connell: you are talking about the market. charles, they give very much. approving what is the new banking regulations. we have a new debate this morning over the dollar. john from forbes will bring it to us. the eu giving a thumbs up to a 4000 bit of an italian company. charles was talking about egypt on edge. president mohammad morsy. they want him out today or the protests turned ugly. we will have the bearing latest from the scene.

we will have more this hour on markets now. ♪ connell: we thank you for joining us on markets now. dagen has the day off again. we will get to egypt and everything else that we mentioned. nicole petallides on the floor of the new york stock exchange. nicole: thank you very much. let's talk about what we are seeing with the markets.

15,048. a gain of about half a percent. on a long winning streak, it is on track of six consecutive games. we had some issues in portugal and greece. that is something we will continue to follow. it is interesting to see the financials doing well. other leaders would be telecom, at&t and verizon. we have a lot of terrified that we continue to follow. the economic numbers are very telling. businesses are spending once again. that is good news for the economy. connell: breaking news right

now. the fed improving a new set of rules. important stuff for peter barnes to cover today. peter: the fed has just approved these new international rules. stop any future tax bailouts. that is the point of all of this, folks. >> strong capital requirements are essential. we hope to have safe and sound banks that the weather financial stress while continuing to beat the financial needs of our economy. peter: the fed has already required some increases in capital. it says that most banks would meet these higher capital levels already, however, 100 regional

and other banks will have to raise other capital to meet the standards. the fed announced its plans to acquire bank of america, jpmorgan chase and citigroup. they are internationally important. some banks warned that these burdens will make less money for lending. the fed says that the new rules should "benefit the financial system by reducing financial risks." connell: peter barnes on the breaking news out of washington. moore capital, no future bailouts, obviously, the goal of

not being able to bail out these banks again is a noble one. >> i think that they are trying to obviously walk a tightening rope. this all goes back to what happened in 2008, 2009 and the libertarians out there probably felt to just let the banks go and that may have had some pretty dire consequences in the short term. that would have been letting general motors go as well. the bailout of general motors, obviously, there are other political pressures. it is not as if we operate in a free enterprise vacuum. we do not. connell: to that point, where do you think we are now?

it was a mess back then. do you remember it differently than it actually was? not as easy as many would argue. now, we are a couple years removed from that. we are able to have this bigger picture discussion. will we ever be at a point where this goal of no bailouts can be realistically accomplished? >> i think it can be. again, let's remember, we have a lot of other considerations here besides our economy. there is this whole debate in washington now. each one of which unto itself depresses job growth and depresses the gdp. it is a conversation that makes no sense. the republicans do not increase

taxes, which i agree, and let's reduce entitlements. connell: it sounds good on paper one way or the other. the market is up today. back about 15,000. find. nicole talked about manufacturing data. we have a big jobs report on friday. even though it is a holiday week, a very important week for the economy. i want to talk about where we are. where do you think we are in the recovery right now? >> well, i think, you know, the capital markets are not reflective of what is going on in the underlining economy. if you look at gdp growth, it has been a fairly lukewarm recovery.

i think there are good structural reasons why the stock market will continue to be relatively robust. by the same token, this fixed income level, the interest rates are so low, people have to chase returns. doing it in treasuries will just not work in the short term and intermediate term. i think that equities market will continue strong. connell: they path may actually include, believe it or not, deflation. this is an interesting piece. i do not say this often. make the case for deflation. most of the time it is people saying i am scared.

make the case for deflation. >> it is very simple. there are no companies and jobs about investment. we have had four years and really 12 years of dollar devaluation which has told investors that if you are foolish enough to commit capital, any returns that you get will come back devalued. it is a magnet for investment to come back in. we will not devalue those returns and that is why it is such an advocate. connell: though one thing john brings up that i think is worth noting, just to follow-up, this idea that we in the united states support this strong dollar policy. it has been known to be

nonsense. it was a weak dollar policy thinking that was better for our economy. where do you stand on this debate? >> well, you know, i hate to put it this way. there is a guess and a note here. a strong dollar attracts flows into our country. we have h amanda's problem and our country. that is a problem. the other problem, that is the good news. the bad news of a strong dollar

-- listen, the united states is a storehouse of value right now and has been. there are foreigners coming into this country by real estate. connell: i will let you wrap this up. fred brings up the argument. exports, weak dollar, we need it. >> i just do not think that is that credible of an argument. in the 70s and 2000, we devalued money. in the 80s and 90s when the dollar was rising and much stronger, we had rising stock markets. poor countries devalue their money. rich countries tend to

protective. it is the argentina's and mexico's in the country that are poor for devaluing. it is the u.s. and new england that protected their country. connell: the dollar today is 1.30. thank you for being here. good stuff. ended on a happy note. this incredibly intense situation over in egypt. the live pictures. millions on the street. new developments and they are coming up for you in just a moment. then the twins. remember them? they are back. ipo of that coin. yes. we will have the latest on that. and then forward. it made the top 20.

the most patriotic brands out there this week. another automaker tops that list. ♪

