>> good afternoon, welcome to a brand-new hour of "markets now." adam: california on the brink. the latest coming this month as 30 cities risk that it downgrades. lori: the internet search engine google pushing back on the nsa spying program. lou dobbs is here as google defends its clash the mac record. adam: sony outmaneuvering microsoft. robert gray is live at the e3 gaaing expo with sony playstation ceo. lori: a live report from turkey as the prime minister says there will be no tolerance for those he believes are looking to harm the nation. let's get you updated on the stocks starting off the noon hour. that's the floor of the new york stock exchange to check in with nicole petallides. the dow off 57 points right now. nicole: not unusual to see the

roller coaster days recently. dow jones industrial down one third of 1%. they have been higher at the top of the market. the fix, the fear index, $17.94. let's say a team. the level of 12 in mid-may. so volatility is back, that is the name of the game. watching the technical support level, breaking through some of those and the reason why we have seen the names we have seen. those are jumping over 40% today on a deal by apollo in india to create a bigger, higher company. 40.5%. a premium to yesterday's close. that is another thing we are watching. the mergers and acquisitions. lori: thank you. adam: fox business special report.

california on the brink growing number of california cities are a lot worse off than previously thought. thanks new changes coming in the way state and city's account for pension costs. here with more is elizabeth macdonald. which cities are we talking about? >> good to be with you. big names, los angeles, san jose, san francisco, inglewood are among the cities that we have seen. dramatically increased for the whole state. nearly double the dollar amount for the unfunded liabilities from the prior 128 billion under the new standards rolling out from the government accountable standings board. moody's is taking a closer look at pensions across the country. saying the underreporting of pension cost is a rampant problem across the country. wthey need to look at 30 california cities, they could

face a downgrade in the near future. what we also found was essentially we are seeing big fat cat pension pay in places like los angeles. a sanitation worker making 280,000 per year. librarian making $234,000 per year. just in pension alone. this new movement to get pension more accurately reported does not cover health care benefits. again, these new changes are rolling out this month and just to wrap it up, l.a. is basically reporting unfunded pension liabilities 77%, more like 50% funded. we are seeing that the other cities we're taking a look at. we will send it back to you guys. adam: looks like there will be some volatility in california. thank you, ma'am. >> sure. lori: my next guest says there

is little hope for california pensions of locked in long-term debt driving up costs leaving very few solutions. a senior fellow at the manhattan institute. we are pleased to welcome you. >> how are you. lori: you have cities like los angeles, san francisco, not the smaller cities which went to encrypt. apparently now have higher credit risk than we earlier believed. so what is the story with the solvency with the cities? >> los angeles chief minister it if officer put out a report a year ago in which he recounted what happened in stockton. he clearly said if we don't do something insolvency is a possibility. the "l.a. times" used the word bankruptcy. all of this accounting is ford that that has to be paid in the next 10 to 15 years. not imminently. even though the new report will

say you owe this much more. it is not like they can take it out of their pocket right now, there is a a steamroller effect they are not dealing with. lori: you hear l.a. thought it was a 77% funded but only 50% funded, that is a huge gap. >> it is a gap, but they have been allowed to use loose standards. the government accounting board now saying you have to use tighter standards. the real problem is not so much fraud, they have given four more discretion to our states and cities for how they account for the obligations especially the government pension funds in other countries in which the accounting standards have been previously stricter. lori: how are these workers getting retired workers away with it?

12,200 government retirees get $100,000 per year pension. a librarian received $234,000 in annual pension. every tired lifeguard in newport beach, retired at age 51 with $108,000 per year in pension and health care benefits. how is this happening? >> extraordinarily generous in loose systems with the public safety workers in california can get 90% of their salary as retirement plus annual cost-of-living adjustments. you have people who can retire at 55 and turn around and go work for another government agency. lori: it is not fair for california taxpayers. cutting back on public safety, raising taxes. >> this is local government. 70 to 80% of local budgets are

compensation. when you have this kind of compensation at the local level it creates an incredible squeeze. from san jose, oakland, stockton, l.a., they are cutting workers. lori: unbelievable. >> because tax rates, taxpayers in california have basically looking at it saying i can buy tax-free muni's, paying higher interest rates because the risk is going up so you're looking at tax-free muni's, tax-free manner yielding six, 7%. so there is this back and forth. lori: thank you for coming in and helping out. adam: thousands of miles away but what happens in turkey affects your investments which is why we want to get the latest of elements out of turkey. police are holding their positions and protesters are

remaining put as both sides await word on negotiations between the government and the demonstrators. foreign correspondent based in istanbul. what is the latest, is their the stability or still some skirmishes? >> it is an absolutely different scene for almost 24 hours ago where i am standing right now. i can see several thousand people gathering especially at the park. there is no tear gas, no rubber bullets but police are firmly stationed clutching the riot gear. big police tank type vehicles surrounding the edges of the square with water cannons mounted on top to keep things under control just in case things flare up again. adam: when we talk about turkey, a gateway from europe to asia. for international trade and the economy globally, turkey is a

rising power, they play a role in that. have things come to a standstill in turkey economically or his life going on for most people outside where the demonstrations are taking place? >> no doubt turkey is one of the fastest emerging markets in the world, asked for the economy, after the protesters have been on a roller coaster ride, the stock exchange today managed to close up 2.5% today, but that was after really a major ups and downs following the protest and one of the key triggers to volatility is not necessarily all of the protest but the reaction from the prime minister himself on the offensive accusing private banks of provoking and pushing up interest rates and undermine the government. that has had an effect on the private bank stock sliding a bit along one local turkish bank

partly owned by citigroup. adam: we have also seen military overthrows in that country years ago. is he in line, skin in good stead with the military? >> certainly the military on his side. not nearly as powerful as they were several decades ago. this puts a blemish on his legacy in turkey within his past 10 years as wante one of the mot powerful people in turkey along with the president and this poses serious trouble for allies in the west. adam: they do not like instability. people hoping for some stability. stay safe. lori: a crackdown on background checks, companies misusing info while screening job applicants. details ahead.

adam: an incredible twist against the case against saic. the government employee now going behind enemy lines. adam: lou dobbs joins us. defining the role in the nsa surveillance. adam: take a look at metals as we go to a commercial break. i turned 65 last week. the math of retirement is differe today. money has to last longer. i don'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 a. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a ospectus, which includes investment objectives, risks, charges and expenses.

