pulling back at $103 and a 1/2. close l. [closing bell ringing]. cheryl: bells are ringing on this monday. we're hanging on. that is the headline here. the dow 17,018, adam. there you go. s&p, nasdaq, russell, everything is to the downside. very low volume especially on new york stock exchange. composite volume down 10% below the average. volatility a little bit high. a lot to watch. "after the bell" starts right now. adam: let's break down today's action. we've got chris hobart, hobart financial group ceo with two picks to add to your portfolio. charlie smith, fort pitt chief investment officer will tell us the big things for the market

and shot shellady. we'll start with scott. are you surprised we held at 17,000. >> that is milestone i don't think you want to stay above. the market had a lot of bad news thrown at it today, starting with industrial production in germany. words over the weekend about bad banking system in europe. everybody took a little bit under the hood about interest rates coming forward as far as the next rate rise. that took market on its heels a little bit. i think it held up very well considering what we threw at it today, on a quiet day like today. >> i want to ask you about the vix. that is one thing that caught our attention. the vix was actually hitting levels we haven't seen since april, up 11% today. can you explain what is happening there? >> you know what happened was? a lot of guys have been very comfortably short the vix. today was a day where you had to get yourself out. the shorts cannibalized themselves. i think that was all short-covering. a lot of comfortable shorts for the last two or three months had

to get out or at least cover their positions. i'm not saying it will last forever. however with today's downward action on a day we had very little volume. adam: let me bring up the issue of volume t might have been attributed to you, part of the reason we're seeing light volume. price of stocks. stocks are more expensive, so people are not buying so institutions are not buying as many shares s that accurate reason to explain this. >> i'm not sure it has to do with share prices. part the summer doldrums. we wouldn't be concerned about valuations here. we think fair value is around 19.50. 17 times $150 earning number for s&p gets you right to the earning level. we think main risk is potentially high inflation. yellen said last week that macro prudential regulation is way they will deal with instability instead of raising rates. the concern if inflation starts to go, the fed wouldn't do anything, and that would be bad

for p-e multiples. cheryl: that is a good point. chris, if we're looking at numbers, steepest drop in the russell 2000, since april 25th. what is interesting happening in the small cap sector it looks like investors were going for utilities, telecoms, consumer staples. they were going a little safe. what do you make of that? >> i think there is something to be said for safety but i think there will be good opportunity. i type of market will definitely more the stock-picker or sector pickers market. i think they have to be very careful. investors need to be very careful today, as old saying goes, tide rises all boats will rise but now you have to bring specific boats to rise. cheryl: you don't want to be on a sinking boat. adam: let me ask you what you would pick? i know you like white tinge petroleum. seeps as though they're undervalued at this point is that accurate. >> i think they're doctor mat i

cannily undervalued. they have made significant changes in last month. they are more profitable and able to get more oil and gas out of the ground. they changed planning when it comes to employee compensation. above and beyond that, we're also looking at them, they have 1600 net wells in the bakken region. they're a top tier producer and they're undervalued 45% compared to their nearest competitor. if investors are looking for good opportunity in the oil and gas world, this, you know, whiting represents something extremely compelling. they're playing a little bit of catch-up. investor looking to play catch-up have upside potential. this stock could jump up 25, 30% in relatively quick basis over the next 12 months. >> i want to play off that with charlie. you have something else as well, gas pipeline, kinder morgue began. that is one of your pings along

the same game. >> gasparino condensate on regulatory front we saw news on that last week and nobody better positioned than kmi, kinder morgan to take advantage of that. we'll be beginning to export export lng in large volume. they're very well-positioned geographically to be well-positioned for that. adam: charlie you like axe seal corporation. let me ask you from retail investor with a chicken little attitude and i'm looking at some of these pes, seems like kind of expensive if i want to get in at this point. >> with a market pe at 17 we think you could probably pay up to 20, 22 times if a company has return on equity that is in the high teens. so any company that can return to shareholders somewhere in the 18 to 20% range in terms of roe, you can pay more than a market multiple for it. cheryl: hey, scott, i know

