liz: let me keep the to alcoa. there is one point about alcoa people always look toward. that is the projection when it comes to global aluminum demand because who uses it? autos. the back of electronics. the back of a lot of i tabs are made out of aluminum to make it cool. alcoa is continuing to project 7% global aluminum demand breath in 2013. alcoa projects global growth from aerospace, nine to 10%. we've seen the aerospace come back, patrick. building construction, four to 5%. gas turbines three to 5%. patrick, these numbers what do you say to you about industrial impact an opportunity? >> they definitely speak to pockets of industrial strength. we've seen in this country auto sales have been very strong. you look boeing and airbus their order books are very strong. they definitely speak to travel strength. there is still global travel happening. consumers buy autos in record numbers. alcoa is snatching defeat from the jaws of victory. in markets they ought to do well they never seem to put up the profits. ashley: lincoln, very quickly, prices for aluminum too haven't

we've got alcoa reporting at that time.ou might be a little young to remember, but way back when the stock market used to trade on things like earnings, you see, that mattered. >> things like fundamental profitability of a company? >> right. >> yeah. >> and the fed was just sort of secondary. but now, the fed has become a fundamental for the market now. >> it is an important point. and we know it's about more than just risk-on, risk-off, but it dels you a lot about -- tells you a lot about psychology. there's been a sense that if the fed backs away, the fundamentals are not there. but the question is whether earnings will trump the fed and taper talk when it comes to the stock market. so let's bring in nick from the earnings scout, our own ron, and greg from the economist. guys, good afternoon. welcome. >> hey there. >> so, nick, let's start with you. you're the earnings scout here. earnings don't look all that great, so i guess, you know, do we really want to hand the baton over at this point? >> -- over the last eight qua

>>> earnings kick off alcoa starts the season with a beat. the ceo is with us too discuss his outlook, the slumping stock price, and what the fed's next move could mean for his company. >>> back to business, congress rolls up its sleeves and gets to work. but will it be able to get anything done on student loans, immigration, the farm bill? >> and less is more. why street funds might be all it takes to keep your portfolio well diversified. we have all that and more tonight on nightly business report for monday, july eighth. >> good evening, everyone, and welcome back from the long weekend. we begin tonight with a history lesson. 81 years ago today stocks hit rock bottom, on july 8, 1932, the dow sat at 4122. not 4,000 but 4122. a nyse low. today stocks turned in their third winning session in a row. the dow closed at 15,2 # 4. share volume, 3.5 billion shares. there wasn't much news to propel stocks today. members conjured members of friday's jobs report. and the dow off its high for the session shot up 89 points, the nasdaq added 5, the s&p

both alcoa and wd40 turned in better- than-predicted results - but alcoa's revenue fell short, and wd's forecast was shy. stocks rallied in anticipation of earnings. the dow gained 89, the nasdaq 6 and the s&p 8. gold added on $22 and oil lost 40 cents, ending around $103 per barrel. a much-anticipated vote happens today with fdic members potentially approving tougher rules on banks. barnes and noble ceo william lynch is resigning. shares fell 2% when the news broke after the close. lincoln ellis of strategic financial group joins us now for a look at the headline stories happening on the trading floor. good morning to you, lincoln. - good morning. - alcoa's earnings are out. does it set any kind of stage for corporate earnings this time around? - tough to say from alcoa, really. they beat on the top- line, but the estimates have been continually ratcheted down - three times, actually - meaning only by a penny there. and they have been in the commodities space, so it's tough to tell. alcoa's never really a great barometer of earnings, but they did beat, so it's an upbeat start to the se

- the charts don't look so great for alcoa.they broke a lot of their support levels, and there's really not a lot of good news for them. j.p. morgan cut their earnings estimate, they got their credit rating cut - really a lot of bad news. there is this continuing glut of supply on the market, so expectations aren't too high for alcoa. - right. when you have j.p. morgan coming in and giving a neutral on the stock and a $9 price target just ahead of earnings, not a good sign. are there any entry points to this stock you would watch for post- earnings? - i think the interesting play is actually before earnings. you know, and a lot of this bad news is priced in. pretty much no one is expecting anything good. there's chatter of this company being removed from the dow, which is huge news. so i think that if you take a look at that and say no one is really expecting anything here, the possibility that they could say something that would surprise to the upside is pretty good. that being said, i don't really think the stock is a great p