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lori: the equal employment opportunity commission filing suit against two large employers for allegedly misusing criminal background checks while screening job applicants. peter barnes on this story for us. peter: that is right. they filed suits against bmw and dollar general for literally using criminal background checks to deny jobs to african-americans. the law does not forbid companies from using criminal background checks in the hiring process.

in fact 87% of companies use criminal background checks to screen all or some of their employees but they can go after employers if it things criminal background checks are used without a company checking an individual's application on a case-by-case basis. whether it was a serious ne or not and how long ago that crime may have happened. civil rights activists say screening applicants with background checks can discriminate against blacks because they are incarcerated and much higher rate than whites or latinos and thus disproportionately deny them jobs. jaclyn barron said yesterday under certain circumstances companies use accurate information to deny employment opportunities could be at odds with title vii of the 1964 civil

rights act. both companies denying these charges. back to you. lori: peter barnes. adam: nicole petallides at the new york stock exchange. companies upping their dividends. nicole: you know dividend paying companies are hot, right? everybody likes a good dividend. looking at two companies that have both upped their dividend. this news came out just after 1:00 p.m., some heavy trading volume. $0.43 per share. caterpillar doing the same thing. rate the dividend by 15%. $0.60 per share, a gain of $0.08 costing roughly $52 million per quarter.

stocks are virtually flat. adam: see you in 15 minutes. lori: google asking for a chance to prove the nsa is not snooping on them. we'll hear from google's top lawyer and lou dobbs next. adam: a massive storm brewing from iowa to maryland. we are tracking its latest path. lori: stocks climb back from earlier losses still down so far. i look at how it is faring against major trading customers. we are back in a moment.

>> it is 21 minutes past the hour. this is your fox news minutes. a gigantic line of severe thunderstorms bringing dangerous weather conditions from iowa to maryland. forecasters say the massive storm could generate strong wind, lightning, hail, tornadoes and also flash floods. for most of the midwest today and the east and mid-atlantic tomorrow. in colorado high winds and record heat fueling wildfires across that state. sheriffs estimate 100 homes could be destroyed your colorado springs alone.

more than 7000 people have been evacuated so far. no injuries reported yet. in boston a trial for reputed mobster james "whitey" bulger is now underway. in opening statements a while ago a federal prosecutor told the jury bulger was at the center of murder and mayhem in boston for decades. he is accused of participating in 19 murders in the 1970s and the '80s. he has pleaded not guilty. now back to you. lori: many thanks to you. questions surfacing over google's involvement in the nsa far-reaching snooping on us. google defending its role in a surveillance program. chief legal officer saying the company still deserves the public's trust on this. >> look, we think users can't trust us. we think our track record has been very good. we respect users privacy and we do our very best to deliver great services and that is why we think users use us and come

back to google, we think we can continue to earn that trust. lori: google says they are surprises anybody on these nsa programs. here is lou dobbs. it is about time we hear from companies in this. when the nsa controversy first roque, where are the companies and are they for filling the request of the nsa or not? >> the first reaction was abject denial. and then 48 hours they decided to start talking a little more directly and honestly, forthrightly. what i object to in all of this is you are talking about google, a company that has been complicit with human rights abuses in china. i am a little put off by google's self-righteous and sanctimonious concern for its great image. it has aligned itself with the

obama administration politically. it's employees contribute to the obama campaign of 2012 by ratio of 20: 1 by that of governor romney. they took over a good part of the data mining efforts on the part of the campaign. for mr. obama. and for them to start this kind of soliloquy is offputting as i say, i don't think anybody should buy it from any company in this. secondly, why isn't this company talking about providing a great national service. i learned this sort of conflicted view it has of itself and where it finds itself first do no evil, this is a company right now engaging rather publicly in its conflicts. >> the government would have to come to you personally with a

subpoena to get information. when the companies turn it over, they don't tell us it is being turned over. there are firms that are building software that you can buy to protect yourself from this. >> i think you have to be very careful with this. the nsa and any number of signals intelligence agencies and operations can't break through. let's all get real, w we're dealing with massive technology that is beyond the comprehension understanding and reach of regulators for crying out loud let alone consumers let alone how frankly sophisticated one may be about consumer digital technology. lori: can you simplify this they may fight the secret court and it is up to google discretion whether or not they offer up that information? they were obligated to get the government whatever it asked

for. >> no question about it. they can be in contravention of the federal intelligence surveillance court, or not. it is not a good position to be in. secondly nobody accused google of wrongdoing to my knowledge. we have a 29-year-old running around not making a lick of sense saying he wants the people of hong kong to judge him even though he is not a trader. people need to calm down, and google is among the most sophisticated companies in terms of nurturing its own image and the public relations looks really clumsy here. in my humble opinion. lori: we appreciate it, that is why you are invited here. let's remind you you can see lou dobbs each and every day at this time and 7:00 and 10:00. the current nsa leaks and the

irs and the ap scandal. pic>> that is good. adam: no scandal on wall street today. stocks are lower today. the s&p capitalizing. up next, where investors will find the floor. lori: 50 years after their first album debuted. the beatles proving the still have what it takes. the new project exciting fans. adam: more twisting than shouting on wall street. we will be back in just a few. ♪

lori: okay. stocks now as we do every fifth teen minutes. time to head back to thh floor of the new york stock exchange and nicole petallides. you''e watching a big winner in the session today. >> that's right. we're talking about a networking hardware company. the ipo today doing so well, up 43% today here on the initial public offering where 6.75 million shares, priced at $19 a share. that is 27 and change that is gain of nearly 43%. a california-based company. they do administrative control over data networks. they will use some of the money so satisff the pay they give employees. they're performance based compensation. that is it. back to you. lori: nicole thanks. adam: with markets in somewhat of a holding pattern could we see the beginning of a correction everybody has been expecting, some expecting sense january?

