we'll get to 3m.re is -- senator, if you look, there is an editorial, op-ed page that clinton, that president clinton, didn't find his mojo until hillary care was defeated. >> because they -- >> it moved him more to the center where he was able to work on things -- >> and became a new kind of democrat. >> and that's where all the progress was made. so, you know, by saying that this is -- senator demint could be saying this is the best thing that could happen to president obama. tough love. >> i don't think that's what he's saying. >> he may be saying it. we don't know what's going on in his mind. >>> we are talking about 3m. 3m reported results way above expect takings. i want to mention a couple things. it was $1.20 versus expectations in 94 but below the $1.32 from last year. revenue above expectations however, once again, revenue was below last year as well by about $1 billion. good numbers, but kind of what we've seen everywhere else. both earnings per share and revenue down from last year but abo

. >> is there is a star today on the earnings front, it's 3m.tical film that covers consumer electronics going ga gangbuste gangbusters. respiratory masks because of the h1n1 virus scare, practically sold out. so they beat the 94 cent estimate. boost their year forecast. down 10 to 13 before it was down 11 to 15. and rei rated their view from april that the recession is at or close to a bottom. so the stock began the year at 59. it's above 68, nearly more than a 10% gain. that's not bad. >> good stuff there, but i want to move on to text, because that's what's coming out after the bell. and it's a big focus. microsoft and amazon among them as they're on track to post its 12th consecutive gain. if this rally continues, it will be the longest winning streak for the nasdaq since 1992. >> and you can see right there, those are some of the tech components in terms of how we have done so far. the green, all green, except for microsoft. they say if the nas is going to make it 13 straight, it's probably in microsoft's hands. >> joining us is the princip

we agree. >> 3m, a buy at these levels? >> absolutely. and daniher is our favorite market performing. the more defensive name in the group. 40% of the portfolio is in businesses like water, like medical tech, and so from that standpoint it's also the best cash flow generator in the sector. >> great to have you with us. >>> coming up next, what is everyone out there waiting for? no it's not the solar eclims. it's karen's stock of the day of course. she'll reveal the best way to play the consumer names when we return. this stock got washed and hung out to dry today after shares dropped in disappointing quarter profits. on in. you're invited to the chevy open house. where getting a new vehicle is easy. because the price on the tag is the price you pay on remaining '08 and '09 models. you'll find low, straightforward pricing. it's simple. now get an '09 malibu 1lt with an epa estimated 33 mpg highway. get it now for around 21 thousand after all offers. go to chevy.com/openhouse for more details. i hope he has that insurance. aflac! you really

we agree. >> 3m, a buy at these levels? >> absolutely. and daniher is our favorite market performing. the more defensive name in the group. 40% of the portfolio is in businesses like water, like medical tech, and so from that standpoint it's also the best cash flow generator in the sector. >> great to have you with us. >> thank you. >> coming up next, what is everyone out there waiting for? no it's not the solar eclims. it's karen's stock of the day of course. she'll reveal the best way to play the consumer names when we return. >>> on the trader radar tonight we look at the stock lighting up streets across wall street today. founded in the early 1900s she makes everything. but to stock up and wash and hung out to dry today after she dropped on second quarter profits. the answer when "fast money" returns. welcome to progressive.com. you must be looking for motorcycle insurance. you're good. thanks. so is our bike insurance. all the coverage you need at a great price. hold on, cowboy. cool. i'm not done -- for less than a dollar a month, y

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we have dow components, at&t, mcdonald's and 3m this morning. after the close we'll get microsoft, american express and the weekly jobless claims. we've got the futures bouncing back. we've got the dow about 20 points ahead of fair value. the nasdaq is just below fair value at the moment and the s&p is up just a bit, as well. taking a look at the bond situation, ben bernanke seemed to have survived a second day on the hill and the street taking pretty much what he had to say about the stride that we're pretty much not there yet. the ten-year bund yield is at 3.42%. taking a look at the ten-year note, we will get those weekly jobless claims. we've got the ten-year yield at the moment at 3.54%. taking a look at gold at the moment, it is trading to the upside one nearly 4 at $952.25 37 christine. >> joining us now for market strategy, we have two persons, max king, investment strategy investec asset management and benjamin pettily from lgt investment management coming to us live from hong kong. ben, do you think earnings will continue to support th

