stuart: 12, 12, 12 the dow is down 100. here is connell. connell: the federal housing authority is under a bigger amount of debt than originally thought. more controversy at the white house today. susan rice is back in the news. is this just an attempt to deflect attention from the newest scandal? we will talk about the newest money bust in baseball. this could cost alex rodriguez his big-money contract and possibly his career. ordering up some new cold cuts. amazon wants to deliver groceries to doorsteps nationwide. ♪

dagen: and i have an ingrown toenail. here is connell. [ laughter ] i cannot wait for the a-rod discussion. right now, 110-point loss on the dow. the co-petallides is the new york stock exchange to explain why. nicole: jobs added. 135,000. we are seeing the market selloff. you have banks and drugs and a majority of the dow components have down arrows. down 108 points right now. i heard you talking about amazon. when you think of amazon, you think about books.

how about, groceries? working to roll this out. this is according to a couple people that are familiar with the situation. back to you. dagen: we want to know if you would like groceries from amazon.com. connell: we get our groceries delivered. dagen: if they do a great job. $115 billion is what the federal housing administration could lose over the next 30 years.

connell: peter barnes in washington with more on that. peter: the chairman of the committee is suggesting that this may have been a cover-up by the fha. can you say bailout possibly coming? it then went to the auditor it self for more information and discovered this stress test. the same stress test that the federal reserve uses on banks. >> fha is ill-prepared to handle even a moderate recession anytime in the next three or four years. if that were to happen, the

taxpayers would face it. >> the fha did this analysis on its own, but did not included. documents and communications clearly show that the fha was determined to avoid disclosing the stress test results to congress. the fha did not respond to us for comment. dagen and connell. connell: peter, thank you. peter barnes in washington. 135,000 jobs were added in the private sector last month. the estimate, however was for

165,000. the fed may just keep pumping the money here. good to have you, ron. today, the numbers are not great on jobs. people start to say, all right, maybe the fed will save us. >> ultimately, the fed does not want to ease their quantitative easing. that probably means they see a better economy. connell: it is not made up, but

you are looking for a reason here. the big picture, what is going on, do you think. >> it is a mixed bag. there is much more bad news, or sluggish news. everybody talks about unemployment like they are regular numbers. it is a pretty scary scenario for sluggish growth. europe is not doing well. asia, who knows, the numbers are a little bit skewed on a day to day basis. there is the economy and then there is stocks. >> you are looking for bargains.

>> i would say that the areas to look at our areas of global growth. connell: starbucks. do you think about big versus small companies? he said the slowdown is evident among all industries. are you still better served by investing in the largest companies? i think the high dividend payers have had quite a run. they are expensive.

i think there are other places where dividends are increasing. you have to look at cheaper stocks. oil, i think the whole oil patch, that is a great place to put money. dagen: more controversy out of the white house. susan rice has previously been considered for the secretary of state position, but withdrew her nomination. is president obama taking this opportunity to deflect? what do you make of the appointment of susan rice as national security advisor? >> what do you do with susan

rice? you cannot reward her with secretary of state. that requires confirmation. what do you do with susan? you make her national security advisor. she can lead from behind national security policy. dagen: it will surely antagonized some. >> it is a clever move. she is a hot potato. even just mentioning her turns

republicans on fire and democrats wanted a chance to question her, too. she will avoid that now. she is rewarded. you get her out of the way and you reward her. it is not a happy day, you know, for anybody up here. maybe that is a calculated plot. terrorism as we know it, had been vanquished by the obama administration. dagen: let's talk about the irs. you will be talking about the full report tomorrow. we have new details. in particular, the $17,000 paid

to a speaker who painted pictures of bono, albert einstein and abraham lincoln. why bring this to light. what is the point of all of this. >> well, that was only the tip of the iceberg. they are blowing $135,000 on speakers for a conference. that makes the guy in the hot tub look like -- tomorrow, the public will probably gag when

they hear what was going on. dagen: the painter was supposed to free up the thought process. with danny now overseeing the agency, he seems to be very firm about what has been done to reduce this kind of spending. are you confident that it will be under control? >> what we need to do here is, first of all, hold people accountable. i think people were given bonuses. they spent outrageous amounts of money. we need to make sure that people are held accountable who wasted

taxpayers money and then make certain that there are provisions under law and also the rules that we set that this does not go on in the future. dagen: thank you. be well. connell: very good. we will be talking about the cyber threats coming up. dagen: the new york yankees may now have enough to avoid the mega- million-dollar contract. we have judge andrew napolitano to tell us what happened with a

rod. he will fight the fight until he can fight no more. markets now continues. we will take a look at the oil markets. ninety-four dollars today. ♪ you hurt my feelings, todd. i did? when visa signature asked everybody what upgraded experiences really mattered... you suggested luxury car service instd of "strength training with patrick willis." come on todd! flap them chicken wings. [ grunts ] well, i travel a lot and umm...

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connell: let's get back to nicole petallides for stocks now. nicole: i am standing here. what is that chart up there pushing mark it is a chart that basically continues to dwindle and move to the downside. they are looking at the s&p

futures. the s&p 500 index is lowered. the nasdaq composite also to the downside as well. we have concerns about the fed. that really stems from last week. jobs, today adp. friday at the monthly. dagen: it is time to make some money with charles payne. charles: bed bath and beyond. they had some positive comments. i like the timing on this thing. if the housing recovery ever does catch on, they should do very well. i think it is one of those stocks that you can call the dodo bird stocks.

you know, it is a little different than buying cds and things like that. dagen: they have an online presence as well. charles: that has been a negative story, though. here is the interesting thing, a lot of downgrades this year. wall street fiscal year 15, they have been ratcheting up earning investments. so far only one friend that i have seen has said it is a buy. connell: thank you, charles. charles: companies change. connell: there you go. thank you. good stuff, as always. dagen: thanks, charles. look in the mirror.

that is what china is telling the united states. connell: then, voiding a-rod contract? the judges coming in. judge andrew napolitano. stay tuned for that. first, the euro is at 136. he does not care as long as he gets the money. we will talk about that coming up. ♪