and here come alcoa earnings.e will have them for you when we come back. [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need without any surprise fees. ♪ it's not rocket science. it's just common sense. from td ameritrade. liz: you want some cheese cake with your hot dog, pizza an wings? why not. these are all names hitting 52-week highs. the restaurant business is looking very good. start with nathan's up a third of a percent. check out buffalo wild wings. we don't even have a super bowl to add to this one. usually they really roar ahead on the super bowl or nba playoffs. papa john's up a third of a percent. cheesecake factory. let me get turtle cheesecake, please. dow jones industrials, 15,220. alcoa numbers are about to come out. we're getting ready for after the bell

and alcoa gets the u.s. earnings season off to a good start. posted better than expected adjusted results and also backing its global demand forecasts. >>> warm welcome. it is tuesday, the 9th of july. plenty to come on today's show. we'll be in egypt. protesters are expected to take to the streets again today. could a timetable for elections bring some stability? expansion is back on the agenda. this is according to the latest cfo survey from deloitte. are those in top jobs all talk and no action? we'll talk at 10:30 cet. alcoa kicked off u.s. earnings season on a bullish note. but what can we expect from others? we'll get a view there. the head of the world's biggest exchange operator terry duffy, president of cme group joins us in studio. has his eye on an m&a deal. tune in to find out. thoughts or comments about any of those views, please e-mail us at worldwide@cnbc.com. >>> first up, greece is being granted another round of aid from its international lenders bug payments will be staggered as the troika is unconvinced the speed of reforms i

, dow component, alcoa sets off earning season.nd we'll watch jpmorgan and wells fargo later in the week. financials are so key and telling; however, while we wait for the s&p 500 companies to report, it may not be that alcoa leads the way giving indication because over the last year, alcoa is down over 10%, and major market averages up 20%. you have to take it sector by sector and get an understanding of the big picture overall because one stock does not set the entire tone anymore. it used to be that way, but it doesn't feel that way anymore. back to you. connell: looking broadly at the economy while investors came in and say they are afraid when the fed eases its stimulus program in the not so distant future. next guest is here to say that there will be plenty more rounds of stimulus to come. how about another 96 rounds? on the phone from thailand, mark farber, editor of the doom and gloom report. nice to talk with him. you don'ted is finished yet? >> caller: no, i don't think so. i see several possible scenarios. either the eco

alcoa is a very early cyclical. and alcoa is down over 20% this year. we'll see what they say in a few minutes. i think the early cyclical stocks are telling you that the economy is weak. earnings growth is de minimis. there is no revenue growth. looking at the market, it's a lead indicator as the semis usually are. >> ian, is the market telling us that china is in trouble, and so are makers -- so are the sort of traditional makers of technological equipment? >> i think the market's telling us that there's zero cap ex going on from any company out there at all, and that's the problem. everybody's very thrilled that the fed keeps printing money, but all you have now is financial engineering and that's where the stocks are where they are. there's little to no economic activity happening. >> i love that point. we're just getting alcoa earnings, guys. >> yeah, here they come. they were expecting 6 cents. they got 7 cents per share. they wanted 5.8 billion in revenue. they got 5.85 billion in revenue. that stock continues to rise here. it's up 1.6% now above

i am neil cavuto, think quick, what is difference between alcoa and washington? alcoa does not have luxury of kicking the can down the road, they are kicking can now, giving buyers a kick in after-hours trading, stock up more than to 2%, reporting earnings, well out the gate. imaybe we don't need ben any time. maybe we could survive ben bernanke's slowly taking our training wheels watch, and discover we can move nicely on our own. that is why second quarter numbers coming in are so important, alcoa seems to be hinting we're on our way, say what you will about problem in the world, and violence in cairo, and a euro less than a zero, at last we're kicking can in the good old usa. are we? one could read into that relief all seems okay? not as bad as feared? >> i would say, for the moment, they traded up, pulled back a little bit, the numbers did come in slightly better than expected for earnings share and revenue, that is goo good news ultimatelr alcoa. they have an array of companies and areas they cover from aerospace, to autos and industrials, however it is not a