the dow is back above 9000. 3m, meantime, up 6% right now. mark. >> over on the nasdaq, shares of intuit surgical leading the charge there. intuitive surgical, i beg your pardon. and over the s&p 500, shares of ford. look at that, up almost 10%. >> things are starting to look a little less bad, mark. >> there is a lot more optimism out there. there is -- a little more -- a little bit more hope. i'm taking four days off. i'll see you next week. >> have a great weekend. i'm rebecca jarvis. "the call" is up next. >> welcome to "the call." i'm melissa francis. the dow soaring above 9000 for the first time since january as the nasdaq closes, its biggest winning streak since 1992. and stocks continue moving higher on this very busy day for second quarter earnings. we're going to bring you all of the hits and misses and the tech talk. will the rally continue? is larry, what's the answer? >> strong news for the economy. the answer is yes. existing home sales climb for the third consecutive month. and the labor market, a better than expected rise, whi

the churn rate at a record low, 3m easily beat expectations. take a look at the move we've had, brood based over the last nine days or so across a number of sectors. when we rallied off the marlo, it was largely due to financials. this one was brood based across the board. materials tech and energy all rallies. let's go to ryan shactman. >> up 13% in that spread. everybody talking about 25% for the year. what about 55% since the market lows. the two big stories to the day, ebay and qualcomm. qualcomm was negative and now have a $200 million fine from south korea. they were down. i want to talk about why we're going to be lower. amazon giving 7% back. they were up in revenue, but not as much as expected. that's the problem there. microsoft, miss on the top, miss on the bottom. window seven, yes, on its way. can't get to 30. yahoo, by the way, will talk tonight with their board about a search deal. let's go to rick in chicago. >> thanks, shack, if you look at elk, this is investment great corporate, close to the highest levels of the year. that's

the biggeslosers were the materials and heavy-equipmen companies, like 3m and caterpillar. g.e. shares fell 4%, and t punishment in blue-chip d tech shares contied straight into e closing bell. the dow ended off 161.27 at 8,163.60. the nasdaq fell 41.23 pots to 1,746.17. the s&p 500 finished dow17.69 points at 881.03. the bond market saw so flight- to-safetbuying from the equity sell-off. e ten-year note climbed 15/3 to 97 9/32, puttg the yield at 3.45%. >> susie: the worst cial and politicaeffects of the economic crisis e still to come. that's what the head of e world trade organizaon said today. pascalamy is worried about a surge in trade protectionism so he's urging-8 leaders meeting italy tomorrow to resist making restctive trade moves as they mbat the global cession. lamy also repeated a cl for approval of the doha negotiations, asures proposed back in 2001 to open up wod trad joininus now with a preview of what to expect fm that g-8 summit, c. fd bergsten, director of the peters institute for internional economics. thanks for beingn the program toght. >> good to bhere. >>

paul: wall streetpened with a rollicki rally amid a flurry of better than eected results from at&t, 3m, hershey and ey to nama few. addi to bullish enthusiasm was that surprise jump in ne existing home sales. an hr into trading the dow posted a 119 point gn at the 9,000 level with the nasdaup 27 points. that me above dow 9,000 triggered a lot of b orders which catapued the blue chips just over 200 points untilome late sellingrimmed the closing gain. thdow still ended up 188.03 at 9,069.29, an eight monthigh. the nasdaq jumped 47.22 to 1,973.60, its elfth straight gain. the s&p 50rallied 22.22 to 976.29. in the bond marketthe 10 year note fell 31/3to 95-19/32 putting the yield 3.67%. >> suzan: shares of ford motor shifteinto overdrive today, gaing almost 10% as the tomaker posted better-than- expected second quarteresults. excludg special items ford lost just 21 cents ahare. wall seet had expected a far biggeross, more than double that amount. diane eastabrook spo with ford c.e.o. an mulally today and began by asking him if increed productionhis quarter suggests stronger sales for the r

you want to see more rentals, for example, from ryder. 3m, take a look at this. 3m today, because it was a big mover to the up side. easily beat expectations. and as i mentioned, technology with the nasdaq up by 47 points today, that was a big move today. technology up for the 12th straight day, maria. >> broad-based rally. great day on wall street. >> people are really bullish here. thanks so much, scott wapner. we are expecting those quarterly numbers to trickle out shortly, by the way, from microsoft, amazon.com, and american express. of course collectively they could set the tone for tomorrow's trading session. let's get a preview now with dan morgan, portfolio manager at nova securities. babb napoli, managing director at piper jaffray. let me kick it off with you, and ask you, dan, about some of these earnings coming out. amazon.com, microsoft, and american express. is there one company out of the list that you think is going to surprise more than the others, be sort of the name to watch once that -- once the numbers come out and you want to be looking at what that means for tom

