surprise loss third partners join us on the biggest problem and how it's $3 billion cash could help. lori: time for stocks now. nicole petallides. nicole: we certainly have come up off the lows of the day. looking from index to index. there are a lot of names under pressure. it is a winning week. i wanted to take a look at two names on the move. ibm is down. there is a tech showdown for you. apple and microsoft. both of which have down arrows. ibm is to the downside. they had to cut the full-year

outlook. that is continuing to slow even further. at the end of the day, we do have a rebounding of the russell industries. for right now, just take a little breather here. gold is only thing that seems to be impressing people after it sold off pneumatically. back to you guys. lori: great stuff. thank you so much. let's get a tip of the trades and how your money is faring. all three major indices are in the red. the broad market average, the s&p up 1%. the nasdaq is the biggest loser. major indices on track for the first month loss of the year. it was better if you look back a little bit. the dow is the best performer.

you are looking at the dow over the last three months. the dow is down 70 points. for the last three months, the dow is actually up 3%. you see that big downdraft of volatility. we will close out the border with solid gains. here is a look at the dow year to date. the dow is 14%. that is the best first-half performance since 1999. the price of gold today is actually climbing. back to you. >> you are looking at the silver

linings. there are storm clouds on the way. moore said heads speak out today. taking down chairman bernanke's taper talk. peter barnes joins us live from washington, d.c. peter: possible slowing, tapering of quantitative easing. lastly, chairman bernanke said it could happen later this year. >> the fomc was thinking about this not really as a chain of policy. we are trying to clarify a little bit what substantial improvement that.

>> the fed's policy meeting in september could be a time to review the economic data and consider tapering. bernanke was wise to clarify his remarks. he said that the federal reserve is not only leaving the punch bowl in place, we are continuing to spike the punch. unlike some of his colleagues, lower stock and bond prices reflected a warranted reassessment of qe. so far this week, six fed officials have spoken up to clarify the comments. we will hear from a seven later this afternoon.

i do not know if i have ever seen a week where seven fed officials came out and gave a speech like this. >> peter barnes in washington, d.c. thank you very much. the eight here is a stop alert for you. take a look at blackberry. dennis: we are getting our first date peek at the first order. stock is down 25% today. the second worst drought. the worst one was in 2000 when everybody fell. the numbers are, first quarter revenues 9%. $84 billion loss on operating earnings.

also projecting a loss for the coming quarter as well. a 4 million the client in their subscribers. in north america where the z10 should have rolled out there, sales fell 4% over a year ago. they did not say anything about the z10. then a conference call, they say 2.4 million. that is 20% below the estimates. lori: okay, dennis. thank you so much.

>> we have to address what is really happening. they are not catching on. joining us on the telephone. i want to quote something to you. it is not the end of the road for this country, but it is close. what do you mean when you say that? >> they still have $3 billion in cash. that is their safety net. the list was skewed towards the negatives. >> customer base, though. if you cannot --

>> $3 billion cash on hand. i can throw some things at that in the name of stamps on, apple, no pf. it seems like they have lost control of it. they need to become a slimmer, more of a niche focused player. unfortunately, the way that business trends are going right now, it is a weak number. they are getting out of the tablet business. they sold 100,000 of them. they will not focus on that anymore.

they still sold .1 millions of those. it is a unhealthy situation. >> how do you cut your way to grow. it seems to me that there niche would be getting sold. thank you have to be careful of nine days of interest. you cannot short the stock anymore. if there is any buying momentum, that could just be people taking their profits from their shorts.

>> a lot of people say watch what your kids are doing. >> absolutely. google has fantastic voice recognition. the need for a physical keyboard has really quite diminished. >> we appreciate you being here. lori: also making the news today small traders received the data ellis second before wall street. the premature release was due to

a clock synchronization issue. full disclosure. fox business does use thomson reuters products. and android smart watch in the running. at least one of his new products will be released this fall. target was yesterday. now, sears is today. a growing list of counties cutting ties. sears said it made the decision to get rid of all products after careful consideration of all available information. >> i think his name was ray something. if you know it, e-mail me. bill graves on why he says there

will attacks the industries productivity. lori: i think of a willie nelson song. crop report. we are at the cme net. >> the dust bowl means the summary. how james bond underwater car -- this could be yours. wait until you hear where they found this thing. ♪ (announcer) at scottrade, our clients trade and invest

exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't tre like everi'm with scottrade. me. (announcer) scottrade.

lori: still on track for 24% to client on the quarter. we have team coverage. we have to talk gold. corn and soybeans dropping.

>> unbelievable. i am beginning to think that the american farmer walks on water. absolutely incredible. corn farmers actually planted the most amount of acres since 1936. they planted 97.4 million acres. that is incredible. we could have the biggest crop this country has ever produced. how about soybean report. we thought we would see an uptick in acres of soybeans. we even beat expectations. that is more than expected. even more amazing considering they planted so much corn. >> let's go back to gold.