[ children shouting, laughing ] [ male announcer ] this could be the summer she jumps into the deep end... ...he gets on that roller coaster... and you finally take that long weekend. it could also be the summer you get your identity stolen. last year, 12.6 million identies were stolen. that's why you need the proactive protecon of lifelock. if you're planning a summer vacation, you'd better include plans to protect your identity. and not thinking abouidentity theft, you become an easy target. [ male announcer ] every time you buy a plane ticket, you give thieves a chance to steal your identity. and that could cost you the money in your bank accounts, your ability to get credit, even the equity in your home.

you have to protect yourself, and lifelock offers the most comprehensive identity theft protection available. lifelock's member notification service is on the job 24/7. when you receive a text, e-mail, or phone alert from their "not me" system, you can respond instantly if you suspect fraud to help stop identity theft before the damage is done. and lifelock stands behind their protection with the power of their $1 million service guarantee. last summer lifelock protected over 2 million people, and this year they can do it for you. call 1-800-417-4350. or go online and get 60 days of lifelock protection risk free. that's two full months of proactive protection to help keep your identity safe this summer. order now and get this document shredder to keep sensitive documents out of the wrong hands. a $29 value free. call 1-800-4-4350. or go online to lifelock.com/plansafe.

use promo code plansafe, and get 60 days of lifelock protection risk free. connell: markets now continues with a another's update. nicole joins us once again. nicole: executed more today. we are seeing this stock up nearly 20%. today, you are seeing it up. well known from microsoft, chief

of the videogame business, as a result, he was wooed to come over. that is good news therefore zynga. the shareholders are loving it. you are seeing that reflected in the stock today. connell: a live news report now. we go to egypt. this is a developing situation, if there ever was one. kitty logan is joining us from london. >> the demonstrators are back on the streets. they are gathering in large numbers. they say they want president orsi to step down now. that ultimatum has expired in

the last few minutes. just a year ago, he was voted in by a popular election. also, across the country, we are seeing demonstrations from both sides. there is another ultimatum issued by the army. they said if both sides do not come to an agreement, they will intervene. it does not intend to be a huge fight. morsi is standing firm. he says he will not back down. he wants to continue his political plans.

he said if the people turn against me, i will step down. there are no signs of that happening. connell: thank you. back to business now. from facebook to that coin. the twins are back. we will have the very latest on that. plus, ms. predicting. we talked earlier about strong dollar, weak dollar, inflation, deflation. more markets now straightahead. ♪ 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 shouldn'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. i have your fox news minute. edward snowden's options are narrowing. he has asked 21 countries for asylum. so far nine have said no. venezuelan president said noted deserved the world protection. in tanzania, both president obama and former president george w bush honored americans killed in the bombings they are nearly 15 years ago.

president obama is ending his weeklong africa trip. president bush was attending a summit on african women. returning to the scene about wildfire killing 19 firefighters on sunday. the deadliest day for firefighters said september 11. it is still 0% contained. those are your headlines. connell: thank you very much. we have bitcoins back in the news. the record was 266, in terms of the trade on it. now you see it down about 90. looking to get the popularity back. jo ling kent joins us from the newsroom now. they apparently like bitcoins.

>> that is right. the brothers world famous for challenging mark zuckerberg on the facebook idea. they are saying in a tweet that they want to be the first name and the first bond for bitcoins. it will see about $20 million worth of shares. each one representing about one third of a bitcoins. the twins have been in the game since the early stages back in april. they said they owned what was owned to be $20 million at the time. tyler is confident that bitcoin is that investment of the

future. they have faith in aromatic radical framework that is free of politics and human error. connell: thank you. jo ling kent in the newsroom. the cyber threat. dennis kneale has a one-on-one with the former direct your. that is coming up during the 110 a. easrn hr morr. torrows a lf d forhe maets. areollong tt in china. dennis will be speaking with dennis blair. markets now tomorrow. it will be dennis and cheryl at 11:00 a.m. leading you up to the countdown of "the closing bell." "the closing bell" earlier than usual tomorrow.

friday is the big jobs report. a very big day for the markets. the former raider -- the former reagan advisor, art laffer is coming up. plus, here we are. a couple days from independence day. taking a look at the most patriotic brands out there. we will have your top five coming up. then some winners. some winners on the s&p 500. there they are. ♪ with the spark cascard

from capital one... boris earns unlimited rewards for his small business. can i t the smith contract, ease? thank you. that's three new paper shredders. [ boris ] put 'em on my spark card. [ garth ] boris' small business earns 2% cash back on everychase every day. great businesses deserve unlimited rewards. read back the chicken's testimony, please. "buk, buk, bukka!" [ male announcer ] get the spark business card from capital one and earn unlimited rewds. choose 2% cash back or double miles on every purchase every day. told you i'd get half. what's in your walle

connell: here is what we still have coming up for you on markets now. most economists agree that we need better job creation to move the economy forward. auto sales rolling out. we will be highlighting the sector for the entire 1:00 p.m. eastern hour for markets now. more on the smithfield debate. china and your barbecue. how risky it is to let chinese companies invest in the united states. all of that still to come. now, let's go back to nicole

