the russian economy takes a hit as u.s. stocks lose ground. in today's cover story....startling new claims about the general motors recall. plus.... price punch... why a breakfast favorite is becoming more expensive! and...how ireland is enticing americans to spend st patricks day in the land of four leaf clovers.. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning! happy st. patrick's day. i'm angela miles. in today's first look: a monumental vote. crimea which is is part of the ukraine-- votes to join russia. sanctions by europe and the u.s. are expected over moscow's bit by bit takeover the

uncertainity over the situation put traders on edge as stocks fell and gold and oil gained ground.fdic sues 16 of the world's largest banks. accusing them of manipulating libor rates.quiznos files for bankruptcy protection after years of struggling with high debt and stiff competition. and according to an sec filing obtained by fox news, target officials admit the holiday cyber breach may be worse than suspected. trader ben lichtenstein of tradersaudio dot com joins us on the show this morning. good morning to you ben. >>good morning. >>so what kind of fallout do you think we'll see in the market. will we see a major fallout or will it be a kneejerk reaction after that vote in the ukraine? >>i think it really depends on key levels and consistency or conviction if you will and energy above or below those levels.last week closing out the day on friday we had some weakness in the market but unable to really release to the downside. so that downside

level is certainly established right now around that 1830 level. i think anything below that and we would be looking for follow through which is associated with conviction and the we'd be looking for energy to the upside well above that right now at the 1880 levelthat's going to be the upper extreme that we have to look for. once we reach that level we're going to be looking for energy and conviction follow through associated with it. but this market right now if you look at the way we closed out last week there's a lot of concern out there and a lot of uncertainty and i don't think any of that's changed just because of the vote. >>we will also have a fed meeting in the united states this week. so what do you think? will there be a change in position? >>i don't expect to see anything different from what we have. i think there's going to be a lot of focus on the actual words. obviously there's all kinds of concern out there in terms of fed activity and

tightening. we've been looking at the bonds and they've been signaling higher interest rates. friday we definitely did see a big comeback in the market. but for the most part we've been watching and taper type activity is definitely at play. we've been seeing concern over higher interest rates. i think for the most part it's also weighing on the stocks. that's one of the reasons that we came off that 1850 level in the s&p's. >>good to know. thank you ben. >>my pleasure. thank you. the cost of the crisis is adding up for russia. the russian economy was already weakening even before the country started up military action toward the ukraine. russia's micex index fell 8% last week as investors pulled money out. it's down 15% since the conflict between russia and the ukraine begain to escalate. the wall street journal reports, foreign central bank's treasury bond holdings parked at the u.s. federal reserve declined by a record amount last week. "the drop in the treasury holdings is really about russia. i think russia is taking precautionary action against the possibility that

their assets may be frozen." that was marc chandler, vice president of global currency markets at brown brothers harriman. western banks are already reported to be shutting off credit lines for russian companies. chuck coppola joins us with a report on the malaysian airlines flight 370.. chuck? the malaysian mystery known as flight 370 has fueled a variety of scenarios--from an explosion to perhaps a hijacking or distraught crew member at the controls. that's partly because the malaysia airliner's automated communications system appears to have been working as much as five hours after it left kuala lumpur for beijing, a week ago last saturday it's now believed that the plane crossed into airspace over the indian ocean. the boeing triple-7 was carrying 239-people. in another airline investigation...the faa is looking over a florida bound plane that reportedly blew a tire during takeoff , causing the flight to "bounce" along the runway before screeching to a halt at philadelphia's airport. these pictures, posted on twitter -- reveal the nose gear collapsed on the runway. an investigation is underway to

determine the cause. the plane was evacuated safely with no reported injuries. in our cover story---general motors faces lawsuts. customers contend their vehicles "lost value" because of the ignition problem that set off a recall of 1.6 million cars.the investigation into the recall intensifies as consumer rights group suggests there were more deaths linked to the ignition issues than counted. the center for auto safety asked friedman research, which looked at chevrolet cobalts and saturn ions--two of the g-m cars recalled and found not just 12 fatalities from air bags that did not deploy in accidents but 303. "at the very least, gm and nhtsa should investigate why so many air bags are not deploying in crashes." the study did not directly link a faulty ignition switch as the

cause. a g-m spokesman said "without rigorous analysis, it is pure speculation to attempt to draw any meaningful conclussion." and that "we want our customers to know that today's g-m is committed to fixing this problem in a manner that earns their trust." "the question really becomes whether the buck stops at someone still there who was in a position to do something. if so, there will be fallout, there." after what critics call ten years of inaction, the national highway transportation safety administration says "new information provided by g-m has prompted nhtsa to launch an aggressive investigation into the timing of their recall." in their chronology that gm gave to the government, // they said that one of the reasons why they didn't replace the ignition switches was cost and labor considerations. that sounds like a business plan to me." while a g-m website tries to guide consumers through getting their cars fixed g-m has instructed dealers to offer courtesy vehicles and a cash allowance of 500-dollars toward a new g-m car.parts for repairing vehicles are expected by april 7th.