earnings season, this is somewhat on your radar, earnings season officially kicks off tomorrow with alcoa. this could be where the rubber meets the road as far as earnings go. a lot of companies cut as best they can. how does it affect what you're trading? >> it absolutely affects what we're trading. companies borrow money and use capital and we have use interest rate market we watch closely every day. we need to see top line revenues hold in there and grown. not bottom line. we've cutting ourself to death. we can't continue to cut ourselves to profitability. we need top line revenues. what is interesting, that 10-year didn't react today like we were going to be really raising interest rates in fourth quarter of 2014 which we started to hear a little bit towards end of the day. there are lot of estimates moved up. a lot of revenues come in tomorrow. just maybe, some of those estimates of 2014 q4 are correct. adam: chris, let me bring you into this discussion. are you worried about the top line? are we going to see kind of

sales figures and revenues companies need to be reporting? one expectation we'll only see growth of 2.6%. which really doesn't sustain this market, does it? >> no, i don't think it does sustain this market. obviously we need to see a second quarter that is going to be a bit stronger than the first quarter. we've been blaming weather for that first quarter for seems like forever. now time for the second quarter to actually show up and mean something. the reality is we have been cutting more and more and more. we actually need to see real profitability in these companies to show real growth. the fed is chomping at the bit at some point to be able to raise interest rates. with favorable jobs numbers, hey, we have to move the interest rates forward. we just need everything to come into alignment in that regard. i think we need a strong second-quarter earnings, no question about it. cheryl: chris, you're speaking my language with the other pick that you got. new york re. i heard a lot of buzz about this from other sources of mind. this is new york real estate

investment trough. dividend is 4%. you have to be on manhattan property market. are you bullish? there is a lot of talk about a bubble in this city, i'm sorry. >> i understand we're talking about bubble but manhattan market is the best real estate market that exists out there. there is still the rental market in the commercial space is 17% under peak. a lot of real estate purchased in this portfolio which is exclusively manhattan-based real estate is done off market. that is very interesting. because they could get better deals and cap rates, spread they're betting, cap rates are much higher than what they're borrowing still. still very favorable within this portfolio. adam: charlie, i want to ask you. i read you think second quarter gdp will come in 3, 3 and a quarter%. you say avoid autos. why with growth like that.

>> that is simply a makeup, bounce back from the weak first quarter. the consumer is deleveraging, deleverring. in the auto sector, for example, so much of the growth in the unit sales is due to weakening in credit quality. we've seen subprime auto market booming the last 15 months or so. i think that has a lot to do with the big rise in sales volumes. really not that high quality of an advance in auto sales. adam: we'll be bach talking about consumers taking on a lot more debt later this hour. chris hobart, charlie smith, scott shellady, we'll check back with you in a few minutes. thank you very much. we'll go to scott for s&p futures when we close. cheryl: this is usually what you see in summer, yeah, that is it. decreasing volatility and low trading volume could set us up for a market that is stuck but not all stocks will be asleep at the wheel. we have a three plays for a long, sleepy summer. wake up, people. adam: fomc, target of 2%

inflation and 6% employment, closer than the fed predicted. experts got it wrong maybe. expectations for fed rate hikes are shifting. onetion, by end of this year. will the fed ignore its own targets or the great rate hike around the corner? cheryl: one tech giant has a big plan to raise amazon to your front door, gave giving you same day delivery on everything from groceries to electronics, even cat food. details coming up. adam: tell us what you think. will the fed be forced to raise rates sooner than planned? tweet us @fbnatb. your answers coming up. ♪ [ male announcer ] once, there was a man

