important for the network now, sue. in the wake of the roaring success last night of amazon rising, his new documentary, david faber, through popular demand, is going to host the next 60 minutes. >> i heard. >> the next 60 minutes of the network. potentially the shape of things to come for him in the afternoon. who knows, sue. >> you just never know, simon. we will be all be watching, a great documentary that does it for "power lunch." >> yes, "street signs" with david faber begins right now. hello and welcome to street since. the first half of the markets was full of surprises so we try to take the sur praise out of the second half for u amazon getting too big for its boots? well, at least maybe too big for regulators. and dirty rotten millennials? yeah, we have the real dirt on millennials and jobs. yes, we have got david neighborer on the show. wow, that was quite the introduction. >> simon is trying to just -- >> speculation about something

in the afternoon? >> causing a lot of problems that have a basis in nothing, but wouldn't be the first time for simon, would it? take a look at those markets actually right now. of course, we can see the stock market. having a generally positive day the ten-year, look at that, too, but there you see the dow, slightly down, but the broader averages are up again. not much going on. of course this is a holiday-shorted week and trading last week as well was fairly light. that continues to be the case, the nasdaq edging ever higher, not quite at 5,000 but haven't seen these levels in a very long time. take a look at that ten year, backed off that 26 level, not far, not very long ago, mandy, we are back down around 25. >> bob businepisani. what is your take on what that says about the overall health of the markets? >> in good shape. $1 trillion in announced second quarter deals globally in q 2, that's the best since q 22007. not hard to see why. there's a number of factors in

addition to the slowly improving global economy, strategic imperatives, sectors need to buy to grow, very simple, got high cash levels, low borrowing and got high stock prices. this is a very good environment for m and a overall. show you some of the bigger deals, i will explain about this imperative here, strategic imperatives. look for example pharmaceutical and vie buy yo tech, you have botox, companies in biotech spaces need to buy into other companies with good potential deals in the future. then, the entertainment area, the whole media and entertainment groups be, the at&t deal, comcast, time warper, the companies need to get into content more, distribution more, see the facebook, whatsapp, $19 million. you know what impresses me, david an man dirk the fact that these are all blue chip deals, had pfizer, of course, going after astrazeneca, didn't work, blue chip stuff. much less lbo activity as compared to a few years ago.

i think that speaks to some of the quality for the companies that are involved here. >> good point. thanks for pointing it out to us. thanks, bob pisani. the supreme court dealing a major financial blow to government worker unions today. the ruling could have money, a big money impact on their bottom line and also for the future of campaign finance, going to dive right into that in just a second, david? >> first, the markets today, the last trading day of the quarter around and the end of the first half, given it is june 30th. time to break out second half playbook. which stocks should be you be betting october rest of the year? bring in michael kroften from philadelphia trust company and peter sorrentino from huntington asset advisers. thanks for joining us. peter, let me start with you, second half look a lot like the first half? >> if only. our view is that we probably have seen the best for this year, economic data to us, starting to look soft. we have been concerned about the direction of profitability and productivity so we are concerned that we don't see a huge selloff

yet in the cards, think the bond market will telegraph that to us. i think the rest of the year may just be really more stock trading. >> why? why do you believe that to be the can as i? >> well, we just don't see the earnings home tim going forward. top line growth is really almost non-existent for a lot of industries. we think the consumer is really in the process of getting ready to roll over completely and so we are focusing more on the industrial sector, energy, manufacturing, agriculture, i think there is a transition under way to those and sustainable. so, while the index numbers on the top may not move much, we think down below, underneath the hood, a fair amount of activity and plenty to work on the balance of the year. >> look further under the hood with your picks. peter, i want to get to you. broadly, what you think the market is going to do and give us one or two of your picks. >> i think the market's a very key inflection point right now, have to transition from being almost totally dependent on a federal veer that have has been concentrating on keeping interest rates at historically low levels to a market that's

