twist with class d gold fell the ethiopian airliner 77 dreamliner. the theft buyer has been extinguished and airline is parked at heathrow. no injuries in the play wasn't yet the time. so departures and arrivals have been suspended and they said'' we are aware of the bin and we have personnel on the ground at heathrow we want to address this to head to the floor of the new york stock exchange with nicole petallides to see how investors are addressing this. >> obviously it is boeing

story so let's start with boeing. the stock has ben a winner in end is played with all of the negative headlines with a reminder. what happens what is so evident here with the chart this actually hit a new high today. it was well on its way back to the levels we have not seen since 2007 only now to see a drop dramatically you can see it now but how does it affect the overall market? it is calculated worth 52 negative it disappoints.

so if not then the dow would be higher and being a part of the major averages we will continue to follow the story s you can see betty is selling. lori: a recent string ofevents h involved in the triple seven this is the dreamliner 787 but all questions it was the lithium ion battery that caused the fire and had to ground the entire fleet for couple of months. we will bring in noted airline analyst and president and ceo of his own firm. thank you for joining us on short notice. we do not know for certain it was a battery issue. >> we don't know yet. the pitchers don't show anything regarding a battery

so a fire could start at any place any time it is unfortunate. i would guess is unrelated. lori: why is that? tom sullivan says it is only a matter of time before the issue resurfaces. >> i don't buy that. that is a comment and zero opinion but i don't necessarily buy that. the reality is it is a complex piece of machinery. if it is the battery we are back to start at square one. i think people find something else maybe we should not jump to anything. is a of complex piece of machinery. adam: did they find out what caused the initial fires in the first place? with those four different incidents, did they ever get a caused? >> i don't think they ever

did. i think basically they thought it was a flaw in the battery by saw pictures and they cannot figure out why but we know they we're doing it but they thought they would fix that peace but we don't want the on negative if we don't know what it could happen again. lori: the shares are selling off sharply. is this the overreaction? >> i think so they have another 1,000 planes on order they have a wide product line this is just one product. adam: but isn't this the future of the transportation like using the model liz is using? >> absolutely going forward to be electric cannot hydraulic, there's a lot of steps forward that will dictate how planes are dictated in the future.

lori: boeing and airbus put this in perspective of the bottom-line business for boeing. they are still hotly in demand. >> there are things coming up that it would be very competitive, a chinese manufacturers someplace down the line so they cannot rest on their laurels but with the market penetration they're not vulnerable but they cannot rest on their laurels. lori: thank you for joining us with your expertise. and as soon as we hear anything more with the 77 fire with the plane catching fire on the ground but now we will turn back to the market's. jpmorgan and wells fargo beat the st.. next guest earnings

expectations as well with profits jumping 31% and 19% for wells fargo. dick bovet says he is still not impressed. why is this disappointing? >> in the case said jpmorgan look at the core earnings earnings, the net interest margin and the trading activity, it did not go up but actually they did not do well in the quarter that doesn't mean to say that they couldn't but i was not impressed wear those earnings came from. he cannot argue because mortgages did well knowing they would not do good in the fourth quarter is inappropriate to drop the

loan-loss provisions to zero when you are not covering your nonperforming assets. until they get was a good quarter for jpmorgan. lori: which would you rather own? >> wills fargo did better the loans did go up a little bit they certainly were able to reduce the of loan-loss provision. and then the expenses went down if you put that on a parallel basis wells fargo had a much better quarter. again, i don't want to freak out because of one quarter but a did not like j.p. morgan's quarter but i did like wells fargo but i do want to own both going for word. lori: amir just getting started 22 out of 81 or reporting next week morgan stanley, goldman sacks, a

city group, give me the blanket expectation. the looks like a sloppy second quarter for financial >> a think jpmorgan had a sloppy second quarter with good earnings but you will see similar activities. think america should have good numbers because of mortgages were that strongmen bankamerica will do well. a thank you will see like bank of new york and state street do well because of asset management that did well with jpmorgan. possibly a little less exuberance out of goldman sachs and morgan stanley because trading was flat. based on with the earnings are coming from to match that to the different companies have like to be positioned right now at the

bank of new york melanin in the be less exuberant to look at goldman sacks and work in stanley. lori: stay with us. my colleague just interviewed elizabeth ward and is reintroducing the class d galactic please stay with as we would be curious for your remarks. >> class stiegel was passed during the great depression but it was repealed back in 1989 under the clinton the administration as senator war has now joined with john mccain to bring back glass stiegel they say the financial crisis shows that they're too concentrated and taking too much risk with of

non-core business of derivatives and take a listen to. >> if i could pick in a word that is the 20th century market you're just use language from 1933 you have to tighten it up but it takes the loopholes created and stitches them close. and it is a new kind of financial instruments that did not even exist that express -- explicitly calls them out now but they're not part of commercial. >> you can imagine what street firms and the big banks are not too happy the forum says it thinks diversification can help to reduce risk in a big financial firm. also next week staying on the fed story we have an exclusive first time interview with the head of

the kansas city fed bank for that next tuesday. she is an opponent of quantitative easing and that the center of the fomc votes this year. back to you. lori: we will. she me -- he marches to the beat of her own drum. so what is your take? is a hard to unscramble the aids or is it inevitable? >> it is a horrendous idea but in the last 30 years we had to massive financial crisis when at the end of the '80s and in 2008 was part of the financial industry blew up? in the late '80s it was the s&ls and 2500 went under to cost taxpayers $160 billion.