>> the weakest precious metal right now. platinum and palladium, despite the fact that the fed is talking more about kool-aid, or punch right now. we are struggling even with this rebound. gold is the year $1200 went below $1200 an ounce. nicole: you get some of the weaker guys out of business. they are watching gold right now at 12,278,000,000,000,000-ounce. we have had a very tough quarter. down over 20% for the commodity itself. worst quarter in history.

another quick point i want to make it continue to watch the ten year treasury as it relates to gold and this market. >> is there a chance that that figure is too low and it should actually be higher? it is in that range. the reason $1200 is really critical, though, is the

marginal producers. those are going to get shot. will be good for them. they will have less competition. at the same time, they will have to be much more efficient. lori: we will introduce you to a ceo. >> alec baldwin has another blowup. ranting and raving on terror. cursing out and even threatening. lori: i thought you said he was threatening a -- oh, reporter. the euro. back in just one moment. ♪ friday night, buddy.

you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shoul't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com.

♪ >> 23 minutes past the hour. in florida, john good, a wwtness in the george zimmerman trial, testified he saw the fight between zimmerman and martin.

good did not see anyone had being slammed into the sidewalk as zimmerman alleges martin did to him. zimmerman is charged in the death of trayvon martin. half of the u.s. is sweltering. a massive heat wave is bringing triple digit temperatures to places like phoenix, las vegas and even death valley, california. just 4 degrees shy of the record set 100 years ago. lance armstrong says he still considers himself the holder of seven tour de france titles despite being stripped of those. armstrong also says it is "impossible" to win the two are without doping. back to lori. lori: appreciate that, as always. nearly one in five u.s. homes powered by nuclear energy.

it could all come down to a uranium shortage for the u.s. >> reduce the arsenals and russia. it really over flooded the market.

back two or three new reactors. all of that came into place. that we have a mind that were operating that could be reopened? >> that is the whole idea. there will be a resurgence in the industry. how does that offset what could be a price surge.

>> my company started mining uranium about two years ago. we really think we can use the same technology effectively here in the u.s. in places like south texas. >> if someone wanted to invest in the technology, do you have to make that your cells? do you buy the rights. >> again, we feel that our company is the cutting edge for this right now. the newest uranium mine in the u.s. in seven years.

these things are taking a very long time to develop. when you look at the fact that the world still is at a record of population, that is why we are the 67 react there's under construction globally today. >> very quickly, can you share with us the percentage of uranium that your country supplies? we have the potential to become almost 20% of the u.s. market share with the capacity that we

have. lori: fascinating. come back again and let us know how you are doing. >> thank you. >> another anonymous investor begging to pay a skyhigh out to buy an iconic landmark. lori: forced rest stops. a new set of regulations. ceo bill graves on his fight to end a plan to limit time behind end a plan to limit time behind the wheel. [ male announcer ] the mercedes-bz

summer event is here. now geget the unmistakable thrl and the incredible rush of the mercedes-benz you've always wanted. ♪ [ tires screech ] but you better get here fast. [ girl ] hey, daddy's here. here you go, honey. thank you. [ male announcer ] because a good thing like this won't last forever. mmm. [ male announcer ] see your authorized dealefor an incredible offeon the exhilarating c250 sport sedan. but hurry. offers end soon.

>> welcome back to the "markets now" it is time to go back to the floor of the

new york stock exchange with nicole petallides. >> i am taking a look at a coal stocks making news. has been in the news over the last week and have been very volatile paul crow but acis of 5.5% $3 and denied cents a share and nine selling off a mine in utah as/400 -- million dollars and say say that all together they view the transaction as a double-edged sword and that endnote said it will boost liquidity in this seems like good news but it could cut their earnings with taxes and depreciation by about 20%. ultimately they are building up the business of the thermal operation. that is what happens. lori: who didn't wish said

they had mandatory arrest period? the trucking industry is not happy of the new regulations that will force drivers to increase arrests period in a decrease time behind the wheel and goes into affect on monday. we have the ceo from the american in trucking association and also the former governor of kansas. >> happy friday. lori: you are opposed to these rules may understand your hours but most workers would welcome that unless it means it your wages. >> and it can contribute to fewer wages. we're concerned that we never have believed there is a cost-benefit analysis to make sense of these rules we support 90% but we challenge the federal motor carrier safety and registration on the finer points that have to do with the 30 minute mandatory rest break the goes into effect of monday's though the d.c. circuit has

not issued rulings we are prepared to comply with the new rules. lori::so you do a greek this could increase safety for the of their cars on the road at the same time? >> we don't expect it will have any incremental benefit in terms of safety. the rules of the operating under has proven to be much safer since it went into effect back in 2003. what this will do will put an additional strain on capacity with the ability of the driver to get his time reset to get his time back out "on the road" and it says the government will force you to rest more by telling you to take more time off and not everybody necessarily goes to bet when they rest with a few extra minutes of the day. lori: that is the point. but the worker shortage, and

