cheryl: thank you, charles, very much. have a wonderful fourth of july. the deadline passes for egypt's president mohammad morsi. we are monitoring the situation. we will bring you the very latest as it happens. a brighter picture in the united states where jobs is the story. obamacare on hold. the white house pushes back the mandate which requires employers to have health insurance after the election next year. steve forbes will tell us if he agrees. breakfast lunch and dinner on tiffany's. a former executor has been caught red-handed.

164 items in all. those stories and much more on market now which starts right now. ♪ cheryl: good morning, dennis kneale. dennis: good morning, cheryl. cheryl: it is not noon eastern time. dennis: we have stocks every 15 minutes. nicole petallides is at the new york stock exchange. we have a shortened day. nicole: i do have a feeling that some people are counting down to the early closing bell. the dow jones industrials virtually flat. we have had that back and forth action over the last week. volatility has been here. it is not unusual to see one up, two down.

we close last friday at 14,909. we are clocking in a winning week thus far. that is something we are watching. commodities have been a big topic here on wall street. still watching portugal abroad. that is another topic people are still concerned about. dennis: y very much, nicole. cheryl: to the breaking news in egypt. live pictures in cairo. president mohammad morsi. he is telling the military not to take sides. twenty-three people have been killed in these protests. dennis: now back to the u.s. and healthcare. the obama administration pushing back the mandate.

cheryl: peter barnes joins us from washington with the latest. peter: the administration says it is delaying it until 2015 because it listens to the concerns of business. critics say the administration is trying to avoid a political and economical debacle. some companies have talked about reducing their payrolls to below 50 employees to avoid government penalties under the law. the white house said yesterday "we have fixes and we think we can simplify the reporting." even though obama administration knows the train wreck will only get worse. this is a clear acknowledgment dennis: thank you very much.

let's bring in steve forbes, chairman of forbes media and editor in chief of forbes magazine. what do you make of this latest wrinkle and delight in obamacare? >> it just shows that the law is unworkable. even the exchanges are in deep trouble. they hope to get it passed midterm elections. obama thinks he can still win the 2014th elections and put the rest of his agenda in. i think he is mistaken, but he will still try to do it. cheryl: what about business motivation? >> this gets to the fact that

contrary to all the proclamations, obamacare will end up making healthcare cost more. prices go up and the amount of healthcare goes down or any other product goes down. free-market means turning scarcity into abundance. we see this unfolding here. dennis: do you think that the delay will in any way help the democrats in a midterm election of 2014? we have been reading months of bad headlines. >> i do not think so. i just think it underscores that if this thing was so good, why do they have to postpone it for a year and a half. contrary to all the hoopla about the exchange in california, major players are moving out about market. people will end up paying more

for less. even with the subsidies. trying to get young people to buy health insurance forth several thousands of dollars. good luck. cheryl: they thought the supreme court would overturn this and it didn't. >> even if they thought the supreme court would do what it did a year ago, the complexity of this thing is just mind-boggling. the irs has to issue regulations . you are now going to have to file paper from your insurer or your employer saying you have the insurance. if not, the irs may come after you. dennis: they call this a job killer.

you have to cover them if they work more than 30 hours a week. maybe you will not hurt hiring as much if you take away a 30 hour cap. >> i think that this would start to undermine the whole lot itself. even on the tax on medical devices which the senate that they were all against, that was a nonbinding resolution. this administration will keep as much of it as they can. then they can really charge in 2015 when they get back to the house. i think they are delusional. i think people see this thing as just a monstrosity. it is preposterous. dennis: hillary clinton tries to be the democrat running for election. >> not a good combo. dennis: appreciate you being

here. thank you. cheryl: thank you, steve. our first glance at the job market. looking pretty good. my next guest says friday's report is important despite coming on a holiday week. david, this would be, you would think, a market polish point. we are only up seven points. what are you seeing? >> a low-volume day. there is a question as to what friday will look like. early warning signs certainly help. friday is a big day. friday is going to give us direction on where the fed is going. the fed and said speak have been driving markets, driving interest rates and so it is a big deal. i think it is a huge deal even

if it is in the midst of a vacation week. cheryl: we need 300,000 jobs, we need 1 million jobs created in this country. doesn't that support the argument? >> we think so. we think 150,000 that jobs a month is a very slow rate of recovery. it is not that robust. that leads to this question, why did the fed introduce confusion? where is the tapering when the inflation rate is at 1% and falling? for us, we are in this condition of slow recovery for several more years. what that means is low short-term interest rates for