what was the big blowup causing 2008? the independent brokers lehman brothers when entities did you look to to stabilize the situation in the early '90s? it was universal banking company. so let's assume history has a meaning it is just not a joke you forget. if you don't forget history why do you want to create small banks and independent banking firms when we know this is where the crisis developed? lori: you make a valid point. thank you for joining us today and for your time. adam: back to london monitoring the latest from heathrow airport of fire was extinguished aboard this 77 that was parked at the gate

we will bring you the fallout down 6%. lori: new concerns that home buyers and sellers are worried. >> eliot spitzer second shot the latest surprised. lori: after the asiana crash a man running a web site to rate by its performance. >> would you rate your airline pilot if you could? tweet to us ♪

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recover but at the worst they were down 6.5 because people are asking the question of the lithium ion battery that initially grounded the entire fleet of few months ago. lori: complete market coverage with nicole petallides that new york stock exchange. and also our fox news contributor phil flynn. >> i am watching a bellwether boeing has been weighing on dow jones industrial average but in looking here at ups which is a huge a laggard to date with the number one loser. down 6% for ups came out with their numbers with intense competition and they are seeing slower industrial growth in the u.s. economy and that language puts a damper on things. it is the economic bellwether and also fedex. they have been much of the

same way and consumers are choosing cheaper ways with the less expensive way that is why we see both down arrows on both names. adam: now to phil flynn to check on the commodities. >> multiple refinery issues and despite the fact we have seen record production they have been caught but the major refinery they went down those were supposed to make up for the difference that we lost the other refineries. now getting breaking word right now that both refineries may restart phillips '66 has restarted but the reason why this is so critical why they have

been flatfooted. and it was just a panic by. so we see that right now. back to you. lori: the race is on. eliot spitzer is on the ballot. he only needed 3750 signatures the 27,000 people are endorsing him. they could start collecting in june but he only announced he was running sundays though compare that to his opponent of 100,000 that is not so bad. the primary is september 10. adam: supporters and -- of

president morsi clashed on ramadan. lori: edward snowden renews his plea for asylum in russia. adam: look at what is happening with the dollar against a bunch of currencies with the euro and the pound. i'm a careful investor.

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>> 23 minutes past the hour i am arthel neville. the zimmerman case is in recess following closing arguments from the defense. we all female jury could begin deliberations later today. zimmerman is pleading not guilty to second-degree murder in the shooting death of trayvon martin they can also choose manslaughter. edwards noted that with human rights groups that the moscow airport the first of those since he has arrived on june 23rd he is asking for temporary asylum until he could get permanent asylum in latin america and president putin said those must refrain from her teen the recipe once asylum many wounded after a train packed with commuters it derailed and crashed in a suburb

south of paris. >> we want to talk about the latest the 787 end reminder -- dreamliner darr but what started it remains an unknown. >> is not clear and boeing is not saying too much it was reported just after 430 that the fire is completely out as you pnc no injuries and police are treating this as an explained. '' we are aware of the event we have boeing personnel on the ground in we are looking to understand and address this. here is what we know

according to the life feat you can see the tail number according to the official web site this is one of four to letters they currently have operating in their fleet and according to the web site they have nine more on order. lori: meanwhile shares are down big on the news although they are coming back slightly. let's bring in our colleague tom sullivan. i heard you tell cheryl cassone thought it was just a matter of time? >> this battery has a history of thermal runaways. it just eats up a and then the ones at the fire is not overcharged but something is going on within the battery

actually a microcosm or micro data because the aviation engineers disagree on what is causing the fires adam: we asked our guest did they ever find the ooiginal cause a and he said no but don't you think that is the richer? >> we don't know. >> that could be as a big sigh of relief that is when you use the battery more than we were in the air. adam: but the cargo door is open on either side of the aircraft. >> in the back of the 77 it looks like the telephone switching room. lori: how committed is it

could you check the whole technology? >> no. the plane is built around the battery but the good news is they have come up with a new word version of the lithium ion battery that was not in existence in 2005 as part of the engineering so the question will be will they scrap the current battery to put in the more modern? lori: we have to get out quickly but should we be questioning to get on board? >> i would not put my family on the 77 until they identified a problem level of fix it. lori: rising mortgage rates and declining applications the real-estate industry says all bets are off? adam: other airline news and the latest on the flight that crashed in san francisco but for the reviews to be made public

with a man working on the rating system. lori: the dallas self is off 23 points of a little heavy on the bedside. we are back after this. if you're serious about taking your trading to a higher level, tdd#: 1-800-345-2550

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day pretty stead dilledly. then the news of the fire at heathrow broke and you see the dramatic drop to the downside. it was trading at highest levels since 2007. it tried to climb back but didn't manage to do so. we're down nearly negative 40 dow points. it was nearing these highs going back to that 2007. this is a 20-year chart i'm taking a look at. as i noted, it was down about seven bucks it was worth 50 dow points. it is worth 39 or so negative dow points. it is still under pressure. the other thing i should note quickly to you and i will show you the volume, look, we said it was trading steadily throughout the day. this is the volume. look at the volume trading so heavily as people find their footing and grounding on that. back to you. adam: nicole petallides, always good to see you.