now coming back to a more fundamental approach, having to depend on the economy itself. so, if you believe the economy is going to expand in the third and fourth quarter, which we do, believe the expansion will be a little better than 3 1/2% going into the fourth quarter, you have to position yourself in those factors of the mark that's can benefit from that and then maybe haven't participated to this point. we are looking also at industrials and also looking at financials. and the other thing we have done, which is speaks to some of the deals that have happened already is we are going down the capitalization range a little bit, the midcap sector, maybe in the upper end of the small cap sector two stocks we like are susquehanna banks, which is $1.9 billion market cap company, a good footprint, the mid-atlantic, trading under book value and be a great acquisition for someone in the banking space. it could be -- >> acquisition for who? can you -- larger bank that might -- [ overlapping speakers ] >> maybe fifth third. that would match nicely with

their footprints that could happen. also like nana toe whack. relational he is in there. maybe they were watching our portfolio. >> up 40% year to date. [ overlapping speakers ] >> well, absolutely. 'cause they are gonna spin off their food services business. i think that's no-brainer, free up a lot of value and then concentrate on the crane business, which is booming and is undervalued as the company is currently structured. free that, have much higher valuation ask a good one. >> if relational gets its way. peter come back to you. >> think they will. >> a moment ago, you said consumers is ready to roll over completely. i just wanted to follow up with that and get some of your stock picks related to that view. why do you believe that to be the case? >> >> the housing be numbers have slowed, you look at the affordability index, prices recovered dramatically the last couple of years. the increase in mortgage rates last year actually stuck and so, affordability, even with the better employment picture, it's difficult to afford a home and unless there's a backoff on the

lending standards, which, you know, again, would be to repeat history, is just very difficult for new household formation to actually get from apartment dweller into housing and so, we are concerned because usually about six months after housing slows, you see retails follow it down the same road. auto sales have held up but if you look at the complex of auto loans there's a fair degree of subprime auto lending going on out there and our fear maybe we didn't learn from the last episode. >> yeah. >> so we are concerned that's getting a little frosty right now. >> a couple of your picks, peter, really interesting. for example, one of the most despised sectors, coal, like peabody energy and valero, that's been in the news recently, in light of the fact the government finally is letting up on that four decade-old ban on crude oil exports and looks like the refiners could be in the firing line of that. >> it could be, but one of the problems you have with this is energy infrastructure is fairly massive and you have got permitting and a lot of leadtime

on that. given that we haven't exported crude for four decades, the ability to export crude is pretty limited. yes is it a threat way don't road, it is. you look at what it has taken us to get close to export l and g, this is an issue for a much later date. so, you know, we like these names that are on sale. they are the only thing in the quarter that didn't work, the rest of the energy sector was up huge in the first half. so, what was missing? well, is there anything fundamentally wrong with those companies? not really. do they have cash flow? sure. so, you know, if you just revert back to the many, either energy's got a crater or these stocks have to rally. i will take that bet. >> okay. michael and peter, thank you very much for joining us for our second half playbook. >> thank you. looks like the supreme court just delivered a major financial blow to big labor. government workers may no longer be forced to join unions or pay union dues. we are going to take a look at the big money results. is president obama looking for a private sec is tore answer to the mess at the va?

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they could not be forced to pay union dues. joining us is the vice president of the economic policy institute and ej mcmahon, founder and president of the empire center for public policy. ross, how big a blow is this to unions? >> i think you mischaracterized it, i think this is more a blow to the home health care workers, to the personal assistants, than it really is to the unions since what the union has done for them is raise their wages, get them benefits, get them training, all kinds of things that they didn't have. they were minimum wage workers who were -- had no respect at all before the union worked out an arrangement with the state where they could collectively bargain. so, what this is doing is undermining the ability of the union to have a collective bargaining relationship that works and that's bad for the workers. yes, it's bad for the union, too, because the union is its workers after all. >> ej, i would assume you have a differing opinion? >> well, i mean, the decision in

one respect was not bad for the unions because they didn't lose everything. they managed to hold on to their rights under our previous court precedent to collect the equivalent of union dues from people who refused to join them who are public employees. what this case involved was people who were essentially independent contractors to government who were sort of roped together and placed in the unions or allowed to have a unions organize them in various states. there's more than a dozen states that have organized, allowed unions to organize these independent contractors and informal day care providers or child care providers into unions, usually public -- public employee unions that already represent public employees and what the courts said was this is a different class of employees from people who actually work for government. they are not public employees. the state will say they are not public employees and you can't force them to pay what's called an agency fee in lieu of a union dues arrangement, if the employees do not actually want

