad mortga mortgages. the company is say iing this should maybe it. but it is alarming the market a little bit. off its lows, still down 1

slft%. thank you. a major new foreclosure problem out west and could be a game changer and rebuilding wealth in the usa. for today, let's look at five big movers, general electric up nearly 1.5%. [ male announcer ] at scottrade, we believe the more you know, the better you trade.

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dow jones industrial average is up on the trading session. nasdaq up three-quarters of a percent. moved to the 2800 level. s&p 500 is up about three-quarters of a percent as well. the mood is pretty positive. hope europe is back from the brink, at least temporarily. new numbers revealing the costs of good intentions. diana is live detailing foreclosure frefd rules. >> that's right. in nevada, an anti-robe bo signing law went into effect making it a felony and holding individuals criminally liable for a false title. years later, they are still at a crawl. it takes on average, 464 days to complete a foreclosure in nevada, compare that to 125 days in arizona, this all according

to foreclosure radar. foreclosure sales, the final stage of the process were up 30% in may in arizona but up barely 8% in las vegas. arizona home prices are recovering. the medium price paid for a phoenix home at a 29 month high, up 18% annually. as home prices in las vegas rose 2.5%. the comparison is important because las vegas is looking at bills that could stall the foreclosure process. really interesting numbers. >> thanks. the housing and financial crisis decimated net worth among americans. the nemedian family's net worth fell 40%, 40% between 2007 and 2010, the largest drop since 1989. kate warren is an investment strategist with edward jones and we will talk a little bit about how to rebuild that net worth.

it doesn't feel right now like that is possible. not only is my house not rising in value and not likely to do so for any time, stocks do not feel reliable at all to most americans. >> i think the first thing you need to do is to realize many people's numbers might not have fallen that much. it's the median. everybody needs to do their own math, sum up the value of your investments and ira. >> it was the middle class, the 50% s w 50% whose net worth suffered the most. >> absolutely. some of where you are, value of your assets and investments, and liabilities, figure out where you are. until you know where you are, you can't move forward. >> i listen to a lot of you, go into stocks. stay away from bonds. bonds worked the past two years,

nobody is saying go into bonds now. >> i will get there. before you do that, you have to know where you're trying to go. a combination of stocks and bonds is the right thing and you need to know both. neb ever knows what will happen next, if you own both, you do own the bonds and stacks haven't done badly. we think dividend stocks earn better but everybody needs a portfolio to be protected. >> large cap blue chips what i hear you saying, paying dividends. >> i like them. >> you're like the john sons. johnson control, you're big on johnsons and qualcomm. >> the reason i have four stocks in four sector, all pay dividends, chevron and johnson control a little more sensitive to the economy and if things go better, they benefit. qualcomm and johnson aren't. >> compared to the others.

>> exactly. you have two of each. you have chevron and johnson & johnson that have higher yields but slower dividends and growth. dividend growth is expected to be 10 or 11%. >> you're trying to make me feel better. i'm frustrated and think i speak for a lot of americans who are frustrated. you say don't give up, get in today. >> and getting in today is the most importanted thing you can do because time is money. >> time is money. >> we're up 111 points on the dow jones industrial average. we're analyzing the analysts. next on the hit list, apple and boeing. jpmorgan chase ahead of mr. dimon's testimony tomorrow is up 2.41%.

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welcome back. checking the markets. we're looking at first solar. usually we're talking about all-time lows. the stock ripped to the upside. yesterday, they signed a contract for panels in australia. because of strong demand in europe, they're delaying the closing of their plant in europe. supposed to close in october. looks like it will stay open to

the end of the year. stronger demand for solar panels in europe, stock up 18%. >> analyze this where we cast a somewhat skeptical eye on the analysts. here to break down the biggest calls. let's talk about the buy rating an urban outfitters and the differentiation of urban's brands and loyal customers. stock flat on the year. is now the time to buy it? they say yes. >> as the father of two evening daughters, i know the wind can change in fashion apparel quickly. that's not antidotal. lack of saturation leads to a long term. if it can trade at 28.10, looks like a strong to medium trade but only at the end of the day. >> maggie shops at urban outfitters. we'll find out. my wife used to like

