tv Power Lunch CNBC June 27, 2013 1:00pm-2:01pm EDT
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travelers. >> go international, vgk. >> doc? >> t-mobile for mackie matheson. >> there you go. i'll see you at 5:00 on the nasdaq. the market is working on its best three-day run since the beginning of the year. "power lunch" begins right now. we aim to keep that mo going. the fed speak fueling a rally on wall street but giving up some of those earlier gains, the dow swinging above and below the 15,000 mark, and we're talking a little bit about how to play this wild ride. good three-day stretch. gold, however, in a bad stretch, a seriously bad stretch. plunging about 12% in just the past four weeks. we have a full bear debate coming up. one says buy battered gold etfs and another says gold. well, it's going to $700 an
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ounce. time ticking on student loans, ladies and gentlemen. just four days until interest rates on those popular student loans double unless the senate makes a deal. the numbers behind the crisis, we'll get a full report. meantime, sue is down where the action is, the nyse. >> and stocks are up, as you said, ty, for the third day in a row. right now the dow is up 108 points on the trading session. s&p is up 2 and 3/4 percent. it's up 11 points on the session and nasdaq up 28 points on the session. the gold market is down just slightly. it had been steady but now it's down about 5.5 bucks on the trading session. it's an extremely volatile trading session right now. we are at 2.50%.
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we're going to watch very closely with rick santelli and that may move bond yields and stocks. a very busy josh lipton joins me now on the floor of the nyse. >> the s&p tax on another 12. best three-day gain since the start of the year. discretionary materials for consumers lagging for the second day. homebuilders saw pending home sales ripped, highest in six years. kb homes report best estimates and lenonar will do the same thing. investors keeping a close eye on blackberry. seema has the expectations.
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>> about four companies listing on the nasdaq today. a housing supply rose 18.07%. all eyes on blackberry as it gets set to report q numbers. analysts expecting 6 cents a share on revenue dollars, but the real focus will be on how many bb 10 devices it has been able to sell this quarter. investors say the q10 and z10 have been selling very well around the u.s. now, even with strong phone sales, blackberry still has some serious catching up to do in the mobile space, according to gartner research in 2012, blackberry made up just 2% of the world market. however, rising hope that blackberry can gain a more
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dominant position in the cell phone space has helped shares jump up 92%. breaking news, the third of the group, rick santelli, how did we do? >> the best of breed in terms of this series of auctions. let's go through the internals. 29 billion seven-year notes. 1.932 is the yield. the wui was 1.942-ish. the bid to cover almost spot on with 10 auction average at 261, and maybe the most important category of late, large institutions and central banks, they finally stepped up to 15.7,
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below the 19% auction average but a higher level than the last several options, at least on the direct bidding side. b-plus is the grade. done for the week. we added about 15% after the results of that auction came in. there was a lot of fingers crossed because the first two auctions of the week did not go well. right now the dow is up about 128 points on the session. besides today's rise, our next guest sees a correction by the end of the year. she is a strategist. abigail, you are one of the best on the street in terms of your fundamental analysis, and you've been correct, which makes me wonder why you've seen this 10 to 30% correction. i know it has to do with the russell 2000 specifically.
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>> it does have to do with the russell 2000, and relative to today, i think we're looking at another relief rally before another leg down, and it was in reaction to last week. that was the first volatility that i can remember in years, since 2011, really, and that's the comparison. we look at the russell 2000 between 2011 and this year, we see a buyer control that breaks into sideways trends, which represents a battle between the bulls and the bears, the sellers and the buyers. another similarity, that uncertainty is between the end of qe2 and june 2011 and the perception we're going to see qe3. what really broke the trend on the down side was the debt ceiling debacle. we have another debt ceiling debate coming up this fall, so i think we're looking at volatile numbers. >> you can also look at some of the foreign markets.
