welcome to "on the money." dismal mick news but the markets shrug it up. and what about the dow. and go progo goes public. >> and a billion dollar camera company. world cup fever. can the beautiful game become america's game? it seems like every suburban kid plays soccer but can it crack the top echelon of sports in the u.s. how much have you socked away for that rainy day fund? what's the magic number just in case. and how do you get there? "on the money" starts right now. here's a look at what's making news as we head into a new week "on the money." a stunningly bad report on

the state of the economy. the third and final estimate of the gross domestic product a report card on the size and strength of the u.s. economy shows it shrinking last quarter. way worse than what's expected. but many economists say it was due at least in part to bad weather and that they expect a rebound this quarter. the markets didn't pay much mind at all to the number. in fact they rose on wednesday after the g. the gdp released. new home sales skyrocketed rising more than 18% which is much better than expected. it's an encouraging sign for the industry and the economy as it recovers from a nearly year-long slowdown. and barnes & noble and its e-reader nook is parting ones. they'll split into two. one retail and one the nook business. it's competition to the amazon kindle and it posted a 22% revenue decline. nixed message saws. a table gdp number for the last quarter but the markets didn't

mind though who is right? the economy, the market or both? this is paul riley, ceo of raymond james financial. thanks for being here. >> good to be here. >> we saw the first quarter gdp number. a terrible number. there's the backward looking number but it was so bad some people thought, wait a second, maybe there's something for than the were the here. what do you think? >> again, everybody is talking about the weather. there's probably a little more to it. any time i look at one number i dismiss it and i look at the trend and i still believe we're in the steady-okay, long-term growth. so are we going to hit 3% or better? maybe not. are we going to be negative? i don't think so. i think we're into the 2% plus steady long-term growth. i think that's what you should plan for. i think the economy is in reasonably good shape. >> you still like stocks at this point? you think that's the best place for your money? >> it depends on your investment horizon. if you're looking long term, absolutely. if you're in the retirement mode it's too risky to go out long term. as rates go up they will go up

some day, i don't know when. when they do i think they'll go up quickly and you can get into a lot of trouble. if you're in blerm bonds or in risky bonds we tell our investors, stay the course. if it's a 3% market, you can earn on fixed income, don't try to make it five by stretching it into the risky investments. stay the course. if the market goes up later, then you can swap out. >> it's stunning to think in ten years still sitting at 2.5%. nobody thought that would happen. in you're somebody who is looking at that as a potential place to invest, you're afraid that rate also quily when they do? >> when they do. we've been telling investors for a couple of years to beware of rising rates. maybe we were early. if you're long term, if you're in 30 year bonds and rates start to move you're going to lose principal pretty quickly if you don't live off the bonds for a long period of time so again, those short or mid term, don't

stretch. my biggest fear is so many investors have getting into the riskier bonds searching for yielding. i think that's dangerous. there's other ways -- >> you talking about junk bonds? >> junk bonds, high-risk corporate debt. >> and the idea that the stock market can continue to push higher, there are some people that think it's run too quickly too fast. >> if you look at today's multipling you can't say it's not fully valued. if you yolook at the economy an growth, where's the capital going to go. what's the government going to do? i don't think they're going to raise rates sharply. there's a lot of cash on balance sheets. a lot of cash with private equity firms. investors have little less cash now than the moving average, historically. but cash is going to go somewhere and i think that will keep the market going and i believe that corporate earnings will continue to grow. >> i know you have u seen your client assets grow year-over-year. is that because more people are getting over their concerns about the stock market and coming back in or because the people who are already invested

have seen their portfolios rise so much? >> both. when the market is up 30% over a year, the assets are up. a big part of our growth is we're recruiting a lot of new advisers and we do see investors slowously moving mover toward equities. that's the source of dev dividends for income. so there's a lot of trends. investors are investing more but cautiously investing more. >> one of the concerns is when the average american gets back many. when the public is really fully back in. a lot of times that can signal a top. is that what's happening? is the average investor not into to that extent yet? >> that's hard to say. when they get in but the truth is retail investors tend to get in late and leave early. and they're not fully in but they're getting there. so i believe for the average retail investor they're much better than professional management. they should go to their financial adviser and make sure they're investing in the right thing. >> paul thanks for joining us today. >> good to see you. >> you, too. a follow-up to a story from