in fact, they include boeing, american express, at&t, dupont, 3m and caterpillar. also a number of technology names also did well. they beat analyst expectations as well. including apple, ebay, yahoo! and amazon.com. technology giant and economic bellwether microsoft actually missed expectations, as did investment bank morgan stanley. those stocks were under pressure afterwards. strong earnings have pushed the markets higher. the dow jones industrial average closed above 9,000 on thursday for the first time since january after a very strong week for investors. the nasdaq, in fact, was up 12 straight days. nasdaq is up strongly in 2009. it is now at its highest close since early october. also helping the markets this week, good news on the housing front. sales of previously owned homes increased at a faster than expected annualized pace in june, up 3.6%. that was the third straight month of gains. we haven't seen that kind of winning streak since 2004. many believe that once housing recovers, the rest of the economy will follow. it's been a remarkable week. the nasd

>> 3m. >> and you know why. >> respiratory medicine? >> lcd tvs. >> and respiratory medication. >> and it was the unanimous buying lcd tv. good times, bad times, recession, booms, tv. >> because a pandemic is on the way? >> no. a table, a remote control, a place for your beer and -- >> and then respiratory drugs. >> no. you don't need the respiratory medicine because you don't need to go out. >> oh, that's true. >> 3m is one of the major dow components that outperformed and did so well. but if you look at the earnings season as a whole, everybody is down, but the earnings season overall has been much better than expectations. according to thompson reuters, 76% of companies have beat expectations. that's the highest on record. >> before we go shopping champagne bottles, shares of three big names were hit hard. revenue missed the mark, the company posting its first ever annual drop in sales. microsoft says business continued be hurt in sales of the pc and warns there is little turn around in terms of technology until next year. they know

. >>> we want to touch on two other dow components. 3m handily beating estimates by 26 cents, helped by cost cuts. the company also raising its full-year forecast. and at&t is beat by 3 cents. and the telecom giant's land line business and after the bell, microsoft and american express. sue, back to you. >> thank you so much, mary. >>> on the back of his prime time news conference, president obama today holding a town hall meeting to push his health care agenda. is the president pushing the needle on his health care plan, or is it stuck? our chief washington correspondent, john harwood, joins us from the white house with more. and john, some are saying the rally in stocks today is partly because the market thinks he's going to have a much tougher time pushing this through than originally thought. >> he is having a tough time, sue. before i get to that, can i ask you, how come i don't get the cool bj's dance music? >> that's easily arranged. i promise, next time around. >> call it health care central, and it will work. look, guys, one of the reasons why health care is so complicated,

honeywell, verizon, and corning all did pretty much exactly what caterpillar, eaton, ford, and 3m did. i would argue that they did better than any of the stocks last week. the big screen tvs, when i saw the quarters reported right at 7, i expected corning to be up at least $1, it was that good. instead it went down 50 cents, verizon, i saw cash flow galore, good growth in fios, i like very much the wireless, i've got to tell you, nobody cared. stock got hit as if it had disappointed everyone. and it was a bomb. >> sell, sell, sell -- >> honeywell was the biggest name of all, it delivered on every single metric. and its automotive materials and climate control materials stood out as better than expected. what happened? it had a muted rally. if this company reported last week, it would be up 3 maybe 4. we have gone from a market where stocks go up gigantically on so-so earnings to a market where they do nothing or get hammered when the same kinds of numbers we had last week. what's it mean when you get this kind of switch? what's it tell you about what's to come? it says we've gone abou

. >> intel, cat, apple, starbucks, merck and pfizer. ebay, at&t, 3m, bristol myers, ford, union pacific. the point i'm making, peter, in support of your contention, is these improved market earnings are coming from all corners of the economy, not just one little niche. it's broad-based. on top of that, i have to throw in the banks. i think brother froehlich is exactly right. what did you say, peter -- >> 1130 to 1150 on the s&p. >> s&p closed close to 980. >> bob, your call. >> 1175 on the s&p and i think the dow will be above 10,000. >> good stuff. we'll come back and say good-bye to bob froehlich and the others and try to rescue steve moore's whole portfolio. plenty of time to ride this rally. if you're looking at 1100 or 1200, i don't know when, maybe 2010, maybe not until 2011, that means for those of you that are still on the fence, maybe sitting in cash, you can understand, risk is improving, the economy is turning into recovery, there's plenty of time to get in, there will be corrections and pullbacks along the way, but there's plenty of time to get in. i'm kudlow, this is the ku