will you feel comfortable about adding jobs, because alcoa has been adding jobs over the last year or two. >> we have been adding jobs, those businesses that grow. automotive aerospace, we also have to restructure on some other end around the world. so we see this mixed picture there, if you look at the u.s. recovery, it's underway here. >> i want to ask you a little bit about alcoa stock, it's been a tough time for investors, they've seen the stock drop sharply, and it has been the worst performer in the dow, i'm sure you don't like hearing that, what do you think it's going to take, what's going to be the catalyst to get this stock to move higher? >> i believe we have to concentrate on the things we can control. we're growing our value at businesses, putting a lot of innovation in there, if you look at the year to date, the value at business already makes 57% on our revenues and accounts for 80% off the profitability of our core, so it's a major driver of our core, and it has a lot of prospects. eventually when we create this value, i think the shareholders will also recognize that.

not alcoa? >> alcoa i think is so -- >> have you ever used wd-40? >> i have.es that every once in a while, you know, need -- >> people on his property. not hinges on me personally, but like a door. sorry, doc. in terms of alcoa, really insignificant. aluminum is commodity unto itself. it never has a pre-sage of what earnings season is going to be. we'll get into it in a week or two. >> that's true what he's saying about alcoa but you get a lot of insight to a lot of other areas. when alcoa's call comes out, their ceo is for the right with what's going on and you can get a major read. the banks is what to focus on. >> the banks is what we always get the read from. >> another individual name, you guys too scared to buy yum? >> no. jon, go ahead. >> you're exactly right, pete. yum brands, that's the one i think is a real focus. stephen and i are both going to be watching it because we have polar opposite views of how things are going in china, and this will give us a great read into that. coming up, our viewers have questions on everything from ford to disney. we

alcoa officially kicks things off this afternoon.anking giants jpmorgan and wells fargo. right now if you take a look at the markets, as we get started on a monday morning, you're already looking at some sharp upside potential here. dow futures are indicated up by about 92 points right now. the s&p futures are up by 11.5. again, this is kind of continuing what we saw after that jobs report on friday. markets initially looking at it as a little bit of a concern because they thought maybe the fed would be tapering sooner rather than later. but right now it does look like things are indicated higher. if you check out the 10-year note right now couldn't believe the yield when i saw it last. right now yielding 2.704%. pulled back slightly from the high it hit back on friday when

we don't need alcoa, do we, as any sort of indicator? >> we don't, but it's nice to get kind of confirmation, and they do give out forecasts. and the forecasts have actually been pretty accurate over the years, absent, you know, the big meltdown in the economies. but, honestly, they do a very good job breaking it down. and more importantly, it's more geographic areas as well. we know china's weak. how weak? maybe they don't think it's as weak as the stocks are projecting. >> let's talk banks. wells fargo, jpmorgan friday, enis? >> the whole sector has been rallying over the last couple of weeks. and generally, financials actually rally into earnings. and then it gets a little bit trickier. i still prefer the commercial and regional banks like wells fargo, who are going to benefit from the rates going higher in the future. but i think the investment banks might be a little bit more difficult, off a the volatility that we've seen globally. investment banks generally are much more correlated to global volatility and european banks have not

and alcoa reports after the bell, take a look at this chart as we talk about this, because alcoa hasn moving in the exact opposite direction as the rest of the market. you know, if i was a manager of a baseball team and alcoa was my lead off hitter i would have sat it on the bench. >> it's so true. what's interesting about alcoa, the aluminum maker, we've been in business news and for so long, we always say alcoa sets the tone for earnings season. and now what? at this point, the last few quarters, it really has not. and this chart really is evidence of that because you see that alcoa down 10%, the market up 20% in 52 weeks, so, it's good to know and maybe set the tone for materials or economic related or dollar related, but less so for the general market. >> well, it does kick off earnings season so hopefully this time they'll meet very low expectations. warren buffett is buying up more than half a million shares of the dialysis provider. this stock purchase takes buffett's ownership, the shares are up about 2%. i want to get back to nicole though, disney, the lone ranger was a flop