now with the reduced hours estimates call for an additional 100,000 drivers for are those figures correct? why is there a shortage? >> first of all, with israel we expect to be a loss of productivity because we cannot have these people behind the wheel as much as they ould be. somebody has to fill a gap that will take additional three crewmen and training and second trucking is a tough business and it is difficult to get people to want to live that lifestyle and put up with the trials and tribulations to live their lives on the highways. , as the housing market comes back that is an industry that we compete with. simply phrased will grow the economy will grow and we will need more trucks so

therefore we need more drivers. lori: the trucking industry industry, the freight forecast through 2024 will increase 20%? what is driving that? >> there is more of us in our population continues to grow. not soon but we do expect economic rebound and the truck is the most flexible motor freight transportation. trains have limitation with the railroad tracks tracks, anything that moves by water has limitations limitations, trucks can go everywhere so we expect between 2012 and 2020 for an increase in freight volume from about 14 billion tons of freight to about 17 billion tons and that is a lot of product that has to be moved. lori: you do agree that the

economy may bump up beyond this rate we were just downgraded to? >> laurie economists believe we will muddle through 2013 that we have high expectations we will see a lot of heavy freight route to support tracking and natural gas industry that has positive implications so we are bullish on the u.s. economy and quite frankly as the population grows we will have to move more product and hopefully find markets to export. lori: thank you for your time. >> have a great weekend. >> how about of fixer upper? of bid the maurer for the empire state building and other developer has put their hat into the ring. with of the largest property owners bidding cash for the

skyscraper. the third unsolicited offer tops a $2 billion proposal by the part owner of the woolworth building and a 2.$1 billion deal offered by an unidentified middle eastern group. the offers are coming in as the current owner prepares for the reit ipo that includes the empire state building. lori: alec baldwin latest rant and what caused him to have serious tweed's before deleting the account. lori: mike congress is turning into this one. ♪

which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning aneffort, hopefully bob can retire a more apopriate age. it's not rocket science. it's just common sense. from td ameritrade.

>> here is your fox business brief. shares a jet to fly on rumors of a buyout. "wall street journal" says they deny having any plan to purchase a low-cost carrier they say they were simply wrong when reporting putting this investment fund to buy back control the company t-mobil is buying spectrum analysis of the valley for

u.s. seller taylor the nation's fourth largest provider says the special role help it to expand the 4g network across 29 markets and southern states. noodles and company starting on the nasdaq debut the colorado based chain has 345 locations in 26 states. that is the latest from fox business giving you the power to prosper.

rich: pandora forces the radio service accused of pushing legislation to cut pay for musicians on digital radio by 85%. joining us from washington d.c. this seems pandora needs to win the fight to go forward. >> considering how much men

a day actually spent of musicians set off a debate with the music industry when he posted royalties that pandora paid him to write this song low. they also paid the band to perform the song as a songwriter and as 40% owner he said panddra paid him $16.891159 thousand plays of that song in respect him on his way to a gay again now part of said the government should stop dictating realty prices. >> i wanted to show just how observed things get when you get the government to set rates for some writers. >> there are efforts in congress to states royalties

typically satellite and radio stations payless there is a different system from internet radio and 55% of revenue goes to royalty as compared to less than 10% for satellite and cable and lawmakers say they want to bring the cost in line. >> this is not about pandora but opening up the field so there can be more viable internet radio stations to create a win for the artist because when they listen to the songs on internet radio they get paid. >> he hopes to introduce his bill in the next couple of months. >> has to do every 15 minutes let's chop -- check the market on the floor of the new york stock exchange. >> we have this trading session that is still going on we will see a lot of activity today and i think a lot of investors and it is

supposed to be third quarter can be slow the look of the volatility where we were moving toward is everybody's outlook and come september more information coming out of washington. there is a lot to look forward to. >> you think we have seen a correction in? it was scary last week. >> i would not call it a correction but healthy movements in the markets. if you look at a chart how the markets have moved straight up over a short period of time you have to take a few steps back. not 10 percent correction but a few percentage points back but there is positive information that investors will focus on. lori: we believe that there. think you've. >> actor alec baldwin not a

politician and yet in more hot water again. he fired off a series of angry tweets before deleting his account. he was responding to accusations that his pregnant wife was tweeting at the funeral service of james kendall see any and outrage baldwin said the allegations are not true. here are some of the cleaner version is. my wife and i paid our respects to an old friend and a toxic brit rights this exploitive trash for i don't have a publicist any more. i fired them. how much of this expletive are these people to take with the exploitative a blatant lies every day? lori: i get his outrage because that was the sad day and he and his wife for

being respectful and to be interpreted not to be respectful. rich: you can show your displeasure redoubt the expletive. rich:. lori: true. maybe not the classiest way to do that. rich: not being go. it is alec baldwin. but the high end tax that has g makers threatening to leave the usa. lori: james bond a fully functional submarine car hitting the auction block. rich: take a look out the winners on the nasdaq. if you are one of them. you can buy the car.