petallides. nicole: it is exciting to take a look at a company when it is hitting a new 52 week high. up over just a half of 1%. capital one today did hit an annual high of 64.72. they are buying back a billion shares. they are selling off a seven billion-dollar portfolio. this is a big deal. it is expected to close in the third quarter. we are seeing capital one jumping. discover is pulling back a little bit. good news for capital one shareholders. connell: the june jobs report will be released this saturday

morning. art laffer is the former economic advisor to president ronald reagan. how would you describe the job market? >> we are not doing very well. unfortunately, probably the worst recovery in u.s. history. the jobs numbers are not coming to the way they should. connell: this morning we added more data. we will lead up to the jobs report. if you put some of the housing numbers together, if you are a glass half-full person, you could plausibly make the case that things are getting better. >> they are.

they really are. they are just getting better at a very slow rate. connell: this time it is different. >> it is a fair argument. we have much worse policies today. in the 80s we had tax rate did a chance. we reduced welfare. we did not pay people not to work and we did not tax them if they did network. connell: just coming back from what we went through in 2008. you picked up on that right away. don't you think that it is different this time just comparing it to the 2008 crisis. >> not really.

we had an enormously rapid recovery. we have had about the same type. a huge drop. this time, the rebound has been very slow. very lackluster. i think it is because of the policies. you know a lot about this stuff. i do not see how you can tax and economy into prosperity. it just does not make sense. a poor man cannot spend himself into wealth. they are trying to overregulated. they are trying to increase spending. they are also trying to raise taxes. i do not see how it works.

will we just continue -- it does not seem like the policy prescription that you are talking about. at best it will continue to be, they will but heads. nothing will continue to be done. what will actually happen? >> i do think that we will make a very sharp shift. if you look at it right now, 30 republican governors. many of those republican governors are cutting taxes trying to bring back prosperity. connell: you still have the budding of the heads. >> i do not see it until 2016. that is not that far away. stock prices are way up.

if you look at government spending, it is the climbing very rapidly. we are just going to have to wait a little bit. when it happens, wow is it going to be spectacular. connell: there is not much risk percentagewise in terms of another crash. >> i do not think so. >> recoveries respond to policies. it is a policy driven world. you are not going to get a big recovery. when the politics change and we get a good dad and a good policy, once all of that happens, wow you will see amerrca -- connell: you know what they are talking about now. >> i love open borders. these people are high-quality labor at low cost.

i do not know what california would look like today without the immigration, including the illegal immigration. i think those people are just the life blood of the economy. i hope the republican party does just the way we did under reagan. we should accept all sorts of people. it is not hispanic or black or white or male or female, old or young. connell: art laffer, bankia. always great. >> say hello to dagen. connell: she will be back tomorrow. on a day when auto sales are helping to drive this economy,

general motors and honda striking a new deal. we will get into that in just a few minutes. new data on home prices. diane macedo will have more on that in the business brief which is straight ahead. chinese investment in u.s. corporations. the mayor of smithfield is our guest. all of hat straight ahead on markets now. ♪

♪ >> hello everyone. i am diane macedo with your fox business brief. home prices posting their biggest gain since may. prices rose 12.2% from a year ago. delaware and alabama were the only two states where sales fell . that is according to the latest. shares of american greetings are

jumping. they upped their buyout offer for the third time. nineteen dollars a share. that is the latest from the fox business network. giving you the power to prosper. ♪ the most free research reports, customizable charts, powerful screening tools, and guaranteed 1-second trades. and at the center of it all is a surisingly low price -- just $7.95. in fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and etrade. i'm monica santiago of fidelity investments, and low fees and commissions are another reason

serious investors are choosing fidelity. now get 200 free trades when you open an account. connell: breaking news. let's go back to egypt. live pictures coming out of there. the egyptian roadmap would suspend the nation's current institution implemented by president mohammad morici. the change would be followed by a presidential election. the roadmap is said to be implemented if president morici fails to strike an agreement.

a very intense situation. more on that coming up. adam shapiro is here now. during the 1:00 p.m. hour he has a special addition of markets now talking about the auto sector. >> that is right. the business of auto sales. the sector has been one of the most important when it comes to propping up the u.s. economy. you want to join lori rothman and myself at 1:00 p.m. we will show you how you can profit from all of this. which companies you may want to invest in.

how you may be able to rent out your current car and make some money on that. we had a lot of gas with us throughout the 1:00 o'clock hour of markets now. connell: lamborghini and ferrari are just something obnoxious to me. >> you could look like a high roller. it is all coming up. connell: that is a tease. now i have to watch. thank you, adam. we look forward to that in the

9:00 o'clock hour. and lots of car people will enjoy watching that hour. new technology in the industry. we bring the editor at fox car report.com and. we have also been talking about. >> very high-tech stuff. it has been the fuel of the future. maybe we are getting to the point where it can happen. connell: the future has been coming for a long time.