anthropology. changing a buy on apple, and we believe. the next generation, mac pro with retinol display, means b better glass what do you think? >> people like better glass. i want other people to drive that price to 588 and feel comfortable there and then certainly get in. >> bernstein upgrading boeing this morning. the upgrade was quote primarily due for a better outlook of the 7.87. do you agree or not? >> yes. boeing has other things, backup orders and defense contract. we're not cutting back defense if romney or obama wins. i think boeing has things going for them. >> we are cutting back in defense if those forced cuts go in place. >> i'm still banking they will not. if romney gets in, we're

certainly not going to cut back in defense. we can't let soldiers twist in the wind. we have several things going on that won't precipitate in that. >> you have your opinion and i do, too. we'll be back in two minutes. the the crossover, we have the technology to rebuild it. sky active technology makes it better than it was before, with the best highway mpg of any suv, even hybrids. the all new mazda cx 5 will be that crossover. ♪ [ laughter ] ♪

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back above the 1600 mark this morning and prices are closing right now. tracking the action. encouraged by what's going on in europe, gold traders still hedging their bets. >> they are hedging their bets and interesting to see how gold has fared. we are looking at the third straight day of gains in the gold market. no big news. the euro stabilized a bit and heard in chicago charles evans, about a possibililicy. you have to look at resiliency in the spanish bond yield and the high in the european close was when we saw the high in the session for gold.

some say that leads you to believe perhaps gold is the safe haven play, this was a hedge against the crisis in europe. we'll have to see whether this continues to play out as we look forward to the greek elections on sunday. >> thank you very much. on the floor of the new york stock exchange, up 500 points on the dow jones industrial average. >> we had a rally on nothing. >> safing you back from the brink temporarily so the sites are on italy. you could say nothing has changed. eu officials talking about a banking union, a vague phrase for banking deposits and germans said we don't want this unless they grant us more control over your economy and your banking system, we won't keep sending checks south of you. i don't see the big rally, it

will be a long slide. look at the dow, up 1 wh00 poin people vaguely hopeful something might happen. this will take a long time. energy, materials, global growth sectors on the up side. nobody thinks this is permanent or will do anything in the long term. since this crisis started the beginning of april, s&p down 7%, all those sectors are very much to the down side. >> bulls will take it for today. see you later for the rundown. to the nasdaq, jackie follows the big movers. >> we continue following the greec green on the nasdaq. popping 18%. brian talked about it before, the competencying unexpected demand for its products out of europe and sending this stock

harder. garmin taking a hit after apple announced its map app at the conference. garmin down 8.5% in the last month alone. see seeing bank gain hunting. and texas instruments revised their second quarter epa outlook but analysts say still in the mid-point of the range, not too much to worry about. >> zynga among the stocks to watch today plunging to newipo lows, and hedge fund manager snapping up shares of seagate. now, to michael boorstin, what's driving sting -- zynga's drive. >> it is down 12% today and more

than 40% since its december ipo. facebook gaming is in an accelerating user tailspin saying social games fell 8.2% in may, the second consecutive significant month over month drop with nearly all major titles declining significantly. analyst doug says it seems they're migrating from mo billing to social games despite titles like safari. he rates shares to neutral saying it will benefit from the mobile game space but not helping the stock. different story from another recent ipo, michael kors, shares triple and boosts the outlook. love the purses, courtney reagan, what do you think? >> michael is finding strength

in europe. while the company is concerned about the headlines, michael coar coors hasn't been impacted. north america has a 37% increase but far better than retailers like tiffany and abbiecrombie and fossil have had. margin risk accesscy sales making up the bigger share of the merchandise and that helped that gross margin number. >> hot stock with a ceo named idol. david increasing his stake in that company, up 45% over the past year hitting new highs. it has plunged almost 30% in the last month on word apple would move away from hard drives in its computers. can it rally back? >> thanks. seas gate stocks having a rough