rich: the european union has more than triple the tear fund u.s.-made women's jeans hitting manufacturers and customers where it hurts in the wallet. i always thought skinny genes is what people were when they felt in shape but it is of a style i wrong. >> but the plan has gone from 12 percent up at 30%. and luxury denim $75 and up being made in america and sold in the united states? california makes up 75% of the industry. the fashion association president says the impact will be wide. >> an extraordinary large amount for those who cut the fabric, and the washer the finish of the fabric, the threads, all of that. the companies themselves

will still remain as large or as prominent as they are but they will just make it elsewhere. it will affect the jobs. >> and true religion and all the companies that make the genes in the u.s. are worried about the jobs in l.a. so they have already said they will move the factory since the share of was put in place may 1st is a tear for thespians back several decades. >> what is the european skinny jeans market it tries to protect? >> american jeans dominate the there the second biggest market so it is lucrative place to be. it dates back to whine and cheese tariffs but so it goes back a long way so this is another way to say but here is the problem but said

gene scott bid price 26% of people lose their jobs in l.a. and the contractors go elsewhere and they're so desperate for business. rich: what happens to levi jeans? >> it does not necessarily some are made in america. >> they are five sizes too big. >> bay are the whitewash. >> i will not wear the montaigne's. [laughter] >> great story. a piece of movie history going on the auction block from the 1977 james bond movie the spy who loves me can be yours. a fully functioning submarine car fitted to. under water they were filmed in the bahamas and was driven by a former navy seal. it was said to have cost $100,000 to create which

would translate half-million dollars today. it will be up for sale september 8 in london and expect to get a hundred thousand dollars or more. rich: they bought a storage locker in this really did happen and they bought it for nothing and they took the blanket off and there it was. >> it certainly does have been. speaking of cars in the 1:00 p.m. market we have the all-star panel kelley blue book and automobile magazine from ihl us from edmonds.com if you have questions for them we will get you the answers. tweet us what you want to know. lori: and the doubter. closing out the month than

there brad even as officials try to backtrack we have an official who says the markets will eventually get it where to put your money next. and white college students should stop bellyaching of changes in student loans. tracy burns will join you through the next hour. don't miss at. since e day you met. but your erectile sfunction itld be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you cabe more confident in your ability to be ready. and the same cialis is th only daily ed tablet approved to treat ed and symptoms of bph like needing to go frequently or urgently. tell your doctor about all your medical conditions and meditions, and ask if your hearis healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause unsafe drop in blood pressure. do n dnk alcohol in excess with cialis. side effects may include headache, upt stomach,

delayed backache or muscle ache. to avoid long-term injury, seek immedte medicalel for an erection lasting more than 4 hours. if you have any sudden decrease or loss in hearing or vision, or if you have any allergic reactions such as rash, hives, swelling of the lips, tongue othroat, or difficulty breathing or swallowing, stop taking cialis and get medical help rig away. ask your doctor about cialis for daily use and a 30-tablet free trial

tracy: welcome back. i am tracy byrnes. >> i am adam shapiro. we have a guess that had to says it is all because of a misunderstanding of what big ben had to say. we have an analyst who wonders whether it can survive. tracy: student loan rates are set to rise next week. gerri willis is here.

she has broken down how much it will cost the average student. she joins us in a moment. first, it is top of the hour. time for stocks. nicole: we have had and lots of volatility. we were watching may 22 when bernanke began to talk. we were around 155. then we dropped to 145. with that being said, the bulls are out there and happy we did not go further to the downside. the s&p 500 is actually squeezing out a game. ibm is down.

that is one reason you are seeing weakness here today. june is a weak month. we will be snapping the winning streak. a lot of traders still watching the ten year very closely. right now it is that 2.51%. every time it goes above that, people get nervous and then they sell. when it is below that, they buy it back. still very cautious of what the fed is doing. back to you. tracy: thank you. cu and 15 hits. the yellow metal is having its worst quarter on record. phil flynn is in the pits of this cme. we came back today, but will we see a selloff on monday?