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adam: coal stocks fall into the red following a downgrade from deutsche bank. cheryl: nicole petallides on floor of new york stock exchange. nicole. >> glad you went full circle on that. people may have been wondering what you were getting at there. that is exactly right. deutsche bank talking about coal stocks. with that seeing a drop, peabody in particular. down 3.7%. the concern here, this is why they downgraded stock to a hold from a buy, a $19 price target

which is upwards down from 23 bucks, still upward from where it closed. it closed at 16 bucks. the reason behind it basically coal prices have been under pressure. cost pressures in the foreseeable future for name like peabody energy. instead of covering the whole sector will look at stock specifics. a. because a name like consol energy, they remain with a buy rating. that is because they have a fast-growing natural business and solid financial position. they will look at coals on case-by-case basis. cloud peak energy was down 3%. the dow held 17,000 but we did have down arrows across the board in many of these sectors, right? drugs, banks, transports. adam: sex, drug, rock and roll, transports where are you going. nicole petallides. thank you very much. >> what kind of show is this? let's go to scott shellady in

pits of cme. scott. >> we'll close 6 1/2, 7 handles in s&p, 35 in the dow futures. we're slowly, maybe slowly i'm starting to sense we may make a transition from expansion market to recovery. what i mean by that, recoveries are dead independent. up until now didn't care how good or bad the news was, the market slowly ground higher. we've been in expansion market where checkbook dependent. which is fed. see what the fomc minutes on wednesday and get a couple of jobs numbers in order and maybe we're truly in a recovery. cheryl: large checkbook to your point. >> very large. cheryl: thank you. adam: major stock indices hitting record highs this month, is it possible the all the action come and gone we're in for a long and sleepy summer? our next guest says we may not see much action in equities this season but he will tell you how you can still make some money. >> joining us mkm partner executive director and chief market technician.

let's talk about the theory of long, sleepily summer. we hit dow 17,000 and we're hitting new highs for the dow and s&p. >> one of the interesting things lately we've seen three of 10 narrowest trading ranges in s&p 500. contrarians might say that is sell signal. againly when you see the low trading ranges. that doesn't precede a major market top. preceding major market top, volatility increase and trading range expands. maybe this is the first time but up until today we haven't seen that. adam: when will we see increase signal that we're at top? it is over a year people say correction has to come. in year-and-a-half we haven't been below the 200-day moving average. >> about 410 trading sessions above the 200-day. that is the second longest streak last 50 years. we're getting up there as far as duration. pretty for major reversals or forced violations it is tough to

call the end of this run right now. cheryl: what are your concerns in the market right now? we have the ukraine-russia situation earlier this year. we bounced back. iraq is starting to fall apart. we bounce back. we hit another record high. what hurt the market? >> seems more bad news we get the higher we go. some ways we could be looking for some food news and to see the market selloff. that would be more of a warning sign. if you don't see stocks reacting to favorably to good news. cheryl: to your point, you're looking to the fact we haven't had a real pullback. that is what you're saying. >> on broad s&p 500 i don't think risk/reward is great going long here. i think what you will see throughout the summer is internal rotation where sectors vane participated start to see inflows and people take money out of -- adam: you don't see irrational exuberance in this now that we're over 17,000. >> sentiment is very from the think. you expect investors to be bullish with market all-time highs. if we see investors remain

optimistic in the face of price weakness that would be more of a concern. cheryl: you are bullish on some names. so i do want to get to these. you like some names. you don't like others. you like cameron international corporation. cm. e-trade, juniper networks. start with cameron first and foremost. why do you like it? it has been kind of a flat stock. >> energy has been the best-performing sector over last three months. there are a lot of great names there and a lot gone too far too fast in my view. what i like about cameron, gone sideways, last 18 months. form ad nice base. starting to break out. pent-up demand i think could benefit. adam: you like e-trade. why do you like e-trade? i thought retail investors, volume of trading on those sites is down something pretty large. >> it is and had a pullback to reflect that. last five years it is flat. a nice long-term base. perhaps retrail investors are getting back in. e-trade benefits from high interest.