joining us sam stovall, s&p capitalism q here on whether or not this is a good buying opportunity. thanks for joining us. you're neither a naysayer or go forward and buy, buy, buy. you're kind of the calm in the storm that the correction some people called for you don't think it will be so great, where, 5, 7, 8% and it would be a buying opportunity, right? >> we put out a note telling investors they would probably want to add to their equity positions as we go into digestion phase. our feeling we'll see a decline anywhere from as high as 1600 on the s&p 500 down to about 1540 and that would represent a high single-digit decline over all and that's really being driven because the market is going through a painful met at that morsi if my opinion. going from liquidity driven bull

rally to a fundamental one. i think investors are having a hard time making that shift. adam: sam, if i understand correctly, i think what you're sighing in my terms the federal reserve stop making it easy to borrow money and put into equities correct? we'll see a pullback from the fed. we're pricing all of that or we wouldn't go much further down or would we, when they start what they call tapering? >> i think when they do stop adding to other bond holdings or engage in that tapering program it will be old news. and what the investors are doing today is basically positioning themselves for when that time eventually comes. s&p economics believes it will still be in the beginning of 2014 when it happens because of how weak the economy still is. the street however is a little bit more aggressive, believing it will probably see the tapering first take place in about september of this year. but you're right, it is basically that the economy and its growth and growth and earnings et cetera is what

should be driving the market as we move forward. adam: and i heard one analyst on our air just recently say by the end of 2013 we could see the s&p at 1700. that would sound to me if the floor is already in place essentially, if we're pricing in the end of qe, quantitative easing from the fed, that would be a pretty sound prediction given what we've seen with amount of earnings and cash companies have to go forward in this country. >> you're right. we're looking at about a 7% increase in earnings. we're looking for the economy to start picking up the pace in the second half of 2013 and again continue to do well in 2014. i think what we're finding now is that investors are still very nervous about the headwind that are out there but loot of these headwind are very, very old and i think would have to come up with new headwind to really bump this market off its upward trajectory. adam: so let me pick up on what you just said because you are the calm. we hear the extremes.

sell, sell, sell, or buy, buy, buy. you're calm about this. what upsets you? what might you lose sleep over as we go forward to the second half of the year? >> i might be wrong. i try to provide as much guidance to our clients as possible. i'm a big student of history and i realize that there is always going to be volatility, indeed every year since world war ii we've had a decline of anywhere from 5 to 20%. then i remind investors on% average it takes less than four months to get back to break even. so it's usually a reason to buy, not bail. adam: i think the best way for my generation to remember this is in 1987 we still finished the year aftee the big fall that year. so thank you very much, sam stovall for joining us here on the fox business network. >> my pleasure. lori: some of the day's top stories. espn making another cost cutting move. the sports giant is getting rid of espn 3-d.

don't need baseball players spitting in your living room or something? hockey players fight, you don't need the blood up close and personal? a spokesman says the channel will go away by end of the year after slow consumer demand this comes after the network laid off hundreds of employees. 63.45 is the trade, half a percent down. higher mortgage rates pushing people to get loans? interesting, mortgage apps rising 16% from the prior week. refi's accounting for nearly two thirds of the gain. the mortgage bankers association says the average rate on 30 year fixed? 4.15%. demand is likely driven by expectation that rates might jump further from here. the carnival triumph heading back to the high seas. this ship is docked in galveston, texas, right now. it is setting sail on a four-day cruise completely sold out. this is the first trip since february when you recall a fire left thousands of passengers

stranded on the ship for days without electricity or working bathrooms. checking carnival shares for you, they're up, 44 cents or better than 1%, 32.78. adam: good to see them going back to sea. a lot of people's jobs are relying on -- lori: everybody else. adam: good vacation on a ship is a lot of fun. hit you with bar bill afterward. that is the problem. ever been on a cruise? lori: no. adam: revolving door on wall street raising serious eyebrows. charlie gasparino parrino we details ahead and how sac is involved. lori: correlated to mortgage rates and other consumers loans are selling off. that is the highest yield on the 10 year in about 14 months. we'll talk about higher interest rates and what they mean for the broader market coming up.

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>> i'm cheryl casone with your fox business brief. ge capital is getting a new chief executive. effective july 1st, keith sharon will replaced retired mack kneel as ceo. he has been ceo for 14 years and vice chairman since 2007. jeff bornstein will succeed sherin as cfo. coty has the initial public offering today after several delays to the market debut last

year. "wall street journal" says that the could raise $14.1 billion. that could be largest ipo for a consumer products company. pandora is buying an fm radio station in rapid city, south dakota in order to qualify for lower music royalty rates. pandora pays out 8% of revenue in fees. that's latest from fox business, giving you the power to prosper.

lori: breaking news. facebook launching a new attempt to keep users excited and interested, taking a page out of the twitter playbook. hashtags. according to our friend at "the wall street journal" facebook will introduce hash tags in a push for real time conversation. hashtag, too much time on your hand. adam: social media overload. >> social media addiction. adam: charlie gasparino is here. yes we would like to go to "happy hour" but that is a few

hours away. we have to talk about something pretty incredible. this involves sac and involves the u.s. attorneys office remotely. explain this. >> you know the revolving door. there is a revolving door between washington annual street, washington and big lobbying first. a revolving door to law firms and private sector. they often go to law firms in the private sector. u.s. attorney's chiefs spokesman. "ellen" davis. adam: we dealt with her. >> she is joining a pr firm. that is not craze, or interesting, it is an interesting twist the pr firm she is joining is the pr firm that is representing steve cohen and sac capital as the new york, as the manhattan, manhattan u.s. attorney's office is obviously investigating steve cohen and sac capital over potential insider trading charges. let me get a couple points down and bounce around with you guys. i think it's interesting that we should point out this is perfectly legal. i spoke to george sard, the principal who runs it. he tells me "ellen" will not be

working on sac related cases. she doesn't leave the u.s. attorney's office until the end of the month. she starts in september. that i will say this i've been spending morning talking wwth law enforcement source, justice department and people at fbi, this is raising eyebrows for the obvious reason is this. adam: sure. >> i don't care what anybody says. when, you don't forget things. when you're the chief spokeswoman for the u.s. attorney for southern district and knee deep in the investigation. you're in on meetings. you know what is going on. sac is paying sard a ton of money to help them. there has to be some sort of synergy here, putting it mildly. a lot of people would think there would be information sharing. i think george sard is smart enough not to put her in the cross-hairs. i would think she, there is no prohibition, usually when you go from congress to a law firm, i

think, or the, securities & exchange commission to a law firm there is some sort of window where you can't work on directly-related cases. i don't know if there is anything legally involved in pr people but, you know, she is on the confidentiality on some of this stuff. but still -- lori: still, steve cohen must have been one charming guy to get her to leave the job. >> george told me, steve cohen doesn't know about next does it raise an ethical question? for instance when an employee of the fcc went to work for a telecommunications giant after they got favorable ruling is there that kind of question being raised? >> i think it does -- we should also raise the question as you and i were talking this earlier, you brought this up, i think possibly so whether preit might move on. speculation he might take eric holder's job. holder is under fire for the irs investigation. he has done a good job as u.s. attorney. she was his principal spokesman. listen it, raises the issue.