but the stories of today, dow's top performers 3m blew past evenings peckations. earnings report was great. margins improving, health care, consumer, office, business. you see the stock was up $4.53 on the day, at&t meantime, also a big performer beating expectations, strong wireless growth there. continued cost-cutting. ford posted $2.3 billion profit. you see the stock was up on the day about 50 cents. mostly that profit was due to debt reduction. mcdonald's, that was the story that came out weaker than anticipation. less upbeat, stronger dollar. year ago stimulus check induced gains. that wait on profits, this time around sales not as strong as the market hoped. let's get to the stuff that happened after the closing bell. nation's biggest military contractors came out we reports, very different after the bell. raytheon up .66. buying strategies, raytheon says they believe they're well positioned for the new direction. earnings in the previous quarter up 15%. north rupt gruman, they came out more cautious today. they're seeing their stock down after the bell 2.5

i played golf today at the tournament players' club in minneapolis where we had the 3m championship ofrry: i'm honored! >> only for you, larry. >> larry: thank you. >> nobody else. >> larry: you have been a critic of media in your time. what do you make of media coverage of michael jackson? >> well, i think it's overexposed by far. you know, michael was a great entertainer, one of the biggest the world's ever seen but, you know, to me enough is enough. you know, our media's gone far too much to the entertainment side and to the ratings side as opposed to the information side and the knowledge sides. honor michael. do a tribute to him but it should not last for weeks going into months. >> congressman peter king of new york who shared the view of overcoverage called michael a low life, a pervert and criticized the society for glorifying him. >> what was he talking about, a few of his republican colleagues? you know? who are they to talk? i mean, you got republicans cheating on the wives left and right. you got them, you know, in the bathrooms at the airport here in minnesota and these ar

dow components at&t and 3m both beat estimates with their latest reports.donald's matched consensus. ford did report a loss but it was considerably better than what the street had expected they would report. first-time claims for unemployment benefits rose by 30,000 last week to 554,000. but the data is partially distorted by an unusual pattern of auto industry layoffs. don't buy too much into those numbers this week at least. june existing home sales did come in up 3.6%. that was a bigger increase than wall street had anticipated. >>> porsche's top two executives have resigned today. paving the way for the german shorts carmakers to possibly merge with volkswagen. earlier this year the family-controlled porsche failed in its bid to buy vw leaving volkswagen to turn the table and launch its own takeover offer. >>> walmart is ready for the back-to-school shopping season. the retailer's expanding its inventory of laptop computers by 40%. starting on sunday, walmart will begin selling an exclusive xat presario notebook for only $298. it is already offering del

caterpillar, 3m. google intraday, google popped $10 in the last half hour in expectations. came down a little bit. >> tell you what, bob, we've got the revenue out at $3.07 billion on google. and the estimate was a revenue estimate of 4.06 billion. we're looking at about a billion dollars short on revenue, but let me not misspeak and get to jim goldman.n. he's got all the details behind the numbers. jim, what do you see? >> maria, that is the story here. as much as we normally will focus on earnings per share on almost every company that we follow, and google beat and beat handily, the story for this company this quarter around was everybody was watching the top line because it's a good barometer as far as ad sales are concerned as to how this company as well as a broader indication of how the economy is doing. and ad sales were widely watched and very important to this company's report, and to come up almost -- well, over -- almost a billion dollars short is going to take a lot of people by surprise and not in a good way. and it almost completely eclipses that non-gaap eps

at&t and 3m helped lift sentiment. previous owned home sales rose. median home prices showed that the demand for housing is still bottoming out. >> thanks, allison. >> family, friends and some of the biggest names in the news business packed a manhattan church to remember walter cronkite. a private funeral was held at st. bartholomew's church. an emotional rooney said cronkite was a great friend. he will be buried next to his wife in a cemetery in kansas city, missouri. the journalist known as the most trusted man in america died last week at 92. >>> investigators are looking at links between at least one doctor and the death of michael jackson. jane velez-mitchell looks at where this investigation can go next. >>> phoenix police say four boys aged between 9 and 14 face charges in kwex a gang rape of an 8-year-old girl. the 14-year-old is being charged as an adult with two counts of sexual assault and the other three boys are charged as juveniles. according to police they lured the girl into a storage shed with chewing gum. the suspects held her down