to belodge to the union. >> i'm interested, ross, also what this means in terms of the political clout of the unions. i mean, obviously, if you limit to get funding, people therefore have a choice to pay their dues or not pay the deuce and the union, if you limit the financial support of these unions, i'm gassing you are going to be limiting their power, limiting their ability to lobby, limiting their ability to negotiate what does it mean for the power overall for the unions? what are the broader implications here? >> this is case that involves home care employees, there might be as many as half a million of them around the country who have been organized into unions, which means they voted for the union and it is not that they were roped in. i think that's wrong way to look at this. it will diminish their voice in state government, that's bad thing and it does mean, you know, fewer -- that, you know, and it will van impact on the treasury of seiu and some of the

other unions and i think that's bad thing and the court actually focused on that. they said -- they were very cognizant of the fact that unions have some power to bargain for their employees and raise medicaid costs, which the court said was a bad thing. i mean, implied was a bad thing. and in fact, what the unions have been doing is bargaining for home health care employees who end up lowering the cost for the state by providing direct care and making that system work is in the state's interest and doing anything to damage that system i think is a loss for everybody. >> ej, those who point to the widening gap in terms of disparity and incomes in this country also point to the declining power of unions and may perhaps choose this case as another example of that. would you agree? >> no. they are as powerful as ever. this is not about making them less powerful. it is a signal that their power has reached a high water mark.

this was the one new frontier of growth the public sector spotted. basically, their membership has peaked and declining with the decline in government payrolls in the major states were they tend to dominate politics and government employment. and the one area they saw for expansion was to unionize workers, starting with informal child care and day care providers, who worked pursuant to government subsidies and contracts. for instance, many of these people are friends or relatives of the people who are receiving the service of the parents involved who hire them. they were not, in fact, clamoring, you know, in some mass movement for unionization. this was something done wholesale basis, often by executive orderer, union-friendly governors,ce fix theville a? >> i'm certainly a believer in the ability of a strong ceo of a capable business leader to go in and address a problem like. this he is not being able to formulate economic policy or to,

you know, wage war or anything like that he is being asked to take on a fundamental mismanagement problem and turn it around and i think that's exactly the kind of qualifications you want for the kind of problem that the va seems to be facing. >> is there any possibility that he might even try to push to privatize the va? >> i would be shocked at that. i think in the short run, there's a mess on hand that has to be cleaned up. i don't think he come -- from everything i have read and heard, i don't think he comes to this with any ideological baggage. seems to be modestly a republican leaning, which is great to have the president make a decision that was not at all politically motivated and of course, he spent five years -- graduated from west point and spent five years in the military himself. he understands the importance of this and i would be shocked if we saw a major policy change in how the va is organized. >> yeah, is there anything that comes to mind though, steve, that's corollary to this? i mention it because i can't imagine it always goes well.

corporate running something that's government doesn't necessarily mean success. by the way, mcdonald had his chair of challenges at p & g. he got replaced by laughly, the former ceo after ackman was in there and activists were questioning his strategic decisionmaking. >> there's no question that the record of business leaders coming into the government has been mixed. they don't always understand the politically environment in which every -- every part of the government prety much operates. on the other hand there have been many examples of business leaders coming into got of the. i'm not even mentioning myself as much. if you go back to the post office, back to the rtc back in the '90s there have been examples before of something that's fundamentally a management problem, no the a political problem, not a policy problem, but a management problem, where a ceo could really make a positive difference. >> and you know, i've even seen commentary, steve, that subjects that the v sachlt actually like

a big business as opposed to a military organization. maybe he is the right fit when you take it from that point of view. >> well, that's precisely the point. i think you have what he former generals running it. no disrespect to jones. they do run large, complex organizations themselves. but this is a business, this is just a big, complicated business, like procter & gamble and one in which someone with 30 years of nitty-gritty, day in, day out, management experience grinding out solutions to problems is i think the right direction to go. life is never perfect. you don't always get exactly what you want. but i think -- i think this comes about as close as i could imagine to being the right profile. >> all right. thank you, steve. >> you're welcome. >> steve rattner. well, all day today on cnbc, we are looking into our crystal ball to see what the financial markets will look like in 25 years. here's a hint, by the way. just look west. >> good hint. plus the real dirt on why millennials are not finding