this happens from time to time on major way in wall street. last time i remember happening in an investigation, bear stearns was uninvestigation involving its clearing unit, whether its clearing unit was clearing stock trade for bucket shop brokerage firms. the wolf of wall street type bucket shops back in the late 1990's. bear stearns during the investigation went out to hire to run its clearing unit the head of the sec unit that regulates clearing. his name was richard lindsey. it was right in the middle of this investigation. i was at "the wall street journal" at the tile. we did plenty reporting on this it raises an issue. this does as well. i know george, pretty smart guy. i think he is honest guy. i think he will set up the chinese wall. knows and she knows she is in big trouble. why does george sard hire her? hires her for her, she was producer at abc. journalist. been a flak for a while. one. reasons why you hire her because

she knows government. he represents, what does george sard do, he represents people in trouble. this is not a flak, this is great story. adam: qualified and tough. we had to deal with her. she tries to put up a wall. >> she does and she is actually pretty good. i will say this, george sard is crisis communications, they do crisis communications. her, she has a ton of knowledge about -- lori: got it. >> and he represents hedge fund who are under fire. tell me, will she not give him insight to the u.s. attorney's office? of course she is. how that line gets played could be an interesting story. i think they're smart enough not to go too close. anyway. lori: you heard had here. >> agree with that? adam: will be interesting to see what happens with deadlines approach with sac. >> as my book, "circle of friend" comes out. adam: charlie gasparino. lori: we're running out of time. thanks so much. keith bliss on the floor of the new york stock exchange. one thing i want to get with you, since the start of the

session we saw the dollar-yen trade move in tandem with s&p. i'm wonder if there is a connection where the session is headed? >> it absolutely does, lori. when you look at all the risky assets you see people pulling out of it all over the place. here is the curious thing to me. we have the equities market as well as dollar vastly oversold at this point in time. we caught that last week and waiting for it to turn around. short of the market interpreting moves from the fed and other central banks around the world and they get comfortable with us getting back to a normal state of affaiis with regards the asset markets we may be under pressure for quite some time and we're seeing that today. things are getting extended. critical level of 1621 on s&p. stay down there we could test 1597 again. lori: we don't have anything on the economic calendar to influence things one way or another this week, right? >> only thing i'm looking at friday's industrial production number. i want to see if the

non-renaissance in manufacturing is still occurring. it will be weaker. we'll see volatility dampen into end of next week as we await for the fed announcement next wednesday. lori: that is the headliner as always. keith, thank you. >> thanks. adam: soap any is outmanueverring microsoft in the first battle of the ps4-xbox one war. the ceo is next why gamers prefer his pricing and his game policies more. lori: beatlemania alive and well 50 years later. fans still clamoring to get their hand on the fab four. ♪ don't drive or operate machinery until you feel fully awake.

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lori: all right. every year the e-3 expo, major

event for the video game industry. but this year's expo is being described as the most important in quite some time as sony and xbox square off with unveiling of their new consoles. robert gray is live at e-3 with latest. >> lori, that's right. it is world war c for consoles. with me is the head of playstation for the americas. jack, thanks for hosting us here. that of course is sony if you don't know at home for playstation, unveiling the new playstation 4 available holidays. do we have a date yet for that? >> holiday 2013. make sure we get it out before christmas. >> you guys are selling for 399. that is one hundred bucks less than microsoft. is that weaker yen helping with that price point at all? or is it something you found right for the market? >> a lot of hard work to create the most powerful device we've created at a consumer friendly price. the reaction from consumers so far has been nothing short of phenomenal. we're real proud of the price

point. >> what is in next generation? a lot of people have ps3s and xbox 360s. they're impressive. graphics are better, movements are better what will really get not the hardcore gamers but more casual fans to boost the bottom line and purchase a $400 new console? >> power of the machine is incredible. it will have more emerse sieve conditions and better caringer development and storyline detail and push up social aspect. to hit the button, share accomplishments via live voice chat, connect to friend on facebook, social aspects with hyper powered high-definition gaming into that is elevator pitch for casual fan. skeptics say consoles are going away because you have apps, 99 cents or free to play. what do you tell those skeptics about this -- >> i tell them there has never been a better time to be in the games business. a billion people play games

worldwide. 220 million in the u.s. alone and there's a more gaming universe growing day by day. there has never been a bigger audience for console than there has been today. >> how many games will be ready for this holiday? how long until the new console starts to hit the bottom line for you guys? >> we have 140 games in development, one hundred will be out the first year. launch window will be 25 to 40. i assure you we'll sell more consoles that at anytime in our history and more games than you have ever seen for a playstation platform. >> controversy about used games and older games the will games from the ps3 work on the playstation 4. >> games from playstation 3 will not work on playstation 4. it is different architecture. as far as used games we're sticking with the same model with playstation 3. it works for publishers. it works for consumers. we have resounding applause when we confirmed used games will not be blocked for consumers.

>> how is it easy for indy publishers to get on the ps4? >> we welcome the indy community. we showcased eight great games on stodge. we think independent creators are the future. small teams, two, five, 10 people putting out great games. we want them to self-publish and lower financial barriers. anything we do to bring them on board will create gait games for consumers to enjoy. >> jack, a man who clearly loves his job. the head of playstation for the americas. coming back to you in the studio. lori: robert, thanks so much. adam: this is a sign that beatlemania is still alive and well. mid-for the fab four is about to get fresher. lori: cool to hear. adam: they call them nehru suits? it has been 50 years since the beatles debut album, please, please me. cording to the "new york post," the band's management company apple has something new up its sleeve. they are partnering with universal music merchandising unit bravado, to handle beatles

mid-to replace live nation. they are set to release a new line this fall. global sales are expected to come between 10 and $20 million bucks. lori: beatles -- beatles, elvis and worth much more dead than alive. tracy byrnes and adam in the next hour of fox business. breaking news on the budget. it should be exciting. don't miss it. wn? 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. ♪

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adam: welcome back, everybody. i'm ashley webster. tracy: i'm tracy byrnes. stocks are off the low but the dow is still on track for its first three-day losing streak of 2013. got one big money manager that says, the correction is here. we're going to get her tips for playing this wild market. >> we heard that before. meantime turkey has been in an economic powerhouse, and a model of stability but it is in a chaotic region of course.