several more years and why make it fuzzy? cheryl: bad economy, good market. at the same time, that is unsustainable. >> well, i do not know about that. if you take 150,000 new jobs a month, 2 million a year, keep the inflation rate low and have a slow growth rate and gradually heal a very damaged economy, that is not so bad. it is better than shrinking and it is better than a spike. it is boring to a lot of folks. cheryl: we are not board, we just want to make some money and get our portfolios back in order. are there sex or is that like? >> we have an overweight

position in small caps. we have been in them for a while. when you measure the difference in the etf's, small caps have done very well. we like them. we also like the energy sector. part of that is geopolitical risk. you are reporting it every minute now out of egypt. the second part is this oil price is holding at $100 looks like it is firming because of demand. cheryl: david, thank you very much. >> thank you. dennis: next we have charlie gasparino's exclusive on tom joyce. cheryl: the deadline just passing in egypt. we are watching as the military plans to move in. dennis: he is still a man without a country. i'll had why the president of bolivia's travel plans have been

upset by nsa leaker edward snowden. dennis blair joins us for an exclusive interview next. ♪

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for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! for. cheryl: the overall market is the story. we have adp today better than expected. cisco is in the lead. let's get some more stories from nicole petallides on the new york stock exchange. you are watching starbucks. that would be the blood in my veins right now. nicole: i think i need some

more. you think about coffee, tea, maybe iced teas and lemonade. how about carbonated sodas? they are trying to do a whole new test here. hand crafted sodas. bringing a huge premium and big margins. they are expanding their tests of carbonated beverages. it included spiced root beer, women ail, ginger rail sodas. there were also testing out wine at one point. carbonated beverages may be the next great thing for starbucks. cheryl: thank you very much. dennis: we have more on the breaking news that we have been bringing you about tom joyce and knight capital. cheryl: he has left knight capital and charlie joins us

now. charlie, did you join us? charlie: the timing was unexpected. i think, you know, tom joyce ran knight capital for a long time. i think it was around a decade. it imploded under his watch. it was a trading order that allowed a massive loss. one of the partners, his company called get no, wanted to own the firm. it basically took knight capital out of dependence. i know a couple people who told me that he seemed bored as he went to the office every day. this is his exit from knight capital.

tom joyce is one of the bigger players on wall street. longtime one of the top people at merrill lynch. he ran knight capital. he changed the business model a bit. although it was a trading glitch that got him into trouble. i would say that the timing is interesting. he was essentially an executive chairman. he was not the ceo. a lot of people expected him to leave at some point. i think that the timing is interesting. does he have a second act? you know, wall street is known to be somewhat forgiving. there are second acts. jon corzine had his issues running goldman sachs. he came back and ran mf global. we all know what happened there. the question is, does he come

back and i think he does at some point. cheryl: great story. thank you very much. oil prices are spiking on a 14 month high. we are looking at how the turmoil in egypt is contributing to it. dennis: the lone ranger rides again. he gets knocked off his high horse ahead of tonight's premiere. that is all coming up in the media minute. ♪ the most free research reports, customizable charts, powerful screening tools, and guaranteed 1-second trades. and at the center of it all is a surprisingly low price -- just $7.95.

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dennis: we are following the breaking news out of egypt. the military deadline has now passed and president worsley has refused to step down. cheryl: crude rising for the third straight day. ashley webster has been to the region. he knows this story better than anyone. ashley: it was 2011 when i was there for three weeks.

here we are back in the same situation and we have a president who refuses to step down. he just issued a statement about less than an hour ago saying he has no intention of stepping down. this was part of a speech that he gave last night to the country. a rambling speech in hich he said if the price for safeguarding legitimacy is my blood, then i am prepared to sacrifice my blood for the sake of stability and security of this homeland. he is not stepping down. what happened now? there is a main inducer of information. if something starts to happen, they will be in place to dictate

what will exactly happened. there are a lot of different moving parts in this situation. why do they want him out? they believe he has had too much of a power grab. he was beyond judicial review. he is turning egypt into an islamic country. other parties are just not giving a say. on the other hand, there is concern that this would not be a coup. it is still very unclear what will happen next. they said they will bring in some sort of interim leader to oversee the interim bowl for other elections are held. that is far into the distance. right now we have massive amounts of people in the streets of cairo demanding that mohammed morsi will step down. it is a standoff. dennis: 14 million protesters.

you kind of wonder where they were on election day. i think most of us would feel way for the next election. do not step down. what do you do here? ashley: he was democratically elected. since that time, he has gone back on all of his platforms and has not behaved in the correct way. they are saying, based on what happened in 2011, they feel they have the power to get something done. president morsi is saying i was democratically elected. give me a chance. do not forget that egypt is quite a poor country. it is really under the gun in regards to the economy. cheryl: what does the united states do in all of this?

ashley: very difficult situation for the u.s. we give their military money every year. most of that goes towards tanks and f-16s fighters. they are one of our key arab allies in the region. is he being pressured by washington to make a move? certainly he has not so far. dennis: tank you for the update. we will keep you updated. ashlee will stay by and help us to cover the breaking news out of egypt. cheryl: dennis blair joins us for a exclusive interview.