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♪ >> 24 minutes past the hour. i have your fox news minute. raging floodwaters and prague have killed at least 15 people. for the 19,000 have been evacuated. several chemical plant located near rivers have been shut down. the u.s. soldier accused of

shooting 16 afghan civilians is expected to plead guilty. he will avoid the death penalty if he pleads guilty. attorneys for the father of two say he had taken drugs and alcohol prior to the massacre. live pictures now from new york. the funeral for frank lautenberg expected to begin. those are your head finds. i am patty ann brown. dagen: two days away from president obama's summit. >> you need to be tough now. remember, this is a crutch for them. they are not doing it by innovation. they are doing it by theft.

it is unsustainable in our economy and it really is not good for their economy. connell: chinese officials, now and try to turn the tables on that. this is according to a report done by price waterhouse coopers. changing times, i guess. the largest municipal failure in u.s. history to exit bankruptcy. this covers $2.4 billion.

the largest creditor is jpmorgan. it is forgiving over 840 million of the 2.4 billion that it is owed. dagen: we will bring you investments. connell: we will be talking with small business owners. they charge your customers using ipods and iphones. the cofounder talking about the big money being spent on drones in corporate america. that is a very interesting story dagen: invested in jets nevermore memorabilia. connell: alex rodriguez, his

future with the yankees and his future could be on the rise. the judge coming in to talk about that. dagen: storms are brewing that show hurricane potential. ♪ everybody has different investment objectives, ideas, goals, appetite for risk. you can't say 'onsize fits all'. it doesn't. that's crazy. we're all totally different. ishares core. etf building blocks for your personalized portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully bere investing. risk includes possible loss of principal.

we have half an hour left. here's what is coming up, avoiding a million dollar contract, the latest drug revelations may give the yankees what they need, will it? are we with alex rodriguez. mother nature powering up,

storms with hurricane potential have some states bracing for the worse. the irs scandal among others causing americans to lose faith in government. former congressman dennis kucinich is always a blessed to have around and he is here to talk about it. connell: active nicole petallides for stocks. it has been ugly in the market. nicole: we agreed 2013. every month has been a winning month on wall street but it has changed. you may remember those fomc minutes, the reversal in stocks, concern about the fed tightening and the bring off of bond buying. concern throughout these years since we recovered from the recession but that is in the forefront today because of the ndp report with private payrolls and that rose by $135,000 but

that was below analysts' estimates of $150,000. what about factory orders? we got that in today. economic news weaker than expected. those came in with a rise of 1% but the estimate was 1.5% and numbers are just shy of what people hoped for. 29 of 30 dow components are to the down side with the exception of one and that is pfizer. connell: we will talk about the money angle. the latest developments on it as espn is reporting major league baseball will look to suspend players, miami area clinics known for performance enhancing drugs and two notable names said to be caught up in this mess, alex rodriguez of the new york yankees and the milwaukee brewers, both players had their names show up on record that this clinic and if they were implicated they could suspend

them both for 100 gains. tony bosh at the center of it, founder of the miami clinic. espn says he has received an agreement with m.l. be an come to an agreement, to cooperate in the investigation to testify against these players. dagen: the yankees have been rumored to be in looking for a whale out of alex rodriguez's mega million dollar contract, he has five years left on the deal estimated to be $114 million left and that contract, $20 million for this year, hasn't played a game this year. et 3 even if these allegations never came to light, yankees would love to get out of it but with this can they? can you avoid the contract? judge andrew napolitano joins us, senior judicial analysts. they can't get out of this. >> they would love to get out of

it. good morning. always a pleasure to be with you know matter where i am. the way this works is the yankees cannot void the contract on the basis of drug use alone unless and until major-league baseball does so first. this is in there to protect players from having their contracts voided at the tail end of their careers when they are not worth as much money as their teams thought they would be when they negotiated the contract so if major league baseball finds and determines alex rodriguez's behavior is were the above 100 game suspension which is the rest of the season during the course of which he wouldn't get paid so he would lose $15 million the yankees could use that as an instrument to avoid the rest of his contract. as soon as he is suspended he is going to demand arbitration, he is suspended during the arbitration without pay but the arbitration is like a file with an arbitrator, not with the judge or a hearing or a jury,

major league baseball will present its case and rodriguez's lawyers will present theirs and the arbitrator will rule. dagen: how much rodriguez would fight the yankees if they tried to avoid it. how long would that bill one in the court system? >> it could go on for a while. it would depend on the evidence on which major league baseball based its decision to suspend him. that evidence would not have to be testimonial. it could be a documentary. stated differently if the commissioner of baseball bud selig is satisfied that there is enough solid well grounded lawfully obtained documentary evidence, pieces of paper implementing a-rod they don't have to ask his version or take any testimony, they could suspend him as soon as bud selig comes to this conclusion. then the ball is in a rod's camp to challenge the suspension. if he wins the challenge he is back on apparel and back playing as soon as he is well enough to

play. if he loses that and the ball is in the yankees' camp to say we don't want this guy here at all let's break the contract. no secret the yankees have been looking to break a contract for a couple years. if he can even play -- connell: a different story completely but they would love to get out. the end fascination with this surrounds president as it often does in many cases that a-rod is no stranger to that. he was going to sign before the yankees, to take a pay cut at the time the union -- can't take a pay cut or have that president. in this case completely different but the same person involved is there any precedent for this situation where a contract would be voided for something like this that you know of? judge napolitano: yes there is. can't give you a name of the players but i know this has happened before and it is clear under the law this can be done. however it has not been done

with a player of a rod's caliber and income and our friend and colleague stuart varney would say he is extremely litigious. he runs for ruble years left and right. he will show up with a law firm ready to try the case and another law firm ready to replace them. he will not take this lying down and you wouldn't even. connell: we can't get in the position of being involved in any way. dagen: i was going to say go through lawyers like the goes through women. judge napolitano: many people might agree with that. dagen: thank you so much. good to see you. be well. the contract is the same thing. even when they inked it, couldn't find the deal. connell: it is bad economics, obviously as you get older, anything especially sports, your production will decline, you have a guy in his 40s and if

none of this happens the judge said there trying their best to get out of what was their mistake. dagen: they are old and in the way. storms are brewing, more potential on the hurricane front, some states are bracing for the worst. connell: taxes are the reasons more film studios are turning to atlanta to get their blockbusters on the big screen. the net growing number of controversies at the white house anti-washington. susan rice's appointments add that to the list, why america is losing confidence in government, losing trust. take a look at treasury markets, heidi yields doing? triple digit loss on the dow, but it is down, some buying in that notorious even. . haven . . ♪