alcoa and get data out of it? up a cart right here where i have dell stock. >> check out this over here. >> it's after hours, not much is happening. if that was during trading hours, you'd see apple trading stock. >> that would pop up on top of what we're doing? >> and as a viewer, can you look. >> you have an image behind you of the desk of us? >> right. >> and then you, i would place you. >> so here i am in the middle. so this is how you think we will all want. >> you will develop something that doesn't smudge? the screens are disgusting, some of them after a while. i don't want that on my tv screen. i don't want fingerprints. can't you develop something? >> a hologram. >> microsoft is working on that pretty aggressively. >> they are. it's gross. >> you use your hands, it's like the knect. you can interact with it. in the future, you can interact with this information. >> you don't want to stand up and go to your tv. you want to be able to stay on your couch. >> this is all "minority report." you should see what

alcoa the global story.t them, they are not indicative of the numbers. stocks every 15 minutes, obviously; with nicole, and there's a change in the ceo sweep this morning, a big story for barnes & noble. >> right. we are watching barnes & noble today, the stock moving higher as william lynch, ceo, is resigning this week. up 3.7%, and one of the main reasons is the nook e-reader is not competitive as a digital division here of barnes & noble. e-reader is not competitive to other tablets and the like, facing intense competition for both books and against the kindle versus amazon. microsoft is actually a minority stake holder in the nook so it's not clear how that's resolved, but we are batching. obviously, the stock jumping, but barnes & noble is disappointed with this. back to you. cheryl: so many disappearing. it is disappointing. nicole, thank you. ♪ the cyber theft pandemic in china leads the pack. >> keith alexander, been in the news for number of other things recently, called it the biggest theft of inte

alcoa lead and jp morgan cut on that company because of weak prices for aluminum. shares touched a four-year low. alcoa launches on monday and we'll speak with the ceo after those numbers are released. at the close alcoa was down more than 1% at $7.71. >>> johnson the nutrition firm lead the s&p 500 as china probes whether baby formula companies conspired to fix companies, made johnson down the most losing more than 8%. it closed at $68.85. >>> auto nation a big gainer today, thanks to revved up car sales. it reported new vehicle sales up 5% in june, and 7% for the second quarter. auto nation is the country's largest seller of new and used cars. the stock rose more than 1.5% to close at $45.27. so far this year, shares up 14%. >>> chipolte was the biggest gainer increasing to $430 a share. they closed at $384 and change. >>> creating jobs is an on going change in the u.s. to put it mildly, especially in the man e fracturering sector and it's challenging the economics of a traditional education. >> reporter: sherwood is known as a fast growing southern city home to

alcoa expected to be down 20%.ll see if alcoa leads them that way. >> thank you both. christine and michael, appreciate it. tune in to closing bell today. a live interview with alcoa's ceo klaus kleinfeld after the company's earnings report 4:00 p.m. eastern. >>> a market flash on priceline. >> we are watching priceline this morning because analysts at morgan stanley like what they see. the upgrade to overweight. talk about pcln maintaining competitive leadship, stableizing margins and attractive valuation. 1010 bucks, up 41% now so far this year. back to you. >> when we come back, one major asset class beaten down over the past few months could be making a comeback. we'll tell you what it is when we return. ♪ ♪ unh ♪ ♪ hey! ♪ ♪ let's go! ♪ [ male announcer ] you can choose to blend in. ♪ ♪ yeah! yeah! yeah! or you can choose to blend out. ♪ oh, yeah-eah! ♪ the all-new 2014 lexus is. it's your move. the most free research reports, customizable charts, powerful screening tools, and guaranteed 1-second trades. and at

as we get in the earnings this week from alcoa and yum brands, if you have beat, beat is just meanshey are looking better ultimately, and tells fed, hey maybe you can taper a little bit. neil: do you think we're better prepared for that day and moment, jared, when the fed says you are doing okay on your own. i think we can take the training wheels off? >> i think we're still living in a irrational world slightly, i say thatith disqualtation, markets can remain irrational longer than markets can remain insolvent. we were supposed to have 12% earnings growth in first quarter of this year, it has been moved to q4. we've gone from 4% growth year-over-year to breaking just