back up in yields e-trade should benefit as well. cheryl: there is e-trade. we were talking about boeing in the last hour. you don't like boeing right now. i'm surprised you don't like marathon petroleum. >> boeing peaked out in january. had failed retest of highs. now broke under its 200-day moving average. too many stocks in the s&p are above 200-day moving average. if you have a stock below it, tells you something is probably not right. for now we're sellers of boeing. marathon is in rye finer space. a couple weeks ago if you recall, a lot of refiners took big hit on heaviest selling volume we've seen over a year. broke below 200 day -- cheryl: what was your, what is your opinion why that happened. >> i will leave that to the fundamental analyst, but from my perspective when you see stocks breaking down below support on heavy volume, that tells me you want to avoid them. adam: have investors giving companies easy break in the past earnings season that starts army? a lot of stock buybacks. they have been repurchasing

shares. is this the to ante up and show us where the growth is taking place? >> you mentioned buybacks. s&p 500 buyback index which composes stocks buying back stocks the rate of outperformance that relative to s&p is slow lately. perhaps you're seeing a slowing of that. interesting earnings will be to see how stocks are rewarded for beats versus punished for misses. >> scott shellady says you have to see top line revenue growth. if you don't see that we've got issues. thank you very much, jonathan. it's a clash of titans fit for a hollywood movie script. google taking aim at amazon's multibillion-dollar warehouse network with a much smaller war chest. who is likely to win? we'll have details next. adam: got $15 off in my fairway shopping bag. wonder what that was about. after tomorrow's strong jobs report will janet yellen raise interest rates earlier than

expected? we game it out with a all-star panel. cheryl: buying in a record breaking market, investors everywhere should pay attention. we'll tell you how you can run with the bulls and we'll show more bull video when we come back. adam: sometimes you're the bull sometimes you're the -- ♪

adam: time for a quick speed read of some of the day's other headlines. five stories, one minute. airbus helicopter decision sealed a during angela merkel's visit to china. they are placed by three chinese

aviation companies. tsa is beefing up cell phone checks at u.s. bound airports. passengers will have to turn on electronic devices to prove they work and they are not explosive amid new concerns about al qaeda. expedia has a takeover deal for $850 million to expand its footprint in the asia-pacific region. >> uber x is cheap they're an taking a taxi in new york city and cars are cleaner. they are slashing its $20 for limited time to win over taxi enthusiasts. pink floyd is releasing first album this side of the moon. endless river is due out in october. that is today's "speed read" with time to spare. [buzzer] cheryl: pink flood, are you there? adam, they were dark side of the moon. the wall. they were "dark side of the moon." cheryl: goliath ready to take on

goliath. google is reportedly spending hundreds of millions of dollars to beat amazon with everything from groceries to electronics. adam: we don't need no satisfaction. >> very nice, adam. hi. they are spending more on google shopping express. the company is investing up to 500 million doll to take on amazon with day of delivery on more cities across the country. source close to google, that the $500 million number is quite exaggerated. we can expect a new subscription service from amazon prime for day of delivery google very soon. this means google is dumping more money into deliver trucks, warehouse space to bring more goods to more doorsteps. marketing has begun in several new cities. google is delivering items from costco, whole foods and staples. only in the new york, l.a. and bay area regions. the expansion comes on heels of users demanding more, according

to google that is. we need to search for products on google. they are telling google we than the to buy them instantly without switching over to new tab to buy it on amazon. the subscription program is likely to cost under $100 a year according to a source. right now it is free to attract users. elephant in the room, amazon they have national logistics infrastructure and existing customers to compete with google and probably dominate them. adam, cheryl, this is all about closing the loop. we're talking about searching to buying. consumer electronics brands are expected to spend more than $3.5 billion this year alone on direct response digital ads. that is according to e-marketer. google obviously wants a bigger slice of that pie. ad damages cheryl. cheryl: jo, thank you very much. appreciate it. adam: the new transformers is the latest example of an industry that is transforming and becoming more dependent on foreign markets, particularly

china. we'll break out the popcorn to look who is benefiting. cheryl: wall street is predicting that republicans will sin the senate in november and if they do certain areas of the market will be big winners. we'll break it down for you. ♪

>> you know, it is always a sign of confidence when insiders b b, but more sign of confidence when they buy at session highs. public services saw big insider buying for the private investment arm of microsoft founder bill gates. the company bought 850,000 shares, that stock up for pree r to date. to have a purchased 350,000 shares for 1.2 million. shares of the independent brokerage firm up 11% year to date. accelerates diagnostics, a 10% owner put in large buy orders for the stock, they bought 39,000 shares totaling 800,000. the stock up 107% year to date. adam.