we'll check in with you. other headlines making news today, billionaire investor carl icahn is upping the stakes in the battle for dell in a bid to force michael dell to sweeten his $24.4 billion buyout proposal. icahn add ad warrant to the $14 per share offer. they could exchange for additional stock should dell climb to $20 per share. >> >> us airwaas shareholders approving merger with us airways. it would have a main line fleet of 950 aircraft along with american airlines and employ more than 100,000 people worldwide. shares of both airlines are popping on that news today. it might be time to swap in the old ipad. best buy is holding a trade-in event today and tomorrow where customers can bring in their working i pad 2 for third generation, for a third generation ipad and receive a

$200 or more gift card. the company decided to launch the promotion based on the success of the iphone trade-in event t all trade-ins have to be made at the best buy retail locations where they will recycle the. lori: that sound like a great deal. adam: unless you have a ipad 1. lori: u.s. mortgage rates of 30-year fixed at two-year high at 5.14%. if you're looking to purchase a home what does it mean for me? our next guest has the answer. we're joined by real estate expert and markets now favorite, anthony sanders. good to see you again. >> thank you, lori. lori: this is pop from 4.29 prior week, to 4.51 on 30-year fixed. that is a large move. where do you see rates headed from here? >> well it all started may fist. we'll -- may 1st. we call it the may day massacre.

the mortgage rates are going up and up and up. they eased off a bit the last week or some but the treasury auctions are showing upward mobility in terms of rates. it looks like they're going to keep going up. lori: what will the higher rates, let me back up. going up what does that mean, anthony? if you have a after on 30-year, of 4.53% will we retrace the level soon? >> the answer is yes. the charles prosser from the philly fed came out and he thinks all the qe will be gone by the end of the year that will generate a rate pop. the upward momentum is there. lori: talking about the weaker demand for treasury auctions today. explain to me more about the link and why we should follow the treasury markets for indications where the mortgage market is headed and what kind after time lag there is? >> well, every week freddie mac comes out with their 30-year mortgage survey and it's very highly correlated with the

10-year treasury rate. so if you see the 10-year treasury rate rise you will probably see, on average, the fred free h -- freddie mac mortgage survey rise with it. i like the 30-year auctions and. those are the big kind of banner headlines. both those rates were up. lori: what does all of this, these highers rates going to do for housing affordability? we know prices had a huge jump, right? over 12% in most recent surveys so are home sellers going to have to lower the price because of these creeping rates? >> it's strange. the answer is no. lori: why? >> because we have so many investors still in the market. the chinese nationals are buying lots of housing in california and arizona, et cetera. there is still a lot of this sort of investor funding pushing up markets. new york city, house prices are just going through the roof. that is not due to conventional mortgages for consumers, i'll tell you. lori: but it has to be regional to your point, anthony, because if you look at the mortgage

bankers association reports, you have decline in mortgage application, refinancings as well. how do you understand and synthesize all this data whether or not the housing recovery is now stalling? >> traditional recovery done through freddy, fanny, the fha, mortgage lend something going down when rates go up. it almost looks like a cross. so that part's bad. actually if you saw the earnings announcement from wells fargo today, wells fargo is showing that their mortgage volume is down as well. lori: yeah. >> jpmorgan chase showed an increase, but, a lot, some of that was before the may day massacre. so we'll have to see what the data looks like next quarter for jpmorgan chase to say, they gave almost misleading signal on mortgages. so, it is going to be a lot of investors out there but it is tl consumer, i will tell you that much. lori: we'll have to have an update, anthony, because these factors are really fast motion. thanks so much. anthony sanders.

>> thanks, lori. adam: we continue to monitor the latest to heathrow airport as a fire has been put out aboard a boeing 787. we'll bring you the very latest, plus what is happening to boeing's stock. you make a great team. it's been that way since e day you met. but your erectile dysfunction - 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 the only daily ed tablet

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lori: let's get back to our breaking story here. the very latest from ethiopian

airliner 787 fire now taking off. other planes are taking off at heathrow right now. what started the fire on this particular 787 is unclear. jo ling kent is following the story with latest in our newsroom. jo ling? >> that's right, lori. ntsb tweeted out saying it is sending an accredited representative to heathrow london airport among the ethiopian airliner 787. there was been a 787 incident in europe. thompson airways, flight 787, their aircraft was pound for florida. had to return to manchester, england on friday, according to the airline. the 77 was grounded quote, due to technical issues. they took a precaution to bring it back. that is the second episode today in europe for boeing and the dreamliner. the fire was reported just after 4:30 a.m., u.k. time. the fire is now extinguished.

the plane is still at heathrow airport. so far no injuries. reports say there is no one aboard. the police are treating it as unexplained. we found the tail number. etaop from the video we saw from london. according to ethiopian air website, we checked. they have four dreamliners in operation right now. they have ordered nine more, lori. lori: jo ling, thank you for the update. adam: want to keep with update. boeing's stock recovering slightly but still down 4%. it is dragging down the dow, down 4%. we want to go to markets, meridian equity partners jonathan corpina on the floor of the new york stock exchange for us. this boeing news is certainly bad news for the airline. even if it is not a battery fire it is not helping them today. >> clearly. the headlines that we've been getting out of boeing for the last year have all been very sensitive. we see the way the stock has moved accordingly. the headlines coming out today will give investors another reason to pull back and wait and

see another probably three or four months until we get real clear data what happened here today. overall effects on the market. we can see the way the market shifted down as soon as headlines came out. jpmorgan and wells fargo preopen announcement, it was slow and steady. not watches going to shake this market. unexpected headline can move the market. adam: i will have a little fun with you. a buddy of mine at abbott capital. the edge which guys and women are ready to jump out. it is like ordering wahoo long bone. it is a specialty kind of wife. when you digest it, when you digest it, it can give you the ultimate myocardial infarction, a heart attack. are people saying i got to get out of here? >> people are definitely on edge, if you look the way market is trading they're looking for something to take stocks off the table. they try to use it as a sell

