>> and mike? >> i want a recount first of all. second of all, we can buy commonwealth here. it's a great name to own in a choppy market. a lot of talk from a buy out from two big hedge funds. >> that does it for us. have a great rest of the day. power starts now. >> halftime is over. power lunch and the second half of the trading day start right now. >> good afternoon, everybody. thank you, scott. this is a key deadline today. will more demands for redempt n redemptions come against this embattled firm? and what kind of selling might ensue in the market. three key health stories we are tracking. the cancer conference in chicago making big headlines every year for patients and investors. and a deadly virus thought to be contained is on the move now.

>> we are starting out with an extremely turbulent market today. the dow jones industrial average now up about 58 points on the trading session as we take a look at that intraday chart that shows you the volatility that we have had in stocks. the s&p 500 is down about two points on the trading session. there is a divergence between the dow and the s&p. we're at 1628 and change. and the nasdaq is traded down 23 points, two-thirds of a percent. take a look at the nikkei.

that's what these markets have been following. they have been watching the overnight session. take a look at the nikkei since may 23, down 14% in only two weeks. they are approaching the bear territory. and it's been a rough month for anybody who is betting on etfs that track japan. ewj down 10%. nky down 8%. scj down almost 14%. but if you have been ahead of the game, there is a double short listed. as you might expect, it is up 25% in a month. all right. let's get the trading action here. speaking of etfs, bob follows them very closely. >> you have got to be careful of the double shorts. you only get them double on a

daily basis and they can change a lot once you start spreading them out. the turkish market very weak today. the dough is w is up and you're a lot of profit taking. the home builders. and semi conductors. . down noticeably and of course as she mentioned, down about 15%. here is what is the key in japan. when the dollar yen broke 100 yen to the dollar, that was a little earlier today. boom, you see that move down? it just fell apart. that is what precipitated a lot of the aftermark sell off in japan. take a look at the relationship. why do we watch that stuff?

>> because we can, bob. >> there is a real reason for it. there is the dollar yen on the green line year to date. you will notice it's tracked carefully. the top just a few days ago, same as the top. >> welcome back. >> let's talk more about the market. the yield on the 10-year note is still sitting above 2% and it has been stubbornly above 2%. it is about 20% higher for the month. can stocks move higher. destination wealth management. welcome, gentlemen, nice to have you here. i'm going to start with you. traditionally people would say that one of the markets should go up and one should go down, but we have had the two markets fairly well correlated for some time. can the market continue to

perform to the upside? >> it can as long as the spike is not very, very quick. i think the market hates surprises. certainly corporate. cfo's hate surprises. that is very, very disruptive. i think if interest rates rise gradually and i realize it is not a gradual rise. if they rise gradually from here, i think the stock market can still do well in a particular certain sectors do well. >> weigh fwh on this. where would you invest money? >> i do. stocks and bonds have -- stock prices and bond yields have had a love hate relationship for a long time.

i think they can continue to maintain that relationship. and two, less for deflation. i think we are near the fed taking its foot off the gas. >> while interest rates are rising, we say all boats are going up. you know the boat that is singeing are people that are betting on long term fixed income assets. just in the last mobt, these are investors who are investing in

these assets because they felt what can i possibly lose? we're going to see what you can lose on long term fixed income rates particularly if we have a recovery that picks up steam. >> you get the last word. what stocks would you stay away from in a rising rate environment? >> hopefully we get to see the great rotation. you want to watch out for utilities and the telecommunications companies. these are very yield sensitive and interest rate sensitive. they only make up 6% of the stock market. they certainly have been leading to the downside as interest rates have been moving higher. >> did you want a last comment there? i think i interrupted you? >> i think again to restate, financials, you really have to look at financials right now. not just because of rising net interest margins but because of a stablizing market. they didn't sell off at the worst possible moment.

they are getting prices on the properties better than expected. that is why their write down allowances are starting to decrease. >> jeff, michael, thank you so much. ty? >> all right. sue, thank you very much. promised news out of the annual cancer meeting out in chicago. it's translating into big moves for big far ma companies. >> lots of the drug makers making big moves as you setd today. let's start with the first group. -- for the treatment of advanced melano melanoma. in the meantime, america the company is going to move to a late stage clinical trial.

this stock trading lower today. . show that it doesn't prolong the lives for those who have a deadly form of brain cancer. in the meantime, stock hopping up today because its cancer drug could be used as maintenance therapy. also take a look, up 30% today, over 30% on news that it will partner with two international research groups for the phase three development of the drug. >> all right. thank you very much. >> that caught your eye of what

is coming out on asco. now big pharma agents that boost the immune system to fight the cancer and the talk is of transformation

transformation. >> there is a company that you like which is certainly not at their scale. >> this weekend they had data.