♪

dennis: alcoa hitting a new low. >> aluminum giant, the big loser on the dow jones industrial average today. downgraded over at j.p. morgan and this is interesting. stock is at the levels that basically reminisce ents of 2009. right now you see it's down 1.6%. 763 was the low on the day.

j.p. morgan downgraded it to a neutral from overweight citing lower aluminum price forecast. they're saying there is demand for aluminum but the supply is here. when you have too much supply, that obviously brings down prices and that's why they're pulling back on this one. that's what the analysts are saying. dennis: thank you, nicole. shape cheryl: south american nation furious after the president was held in austria on suspicion the n.s.a. leaker was on board. morales' plane landed after france and port gral refused to let it move through the air space. now it's landed in spain's canary islands. the fugitive withdrew his request for snowden.

the 29-year-old believed to still be in the transit area of a moscow airport. dennis: the cyber threat. a recent report claims intellectual property theft cost our u.s. economy $300 billion every year. treasury secretary saying the u.s. will keep pressure on the beijing, this ahead of the u.s.-china strategic and check dialogue in washington next week and joining us from washington for a fox business exclusive, the former national intelligence blair, co-chair of the commission on the theft of american intellectual property. thanks very much for being with us, admiral. so the idea -- >> nice to be here, dennis. dennis: the idea of china steeling i.p. from us, how bad is the problem? could it be much worse? >> to put the $300 million figure in perspective, that's about the same figure as the

number of exports that the u.s. makes to all of asia in a year so it's a big problem and although we see some signs that countries like china are beginning to develop an intellectual property regime, it's too slow. it needs to be speeded up and we need to protect american companies in the meantime. dennis: we just ran a chart that might be in error. we said $300 million. i think that ought to be a b ought in billion. is that right? $300 billion every year? >> i would be ex at that time i can if it was just that. dennis: are you saying that it was the sales u.s. companies would have been able to make of these things that got stolen? exactly what does that figure represent? >> that's a component of it, lost sales. other components are business value loss. it's very difficult to come up with an exact figure, dennis. we look at all the authoritative estimates and so

pretty wide band around that $300 billion but general alexander, director of national security agency has been in the news for a number of other things recently and called it the biggest theft of intellectual property in human history and we agree with him. however, the exact figure is, it's big. we need to do something about it. dennis: here is the thing. what can we do about it? given the fact the chinese own like $1.5 trillion much u.s. treasuries and they buy u.s. stocks, u.s. property, we can afford to go slap these guys on the wrist and say, you guys behave? >> well, what we've done to date has just been inadequate and it's been primarily job owning, just talking to the chinese and we say the chinese. they account for our estimate is about 70% of the problem plus or minus. it's not all china but it is mostly china. but what our report recommends and your viewers can see it at

www.ip commission.org, recommends that we use the power of the u.s. market against those companies, chinese and others, who violate the rules. so we stopped their ability to export to the united states, to use the financial system in the united states. we examined their investments in the united states to see if they're acting under the right rules for intellectual property and we haven't brought the tools to bear yet and we should. dennis: stop all exports to china from the united states. the $25 d.v.d. player would disappear. thanks so much for being with us today. have a good day, admiral blair. >> good to talk to you, dennis. dennis: make sure to look at our reairiig of at risk, the cyber threat. you can catch it today at 4:00 p.m. eastern and tomorrow at 3:00 p.m. eastern. set your dvr's. we look at the cyber threat to

the critical infrastructure financial markets, submerging technology with the top names in the field. cheryl: we've got live pictures from egypt as we continue to follow the very tense situation. look at these crowds. it's amazing to watch. president morsi refusing to step down and the military threatening to intervene. dennis: and reborn in the u.s.a. exclusive interview on this independence day eve, why investing in america is your best bet. liking that one.