the timeframe for that is the year, the timeframe for getting 3m through the house and senate so they can get to conference and try and put them together was supposed to be the august recess, looks like the house is going to make that, and looks like the senate probably isn't. >> and, how about president obama? how involved is he in helping get these measures through congress. >> well, he is the head cheerleader and has been coming out more and more emphatic and in fact only just now offered up a proposal that would give the independent medicare payment advisory commission some more teeth to basically, you know, urge their recommendations for cutting medicare and medicaid costs, and make coverage, and vote on those every year and basically make them take an up-or-down vote on those every year and would be a way to inject cost cutting into these profiles, which the congressional budget office says doesn't -- proposals which the congressional budget office says they don't have any jurisdiction over and the question is what will happen over the long term. >> host: you can hear julie rovn

you've had 3m yesterday. and you've had some, as stephen said, american express, mieshlth. these are -- >> amazon. >> have been a little more -- >> weaker. >> restrained. that's right. so i think china is up 86%. you've got to watch out that there's no bubble there. as we go into the second half, i think the dollar will become increasingly the story. august 11th is a tuesday. first day of a two-day fed meeting. that's also national elections in japan. we could have an opposition win over there. it looks like it in the polls now. and they have already stated mr. nakagawa who's their shadow finance minister that he'd like to diversify out of their trillion dollars of dollar holdings. so you're going to see that come through august. the dollar will play a role in possibly slowing down this juggernaut, positive juggernaut. >> do you think the stock market is higher than where it is right now by the end of the year? >> our view is it could be 1050 to 1100 in our best case. bull case would be 1100 or higher. and the bear case would be lower. >> stephen, let me ask you about inves

and then 3m is another one. clearly to look at today. easily beat expectations. and that stock was having a nice session as well. you'll see it up almost 7%. one of the top performers on the day. our team is covering the markets. around the horn the nasdaq, the nymex, and the floor of the cme group in chicago. look, the nasdaq's been on a huge run, and that's why we're going to brian shaktman, who's up there. brian, what a run. >> what a run. and we're outperforming the two other major indices today. it would be the 12th consecutive day in a row to the up side. we haven't seen that since january of 1992. where were you in january of 1992? i was studying in the library. yeah, right. amazon.com and microsoft. let's talk about it. amazon, you didn't buy books from them until about 1996, i believe. they are both reporting after the bell. amazon, we're expecting, you know, pretty strong year over year on the top line, but we'll see what happens on the bottom. microsoft actually lower year over year in both ranges. 32 to 38 a share. so the analysts are really in a tigh

dow, coke, pfizer, ebay, mcdonald's, 3m, at&t, ford, amazon and microsoft.are just the big guys. hundreds of companies in the s&p that are reporting this week are much smaller but still give us a good sense of how the economy is shaping up. of course, joe will be over here at earnings central covering it all from sun up to sun down. so we'll be watching closely. >> unless -- you know, unless we need to go to that humphrey hawkins thing. >> you're so intrigued what bernanke has to say this time around. >> it's so important to hear -- we know now the fed said this could be a decent recovery but with no jobs, which is -- what's the point of recovery if you have no jobs? our guest is congressman paul ryan a a republican from wisconsin and ranking member of the budget committee and senior member of the ways and means committee. i said, you need broad shoulder. republican party in a little trouble. so because you are here, let's see, you've picked on health care so far. let's pick on -- how about the stimulus package. any jobs created in that thing yet? >> we're s

and maybe we got a bit of a look into what the company might do when 3m that reported and caused themgo up $3 or $4 and it was electronic components that p 3m made, the optical film they make for lcd flat-screen tvs. >> and the respiratory masks. >> and the masks. we know lcds are a big part of corning's business. we'll look more closely at corning when we get a chance. so far i can't tell bid/ask on where it's going to be. >> honeywell, 60 cents. looks like it meets $2.85 for the year, street's at 2.82. 2q sales of 6.7 billion. they say continued tough economic conditions. >> $7.6 billion is slightly below the $7.726 the street was looking for and that goes in with what the street is looking for on upbeat earnings as revenues are below. it comes with cost cuts. $2.85, that's a little above the $2.82 for the year. economic conditions remain challenging. automation and control down 17%. aerospace down 17%. company anticipates it will continue to operate in a tough economy. >> yeah. let's hone in on those numbers. with us howard rubell, manager of aerospace at jeffreys. good morning. >>