>> today was unbelievable. we went to the dark side. that does hange the fundamentals a little bit. what is disturbing from a technical viewpoint right now is here we are at the end of the quarter. we saw a big bounce back. platinum, palladium and copper also wearing dark. gold cannot get off the map. usually, that means that there is more pain to come. a lot of these funds will have to get in there and sell that metal. that will push as down. you get rid of some of the excess supply in the market. the bigger minors do a little better. you could get a comeback. maybe not right away. >> the minors where of today although they are down for the year. we are talking almost 25-$30 in one day.

it is incredible. >> it is incredible if you look at where it has come from. it is unbelievable. even further back than that. i tell you something. very often when you see a market collapse like that in the commodity, for every action, there is a reaction. something big will happen one way or another. >> wheel that you are our eyes and ears for it. thank you very much. tracy: several members of the feds have been trying to cling these market jitter. wall street is still less than two hours from posting its first losing month of the year. you think that this is much to

do about nothing. >> i think for the most part. it has been a technical reaction. i think this week confirms that the bull market is intact and basically it is confirmed by good is good and bad is good. the day before, on tuesday, very -@good economic data. we think the bull market is still intact. tracy: pointing out money suppll and where it is going. i should say it is not coming out of the bond market yet.

most of what is fueled by the sideline. there is still plenty of fuel their for an advancement of stocks. tracy: there is still so much more money to be coming into this market right now. the money has been made in fixed income. >> you are not optimistic. you are not confident. there is still a lot of that.

we are getting further and further away from that mentality and that is good news. finally, we sense that investors are looking at their investments and saying where can i get the best returns as opposed to where can i get my money back. it is a long slow process. >> the most logical baby steps out of bonds. you get a little dividend every month. people coming out of the bond market into these dividend stocks. do you think they are done? >> no. we do not think that the dividend trade is a grounded trade. you have every single sector, not just your telecommunication sectors, stocks were better than bond dividend yields.

there continues to be this opportunity to buy stocks that have bond like yields. guess what, you get growth of income also. tracy: interestingly that you guys just bought treasury for the first time in years. how come? >> a backup in treasury yields from the 190 range. all of a sudden up to 250 range. we have very short duration portfolios. we are putting treasuries not intermediate or long treasuries can't but very short treasuries. one thing is the benchmark of 40-50% of treasuries. not having any does have some risks. tracy: that is good stuff. thank you for being with us. the fed will begin to taper in october at the latest.

>> a lot of people who say that, hank, with all due respect, is wrong. we will move ahead. black berry shares taking a big hit. can the smart phone maker turn it around? tracy: we should have a little wager on that, actually. are you fired up about cool mark. >> the battle between pandora and pink floyd. rich edson will explain why congress is on the dark side of doing. tracy: let's take a look at oil. oil is moving ever so slightly up. $97.37 arrow. we will be right back. ♪

♪ tracy: plane hits today. >> saturday night at 1:00 p.m. tracy: sitting at the bar by

yourself. [ laughter ] tracy: pink floyd and pandora. rich edson says the issue is now heading for capitol hill. >> that is us and them from dark side of the moon. that is much later than [ laughter ] >> let queue up a different song. ♪ >> 1993 and the musician who wrote and performed the song, david lowery, set off a pretty big debate in the music industry. he's says for more than 1.1 plays, pandora paid him, as a

writer, less than $17. we hope that many music services can give fans an artist the music they want us when they want it at a price point that works. pandora says it pays more in royalties and other music services and broadcasters. some lawmakers are trying to bring internet radio under the same road to process as satellite and cable services. internet radio is at a disadvantage, they say. >> satellite radio, cable television, they have gone

through a process for 30 years and it works. there are no financially viable ways to do it. aol got into this business and got out. rolling stone got into this business and got out. yahoo! got into this business and got out. it is because they cannot make money. as pink floyd says, money, it is a crime, share it fairly. do not take a slice of my pipe. tracy: i kind of feel like this is, you know, get out of my big hope, get out of my radio, get out of my bedroom and leave it all alone. you have a great weekend. rich: you also.

>> time to check the markets. nicole: i am taking a look at the general market. the last trading day of the month. the tech heavy nasdaq is actually impressing some folks. let's take a look, though, at world zone nike. nike came out with their quarterly numbers. it is under a little bit of pressure. it is up. up 2.1%. they said it is a little soft.

>> tapering the taper talk. tracy: consumer sentiment numbers near six-year highs. jeff: revolutionizing the grocery store business here. does this look like a grocery store to you? midwest chain. new york stock exchange traded company. we will be here exclusively and get his wisdom in him and. ♪