adam: june was another aspect of the strong month for jobs as implement rate fell a lot faster than even the federal reserve expected. last month the fed critic of the jobless rate will be between 6%, 6.1% in the fourth quarter of this year. with better than expected economic data, what will the fed's next move actually be? will it moving this rates earlier than expected benchmark joining us, peter barnes, and michael cox, former chief economist and senior vice president. let's start with you, peter. i heard you quoting somebody earlier who said we could see the interest rate go up in the fourth quarter of this year, right? >> yeah, that is right. saying he thought the jobs report last thursday was so go good, he is saying the fed should start to tighten sooner rather than later, raised short-term interest rates sooner rather than later because the economy is improving faster than

the fed has been forecasting, 6.1% rate was forecast for the end of this year, and we are already there. adam: you are reporting goldman sachs as well as jpmorgan predicting it will come sooner than later, but sooner is third quarter 2015. any chance they would move it sooner than later? >> we would have to see more improvement in the economy. they were saying the fed was not going to do anything until 2016, they had been amongst the biggest dove dollars on wall st. when he put this out over the weekend that they would move sooner than planned, this is the first time they have brought forward a great expectation in this entire cycle. they haven't done this since before the financial crisis. it shows how expectations are moving all around.

a series of jobs reports are pretty strong. adam: let me bring in the former federal reserve chairman in dallas. when this is happening to average americans, is this recovery really the kind of recovery they would say yes, we can start raising interest rates or is it like on the love boat, he does not end nicely? >> the fed and the market are in a show me state of mind right now meaning from the fed perspective there will have to be a lot more sustained growth, lot more job increases before they act to raise rates, and the market saying the same thing. if you look at implied future year rates up to her three years out, even though short-term rates have been going up, they have not gone up much so they're still saying i don't believe you will raise rates, you will continue to be more like a dove.

adam: i'm going to ask the same question to john and peter. wage gains remain weak in this economy. we have seen a surge in consumer credit and you can't keep borrowing to keep spending. eventually that comes to halt. the fed has me aware of that, don't they? >> of course the fed is aware of that. we are still looking for wage gains stronger wage gains. we saw last week year over year wages up about 2%, that is about the pace at which we have seen it grow in the last few years, but nothing that could push the fed to move faster and raising short-term rates is if we saw an acceleration of wages and as john said, we're going to need to see more jobs reports to see if that happens. adam: any expectation mayor going to start picking up? >> the unemployment rate has come down so much you would

think that would start to lead to some bargaining power for workers, but the other thing i wanted to point out on top of what peter said is the fed has been looking not only at wages, their mandate is consumer prices, inflation. we are starting to see some movement there. the fed's goal is 2% inflation. what she said in the press conference was that if the economy moves toward the fed objectives, faster than they expected, they will raise rates sooner than they expect. the jobs numbers for measuring up better than they expected. we have to watch these inflation numbers the next couple of months to see if they move back toward the 2%. we have been below the objective for two years now. adam: this is perfect for you because you are an economist. on one hand is the fed's gauge of inflation really moving the way it needs to? in real-world inflation the food

is going up dramatically for all kinds of reasons that have nothing to do with economic recovery. we have drought, viruses killing some of a cattle and pork. they don't factor that into their inflation equation, yet we have to pay more for food. >> if this is truly the form of it, it is prices rise at 4.5% rate for the annually adjusted, 3.5 3.5 the month before, two te month before and one month before that. there has been some consistent uptake in inflation, but it will take the fed more than a yea yeo really believe this is what is happening over the long term. i think that is what the market is saying. saying. if inflation expectations are rising, you would see that in the short-term rate, but it is not yet. it has a ways to go. adam: if i get this wrong, correct me. he is betting no, we will not

