tax tuesday is here! what to do if you are caught in a deadline jam! in today's cover story.... out of africa... how the continent is trying to become the new hot spot for investment opportunities.. plus... retail re-set-- as americans are shaking off the winter blues,. and.... spotting higher prices at the grocery store?? the farm factor you need to know. first business starts now! good morning! i'm angela miles. it's tuesday and it's tax day. in today's first look: stocks rebound on retail and citi.retail numbers for march came in with a shocking 1.1% rise in march. citigroup's earnings also blew past expections.although there was a

brief bout of selling on concerns about the tensions in the ukraine. in the end dow finshed up 146 points, the nasdaq 23 and 15 for the s&p.gold rose $8 dollars and oil down 19 cents. google buys solar powered drone maker titan aerospace. reports say google wants to deliver internet access to remote parts of the world. and, its deadline day for obamacare enrollment and 2013 taxes. larry shover of sfg alternatives joins us now, he's watching the stock market and more for us this morning. good morning, larry. > > good morning. > > we had quite a pivot in the market yesterday. what are the levels that you were watching for as a trader as places to get into the market? > > you know right now traders seem to be looking at the 200

day moving average in the spx which would be 1760. now obviously before that we'd have to break through 1800 which we did a little bit two days ago. on the upside, i wouldn't expect any stability at all until cash gets up to about the 1840 area. so it's a pretty wide range of numbers, but that's what traders are looking at. > > also a lot of people are watching the situation between russia and ukraine escalate, larry. what is the word from the trading floor? well traders are scratching their heads and saying well the dollar's not doing a whole lot, oil's not doing a whole lot, and the stock market was up yesterday. so it seems like perhaps it's not as big a deal as some people think it is. otherwise you would see these asset classes all over the map. > > we also are tracking earnings today. this is going to be a big week for the s&p and tech earnings. so what are you watching? > > well i actually was encouraged yesterday with the citi group, but going forward, i'm looking for the bigger groups like ibm... some of the pockets of value that really struggled last earning season, but especially ibm. i'm looking also at cisco, but some of the pockets of value that will set the tone for the broader technical market. > > we will be talking more

about ibm at the bottom of the show. thank you, larry. > > you're welcome. it's game time. as americans rush to file their taxes today... the irs is also under pressure. and it could mean fewer audits. budget cuts and new responsibilities are keeping irs agents extra busy this year. the number of irs agents that audit return-- is at the lowest level since the '80's. a word of caution -- the irs also has better technology to make up for those cuts to the staff budget.. and,, double check to make sure you get your refund from uncle sam. the irs reports in 2011 americans left $760 million in unclaimed tax refunds. today is the last chance to claim those refunds. budget cuts are also reducing the national deficit.. chuck coppola joins us now with that report.. budget cuts are also reducing the national deficit.. chuck coppola joins us now with that report.. angie--the congressional budget office cuts its estimate of the deficit this year by $23 billion. down to $492 billion for this fiscal year is the new

projection. that number represents 2.8% of gross domestic product. the reason behind the improved number is a drop in government spending and outlays for interest payments. on a less positive note the non-partisan agency also projected that debt held by the public will reach 78% of gdp by 2024, up from 72% sunny numbers from the retail sector brought new optimism to the stock market this week. retail sales rose the most in 18 months as consumers spent more in march, following the harsh winter that left most of the nation cooped up indoors . sales edged up 1.1% . february's numbers were also revised higher, to 7 tenths of a percent up from three tenths of a percent. jack kleinhenz , chief economist for the national retail federation says the good times aren't over yet. "you know it's a pretty well balanced....good mix of spending. that occurred. i think as we get further into the year, with more job growth...job growth creates income, that should be good for retailers because that will mean more spending." the nrf expects particularly high demand for spring fashion and home goods.

in the wake of a tumultuous and embarassing string of recall, general motors replaces two top executives. both the head of human resources and communications have left the company, according to gm. a spokesperson tells the associated press that the departures are not because of the recent recalls but due to new ceo mary barra wanting to bring in her own team. replacing the human resources director is the current executive director of the department. the automaker has not yet named a new head of communications. citigroup turned in an earnings report that surprised wall street projections. citi reported earning $1.30 per share on $20.12 billion in revenue well above the anticipated $1.15 earnings on revenue of $19.5 billion. although the firm had weakness in its fixed income business, citigroup reduced expenses and increased lending. however, citi also revealed a second fraud issue in mexico. citigroups shares rallied up 4% yesterday,

good for a $1.99 gain. bank of america is the next major bank to report. those earnings are on wednesday. a $6 billion deal creates a monster financial services firm. tiaa-cref is buying nuveen investments for $6.25 billion. the acquisition is the largest ever by tiaa-cref and will put it into the top tier of u-s mutual-fund firms. tiaa- cref's business is primarily focused on financial services for the academic and non-profit sectors. nuveen specializes in affluent investors. nuveen will operate as a separate subsidiary within tiaa-cref. facebook looks to post a lot more than just your status updates. the social media site is reportedly seeking regulatory approval to offer financial services -- allowing users to make payments and transfer money. according to the financial times, facebook is seeking that approval in ireland. a decision is expected within a matter of weeks. a rep for facebook declined to comment. facebook shares were up 36 cents yesterday on the news.