trigger. >> jonathan corpina, appreciate you joining us here on the new york stock exchange. lori: penultimate. adam: i wrote it down. penultimate cardio infarction. a heart attack. he has a lost friends who are doctors. >> we have such a busy news day today. we want to bring this one. crossing the wire after a major bidding war, hulu is no longer up for sale. nbc universe sal, 20th century fox, will provide 650 million-dollar cash infusion to propel future growth. directv, time warner cable had all been perspective buyers. we'll bring you latest on the asiana flight that crashed in san francisco. that was a boeing plane but a 777. adam: with the help of websites like yelp or angie's list, you can rate everything from the doctor to the restaurant you ate last night. how about rating your pilot? lori: we want to know, would you rate your airline pilot if you

could? so tweet us at lori rothman. we sure hope to hear from you.

adam: more breaking news. we want to bring you the latest on the dreamliner fire at london's heathrow airport. the airport itself has anticipate opened. flights have resumed after the ethiopian airliner 787 caught fire. ntsb is sending a representative to heathrow to assist in the investigation. there is largest charter airline, thompson airways, its 787, a flight bound for florida had to return to manchester in the united kingdom.

airline says it was turned back and grounds in their word, a technical issue. it was sent back as a precaution. shares of boeing are going down although recovering a bit but pulling the dow down with them. lori: we want to bring you the latest developments on the asiana plane crash in san francisco last week. take a look at this photo released by the national transportation safety board of the interior of the plane. this morning while crews were removing the plane's wreckage they encountered smoke. it appeared as a shrink was being used to lift the fuselage. it is not clear what the cause of the smoke was, however. the ntsb removed all debris pro from the runway now and released the runway back to the san francisco international airport. officials hope to open the runway by sunday. adam: that crash brings up a big question especially for people in san francisco but all of us. a new call for a public ratings system for people who actually sit in the cockpit. our next guest is trying to make that happen. tony kern is ceo of convergant

performance. thanks for joining us. simply put, what you're trying to design is sort of an angie's list for airline consumers so we could rate the pilots. is that accurate? >> well, it's close. thanks for talking to me today. i think what we're really talking about, is not so much, you know, an app where you are going to sit and grade a pilot's landing on an individual level but there are really no high-end professional standards by which we rank the most important things that our airlines offer. pilots, maintenance folks. if you were to google up world's best airline see a rating 1 to 100 based on international passenger lounges and leg space and maybe in-flight entertainment. adam: are you talking about a rating systems for pilots? at the end of this discussion is that what we're talking about? because my real question is, how do you make money on that? >> yeah, yeah. competition is the engine of capitalism. i don't think what we're talking

about, we are talking about a ratings system. a professional standards ratings system. a little built of history is in order. back in 2010, debra hersman, everybody is familiar with right now, doing a great job with ntsb invited me to be a keynote speaker at a conference on professionalism in aviation. adam: what did you guys do? >> we determined there were no standards. so the last 18 months or so we have developed those standards and, here's the shameless plug. in the book going -- adam: plug away. >> back to professionalism it lays out those six elements, 23 subelements, et cetera, et cetera. can we rank it? yes. should those things be made public? absolutely but not to shame anyone. aviation is a great industry. what we need to do show the people that are ahead of the pack. how do you make money on that? adam: go there. how do you make money? >> yeah. adam: doesn't sound like myself as a consumer will really be part of that ratings system?

>> well, no, i think you are. there are a lot of angles in here but think insurance companies. think manufacturers. think, people that are actually, you know, providing suppliers into this. all of those people rely on this core element, i mean the real engine of an airline is its pie lets and its maintenance and its logistics. as these things are rated, people get distinguished one from another, i think what will happen a lot of people will select with their pocketbooks and by developing and objectively managing that ratings system there will be a lot of people -- adam: two questions. don't you open yourself up for exposure for litigation either violation of privacy issues by pilots or mechanics themselves or the airline? >> yeah. i don't think so. and i, quite frankly, you know i don't have a lawyer manage everything that we do in our company. we are going to make our best expert assessments of these various things and we're going to report them. and then if you stand in front

of a judge and made my best expert opinion i'm completely comfortable with that. adam: all right. tony kern, great quote when you bring up law firms managing. one lawyer is a disgrace. two is a law firm, three is congress. all the best to you, tony. >> thanks, adam. adam: shares of boeing are dragging but off session lows. we're learning that analysts are now speculating this was not a badderry issue. and that may be why the stock is actually recovering. tracy byrnes and ashley webster continue to follow that story. former sec chairman harvey pitt weighs in on the newbie partisan call to break up the banks. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪

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to a goal of under 100. getting to goal is important, especially if you have high cholesterol plus any of these risk factors bause you could be at increased risk for plaque buildup in your arteries over time. and that's why wn diet and exercise alone aren't enough to lower cholesterol i prescribe crestor. [ female announr ] crestor is not right for everyone. like people with liver disease or women who are nursing, pregnant or may become pregnant. tell your doctor about other medicines you're taking. call your doctor right away if you have muscle pain or weakness, feel unusually tired, have loss of appetite, upper belly pain, dark urine or yellowing of skin or eyes. these could be signs of rare but serious side effects. is your cholesterol at goal? ask your doctor about crestor. [ female announcer ] if you can't afford your medication, astrazeneca may be able to help. ashley: good afternoon. i'm ashley webster. tracy: i'm tracy byrnes. more breaking news.