>> 20 minutes past the hour. i have your fox news minute. in texas, shannon richardson accused of sending later laced with ricin to president obama and mayor bloomberg. she faces up to five is in prison for each of the two

counts. the lighter scanned was on the bottom, a man testified. zimmerman is claiming self-defense in the shooting death of trayvon martin. a massive ph is bringing triple digit temperatures to places like phoenix, vegas and death valley, california. back to tracy. i thought it was hot here. [ laughter ] tracy: have a great weekend. confidence going forward. jeff: i tell you, this is not

your wall street ceo. take a look at the shoot on this man. this man walked the aisles. started in the business in 1968. the chairman and ceo. >> a wonderful reflection. jeff: this built as a cross between whole foods and the value pricing of a target. how the heck do you do that? >> we put the prices down. we do not over promote. jeff: trying to hit the sweet spot. compared to whole foods, you

look at that is one of your competitors. you have done tremendously well. >> we keep making it work a little bit better. this is only three years old. we are doing a fair amount of learning. jeff: about 161 stores nationwide. >> we get e-mails and letters constantly from people around the u.s. right now, we are very focused on chicago. we have the plans to build at least 30 or more stores in the chicago marketplace. jeff: companies trying to find that sweet spot. i tell you, this is something

that is revolutionizing the grocery buying this. tracy: jeff flock, you are the greatest. >> not exactly free. officials sounding off against speculation that the central bank will halt its easing program. did chairman bernanke go too far in laying out his exit strategy? can't we all just get along. let's bring in eric stein, director of the global fixed income group. thank you for joining us. did the chairman, did mr. bernanke, intend to tell everybody it is coming to an and or was he truly saying we will very slowly begin to pull back? we are not even exempt a couple trillion on the balance sheet. what was he telling us?

>> thank you for having me. burning has a tough job here. i do think there has been a change in the fed's reaction function. more concerned about financial stability and markets right now. beginning to talk about tapering. rates are still at zero. they will be at zero for the foreseeable future. >> i think it was timothy geithner who had a private dinner with some very influential people. let's talk about what happens to people who rely on fixed income. you have bill gross. he is taking a big hit. are his bad days over? >> in terms of where the bond market is going, i think we will probably be instability for a while. rates certainly will go higher.

andrew it's basically need to stay low. >> can you give me a timeline of what foreseeable future means? >> i've believe they will begin to taper some time towards the end of this year. probably not until the him sometime 2015. i think it is important to keep in mind that that policy gets easier should the economy get worse. right now everyone is concerned about tapering. >> we are getting those bad data points. let me ask you to define taper. my first question to you, this

seems to be a debate among all the smart intelligent people out there. >> it seems to me that the view among the fomc that they will not be selling assets or treasuries or mortgage fax. they are talking about tapering. >> they are not about tuesday's policy. they will not be selling what is on the balance sheet. easy money is with us for a very long time. >> exactly. they are not close to tighten policy. the fed is just -- let's think of a car. the fed was going 90 miles per hour. they are taking their foot off the gas. >> i appreciate you joining us.

this is like when the other half says do i look fat. there is no honest answer. thank you for joining us. >> thank you for having me. tracy: do i look fat? >> absolutely not. tracy: i met when you, plural, are left alone. blackberry shares taking a beating after a miserable earnings report. why would anyone buy the stock? we will ask an analyst asked. >> lee lund -- leland miller joins us next. ♪ tdd# 1-8-345-20 [ trad ] when i'trading, i'm totally focused.

d# 100-345-2550 and the streetsmart edge trading platform from charles schwab tdd# 1-800-345-2550 gives me tools thahelp me find opportunities moreasily. tdd# 100-345-2550 i can evenccess it from the cloud tdd# 1-800-345-2550 and trade on any computer. tdd# 1-800-345-2550 d with schwab mobile, i can focus tdd# 1-800-345-2550 on trading anyplace, anytime... tdd# 1-800-342550 until i choose to focus on something else. tdd# 1-800-345-20 [ malennouncer ] all this wi no tradade minimums. tdd# 1-800-345-2550 and only $8.95 a trade. tdd# 1-80345-2550 open an account with a $50,000 deposit tdd# 1-800-345-2550 and get 6 months commission-free trades. tdd# 1-800-5-2550 call 1-866-884-2828. adam: 90 minutes until the

closing and nicole petallides is that new york stock exchange. what is happening? >> what is the hottest planet it is venus. i did not know that. coming over to ibm, taking a look down 2.2% at the moment off the lows of the day but weighing heavily on the dow jones industrial average. down to negative 35 points for the worst performer today and over time as well for the week and the month of june. this is a pressure that is underperforming for the major market averages with its own group as well. we see ibm to the down side that as senator has its cutting outlook that they seek further slowing in their consulting business. that in turn has weighed on

ibm today with the dow jones industrial average. tracy: i love the snapple tidbit. my little one gives them to me all the day -- all the time. blackberry sings the blues at the hands said maker post of big loss, not a profit in here is the kicker the earnings statement does not even break down sales numbers for the new mustaf gadget. from s&p iq capital analyst, it gives me one good reason why you buy the stock. >> i have a soul been denied on of i would have won. [laughter] tracy: so then where is the power of the company? i have to devices blackberry only because i am forced to with work. i could not give the keyboard but i did a gracefully. >> taiz and the problem.