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i know kenny is very shocked by that. >> i was a bear for a very long time and then i kind of changed my -- she makes some very good points. >> it also echoed the problems we're seeing in china in terms of money flow? so there are a lot of cross currents, yet this market seems to want to go higher. what would you do? >> what i think is interesting as i sat and listened to your analysis, china -- they basically said we're turning off the spigot and made a sense of doom and gloom and we saw that market change in two days. i don't think that's what's going to happen here. i think it's very clear any time the fed says any hint of withdrawal, the markets aren't ready for it and they know that. i think it's going to be a very long time as they get out. it's not going to be one of those things they just turn the spigot off. >> but they seemed to smooth
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that out. >> we had all of them speaking on different markets and everyone trying to calm the markets. who said it yesterday, they are in no way to start changing anything at the moment, so everyone came down and, boom, look what the market does, it took right off. >> how would position yourself if, indeed, your theory is correct? >> i think the feds are unlikely to go anywhere, but china, japan, what's going to happen with this monetary policy around the globe. i think what we want to do is rather than reduce exposure to today, i think it's likely to hedge a portfolio by using sector etfs and index etfs. the housing etf actually down 15% this year already. xlb down significantly as well. the dxj, that's the japan etf that's hedged against the yen. i think we'll see a lot of
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volatility out of japan on a global basis. >> i know this is important, we have to go, but you're not reducing exposure to equities, you're hedging to the volatility. >> correct. i would recommend reducing later, but at this point i would recommend hedging. >> i think it will happen in the summer. i think the fall will start to stabilize more. >> in a nutshell, we have the buyer and seller argument. >> buyer of the cnc contributors right there on the floor. a quarterly profit reducing a year ago loss. the maker of chef boy ardee pasta jumped 35%. there you see the stock up above a buck 90. take a look at winnebago
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rebounds from dismal sales. future orders climbing as well on the stock. little moved, but the market knew good news was coming at 20.98. macy's is moving also with a buy praising the company's business strategy, and you should note ceo terry lundgren will be one of cramer's guests tonight on ""mad money"" at 6:00 p.m. and 11:00. that guy just looks like a ceo, darn it. meanwhile, clearwire moving lower. that clears the way for sprint to buy the rest of the company that it doesn't already own. dish and sprint. there's clearwire. look at that chart. that's a funky-looking thing. there's dish network, up a buck.
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the clock is ticking. student loan interest rates are set to double unless the senate acts. many students have loans. not quite there just yet. >> they're staggering numbers, and if congress doesn't act by monday, we're going to see stafford loans jump from 3.4% to 6.8%. some say the debate over rates is just a distraction. student loan debt will continue to have a profound effect on many borrowers, their families and the overall economy. look at some of these numbers. total student loan debt in this country is nearly four times higher than it was ten years ago when it was about $240 billion in 2003. it's at nearly $1 trillion today. the cost of attending a four-year college has risen about 5% in the past year alone. so the rising cost of getting
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that degree, that's outpacing inflation by a very large margin. there are more students who need to borrow to cover the cost, and many are just getting maxed out. the total amount of student loan debt has exceeded other debt like credit card debt. it's just a vicious cycle. but there is a way to end the cycle and that is to plan ahead. as long as your total student debt at graduation is less than your annual income, you should be able to pay back your student loans in 10 years or less. but now with the unemployment rate for those who are 18 to 34 at 10%, that's going to be a very tough haul for many young graduates, sue. >> indeed, it is. in fact, down here on the floor of the new york stock exchange, we have a number of students from nyc. they are standing behind me and they were paying close attention to sharon's report. we're going to pay attention to gold taking a beating in the
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past month. they've really been taking it on the chin, down 25 to 50% depending on which one you look at. are etfs in gold a goodb buy no? we welcome a new baby tapier born in the boston zoo. we're looking for a new name for send your votes. tdd# 1-800-345-2550 [ trader ] when i'm trading, i'm totally focused. tdd# 1-800-345-2550 and the streetsmart edge trading platform from charles schwab tdd# 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd# 1-800-345-2550 i can even access it from the cloud tdd# 1-800-345-2550 and trade on any computer. tdd# 1-800-345-2550 and with schwab mobile, i can focus