boeing shares are falling after a fire was reported on board of one of its dream dreams at heathrow airport. -- 787 dreamliners at heathrow airport. we'll bring you the latest. ashley: dow in the red off the lows of the session. on track to post its best week in four months. we're looking ahead for a busy week in economic data and we'll tell you what you need to be watching. >> talking about breaking up the banks and bringing back of all things, glass-steagall. former sec commissioner harvey pitt will tell us why it would be bad for banks an consumers. ashley: he is not a fan. let's get down to nicole petallides on the floor of the new york stock exchange. despite the losses as we just said, waiting for a big gain this week. >> it's a great week this week on wall street, right? let's look where we are. dow jones industrials are down 14 points. we approached 15,500. we were two points away from

there. 44 points away from our all-time record intraday high. we pulled back a little bit here. look at these one-week charts, right? looking pretty good. the major averages are up 2% for both the dow and the s&p. the s&p is up 2.6% for the week and the nasdaq, maybe live charts. the nasdaq is the best of the bunch up 3%. we've had a good run and we've been in record territory for our closes. that's worth noting. we should take a look also as we're talking about the major averages, a couple of quick notes. boeing is weighing on the dow 30, 40, 50 points, depending where it is any given time. you do get in mixed economic news. you saw a little bit of inflation as sentiment was a little lower. ups is weighing on the s&p 500, that's for sure, because they're an economic indicator and talking about slowing u.s. industrial growth. that could be hurting their numbers. they cut back on their numbers going forward. fedex and ups have been to the

downside. interest rates are pushing up little bit. that is pushing some pressure on the markets. traders were watching markets and looking that it was at the front. plane rather than the back of the news and felt that was good news. back to you. ashley: thank you nicole. we'll see you in 15 minutes. tracy: boeing shares falling as nicole mentioned. they're down 3% right now. at lowest they were down 7% on news after fire at one of its dreamliner jets at heathrow airport. joining us an analyst at davidson. j.b., up until a couple days ago, this stock was the second best performer in the dow. it seems to be teflon, shaking all this stuff off. can it still continue to do so? >> right. think, you know, issues like this, the investors are pretty much sell first and ask questions later. >> yeah. >> at least what we know so far this probably is not related to the battery. in that case the stock probably shakes this off and rebound.

the reason it has done so well the order flow for new aircraft has been very, very strong in both the narrow body and wide body area and i think that is what i think is driving the stock. ashley: that is interesting, j.b. the ethiopian airliner was parked athlete throw for eight hours before any smoke was defected. -- detected. interesting to see what that was. doesn't appear to be the same battery issue that grounded the whole fleet. throughout all this the stock has remained so resilient is that partly because the boeing is. one of the few games in town anyway? >> we're neutral on boeing. we think there is other ways to play the big backlog in commercial aerospace. that would be other names being affected, precision castparts being one and bea aerospace another. they provide to operators, not the oemss themselves but there are ways to play it. there is ways to get effective

exposure to aerospace without necessarily owning boeing. tracy: what do i do at that today? do i hold this on and presume the market will shake it off or do i short this thing? >> i think they will make it off. over the us could of the weekend we'll get news flow what the actual cause of this was. i don't think it looks like it was related to the prior problems. so in that sense you probably just hold on. we're neutral on it. i like other names better for commercial aerospace. ashley: what happens, j.b., the faa already in contact with authorities in the u.k. what if they decide, i know what, we have to ground this fleet again and take another look? this is all speculation but what does that do to the stock? >> you know when you look back at the first initial battery problems happen in january, if you bought the stock then you would be sitting in pretty good position whether you own boeing or the suppliers. ultimately with drives it, long term issues and growth in backlog and production rate increases next three to five years. boeing will solve this if it's a boeing issue. but it will solve it.

we saw that with last battery issue. i think for the most part the aerospace names will still continue to perform, due to that backlog. tracy: just quick. this stock has become a darling of the hedge fund world. does it go back to ashley's point that it is the only game in town? the notion that the dreamliner demand is up is kind of a little crazy to me? >> well, the backlog, the total backlog and boeing and airbus is nearly 10,000 planes. the 77 is only 950 of those or some it is not just the dreamliner where the demand is strong. low interest rates. relatively high fuel costs. that shrunk the economic life of aircraft. you're getting very strong order flow not only from growing regions but also replacement demand. ashley: j.b., does this give a boost to airbus? you mentioned airbus. are they a valid alternative if someone gets nervous with dream liner? >> i think airlines will definitely play these sorts of

issues off the two manufacturers and it could be but for the most part when you're buying an aircraft you're making a board-level fleet decision, you know. it is not going to be subject to momentary problems like this. but certainly, you know, it doesn't, doesn't hurt. tracy: j.b. groh. thanks for joining us. you are neutral on the stock to reiterate. ashley: the next guest says they're focused on fed policy they're ignoring traditional drivers like earnings, you remember those? we have senior institutional equity strategist for wells fargo. gina, thank you for being with us. that's a good point, isn't it? is it all on the word of the fed? is there any fundamentals involved in this market at all? >> it is hard to see it. i think it is happening at the sector level. you do see sector performance following earnings trends to some extent. a good example is the financial