see short-term rates go up anytime soon. >> i have not looked at this latest comments, but he has been among the doves out there. if the economy really catches fire over the next few months and the fed has to move, they have a lot of technical work they still have to do just to be in a position where they can raise interest rates. they flooded the financial system with so much cash they call in bank reserves, they're still working on the technique they're going to use to raise interest rates when the time comes. if we see more job reports like we saw last week and more these inflation game games, they may e to work with a little bit before they're ready to do it technically. adam: we're going to have to say thank you to all three of you. all the best to you. cheryl. cheryl: adam, i don't know if you saw this over the weekend that the new transformers movie

is now set to become china's highest grossing film ever. what lessons can hollywood learn and how can you as an investor get a piece of the action? we will ask two leading analyst watchers. and we will tell you who the winners are. when we come back. you are watching "after the bell." ♪

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cheryl: transformers age of extinction about to become the highest grossing film in chinese box office history as china's appetite for u.s. films grows. china is now slated to surpass u.s. in box office revenue in the next four years. adam: can hollywood capitalize on the growing market and what it actually costs. joining us now, david miller, managing director, and media analyst as well as paul. let me start with you because you are very well respected in this field. they limit the number of movies that are allowed to be shown that are foreign made in china. is that number going to grow to a level that we might see hollywood saying we will make more money there than we do in our own market? >> there is a quota system right now, but when you look at the numbers, we are measuring the

stocbox office around the world. when we look at china, this is a marketplace growing at 30% per year for the past 10 years, and when you look at a movie like "transformers: age of extension," in the opening weekend $90 million, roughly half of the international marketplace coming from chinese box office. worldwide is approaching 600 million through this past weekend, china has committed 212 million to that total. it is a third of the worldwide total on transformers coming from china. hollywood definite the is taking notice of this, we are seeing strategic partnerships going on, like studio eight, and as we see more of these strategic alliances between hollywood and chinese can graha, grandma letse

china will surpass north america. by 2025, it could double the north american box office. cheryl: even though this could be good for filmmakers and the studios, they are not getting the exposure to all of this. that is where we can see the movement. why is that? >> that is the irony. you're looking at a total chinese box office this year, which should come in around 2.4, 2.5 billion. it is growing in a good year, it should grow at best one to 2% this year, next year should be absolutely spectacular. by 2017, most media analysts out there are projecting nine to $10 billion number for the box office but the irony is there is no way to play it.

cinemark is the only way to play the ever growing box office window, but that is a latin america play, there is no chinese play there. adam: let's ask you this, and i wants to stay with david on this. they can recut films, the chinese market product placement, that should be very expensive but with these figures with the transformers movie, i imagine it is a drop in the bucket for hollywood. >> yeah, that is correct. there are issues involved, no doubt about it. what it really comes down to though, what we're really talking about here is screen growth in china. what you're looking at writes now in terms of the numbers, 1.6 billion people, there is only 13,000 movie screens in china, here in the united states, here in north america plus canada looking at 340 million people, 38,000

screens in this country. and overserved situation in north america, underserved situation in china, so that makes china unit growth story for the exhibitors. the irony is there is no way to play it. cheryl: to get more substance to this, wants to show viewers the top place in china. it is interesting what is selling so well over there. "x-men days of futures past," "captain america," and the "transformers" film. they are the ones investment play will be paramount or viacom or whoever. >> it looks like the types of films people love in north america are loved in china as well, the big-budget blockbusters that put it all up on the screen, but also locally produced products is a big factor. a movie called "journey to the west" which was a homegrown

title in china that did extraordinarily well in 2013. a combination of locally produced movies along with the hollywood temple movies driving this huge growth in china, and no question that will continue and as david alluded to earlier, 2015 and 2016 are going to be massive when you look at the product, fast and furious seven in 2015, we will kick off this summer with the next "avengers" movie. james bond. a lot of big temples, those will play huge in north america. all of these emerging markets. cheryl: thank you. adam: this year's midterm elections political landscape for corporate america. one bank is showing sweeping change in energy market in

particular. rich edson will have that story for you next. cheryl: and like you have never seen before in a video that has gone viral all over the web. when we go off the desk. [ male announcer ] if you suffer from a dry mouth then you'll know how uncomfortable it can be. [ crickets chirping ] but did you know that the lack of saliva can also lead to tooth decay and bad breath? [ exhales deeply ] [ male announcer ] well there is biotene. specially formulated with moisturizers and lubricants,