twitter's top executives have no plans to sell any of their shares. according to a regulatory filing neither of the company's two founders nor the ceo have any such plans when twitter's post-ipo lock-up expires on may 5th. twitter shares rose 2% yesterday. beef prices at the grocery store are the highest level in 27 years. alan knuckman of one stop options joins us now. good morning alan and will this trend continue? i'm hearing its $5.28 per pound right now at the store. > > i think so. the only cure for high prices are higher prices and that will stop the consumer demand and the wholesalers will get caught. so eventually that will come into play. but how much higher i don't know. you're seeing record prices not only with beef, but pork as well so it doesn't give consumers that much choice. > > and what about the charts-- what's going on with cattle futures? > > cattle futures have gone absolutely nothing but straight up. we've seen a little bit of profit-taking pullback-- a

couple of cents, but every time the market sold off, you take that distance of the sell-off add it on to the highs, that's the upper target here. so i still think there's more upside in the market and like i said, when you're dealing something like cattle, it really takes a long time for the system to come back into the play after the calling of the herd that we had in 2011 because of the drought in 2012. it takes a long time to build back the production. you've got to look possibly as a consumer at a different cuts of steak. i've gone to the hanger steak-- it's a little bit cheaper cut of steak, but you've gotta do something when prices are high high high. > > right i shop the sales. good to have you on this morning. > > thank you. the world's biggest pork producer is preparing for a massive ipo. w-h group is looking to raise more than 5 billion dollars in an ipo that would debut on hong kong's exchange. it will sell 3.6 billion shares priced between 8 and 11 hong kong dollars. formally known as shanghui international -- wh group bought out u.s. pork producer smithfield foods last may. it was the largest ever acquistition of a u.s. company by a china based brand. checking the pulse of device maker stocks..shares of medtronic fell 1% after a court called for a temporary halt of

sales of its heart valve replacement system. the court ruled medtronic's "corevalve" infringed on rival... edward lifesciences' "transcatheter" heart valve patents. edwards lifescience stock--- shot up 11%. medtronic will be given 7 days to appeal before the halt begins. lexicon pharma gets a boost. the company's stock spiked as much as 25% yesterday before closing down 3%. that's after an experimental type one diabetes drug reduced patients' need for insulin at meal times. the drug delays glucose absorbtion in the digestive tract. patients saw insulin intake drop by 32% versus 6% from patients who'd been given a placebo. fedex is the center of an investigation following a collision between one of its trucks and a bus carry high school students. 10 people were killed april 10th in california in the fiery crash. 2 federal agencies are investigating. the fed ex vehicle pulling twin tractors crossed the interstate median. the ceo of fedex says the company is "committed to providing every resource necessary to assist investigators."

t-mobile is upping the ante on its competitors, sprint, verizon and at&t. usa today reports-- the carrier is dropping "overage fees" and pressuring other companies to follow suit. according to t- mobile-- last year among all the carriers-- 20 million consumers paid overage charges that totaled a collective $1 billion- including some t-mobile customers. t-mobile's ceo calls it a "greedy, predatory practice that must go." customers will see the changes on their bill starting in june. new york's international auto show opens tomorrow. the show is becoming an important one for unveiling new models. more than 30 vehicles will debut at the show including a new ford focus and hyundai sonata as well as a revamped toyota camry. the new york show has enjoyed a rising stature of late -- depsite that fact that less than 25% of manhattanites own a car. a few businesses are making tax day a little less taxing for americans. for $10.40 -- get it? to match the tax form --

boston market will provide dinner for two. at the hard rock cafe you can sing for your supper -- anyone willing to get up on stage and sing a song gets a free dinner. and dunkin donuts is giving away a free shot of espresso on tax day -- note that you have to download a coupon for that one. today also marks the first day of passover-- still to come: tax scramble ... for those who waited until the bitter end... a round up of the top tax tips. plus... in today's cover story ...is africa the new hot place to invest? and... why walmart and walgreen are ramping up retail relations overseas... that's after this break!

walgreen shareholders want the drugstore chain to move its headquarters to europe for a tax advantage. wallgreen is based in illinois. but, the company has 45% stake in swiss- based alliance boots- which runs europe's largest pharmacy chain. by 2015, walgreen will complete its takeover of alliance boots. walgreen issued a statement saying: the company welcomes investor input and when there is something more definative to announce... will do so. in today's cover story--- morocco may have invented the fez which even doctor who fans will note--still has a place on top of your head. but that other place, morocco, is trying to reinvent itself as the springboard for investment in nearly two dozen countries across the african continent. representatives from morocco are on a tour of the u.s. to encourage investors to consider the north african country as a regional hub to use as a springboard into the continent.