escalating clashes between police and protesters are threatening to change all of that. we'll look how the outcome could impact markets and economies around the globe. tracy: disney hoping to finally break through the $25 billion gaming industry. disney interactive president bill roper tells us why infinity will be a game-changer. we're live from the e-3 conference ahead. we have breaking news on the federal deficit. peter barnes with details from washington. hey, peter. >> hey, trace. the monthly treasury statement is out. let's get right to the numbers for the month of may. the deficit increased to $238 billion from 125 billion a year ago. that real interesting numbers to look at are the fiscal year-to-date numbers. we're two third through the fiscal year as of the end of may. you see the deficits continue to come down. $626 billion for the fiscal-year to date 2013, compared to

$844 billion for the same period the previous year. that is a 26% reduction and it's mainly due to spending freezes. very little increase in spending for this fiscal year so far. and, because of all those tax increases, we got in the beginning of the year, payroll taxes and income taxes for upper income earners, tax revenues and some growth in the economy, you hope, general rating some revenue, revenues are up by $237 billion year-over-year, a 15% increase. so deficits continuing to shrink here in washington. ashley, tracy. tracy: they're collecting tax revenues. >> that's right. >> increase the taxes deficits come down. peter barnes, thank you, sir. >> you bet. >> top of the hour. time for stocks with nicole petallides at the new york stock exchange where we go every 15 minutes. nicole the dow is down languishing 51. >> we heard you talk at the top

of the show of volatility that is the really the environment we've seen in seven of the last 11 trading days we've seen triple digit swings where the first five months you saw that four times. volatility is the name of the game. buy on the dip, sell on the rip. that is really the wall street motto these days. down one-third of 1% on the dow jones industrials. this is day where we had a lot of news but we're looking at mergers and acquisition. apollo buying cooper tire & rubber. it will become the 7th largest tire maker in the world and cooper tier, 11th largest. they will step it up. cooper tires such over 40%. goodyear tire to the upside on this good news that is holding on to gains here today. up 2.5%. as we look at major market averages keep an eye on the dow. we're down 54 points. this is the first three days of consecutive selling for the

dow jones industrials in the year 2013. back to you. >> nicole, thank you very much. >> well our first guest says today's selling is more evidence we're in the long anticipated spring correction that, well, as ash, said we've been talking about forever now. margie patel, wells fargo fund senior portfolio manager joins us. is this it? seems to me only reason we're down at all because of all the tame every talking, not really because anything else has changed? >> well that's right. i think the taper talk really scared out a lot of short term levered money in the market and helped create the spike we saw at the end of the first quarter. economic fundamentals look pretty good although growth will be slow. we're likely to see growth slow down the next couple quarters. that might justify a little pause in the equity markets to see how earnings are looking before we have i think a much stronger end of the year when we see earnings start to rebound by the fourth quarter.

>> so margie -- margie, should i keep cash on the sidelines and be ready to jump in when the market backs up? >> i think every day is a good day to buy with companies attractively positioned with long-term growth prospects. most stocks although they are up this year are pretty reasonably priced compared to their earnings power. i think it's a good time to put money in. i'm not looking for a big correction, maybe 8 to 10% in the equity markets and you have really the fed providing liquidity to keep this from being a severe recession or a real cutback in the equity markets. i would buy today where the opportunities are. tracy: so therefore, what does that mean for the summer? wave had summers that were really, really scary for a lot of people. are you anticipating similar or hopefully fingers crossed something a little more quite? >> i'm thinking we may have short term choppiness, narrow swings but very choppy the way

we have had for the last week. i think as we have some levered money which was in the market apparently more than we may have realized be drained out of the market i think we should look for ups and downs and maybe a little downward bias until we start to get an a catalyst for acceleration in earnings. the next quarter earnings may look a little softer than we'd like. i think that may contribute to the market not really making much forward headway. >> so in the meantime, margie as we await for this correction and see which way if indeed the economy can pick up later in the year where do you put your money? what sectors do you like? >> i like more and more companies that get most of their revenue from the u.s. because looks as if our growth is going to accelerate and we have a lot of long-term strengths whether it is autos, housing, consumer expenditures which are holding very strong. even we'll be helped by a stronger dollar. so i'm particularly looking at consumer companies, staple companies that can grow their

earnings with new products. companies that will benefit from low cost gas and liquids from the shale gas revolution and also in the health care space. i think we'll continue to see the specialty pharma area, and even big pharma do pretty well as they unroll new products. tracy: before i let you go i have to ask you about your consumer staple call here because a lot of people are saying the consumer staples are done. moving money into much more discretionary stocks. how come you're staying there? >> well, because i think they have a better shot of sustaining the kind of growth that they have had which is pretty good. i think at love people are looking for more sensitive, more cyclical companies, say the industrials, maybe some of the materials. i think that's a little premature with growth looking probably one 1/2% over the next quarter or two. i would rather be what i think i have a more sure shot of growth to be continueded. tracy: margie patel, we love having you on, wells fargo advantage funds. thank you. >> thanks. >> a fox business special

report, california on the brink. a growing number of key california cities are a lot worse off than previously thought. thanks to new changes coming in the way that state and cities must account for growing pension costs. here with more is. liz, and emac, you've been following this story. which cities are we talk about? we know stocktons and san bernardinos but what cities are you talking about? >> good to be with you, ashley and tracy. los angeles, san francisco, englewood could join stockton and other fiscally distressed cities. what we're doing here we're talking a hard look from new rules coming from the government accounting standards board set to roll out later this month and taking effect throughout this year and next year. moody's is taking a harder look at 30 sis in california. possible downgrade coming there. the unfunded pension liabilities in california nearly doubling to $328 billion. what we did we went to former government actuaries who have

their own shop, state budget solutions to find out what the number has to be. here is the expert who did the number crunching for us. here is what he has to say about the findings. >> key thing in liz's story, a number about california cities are much worse off than people expected because of gimmicks they reported underfunding pension liabilities this is real serious problem. these cities need to take action now to address these unfunded liabilities rather than wait until they go into a bankruptcy situation. >> what we're seeing, l.a., and those other cities either 20 to 50% unfunded liability worse than reported. moody's finding rampant under reporting of pensions. we're not talk about health benefits yet for government workers. that is what the next project is or about. the senate gop, the joint economic committee talk about, they're talking about possible tax increases to pay for the unfunded liabilities when states with worst pensions come knocking for a bailout there will be taxpayers and more