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cnbc celebrates its 25th anniversary, we are looking the how wall street will evolve the next 25 years but will wall street be where the market action is? good question. dominic chu explains. >> the seeds for wall street's next evolution are already being sown all the way across the country. >> might be non-conventional players sitting here in silicon valley that could cause a huge disruption to wall street as we know it today. >> and for good reason. if you think computers are mission critical for markets now, just wait. >> the future, 25 years from now, will be settled by having this infinite depth of historical information to temper choice and decisions. giving realtime not just the

instant but what happened in the past. >> the concept is called fast data which takes boundless amounts of information and let'ses users make realtime decisions. >> the amount of data created in the last year or two will be ten times the data created in the entire history of mankind and we see a similar phenomenon taking place in the markets. >> every industry about data, no more so than wall street, right? everything is digitized, every decision. >> harvesting and leveraging big data and making fast data could pave the way for virtualization for all financial markets. >> we live at a time when the world's largest semiconductor company has no factories, the world's largest music seller has no music stores. the world's largest book searle has no book stores. the world's largest taxi company has no cars. so, the world's largest bank won't have branches, won't have bankers, won't have trading floors. >> it could even change the way central banks, like the federal reserve or european central bank

operate. >> the federal reserve of the future will be a computer program. it will be big data, central bank. >> the question is, will silicon valley ever displace wall street as the financial capital the of the world? >> what's amazing is that wall street used to be where all innovation happened. it was all borne out of wall street. now, a lot of that shift has moved to the west coast. >> wall street should really look at silicon valley as a disruptor, as a potential threat. >> they always love to say that dom chu. silicon valley guys, coming back us to. they may be right. >> not that amazon is a silicon valley company, per same the ceo of tipco talks about how companies have to be wary of getting amazon, uses it as a verb, technology change the value proposition of anybody, wall street included. >> at the moment obviously, silicon valley is the flavor of the month, of the year, things

are going to well. we see other tech crash, you can immediately imagine suddenly a lot of focus back to wall street, no? >> there could be. but also, we tend to think about things domestically because first u.s. viewers, u.s. audience here, we think about the -- we think about america. but things becoming so global, we know that european centers are huge now. we know that asian markets, asian centers of capital raising in exchange homes are also doing very well. so you never know where it's gonna happen. the one thing we do know is that technology is massive -- it has been a massive force for the markets over the past arguably 50, 100 years and now, you can see, it's going exponential. we see about 25. the stuff that vivek is talking about in that video might happen in the next five to ten years. never know. >> shares of gm halted. obviously, we heard from the company this morning, heard from fineberg, but did want to alert people to that halt. we will bring you up to date as soon as we get any news there

>> also going to be talking later on with phil lebeau about the fineberg announcements from this morning. talk more about that later on in the show. in the meantime, dominic chu, thank you very much. >> always a pleasure, guys. >> love your professional voice, when you're voicing over that package. >> i'm gonna try to work on that got to be updated. >> very good. good facts. and very interesting, actually. really interesting stuff to think about. >> thank you, sir. >> welcome. yahoo! a big upgrade today. street talk is on deck. plus, can one of this year's hottest stars get a second half jolt? plus, of course, more on the gm news. stay tuned to street signs. if you have moderate to severe rheumatoid arthritis, like me, and you're talking to your rheumatologist

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general motors halted news pending. get phil lebeau for t >> david faber, sit down for this, one of the recall announces the you will say are you kidding me?

general motors is announcing six new recalls, totaling 7.6 million vehicles. these are vehicles built between 1997 and 2014. just going through the release to find out exactly which vehicles are involve and what the defect is. we do know that the defects involve seven crashes or responsible or linked with seven crashes, eight injuries, three fatalities, one other piece of knew the reason the stock was halted, general motors is now increasing the charges that will be related to recall expenses for the second quarter. it is now going up to 1.2 billion dollars. so you add that 1.2 from the second quarter with 1.3 from the first quarter, this year, in the first half, general motors expects to take $2.5 billion in charges related to recall expenses. the new recall is covering 7.6 million vehicles. guys, that means that in the united states, gm's recalls now total over 25 million. >> yeah. that was going to be my question. >> here we go. >> unintended ignition key