connell: the technology is there. either the government has to start helping build these things or one of the countries have to do it themselves. connell: you want the demand to be there. >> chicken and egg. connell: i had this china story. one of the big car company executives was talking about this. the thing that will turn us around globally is that the chinese government will come in and say, hey, here you go. here is your infrastructure. it has not necessarily happens. >> you know, gm and honda are teaming up. ford a mercedes teaming up.

honda already has one on the road in california. there are only a couple of stations. general motors never really released it. i have driven one. it is an electric car. it fills up in about five minutes. that is a big advantage. connell: okay. we have been showing this list throughout the hour. there are automakers on the list, including jeep, which is number one. what do we make of that? >> it has 70 years of brand equity behind it. that is absolutely not going away. it does build all of its cars in america. the cars sold here are built

here. in these global markets, they just know jeep. general motors has the brand in europe. chevrolet is not really a global brand gap. jeep is about as american as it gets. jeep will always be number one. connell: jeep wrangler is an american car. thank you for being with us. they still are not talking. some 400,000 bay area commuters are struggling to find a way to work. they broke off sunday. no sign they are getting back together to solve this problem. we will keep following it. this is costing the bay area $73 million a day. a big story out west.

we also have more on the smithfield debate. smithfield looking to close a deal with a chinese company to buy out this american firm. we will see how it is going over with the mayor of smithfield. that is coming up next. we have a full day today. half day tomorrow. off on thursday. full day on friday. here are the nasdaq winners as they stand. ♪ [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bellinging ] ...u'll bust your brain box. ♪ all onhinkorswim from td ameritrade.

♪

connell: appropriate on the fourth of july week to talk about cookouts around the country. it soon could be owned by the

chinese corporate company. smithfield foods close to a close. rich edson has the story. rich: good morning. smithfield food really goes hand-in-hand with the town smithfield, virginia. this is still going on. what is the sentiment in this town about the deal? are people nervous? are they excited? >> it is a wait and see what will happen. smithfield foods has been a big part here. we have always worked very well. a hand in the glove type thing. we have always been there for them and they certainly have always been there for us.

i think, i think it is just a wait and see game. we will wait and see what happens. rich: is there a concern that they will change the way things are done? >> no. they say everything will stay exactly the same way. there are rumors going around that they will expand some of the plants here in the town of smithfield and up production some. rich: that will be great. we are starting to see this with some american iconic companies. is there a sense of lost pride that this will no longer be a company controlled exclusively by americans? >> well, i do not think so. as long as they keep the name smithfield foods. i just hope they don't change it. i think that they will. smithfield foods is so well known all over the world.

everybody knows that name. rich: thanks so much for your time. connell, back to you. connell: that was an interesting perspective to the story. thank you, rich. back overseas with these protests continuing in egypt with no end in sight. live pictures again. we have a former investor that has changed its tune. dennis and cheryl continue with markets now in just a moment. ♪

>> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your money and ruining your reputation. that's why you need lifelock to relentlessly protect what matters most... [beeping...] lping stop crooks before

your identity is attacked. and now you can have the most comprehensive identity theft protection availle today... lifelock ultimate. so for protection you just can't get anywhere else, get lifelock ultimate. >> i didn't know how serious identity theft was until i lost my credit and eventually i lost my home. >> announcer: credit monitoring is not enough, because it tells you after the fact, sometimes as much as 30 days later. with lifelock, as soon as our network spots a threat to your identity, you'll get a proactive risk alert, protecting you before you become a victim. >> identity theft was a ge, huge problem for me and it's gone away because of lifelock. >> announcer: while no one can stop all identity theft, if criminals do steal your information, lifelock will help fix it, with our $1 million service guarantee. don't wait until you become the next victim. you have so much to protect and nothing to lose when you call lifelock now get two full months of identity tht protection risk free. that's right, 60 days risk-free.

use promo code: gethelp. if you're not completely satisfied, notify lifelock and you won't pay a cent. order now and also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the number on your screen or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. us get this document shredder free-- but only if you act right now. call the nber on your screen now! >> good afternoon. cheryl:. dennis: and stocks moving higher and it is hitting the 1700 s in the. cheryl: and egypt has turned around on the investment strategy saying avoid the middle east here are live

pictures at your square it is getting worse. >> that is what is bugging me with his g.o.p. representative -- pay raises in your responses coming up. >> we're coming up at the top of the hour with nicole petallides at new york stock exchange. >> here to cheer the dow 15,000 to bring out some new record highs but one step at a time. the industrials are holding up nicely half a percent. we do have a stronger dollar in the majority of the stocks with retail stocks are holding a very nicely that is rhodesian index also has the apparel the coz as teddy weisberg says there is a lighting rod in the market goes both ways. today you see jpmorgan been

a stellar performer when the bank of america end goldman sachs are popping up. you can see they were all green. that is the environment we have been in with capital 1500 also with the factory orders having in nicely as well. dennis: our next guest says the s&p could hit 1700 by year's end in to see even more growth that is nice to have some optimism. why 1700 by year end? >> we think we will see multiple expansion throughout the year. the numbers look solid and as we move into the back half of the year the growth and corporate balance sheets the healthiest of decades there is a lot of operating whip -- leveraged we think will play through for the