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♪ [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] lori: lori rothman with your fox business brief. jodi arias this service sector was up slightly in may driven by new orders, measured hydrangeas companies added fewer jobs following the lowest level of the year. factory orders made smaller than expected gains in april adding signs of a slowdown in manufacturing, the sector was hit by a combination of deep government spending cuts and slowing global demand especially in china and recession hit europe. goldman sachs kept the. rating for salesforce.com,

significant runway in the service marketing and cloud platform market. goldman downgraded taking a toll on j a solar affairs today, the banking giant closer to the uncertainty surrounding the e.u. and the ratings cut. that is the latest from the fox business network giving you the power to prosper.

connell: back with breaking news from philadelphia. building collapsed in center philadelphia as pictures come in, rescue workers on the scene, industrial building collapsed investigating damage determining whether there were any victims in center city, a philly. the philadelphia police selling fox the search taking place in a salvation army thrift shop on cited the of the store, twenty-second and market you are familiar with philadelphii and the police department putting all this information we are getting from the police twitter

feed, they urge the public to stay clear of the area, rescue peeking through the rubble and assessing the damage. center city philadelphia collapsed just breaking. dagen: we take you south, cluster of thunderstorms could develop in the gulf of mexico into the first tropical storm of the season. meteorologist maria molina has the latest from the weather center. what we looking at? >> annarea of low pressure over the gulf of mexico and is very warm so temperatures into the 80s does provide the fuel many storms need to develop and possibly become of tropical storm system. national hurricane center giving it a 50% chance of developing into a tropical cyclone but take a look at this picture right here. the actual area of low pressure is right about here to the left of showers and thunderstorms, that is not conducive for development, strong winds out of the west moving those thunderstorms toward the east and toward the state of florida. we are still going to be looking

at areas of heavy rain regardless of whether the system does become a tropical storm and is running out of time. when it does approach the state of florida over landing one not be strengthening when cut off from its water supply. you see the rain moving into fort myers and in the next couple days very heavy rain over parts of the state of florida especially sections of tampa, fort myers, upwards of four riches, locally some areas will be seeing half a foot of rain. tampa, fort myers, merrill beach in the tim jackson bill, currently under a flood watch because of the potential to see flooding as the storm system continues moving done short. looks like there's a chance it could become a tropical cyclone, not a big one. something to watch. heavy rain expected and windy conditions, 25 miles per hour expected by tomorrow in western parts of the state of florida. dagen: you are going to your brother's times graduation. i couldn't believe that. >> i don't have the 10 and maybe

i will be a little rusty. dagen: you will never look like the aspirin i used to look like a. you do not need to worry about that. maria molina, meteorologist at fox business. stocks now and every 15 minutes the dow is up 111 points, triple digit loss, meridian equity partners is here, the volatility initially started because investors were worried the federal reserve would pull back interest rates, long-term interest rates went up, that was not the case today. >> what we are seeing is uncertainty in the market. we talk about when the fed will pull back and if they are going to pull back and the more negative news we get is going to lead us to believe the fed is going to stay in here but what is the long-term effect on that? for the short term basis it seems that uncertainty is giving the reason, the marketing has a nice run up so far so we have short-term profits coming off of the table but with no real good news out here to help the markets like we had from

earnings season market still float in this range so we're getting towards the 15,000 level of the dow, 1600 s and become a psychological levels investors are looking at but interestingly enough we had a good sell-off yesterday, tried to make a rally back, we are seeing a follow-through today. if we continue to see follow-through-after day the momentum will pick up. dagen: thank you for that. be well. connell: the president's appointment of student rights decision rice national security advisor controversial but all the controversy in general we have seen in d.c. is challenging the faith of the american people. former congressman dennis kucinich on new poll numbers coming up next. you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age.

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connell: and new poll shows 31% of americans are optimistic with the state of the u.s. government. to put that in perspective in 1974 after the watergate scandal and vietnam war 55% of americans were optimistic. with us is former democratic congressman and current fox news contributor dennis kucinich. not a great comparison. when you look at it that way, is it understandable we have become so cynical or pessimistic? >> americans by aaron nature are optimistic and we don't like to be dragged into pessimism but there are underlying economic realities affecting a lot of americans with eight million people, nearly eight million unemployed, another eight million underemployed, middle-class struggling to survive. the day to day things americans have to be involved in to make a living on what i could think was most people to focus on when they see things in washington

look like they're getting unhinged whether it is the irs or the government going after reporters or the benghazi incident, people then start to wonder what is government all about? connell: to hone in on one of those, more general discussion in the news today you mentioned susan rice at the center of that and the sunday talk shows afterwards became a controversial figure as a result of the appointed as president's national security adviser. does that make you more optimistic or pessimistic? >> for me it doesn't register either way. it has to be said first of all that there is no question susan rice is qualified for the position of national security adviser. she is one of the key obama advisers. she is qualified, was qualified to be at the un and it bears looking into our in the world she was put out front by the administration to tell the story

about benghazi. ultimately that responsibility has to go to the president of the united states. connell: is interesting she was brought back purposely into the spotlight by the president for a position that doesn't need senate confirmation, knowing the reaction it is going to bring about. >> from a policy standpoint given her closeness to president obama, given how he has relied upon her for advice as a key adviser i don't think it is surprising at all. she understood there was going to be a battle over potential nomination for secretary of state. in a case of national security adviser she is qualified and as far as president obama is concerned she is the best choice. connell: doesn't need to be confirmed in the senate. >> my quarrel is with the obama administration's foreign policies that put us in libya in the first place. connell: when you were in congress and even outside you have been outspoken about that.