rotation, that is what the recall is related to in terms of the actual part that is defective. think about this, guys. 25 million vehicles in the united states recalled this year from general motors. that is a staggering, staggering number. >> what's going to be left on the road is kind of what i wonder, phil. you have been covering -- people can be forgiven if they have forgotten how many they have been done, except it seems like every day. 25 million is almost an uncomprehensible sum of cars. >> dave stlirkd recall or this six recall recalls this calls into mara barra into question, mary barra saying the last three weeks, we think we're near the end of the recalls. we think that we can see the end of the tunnel ahead in terms of when the recalls start to slow down. we have heard that for several weeks. now they come out and recall 7.6 million. on one hand, people will say, good, you're doing what needs to be done, you're getting the problems out of the system. on the other hand, there's no clarity there. we've heard this time and again. we are near the end. we are near the end. and then this comes out. so, you have to wonder if investors are looking that the saying how -- when do i know the

bottom is actually here for general motors? >> you can imagine the difficult position ceo mary barra is being put in. one hand, people are pushing for her to give confidence out to the market this is near the end, i guess, you know, you put it out there you think near the end, suddenly, this comes back and bites you, doesn't it? so i guess a lessen for all corporation and the spokesperson when they are in this situation. >> it goes well beyond that man ditch it also calls into question quality control at general motors. at first, just the ignition switches and now, you're looking a at series of other recalls, these new recalls that 7.6 million that's just in the united states. it's 8.4 million world worldwide. you look at the recalls from general motors to year, over 28 million, might be 29 million, i know it's over 28 million. and so the question now comes down to quality control. i mean, what's been going on at general motors over the last ten years? >> mm-hmm. and this all comes the same day that ken feinberg stood up and gave details on the victim

compensation plan. give us the highlights of that and what it will mean to the company. >> the compensation plan is related strictly to the faulty ignition switches and we have a couple of example here and i don't know if we can call these up, in terms of what some victims might be paying, because people are saying is it 5 million is it 10 million? each case, it depends on the person who was involved and ken feinberg threw out a couple of examples saying, look, a 17-year-old who is living at home, no income, i believe that the compensation is going to be 2.2 million. that's his estimate as of right now. he is just throwing out hypotheticals here. another example, a 25-year-old who is married with a couple of kids and a salary of 75,000, their compensation might be 5.1 million. and then there are scores of people who were injured in faulty gm vehicles and threw out an example who is a 10-year-old, a paraplegic, the fund payout, in his estimation, would be about $7.8 million. so, that gives you some sense of what the fund might be paying

different victims related to the ignition switch crisis. but again, that's strictly related to faulty ignition switches and this new recall, the flash you're seeing at the bottom of the screen that is not related to the ignition switches, that is all new six new recalls involved there. >> fill, just put it in some perspective for our viewers. how many cars is gm estimated to sell this year? where are we? >> yeah, i would say they are probably gonna sell about 2.6, 2.7 million, in the united states. now, worldwide, they are gonna sell close to 10 million, about 9.8 million. that's the worldwide number, but here in the u.s., going to be david. 5, way past and we are not even six months, at the six-month mark in this year. blowing past all previous records here. >> very quickly, can we quantify what impact this has had on people's decision whether or not to buy a gm car, that is hurt the dealers? >> mandy, that's the surprising thing, thats athe surprising thing, sales have held up, traffic has held up.

you look at their market share in january and where it's going to be, getle the sales numbers tomorrow it is down trackly, sales up 2% this year. so it's not keeping people out of the show room it is not keeping people from going in and buying. up until now, for some reason, a lot of people have said, you know what these at old gm. those vehicles recalled, doesn't impact what i'm seek in the show room now. brand loyalty goes a long ways. saw that with toyota and certainly seeing this now with general motors. >> thank you so much for the breaking news. phil lebeau, keeping our eye on general motors, the stock right now is actually sitting at 36 and change. >> yeah. i don't -- has it opened yet? i don't believe it has yet at this point. >> at the point of hold. >> phil's point, the low around 34 and to his point, and to your question, of course, man dirk the sales losses have not yet been there, even though they are now about to set records. >> would you buy a gm car, like taking all these recalls into account, would you buy a gm car? >> i don't know that i was a customer anyway necessarily going in.