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check out this financial times headline from today. gold price ittumbles on fears or end to qe. that's right, prices of the metal trading now at lowest levels in three years, down another $12 today, about 12% over the past month, as you see on that chart. but is the bottom for gold coming and should investors be betting on it now? joining us is scott collier, cio of advisers acknowledgment and yanni. let me begin with you, you say
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you see gold collapsing and moving from the 1200 level to a thousand, but then it ultimately will collapse. gold is going to 700 in three to five years. why do you say that? >> gold has been a bubble. it definitely was one of the best places to invest for the last decade and more, but there was way too much speculation, there was extreme expectations, there was faulty assumptions. a lot of investors just jumped into gold thinking it was going to be very safe, it was going to go up no matter what, but these were based on faulty assumptions like inflation, which is not materializing, continued growth in china, which we're already seeing a slowdown so beyond that overspeculation, they were either priced in before the bubble collapse, but now all of a sudden they're not only priced thin, but they're already showing us that they're proving to be not correct. so the fed is tapering.
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there's many reasons why gold is set to fall, but i guess it's already proven itself. investors have already panicked and now we're looking at this $1200 support level. will it hold up or will it continue down to a thousand, which i think is the big psychological number that a lot of investors look at. >> scott, push back. tell him why he's not right. >> i think calling tops and bottoms in any market is especially tough to do, especially getting it right more than once. i do believe in a correction, which we do think gold is in, you had a lot of sellers that are for sellers. we have marginal requirements that have increased, and those in the trade were basically in it because they thought it was a safety trade. so as things have slowed down around the world, and gold, along with other industrial metals have sold off, we think it's probably not a bad time to begin to accumulate. we're kind of a bull? yeah, we're kind of a bull. >> but you're certainly not in
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the collapse camp. yoni sees it being cut in half, basically, from here. >> i think that if you look at the gold miners index, which we tend to look at, those prices are about the same for those companies as they were at the bottom of the market in 2008 and 2009. these companies make profits, they pay dividends, and investors can buy them by buying the gdx, which is the gold miners' etf. if you want a little bit more octane, you can buy the gdxj, but i think this is the place to be without falling into the asset class. we have places around the world trying to create positive exploratio exploratio explorations. >> yoni, a last quick word from you. z >> the question is do you want to be in a broken trade bubble
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that's already shown it's collapsing and investors are still panicking? yes, gold miners could be a good opportunity to get in, but if it bounces here a few months, a few weeks, a little longer, it's ultimately going to trick the bulls to get in right before the next devastating drop on its way to 700. >> there we go, scott, thank you very much. and yoni jacobs, appreciate you both being here this afternoon. how are consumers dealing with the fall in gold and silver prices? jane wells is in california with some details on that. hi, janie. >> hey, sue. this little mini bar is worth about $12,050? the guard is eyeing me over there. it's all a matter of volume and people have started coming in here this morning. i just talked to a guy a few minutes ago buying gold and
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silver because he thinks the price is right. we haven't seen the lines out the door that we saw when we were last here when gold dropped down to 400 last april. of course, some orders come in by phone, and while this place has seen some panic selling in gold, the buying has been keeping up. >> since the 22nd and bernanke, i suppose, the last speech, there's been a big increase in activity, particularly buyers just taking advantage of the lower prices. when we see a spike to the downside, it gets busy real fast. >> all right. as for silver, a little different supplies remain a little tight as demand has been up, though prices are still down. this 100-ounce bar, guys, was worth about 3 grand at the beginning of the year and now worth about 2 grand. but it's a good, you know, workout thing. >> great. keep doing that workout. that's a good thing. at least it's worth something.