it plays into the poll we talked about at the top as well. when people hear more about it is that the most serious of all the scandals that have come up and if so how do you think it ends? >> we accepted a level of unemployment being normal in america but let's talk about the irs. it goes to the heart of people not trusting government. government needs trust. it is the blue the old car society together and make unity in the united states and we are losing trust in government and that is the problem and that is why it is important to get to the bottom of what happened with the irs and at the same time, the u.s. doing its job ahead to conscientiously look over organizations shoulders if vermeil be not following the law with respect to the constraints of their particular tax status. there are legitimate questions

being asked about the irs and there should continue to be. connell: the things that turned optimistic people into cynical people. thank you very much. dagen: people keep talking about oh my god americans lose trust in the irs, they never trusted the irs. who trusts the irs. connell: you are more afraid of the irs -- dagen: just because they can do things, they can target you. if you are driving a nice car down the road, look up the plate and look at your tax return to see if your income matches up to the type of car you are driving, there are stated cases of that. the extreme marathon who got busted by at the irs agent, woman undercover in a bar, and with the prison. connell: which you probably are but not in this case.

amazon taking grocery business, to expand online sales of everything from cereal to call cuts. and here's what jeff wrote. connell: easy to budget and save time, great for college. -- if you're in college or young professional. -- dagen: apple losing big. they -- connell: dennis and cheryl had moron that and whether government should butt out of patent suits. markets continue. copd makes it hard to breathe...

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i'm dennis kneale. cheryl: i'm cheryl casone. apple losing a deal. we debate whether government should butt out of patent disputes. dennis: shakeup at the white house, susan rice next for head of security. she blamed the benghazi attacks on a taliban bashing video. this is hoping to di vert republican attention from an irs scandal. a republican weighs in. cheryl: ordering groceries with the latest novel on amazon. will you buy it? as a result, we put the question to the twitter followers all day, and many of you are now answering. dennis: i don't know how amazon's making money with that, but stocks every 15 minutes, and, nicole, stocks way down. >> looking at session lows on

our major averages as all three approach a full percentage point to the downside. the dow jones industrials barely holding the 15,000 mark, 15036 for the dow. noted moments ago, hitting session lows, and the s&p 500 lower today, down 1%, down at 1615. you heard john, equity partners talk about 1500 and 1600 as psychological level. on the dow, 28 of the 30 names lower. some cyclicals and economically sensitive sectors lead the market to the downside with the exception of energy because there was a draw down in some of the stockpiles. that's run reason. the big picture concerns about the fed, jobs, and also the factory orders less than expected as well. back to you. >> nicole, thank you very much. see you in 14 minutes from now. the patent wars heating up. apple stock is lower today after

samsung won a major victory. look at apple right now, down 381. the u.s. international trade commission ruling apple infringed on samsung's patent that could result in apple being prohibited from selling iphone 4's and 2's in the united states coming as president obama vows to fix patent law. we debate it. should the government just butt out of patent fights? we have gym awad managing direct of with us, and e elizabeth too. starting with you, this is rare for the administration. jay caryney says they are getting involved, but it's rare to be involved in this business. should they be in the business of patent fights in >> interesting. the white house is doing this because it's a huge problem for the tech sector. i think the government should butt out. samsung shouldn't have taken belly achen to the itc. the white house says it's not the forum for the fights.

they should duke it out in court. the itc has historically, you know, granted these bans on the sale of goods instead of, you know, issuing financial penalties so the question is samsung should not have taken it to the u.s. government, but take -- this is a fight that going to hurt iphone 4 sales, not iphone 4 # #s. you know, hit a chunk of apple's revenue and at&t's revenue. it's a fight for the court, not the government. cheryl: do you agree? >> we have to protect against unfair foreign competition, elevate the growth rate in the economy, and other nations ensure the corporations are fairly treated. in this case, because it's a foreign corporation, it affects apple -- a big company, important to the economy, so, in this case, i don't think you can necessarily ignore it. i agree with what the obama add measuring's trying to do, which is to move the standard towards financial penalty rather than banning products so rather than -- and this is why samsung

wasn't this route to get a ban. >> why they shouldn't do it. it's easy to win a ban at the importation of goods. that's been the problem with the international trade commission. they should not have taken the fight there. they should not have taken the to the itc, but duke it out in court. what apple was saying amsong is slapping us an unreasonably high royalty on the use of the technology, and now it's not just, again, apple could be affected, but at&t too. cheryl: this is the wrong group that's in it, but, bill, what if congress gets involved? i mean, exec not really going to affect this, but what about legislative action? >> first of all -- cheryl: is that right in >> in the short term, they went to get the ban, and that's why the administration should do something in the short term to prevent it from -- congress, as long as -- cheryl: historically, presidents

do not overturn rulings. dennis: i have another view. i watch apple and samsung a long time. this patent dispute. what's the problem here is that both companies let this get into government and the courts. once you give it up, you know, apple won a case in california. samsung won in asia. now they won in the u.s.. sit down, talk to each other, cross life pa tents, stop firing missiles, the government, and get together yourselves because you are hurting each other now. now you're in real danger of damaging both companies. >> the administration got the two ceos in a room and banged heads, i think you could get it done. i think the administration and the u.s. congress or the u.s. government has to insert itself into this to make sure our companies -- >> but the problem -- dennis: that's the problem, man, too much government. >> last time the president overturned it was reagan, and only a handful have since 1913. this could rest if apple has another iphone that blows away

the iphone4. dennis: will it become political? >> look at the apple customers and employees, you know, they are constituency too, and if you're a congressman and your district suffers if apple products are not sold, that's going to outweigh taxes. cheryl: what about the research and development argument here that, you know, universities come in, they can't protect themselves, and apple spends money on legislation than they spend op making a new product. >> here's the problem. the pa sent problem was conceived to help technology advance. i want apple to license samsung's ability to accident happen a file over, and it'd be in the iphone now, but i have to wait. over the last 20 years, the system changed from advancing innovation to protecting innovation so others can't have it. it's abuse of the patent process, and that's one underlying principle that we are not progressing. >> this move totally gurnet cuts