monday. apple's announcement is a pearl laptop that does not have a hard drive. three of the laptops apple makes does not have hard drives and you will see them move from hard drive to flash book memory. you have seen them go to 20% before after pledging 30% apple. what about the long term? if hard drive storage moves out of the consumer's hands and clouds, don't you risk the big guys squeezing margins? and positioning itself as a preferred storage provider rather than component maker, and have about 18 months with apple's strategy potentially

leading a trend that chokes off the growth. we have a report from warren berkshire's hathaway buying up to 25 new business jets from cessna, a deal worth $9.5 billion. what do you think? it says there's demand and rich are willing to spend for it. >> at first it shocked me because it flew in the face of my thesis, walmart and cosco. these things can fit together perfectly. we're talking about the bifurcation where the rich get rich and poor get poorer. the high end is doing well. i have looked at this, not bought it. it seemed interesting. if it continues where rates stay low. people who have stuff make money and people who don't. >> $9 plus billion deal for those two companies.

a lot of jets being made. sue. >> other market headlines, world's largest bond fund betting big on america and increasing exposure to u.s. treasury related securities to 35% last month to 31%. the world bank hoefr sea hoefr -- oversees long term global economy, 2.5% this year and 3 next year and one reason why they have been under pressure. up next, jamie dimon facing a grilling tomorrow on clil this. we have smart advice for you. back after a quick break.

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don't switch over. check out these picture. these are irish soccer fans it reads, lang merkel thinks we're at work. ireland lost in match one and play thursday and play another financially troubled nation, spain. greece is losing 2-1 to the czech republic. mandy. coming up on "street signs," the top of the hour. troubling stats on wealth in america. we will help you rebuild your nest egg and we did digging. and will faster and faster wireless networks doom wifi and the cable companies? and helping expecting parents to make a big baby decision. back to sue and tyler. hope you will join me at 3:00 p.m. for "street signs". >> we certainly will.

if you were coaching mr. dimon before his testimony tomorrow in 20 hours and 16 seconds, what would you tell him by way of advice. ceo of quicken company worldwide, good to have you. how would you counsel him and what would you counsel him specifically not to do. >> counseling him in the room are lawyers and hopefully, pr people. what he shouldn't do first and foremost is pretend this isn't a victimless crime. shouldn't be evasive. needs to treat this like a parent-teacher conference, not a deposition. jamie dimon is not the pope and they're not the vatican. they make money for people but need to do so in an ethical manner. >> he is a stand-up kind of guy to all experience is have seen

him in. he says what he think. is there a danger being too forthright? >> i don't think so. the lawyers say yes and the pr people say no. jpmorgan himself is the solution not the problem even in the face of tedemonization on wall street. he needs to address three things, business processing and mass around trading and even the senate banking committee. two, he needs to focus things around ethics and what's fair and values and training around that. that will be a little harder and abstract and a little more difficult for him. the third thing he can focus on is how he can partner with the government around financial reform together to make something cooperative and less invasive. we don't want to do what i have

seen with medical technology where they have to sign integrity agreements and have monitors roaming the halls or face fines. >> he has been critical of what he re-interviews as excess regulation. does he dear wade into that political thicket? >> yes, he does. he needs an admit point. he has demonstrated he can be humble and has admit points and can be wrong. the thing they will focus is bonus or retirement for cio and he has gone on the record for executives who have somehow impacted or caused reputational damage or harm to a company? how will he address that? he needs to rehearse that today. >> aaron kwittken, ceo.

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welcome back. the market not much cooler than launching a satellite. orbital science up about 2.5% today. they made an announcement they will be launching a new satellite out of the marshall islands, a new speck to scopic telescope array, at 2.5% up. ste sue, back to you. >> joining us for the rundown, first up, gentlemen, as we know, spain's bailout is in the bag, perhaps and investors still wary

and they wonder if italy is the next one to drop. they say it is. >> and italy could be the next one for a bailout. i happen to agree. spain and italy's bailout have move in lock-step. i say so? sn>> you know the market anticipates and knows all. >> absolutely. what you have here. italy is freaking out because of what the austrian financial minister said. the true definition of a gaffe is telling the truth. that's what happened here. the austrian prime minister said the right thing, told the truth to the markets and they said, g, finally somebody getting realistic. italy said, no, no, this isn't really happening. the denying that precedes the truth of the bailout every time. >> if you look at interest