corporate profits. dennis: will p/e go up or earnings will not keep up or it will go up at what? >> we think both. we have a projection one '08 year end 2013 that gets at the 1600 range but more importantly look f-14 we think you can get multiple expansion into the mid 1600's to put the s&p 500 as high as 1900's. dennis: okay. i think 20 years to the last couple of meltdowns we were 19.6 over all with a 20 year average but the markets have been so afraid of raising interest rates. you see the inside and house stocks perform? >> if you go back and look history with the influence of rising consumer confidence together stocks

have dental% for years raising interest rates actually look good in the market. and that is exactly what we have going on this year's regis' of the june consumer confidence number in may. dennis: in the 10 year treasury yield is soaring. and you find good news? you like consumer discretionary and tech. that is up 30% just in the past year but texas' only '06 percent. does that make it the better by? >> it is the value kleve you also look at technology with earnings growth of 13 or 15 percent that is almost three times the growth rate so mobile devices, called computing, the network or

sir security bodes well for growing tech earnings fell we are expecting others to grow 6917%. dennis: consumer discretionary? that is the enormous growth or is that just par for the course? >> it is above average growth but it is consistent with what they have been growing over the last 80 months. coupled with steady jobs growth, improving or excel rating gdp the housing market and the model numbers that sets up nicely for consumer discretionary. dennis: so many seem scared you are the optimistic reduce you cited emerging markets? >> i am a little contrarian play because everybody is pessimistic about emerging markets. if you look at earnings growth 13 or 15% which is

three times the growth rate of the domestic market so pp with 89 times versus 15 in the u.s. and on a relative basis price to earnings and price to book ratios over 20% discount to the developed market. with the trough in 2008 they traded at eight or 9% discount. dennis: the global economic meltdown is a risk point that i get a. thank you. cheryl: now to egypt for the protests are in the third day in there are reports the military may soon set in these live pictures coming out of tahrir square in egypt. hundreds of thousands have gathered in cairo and millions taking to the streets in the crowds are growing now they're threatening to storm the presidential palace if he does not step down and he

has rejected the ultimatum giving him until tomorrow morning our time but they want a power-sharing deal if he does not military sources they are saying they would suspend the constitution and dissolved the islamist led parliament than a new election at some point would be held. as egypt and he wraps oil continues to climb. and yesterday as well major u.s. companies like coca-cola, exxon mobile and caterpillar have a big stake in the country but jim a wide said he would not only avoided investing in egypt but the whole middle east. you call it a sioux were. we were over there three years ago it was a completely different story. you have to change your tune? >> everything is worse you have the overthrow of the

government without the institution to replace it then the people say they will dismantle it and it is a work in progress and there is nothing good happening. either side will not be happy. cheryl: and the food shortage we also worry about supplies to the region but to be very only employee -- to import zero-point 3% comes from egypt. maybe that isn't an issue with the suez canal is a bigger problem. >> a big problem for the world with the price and availability could defects the worldwide economy so the importance of egypt for investors is the suez canal soap for egyptians it is more complicated but for investors we only have to watch the suez canal. cheryl: also foreign aid and a big chunk is coming for

the united states. >> yes but they're becoming closer to the gulf nations that are replacing the united states or becoming as important in terms of support. egypt is not insignificant but not as critical as it used to be as we are more energy efficient and independent and focus toward asia. cheryl: why it is so crucial is because of the strategic location to israel also i iran and iraq. if you look at a map overall , israel is right there. that is a problem and egypt is our ally and has always shielded the israelis putting $10 billion to work but now to companies need to think twice? >> the economy in defense institutions of israel are insulated from what is going

on. there is no critical threat from syria, egypt, and they have internal problems but the israeli economy will continue to prosper. cheryl: may were there before genocide began. do you believe the instability will spread over to you jordan? >> all the risks are to the downside. it will be a protracted civil war and the momentum is with us side and it spills over to a jordan and lebanon did you did have the palestinians take to the streets if there is no peace agreement. cheryl: end being a contrarian play you have always been in emerging markets and it etfs is selling off? >> i agree but you have to

pick your stocks and geography carefully because russia is now growing, china and is slowing and brazil is not growing they are a good long time story but the biggest economy is not doing as well as they were in the frontier market is where the growth is now but not in the middle east. cheryl: thank you very much. good to see you. dennis: what is bugging me? pious protest against ceo pay. the latest is the ceo of a big drug horse sailor his tormentor is called cp w. backed by the teamsters and service workers they are against to re-elect him and two directors to the board and the union guys are mad he earns money. he does but why should the

union even care? they could just sell their stocks the combined stake is only 6,000 of 1% but they don't because the ceo has returned to his enormous wealth to all shareholders including the pension funds. the stock is up 112% in five years that is more than four times the rise of the s&p 500 index. so why complain? because the unions are forests -- foot soldiers on the war on wealth to rattle voters. tweet me should union's stock vilifying ceo pay and focus on their workers? your turn to weigh in. tweet me and your comments coming up. cheryl: june car sales did put up speed but will the brakes on that sector? dennis: snowden a man without a country in the latest ahead on the shrinking list of nations he

can turn to for asylum. and now we will look at metals.