sector still producing strong earnings growth and we think will continue to produce strong earnings growth through the year. but for the index as a whole we continue to see negative earnings revisions. companies guiding less in terms of earnings and the market keeps going higher. i think you have to dig deeper to find were the earnings are impacting individual stock performance and sector level performance but you can find it. ashley: so you think the fed will probably, if things stay as they are, will probably begin tapering more likely in december than -- >> yeah. think i we'll get a lot more intelligence as to what they will do and when they do it by the september meeting. by december we'll be in the process of tapering we think. ashley: you mentioned earnings. ups is out with pretty negative guidance today. is that a bit of a surprise to you? >> no. because we've had it all year. over just the last couple months the negative to positive guidance ratio for companies is at record high, nearly five to one. so it has been very consistent we have companies constantly coming out to the extent they're

giving us guidance, negative guidance. analysts have been marking down earnings estimates consistently all year even since march 31st, earnings estimates have fallen about 3%. constant negative revision on earnings stream, it is not a terrible surprise to see somebody come out today and give us another one. ashley: that's true but on the other hand you have jpmorgan, wells fargo, great stuff. >> yeah. ashley: are the financials where the real power are right now? >> right now within the earnings stream it is coming from financials. positives are coming from financials and consumer sectors, consumer discretionary, consumer staples. ashley: broader economy when banks are doing we, generally the economy is doing well but the economy isn't doing that great? >> i think it speaks to what is happening globally. the s&p 500 is a fairly global index. what you're seeing a pretty large divergence between domestically exposed industry, financials, consumer sector and the like and those exposed more to trend internationally. so, to the extent that you have a focus on the domestic

consumer, the housing market, the bright spots in the domestic economy those stocks are doing a lot better, those earnings streams are doing a lot better than the rest. ashley: as equity strategist you like all the consumer staples. you mentioned financials. what are you still avoiding? >> we're avoiding materials, energy, dulls steel and technology. most vulnerable. ashley: you say oil prices could pose a bit after head win for the consumer if they remain whererthey are. >> they could. i'm not worried where they are now. we're still in the range for the last two years. obviously not as low as last two months. still in a range reasonable for the consumer to absorb. if you keep getting more upward momentum on oil prices outside of supply and demand dynamics it is probably somewhat constraining on the consumer but not right now. ashley: what about europe? europe has been relatively quiet. i saw the rate on portugal's 10-year jumped to 7.8%, already sending fears, it has been

pretty quiet over there but it lurking isn't it? >> it is always in the background. every week you get -- ashley: [inaudible] >> it still is. unfortunately what is happening in europe is also increasingly seen in the asian economies and emerging market economies. what we've seen over the last two months is a real breakdown in leading indicators of growth in the emerging markets in particular. that could all come back to europe as its genesis of weakness. as long as europe remains in the sort of tenuous state it is having a negative impact on most of the rest of the world and it is continuing to do so we think through the remainder of this year. ashley: we're out of time. gene ma martin. thank you so much for being here. >> thank you. ashley: thank you. tracy: still to come, surprising move, china has said it will give u.s. regulators documents on potential chinese fraud. huh? what's behind the move from notoriously secretive country? very fishy to me. elizabeth macdonald also thinking it's fishy.

she will have details. ashley: such a cynic. tracy: total. ashley: what could the return of glass-steagall mean for the industry and for you? we have former sec chairman harvey pitt has strong opinions. doesn't particularly like that idea. as we do this time of the day look at oil. we were just talking about it. up again today, up .8 of a percent. we'll be right back.

tracy:

we will continue to follow boeing. it was over 50 negative dow points. still, a tough day. everyone is selling. back to you. tracy: indeed. the reaction there has been a selloff. thank you. jpmorgan and wells fargo picked up paying earnings today with a big bang.

ashley: first, let's take a look at how the u.s. dollar is moving this morning. the dollar is very strong. the client is back up to 151. we will be right back. ♪ any last requests mr. baldwin? do you mind grabbing my phone and opening the capital one purchase eraser? tracy: i'm tracy byrnes. i'm ashley webster.

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president obama speaks with president putin today. snowden plans to file official request for temporary asylum in russia. snowden must refrain from harming the u.s. if he wants asylum. u.s. homeland security secretary janet napolitano is resigning in september, to become the president of the university of california. president obama praised napolitano on her outstanding work on behalf of the american people over the last four years. those are the headlines.

i'm arthel negative develop. get you back to ashley and tracy. >> have an ought some weekend. >> you too. tracy: jpmorgan and wells fargo getting paying earnings season off to a good start but will rising rates hurt them long term? we have paul miller. if you dig through the numbers. it was their investment banking arm that locked it upper 18 to 19% of the mortgage banking profits not so much so are these interest rates going to hurt them? >> jpmorgan has a lot of levers to pull. mortgage bank something one of them. not one of the primary drivers of their earnings. they made loot of money last couple years but nowhere near the size at jpmorgan. the main driver for them is higher rates. they want higher rates. they want parallel shift. not only a parallel shift in the curb but want higher rates in general. does the rates today get where they want to be? it does help. but you know, they have to get

loan growth alongside that that is one thing at the didn't get. they didn't get loan growth this quarter. i don't know if that was their decision. i think that is one of the big disappointments. one of the benefits from jpmorgan is improved credit quart. reserve releases were pretty big. overall improving credit quality was big in the quarter. they came out and said profit from corporate bond and related derivatives is what helped them in last season. consumer side up as well. maybe is that a sign? can we take anything away from the earnings receiver reports. looking in the crystal ball to tell us what is going on? >> why they're running rates are going up because the fed might stop buying mortgage-backed securities or what not. people are getting, feeling better about the overall economy. so these earnings are really rear-view mirrors. they are what happened three months ago. not what happened year-round. investors are concerned what