what the white house is doing in stopping the use of the international trade commission to do bans of sales of goods in the united states. this is a patent fight that belongs in the courts, not at the itc. dennis: in the board rooms, not court. in court, you failed as a company. cheryl: jim? >> i would say i agree with liz is they shouldn't be at the itc, but because they went that route, and it damages, against apple, that we need to intervene in some way or fashion. cheryl: okay, thank you. dennis: going after the congressman with the susan rice, stick around for that. we have the national security adviser out leaving the post after more than four years, his replacement, ambassador to the u.n., susan rice, center of the benghazi controversy, removed herself from conversation, but it's causing a stir on capitol hill, and president obama expected to announce at the

white house this afternoon, and joining us from capitol hill, congressman phil, and thank you for being with us. we are bole going to ask you a few questions, and i wanted to start with when firefighters are fighting a fire out in the forest there, sometimes what you do is start another fire to fight that first fire. now, is president obama, by naming susan rice, who is controversial to the new job, managing to start a new fire to divert attention from the fire about the irs and justice and benghazi scandal? >> well, it very well could be. you know, all this stuff, all three scandals, and, honestly, i feel, to this day, that the bigger scandal is benghazi. there were no lives lost as bad as the irs scandal is, to lose an ambassador, i don't know when the last time that happened, and three special forces guys, heros, patriots, nothing bigger than that, and who knows if there was a little of a di veer janes to start another brush

fire to get attention away from the big fire. it may have happened. >> congressman, cheryl casone here, here's the thing about don, he's one of the few voices that have been strong against the issue of china. he's telling the president we got an issue with china, especially with cybersecurity, and now he's out. this meeting is friday. susan rice, many say on the republican side, in your party, she's not the right person to handle the issue of china. how do you respond? >> well, i agree with you, and i'm certainly not sure that susan rice is the right person to handle the national security adviser position. i mean, the answer of what did she know and when did she know it certainly, admiral mull p's report didn't answer that. i mean, he didn't even interview secretary of state hillary clinton. susan rice, to go on television that day and spin that yarn without looking into the

background, you know, it really lends no confidence in her ability to be the national security adviser. dennis: okay. >> i really feel sorry for her because i think the adminnstration, when they did that to her op that fateful day, five days after 9/11, they really threw her under the bus which was tremendously unfair. why? just because hillary clinton was too tiredded to testify? give me a break. dennis: right, yes. now, what do you think about, back to the irs scandal for a moment, the fact that lois lerner who headed up the entire targeting division is still getting paid. anything you can do about that? seems to me, maybe, she ought to resign without pay. >> how about a job making $180yowrks a year on administration leave, all benefits, health care, pension -- whatever. i mean, you know, that is appalling. the fact that she pleads the fifth, well, obviously, she had something to tell that would

incriminate her. i did write a letter to the acting directer of the irs and say why are these people not fired, no one did it. it takes sometimes over a year with all this due process, many of them, as you know, unionized, and their lawyered up, and, you know, it's awfully hard, but if this committee committedded one of the ten deadly sins, which she has, clearly, in regards to constitutional rights and other thing, she should be fired. let her have a day in court, but don't let her sit home smoking cigarettes, playing golf, whatever, making $180,000 on my taxpayer money. dennis: okay. a last question, congressman. given that senate has no approval over national security appointment, can it distract congress from irs and other scandals? >> we're not going to let that happen. i'll tell you, have a great confidence in darrell issa,

chairman of oversight and government reform, great confidence in the speaker and leadership in the house and senate. we're not going to take the foot off the pedal because people died in benghazi, and we want to know what happened, and, of course, the person in cincinnati that was overthe tax exempt applications, these non-for-profit that had tea party or patriot name in them that came on the side of scrutiny, well, now that same person is transferred to check the boxes in regard to health care and, you know, the worst possible thing that could happen. dennis: thank you very much, congressman. good day, sir. >> all right, thank you very much. cheryl: breaking news right now, i want to give you an update on the building collapse happening in downtown philadelphia. at this point, this is better news than we had moments ago. two victims believed to be trapped inside the building earlier reports had eight to ten victims. they are searching the salvation

army thrift shop located at 22nd in market street. this is the heart of the center of the city in philadelphia. obviously, we are monitoring it. that's live pictures from philadelphia. we'll comet to monitor what's happening, but good news coming from there now, lowering the amount of victims they are searching for. we'll keep you updated. dennis: amazon taking on the grocery business, plan to expand online sales, cereal to cold cuts. it's been delivering groceries in seattle for five years now, and now it's going to l.a. and later this year no san fransisco, eventually nationwide, which should have been in your west coast minute. cheryl: yeah, well, anyway, that's twitter. it's the question of the day. a lot of you are already answering the question on twilter. would you buy groceries from amazon. you like the stock? e-mail us, tweet us, whatever wr

dennis: first, as we do every day at this time. here's oil. ♪ i turned 65 last week. the math of retirement is different today. money has to last longer. i don't want to pour over pie charts all day. i want to travel, and i want the income to do it. ishares incomes etfs. low cost and diversified. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal.