"africa is the next frontier for investors. of course, asia is big now, but growth is slowing. africa is starting to pick up." moroccan representatives say it's not all about access to the continent's natural resources. africa's 54-countries are expected to average 5% growth over the next ten years. middle class growth in ghana, nigeria and angola are predicted to push growth to 7%. morocco is pitching itself of a financial and multinational hub---because of its airline connections, banking and telecom relationships. "we have three of our banks in 20 african countries. they will be very helpful to investors develop business in each of these countries." but challenges remain. libya is unstable. the worst ebola outbreak in seven years plagues west africa and amnesty international and others accuse morocco of human rights violations against women and in moroccan-occupied

western sahara. "it's not our job to tell them which countries for their markets. everybody wants to grow but do so with their eyes wide open." in a region still recovering from the arab spring, morocco's constitutional monarchy who is pushing the country's elected parliment toward more business, has something few of its neighbors can offer. "we are offering a stable platform. political stability is a key asset." another factor morocco is banking on---its ranking by global financial center index as the continent's second most competitive financial center, behind johnannesburg, south africa. thank you for that report chuck. walmart is taking on chinese government. the world's

largest retailer has been fined more nearly $10 billion dollars in the last three year by chinese regulators. now, the wall street journal reports... walmart is pushing back. the retailer claims its being continual targets for a number of issuing including food safety. walmart instead believes the chinese government should be more focused on local suppliers and retailers. coming up.... ibm comes into focus with earnings this week... why one trader says the stock deserves a fresh look! and after the break... some very last minute tax tips to get even the worst procrastinators through this time crunch! that's next with bill moller.

what? you haven't finished your taxes? do you know what day this is? do you know what time it is? and are you aware of some the changes in the tax code? well, here are some last minute,

make that last second things you do need to know. mark cussen writes extensively about finance. he's also financial counselor for the army career and alumni program. ok mark, let's tick them off. i know that if people run a home business, there is a new standardized home office deduction. > > yes there's a simplified form that many taxpayers will be better off using that does not require nearly as much computation, and for those that have a home-office space of 300 feet or less can qualify and that's quite often in their best interest to do that, but not always. > > alright, let's hear about the ira and 401k contributions. any change in the limits there? > > no change in the ira contribution limits. the qualified plan contribution limits have risen from 17,000 to 17,500. > > i know people are always improving their homes: new

windows, better insulation and they need to take advantage of the energy tax credits because 2013-- that's last year you can deduct that. > > yes that's correct there is a $500 remaining credit that people can take for 2013 and then those credits expire. > > what can we do through the course of 2014 now so that a year from today april 15, 2015 we won't be up against the wall? > > one thing that we can do is start taking advantage of the number of applications that we can use on our smart phones to do things like take pictures of items that we donate or business expenses that will automatically calculate and catalog those items. that's going to make things a lot easier for a lot people right there. > > i guess if people can't get their taxes done today, pay what you think you owe and file for that extension. alright mark cussen, thank you so much. > > it's been a pleasure. thanks bill.. just ahead it's back to the trading floor for a look at how traders are setting up for earnings from ibm. chart talk is next

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big blue reports earnings tomorrow. joe kinahan of td ameritrade joins us this morning for a closer look at that stock. good morning, joe. > > good morning angie, how are you today? > > i'm doing very well. will big blue blow it out of the water? well you know, we're expecting about $2.54 that's a consensus estimate on earnings right now. one thing to keep in mind about big blue is the stock is up 7.7% since their last earnings. the stock fell a little bit after the last earnings, it's come back kind of nicely since the early part of february, but what's interesting, angela, is if i look at the options action right now, what i'm saying there is put buyers-- particularly in a may 200 put line. not only did we have buyers, but they were paying offers so they were aggressively buying them about three and a half times more than normal traded yesterday on the put line so this bears watching

because, as i said, the stocks had a very nice run recently so heading into earnings i think there are those who are a little bit suspicious if they can keep this momentum. > > uh oh-- they're worried about a sell-off on the news... so what do you think about ibm overall though, joe? is a stock you would want to own long-term even at the current levels? > > well i think this is one of those stocks where obviously a bellwether of the market. they've had a little bit of trouble over the last 18 months-- wouldn't surprise me at all if they went back and sort of retraced from a technical level-- some of their levels. but it's a well-run company, they're in so many different businesses. it's one of those companies that truly does define an industry-- i know it's not sexy to talk about ibm anymore with some of these other tech stocks out there, but if you look at what they're involved in, if you're a believer that tech is going to come back and help make this market higher, ibm has to be one of those stocks that's going to be right on the cutting edge, again, even if it's not one that first comes to mind anymore. > > right, and it's all important to watch what the companies are doing in the tech world with cloud computing. that seems to be where the money is going, joe. > > yeah, absolutely and i

think the other thing that really bears a lot with many of these companies, and ibm being one of the leaders in this is listen to what their ceo comments are on the earnings call afterward. what is going to be forecast for the next few quarters. if you look at how some of these stocks stumbled including ibm last quarter, it was on their ceo comments that they didn't see things as rosy as many had thought they would be, so i would listen to that part of the call before i made a commitment one way or the other. > > thank you, joe. coming up tomorrow.. it's been almost 4 years since the horrific bp oil spill in the gulf. an update on our wednesday show on the businesses along the shoreline and why dolphines and turtles are dying in record numbers. from all of us at first business... thanks for watching today.

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