last december, a major defeat for the start-up streaming service aereo. the u.s. supreme court ruling they violated copyright law by using antennas to rebroadcast television signals to subscribers on web device. we talked to the ceo back. december before the case was heard by the court. to take their perspective for a moment, this is their copyrighted material and you're selling it without paying anything back to them. >> first and foremost we don't sell content. since the beginning of broadcasting there's been antenna manufacturers, tv manufacturers, lots of different equipment manufacturers that allow consumers to watch television and aereo is simply doing that. >> after the ruling he said the battle wasn't over by a but a major investor barry dillard said, we did true but it's over now. that doesn't say it all. if disclosure nbc is the parent company producing this program and among the parties that opposed aereo before the supreme court. up next, go pro cameras take

views to new heights. the most talked about ipo's in years. the images and stories of the company that's reinventing the selfie. and later, americans are getting a a kick out of soccer. treatment v ratings for the world cup are at an all-time high. is the sport finally winning over american fans. and heading to break look at how the stock market ended the week.

gopro is a camera company that wants to change the way we see the world. it certainly offered a rosy vision to investors this week raising more than $400 million in its initial public offering. the lightweight portable cameras capture amazing images, like this one, fireman saves kitten.

a video club from gopro's youtube channel watched more than 22 million times. i spoke to nick woodman, the 39-year-old billionaire this started gopro by tinkering around. >> when i was 22 years old i told myself, i'd give myself until the age of 30 to make it as entrepreneur. i did fail at my first business. and at the age of 26, i had no inspiration for what to do next. i had four years left on the clock. and i decided to take what money i saved up from my previous job and go surfing. the first gopro was really a wrist camera. for me to capture my friends surfing. and it took a few years to realize that there are a lot more people in the world that want to capture themselves doing what they want, what they love to do, their passions, their interests, than there are people that want to capture other people. the big amay moment for gopro was enabling the world to turn the camera around on itself and that led to perspectives of life

that was never possible before. >> the original selfie? >> the original selfie. the engaging immersive oh, my god, that's incredible, selfie. >> here you are today a camera company. a gadget company but you have much bigger ideas and you think this is a media company? >> we think we're a content-enabling company. >> which means what? >> we make it's easy for passionate people around the world to capture and share incredible life experiences in the form of compelling content. so. one to two-minute edit that they can use to we are live an experience but also, share that experience with other people around the world, whether it's on facebook, youtube, twitter, et cetera, our customers are uploading to youtube alone, over 6,000 videos a day, tag, titled and described as gopro. >> i want to talk about you as an entrepreneur. is there a common thread between entrepreneurs? >> maniacal focus. make no bonesbility it.

it's scary. in the early days i had to have a post-it note by the side of my bed that read -- i am doing this -- so every morning i would wake up and that would be the first thing i would see. and that would be the first thing i would say to myself during the day. >> when you were doing this with when you were building it out of your bedroom, you didn't leave to go to the bathroom. is that true? >> yeah. i had a -- my room was the furthest room from the kitchen. and i was with you know, a mountain biker and a skier and snowboarder so i had a camel back that i'd wear for sport and i was annoyed i always had to walk across the whole house to get a drink. so i started wearing my camel back at my desk so i wouldn't need to get up from my desk when i was working. and then i also had a sliding door to the outside that made it convenient not to have to walk to the both room. >> consumers buy these things. how do you guarantee that they continue to use them? it doesn't just wind up in their closet? >> we have to make it's as you for them to achieve the payoff