cheryl: all right, a triple digit selloff on the dow, down 166 points. again, a lot of data coming in, especially the adp report, that was a big miss on that one, not 171, 35, and you have story stocks, two greens, a stock, cisco and ptizer, but intel, a leader yesterday, now a laggard on a percentage basis. quarter after the hour, and we have nicole op the floor of the new york city stock exchange. it continues, but it's different factors pushing markets lower, not one factor. >> really that's what we've been seeing is the come pielation of a lot of concerns here. talk about where we are standing

for the major averages at the moment. the dow, right now, threatening to breakthrough 15,000 to the downside. sitting at the lowest levels of the day now, down 172 points. that's 1 #.1% to the downside. much like the s&p 500, also down 1 #.1%. the tech-heavy nasdaq down full percentage point at 3480. bank of america, disney among the biggest losers today. however, sector to sector, they are all losers, all sec sores down. some the economically sensitive sectors down. you may remember april 15 #th, for example, the boston marathon bombing, the vix dropped, and them the 12 range level, and, look, again, over the last 16 sessions or so, most of the

sessions have been up for the vix at 1734. there is concerns and fear in the market. >> yeah, well, again, volatility index is low is 5 piece of the pie. thank you very much. ♪ dennis: time to make money with charles payne this hour looking at the beverage industry with monster, a very beaten up stock because they thought it was going to kill people a couple months ago. >> only a couple months ago, but it's been creeping up. we talked last month. i have subscribers in a position. i'm letting it ride, like the lulu lem mop yesterday, guys. bad negative publicity, hurts the stock, temporarily hurts the product, but customers come back. we'll see that. by the way, i like anded mire the way the management of monster stood up. 2 billion cans sold last year, 2 billion caps, that's 5 million a day. that's 250,000, and half of that

dagen and connell drink, but that's besides the point. it's turning. april, may, sales up 9%, extrapolate that, may sales up 13%, in other words, we saw the first quarter fall off, april shaky, but may is spiking. maybe the inpoint came, the public put the fears behind them, and they are back to drinking the products. cheryl: are you worried though, chrls, with the lawsuits, especially in san fransisco, the attorney regime there, there's more pressure on somebody like monster and it's going to hurt them in the end? >> i do worry a little bit, and i think, you know, some of these companies in the caffeine business are proactive with labeling and things like that, but ultimately, it doesn't hurt them. look at the fact that last year red bull, still number one, up 28%, monster grew at 37%. they are taking market shares, bringing out new products. longer term, that matters a lot more than having changing the

label. ultimately, i think that's the worst case scenario, changing labels. dennis: i bet they are bought. thanks. cheryl: markets take a hit after hiring in the privet sector misses expectations. markets are favor rite, and it's the beginning of the end of the issues. such a bear. dennis: e--harmony moves from date matching to job matching, and the ceo joins me next. ♪

>> 25 minutes past the hour, i'm patty ann brown with the fox news minute. in philadelphia, fox news reports 11 people have been hospitalized, and at least two people are believed still trapped in a building collapse. crews are searching a salvation army thrift shop at 22nd and market street, no word on what caused the collapse, but a building on the block has been under construction. the ntsc says two days before the commuter train derailment in connecticut, a may 15th track inning found problems, my 17th, more than 70 injured when a new york bound train derail hitting another in bridge port. live pictures in new york, the funeral of senator frank lautenberg is going on right now, the 89-year-old democrat

was a world war ii veteran, multimillionaire businessman, and longest serving senator in new jersey history. those are the headlines on the fox business network, i'm patty an brown, and now back to cheryl happen cheryl: thank you very much. a shot of what's happening on the markets now, a major selloff, triple digitses, down 158, and the s&p 500 and nasdaq under pressure as well. here's the story. a big jobs report comes out friday, we got adp this morning, adp, the estimate for 170, the actual number for private sector jobs added 135. you have positive market data out there, but a this point, traders and investors focus on the negative, 15017. a caveat to watch, jobs could be the problem, and the feds could stay and buy bonds every month. bears and bulls hack it out. we'll stay tennessee o. dennis? dennis: thank you very much,

cheryl. e-harmony wants to match you to a job. dr. neil clark warren is here. dr. warp, thank you for being with us. couples meeting onlined are more satisfied with marriages than those who meet the old-fashioned way, and now you take the online massive success into jobs. what are you doing? >> i'll tell you, dennis. here's our thinking. the average number of jobs a person has in our society is about five. that means that five -- that's five careers, really, and in a person comes home and they are unhappy in their job, it's going to be hard on the marriage because, you know, the two are very tied together, so we're thinking that if we gotten pretty good at matching people for marriage, maybe we could be that good in matching people for jobs. dennis: we have something like 14 million or 12 million up employed people. seems to me this is a seller's

market than a buyer's market. why would i be choosey when i'm unemployed? >> well, the first thing is all these things flux wait. you know a thousand times about that than i do. there's going to be a time that's not true. we'll have, you know, a different kind of a market, but the important thing is that over time the second most important thing in your life is the job you do every day, and you want that job to fit you. dennis: sure. >> like a hand in a glove. we think we can do that batter than anyone else. dennis: on the date l site, how many questions? a hundred, 130 questions? >> started out at 457. it's down to 110. don: 110 questions. that's to match a person with a person, but how do you manage 110-questionnaire of a person with a job. how does the job answer what had likes? >> you have to get more information from the employer than we've been used to getting. we have no know about the

culture of the company and of the job situation. you know, for a long time, it's a one way match. we get to know about the apply captain, but we don't know very much about the employer or the job. our goal is to find employers willing to give us a lot of information about their open culture so that over time, the match can be a two-way match, not a one-way match. done -- dennis: okay. revenue is north of $240 million a year. you are totally privately held, and i think this is the one online stock people want a piece of. sell a piece to the public. >> we tried that. we sold 30% of the company to some b shareholders, and they had a right to get out after seven years if we had not gone public, and we didn't really love the idea of just going public at any old time. dennis: with strangers. okay, staying private. >> we'll stay private. dennis: even for plans, you might have to do something.

thank you. appreciate it. >> thank you. dennis: good day, sir. cheryl: well, no help wanted. the latest adp jobs report lower than expected. now the market views it with a bear. dennis: the federal housing authority could run losses of $115 impel, and no one knew. why hidden for as long so long. peter barnes investigates ahead. clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade...

