>> pharmaceutical. vrx. >> conoco phillips. >> follow me on twitter. >> the second half of the trading day. >> neither rain nor sleet nor bad earnings numbers. the i rimpb s is feeling the heat on the hill. getting a grilling all day long.

>> revenues came in short for j.c. penney. same store sales falling more than 16%. the stock is down 2 and a third percent. >> the s&p 500 is up about seven

and 2/3%. the last trade there is at 34.82. >> given the fact that we have seen some so-so data over the last couple of weeks, i am sugar coating it. we still see this market climbing ever higher. does that worry you at all? is it what you were forecasting? >> there are really interesting things that are underpinning the strength

strength. >> the base aluminum copper are all up and commodity stocks are up. i think maybe we have a little better economic news. this is the first decent data point that we got, which is a little above expectations. nice to see half way decent economic. >> that takes us right back to look. the numbers yesterday were just off the charts over the edge. not good at all. i think the fact is that everybody knows the feds are not going anywhere.

>> positive data. consistent data. not the choppy stuff. >> i think that is what we are seeing. you favor the united states over other parts of the world. >> we do. i think the feds let a lot of options in their statements about sustainability. two and a half, six and a half, those are guidelines. but they're going to look for sustainability. >> that's not happening this month or next month. >> there were several of them out there. >> i think it's very premature. >> that's why september, even tapering off seems a little bit of an ambitious target. a lot of people think it will be happening. >> we don't. we think the fed will not taper through this year and well into next year. on that note, katie will be back with us.

>> one of the biggest names in housing just got a lot more confident in her bull calls for housing. here is the story live for us from washington. >> this after that huge drop was reported yesterday. not so fast. we are in the calm before the development storm. all right. how can that be? she says strong rents in occupancies are being -- are they not rushing back in? they are actually slowing production because home prices are rising so fast. we noted this last month. we are pricing our homes and limiting the number of lots we are releasing for sale in some

communities to better manage our order volumes now for of course in stock to watch, the april suspect suspects several other points. we're going to detail those coming up on street signs and there is always more online. tiler? >> all right. thank you very much. bloomberg now taking steps to contain that privacy crisis. >> thanks tyler. private client information. bloomberg announcing today it has appointed sam as independent advisor to investigate the

matter. he has been tasked with reviewing current practices and policies as well as those in the past. that is significant. to assist, bloomberg hired a law firm and the consultants. separately the company has task its editor with conducting a review of news operations and its relationship to the commercial side. goldman sacks and jp morgan say they are still waiting for a response from bloomberg. six questions bloomburg has yet to answer. including one executive's new

win and whether now appropriate changes have been made. >> the biggest question is how the information will be used. >> there is no money in this next story. it is all heart and very heartwarming. take a look at this. this is 9-year-old ela inia adams throwing out the first

pitch. she was told she was chosen by the uso because her dad had been in afghanistan for two years. the big surprise as you can see right here, her dad had come home and his first stop was to catch that first pitch. sometimes there is really crying in baseball. certainly has me welling up with tears today. >> that is a beautiful little thing. a lot of things baseball gets wrong but it's moments like that that make baseball really a beautiful american game and make them very relevant indeed. >> no crying on the hill today but it was close. >> the research firm clsa upgrades gm to buy on improving

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>> members of congress getting their first chance to tee off on the irs in the wake of the admission that conservative groups were targeted. we have been watching the fireworks. just the facts, ma'am, kind of

approach. very clinical and analytical questions. is the head of the irs now who is resigned under pressure from the obama administration. by the end of this hearing as we wound down nearly four hours into it. take a listen. >> i think the american people have seen, this is an yoench and this is an outrage to all america. >> mr. griffin is recognized for 45 minutes. >> the committee will come to order. >> and that's a moment that you don't often see in these kinds of hearings.

a lot of them wanted to vent a frustration. that's not something you often see in this hearing. a lot of questions still unanswered. i am told that they brief the treasury farment within the past month on the findings here, whether they were aware at all before that that there was a problem coming as unclear at this point. one of the questions will be did the white house know as well?

>> now two stories on tax reform including how they may get derailed. marry tompson is reporting again. >> sue, max, the democratic chairman of the finance committee. the republican chairman of the house weighs and means committee are hoping that the scandal actually propels tax reform. and republicans for lower rates. >> the american people need a tax code that targets them. there is a sense that if you could only get a high priced accountant you would have that special provision.