prudent states to pay for recklessness. talk about lifeguards in newport beach retired at age 51 with 108 grand in lifetime pension and librarian in san diego, 234,000 and sanitation worker in l.a., getting 280,000 a year just inp. tracy: my daughter asked me if i knew the dewey decimal system. apparently that is good money. what were the gimmicks. >> using inflated rates of return, 7.5, 8%. calpers used 7.5. moody's seas uh-uh, 5.5% is generous. the changes have nothing to do with funding. repoot it. tell the public what the actual number is. just pensions alone. next step is health care benefits for government work years amazing how you tweak one little number in the equation and the whole picture is

different. >> government retirees. that's what we're talk about. tracy: should have been librarians. >> i want to be lifeguard. retire at 51. tracy: isn't that a song, i want to be a lifeguard? >> should be. tracy: more to come this hour. outrage over a new lawsuit involving the federal government criminal background checks and charges of racial discrimination. you will not believe this story. that is ahead. >> it is called the most important gaming expo in years. we're live from e-3 with disney interactive president. that's coming up. first to time to check on how oil is trading on this wednesday, hump day. up about a third of a percent at 95.73. we'll be right back. i turned 65 last week.

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tracy: that time of day. we have to make some money. charles payne here at this hour. he is following up on a tech stock pick. you say it. okay. charles recommended it back in

april. >> it hasn't done anything since back in april. tracy: i want to say maalox and that is not wrong. >> you need a maalox if you own the stock, that's for sure. this is a stock that is doing something today, anytime a stock is up three bucks in this sort of a market you sit up maybe something is going on. up two 1/2 bucks right now. it's a storage cloud play. it was the hottest stock in the country last year. went as high as $119. there was scuttlebutt with all the big boys coming in doing the same thing. it hasn't materialized. the stock is under a whole lot of pressure. they will be at a conference, israeli opportunity conference a israeli company. maybe news will come out of there. i find it interesting the stock is up when the market is down. they made an acquisition. they made another acquisition in may. a lost people think they're ultimately the acquisition target. if you're not in t, you don't have to buy it right now. i want to see it close above

$51. i think all things -- >> recommended in april. is this amaya cull pa? what are we doing here? >> this has been all over the place. a lot of action on it. it moved up but now it is down from there. let's see if we get the chart. it has been sort of, it has been up and down but trend is to the downside. ashley: yeah. >> >>: think it's a worthy hold. think about adding north of 51 with this kind of volume and action on a down day, really ugly day. there is no urgency to buy any stock. tracy: you say add maalox? >> you have to add maalox if you don't own it. put it on the watch list. when it moves it moves in big burstses even to the downside. i think we'll be okay with it. ashley: very good, charles. tracy: charles payne is great. thank you. >> all right. ashley: it is quarter past the hour, time to check on the markets as charles said. tough day. nicole petallides on the floor of the new york stock exchange.

nicole? >> we're near session lows again as we're looking at the dow, down nearly triple digits. we talk about the fact that the vix is near the upside to the eight teen level. we're seeing dow setting new lows as we speak, 15, 013. trying to hold the 15,000 mark. we break the technical levels, the algorithms kick in. you see sell programs kick in as well. let's look at a mover, that is ulta salon. first-quarter earnings came in up 20%. beauty products and double-digit growth beat the street. up 15.5%. right now this is going to be all about the market, guys. we're down triple digits, down 103 points. earlier today, our first selloff came at one point from the nikkei futures to the downside. we're looking to japan a lot

these days. back to you. ashley: we certainly are, nicole. we'll be back at the bottom of the hour. the dow is off now 102 points. tracy: on deck, violent clashes between police and protesters in turkey. we'll tell you how it can impact american companies, the global energy market and of course currencies. we'll have all that next. ashley: talk about currencies as we head to the break, we'll see what the dollar is doing. all a little mixed. dollar up against the canadian dollar, the mexican peso but weaker against the japanese yen. we'll be right back. my mantra? always go the. to treat my low testosterone, 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.

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>> at 21 minutes past the hour i'm heather nauert with your fox news minute. the carnival triumph is ready to sale once again. you may remember back in february a engine room fire disabled the cruise ship in the gulf of mexico and stranded thousands of passengers with little food or running water. that prepared ship is sold out for a four-day cruise that launches tomorrow. in boston a federal prosecutor in the alleged mobster james white at this bulger's trial, that bulger is, quote, hand on killer responsible for 19 murders in the 70's and 80's. he pleaded not guilty to all 32

criminal counts, raketeering, money laundering, extortion and murder. a severe line of huge, huge thunderstorms is bringing dangerous weather conditions to much of the country from iowa to maryland. forecasters say the massive front has chance of damaging winds, large hail and possibly even tornadoes. the storm is expected to move toward the mid-atlantic tomorrow. those are the headlines. back to tracy and ashley. ashley: heather, thank you. government protests have spread to nearly eighty cities across the country in last two weeks. if the violence worsens our next guest says that could have political and economic problems for the area and spread to the united states. he joins us from london. richard, thanks for joining us. what is, you know, turkey was seen as aashining beacon of how an economy can be. it's been very successful but

how much does this unrest threaten that economic stability? >> i don't think necessarily it threatens the economic stability itself but it does suggest that the country and policymakers will have to be accustomed to a growth platform of two 1/2 to 3% over the next several years as opposed to the 5.5 to 6% they were hoping to see. there will have be much less ambitious attracting foreign capital in terms of putting together infrastructure projects they were very excited about. it doesn't change the economic model completely but it does suggest that it will have to be revised. ashley: which is, you know, somewhat remarkable when you some trees in a park innt over istanbul. we're talking about a country's economy. are you surprised it has gotten to this stage? >> well i think we're always surprised when it happens but we're never surprised that it happens. the opinion polls had actually been turning against the

government for some time, probably a year or more turks were becoming less dissatisfied with their lives and list convinced that the country was going in the right direction. i suggest they were not satisfied but less satisfied than they were before. opinions had been heading south again for a long time. rather than address these preemptively, the government decided to hope that the status quote would continue and we have seen the reaction. ashley: so, richard, why should we care as we watch what's going on so far away? what are the implications for here in the united states? >> turkey of course is a very large country. as you mention it has been growing rapidly, not year in, year out but had a very strong performance on balance over the past 10 years. it is very important strategically. it is connected to the global markets, global trademark