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adam: just thought it was safe, the midterm elections are four months away. protecting the republicans will win back the senate, hold onto the house, but what does that mean for the economy and business? cheryl: rich edson has a look at the impact on corporate america. rich: changes to housing policy and housing reform, picking up 6 seats in the senate and control for congress for the last two years of president obama's term. republican house and senate, the report predicts approval of the keystone pipeline and faster approval of export licenses for liquefied natural gas. and housing changes to reform proposals that likely favor preferred and common equity holders at fannie mae and freddie mac. keystone approval would be a positive for gulf coast refiners.

more natural gas exporters would be a plus for gas companies the manufacturers warn of higher gas prices and escalating costs for them. it is still up the obama administration to approve the keystone pipeline or more export permits. one spending detail well congress does control budgeting, this'll have to sign off to fund the government good one possible consequence for republican controlled congress fails to mention possible movement on free trade agreements did they largely been opposed to a bill giving the president the ability to negotiate trade agreements. receive an up or down vote in congress and analysts the lack of authority slowed free trade agreements with asia and europe. back to you. cheryl: thank you, rich. dramatic moment in the airport when argentinian crosses paths putting hundreds of lives at

risk. video footage, it is crazy. we will show you the end result. adam: a drone flies inside a fireworks show showing you how amazing it can be when you get up close and personal. the video that has gone viral next. 3rd and 3. 58 seconds on the clock, what am i thinking about? foreign markets. asian debt that recognizes the shift in the global economy. you know, the kind that capitalizes on diversity across the credit spectrum and gets exposure to frontier and emerging markets. if you convert 4-quarter p/e of the s&p 500, its yield is doing a lot better... if you've had to become your own investment expert, maybe it's time for bny mellon, a different kind of wealth manager ...and black swans are unpredictable.

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well, we don't want it breaking down on us. oh, our team tracks vehicle service very closely. gail to carfax®. got a minivan getting an oil change and brand new brakes! you know i like to see that. bad brakes are bad news for possums. now carfax® can help you find the right used car. that's the one! start your search at the new carfax.com adam: let's go "off the desk." nothing says happy independence day like fireworks and nothing films fireworks better than a drone with a go pro. onone entrepreneur decided to fy through the cities fireworks show creating a spectacular video of the display. part of a new project he's working on. cheryl: also off the desk, talk about a close call of an argentinian passenger plane preparing to leave barcelona

airport across runway just as a russian plane was about to land. nearly causing a collision. all caught on camera, thankfully the arriving plane was able to abort its landing in the nick of time avoiding what could have been a horrible disaster. the near collision was the fault of the taxiing plane. it was not meant to have been on that part of the runway at the time. adam: we asked you on facebook and twitter if it will be forced to raise rates sooner than planned based on recent data. wayne says "no, gdp is still too low." time for the top two things to watch tomorrow. comments from jeffrey on the alchemical outlook in charlotte, north carolina. cheryl: number one thing will be alcoa earnings after the bell. we are here for you tomorrow. posting earnings per share at $0.12, revenue up $5.66 billion. adam shapiro and myself will be here all week and we will be

covering alcoa tomorrow for you. adam: writes now "the willis report" is next. you're looking at a big foster farms chicken recall announced today, right? gerri: that is right. we are talking about safety. the lack of standards the government has for salmonella in your chicken. and somebody at the federal reserve finally went to the grocery store. the federal except to the fact food food prices are soaring but what will they do for interest rates as a result? you may be ready for summer heat wave, but is your home? important news about air-conditioners. and credit card offer blitz going on. the ones you should avoid. consumers are a business. we start right now. ♪ gerri: we begin tonight with the massive outbreak of salmonella. foster farms issued a quiet recall for the holiday weekend pulling the