the last few quarters, alcoa after earnings comes out, usually falls.three or four fourth quarter quarters, that has not been a good trade. it broke down below the $8 level and it really doesn't look great. you have analysts downgrading it, plus you have moody's downgrading their credit rating. it doesn't look great. will after earnings we get a little short squeeze pop? that might happen, actually. what i want to do is look what they want to do about the aluminum products. really look at what they have to say, rather than actually playing alcoa itself. i think there's other better plays out there. >> brian, if you're right and alcoa is the bellwether we know it to be for the rest of earnings season, we should hold on to our hats. brian stutland. and be sure to tune in monday when alcoa chairman and ceo, klaus kleinfeld breaks down those results exclusively on the "closing bell." you can also catch more after "fast money." >>> so it's friday, so that means it's time to hit the water. steve goes fishing and wait until you see what he's hooked. jobs? no,

alcoa reports after the bell.alcoa earnings will give us foresight what earnings believe. i don't particularly believe in that but just the fact we're getting earnings season, historically over time people use that a good opportunity to buy in to the market and market rallies usually during earnings season. adam: jonathan, thank you. >> thank you. adam: on the housing front, the latest reading regarding mortgage delinquencies and what it says about the state of the housing recovery. lori: meantime, the top winners on the nasdaq during this monday's trading session. netflix tops the list. a gain of approximately 4%. we're back after a short break. all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. [ lighter flicking ] [ male announcer ] you've reached the age where giving up isn't who you are. ♪ this is the age of knowing how to make things happen. so, why let erectile dysfunction get in your way? talk to your doctor about viagr

alcoa reports first. what does it mean for everybody else? brian sullivan is back.t signs." >> thanks very much. boon pickens with the five-year anniversary of plan and where he thinks he can take is in another five years. more on the asiana crash and don't you know, i just got back from wisconsin, you betcha, and i'll give you the five things i learned while on vacation about the u.s. economy. all coming up in just a few minutes. meantime, "power lunch," home of the minnesota state fair continues in just two minutes. oh, yeah. [ male announcer ] the mercedes-benz summer event is here. now get the unmistakable thrill... and the incredible rush... of the mercedes-benz you've always wanted. ♪ but you better get here fast... [ girl ] yay, daddy's here. here you go, honey. thank you. [ male announcer ] because a good thing like this... phew! won't last forever. mmm. [ male announcer ] see your authorized dealer for an incredible offer on the exhilarating c250 sport sedan. but hurry, offers end july 31st. vietnam in 1972. [ all ] fort benning, georgia in 1999. [ male ann

i am neil cavuto, think quick, what is difference between alcoa and washington?lcoa does not have luxury of kicking the can down the road, they are kicking can now, giving buyers a kick in after-hours trading, stock up more than to 2%, reporting earnings, well out the gate. imaybe we don't need ben any

excluding special items, alcoa beat analysts estimates. the edged forecasts by a penny, it saw a slight beat on revenue two. even though sales were down a little bit compared with last year. despite a weak aluminum prices, alcoa benefited from increased demand from its metals. >> how do things look for the aluminum giant for the rest of the year? that was my first question to alcoa's ceo when i talked with them a short while ago. >> we

alcoa tied to aluminum prices. the rest of the market. take a look at the major sector.g at the top how unusual it is to see the huge spread between the transports and industrials, largely because of the nice move up by some of the freight stocks and that's a little bit unusual. elsewhere, risk-on day for the major sectors. kinds of things you want to see if you're a growth-oriented guy, industrials and materials and financials on the upside. home builders are strong and core logic said seriously delinquent mortgages were at their lowest level since 2008. they unusual to see better than 5% moefs moves in the home builders. sideways and building groups up. bond funds, the biggest etf out there, and even the treasury bond fund, the tlt, also modestly to the upside. two days in a row. >> due for a bounce. >> okay. >> thanks so much. let's go back to the cme and rick santelli. the first auction got a pretty good grade from ricky. let's see how the after-market response is to it. >> hi, rick. as you recall we were 71 basis points on the new guy. intraday of the old guy it's u

alcoa's call, look through it. spent time yesterday going through the lines of business to emphasize where they improved productivity, better on the downstream side of things. >> yeah. alcoa, up in the premarket this morning. take out aluminum producer did report a profit slightly above revenues essentially in line. the company says it sees solid growth in the demand for products later on this year and the ceo appearing late yesterday on "the closing bell." >> there are some exciting opportunities in the auto, aero space and then come down on the upstream business and can't control the aluminum price but we can on where we are on the cost curve. coming down, closing the facilities, containing those at high cost and bringing saudi arabia in line and there's legacy issues like the one removing this quarter, trying to remove this quarter with the new initiations. >> some of the legacy issues makes them believe the pop is short lived because the long-term picture for aluminum prices is not good but the downstream busin