cheryl: the dollar is higher a and we move into a short trading session but looking quick that overall at the nasdaq. it is the key of the star performer. take a look at what we're seeing or to see a straight shot. now back to the nyse-listed nicole petallides with new york stock exchange standing by with what she is watching >> i am looking at the world's biggest period did winemaker he think of ravenswood but right here the consolation brains of the parent company down 2.3% and can now with their quarterly reports that was a disappointment. we did see they have lower quarterly earnings and increasing cost.

noted in addition to other costs as a result we did see their earnings not as good as expected. but they did raise the earlier forecast which should be good but it is reflected in the stock in day it all paid anheuser-busch about 5. $3 billion to buy them out cheryl: they are looking for a holiday season. with the fourth of july coming up. thank you very much. dennis: time to make money was charles been into the perfect world he would look bad developer? >> before we start a trivia question. moorpg what does it stand for? >> multiplayer online playing game. that is with these guys do.

they have the title to win a major title one is a martial arts the pocket ted journey journey, battle of the immortals, last quarter was not that good but if they have some games that people are excited out the swordsman and apparently there is a tremendous appetite for both. trading huge volume it is pretty volatile it has a lot of room to the upside why i like it but it is finally breaking out. the chinese online game things are multibillion-dollar player communities it is amazing. now to finally turn the corner to make some real money. dennis: now i have to worry about the shift from the console game with of mind games. it sounds like they are already established of the future of the on-line game. >> i will not say kids but

probably 25 or 30 but they played for hours you literally play against millions of other people but you get experience so your character develops so as you win victories to give more power and it is of limited because you want to get better and better but of the screen they are not a joke. [laughter] they rock. the stock is rocking. cheryl: electric utilities continuing hot weather will have the latest ahead especially arizona. dennis: in june on tap to be the hottest month for car sales since november and jeff flock is live testing out the cars and now here is the currency. the greenback is looking strong. with the spark miles card from capital one,

bjorn earns unlimited rewas for his small business take theseags to room 12 please. [ garth ] bjors small busiss earns double miles on every purchase every day. produce delivery. [ bjorn ] just put it on my spark card. [ garth why settle for less? ahh, oh! [ garth ] great businesses deserve limited reward here's your wake up call. [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose double miles or 2% cash back onvery purchase every day. what's in your wallet? [ crows ] now where's the snooze button?

>> 22 minutes apart the hour -- pass the error i am arthel neville arizona more than 500 firefighters battling the blaze north phoenix that is 0 percent

contained and investigators are returning to the scene within 19 in the fire fighters killed on sunday. the wind is called but lightning remains a threat. in russia at the unmanned rocket carrying satellites crashed after liftoff. they say the accident was caused by the emergency shut off of the rocket's engine is. nobody was injured but those three satellites were worse to madrid million dollars but were destroyed. both president obama and former president george to be bush hall of honor those killed at the embassy 15 years ago be terrorist attack killed 10 and injured more than 85 people. bush was attending a summit of president obama is now returning from his weeklong effort can visit. now is back to denis. dennis: i know companies reporting strong sales in the month of june and ford

is up 13% year over year and jeff flock is life at the track in illinois. ford has the popular models? >> they had a great time it clear at a test track where most chose to not have their own test track but this is a progressive community. i am in a ford edge. take a look for is a 30% for the month, chrysler is up for the 39th consecutive month in take a look at the japanese automakers but the headline is the domestic with a boost to the economy i have jerry with me in the back seat, you really see this economy coming along if? >> absolutely sales are up all over the board with larger suvs like a crossover

of the edge. sales are great. >> in looking at the most improved for the month, the fiesta took a lot of heat because it is very popular overseas but not in the united states but it was up more than double. also this was a big performer up 32% for the month. and the trucks are the huge jury because that drives the economy. >> absolutely one of the largest selling vehicles on the planet. for us being the us to be type it is worth it as well. >> know i take you over the torture track. but obviously for has a reputation as automakers have to make strong vehicles and you came on this business three years ago.

what possessed you to take on the auto industry? >> after commuting 45 minutes each way to wait tables but that was a natural progression being in the customer service industry. i looked at with the other manufacturers were doing, ford, chevy and it was a no-brainer to come to ford. they stuck to their plea and ended has paid off so far. >> perhaps the stock is a no-brainer it got a bond with the positive information. it is a broken record but car sales have driven this economy. there is no bad news lately. >> cannot insure your allowed to do light hits on television and drive at the same time that took skill but with the business of automobile if you own a car or a truck to get the best bang for your book to now

1:00 p.m. eastern the all-star lineup leaves your questions automobile magazine and kelley blue book of and i a just economist ready to wait in. ask the experts your questions. cheryl: coming up on friday we have week number three of the summertime showdown. stock pickers go head-to-head with the month-long challenge and rubber hopes to maintain his streak. >> what i like is more than just cheerios, betty crocker and haagen-dazs ice cream and it is now starting to make a shift into the faster growing organics business with the recent acquisition that food should taste good it will be an acquisition over the next couple of years. >> that was one year ago recommending general mills know it is up 27%.