have the opening bell and it looks like, heidi, we might have some up side even though dow components 3m, at&t, and mcdonald's all reported lower than expected estimates. meanwhile, ford motor said it made money over the past few months, more than $2 billion, in fact. largely due to a big gain from reducing, but even factoring that out, it still beat estimates. that's much less than the nearly $4 billion it burned through in the first quarter. ford shares right now up 9%. some economic news could weigh on investor sentiment today. new jobless claims jumped by 30,000 last week, coming in above 550,000, much more than expected. meanwhile, continuing claims fell to the lowest level since mid april, that could mean people are finding jobs, or that their jobless benefits have run out. checking the early numbers, one minute into trading. well, we're seeing a little bit of selling. just a little bit, the dow is off 14 points, the nasdaq's down by one. but year-to-date, heidi collins, the dow industrials are up 1.2%, the broader s&p 500 is up 5.5%, and wait for it, the nasdaq is up 22% year-to-d

filtrate fillers, filters by 3m.back over to you. >>> the mta has adopted a zero- tolerance cell phone policy for drivers and operators. mary bubala explains this new rule. >> reporter: don, the mta is counting on riders to help them enforce this new policy. it if anyone sees a train operator or bus driver using a cell phone, ipod or texting, they should contacts the mta. it there is video evidence to back up the claim the person will be fired even if it is a first offense. d.c. metro adopted the policy the day before. and mta continues to investigate how two teens were struck by a light rail train while walking on the tracks. the train operator never reported hitting them. in d.c. recent video captured on a cell phone sees a d.c. metro driver sleeping or texting at the controls. don, back to you. >> thank you very much, mary. >>> prosecutors are dropping three new subpoenas in the corruption investigation of mayor sheila dixon, the subpoenas were withdrawn after the mayor's attorney filed a motion to get them thrown

the traffic report is brought to you by filtrate filters for the air you breathe from 3m. >>> in the stay on the story. >> reporter: the alumni association has filed a lawsuit hoping to keep the doors to towson catholic open. they are closing the high school because of low enrollment and a budget deficit of $650,000. during a closed meeting last night between students, parents, school administrators and staff it was announced that an injunction was filed in baltimore circuit county court to stop the school from closing. other schools continue to offer the students here spots for the fall. back to you. >>> today a judge will decide if interrogation tapes of the washington, d.c., woman charged with killing her four daughters will be allowed at trial. during that interrogation, she admitted she killed her four girls because they were possessed by demons, their bodies were found inside her home in january of 2008. investigators believe they had been dead for seven months at that time. >>> republican national committee chairman michael steele is looking to join forces with the naacp. stee

filtrate filters from 3m.rty. >> marty is over in the weather center. >> let's look at the forecast for today. [ inaudible ] [ no audio ] don, take it away. >> day one of the city's one plus one trash program. here is mary bubala to explain. >> reporter: don, a new rear in baltimore city trash collection begins this week. it is called one plus one, that means trash collection one day, recycling another day. the program is intended to save the city money and promote recycling. many residents are concerned of reducing trash collection to one day. they fear trouble with rats and trash. city officials say residents need to follow city law and place lids on their trash cans. this is the first major change to the trash collection system in nearly 50 years. residents were mailed postcards telling them which day they will have collection. it is either tuesday-thursday or wednesday-friday. don, back to you. >> thank you very much. >>> an fbi profiler say twos double murders in prince george's county are not related in

internet auction site ebay, auto manufacturer ford, and post-it maker 3m all reporting better than expected quarterly earnings. >> the market started out looking towards goldman sachs to knock the cover off the ball, starting off the earnings season. can the rest of the companies fulfill what goldman did? >> also boosting stocks, evidence that there may be a recovery under way in the housing market. sales of existing homes in june were up 3.6%, to the highest level since october of last year. as first-time home buyers rushed to take advantage of a tax credit expiring in the fall. and traders say the senate's decision not to vote on health care until after the august recess added fuel to the rally. >> it's better to have a product that is one based on quality, and thoughtfulness, rather than trying to jam something through. >> reporter: still, some are skeptical about the rally's staying power, especially with new signs of weakness from the labor market. the number of workers filing for jobless benefits ticking up last week to 554,000. and thursday after the close, tech bellwether microsoft