>> mortgage rates dropping from a two-year high this week. according to freddie mac, average is 4.2%. last week there were news the federal reserve would start pulling back on the stimulus measures. growth in the service sector slowed in june to the weakest level in more than three years. but a jump in employment provided encouraging signs to the labor market. this after employers, roughly 90% of the american work force and the u.s. trade deficit unexpectedly widened in may.

sluggish abroad slowed to $45 billion. that's a 12% jump from april and marks the biggest month-to-month increase in two years. that's the latest from the fox business network, giving you the power to prosper. [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need without any surprise fees.

♪ it's not rocket science. it's just common sense. from td ameritrade. cheryl: we'll show you incredible pictures out of cairo, egypt. we're continuing to follow this very tense situation. the deadline, 41 minutes ago. president morsi is refusing to step down. the military threatening to intervene and take over control of the country. about 20 minutes ago we were told reports that the military leaders have entered the main tv station in cairo and there could be a statement coming in the next few moments. we don't know. but millions of protestors in tahrir square in egypt.

we'll keep you posted. dennis: reborn in the u.s. a new report from rockefeller and company focuses on investing in america. it's just out and takes a look at the impact on the stronger u.s. dollar, increased energy production here and local credit is expanding in the u.s. economy and maybe you ought to consider america. joining us for an exclusive report, jimmy chan. thanks for being with us. i've read your report. impressive stuff. i love pro america, especially right before july 4 but the lynch pin of it all is a stronger u.s. dollar. the fed balance sheet has tripled the supply of u.s. dollars. you would think it's worse less, each piece of paper. why is it that the dollar is strong? >> it's all relative. look what's happening in europe. the structure is really in trouble and they need a weaker currency to generate more growth. here in the u.s. we're moving in

the right direction structurally. deficit has been coming down and most importantly, the energy production creates new jobs here in the u.s. dennis: let's look at the chart they put together. bricks versus dollar. you see all the other currentries falling since january and the u.s. green back holding its own and that gives the u.s. dollar more purchasing power. i always thought the u.s. dollar was a share of the u.s. economy and goes up or down based on what we think about the strength and now converts the strong e u.s. dollar into what we have in this chart. tell us what the chart shows. >> it's looking at the purchasing power parity. some big look at starbucks coffee. in oslo, norway it costs almost $10 to get a cup of coffee. in u.k., it cost almost $5. dennis: $10 to get a cup of coffee where? >> norway. dennis: incredible. >> switzerland, about $7, $8 a

cup of coffee. just shows on a purchasing basis, those currencies are overvalu overvalued. the dollar should be stronger. in the end the price should be fairly similar. dennis: the higher price for the richer cup of coffee shows how rich their currency is when you convert it into dollars. tell us about the current account deficit as a percentage of g.d.p. how much more stuff we buy from the rest of the world every year than we sell to the rest of the world and that has been going down and then up and back down. how does that help us? >> as the deficit comes down, the dollar should get stronger. and what is going to drive the decline current account deficit is the growing energy independence. dennis: let's look at the oil import. are imports are other people's oil going down and meanwhile, ourself made stuff is going up? that's great for the u.s. economy, isn't it? >> it's wonderful. it creates less reliance on

foreign oil, better for national security, and it creates good paying jobs here in the u.s. dennis: yes. and that's just oil. you're not even including the more of a boom to our economy and then the result of that is basically look at the s&p 500 versus emerging markets. >> i think we're on a different cycle right now. the u.s. is clearly improving while the rest of the world is slowing down. so on a relative basis, the u.s. is very well sufficient. >> buy american but now we come to the contradiction of your entire pro american pitch with your american flag necktie, sir. you actually think that we're better off buying the stocks and the debt of whatever of companies that sell to the u.s. rather than buying the stocks of companies that sell from the u.s. to the rest of the world. this means not buying from the big u.s. large caps. >> here at rockefeller and company, we're global investors. i made that in the context of

holding everything else constant and looking at the currency. if nothing else changes but the dollar appreciates, it obviously favors foreign companies selling to the u.s. and makes it more difficult for our exporters to them. but there are other factors to consider. look at innovation. we lead the world in ip notice vagus, especially in technology and life sciences. there are good opportunities here in the u.s. dennis: buy america, baby. happy july 4 weekend. thanks for being with us. >> thank you. shape we want to update you in egy egypt. reuters headlines are crossing. as you can see, egyptian president's national security adviser says that a military coup, this according to reuters, military coup is underway in egypt. also according to reuters, an aide to morsi talked to reuters and said no military coup cannot