markets. it is a large importer of oil. it is important for political reasons. it is not quite a middle easten country but shares borders with many countries important to the u.s. politicians and also european politicians and it has european union aspirations eventually. ashley: you're saying in your notes that the situation calms down quickly, it could spell bad news. what do you mean by that? >> yes. i think one of the risks is that if we do return to the status quote than the government will see this as a quote, unquote, victory and therefore it will feel empowered to be more, to dig in its heels a bit more and that will lead to the possibility that the protesters themselves will dig in and that the protests could become more violent next time to lead to more political risk. in addition the economic model does need to be adjusted if they assume they can go ahead, the government can go ahead with old

plans. there are a risk of overborrowing, we know how that happens particularly with a company such as turkey tends to borrow in the shorter-term markets. ashley: we'll continue to watch with a lot of interest. richard siegel, jeffries international in westminster in the u.k. thank you very much. we appreciate your time. >> thank you. >> your old stomping grounds. ashley: my old symptomming ground, yes. tracy: prices are giving nice boost to the housing market and homeowners that are underwater. cording to a report by core logic, 9.7 million properties were underwater in the first quarter this year. that was down from 10.5 million properties with negative equity in the first quarter. over the past year, 1.7 million borrowers came back from water. state with biggest problem, nevada, shouldn't be a surprise, with 45% of properties still underwater. ashley: getting better but a

long way to go. tracy: also why too. they're selling more homes than any other state in this country, right? ashley: absolutely. you want to live in vegas? i don't know. would be interesting out in the desert and gambling machines. controversy over a new federal lawsuit. it questions whether using criminal background checks for hiring amounts to discrimination. we're digging into that story next. tracy: first, let's look at some of today's winners and losers on the s&p 500 as we head out to break. hewlett-packard up top, 3.74%. your dow is down 94 points. we'll be right back. [ indistinct shouting ] ♪ [ distinct shouting ]

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>> 90 minutes until the close. look at your dow 30. hewlett-packard your big winner. just about everything else down to your consumer staples that we were talking about earlier. american express is your big loser. nicole. nicole: watc watching the markey carefully here. don't forget getting close to the 15,000 line, the lowest point today dow jones industrial at 15,013. right now we are not too far off those levels but a lot of red on the screen. volatility has accelerated the last couple of weeks and this could in fact be the third day in a row of consecutive selling the dow jones industrial. we have not seen that yet or the year 2013. that is something we are watching. keeping a close eye on a stock that was halted moments ago. that is live nation.

yellow and says news pending. we will wait to see what happens with that one. shares are halted up yet prior to being halted it was up 13th of 1%. so watching live nation very closely. up 50%, so as the news breaks on that, we will bring you that as well. the drug stocks are holding on, bank stocks, retail stocks selling off, the down volume outpacing on the dow jones industrials. tracy: thank you, we will see you in a bit. ashley: federal regulars accusing to large companies of using background checks improperly when checking for potential hires. details now on this story with peter barnes. peter: that is right. the eeoc has charged bmw north america and dollar general for allegedly using criminal

background checks to deny jobs to african-americans. the law does not prohibit them from using background checks to consider applicants. 87% of companies use them for all or some of the applicants. but we can go after employers with things criminal background checks are used to sweepingly without the company looking in each applicant at a case-by-case basis. how long ago it happened. >> this is a difficult area for employers to navigate because the consequences of making a poor hiring decision can be great for you and safety implications to the customers. financial implications for the company and open organization up to risk. >> civil rights activists say screening applicants with background checks can discriminate against blacks because they are incarcerated at

much higher rates than latinos or whites. david lopez said in a statement the commission is committed to using public education and informal resolution for hiring practices but when these methods are unsuccessful, the commission will seek redress from the federal court and ensure equal opportunity for all. both companies neither charges. back to you. ashley: we appreciate hat. breaking news now, oil closing out $0.50 at $95.88 per barrel. the close higher snapping two days of losses for crude. tracy: the senate is currently questioning nsa director on cyber security. this is the first public hearing since the nsa spying scandal broke. as we await details on the

search for the 29-year-old, they are crafting legislation to reduce the number of private contractors. highly classified information. joining us now for the "washington examiner." is this a problem just about anybody these days can get full-blown clearance? >> it is amazing. the director of national intelligence commissioned a report that just came out a couple of months ago as of october 2012, 4.9 million people had security clearances for government documents. out of those, 1.4 million had top-secret security clearance. out of that 1.4 million, 618,000 were contractors or other people who are not government employees. 618,000 nongovernment employees

have to top-secret security clearance. tracy: god only knows what the requirements are to get top-secret clearance. apparently just being at the right place at the right time. policing these people is that much harder because there are so many of them. god only knows what they're doing with the information they have access to. >> information is getting out to people who should not have it. one of the things he leaked was the foreign intelligence surveillance key act court that did this ruling on tracking phone records for millions and millions of americans. he had the actual document. he talked to experts, 30 to 40 people in the entire government should have had access to that. well, he had it. the systems administrator out in hawaii somehow had that.

so clearly if you're going to have this large number of clearances they are somehow failing big time to limit classified information to only the people who need to see it. tracy: congress has to do something. what should we be doing right now? >> to have to review the clearing for people. especially people like snowden because you have experts who are highly skilled, highly knowledgeable about this topic or that topic, this specialty or that specialty. and the systems administrator who is a fairly low skilled guy, he has access to those secrets. that has to change. and the question of do we need to have 4.9 million people have security clearances. should that number be drastically reduced? tracy: once you have this, it is difficult to take it away from people, isn't it? >> there usually for a specific

period of time. sometimes a year, sometimes less. they can be revoked, they can run out. forever and ever the people know the information they dealt with while they had security clearances but they are not for life and ddn't have to last particularly a long time. tracy: i think this should have an age requirement. maybe you shouldn't have access to this kind of stuff. thank you, sir. , on. 29? ashley: i want to know why i don't have that clearance. tracy: we are the only people. ashley: dennis kneale reports on the new show generating big buzz. next. tracy: disney hoping to rock the gaming world with its new infinity platform. live from the gaming platform e3 with bill roper ahead. and heading to break, take a look at the 10 and 30-year treasuries.