>> is it only worth it to you and only happening if the individual rate comes down as well as the torp rat rate? the economy is passed through entities that file as individuals. so the individual right now is 44.6 it's what we call revenue neutral. >> isn't the bottom line for your democratic president? for you and the democratic senate that tax reform is only worth doing if it raises more money? others say no, no, no. that revenue goes to debt

reducti reduction. >> it's probably going to be at the end of the year right around the time that the debt limit issue comes before congress. that will be the triggering mechanism. >> now to a corporate tax proposal from apple's ceo. rsh in interviews he is pointing out the current corporate tax rate is just too high. he kefs on permanent investigations on tuesday. the practices some u.s. corporations employ to lower tax jurisdictions overseas.

remember the maker of ipads and i pods generate about 66% of its sales overseas. his own think something that u.s. rates should be lowered and the u.s. should only tax income earned by corporations in the united states. it can come back to the u.s. and be used for reinvestment in the form of dividend and buy backs. we will probably hear something about that on tuesday. >> it's a pretty good day for defense contractors. is day trading making a come-back? that's still ahead as well. more power lunch in two minutes

time. the dow is up 52 points.

>> moving higher on the trading session by three, almost three and a half percent right now. some of the other defense stocks have also been gaining ground shs keeping in mind it's an overall higher market.

ty? >> aruba networks getting whacked on very, very heavy volume. sue? >> kansas city southern on the rise after standard and poors said it will replace dean foods which means all of the fund managers that trade in the s&p 500 have to buy it. jumping as the provider of mobile satellite neckwork services amid strong revenue growth. >> markets at all time highs many are asking how you protect those gains. we have 200 billion dollars

coming up next. and it has been one year since facebook went public. what a year it has been for that social media giant. worst performance in the nasdaq 100. we're going to look at the year ahead for facebook. excuse me. [ male announcer] surprise -- you're having triplets.

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>> a drop of almost 5 mers. sharon epperson striking the action. hey, sharon. >> there is more weakness ahead. they are looking to the fact that we may see it. always what we have been seeing, a lot of declines in holdings has also impacted the gold

futures market losing about $10 billion just in the first half of the second quarter of 2013 and most of that has been gold and silver. and again, miners are facing the fact that there has been a decline in profitability. >> thank you very much. >> every day, modest advances. four weeks. four straight weeks of gains. dow keeps moving up every day. i will tell you what is interesting. the dollar is just screaming. we are at three-year highs essentially.

they don't normally do that. and normally that will have some influence on commodity stocks. that is not happening today. leading economic indicators all day and all week. you see the commodity stocks not being influenced by the move up in dollar. biggest ipo of the year. >> thanks bob. to the nasdaq. a 12.5 year high. >> another 12.5 hit.

basically confirming the inflow of capital. >> and a cloud based enterprise software viewing on the nasdaq. interesting day given that it was this time last year that facebook made its debut on the very exchange. sue? >> very good point. thank you very much. let's. but the long bond. and the tenure, specifically. we came close. we're trading at 1.93% on the

ten year note. we will follow it, too. breaking news. >> thank you, sue. he is invoking extraordinary measures. raising questions about how extraordinary the measures are. and he is also telling congress that the current debt ceiling will last until at least labor day. it will help extend the debt ceiling.

in the congress that would stipulate how. >> thank you very much. let's bring in katie nixon. tax revenues have been much better than expected. we think that dus push off the debate. >> there are a lot of different

places to invest arn the world. we seem to have the most room to run. what particular areas of the market do you like in terms of industries or plays. >> we really favor the u.s. right now. we think the fundamentals remain very, very strong. valuations also well within normal ranges despite the fact that we have had a 15%. >> i guess we're just not used to seeing a 15% gain. >> you know what? i think it's important. i am so glad you mentioned it. it's important to put it in perspective.

gdp is higher than it was in 2007 and so were corporate earnings. >> and another guest says make way for a brand new generation of stars called the temps. about $2 billion under management. it's funny. i was talking to somebody on the way down here. we were talking about turkey and the fact that moodies just gave them investment grade status. >> i think it is an endorsement of what we have seen with turkey. sit a growing country with a young population. the stock market should do well there.

>> what about mexico? when you look at mexico's market it has performed quite nicely. some people say that turkey and mexico may be a bit overheated. >> well, they have done well. the market that has done the best is philippines. something common among each of the countries is they have a young population on average. there are a lot more workers. it's a stable government. they tend to have abundant natural resources and mexico has that with the energy.

they can be the better performing group of countries. >> we get e-mails from a lot of individual investors who say we have a 15% gain. how would you advise people who have yet to put a significant amount of cash? >> i would reassure them that it's not too late. we haven't had the robust participation that we would expect when you have a market up. do it. and vow to do it on a regular basis over time. >> all right. thank you very much. great to see you. chairman and ceo of turner

investments. thank you so much,much. >> is day trading making a come back? i think based on the get rich quick mentality we are starting to see the first wave of home gamers trying to get into the market as it is breaking new highs. >> it has been following tesla. >> it got 19 out of 100 from consumer reports. morgan stanley gave it a price target of 103.

they're going to have a secondary offering. there is a lot of interest in the stock at the moment. >> you question whether or how much of the volume in this stock and approximate the movement is day trading. do you think some of it is and do you agree with the quote we had there that day trading seems to be making a bit of a return? >> we're not seeing investors pile back into the market. people think that there are certain stocks that capture people's imaginations. >> i would think maybe.

i'm just posing a hypothesis here the idea that today's drad traders would be competing. apart from other disincentives to do so that that might be it. >> absolutely. >> it is catnip in front of a cat. >> thank you. >> catnip and cats and bees and honey. try to keep it moving. we asked what would you like to see? 74% said make a flat tax.