of the promise of why they bought it in the first place? >> it's not enough just to enable people to capture amazing experiences. we have to help them summarize those experiences in a say, one to-minute edit they can relive that experience and importantly, to share that experience with other people. >> that software comes with it? >> yeah. >> how do you go about that? >> it's about createding an experience so it makes eight seamless and easy for people to go from capture to coming inside, plugging their gopro into charge and making it's easy for our customers to access their content via the gopro app so my time they think about this amazing experience they had they can pull the content up and watch it and only once they watch it can they become inspired to actually do something with it. >> we have a gopro one here? >> yeah. >> and what do you do? >> well, the beautiful thing about a gopro is any perspective

of life that you want to capture, we make a mounting accessory that helps you do that or you can use it handheld. i've got three boys at home. this is a big advantage to owning a gopro. as a father or a mom. you get to be in the shot. you know, the old way was mom or dad photographing or filming the kids and they create this great family archive of footage, but they're never in the shot. you know? so kids looking at family say, dad, why aren't you in the photos. >> because i'm behind the camera. when your 4-year-old wants to go up on the slide -- awe! but that makes for great content. >> gopro's ipo was heavily oversubscribed and the stock was up more than 30% on its first day of trading. up next, "on the money" the world cup is pouring in for american league soccer. more americans are watching and tv deals are more lucrative. is soccer an underdog no more?

>> and later, a

a field of competitors from the nfl to major league baseball it's been a long goal of major league soccer to have its moment in the sun. could this year's world cup be the tipping point for soccer's popularity in the united states? last sunday usa versus portugal game was the most-watched soccer match in the united states with 25 million viewers. joining us is "new york" magazine contributing editor. will, it's great to see you today. do you think after decades of waiting for this moment, this is really the tipping point? >> certainly, it depends on how you measure it. a lot of people have the idea that soccer has to take over the nfl as the official past time of baseball or the americans. that isn't what it has to do. all it has to do is become a large niche sport and that's what it has become. you look, the mls signed a $720

million television contract. obviously television is driving the cable buts in a lot of ways but certainly, for the mls to be able to do that, a lot of that is on the heels of this world cup. everything else with, the mls which is founded after the 1994 world cup and the success of this, mls is trying to bank on. >> so much excitement out there. i know that during the u.s. game with germany on google, the most searched term was "u.s./germany" those games, more searched than the weather which is crazy during the summer. so do you think, in the past we've seen this excitement about the world cup and then it dies off afterwards? too what they need to do is get to that next basic level afterwards. we saw that again, after '94 when the mls started. what it is going to do is stoke that interest. people will know the players as they go into the mls and it cannot only help the rise. realize it doing well now. the average attendance they play this their game, the average attendance is higher than the nba and the nhl.

this is a sport that's done a lot, after some early struggles has really proven that they're expanding. atlanta is getting a team. there are more and more teams coming and they're certainly -- the networks are betting on a successful league and i think it's a wise bet. >> you have to imagine the changing demographics for the united states that plays into this as well. >> certainly, this is twofold. one, the kids of the soccer moms are in their 20s and have suspendable income. you've seen us with this. the center feast of espn's whole ad campaign around the world cup. the demographic changes as this great ad that mcdonald's has been running throughout the world cup of a father in mexico and his son hides that he's a fan of the u.s. team and they come together and bond. it really is that kind of -- you get a sense of how that's changing. it's funny. ten years ago as a sports writer. to mock soccer. they use sthar -- they can't use their hands. not enough scoring and so on. you look like an idiot if you do

that. it certainly changed a lot in ten years. >> quickly, what brands outside of mls really can benefit from this. you mepgsed mcdonald's getting in on the play. there have to be a lot of other brands jumping on to the bandwagon. >> nike has had so much success with that. one thing that's been fun. someone that's spent time there, i've enjoyed seeing all of it, the local argentinian brew. if you watch the game, the ads are focused on the specific countries playing which is a smart idea and works with in a global and a micro sense. >> as a former soccer player i'm thrilled to see their success. thanks for joining us. up next, "on the money" a look at news for the week ahead. if you're paying yourself first. an emergency could send your finance into a tailspin. how to squeeze savings out of your paycheck. we'll be right back.