"the cost to fix the vehicles will probably be in the 100- million dollar range. but the real financial risk will come from the litigation side." also, the justice department and a house subcommittee have joined the investigation. thanks for that update chuck-- lionsgate is paying a fine to the sec for misleading shareholders over a possible takeover bid..by activist investor carl ichan. the studio-- known for the hunger games - will pay $7 point 5 million for deceiving investors in the takeover attempt. the sec says lionsgate witheld information from shareholders..however analysts claim shareholders are pleased with the blocked bid. and lions gate currently trades at 31 dollars b-p is allowed back into the gulf of mexico. the enviormental protection agency has lifted a two year ban that prohibited the company from seeking oil drilling contracts in the gulf following the deepwater horizon explosion. in 20-12, the epa said b-p had not fully fixed problems connected to fallout from the explosion, and massive

oil spill. environmental groups contend that the area continues to grapple with damage from the incident. bp says the deal allows it to "compete again for federal contracts and leases." the stock that's already taking investors on a wild ride could spark some interest this week. plug power shot up after signing a deal to supply 6 walmart distribution centers with its fuel cell -powered forklifts. last week as the stock was trading around $12 -- it plunged after a short selling analyst said the shares were fairly valued at 50 cents. the ceo of plug power however, tells marketwatch... the company expects to turn a profit by the end of the year and has plans to reveal 2 to 3 major deals. president obama is confident "obamacare" is working. "at this point enough people are signing up, that the affordable care act is going to work.the insurance companies will continue to offer these plans. we already have 4 million people -- over 4 million people signed up."

president obama is also convinced the number will surpass 4.2 million by the end of march. recently,the house voted for the 51st time to repeal the health care law, and is expected to be shot down by the senate. stocks tied to obamacare have had a healthy run... and now a newcomer is also turning in a strong performance. castlight health rallied %148 percent on the new york stock exchange in its debut frday. the ticker symbol is c-s-l-t. the online health care software company sells cloud based software to large companies. the software allows employees to search and compare doctors, hospitals and procedure costs and quality. aggressive new rules target for-profit colleges. the obama administration is going after

predatory colleges. the schools entice students to pay for enrollment, but then wind up with huge debt and lack the trainng to find a suitable job. the schools account for 13% of all college students but 46% of all loan defaults. a white house proposal would require that the default rate not go beyond 30%. for-profits colleges are expected to oppose the plan, vigorously. warren buffett is not a believer in the bitcoin. the respected investor said on cnbc to "stay away from it" adding "it's a mirage."bitcoin's image has taken a beating recently, from high profile losses, to a recent investor warning from government regulators. retired general colin powell has a new role - board member of salesforce-dot-com. the four-star general and former u- s secretary of state increases the software company's board to eleven members.powell, a friend of salesforce ceo marc benioff, has been a board member of several tech companies since 2005. when it comes to that morning glass of oj drink up now, because the price is likely to rise. the citrus greening disease in flordia is becoming worse. the u.s.da. is lowering its forecast on florida orange

crops from 134 million boxes to 114 million. the disease slows root growth and turns fruits bitter. "eventually, a lot of the trees affected with the greenery disease are going to be cut down to the stems and stumps, and allowed to grow back again, or might be bulldozed and replanted. so this is a disease that lasts for a few years, and what we are going to see is higher orange juice prices for the next several years, just because of this greenery disease." oj futures are up 11% for the year. around $1.49 and could rise to $2 per pound later this year. starbucks and keurig are splitting up --- sort of. keurig -- the maker of single serve coffee pods currently sells starbucks coffee exclusively. however, under a new deal...it'll be able to sell more coffee brands under it's name, including starbucks rival peet's coffee and tea. in return, keurig will sell more varieties of starbucks coffee.

the millionaires club has more members than ever. 9.6 million americans are worth a million. that tops the previous record set in 2008 of 9.2 million. and, there are now 132,000 peopple with a net worth of $25 million---also a new record. the bull run in the stock market is one of the biggest factors in rising wealth. still to come: ways changes to the tax code are effecting small businesses. plus... the st patricks day staple americans can't get enough of! and...it's more than the luck of the irish...find out why tourism is booming on the emerald isle. stay with us!

it's a great day to be in ireland.gabe sag-lee-eh of travelzoo is standing by for this morning in dublin. before we get to the fun of st. patrick's day are you seeing

signs of rebound in the irish economy?

what it is like-- to be there to celebrate st. paddy's day?

thank you -- and safe travels home. angie, ireland may be known for guiness...but its whiskey is becoming just as popular. irish whiskey sales grew 17% in the u.s. last year...and are up a whopping 400% since 2002. surprisingly, the liquor struggled in the u.s. after the end of the prohibiton era, but an increase of distillerys overseas has more whiskey floating this way. cheers , chuck! coming up.... why one trader says this market pullback stands out among the rest.... and... some hints to help small businesses on how to navigate change in the tax code... that's next with bill moller!