happens year out. with higher rates. they're expecting balanced sheet growth s what investors are buying right now. we weren't really expecting it. we knew we could get a lot of noise. trading did well. what we needed was loan growth. tracy: wells fargo. that is nice transition. they saw mortgage apps down. income from as far asking down. numbers were great. on in is it a good sign for housing going forward? >> well, you know there will be adjustments being made. rates were 3.5% two months ago. now they're 4.5, to 4 and 3/4. this will be sticker shot for a month of or two as consumers get used to higher rates. if the rates stay here i think purchase market will offset a lot of refi's that is debatable point that will go on. the purchase market is the same size as it was 24 years ago. 23 years ago.

there is lot of upside in the purchase market. i don't think investors take that into effect. i believe mortgage banking will continue to be strong. tracy: you make a good point. banks might be willing to make riskier loans. let's talk about if you could put money in financials today, which bank would you go buy? >> i think you can buy jpmorgan or wells. think, they haven't run as much as regionals have run. regionals gotten ahead of themselves. they're trading discount. multiple of two. they're getting double-digit roes. tracy: do i own them today, do i hold on to them or do i sell them? >> i think could you hold on for a bit. you have to be very careful with the 10-year. if the 10-year comes back, think a lot of gains these banks have seen over last month or two will be given back. tracy: you got it. paul, thank you so much. >> all right. stocks have hit record highs this week. also been a big week for those commodities especially, oil, up again today.

jeff flock is in the pits of the cme with latest. jeff? >> with the spread closing between wti and brent, we're in the ag room. they're just settling up in the soybean meal and oil pits. soybeans are a big mover. first let's do oil. wti as you point out, ashley, up 3/4 of a percent this week. if has been a huge week for both wti and brent. as i told you the spread narrowed. they got $3 between those two contracts today. that is little piece of good news. the piece that is bad news is gasoline. look at rbob. up 3%. up over 3%. cbob which i don't have a chart for, chicago gasoline up over 8% at one point. we're starting to see oil prices start to dictate higher gas prices. back to the ag room, corn traded off behind me. they started to react to the government report today, not yesterday. a big selloff in corn and a huge

selloff in the soybeans today. take a look at those numbers. not pretty on the soybeans. looks like we'll have a bumper harvest, nothing really standing in the way of that at this point. maybe some weather concerns. but other than that, not the time to be getting into the agricultural commodities, if you want to make money. >> bumper crop means lower prices. all right. jeff flock. thank you from the cme. >> farm translation for me. ashley: there you go. >> we don't learn that sufficient in jersey. big brother is watching your doctor. believe it or not, find out how big data is being used to track your doctor while he works and what it could mean for your care. ashley: look at some of today's winners and losers. the markets giving back a little bit today. there are plenty of winners out there. look at s&p 500. we'll be right back.

ashley: it is 90 minutes now until the close. let's head back to nicole petallides. ge saying this fire did not involve the engine. nicole: right. he was saying how some of the traders were noticing they were towards the front of the plane rather than the back of the train. that has been a significant problem for the dreamliner. however, this is atrocious for boeing. the stock is down right now.

when it was seven dollars, it was worth 50 negative dow points. down about 40 points right now on the major market averages. it is still a winning week on wall street. the question is, whether or not people are really believing in this rally are whether or not there is some shortcutting going on. back to you. ashley: thank you so much. tracy: a new trend in the nation's healthcare industry. computers. gerri willis is here with the details. gerri: efficiency and healthcare technology making it easier to

track doctors and their performance. obamacare wanted to make all of your patient records collect tronic. the only problem with this methodology is that maybe i am not the average patient. ashley: well, that is it. how long was the patient. what is the average. why is this doctor taking a more expensive route than other doctors. gerri: they tried this before. i really think that doctors have lost some of their mojo, lost some of their standing. this will be hard to fight back against.

i think it is a fascinating story. we are, of course, following this intensively. we will be answering your questions about healthcare. which ones should you have? a lot of really nitty-gritty issues we will be getting to all next week. i cannot wait. tracy: do not miss that. ashley: a new push to break up the banks. we will have the details. tracy: as we do every day at this time of day, take a look at

your ten and 30 year treasuries. we will be right back. ♪ secure. [ whirring ] [ dog barks ] i want to treat dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business lutions from at&t have the security you need to get you there. call us. we can show you hoat&t solutions can help you do what you do... even better. ♪ can help you do what you do... always go the extra mile. to treat my low testosterone, i did my research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. wome especially those who are or who may become pregnant and chdren should avoid contact where axiron is applied

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tracy: may be getting a new lease on life. introducing a new bill to revive

glass-steagall. how will they react to the new rules? peter barnes is on capitol hill with the very latest. peter: trying to restore glass-steagall, which you recall, tracy, was repealed. it split up the commercial and investment operations of big banks that went into separate companies. now, because of the 2008 financial crisis, senators mccain and war and think that it is time to bring it back. i caught up with senator mccain a little bit ago. he said that he had tried to do this back in 2010 and did not get anywhere.