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dennis: ahead of friday's all-important job numbers, adp report shows private payrolls lower than expected, and amazon taking on grocery business planning to expands online from cereal to cold cuts, and so our twitter question of the day, we want to know, would yowl buy groceries from amazon, and whether you'll buy the stock as a result.

tweet us and your answers are coming soon. bottom of the hour, nicole, selloff continues. >> that's right. we see it continuing. the lows of the day op the dow jones industrial, 15005. most of the names on the dow down arrows sector to sector all lower today. the s&p 500, over 460 names with down arrows showing you the momentum really is lower today. we've concerns about the adp numbers with jobs pertaining to fewer jobs than expected in the private sector, factory orders, tapering, a sea of red op wall street, and now the dow is still trying to hold the 15,000 mark. we have not broken it. good news for the bulls. dennis: hang in there, baby. thank you, nicole. cheryl: a big piece of the market selloff today is the adp report showing that hiring in the private sector came in well below expectations, 135,000 jobs in may.

estimate 165, and 170 by some accounts. you've been the resident bear, kathy, but at the same time, this could give fuel to fed watchers that the fed stays in the game. that's bad for somebody like you who has been shorting the market. >> right. everybody thinks the fed is going to be able to continue the pedal to the metal. ben bernanke will not do anything before he finishes the term, so everybody assumes as long as liquidity continues, the market goes up. what changed? liquidity's still there; right? cheryl: right, right. >> when bad news is good news, but at some point, bad news is just bad news. >> breaking the 21 # in a row, tuesday's streak, and your response last night was, great, i love it. done. the bears are loving it like you today. >> they are, but, looking we're only up 33% in -- 3% in the last week and a half, a long ways to go, 23% from the low in november up to the high in may in the s&p. cheryl: for our viewers that

have not followed your work in five years that you come on this hour of fox business, you saved your clients a lot of money during the downturn shorting the market. you -- there have been moments in the last year where you have been buller and play that. now your bearish again. curious what the change is. >> we look at charts, and what we manage is those who made money and they have to protect it, don't catch every last nickel. if they are getting peaky, we phase out, not short, but wait for it to turn, not always right, but the indicators turned based op a lot of stuff the last couple weeks. fried, right before memorial day, monday afterwards, you started to see it, so we added a couple inverses. cheryl: you're breaking my heart on the first one. i don't know what it is. we are breaking up after this segment. you're shorting real estate. >> real estate. what happened to all the dividend stock and interest rate

plays, people are so unenamorred with the bond market they go to substitutes. money piled in. look at iyr, the etf for realize, straight up. home builders, straight up. the health care stocks, johnson and johnson, all of them, utilities up. those are the ones with the hit. cheryl: shorting utilities and the s&p, calling for k -- for, like, 1600? >> it's not far, we're at 16 # 15 now, another 1 mg and we're there. cheryl: first impression was yikes when i saw the picks, but we are still friends. >> made money. ha-ha! cheryl: kathy, thank you. dennis: okay, cheryl, bears are never wrong, just early. surprise, $115 billion, that's what the fha's losses could total over the next 30 # years, these findings following an investigation by the house oversight and government reform committee. peter barnes joins us with more

from inside the beltway, peter? >> dennis, the report raising new fears about a taxpayer bailout for the fha at some point. the troubled agency's most recent app newel audit found it had 13.5 billion dollar capital short fall because of older mortgages going bad. the committee went to the auditor for more information and discovered this stress test which showed the short fall could be 115 billion dollars. it's the same kind of stress test that the federal reserve uses on banks to see how they hold up in a 20% drop in housing prices and make sure there's enough capital to get through another crisis. the fha is not required to do this stress test. it did it on its own, but it did not include the results in its public audit report. >> it really shows the exposure that taxpayers have to the fha's

business over a trillion dollars in business, but secondly, as many times the case in washington, you end up having a coverup that then becomes the bigger story as the initial underlying story. >> oversight committee chairman issa wrote fha commissioner next week and said, quote, documents and communications clearly show that the fha was determined to avoid disclosing the stress test results. now he wanted to interview her and other top officials as part of the probe, and the fha did not respond to the request for comment. depp nighs? dennis: thank you very much, peter barnes. cheryl: well, we'll go back to the new york stock exchange in a moment, but the big board now, down, pushing session lows, 180 points, 14,000997. we got a lot going on with the markets. again, ism, services came out, april factory orderings but it was the adp report.

people are not liking it, and bears loving it. we'll be right back. ♪ we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪

♪ >> i'm tracy burns with the fox business brief. stabbenuow addressing concerns of the smith field company, urging federal agencies to take the troubling track record on food safety into account when

considering the merger. if the deal approved, @ the largest purchase of a u.s. company by a chinese company. united health boosting quarterly dividends, 32% to 28 cents a share, the nation's largest health insurer purr -- purchased 110 million shares. that's to overturn a decision that is cross boardser car thief violates appty trust rules to be heard by the e.u. court rules july 4th. it could affect the future of systems on the continent. that's latest from the fox business network giving you the power to prosper. i did my research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied

as uneected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditns and meditions. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarg or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where apped, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. ask your doctor about e only underarm low t treatment, axiron. >> breaking news from the last hour, pictures from an affiliate in philadelphia, a building collapse happening in downtown philadelphia. at this point, the latest numbers are three victims believed to be trapped inside. they are looking inside of the

salvation army thrift shop, these are the pictures we get. firefighters on scene, and osha arriiing on-scene we'll told. it's 22nd and market street, the heart of philadelphia, center city, philadelphia. we'll monitor this, obviously, for you, but, unfortunately, a scary scene like the markets today. a lot of negative news. >> that's true. quarter till, and like the lady said, time for stocks now. you thought the adp bad job numbers are good for stocks, the fed doesn't taper back, but, no, we're below dow 15,000, nicole? >> right. we broke the low, that key psychological level of dow 15,000. on the s&p 500, we are holing 1600, 1611 now, a drop of one and a quarter percent. what are factors pushing the markets to the downside? we talked about the fed tapering and tightening. that was reiterated yesterday from esther george coupled with the adp report, jobs weaker than