that is a lot of wheaties. he will make toothpicks and duking it out right here tomorrow -- friday at 11:00 a.m. eastern. i am getting my a schedule misstep. [laughter] >> edward s. noted running out of options for his bid for asylum. cheryl: leer live in virginia were one town is divided over the sale to a chinese company. take a look at some of the winners and losers over on the s&p. abercrombie and fitch's the big winner. we will be right back.

cheryl: at the bottom of the hour the stocks with nicole petallides at new york stock exchange blackberry is one of them of the lookout for it is up 2% after the quarterly numbers u.s. sales jumping 13% of the have been setting a record setting pace the trucks to doing well up 20%. one of the most patriotic companies listed along with coca-cola to name a few. blackberry checks and after it lost so much value with the dismal reports but with a new high for tesla a

takeover target? that is what wall street says and now looking at the new cancer drug that is why there is talk from amgen to get in there and tell as carl icahn continues to beef up the backing. cheryl: tomorrow we will do just american companies. we will take up the canadiens. [laughter] dennis: a man without a country edward snowden coming up empty after disclosing sensitive information on and is a surveillance program according to wikileaks he has sought asylum in over 20 countries and nine of those reportedly have said no. and he just went to his bid for safe haven is in russia. former pentagon adviser

michael rubin, thank you for being with us. what to think of the latest? can he come back of his own free will because nobody will take kim? >> that is getting to be the increasing possibility. he has portrayed himself as a free-speech activist and someone who believed in democracy. he said that motivate them -- motivated himself but he is trying to apply for asylum china, russia, a quitter -- ecuador was atrocious and free speech records and venezuela will be his last option in we will know if he flies out with the president of venezuela who is currently in moscow. dennis: especially for rallies the people. russia only pretends to like it but the fact they did not latch on does that mean that snowden doesn't have

damaging information that he is not a threat to national security at all? >> that was a theory put forward today from casper of the opposition leader if snowden had the goods which many supporters say he had read -- she would not be at the airport in the undisclosed location getting sucked dry the fact that aside vladimir bruited is letting him go he is more upon of a diplomatic game then a treasure trove of intelligence. dennis: i was surprised about the you turn they said we will do what we once but later he said we have to protect the americans. what happened? did he get pressure on a private basis? >> that is the $64 million question. i am concerned whether in order to convince flatten

your platoon to make that concern ultimately if it is just as damaging for the goods that he may or may not have he has been a pawn in the diplomatic game and he is playing it as far as he can. >> a wonder field on the administration and got tough in private then he got them to say something nice is in public. thank you for ruining that idea for me. have a nice day. >> we continue coverage of our cyberthreat with the former director of national intelligence talking about the china threat with a report on the cyberstuff to with former governor mlb sure to tune in tomorrow. cheryl: he is reminding me i have to be here tomorrow. [laughter]

the biggest pork producer in the u.s. could soon be owned by a chinese company and we have more on this possible deal senate the largest acquisition by a chinese company for the american company we are here with a professor of practice at the darden school of business. thank you for joining us. what does this mean for smithfield and the united states? >> i think it is the ideal strategic partnership for the company that really needs what they have to offer with vertical integration with the strategy that they have struggled for years here is a company that doesn't appreciated but means it and also give growing consumption. >> there is concerned chicago the other way we would be importing the pork

instead of exporting. >> it is a possibility but remote if you look at total consumption the of pork it is huge but certainly for as long as we can foresee it will be pork going from here to over there. >> what about management styles? doesn't have a conflict in the structure? >> with any transaction you have different styles whether they're different countries or companies. that will be something we have to work through. as long as both sides keep an open mind to differing cultural perspectives we will be okay and they're very open and attuned to the concerns of the states to keep on senior management, plant closures even the largest union has support for the transaction. >> when it comes to the regulatory process is there

a possibility the bill is torpedoed? >> there is always a possibility but you have to make the argument that bacon is a national security issue. but the process is very secretive. we do know there are senators that call for the involvement of the usda we will see if there is a senatorial hearing on july july 10th. it already has scrutiny on it but based on the fax 52 would be hard to say it is a national security issues. >> is a possibility american consumers could pay more as a result? >> its is possible the features have spiked but i think is the economy and

with the competitors and the expansion could be beneath and we have been the state's >> from the university of virginia of the cue from joining us here in smithfield 2800 employs part of the corporate headquarters they also have some processing here as well cheryl: interesting argument and somebody will make bacon in a national security issue [laughter] if there is one place is right here. [laughter] that is where it is that. cable stocks are red hot we will talk about the takeover industry. >> and credit unions fighting off a new taxes is coming up with the latest fight in washington. look at the 10 year treasury

we will be right back.