the most disturbing part is not the handset that people focus on and over analyze but the subscriber base. for the third quarter they have lost subscribers. maybe 1 million than 3 million and this quarter 4 million. this is a loyal base that have stuck through the hard times with the blackberry curve and they have stayed around for the new promise but now they leave in droves and that is the concern in part because who will continue to buy the handset? >> we are here by force. but number 10 is not cheap. so hopefully corporations, up hopefully to news corporation for renewal they may consider moving on to a cheaper device. >> that is the concerns i have. one of my concerns is that

people like yourself that word tool users. you don't want to blackberry's you could go to a touch screen and you keep the blackberry for the physical keyboard with the business accounts. with acute than that was a promising aspects. there is still time because that is the enterprise device that is lower for adoption it takes longer to security is fine. there can be a lag but the concerning carr was the fact with all the service providers with adopting the q10 you would see more of a channel buuld than we saw and that was concerning. tracy: low-volume difficult to make margins with no guidance or outlook but you do expect revenue to be up in 2014 but then back down again? so the future is not that rosy? >> no.

they do still have a large subscriber base. there are a lot of people that are happy with the device especially with hamas q10. there are dedicated people but the concerning party is losing so many subscribers and with a new platform people don't have tuesday on to pay the service fee. tracy: i don't buy it anymore because my mom switchover without a problem and she is computer illiterate. does this company go bankrupt? >> no. i think they will be okay. they have the big enough space people will stay on but it will be tough for a while. tracy: it does not look bright and i am a dual user. have a great weekend. >> work and the eiffel and at home. tracy: we hope it becomes

one. adam: complaining that a student loan rates will double next week but jerry lewis -- gerri willis breaks down how much we'll cost the average student. stopped the bellyaching and she will join us. tracy: i will use that tonight. wyoming governor will join us to take on the president obama as new energy plan. don't go anywhere. money has to last longer. i don't want to pour over pie charts all day. i want to travel, and i want t 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. ishas by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks,harges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. and now when when not

a. >> here is your fox business brief. general mail a check hall looking to health care finance business reuters in he hired goldman sachs still perceive the sale pr with the attractive buying interested to be valuee held at $2 billion for this ec opens the inquiry with regard being off the search of the release of the land management manufacturing data. small group of traders reseed the milliseconds before wall street. in those allegedly trying to bring 20 million in heroes into italy illegally. the account was recently a suspended from the main financing part and. the bank says it is cooperating with investigators and the many women to receive converted at 26 million u.s. dollars. this is the latest from fox business, giving you the power to prosper.

adam: we are breaking news oil futures closing down $0.49. crude futures didn't june are up $4.59 for the month this marks the fifth straight wedding day, not the winning day but it would have been. and obama as energy plan getting a cool reception from coal alrich wyomings and it is critical for the economy. the governor joins us now. so great to hear from you. i and glad you took the time. this is what wyoming does does, it is all about call. how does the president's plan affect your residents? >> we were disappointed not only the number one exporting state in the country it has to be part of the picture.

reproduce call for the country good for wyoming in the country and provides 40 percent of electricity for the country. i don't think you are getting serious about an energy policy until you talk about coal in the future which we need to have. we haven't reduced admissions had polite ii the permitting process allows us to do that even though it has the best available control technology. i am for a clean environment and everyone that i know is we need to work to that but what i am concerned about is the rules and regulations are such that they effectively shut down the largest producer where does

that leave the citizens? not only of wyoming but of the country. >> women does have a plan? there is research going on in. >> we were the first day to have kerbing captured and carbon sequestration why is and my own personal vehicle is natural gas and you will fuel vehicle and we have been a leader on this for many years and one to continue to do that. as we go forward we should be looking to the states in particular with wyoming how to do this to make sure cool can be part of the future. tracy: has anybody asked you? >> my wife sometimes. [laughter] pipe rehabing gauged and our eny strategy how we go about it and to i met with the company today with kohl

to liquid project there's a lot we can do and i am excited to do that but i don't want the federal government to intervene in a way we cannot make the necessary progress. we are eager to do so. tracy: aside from being the most beautiful in the country, a no state tax, a wealthy people, business is booming? >> four-point 5% unemployment, business is booming and the parks are open and life is good in wyoming. tracy: the grand tetons are the best. thank you for being with us. adam: congress is on vacation they left town without reaching an agreement on student loan rates that will double on monday but jerry oil says it is not such a big deal. >> there has been decried as to lower rates will double and again this is for the guaranteed stafford loan that the government will pay the interest rate while the person is in school.

but here is the reality. that would cost the average person $7 a month ended which cost the government $41 billion to raise the rate set the end of the day for all of us and makes more sense if we let the rate reset because the penalty for students is not that high. face it. they're all kinds of plans for students to get into trouble financially. i know three loan forgiveness plans that forgives all of the dead after a period of time to wine that is crazy. u.s. cover that extensively but if we let the rates go to market tuition will have no choice but to come down that is part of the problem you keep giving them free cheap money will continue to seek tuition rise. >> look at the numbers that proves the point.

look at the proportion of state school students to graduate in four years. 30%. 30%? everybody is getting money. the president said his goal is to allow anyone who wants a long to get it if you can fog amir you should get it. but we need to rethink this. shoulddwe have a standard? should there be a metric to me as a student? the new program the president wants to introduce he calls it pay as you earn. you paid your loan down but you can't have it forgiven and that is not with everyone to go because the federal government should not take the obligation without congress saying this is what we wanted to the federal government should pay for every betty's education. tracy: i will back up the debt then go teach fitness classism days ago.