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jane, thank you. we know banks have been raising fees to boost their profits. consumers have shifted to on-line banking to avoid many of those fees. so guess what? mobile fees may be coming and they are steep. the details ahead. if you use your phone to do banking, you don't want to miss this. [ female announcer ] it's simple physics...
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accused of fraud and that's just the beginning. here's andrea o'day with the story. >> reporter: imagine spending millions of dollars on a painting only to find out it's a complete forgery. that's what some big-time investors said happened to them at one of the most legendary galleries in the business. now the lawsuits are stacking up, and one of the people involved is behind bars, busted for duping the irs. they're trophies of the super rich. million-dollar paintings bought and sold in the blink of an eye, snapped up by billionaire collectors. >> our clients feel like they were lied to. >> reporter: some top investors left fume ing, claiming they we duped out of millions for fakes. that warning from federal crimes prosecutor bob goldman. the woman at the center of the scheme and the noedler gallery in new york city facing serious
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questions. according to noedler, the oldest gallery in the city, she went to them with paintings for sale. she had masterpieces by a bunch of famous artists that incredibly had never been seen before, and rosales said they were owned by a friend of hers after her father, a big art collector, passed away. she didn't have documentation to support her story and refused to say who her friend was. but noedler's long-time president bought the lot for a price too good to be true. and they sold well. a polac to goldman sachs levy. another rothco. greg cleric is his attorney. >> we had every reason to believe ann friedman's story. >> reporter: but was friedman a
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part of rosales' alleged scheme? >> ann friedman believed these works were legitimate from the first day she started dealing with rosales. >> reporter: friedman told potential buyers she had a list of experts she consulted that authenticated the paintings. in this letter to a buyer, friedman even writes, the artist rothko's own son reviewed the painting. enough to make people shell out lots of money. a man on wall street made a deal with knoedler if the painting didn't check out. when he couldn't get it authenticated himself, he returned it to the gallery. even after that, friedman continued to sell the paintings for millions. he immediately had the painting tested and was told it was a fake. he confronted knoedler with the
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evidence. the historic gallery shut down the next day. but knoedler claims their closing had been in the works for over a year. lawsuits against the gallery, friedman and rosales are stacking up. friedman insists the paintings are real. >> if ann friedman had any doubt about the authenticity of these works, she and her husband would not have invested hundreds of thousands of dollars purchasing three of them which hang on the walls of their apartment today. >> reporter: but friedman refused to show cnbc anything from her private collection. >> our expert tested the work, and ryan found things that weren't used in work in that time frame. he also tested other things and found similar problems in them. >> reporter: attorneys from the
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knoedler gallery would not say whether the paintings were real, but he did tell cnbc that the gallery acted appropriately here, having contacted people who tested their authenticity. while attorneys duke it out over the alleged forgeries, the feds arrested friedman. >> you should ask more questions before you spend tens of millions of dollars. it's an important lesson for the wealthy collector. >> we tried many times to reach out to rosales and her legal team but got no response. these lawsuits could be just the tip of the iceberg. meantime, rosales maintains she's innocent. back to you. >> thank you very much, andrea. gold accelerating its losses hitting a three-year low and prices are closing right now. bertha combs is at the center of
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the action. hi, bertha. >> hi. it looks like the bears have their eye set on that new 2100-ounce gold setting. a new low of 12.05 and change. it also had dragged down silver with it in this precipitous fall closing. copper looks like it's going to hold out and stay positive for the day, but it looks like the bears are very much in control of this gold ride. sue? >> thank you very much, bertha. appreciate it. the trading action here, josh lipton is waupg thtching that. as gold goes down, it's continuing on the upside. >> the feds knew they could shake the session. they said an outright rate hike is years away. the fear gauge, you see that
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down 25% since monday's high. and the s&p, consumer discretionary, also hospital stocks. i mentioned those. under form yesterday but bouncing today. they like this sector. reform means more coverage. thc is a buy, they say. priced at $48, sue. >> thanks, josh. appreciate it very much. let's go to the bond market now, rick santelli tracking the option. we got that auction out of the way, ricky. how do the yields look? >> old school is current school. there is always a bit of a rally. as you look at the day of 7, you can see double bottoming on yields of 189, double bottoming at 246. look at the index just referenced by bertha. kind of similar bottom, all lower or unchanged on the day. these are key areas that will give us a clue, especially if we