earnings kicking off alcoa out with results on the bell. the stock is on the move. revenue topping expectations. the stock is higher and how analysis gone into negative tear terror. people listening to the conference call and getting clues on where we are going to go through the earnings season. everyone on this desk is focused elsewhere for the real tell on earnings. let's find out the "fast money" bell earnings for the season. josh brown, people like to say alcoa isn't a target for anything. >> it's a bullish setup. expectations for earnings in general are extremely low. we're looking for growth of .8%, the lowest expectations since the q 3 of 2012. jpmorgan and i want to hear what caterpillar has to say. jpmorgan is important because they play virtually everywhere in the economy. they have important things to say from consumer confidence to the mortgage business to capital markets. on cat i want to hear that china is not completely slipping into the abiz. between those names we will get color. expectations are low. >> it certainly is lately, karen, isn't it, keep

we have kicked up earning season and alcoa is kicking up earning season and they reported it after thebell yesterday. actually very good reports and economists had forecasted but they are keeping an eye on very good stuff. >>> pam, it is tuesday, july 9th, i am dave clark. >> time now 6:30, a lot to talk about with continuing coverage of the plane crash at fso. today the ntsb will tell us more about that crash and they are holding a news conference. they are right now in the process of interviewing the four pilots who were on that plane. we have live coverage and we have alex savage who is standing by in mill bray and we are finding out more about what ntsb will say and we begin with katie who began in the bay area, katie? >> reporter: they are making what is likely along and painful trip and they arrived at fso and are staying here, crown plaza hotel in burlingame and i am told they have not talked with media since arriving in the u.s. and the san mateo sheriff's deputies are standing guard over them since the crash. however on the trip to the u.s., one of the victim's fathers had a h

the star with the news of the day, alcoa. it is all about aluminum.lls you a lot about what is going on in the world and various economies. what did you glean from the report? >> well, as you say, it is consistent with a global recovery matt is chugging along, probably the way to save it. it is not going gangbusters. yes, i think this particular earnings reports suggests that companies are being careful. they're also being observant of the fact that this recovery is here to stay. the sequester and all that kind of stuff. here we are in the recovery continuing. exit to of the absorbing that nba and accordingly. melissa: part of being careful was the idea that they were hiring part-time workers which is not good for the average person watching a tone. i can do more with less, hire part-time workers, and they're learning to live like that google long-term. good for earnings, but now long run it is bad for the economy because that part-time worker i don't think is as productive as somebody who is their full-time. >> i agree with you. th cannot continue. m

morgan have downgraded alcoa, aa there the symbol.ot to be aluminum deeand for our economy. and especially everyone here on the set i would suppose, avon sold their jewelry business, 85 billion, years after baying it for 650 million. they want to focus on the core products. nicole. nicole: which way do you think the stock is down 1 1/4%, right? you bought something for over $600 million and sold it for 85 million and that stinks. they're going to focus on the co-business and the turn around. we'll focus on that. charles: for a stock that was in bad shape, this is on the-- golly, talk about a bad move. thanks, nicole. we want to bring in our man keith fitzgerald from portland, oregon. the more i look at the global economy, the more it looks like a slow moving giant train wreck. it's portugal, the middle east, and obama care, unravelling, creates their own headaches and creates the headlines. which are the most important. which ones are going to ultimately dictate where the market goes? >> you know, charles, that's a full plate because