one reason it's so hard to file your own taxes - because most every year there are so many changes to the tax code. so it is this year and if you're a self employed small

business owner there are some particular things you need to be aware of. keith hall is president and ceo of the national association for the self employed. in general, do these changes give some breaks to the sole proprietor? >>there are good things and bad things. the irs gives us a standard deduction this year for the home office reduction which is a great thing but at the same time they also increased some limits on medical expenses which might be worse for a lot of taxpayers. >>there are also some changes in some of the key tax rates. >>i agree. especially for those individuals who are in the higher income levels. there are new taxes on medicare tax. there's a higher marginal tax break. there's even a new investment income tax rate so there are lots of things to be aware of. >>something i think almost everyone is glad about is there

is a permanent patch to that dreaded alternative minimum tax. >>yes there is and in fact that takes a lot of headaches away. the irs does a lot of good things but they don't always make things more simple. that's one of the things that we're really thankful for so we don't have to worry about always adjusting that amt calculation every year. so that's a good thing. >>how about the standard mileage rate for businesses? is that any different this year? >>it did go up. that's one of the things that is kind of adjusted to inflation every year. so the new deduction for miles on your automobile is 56.5 cents per mile. so make sure you remember to use that one because it's an easy one to miss because it doesn't show up in your business checkbook. so make sure you take advantage of the business miles on that automobile. >>your organization is kind of a resource. if small business owners or a sole proprietor is challenged they can contact you and you can give them some good help. >>absolutely. that's always the best advice for small business ownersstay connected. our website is a great one, the irs website has lots of good stuff at irs.gov. but there are so

many changes and we know there are going to be more. so the most important advice is to make sure you stay connected. >>well i'm a sole proprietor so let me sound off and tip my hat to you. keith hallthanks so much. >>my pleasure. thanks for having me. thank you bill! just ahead...why one trader who is almost "always" bullish--- is suddenly turning bearish on the stock market. find out what's bringing on the change of heart, next in chart talk.

james ramelli of keene on the market .com joins us this morning. james you've turned negative on the market. what's going on? >>right. we saw some pretty interesting price action through this correction that we've been watching. the market has sold off a few times into

territory like this over the past year during this bull run but there was a key differencebuyers came in on those dips and we're not really seeing that here. there's a lot of technical damage that has been done over the past 10 days or so on the charts and a lot of stocks are flipping and starting to look very weak going forward. so for the next couple of months we're going to have a very difficult time trading this market. it's going to be very weak. looking at some short positions that i might be able to put on here as a hedge against my book i want to look for stocks that have been weak all year and are continuing to make new 52 week lows. we've been seeing this happen in the oil services sector. there's 2 playsrig, transocean , and diamond offshoredothat we've been seeing huge institutional put buyers come into the market and getting short these names as they make new 52 week lows. so while looking for short

positions to hedge my book, i want to follow these plays that institutional money is making. >>why are they so weak? you would think that would be maybe a good part of the market. is it because the economy is slowing down? >>we're all worried about a slowdown in china. obviously the situation in the ukraine and russia is having some effects on energy prices and there's a lot of uncertainty surrounding those particular markets. the market hates uncertainty even more than bad news. bad data out of china and some huge uncertainty and headline risk in the ukraine is going to put downward pressure on these stocks. as they continue to make new lows the momentum picks upwhen i see institutions selling into that downward momentum it's just a big red flag that i want to consider short positions in those names. >>we appreciate you being on the show today. thank you james. >>thank you. coming up this week...how retailers are counting on march madness money from sports fans. it's time for us to bounce out of here for today. from all of us at first business. have a fun and safe st. patrick's day!

talking to veterans about the real issues they're dealing with can be awkward and uncomfortable. we think to ourselves, "i never served. how could i understand? they'll talk about it when they're ready." and then we wonder why they don't want to talk. but when their behavior changes, when they withdraw to themselves, increase substance use, or even talk about hurting themselves, it's time to act. because if we don't, our families and relationships will suffer. ask the hard questions. listen to the veterans in your life and show you care. make the call. it matters. when you recognize a veteran is in crisis, call the veterans crisis line at 1-800-273-8255 and press "1".

>> now, a paid presentation for the amazing new sheer cover studio mineral makeup, giving you radiant, flawless-looking skin in seconds. hosted by brooke burke-charvet, with special appearances by stars of "csi: miami," "scrubs" and "hall pass," "the young and the restless," and "the bachelorette." brought to you by guthy renker. imagine if you could make any flaw on your skin instantly disappear. what if you could have that beautiful, air-brushed glow that the celebrities have? and what if you could do it all in seconds, with just the touch of a brush? sound like magic? then keep watching, because hollywood's hottest