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close on 2.50 on the 10. the dow moved 19 trading sessions just a few days away. the fed, the economy, taper talk also a big focus. and of course, underlying it all, how to play the volatility that we're in. plus -- we announce travels to one of the top real estate markets in the country. what does your money buy you in seattle? the power house heads to new york city next. [ male announcer ] at his current pace,
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the dow back up above 15,000, up more than 2% just since tuesday. the biggest gain since january 3rd. was the selloff overblown? andrew is here. he's with global solutions. andrew, it's great to have you here. you've been right on since you've been on the show consistently, and you're not bearish by any means. however, you think the street is under estima
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underestimating a key period of time that's looming before us. >> everyone talks about tapering, but in a couple weeks it's going to be about earnings. a key expansion is continuing later this year, and earnings have not been great this year. in fact, estimates are lower than they were the start of the year, and we need a big celebration the second half of the year to get those full numbers, and if we have another quarter of not so great numbers, i think the bearish argument is, are earnings achievable? i'm worried as we get past this week, the talk of earnings are going to increase. >> is going to loom large. and we have too wide a distance to make up in terms of what the street needs to achieve. >> right. it was 5% the first quarter, it was 2% or 3% the second quarter, but it's 12 to 15% the third and fourth quarter so people are going to say, geez, can we really get these numbers if we have another quarter. >> you like japan right now. you will be adding to japan, and
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the reason is you were bullish on it for a long time, and basically they had a dramatic, violent selloff. how would play it? >> japan is the least correlated the developed markets to the united states. i think europe is intriguing but if we have a soft market, the euro is probably going to go down, but japan already had that correction, granted off an 80% move off the low, but i think corrections will be happening. i would step in to buy japanese stocks here today. >> you like the financials in particular, right? >> no different than what we saw in march of '09 here or starting last summer in europe. the first stocks to move are banks to brokers. that's what you want to own in japan right now. >> how would play tyou play the? >> remember we talked about dividends are expensive? well, rates went up, those stocks all went down. check the box on what happens when the fed changes policy.
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and typically what happens is the market begins to rotate into growth stocks, so you want to own health care, technology, and i think that's going to continue because i don't think these stocks are expensive. we talked about it, the market has overpaid for dividend yield and it's underpaid for tru true expansion potential. they're cheaper than the dividend yielders. >> you heard it here first, guys. thanks, andrew. good to see you again. we have breaking news and we go to courtney for a market flash. >> i want to bring our viewers' attention to cable watch. time warner cable all spiking on media reports that the chairman john malone is possibly exploring some scenarios for buying time warner cable. we're also seeing heavy volume in these trades as well. when we have more information, we will bring it to you.
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tyler? >> he is still one powerful guy, moves the stocks or markets with just an utterance, or not, as the case may be. ford is revealing it's 150 truck series, and phil lebeau is here with us today. >> this is the new truck they unveiled. this is the 11th trim version of the popular f series truck. it contains an eco boost engine to drive more efficiency. when you go to a sales floor these days, you will see a wide variety of f-150s. why? they make about a $10,000 profit on sale of f-150s. they see a change in the market right now particularly with what's happening in the real estate markets. >> the whole segment is growing, especially the regular cab and super cab versions for those who
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work on housing, work on construction, so offering more derivatives in the regular cab and the super cab helps us touch that base even more, but more importantly, another opportunity for us to introduce ecoboost engines. >> while ford is seeing a surge of 21% in pickup sales. this is a hot selling market as you look at shares year to date. they have moved stronger in the last four months or so, so tyler and sue, this is about a hot pickup market expected to continue for the next couple months. >> phil, thanks so much. what a night they're going to have on ""mad money"" tonight. alan mulally, president and ceo of ford, is going to be with jim cramer tonight, ""mad money" [!ez speaker 01]at 6:00 and 11:00 tonight. sue? >> that's the ultimate must-see tv, ty, right? >> you bet.