expected. waiting for the monthly numbers friday. here's a look at the s&p 500 losers. we've seen so many of the names lower today. an industrial and construction product company down 5.5%. cliff natural rowrlses, a company plagued, down over 50% this year, and a big loser down four and a quarter percent. for solar, like so many names, goldman sachs downgraded the group this morning, the third biggest loser on the s&p 500. you are seeing the target moving to the lowest points of the day, and as i noted, the vix is up. back to you. cheryl: volatility. nicole, thank you. dennis: in a small batch vodka maker from texas is hoping to get a leg up on the competition taking flight. titos vodka, now the exclusive vodka for all united airline flights. joining me with more on the sky high beverage is tito beverage, the aptly name found founder and

master distiller of the handmade vodka. birds or tito? >> i'm bert, named after my grand dad. dennis: i've had your vodka, i'm a fan. >> thank you very much. dennis: with regard to the united airlines deal, how did you get that to bump out the better known absolute? pay them a big kick pack or charge the cheapest price? >> we paid them billions and billions of dollars, and they liked, picked them up. no, they did a tasting, and they liked titos, and so we ended up getting the slide. it was a cool deal. dennis: when an alcohol brand does this, they get money from the airline rather than paying money to the airline? it's a good promotional platform to a captive audience. >> yeah, it's not a big moneymaker for us, but we've been one of the kind of word of mouth brands that once people try it, they like it, you know,

it's smoot vodka, real clean, and leaves you feeling good in the morning, and, you know, people like that, and so we don't have, like, a huge advertising marketing budget so getting on the airline allows people to try it and so that's going to be great for us. dennis: is there a downside here? if i take a united flight, and i hate them, do i hate titos? >> no, i'm thinking if you have a flight, you know, and you're late or something like that, then you might just have a few extra titos and you're a fan. dennis: yeah, there you go. actually, the vodka could dull the effects of the bad experience on the flight. thank you very much for being with us today. bert beverage. >> thank you so much. dennis: pleasure to meet you. hope to have a drink sometime. >> nice to meet you. it is made out of 100% corn, and so it's gluten free. cheryl: it's healthy. >> had to throw that in there. dennis: all right, thanks a lot. [laughter] cheryl: there's a bottle there,

dk, it's all you now. dennis: yep. cheryl: west coast minute after that one. las vegas based sfhl entertainment had record second quarter revenue of $77.4 million, a 17% jump from last year making shuffling machine, a vegas staple. it's actually china that is more in particular with the profits. take a look, the stock up 24 cents. south korea continues to test wheat imported from oregon for any traces of genetically modified grain. after there was a report by oregon farmer that the wheat was growing in the field, but so far, no positive tests reported. japan is taking the testing further halting all import of wheat from the pacific northwest. this is a big story. we'll stay on it. finally, the "l.a. times" reports demand for electric vehicles caused a supply shortage.

southern california dealers have seen heavy demand for battery-powered vehicles leased for $199 a month. fiat is wait listed, and honda is out of the fit ev. it's about the prices, obviously. these are the awe though makers in the electric car business, all trading down, but, again, it's a negative day as well on the markets. that's the "west coast minute." oil spiking. let's go to the trading pits of the cme, and, phil flynn, talk about the markets, not just stocks, but oil. inventories lower, and here's oil. >> there's a lot of stuff, first of all, ethanol production had a 10-year high so tito, i know why they are making it. they want if in cars. i will tell you this. inventory, big drop, despite the fact there's a huge drop, we have the highest levels of crude

supplies probably at the end of may. we have 10-year high supplies overall, but, still, a very, very major amount of supplies. take it further. you know, why did we see the big draw down in supply? there was a big drop in imports. most of that was on the west coast. we had the tropical storm last week that probably slowed imports. in the gulf coast, imports down, tornadoes that were in oklahoma. that slowed imports there, probably slowed things down for the coast as well. cheryl: that and hurricane season that we're already watching. phil flynn, thank you. >> thank you, bye. cheryl: you can use them for everything else, but why not get the groceries on amazon? we'll read the twitter responses coming up. dennis: a helper no more, where he landed in the "media minute" next. ♪

cheryl: we are literally sitting a point off of session lows for the dow right now. we are almost 200 points to the downside at this point, so 14980 right now. the low 14978, we are very, very, just a rough day today. we broke the winning streak for tuesday anyway last night. 5 lot is the jobs report. we're going to get initial claims in the morning, and that may change the story, and we'll see what happens overnight in asia and europe. dennis: there it is. today's "media minute," in a summer of budget-busting blockbuster, a low budget horror flick could be a hit. it shows the tale of a family under home invasion on the one night of the year when all crime is legal and the police do not

intervene. the purge is jumping. it has over half a million likes on facebook. on twitter, hash tag mentions up 180% in three days, and the purpling is up 150% in two days. the tracking firm general sentiments says the 23eu8 m is produced by jason blum making par normal activity for 15,000 raking in 22 million at the box office. now if only universal turns this into ticket sales. heats back. there's a new tv job after getting ousted from hsnbc and current tv for being obnoxious. time warner announced he'll be the studio host for the baseball post season. this move gives hope to obnoxious tv people everywhere, which is why i'm smiling. cheryl: are you saying you're an obnoxious tv personality? den -- dennis: yes. cheryl: buy online from a.m.son or invest because of it?

looking to carve says, that's the twitter handle, they tried the delivery service, it's around, but you don't hear about it. dennis: keith says he already uses amazon for coffee and cereal. cheryl: remember web band? den deny that was the cover story on "forbes," and grocery stores are a lethal business. cheryl: there's competition. well, we are -- yeah, i need to use that, just an hour away from the president's announcement of susan rice, national security adviser. i can't wait to hear what lou dobbs says about that. dennis: maybe that's the reason for the selloff. could you spend $20 million in disneyland? one did in three days. that's a great story. i wish they were on our show. ♪

♪ lori: good afternoon. i am lori rothman. melissa: i am melissa francis. 135,000 jobs added to the private factor last month. what this means for the fed next move. lori: a shortfall over 30 years. melissa: susan rice asked to replace as security advisor. lou dobbs weighs in on that pic. lori: we want to start you off with a check on the markets.