rates, you shouldn't be surprised. we look at north dakota and see if they should abolish state's local property taxes. if they do so, they will be the first to do so and living in new jersey, we're one of the highest in the nation. what do you think? >> local systems should be controlled by the governments, not the state. this issue because north dakota has gigantic surplus from the oil boom, good for them. they shouldn't be transferring all that money to the local governments, already promised, a bad idea. >> do you think it's a bad idea, john carney? >> i think it is a great idea. you can own property without having income and lose the property because you can't pay the taxes on it. i think that's basically immoral. i applaud the north dakotians for getting rid of a tax you don't need. >> the government can confiscate your bank account if you don't pay. >> it's made out of money you're

earning, so if you don't earn any money, you don't have to pay the taxes. property taxes are a different thing. you can be broke and still owe. true. finally, nobel prize winners are getting a pay cut due to sluggish returns from the capital of the fund that pays the winners. this year's winners paid $1.1 million, a 20% decline from a year ago. this does not seem right. >> you don't have to weep too much for the nobel prize winners. you earn a lot of money if you win a nobel prize. the nobel prize winners in economics get sweet speakering gigs around the globe. >> maybe one of the nobel prize winners in economics should change it. >> no returns equals no

investments and no growth. the nobel prize committee is facing the same thing others around the world are. >> it's a peek ahead as to pension funds around the country, funded similar to the nobel prize and all running short of money. >> thanks. appreciate it. you heard this many times before. they say a picture is worth a thousand words. take a look at this. nothing left to say. back in a minute. look how cute he looks. financial consultation ttd# 1-800-345-2550 when companies try to sell you something off their menu ttd# 1-800-345-2550 instead of trying to understand what you really need. ttd# 1-800-345-2550 ttd# 1-800-345-2550 at charles schwab, we provide ttd# 1-800-345-2550 a full range of financial products, ttd# 1-800-345-2550 even if they're not ours. ttd# 1-800-345-2550 and we listen before making our recommendations, ttd# 1-800-345-2550 so we can offer practical ideas that make sense for you. ttd# 1-800-345-2550 ttd# 1-800-345-2550 so talk to chuck, and see how we can help you, not sell you. ttd# 1-800-345-2550

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ever wonderwhat a tv anchor does before the lights go on and lights start rolling. >> tyler, how did you break away from cnbc? >> i don't have to be there until 1:00. >> my partner, tie, did a little fashion show on the "today" show. the theme is father's day fashion because it's coming up this weekend. there is little mackie, that's tyler's son, one of his sons, modeling a shun proof shirt. they certainly both looked great. look, the pants unzip at the

knees. that is very very cool. >> he had on the break away pants there today. a little fashion show. i was there with frank gifford and the gifford's dog, bambino. >> you look good in played, hon. >> they said never to go on with kids or animals. we broke those rules. >> you did both. >> here's mackie now. he's my buddy. >> jim, based on tyler's magnificent performance today, what retail stocks would you buy, polo or ralph lauren? >> i thought we would debate whether that was a great shirt. i have a different opinion. >> i like costco and target and like walmart. i actually dogged walmart but i think they have a chance to catch up and target seems to be doing a lot of things right as well. >> two places you go in and spend more than you want. >> costco is a $200 visit. just walking in the door cost

$200. >> tyler looked good but maybe a smaller plaid, my did. i can't wait to get back to the studio because mackie is spending tspend ing the day with us. dow dow jones up 98 points and nasdaq up 15 and s&p up 7 1/2 points. >> why don't we turn to the top of the charts. jim, what you got? >> it is the euro. seemed like it was making a nice gain. between yesterday and today, we've broken that. it's broken the trend line. to me, a negative sign. i think i would sell any strength in the euro. if it starts cascading lower, i have a difficult time thinking it could stay in one place. >> mackie, what do you think of the euro? all in favor of it? >> i don't know. >> look how handsome he is. all right, mackie, see you back at the ranch,