>> but i meet some nice people along the way. >> data people who were settled by a huge student loan debt. i have to cheese your show tonight. >> we will do some of this and also covering the ira's today that loess lerner will have to testify in front of congress. >> dealt miss it tonight on the fox business network. >> it is time for stocks we're hanging around friday afternoon it is friday in the last day of the monthly you do? will you sell everything? >> will be interesting to see how this plays out. end of the month, and of the quarter but next week is a short week we have half a day in the market is closed

with economic data coming out next week who will watch this? i will not be here so great that you have to take some short-term profits off the table than next week will be light volume with more volatility. stay away the first week of july. tracy: i will be here on friday. i will let you know, how egos. have a great week. adam: borrowing rates in china is down but is that countries still in charge of -- in danger of the credit crunch crisis? don't believe the government. [ indistinct shouting ] [ male announcer ] time and sales data. spt-second stats. [ indistinct shouting ] ♪

it's so close to the options floor... [ indistinct shouting, bell dinging ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪

adam: stocks in china are rebounding and credit conditions rebounding after the central bank governor promised to make sure there would be enough money in the economy for financial market stability. to explain that we have the president of the china beige book. we had the central bank there saying no more easy money and that upset a lot of people. we saw reaction because there was concern they could have their credit crunch in china. >> our data has been showing tightening the reason people are not picking this up they look to have blind the official data and nothing indicates it is bad. adam: the banks say there lending by developers say it is getting tight. >> there is a huge divergence to bankers on the one hand and firms on the other hand with stable interest rates but firms are

saying interest rates are going up and we are borrowing a lot less. there is a problem signaling distress. adam: shouldn't we be selling or concerned about china? >> in the short term you will see a slowdown no question in growth but medium and long term they have to do is. it is positive to rebalance the economy was slower growth. adam:'' what about the typing in china but a slowdown of their economy despite the uptick the ways they could safely earn? >> the economy is still growing at a nice pace but the old norm does not apply some manufacturing is not the bellwether. services and retail they're trying to push hard and there will be opportunities in china just not the same. adam: should i look for the american companies like yum!

brands? schiller lookit those investments are go directly? there is so whole other type of problem investing directly in the chinese companies. you don't know what is in their books but anything involving food in china is another in the leg problems because of the food chain and the mismanagement of food. there is no single answer to that question. adam: so what should i expect over the next six months? continued slowdown? >> this is the start of what will happen and people will understand the old standby that it is inadequate. we need more. adam: thank you for joining us. we will be celebrating something, the corvette. turning 60 on sunday the first of the iconic sports

cars to roll off the assembly line. june 30, 1953. all had red interior and cost just under $3,500 now there has been 1.5 million made the world's longest running continuously produced passenger vehicle. hottest car on the planet. but ogle had in 1978 steve grady tops i still think it is the hottest car "on the road" with. >> a 2015 is hot. >> they are all hot. >> this split we are window if you get one of those lots of money. shares of noodles and company on the first day of trading opening at $18 in the stock has doubled. founded in 1995 at 345

locations now in the united states but don't you dare eat inside your corvette. tracy: we are not supposed to eat cards anymore? now they go public. adam: countdown to the closing bell is coming up and forget the bricks but don't despair there are some new stars like peru and he will tell us how to get in and which sector he likes next on countdown to the closing bell.

♪ liz: is blackberry debt and the water? missing analysts' expectations and delivery were a big disappointment. the stock plunges on news. so says our guest, head f emerging markets at morgan stanley. this as investors send

$18 billion in emerging markets of the past ten weeks. we will tell you where the next real buying opportunities are. and the skinny jeans under assault courtesy of the european union. true religion and of the designer's jeans may have to hike prices even further or get the heck out of dodge. "countdown to the closing bell" starts right now. ♪ cheryl: i'm cheryl casone in for liz claman. it is the last hour of trading, and u.s. stocks are mixed on wall street today. blackberry is getting hammered after reporting disappointing earnings. check out the intraday chart. the stock right now falling down almost $4. that is a loss on a percentage basis of almost 28%. this -- suffering the biggest one day drop in more than a decade.