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not the same reason as a number of the other recalls, drawing into question whether we can believe it anyway, mandy, in terms of the estimates this is it, this is it, a drip, drip, drip this is more than a drip, given they have now recalled, in phil's estimate, 25,000 automobiles overall, 28 to 29 million worldwide. >> we are still watching, so the last trader, 36.84, it was up by

6-10ths of a percent at the time of the hold. and keep watching to see when that starts trade again. a big two hours of television coming up right here on cnbc. kelly evans for the closing bell is live at the aspen ideas festival. what kind of ideas making headlines there, kelly? >> mandy, good afternoon from aspen. i think the headline is how beautiful it is and the kind of people gathered, business leaders, obviously a lot of people thinking about the future of tech, about finance, there's talk about alternative -- artificial intelligence, ai, a lot of the discussion. also a couple of big interviews coming up the next couple of hours you want to stay tuned for. going to talk to larry summers, talk to the governor here, john hickenlooper, of course this state so controversial six months into the easing of its laws about using marijuana. so, how that's all going, restricting of gun laws, just colorado being a state that's good for business and his clash with governor chris christie over a lot of these themes. also, we are talking to david

rubenstein of the carlyle group on a day when his private equity competitor, blackstone, is very much in the news. so a lot being discussed in the hallways, guys and also on the program, the closing bell, coming up. >> where all the action really is, in the hallways, the water cooler, over dinner around the hallways. thank you so much. looks beautiful, look forward to the show, kelly evans. now talking numbers, our look at a stock technically and fundamentally, today, kur rig green mountain, one of the best performing stocks on the s & p 500, leading stock in the 100 year to date. up 65%. the shares continue to grind higher or is it too late to get in? start talking numbers. aaron gibbs on the fundamentals, mark mune, on the technicals. thanks for joining us. mark, start with the charts here. the stock doubled since november lows, is there more room to run? >> short term, the stock can make progress on the upside. a lot depends on the timeframe, a short-term trader, i think the stock can get up to 135,

potentially 140. two charts put this in perspective, someone a daily chart, look back at the formation, just since february this year. this is what's known as a cup on a handle formation. oftentimes, see a stock come up, test the highs, sideways for a couple of months, what we have seen most of the time the stock moves higher. what i think, back above this 125, to 135, that would be positive. if anything, recent consolidation has helped to alleviate a lot of the short term conditions. my problem comes with the weekly chart. you look back at the stock over the years, seen momentum get extremely stretched, you mentioned, the stock has doubled really since last november, been up since-fold in two years. so the stock was roughly near 20, now up to 125. momentum is now starting to wane a bit on weekly charts. it's had a history of really peaking, if you look back at 2009, 2011, '13, dramatic spikes and weakened. short term, i think the stock can still work, a little cautious at this point, i really

want to see for longer term traders, a move to new monthly lows and likely start of a minor pull back on the stock. >> understood. erin what do the fundamentals tell us about kur rig green mountain? >> sure. the past two quarters, they have really beaten estimates -- estimates and that's where you see these two pops year-to-date and a lot of the growth. the question is can they continue to do this? i think over the in ex-12 to 18 months, there's a lot of positives going for this company. besides the fact that they changed their name to kur rig so we know this is associated with their most popular product. first of all, they are coming out with a new brewer, kur rig 2.0. second of all, coming out with a cold beverage brewer and also agreements with smucker's beverages and coca-cola for cold beverages, really expanding this at-home beverage market. they have also got license agreements to really get rid of some of the unlicensed portion packs that were eating into their margins and their market

share more recently. so i don't think analyst estimates are really reflecting some of the potential that we have over the next year to 18 months. they are a bit expensive, raked in at 32 times. i prefer to see it come down to a 121, raked in at 30, 31 times forward earn eggs and see proof the new products coming out next year. >> looks like you want a few more things on the table. thank you very much, erin and mark, for joining us today. also, check out the online edition of talking numbers in partnership with yahoo! finance. >> all right, again, we are watching and waiting as gm shares still halted on news on massive recall from the automaker, about 8.4 million vehicles included in this recall, goes back to 1997 vehicle year, right up to the current day. gm is aware of seven crashes, eight injuries, three fatalities, by the way, they occurred in older model, full-sized sedans new york conclusive evidence the defect caused those crashes, part of the safety review, the recalls are mounting, of course.