>> appreciate your being on with us today. >> switching now but staying with the story of developments in cancer. jim kelly says he has been diagnosed with kanser in his upper jawbone and is going to have surgery on june 7. the cancer is isolated in his jaw and has not spread to other parts of his body. doctors say the prognosis for recovery is good. jim kelly, quarter back.

>> among the numbers that really stand out, followed by ford and chrysler, both hosting double digit gains. we just heard from bmw up, and honda up 4.5%. why better than expected? take a look at the increase in pick up trucks. these are astounding numbers for all of the automakers. and why is it happening?

>> fantastic. phil lebeau reporting for us. following the money as prosecutors circle the founder of that fund. >> tiler, it's definitely been a rough go for us which expect to lose billions of dollars for us. about $9 billion belongs to the founder but the remaining 6 billion or so is from outsiders. today i'm told that insiders expect to see a significant portion of the remaining four or so billion to be pulled and that, too, is money that will be returned over several quarters.

others like chatwood investments and sky bridge capital will stay put. the issue is the legal hot seat. that's after several former employees have pled guilty and others are yet to be tried. sac thought it had alreadily settled the matter with a commission settlement but federal prosecutors who may press forward with criminal charges obviously think differently. >> if they have to sell to meet these redemptions, that could put some pressure. >> the months are particularly out of date for them. they are known for rapid trading both short and long positions. they have been a little bit more liquid.

ever since then i am told they kept a little more cash. >> the restaurant chain reporting better than expected third quarter profits in revenue. it raise its yearly forecast and increased the quarterly dividend by 50%. stock is up 47 cents since the beginning of the year. and the battle for clear wire are heating up. sprint nextel attacking saying it violates agreements and contains illegal provisions.

dish network is traded off 1% on the session. >> thank you very much. >> long time senator, a new jersey democrat and a very successful businessman, by the way, died at the age of 89. he was called out of retirement for a second tour of duty in the senate and announced recently he would not run again in 2014. he was the oldest member of the senate. he was the princeable sponsor of a law banning smoking on domestic airline flights. those clean erica bins you have to thank that man. he died at the age of 89. sue? >> as with continue continue, a growing threat, hackers taking over the cockpit of a major airline. take a look at this. ñ!ñ!ñ#ñ#ñ#ñ#

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approaching the end of its tapering period. >> thank you guys very much. let's go to the nasdaq. >> stocks with gains weaker than expected. yelp is happy to partner with facebook. there is a less likely chance that yelp will get acquired by google. shares outperforming.

that is considered a big win for intel. >> all right. we will take it. thank you. computer hackers have already shown they can do a lot of damage to our financial system to individual companies and computers. but the story makes all of that look really just like a nuisance. >> yeah. this would be way more than a nuisance. suddenly your pilot is flying wide or taking evasive action to avoid another plane that doesn't exist. we found a hacker who has proof that it can happen. >> brad hanes was born a hacker. >> i was one of those kids that was always curious about science. took apart the vacuum cleaners and always wanted to know how things work. >> hanes does i.t. support for a small company in canada by day. sometimes by night he wows his friends as an escape artist but his real passion is beating

something tougher than handcuffs. high-tech security systems. it is supposed to make flying more convenient and dependentable. >> the problem is that the system uses gps data instead of just radar. >> the signals that they are using are unencrypted and unauthenticated. you can't prove that this came from the real plane. >> in theory that means hackers could mess up the system by generating flights that don't exist. >> you could ground everybody. >> or they could target a real flight with frightening precision. >> he and a feller header put

one that could be used known as next general into a flight simulator to show what could happen. >> putting -- could be disastrous. they are going to be panicking trying to figure out what's going on. >> todd humphreys believes that he is on to something. >> this is an obvious problem. this is something that is using antiquated technology from the 1980s. >> he claims they ignored him.

the process is ongoing. there are back-ups to ensure safe operations. you can find the latest on the ongoing threat from china. why hackers hack. hacking back. you hack me, i hack you. that is as everybody as illegal as the hack in the first place. >> a we will talk about that straight ahead. plus ford hitting a 52 week high later today. leaves rivals in the dust.

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>> firefighters are still battling a huge wild fire. it's called the power house fire. it is 40% contained right now but 46 square miles have already been scorched. we wish them luck and hope for change in the weather that will help the firefighters. right now we go to rick in chicago. >> thank you very much. four years going back to the summer of 2009. clearly see at 10:00 eastern that we pulled rates down a bit. it would have been unchanged.

the dollar yen and the your owe yen and interest rates. look at those two charge of both currencies. back to you, sue. >> we will be watching it closely. thank you very much. let's send it back over to josh lipton. hey, josh. >> watching soda stream moving sharply higher today. most of the concerns about it is that it is a bad. he says the fears are overblown. stha stock up nearly 8%.