succeed without bloodshed and secretary hagel has called the egypt c.c. we're following this breaking news. there are reports, according to ashley webster, that the egyptian military has entered the main tv station in cairo. there's going to be a statement, we'll bring it to you here on fox business. we're going to continue to follow this breaking news. of course, we'll continue to follow the markets and the fact is, we have 38 points higher for the dow. friday's job report. what is the buzz? >> it's funny. despite all the good economic reports, you've seen very little change in the indices the last couple of days. the thinking is, if anything, god news is really bad news. as the economic reports improve, that just scares the market thinking the tapering can come soon he were. it's funny. to reach the growth forecast, we need to grow at almost 2.5%

which means we need a 3% growth rate both in q 3 and q 4 which might be difficult to come by. if the numbers today are any indication, and when we started to see a decrease in exports, obviously the threat of tapering cheryl: thank you very much. have a good holiday. >> you, too. happy 4th. dennis: an epic box office battle this weekend. disney's lone ranger with johnny depp as the real star, tonto goes up against the sequel to despicable me. you have one of the oldest hero franchises dating back to radio days up against a bunch of stubby yellow little cartoon

creatures and forecasts are despicable me 2 will win over the weekend. and get this, despicable cost $75 million to make. lone ranger cost upwards of a quarter of a billion dollars. and this just in from the department of useless government finds. barry is one of the most fearsome executives anywhere. first time i interviewed him in 1987 felt like jody foster meaning hannibal the cannibel and he agreed to pay $480,000 to the f.t.c. for violating anti-trust law. he bought a million shares of coca-cola stocks without telling the fed. coke has almost 4.5 billion shares outstanding. a million shares has basically nothing to do with anything but at least you taught him a lesson, cheryl. cheryl: gridlock in san francisco. negotiators try to come to terms on solving the bart transit strike. that's next.

dennis: breaking news. reuters is reporting that national security adviser to egypt president morsi says a military coup is underway. this coming after the military deadline has passed at the top of this hour. it's one of the most telegraphed military coups in history. the military says you figure out a way to comomis president rsi we'ovin in a th hav thislso y be onefhe biest blic refendu eve amonthe slim pulatn in a cotry wther thewant

thr rigiounni ir vernnt. rsi s demratilly ected bu peoe who donant lami stareainl guing the pteshe. we'lkeepouoste as mor devepmen hapn. cher: les gheest cot mite he in nevada home prices up ahoppg 26% ayrom a yago. at'she bgestump in pres isevears vadaed tount in owth accoing cougic, big pricumpsereepordn caforn, haii and oron. esdathe alleant alines geing rid of half of the hawaii jobs. employees were told they could maybe transfer to other citi. the union voice frustration for the st ine itch. theyskedhe fatfhe waii based jobs. afr seral milon n sto toawaiiromhemaland wer

c. san francisco bay area rapid transit strike in the san francisco bay area continues. transit officials have a degreed to jump start talks. there's no word when they're going to meet. bart workers went on strike monday. businesses claiming the strike is costing millions in economic losses and governor brown wants the two sides to work it out. we'll keep you posted and that's the west coast minute. dennis: countdown to the closing market is next. liz sits down with the new company and we'll ask about the recent move to allow facebook run and not from twitter. you'll see it only right here on fox biz. any last requests mr. baldwin? do you mind grabbing my phone and opening the capital one puhase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want.

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don't wait until you become the next victim. ♪ ♪ cheryl: oil surges. high drama in egypt sparking concerns about disruption to oil

supplies. we go live to cairo where a military coup may be underway. we get trader reaction from the pits. six billion digital pages are flipped a month. now it's added video into the mix and political magazines. is it picking favorites? we sit down for an exclusive interview with the cofounder to find out about that and whether we'll see a flip board i.p.o. any time soon. and real life super agent manuel. he gets into a very nasty e-brawl with irving asoff. it's heard around the world, holly world. if you think you've had email wars, wait until you see this one. we'll show you every step of it. countdown to the closing bell starts right now.

liz: good afternoon. it is the last hour of trading. we have a particularly busy final hour of trading. of course, the markets are closing early today. that's why we're here early and as you just heard us mention, we're watching what's happening in cairo and tahrir square very closely. standoff there seems to be intensifying by the minute. these are live pictures of a crowd that refuses to move. we are monitoring the pretty dramatic impact on crude oil prices just as stories develop that there may be a military coup seizing power from president morsi right now. we'll have all the details as they develop. more on oil in just a moment but we're keeping the buzz up on the lower screen every second of the way so you can see exactly what is happening. new problems in europe. very much weighing on investor confidence here in fears of an outright government collapse in portugal after two cabinet members resign. we're watching european stocks that tumbled on that news and