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i want to update everybody, of course, still waiting for shares begin trading. stock was halted. the news is a massive recall at this point. we're talking about 7.6 million vehicles in the u.s., 8.4 million overall. that brings the total number of recalls that's called over the last number of months since the first crisis began to 28 million. i want to bring phil lebeau back in here. the safety review that they undertook here seems to be unkovrg a lot of things that weren't necessary. i'd love to get your insights on how this process is going and where we are. >> they put somebody in charge of doing a cleat review of all of the safety operations at general motors in terms of what complaints were there, have they looked at those complaints in the past, shoulds we look at them again. obviously the reason they're doing this is they were caught by the federal government not

doing it in the past or doing a very poor job in the past and as a result the nhtsa, national highway traffic safety administration, is watching them so closely that general motors has taken a position anything close to a defect we're going to recall. now, some of the recalls that we've heard about over the last three months, david, have been some ticky-tack things, you would say it's a service bulletin. the one today, 7.6 million, they know of at least three fatali fatalities that they believe are linked with this issue. they know of seven crashes. i mean so, this is one of those that you're looking at and saying, wait a second, there's something more serious here than in the past we blew off. we said, well, you can expect a certain number of crashes with the vehicles and that may be why it didn't get the attention it got that it's getting cite now. so that's -- what's happening here is general motors has gone back and they are looking at every complaint, every potential problem, and in some cases they're saying you know what, there's enough to initiate a recall, let's do it. >> going through everything with a fine-toothed comb. i want to get down to the floor

of the stock exchange. bob pisani, i understand a lot of people are gathering around the gm trading post. the fact that it's still halted, right, hasn't started trading again is there a possibility according to rumors maybe they're waiting for more news to come out? >> right now, here's all the guys. you think there's nothing happening on the floor anymore. these people are waiting for the stock to open. the nyse can't open the stock until the company has notified them that all news is out. that's what "news pending" is. they say stop trading, we want all the news and information out. as of now, we are waiting for the company to say we have made all the news available, you can now release it. and the guys upstairs will call over to the dmm right there, the designated market maker, and say you can now begin trading. that's how it happens. they didn't decide to do this just themselves. as of now, they are still waiting for all the news to come out. i know everybody thinks all the news is out but there's a legal

process that goes on here and probably have to start trading fairly soon. given indications once that happens it will be within one to three minutes probably before it opens. i think it's probably getting very close right now. i'll let you know as soon as it opens. but it will be close, in the next three or four minutes. >> we have a piece of news and this is one of those where when it rains it pours. the orange county district attorney has filed a civil lawsuit against general motors, and this is the reason why, for endangering motorists and the public by intentionally concealing serious safety defects in gm vehicles to avoid the cost of recall or replacing defective parts. that's one more example where it's all cascading here for general motors right now. they're trying to get all of the bad news out and it seems like every time they make an announcement and they start to get the indication things are close to the end, here comes more bad news. this is really the first time i've heard of a state government or i should say a city government filing a lawsuit against a lawmaker, an automaker

for not initiating recall soon enough. >> you know, phil, if we were -- if any automaker out there were to undertake the safety review gm has, do you think we might see more recalls from that automaker? >> yes, absolutely you would. some of these recalls from just a moment, you look at this list, there are some ticky-tack things in here and you look and say, that could have been a safety bulletin, does anybody really need to know about that. i'm not trying to discount the more serious ones where people were injured or could be injured or killed in a vehicle. nobody denies those should. but there are some ticky-tack ones in there. if every automaker went through this kind of a review, there is no doubt that you would see scores of recalls coming in. we've already seen that to a certain extent because they're already much more vigilant than they have been in the past, certainly not to the extent that general motors is right now. >> let's get back to bob pisani on the floor. what more do we know? >> well, we're getting some indications right now and they're trying to gauge the interest of the crowd so, this means that it's coming and it