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up next, we have the power house and we travel around america. today a beautiful part of the world and a beautiful house: seattle. we'll tell you how much buys a house there. the dow up 147 points. to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. vietnam in 1972. [ all ] fort benning, georgia in 1999. [ male announcer ] usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection and because usaa's commitment to serve military members,
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coming up on "street signs" last week he joined us and said he was a buyer. we're going to bring him back on and see where things are sitting with him right now. also, student loan debt is out of control. paying it back is causing a lot of people hardship. maybe there are just too many people going to college. also the nfl in crisis with nearly 60 players having been
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arrested in the past 18 months. how does that shape up against other sports and what does it mean for the nfl's bottom line? we're going to talk about that and lots of other things, guys. in the meantime, back to you on "power line." >> thank you very much, mandy. the number of people who signed contracts to buy homes jumped in may to the highest level in more than six years. this as prospective homeowners rush to buy before interest rates jump any further. contracts have risen 12% in the last six months. >> david bell is a realtor with re/max retro in beautiful seattle, washington. david, tell us about the market out in seattle right now. we're going to look at some figures first for the magnolia queen anne area in seattle. month's inventory about one month. 100 sold versus about 80 and the median price about $650,000. how would characterize the market in seattle, david?
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>> the market in seattle over the last year, since mid-2012, has definitely increased. it's gotten stronger. prices have risen, and inventories have shrunk, but inventories really haven't shrunk all that much in comparison with what we had in the past. >> tell us about our first choice home. it's a townhome, 5807 55th avenue. 439,950. three bedrooms, two and a quarter baths. tell us about this neighborhood. >> it's in the windermere neighborhood, which is on the east side of seattle itself. it's not over across the lake. it's a great location, and this is typically an entry level type home. a freestanding home would be
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well over $500,000, so good properties like this are great, great investments for the first-time homebuyer. it has three bedrooms, it has a full bath, a 3/4 bath and another 3/4 bath and a half bath. when you add all that up, that's where the 3/4 comes from. >> what's a 3/4 bath? >> it has a shower, it doesn't have a tub. if a bathroom has a tub, then it's a full bath. >> who needs a tub. 1818 8th avenue, about 849,950. four a four bedrooms, three and a half baths. why do you like it? >> this is in queen anne, and this is a listing wi bi a friend of mine. queen anne is probably one of the hottest places in seattle. it's just a few minutes from downtown and that's what makes it so good. this is a classic. it was built in 1906, i believe,
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and it's a classic seattle what we call craftsman/box. because it's got a full basement, a full main floor and a full upstairs. it was completely remodels in 2013. great kitchen, gleaming hardwood floors, they maintained all the character. it's got a brand new two-car garage off the alley and it's got some views of the olympic mountains. >> that looks gorgeous. i love seattle, dave, by the way. 1.45 million, 11 million in taxes. four bedrooms, 3-1/4 baths. this says seattle to me, dave. >> this is in magnolia. it's on the west side of queen anne. it's the farthest you can go or else you're in the water. this is actually one of the first homes built in magnolia. it was built in 1900. and when it was built, it was built for the view.