sue, back to you. >> i will take it away. that's an amazing move there. fort shares talking about stocks on the move. right now you see them there, down about 2 -- two tenths of a cent at 15.68. the automaker posting a 14% jump in sales for may. and phil lebeau is live with sales and marketing. phil? >> let's bring in jim from ford headquarters in michigan. we just showed some of the figures there. >> it's a cyclical improvement in the market as a whole, plus ford's unique position. the number one truck for tradesmen, for seeing the housing market driving

improvement as well. people have the age of full sized trucks was really high now. and so people are replacing those products as a business tool. >> how much are margins getting squeezed? you are able to raise prices and transaction prices are up, you're facing stiff competition out there. >> really good question. leading fuel economy technology. as you know, some of our biggest sales increase come from infusion, brand new cars. they are all equal to the line up. we have seen customers be willing to pay more for eco-boost life technology to cover that margin. it's interesting in the u.s. market right now.

so our margins continue to be in good shape as we bring new technology to the market. >> earlier today you announced a recall. you haven't had reported injuries or death related to that but this brings up the question especially regarding launches. as you increase production, is quality starting to slip? >> our quality is complete. that is the most important driver for our business and for customers. we are completely committed to launching all of our products. opportunities on the quality side with our supply base and as

proactive manner as we can with our customers. >> the head of sales and marketing joining us. we should point out that a number of automakers seeing more recalls and this is what happens when you have parts being used in the system. >> a new mysterious and deadly virus is spreading to europe. it's being called a threat to the entire world. plus the brits love a good scandal. reports this one may bring down the uk government. details coming up. and downing street. there are some people who just can't leave things be. they know that things can always be better. we count ourselves among those people. introducing the best civic si yet.

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>> coming up, rick always tells us that the bond investors are

the smart ones. but are stocks smarter than bonds right now? we have got a debate on that. tech is really rocking it right now. right? in terms of grabbing the headlines about apple going into radio. >> all of those things and many more coming up. in the meantime back to you. >> mandy, we will see you, too. thank you. the u.s. government drug companies are pushing to speed up approval of new drugs to combat new super bugs. in part because anti-biotics have not been profit makers.

>> a new and deadly virus is now spreading to europe. italy confirming three new cases of middle east core ro corona v. world health organization has been notified of at least 50 cases, 30 of which were fatal. sue? >> let's recap the headlines. heinz says it has received all regulatory approvals. the price tag on that deal was $23 billion.

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>> ripped into the admin sfrags exits claim through the white house spokesman. >> their paid liar, spokesperson, he is still making up things about what happens and calling this local rogue. there is no indication -- the reason that lois learner tried to take the fifth is not because there is a rogue in cincinnati but because this is a problem that was coordinated in all likelihood right out of washington headquarters. >> i'm not going to get into a back and forth with the chairman. i think that what our focus is

and has been is the need to find out all the inappropriate activity that occurred. >> may not have wanted to get to a back and forth. but the former senior advisor had strong words for mr. grand theft auto. that's a reference to criminal charges and investigations if you're going to escalate a credibility and integrity battle, we are prepared or our allies are prepared to go there in the form of trying to raise the price of republicans. >> thank you very much, john. power run down time. we're going to pick up where john just left off. how do you guys feel about these conferences that apparently cost some $50 million. big speaker fees.

videos and everything. >> it's two things. tone deafness on the part for having these ultra expensive conferences to the size of our tax apparatus. there are so many people who work for the irs. >> i think congress has finally found an institution that americans hate more than congress itself and that is the irs. >> all right. >> is this jst part of a major political fall out? >> there are a lot of scandals. it's strange. but, you know, it's like a big benny hill episode we're seeing.

the british papers have to be take within a grain of salt. they are saying it's not a cabinet member. that's clear. this took a long time ago. and i think this is more about the battle within cameron's own party. >> i think if these people are friends they should admit who they are. this whole we can't reveal the identities has everybody guessing. >> will it hurt your wallet? single day prices at theme walter parks. >> theme parks are up all around. i went to sea world and the

tickets were astronomical. you still end up waiting in long lines. >> i have to be an expert on disney economics. that $90 just gets you in. that's before the $1,000 a day tour guide if you want to do that, before the parking, the $10 turkey legs and the $250 for a princess make-over at the bippity bopity salon. >> you better sign up. >> they must be paying you better than me. >> thanks very much. other than death and taxes there are not too many certainties in life but walmart is offering one. both tylenol and bayer advanced aspirin

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>> the s&p is down a point and the nasdaq is down 19 points. we will have to see how the day anything yo figures out. >> that will do it for power lunch. >> have a great afternoon. street signs begins now. >> the douw is holding up. some say bonds are calling for a new recession. who is smarter? we have got a show down. google to $1,000, microsoft break up, apple losing its cool? a triple play of tech stories. and what the spring housing boom in one state may say about the entire nation. and the man who wants to build the starbucks of marijuana. >> as for the markets today, it is june already and it's