2.2% on the 10-year period and your 30-year moving as well. 3.35%. we will be right back. we gave people aticker and had them show us. we learned a lot of us have known someone who's lived well into their0s. and that's a great thing. but even though we're living longer, one thing that hasn't changed muc is the official retirement age. ♪ the question is how do you ma sure you have the money you need to enjoy all of these years. ♪ toit's a brand new start.ryou. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and th responsive, dedicated support,

we help you shine every day of the week. >> here is your fox business reef. fox business studio correspondent charlie gasparino has learned manhattan u.s. attorney ellen davis is set to join the pr firm defending as they see sac p-uppercase-letterd

the appointment is raising eyebrows in law enforcement at the manhattan office weighing capital charges against sac. the chief executive officer says davis will not be working on issues related to sac. and we told you live nation was halted for news pending while the company just announcing it has indeed won an altercation case against cts. overall off of session lows. that is the latest from the fox business network.

tracy: so here is an idea, what if somebody made a new reality tv show but skipped the tv part altogether? dennis kneale has that story today. dennis: they came up the mac two

teamed up i knew teenager reality show which will not air on television at all. instead, summer break will play out online spending time on twitter, answe instagram, bind. now, they are real tweets, posts will go out within seconds of creating them. it once a week show will run for maybe three minutes. we should call it short attention span theater. it is designed to be watched on a smart phone because that is where the kids are going. less than $5 million for an eight weeklong show. news corp. four years ago he set up his own production company and makes "new girl" and puts it

into a series. and then put up a bid for hulu. nac wonder about at&t. at&t could join to bid for hulu. the offers are north of $100 billion mark with interest from yahoo, directv, time warner. interesting, tracy. tracy: we have been hearing alle about this. our kids, they don't even watch television anymore. all three kids sit on the couch and whatever they are watching. dennis: trying to bring them in with all different kinds of appeal. 53% of people have never done any of the interactive features they are offering.

>> he thinks he is onto something, he thinks this is the future. three minute programs. tracy: i think he is. i'm so sick of paying for cable. nobody watches. ashley: time for stocks. senior editor following all day. talking about the dollar yen trade. pretty much as the yen goes, so does the stock market. it is pretty interesting, isn't it? >> they are just about moving in the same direction all the time. that was to be expected somewhat. with the equity side. the yen depreciates so quickly. what us, the dollar is now oversold first-day basket of securities.

when the dollar gets oversold and in the basket of securities with the euro inside the basket is overbought, that is generally a positive pattern for u.s. equities. the s&p oversold, we have been trading down below that level, but this is setting up for u.s. equity market to bounce back a little bit. ashley: it is interesting, where do we go from here? we finished lower today. having done that since last year, what are your thoughts? >> you are exactly right. we're so used to a trend where we see a sell up 3 days in a row, but i think there is a trade on the long side that people can take advantage of. we don't go neutral until 1650, 1655, somewhere in that range. ashley: appreciate it. >> my pleasure. tracy: we are live at the e3 gaming expo.

a game that will be a game-changer. we will hear from the president of disney interactive. ashley: a look at some of the day's winners and losers. take a look, we will be right back. if you've goit, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatment that helps open my obstrucd airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms.

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tracy: some are calling it the most important e3 gaming expo in years. showinsure enough new games and

councils at the largest gaming convention in the u.s. you know robert gray will be there. a total gamer himself with a special guest. robert: thank you so much. the catchphrase to infinity and beyond. that is buzz lightyear. he sort of place a role in this new game from disney interacti interactive, though he is not quite there yet. maybe can tell us when he will be there. thank you for joining us. >> absolutely, our pleasure. we want to let you take everything you love about disney, all of these gameplay styles and put them all together. robert: the game is infinity. incorporating players like from monsters incorporated, you can take these guys, it goes on a stand back here, and i think you can take a closer look at that. the talk about how it actually

works. in your playstation or any of the consoles. >> you take that figure from all these different amazing properties we have, put it on and they appear in the game, you can have fantastic adventures with them. >> it comes with a couple of the "pirates of the caribbean." you can basically play games were on the people from one film are together or open it up and you can see buzz lightyear backpack. >> we wanted to do revolutionize when kids play. you get all these fantastic toys, put them together and you can mix and match them anyway you would like. we really want to have activity. it is great for parents and kids

coming together. we will build a race track, see who is faster. build a castle, battle back and forth. >> lone ranger coming out later that you can add on here as you go. this has been a huge moneymaker for activision. other people have been doing this. how are you going to do this differently? you have the intellectual property, but what do you do to differentiate yourself? >> the big differential is the true to property experience. giving you like "the incredible's," "monsters university." the gameplay mechanics are in there. you play "pirates of the caribbean," it is incredible. you have a very distinct experience. where things are crazy is the toy box where you can literally

make anything you can think of. our goal is to let players put these characters together, build this kind of world, the answer always has to be yes. robert: how important is it for this game and what is it about this game that may turn that around? >> for us it is a focus on quality. we have people playing it, surprised by the breath of the game, the amount of characters, and also the depth. that is something very unique in this space, something we're looking to innovate and really push and make it an experience for matter if you are a core gamer, somebody who loves the ip, the kids and families, we want to reach out and touch all those different people for a fantastic experience for them. robert: $75 gets you the set.

any worries about that in this economy? getting a lot at once. >> it is a huge value proposition. and it expands. robert: you heard the pitch. we will have to wait to hear from you, but we are sending it to the studio. tracy: something that could be on the christmas list. we want to draw your attention to the market right now. session lows in the last few minutes fallen below the 15,000 mark at one point back above teetering but as h you pointed t really hitting resistance at the 15,000 mark. nasdaq down almost 1% as well. ashley: this year there is a new trend, quit in may and go away. 104 ceos left their jobs in

may, 10.6% increase over the previous month, more than 5% jump from last year. the health care sector seeing the highest turnover with 24 ceo changes last month. government and not-for-profit saw 13. 10 executives left their financial firms. the situation is improving and they are going off to bigger and that her things. or a bit of both. tracy: or taking the summer off. ashley: coming up, one of the fastest-growing companies in america just beat out its rivals to snag a deal. liz claman talks the chairman and ceo in a fox business exclusive on "countdown to the closing bell." [ shapiro ] at legalzoom, you can take care of virtually

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>> it is one of the fastest-growing companies in america and just entered into a partnership that could make it even better and more profitable. we sit down the chairman and ceo. keeping up with the multibillionaire's, what di do y think about the economy and where they bring their money? and they're always fun to visit, but investing in theme parks can also pay off. the best performers and tell you who is investing in them. "countdown to the closing bell" starts right now. ♪ liz: good afternoon, everybody, i am liz claman. a wild day on wall street with the dow swinging back and forth from red to green, back to read, but we want you to look no further than the japanese yen.