>> one of the reasons why opportunity for glass spiegel is better than it was is the six billion-dollar fiasco that jpmorgan engaged in. second, americans are becoming more aware of the fact that the whole point of dodd-frank was that no institution would ever again be the worst to fail. they are bigger than when we first enacted the outlaw. peter: law firms are not too pleased with this renewed effort. dodd-frank will help to prevent a future financial crisis. it does not hurt to have a big diversified firm.

now, i also want to do a little self-promotion. we have been following everything that the fed has been saying and doing with tapering and quantitative easing. we will interview next week, next tuesday, esther george about all of the fed policies. she is a critic of quantitative easing. she has been at the center of all of the meetings. stay tuned for that next tuesday. tracy: peter barnes, that is good stuff. thank you. have a great weekend. ashley: bringing back glass-steagall could lead to serious problems. joining us now is former sec chairman harvey pitt. harvey, thank you so much for being with us. look, we have heard the arguments for and against

glass-steagall. what is your main contention with this? what is wrong with spitting out the banks? go ahead and gamble, just do not do it with fdic money. >> they can gamble with fdic insured money. the cost to consumers will be extraordinary. banks are ruled by safety and soundness standards. tracy: did the exercise sound taking practices? >> they did not exercise unsound practices in connection with

security finances. this bill would not change any of that. ashley: that is interesting. you are saying that it has absolutely no relevance. banks have gotten so much larger. you could argue that by repealing glass-steagall in 1999, they did, as a consequence can't affect larger banks that needed a bailout. >> the fact of the matter is, whether an organization is large or small, it has to play by the rules. it has to operate safely and soundly. that is where regulators should focus their attention. ashley: what about capital

requirements? >> absolutely. advertising to the general public for the first time. what are your thoughts on hedge funds being allowed to advertise? >> well, i think the congress passed a jobs act. they knew what they were doing. i think the sec will aggressively go after them. this is a long needed change that brings modern technology into play and securities transactions. ashley: overall, harvey, as far as regulations on banks, you mentioned that glass-steagall

could hurt the consumer. >> if you pulled the rug out from out from under all of these institutions and may have to reinstall all sorts of walls and separations, the cost of the financial services will increase astronomically. ashley: harvey pitt, they do so much for joining us. >> pleasure to be with you. ashley: thank you. tracy: we want to update you on the fire on the boeing dreamliner. it had been parked for more than eight hours when smoke was observed. the cause of the incident is under investigation. ashley: obviously, ge saying that it is not the engine. what was it?

tracy: quarter till. time for stocks as we do every 15 minutes. we have been talking about boeing all day. we have two good banks report today. what is your overall view of what you think will happen this earnings season. >> listing, earning season is great. it gives a great mentality. it takes a picture on a micro basis. we get all of this economic information out of washington. i think we will continue to see a couple of factors that are here. i think that people like to really see the details of the earnings report. those things will be important for people to look for.

tracy: tell me the truth. what do you know? big surprise. >> it could be a big surprise. does the stock really move from that? earnings per share beat, but revenues do not need. it comes down to the outlook. tracy: i do not know. i hope you are right. have a great weekend. >> thank you. you two. ashley: we will tell you what you need to be watching. tracy: let's take a look at the winners and losers on the nasdaq. netflix up 5%. we will be right back. ♪

♪ tracy: despite today's losses, but dow is on the fast track and weeks. we have a load of economic data. bernanke testifies before congress. joining us with what to look at -- what are you most concerned about? >> everything. [ laughter ] >> no, i am joking. number one is earnings. there is something interesting.

we have seen what is going on with oil. as those prices get a little hot, the fed has to act. that may force the market lower. tracy: cpi comes out on tuesday, housing numbers, of course, on wednesday. does it worry you? >> the consumer is just barely been there. you know, right before we went to break, you were talking with a gentleman on the floor. analysts have brought their estimates. i think the number i am looking

for is .8% on the upside. it will be okay. stick with the cpi. i think that is the focus. tracy: you are looking for a beat next week. >> iam. i am also a contrarian. sandisk is a stock that has not been beaten down. we have this thing called esp. it is a earnings size predictor. they look very, very positive. i think sandisk has some upside.

tracy: do you buy it going into earnings? >> i would be a buyer. they just want. the stock really rallied. i believe, i think it is a cautionary tale. the stock is really overbought. they are still losing money. if you are in it, you may hold it, but do not buy it. now we are going more manufacturing. >> we are. these guys, they are on everything. they should look good here.

i am looking for a beat. tracy: do you own sandisk? >> i only own sandisk at this time, not the others. tracy: good numbers. do you think that the financials, overall, will have good reports? >> higher interest rates help them. i have been looking for companies like blackrock, like goldman. i think that they will be strong. you have to be careful here. a sharp rise may actually hurt them. i think long-term, it is good for financials. tracy: love talking to you. thank you, sir. have a great weekend.

ashley: and issue dear to tracy's heart and now mine. gas raising three cents overnight. the average in california is $3.99. the cheapest place to fill up is south carolina. $3.21. tracy: liz claman talking to victoria's secret. breaking in billions of dollars. "countdown to the closing bell." i am sure there will be really good video. you have to stay and watch. do not go anywhere. ♪

♪ m. tracy: what will week for investors. from banks to bernanke. where should you put your money right now to make money? we have a fox business exclusive with the market power player. perez roundtable superstar who has a history of picking winners to have new was freed today. playing the oil game, not always about the benchmark light crude out of texas. the ceo of energy 21. lying under the radar in an interview only see on fox business. and it victoria secret killer. a rapidly growing start up. the victoria's secret angels. ceo and some of his models. exclusively n fox business. "countdown to the closing bell" starts right now. ♪