10% say a steeper sliding scale. 4% say increase the sales tax. >> hey, there. >> don't have time for a proper cup of joe. don't worry. we have your daily dose of real estate covered. all of those things and lots more as well on street signs coming up. back to you. >> all right. thank you very much. it is, as we have been mentioning, facebook's ipo anniversary.

>> and all of those people add up to big profits for facebook. we will take you inside a facebook page and we will tell you how facebook could make more money. that's after the break.

>> a hoodie, but not a goodie. facebook's anniversary one year ago tomorrow. that is when the media giant went public. >> facebook lost over 1.1 billion monthly users connecting sharing and playing. ads like these and others are interspersed throughout the page. that i are valuable to marketers because they uniquely target each individual user.

the first quarter from this year grew 43% to 1.25 million dollars. >> facebook can make money as well. >> take the over 65 million fans who like coca-cola. they can pay facebook to make sure that fans see messages and updates. more valuable is reaching friends of its fans. >> and there was the record number of people playing games on facebook. users can play for free but there is big money here, too. players can buy goods with facebook credits that cost real

money. >> and 2 company is starting to take revenue from real gifts. it's all part of one big strategy. >> we're going interrupt here and go to steve with more breaking news on the fed. >> thanks. the real interest rate is negative and saying that they have still not lowered the real rate.

he says it is best to dress by supervision. this time they outway financial stability. here it is on the board. not going to meet the fed's goal for the next two or three years. >> i was going to say, we heard a lot of fed chatter. >> let's go back now to julia who is live at facebook's headquarters out in california. what's the future for this company so companisome. >> right now it's really about advertising. the company does have a number of new revenue streams in the work. it has been generating growing

revenue for ads to promote the insulation of apsment it has a huge opportunity in graph search. it is testing some ads but it has not flipped the switch on search ads. mobile younger how to do it without alienating the users. it's been a tough year. today has quite a few reasons to smile and a new place to hang his hat. >> bill may not be the most popular guy in some circles.

>> they make more money than you. they think they're better than you and they're not afraid to show it. these are their stories overheard in the elevator. >> excuse me. excuse me. >> did you see this picture? a selfie on the plane? ridiculous. people who always fly business class don't post photos of themselves flying business. is that xanyx? >> the puppets can hear you.

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>> another huge bet. it is not a stock play. this time it's residential real

estate. >> bill and a group of investors have agreed to purchase an apartment at manhattan's tallest real estate building. >> that would make it among the most expensionive deals ever. and the group is actually converting an earlier equity investment into an apartment and the value may be less than 90 million dollars that we don't know the exact price. ackman does not plan to live in the unit.

>> it is that -- that building is so much tall er. >> stick around. it's time for the power run down. american airlines has a new rule. no overhead luggage and you get to get on the plane first. is this the way to go? >> this annoys the daylights out of me. they charge people for their bags, then they turn around and say okay. we will let you on first. we will charge you money for that. and getting us more efficient and getting us off the tarmac a little earlier.

>> this is just part of it. it is how they will make money and stay in business. >> they sure know how to get people on and off a plane in a hurry. >> one big conveyer belt. >> and it's not going to get people. >> they are not going to get people to take off earlier. it's just an excuse to get more income from people checking their bags in. >> and an app that let's you boycott products that companies make by scanning a bar code with a smart phone. you know and you can boycott it. is this a harmful or good thing? >> i think the boycott part is a little bit strange but i would value that app.

i don't know who owns what any more. i was trying to figure out who owns what the other day. knowing who owns what is a useful thing and i wouldn't boycott. >> i agree. i just did this. i got the app and i scanned a bottle of spring water. i got a whole family tree. i know exactly who owns this now. with ocjust taking the picture, that would be better. >> it is so telling that bob is scanning spring water and you want to know about cars. >> just a different beat. >> $700 million and going higher. what is this? is this a tax on the foolish?

>> exactly. like gambling, poor people participate in them far more than anybody else. >> low incomes. 9% of incomes from very low income families go to lotto. >> there is a mental thing about -- it drags more people in. >> it's a tax on stupidity and an option on misery. if you look at what happened to lottery winners, they don't turn out well. look at the guy from new jersey. he has got all kinds of alimony situations, cousins. it never ends well. >> the final check on the markets for the weekend day right after this. [ male announcer ] someone said that it couldn't be done.

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overdone. the s&p 500 is up half a percent as is the nasdaq kpos sit. >> have a great weekend. street signs begins now. >> stocks may go higher forever, but we doubt it. so we're leading this hour with our correction protection. everyone in the world are on facebook. so why is it one of the worst performing stocks this year.