pfizer, ebay, mcdonald's, 3m, at&t, ford, amazon and microsoft. and keep in mind, these are just some of the hundreds of companies that are reporting this week. as always, we are all over earnings at earnings central, the numbers and analysis that you can get only on cnbc. sue? >> and it is not just earnings that are moving stocks this morning. goldman sachs be as we mentioned, raised its target on the s & p 500 to 1060 by the end of year. what else will propel stocks forward. joining us is bill fer rom louse, and rich berg, capital partners. pleasure top to have you here. bill, i will start with you. profit news is good. you say pay no attention to the perm ma bears out there, you are bullish. >> hate to disappoint. the news is great. >> not disappointed. asking you what evidence you have and how you play it. >> great recovery is the gun and only a few things that could stop it in our minds. multistrategy approach, where were all these doomers -- >> why do you think the mark let go higher? why do you think the great recovery has begun? >> you hav

this traffic report brought to you by filtrate filters by 3m.ou. >> thank you. >>> in the news the baltimore police department is taking over the investigation into the deaths of two teenagers hit by a light rail train. eyewitness news and mary bubala live are more. >> reporter: don are their decision came after one of the mothers questioned whether the mta could be objective in its investigation. two of its train operators are suspended this morning. investigators are looking into the cell phone records and work history of the two operators. this is the families of 17- year-old connor peterson and 17- year-old kyle wankmiller are trying to piece together the events that led to their deaths. the mta says video show the two walking north on southbound tracks when they were struck by the train. they believe they heard the train coming from behind them but didn't move out 80 with because they thought it would be on the other track. a collision expert with the ntsb will investigate to see exactly what happened. >>> nashville police release video of

very diverse companies like hershey and 3m a big industrial company and that brings us to today. two heavyweights, both reporting significant weaknesses. you said microsoft reporting its first annual revenue decline since the company went public in 1986 and american express saying that its year-over-year profits fell by nearly 50%. microsoft shares are down 10%. that's hurting market sentiment. you see right now the dow giving back a little bit, 23 points. and both are dow 30 companies and the nasdaq is down more than 1%. that's in the early going, heidi. >> well, some of the analysts are saying the economy is stabilizing. but shouldn't we be seeing that these companies are doing even better, if that's the case? >> well, yes. you know you have to look at sales in particular now. like i said, a lot of the profit is due to cost cutting. massive amounts of cost cutting. when are consumers and businesses spending? that's what hurts microsoft. businesses arant spending. for american express, consumers aren't spending. you're really seeing a dramatic jump there. american express total

results are expected from 3m, at&t, mcdonald's, the profit expected to be up this year in the dollar. >>> summer vacation starts today for mark sanford, he's expected to head out for a two-week european vacation in effort to quote get some things right in the family. after admitting to skipping out on father's day weekend to be in argentina with his then mistress. >>> well, if you're in san diego today and happen to see hundreds of zombies stalking the streets, it's all part of a comic festivities. thousands of comic book and sci-fi fans descend on san diego to dress up and nerd out for the festival. rob marciano, what's the weather going to be like in san diego? probably perfect as usual. >> as usual. and when you walk in at the early morning hours, there's a number of zombies, including me, rocking it. i've got another chance of rain across the part of the northeast today. here's some of the rainfall totals yesterday, south carolina, indiana, and ohio. a squeeze play anywhere from 1 1/2 inches to 4 1/2 inches there on the radar. check out the scope, area of concern here and then a

. >> i don't want him running out and crashing into the side of a bridge abutment. 3m's earnings wereting. mcdonald's earnings were in line. at&t looked good. ford lost much less than they were expected to lose. u.p.s., unfortunately, did not have good numbers. of course, u.p.s. and fedex are kind after barometer on the economy because they run around delivering the crap from china that everybody orders. >> is that a new product category? >> what am i going to get for christmas this year? a bag of crap from china. well, okay. >> mark haines, we love you. >> anyway, look. here's a note on the jobs thing. okay? ever since the internet revolution beginning back in the late '90s, we haven't grown jobs as much as we used to when the economy was expanding. so don't get hung up on, oh, they're still not growing jobs. the economy can rebound and can prosper even if job growth is relatively tepid. >> thank you so much, mark. >>> new jobless claims rise to 554,000. total rolls fall. the government says the number of newly laid off workers seeking jobless benefits rose last week though the repor