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the view is magnificent. it's elliott bay. you see all the terminals. you see downtown seattle and you see mt. rainier. >> can't get any better than that. >> it's got a courtyard entrance, and in the 1980s, it was completely redesigned and redone by a very prestigious well-known architect here, ralph anderson. >> i'm afraid we have to leave it there, dave. we're up against a hard break here. thank you very much. save that last one for me, will you? sue, thank you. come on back, sue. >> i'll flip you for a tie. i got to tell you, that is a gorgeous house. target, the latest company to drop paula deen. should she just go away or is it all an overreaction? two corporate leaders on the house, george zimmer of men's wearhouse and chip stars. he finally got out. it's all on "power lunch" when we come back. tdd# 1-800-345-2550 [ trader ] when i'm trading, i'm so into it,
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edith o'brien for a variety of charges. the charges against corzine a misuse of funds, and both o'brien and corzine are expected to be banned from trading in the future. they will also have to pay restitution for this lawsuit. they have scheduled a press conference to discuss the details of this and a lawsuit is supposed to be filed imminently as a result of that. as soon as we get details, we'll share them with you. >> we're going to throw this to the panel. my first question would be, is there any indication of what the level of restitution or disgorgement would be? >> i don't have those details yet, although, of course, the important thing in this case is close to a billion dollars of customer funds sort of suddenly went missing in the fall of 2011 as a result of some bets that corzine had made in european sovereign debt, something largely unrelated to their core
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business. so that's been something that has been tracked down over the years that followed, and customers have been made mostly whole but not entirely. that's almost certain to be a piece of it. >> go ahead, kayla. >> we can assume at this point this is in place of any criminal charges coming from the cftc or the doj? >> as far as we know, the doj is not pursuing charges against the firm, global or these individuals. they were pursuing this for quite a while, and as long ago as last summer, they weren't going to press charges. this is an unusually tough case. we've seen stories in the last few days the idea that there was not an effort to settle here with jon corzine. i'm told that's not necessarily the case, but it's clear how tough they are being with him. clearly these are strong charges. >> you said they were considering trying to ban him from trading futures altogether,
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t is that right? >> right, from what i heard, he and edith o'brien will be banned from trading future stocks. that doesn't ban them from having a relationship with wall street in some way, but in futures, they will be banned from doing it. >> there is no big investment house that doesn't have a futures business, so this means jon corzine can never be ceo of a big wall street firm again. >> right, and that's significant because this is a man who has had many lives, as you guys all know. goldman sachs, public office, mf global. there was talk of him possibly starting up a new firm, maybe a hedge fund. so a ban might possibly be the most painful thing for him. that's, again, if the suit revalr prevails, and i'm sure there will be a vigorous defense. >> indeed there will.
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thank thanks, kate. a baby tapir was just born at a zoo in new england and it desperately needs a name. she is the cutest thing. vote at facebook.com/powerlunch with your suggestions for the 25-pound female tapir. her dad's name is milt on as in milton friedman, so we're sure you can think up some good names for her. flying is old hat for business travelers.
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well, all the fed speak has succeeded in propping the market on the up side. we're up 121 points in the dow industrial average, the s&p is up 12 points on the session, but we're up a full 20 on the nasdaq. hewlett-packard is up 2 and a half percent. not so good for the gold market, finishing down $26 and change. that's another 2 and almost .2
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lo loss. $26 an ounce. there is a lot of pressure and the market was very heavy in gold today. a baby tapir just born at a zoo in new england, up in boston. she's a 23-pound female. doesn't have a name yet. but given our foundation with the taper strategy, we have a few suggestions. our favorite, bb, which is short for ben bernanke. but it has a feminine kind of ring to it, if you will, ty. also qe liz, perhaps. tweet us your suggestions at pow powerlunch or facebook.com/powerlunch. the people have spoken. we have some great ideas already. bb, queen elizabeth, pride of
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princeton. t t tenyear, as in the ten-year and yellen. >> thanks so much. we'll see you tomorrow. sue? >> "street signs" begins now. see you, ty. on monday the world was ending. three days later, we have the best three-day run for stocks. bill gross here to help you navigate, and also what lessons he learned by nearly sinking his naval ship 40 years ago. forget mad men. the original mad man, jim cramer is here. he's going to preview tonight's big "mad money." plus, are there too many people going to college? i say yes, many of you say no. plus, we're going
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