looks like it's going to open shortly. bear with me one minute. are we opening? we're waiting for the -- oh, there -- did we get an open on it? >> yes. >> we did open. 36.24. sometimes it's hard to tell. $36.24 is where we opened. >> just down over 1%. >> just open. you can see the crowds still standing here. they've got orders. they're moving around. in the old days you would hear them screaming at the dm bhashgs their orders were. here they're doing it electronically. it's deceptive because they don't yell at each other anymore. they sort of stand next to each other and move massive amounts of stocks around. there's a lot of activity going on, hundreds of thousands, millions of shares changing hands in this little group right here. they just don't scream at each other. >> phil, you know -- i'm sorry. phil, based on what you know --

i know he's still there and where we are in this process, is there any estimate you might be able to provide given all the reporting you've done as to whether they are at the end, whether all the safety checks they made, you know, where are they in terms of recalls? >> no, because i feel like, you know, somebody who's been crying wolf. i have to be honest with you, i have done at least two or three reports i know of where i have quoted either mary barra or a gm executive where they have said we think we're near the end of the major recalls, think they're starting to slow down and then, boom, something like this comes along. so you're to the point right now where if they tell you that, you can look at it and say how do you know? you told me a few weeks ago, mary barra held a press conference and said we think we're going to be close to the end by the end of june. here we are the last day of june and they're recalling 7.6 million vehicles. >> phil, down by only about 1%, just over 1%. is that an appropriate response to this, do you think? >> i have been asked probably every day by somebody whether it's on the train going to work or when i'm out about town, how

come the stock is not down further? clearly investors maybe are buying into the idea that general motors will get past this and when it does, this is a stock that is primed to move higher based on all the things they have going for them, especially when you look at international markets in china and the growth that's there. and the belief that this is as bad as it gets in the united states. >> yeah. right. >> but, phil, i mean, there has to come a point at which the review ends, doesn't there? isn't there a finite amount of time where they've gone through every single thing? >> i would say so. they've been careful not to say if they have looked at a percentage of complaints in the past. we've asked that question. they have never said, look, we've looked at 60% of the complaints there, so you never know. you really don't, david. i think they are at the point right now because they have been caught saying it's slowing down when, in fact, it is not, that they will probably take the approach here of saying we're optimistic that we're nearing the end but we're not going to put a date anymore like they

have already because clearly the end of the second quarter is not the end of the line as far as the serious recalls. >> i'm wondering if you compare general motors with some of the other automakers out there, are they benefiting at all from these woes of gm in any way, shape, or form, or is it not possible to say that? >> a little bit, but i wouldn't say you could definitely rel it to the recall crisis. look, gm's share, mandy, i think when this all started in january their share was like 18.1% in the u.s. and right now it's at about 17.5%, 17.6%. that looks like a huge change, but there's a lot of seasonal factors in there as well. again, their sales are up 2% this year. have they probably had a few people who have come this and said i'm done with you and they've gone across the street, whether it's to chrysler or to ford or toyota or somebody else? yeah, i'm sure they probably have. but there's no way of quantifying that. >> sorry, david. >>, no phil, on a day when we had feinberg telling us about the fund that is going to be used to compensate victims of a previous defect that we've

obviously become aware of, where are we going here? seven crashes, three fatalities. you bring up orange county. i mean, the possibility of just endless legal challenges here, certainly has to be -- >> they're really hoping that the computation fund that ken feinberg is in chaj charge of that that will clear out the bulk of the cases involving the faulty ignition switches. that may be the case. as for the rest of the recalls, yeah, it's a black eye and yes it's costing this company at least $2.5 billion in terms of charges this year, but they believe that at least in terms of the legal problems, most of those legal problems are centered on the defective ignition switches. again, they ear hoping to clear out maybe 85% or 90% of those cases through the feinberg run compensation fund. >> phil lebeau, great stuff on the breaking news with gm. once again to recap, only down by just over 1% where we're sitting right now now that it's come back in trade. quickly, the markets themselves

today aren't moving that much, but you know what, the s&p and the nasdaq, they're closing out i think their sixth straight quarterly gains with this quarter, of course, included there. that's the s&p's longest quarterly winning streak since it was up 14 quarters between '95 and '98. on that note, thanks for wat watchiwatc watching "street sense." >> thanks for having me. >> "the closing bell" is next. >> hi, everybody. and welcome to "the closing bell." i'm kelly evans coming to you live in the aspen ideas festival, all leaders from the world of business and politics are gathering to exchange ideas on the foremost issues across the finance and investment world. bill griffeth will be joining me shortly from