>> i have here fox business brief paying $480,000 civil penalty for violating antitrust notification requirements. the justice department says he violated the pre-merger waiting requirements when he

had securities voted on the coca-cola company. new factory orders rose in may for the second month suggesting manufacturing is picking up the congress -- commerce department said it had a big jump due to aircraft demand. geed developing fuel cells on the planning to have the product to the market by 2020. it will have another version of its own car to the market by 2015. this is the latest from fox business, giving you the power to prosper. fray 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 shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. editcards.com. >> the stock's every 15 minutes but as for people hit the road for the july 4th celebration gas prices are headed lower liz go to the trading pit with phil flynn. gasoline prices are the

lowest they have been since january. why? that has been a major factor but the others saying is the refineries in the midwest keeping the national average higher than it should have been now they come back, we see this just in time with the barbecue we will see those tumble but today is up a little bit with concerns on the the least. cheryl: the national association of credit unions urging members to help fight 96 million johnny now is president and ceo of the national credit association association, it is great to have you on the show. you are trying to get ahead of congress because you hear from your sources they are about to evaluate their approach to the tax code

that means they wipe everything out and start over? >> with max baucus in chairman dave camp said we are starting with the clean slate that means falling all the deductions and exemptions are gone and starting from scratch. cheryl: you are getting ahead of it now to get the message out. when the the things you have in your argument to congress is everyone dollar of taxes to the credit union member equate such a dollars of losses. explain the math. >> there are 96 million credit union members said they own the credit union. because they are not for profit and they do have a of a tax preference they are a better deal. it is not just because of the tax exemption so they estimate they can raise five did million in revenue by taxing the credit union. but we know the consumer

benefit to the tune of $8 billion because credit unions keep the bank rate more competitive. cheryl: it is the members of the benefit given to the corporation just like health care. >> writes. and not pay dividends to shareholders in a return to profits in the members pay the taxes on he profits they received with a better deal. is not the credit union that pays the taxes it is 86 million americans. cheryl: of banks have a piece of the pie there likely whispering in their ear to say look at the credit union because they benefit. >> a benefit if they get rid of the competition but consumers deserve a choice if you tax credit unions you

eliminate the credit union settled think anybody who wants to see them go away the only person suggesting they should be taxed is the bank. cheryl: the bigger story is that if congress over that we need tax reform what you say is 400 industries will be fighting? then it is tough to do get out. >> we started early and we will ramp up our efforts to get credit union members involved and they support their credit union because they own it and they are a part of it and they want to take action. cheryl: we would love to have you back to talk about this again. dennis: the cable industry has the takeover talk with the multibillion-dollar possibility but they may

stop any deal from getting done. in one corner from john malone industry legend and tom rutledge. in another corner you have these two. time warner cable ceo who is expected to retire and his number two who wants to run the show. the real wild card is this man james dolan ceo of cablevision. i love that guy. he once rutledge's it to bid for time warner but they may try to buy cablevision. but the dolin could make a deal with those who quit cablevision last year it is a great soap opera and may be why new deal is done at all. cheryl: san francisco residents not proud of the latest number one rating.

we will tell you what it is. dennis: what is bugging me? should the union stop vilifying says ceo pay to focusson their workers? answers are coming up next.

cheryl: in time for the west coast minute the largest health insurer exiting the individual health care market. that makes united the second company to do so and both companies making the move ahead of change is coming from the affordable care act to change the individual market. they don't like it the shares take a look at the stocks at net is down $0.35. travel and leisure having san francisco the smoggiest

city. [laughter] shocking. says recycling and culture and to be live says marty pants residents and high end shopping is foodie and foodie city and know what all and tech savvy bet any york and boston is the runner up. [laughter] but the personal information of 2.5 million people was at risk that 131 bags of consumer information were reported in the rate cames from the on negative came from a financial insurance. dennis: what is bugging me? your response should union stop vilifying ceo pay to focus more on their workers? people that protest ceo pay

are the same ones who dance in the streets with their sports teams have how many millions per year? it is a double standard. their time is past but they will not accept it. i heard governor of michigan push for right to work in a pious union said we will find your daughter. thank you for your response. cheryl: that is interesting because everyone backs the deal including the union. >> i am in favor of more pork. and the next hour joining adam shapiro for one hour to learn how you can profit to get the best bang for your buck if you're in the market cheryl: the all-star panel will weigh in with kelly blue buck -- blue book and the iea justin's senior principal economist and from

edmund stock. the business of automobiles. >> that is coming up next on fox business.

♪ lori: good afternoon, everybody. i am lori rothman. >> height and adam shapiro. want to know how to profit from the auto industry? you are in the right place. lori: we are focusing on the business of autos. >> we are looking under the hood with four of the auto industries top experts. alec gutierrez: jean jennings, george magliano and michelle krebs. they are all here to help you. lori: we want to hear from you.

>> we do want to get you up to speed on the market. nicole petallides. nicole: auto stocks are doing well today. here is a look at the dow jones industrials. the nasdaq also a winner. one third of 1%. it is on track for a sixth consecutive game. we have not seen that did november 2012. financials are really leading the way. >> you talked about the automakers. was wall street surprised that we were on pace?