for more on our show go to otm @cnbc. @on the money is your handle. on monday, labor contracts for 20,000 west coast doc workers will expire. if the port shuts down, this

could impact up to $50 billion in economic output. it could cost the united states up to $2.5 billion a day in lost gdp. on tuesday. motor vehicle sales for the month of june are due and thursday is the big number of the week when we get the jobs' report for the month of june. also on thursday we'll see how the service's industry is fairing with the nonmanufacturing index and on friday, the markets are closed for independence day. also on friday, nathan's famous will host its 98th an you'll hotdog eating contest out on coney island. something most people don't like to think about. what to do in case of an emergency that could range from losing your job to a health eye sis. it's a topic that can't be ignored. many americans have no emergency savings at all. personal finance correspondent sharon epperson is here with more. hey, sharon. >> it is a very big issue. even if they don't have a savings goal or plan or they can't stick to it many people know what they should do when it comes to saving for a rainy day.

>> try to save more. try to my money a little bit better. >> can't live check by kmeng you never know. >> well, save a little bit and put it aside every month. every time you get paid you put something aside. >> it's difficult for many people to actually do that. more than a quarter of americans have no emergency savings. that's the big issue. >> is that a number that's gone up? since the great recession? >> aids a number that's stayed pretty much steady for the last four years and you'd think that with the economy slowously starg to improve with the stock market at heights, we'll see people improving but half of americans have saved less than three months wooerk of expenses and less than a quarter have saved less than six months or more which is what many financial experts say you should save. >> obviously it's something we know we should be doing sometimes it's hard to get through paycheck to paycheck. that's part of the big conundrum. what do you give up in order to put the money aside? >> we're seeing people's

paychecks staying the same and they're paying more for food and transportation and they're saying the there's not a lot of wiggle room in terms of what they have left over to save. but there are some ways that they can try to build their savings. but it's a difficult thing to do. >> we talk about this all the time. something you should have a month's worth. three months or six months? what would be ideal? >> there's a lot of different suggestions out there. and bankrate.com, which recently did this survey on how much people are saving and how little the recommended amount is six months. you have to think about how much you need to live for a month. what are your living expenses. think about what would happen in case of emergency and the biggest one being, what if you lost your job and how long would it take you? how much money would you need to be okay in paying those necessary bills. that's what you have to consider. but a lot of folks think, you know, the rule of thumb that says, for every $10,000 you make, it's going to take you one month to find a new job. so for someone making six figures we're talking about, now we, ten month's worth of

expenses saved for emergencies. that's a lot. so start small. a thousand dollars is still better than dipping into your credit card when an emergency arrives. >> this is money that has to be sitting in a checking account or a savings account. you can't lock it up in stock. >> here's the key. ideally it should be in a designated account not tied to your regular checking or your regular savings account. you want to put it aside and have it automated, the amount you save and make sure you do it on a regular basis and put it somewhere that gets a -- you know, a higher yield than maybe a regular savings account but by that i mean 1%. the yields won't be that great. you don't want it tied to your checking or regular savings. you don't want to dip into it. you have to promise yourself you won't touch it. only for emergencies. good advice. >> that's the show for today. i'm becky quick. thanks for joining me. next week, do your quills make the cut on the job? the casual and the professional in your closet.

>> have ra great weekend, everybody. see you next weekend! úi

this morning, 16 catholic churches will hold their final services as the philadelphia archdiocese closes the doors on those parishes for good. we'll have those details in a live report. an investigation is under way into a tragic accident. a young girl is killed while standing outside a water ice shop in philadelphia. another sunny and mild day for us on top. here's a look outside the philadelphia museum of art. you can bet there will be plenty of walkers and runners taking advantage of this sunday's forecast. good morning and welcome to