. >> stocks in a sweet spot, if you will, positive territory after alcoa kicked up start of the season with better than expected results. looking at the average, dow up 71 points, nasdaq up 17, s&p up 10. alcoa reported better than expected second quarter earnings monday based on strong demand for aluminum in autos and airplanes of the firm is often seen as a bellwether for overall economy. the stock is up more than 8% topping $1 now fallen back a little bit. wall street is looking back to earnings later this week from the big banks, jpmorgan chase and wells fargo both report on friday. here in washington, the international monetary fund has just issued its latest economic forecast. it predicts a slowdown in global growth because china, india, brazil, and russia are experiencing slower growth while the recession continues in europe. the imf economists also said the world is watching how our federal reserve exits from its economic stimulus measures. there was also news from greece that it will get its next batch of bailout cash, $3.2 billion because progress is being made in reforming i

alcoa typically gets first crack. >> in time for the guys in black to shed some light. group asking the supreme court to put a stop to it, and one of the lead attorneys for the group. very good to have you with us. >> thanks for having me. >> do you think the court would take this up? normally they try to have a hands-off approach to this sort of thing, especially when it involves government agencies. >> we think the court will seriously consider our petition because there's a really important legal issue which is the interpretation of the foreign intelligence surveillance act. >> neil: but by interpreting the act doesn't mean -- you're saying just get rid of the nsa period or police it better? >> we're saying that the -- the fbi and the nsa have to follow the law. specifically the provision that limits the records that can be obtain from businesses to those that are relevant to an authorized investigation. >> neil: so grabbing 115 plus million americans phone records is going way beyond the scope and intention of the law. >> correct. >> now, the supreme court might not

. >> it was alcoa as tradition, beating expectation, albeit low expectations, as has become the trendn wall street. that set the trend on wall street. the trouble at barnes & noble, ceo william lynch resigned, behind the e-book strategy, 34% decline in sales of those nook tablets last time round, so basically i think it's a reorganization of the strategy, possibly an exit from that side of business could well be on the cards. >>> credit unions are raising overdraw fees. getting less volume through so they need to raise money somehow. apparently the fees have come up from 25 bucks per overdraft to $28. which is still cheaper than banks which have had a median level of overdraft of $30 per transaction. >> the slurpee is cold, deliciousness, and you have news out of 7-eleven? >> yes. this is very important story, of course, for all viewers. the 11th of july is the unofficial birthday of the slurpee and for years they've been way millions on 11th of july. it's been 7-ounce cups and moms have been upset because they don't have lids and now they'll give away 11-ounce which have lids so they

. >> alcoa kicks off the earnings season as we put on that lower third. after the bell today, it's a very pivotal earnings season with a lot weighing on it. we'll see you when you get back here. that does it for today's "power lunch." >> "street signs" begins right now. see you tomorrow. >>> gas prices and mortgage rates moving higher. a reason to worry or yet another speed bump this hopium economy will run right over? that ahead. five years ago boon pickens with/thoughts on our dependence on foreign oil. where we've gotten and how much further we have to go. and the latest on the asiana plane crash and what some survivors did that has everybody shocked. hi, everybody. happy monday. june officially is a memory because just a few days into july we've wiped out june's stock market losses, the dow up 95 points right now, the nasdaq up one and the dow has been the leader so far this year. forget stocks for now because the chart to watch this hour might just be oil. yeah, we're down a bit, off 48 cents but we're above 103, the highest in crude oil in 15 minute

earning season kicks off this afternoon when aluminum giant alcoa announces results. the nation's nearly 12 million unemployed people are starting to get hit by the sequester-related budget cuts. as of july the average weekly jobless benefit of $289 falls for $43 although the actual amount varies by state. the effects appear to have shown up in the government's latest jobs report. the number of people working part time due to economic reasons rose by 322,000 in june. that's the highest level since october. back to you. >> interesting numbers there, thank you very much, courtney. >>> it is 5:19. a total of six people once employed by the san francisco unified school district expected in court this morning accused of misusing millions of dollars in grant funding. prosecutors charging the group with several felonies including grand theft, perjury and forgery. the six now stand accused of misusing 15ds million in grant funding that was intended for student support services. instead that money was allegedly directed into bonuses,/funds and pay increases. some of the people

has just started and aluminum giant alcoa kicked off results that were better than most analysts expected. the next focus could be the earnings releases of banking giants like jpmorgan and wells fargo on friday. and we'll see how this affects japanese financial companies here in japan. and now let's have a look at some major currency starting with dollar yen now at 101.11 to 13, with the dollar firm against the yen on improved outlook for the u.s. economy. but movement here is rather limited, as investors are refraining from making the big trades as we wait for the boj meeting outcome, even as most of them expect the central bank to keep its easing policy unchanged. and we may get some direction from the u.s. federal reserve as chairman ben bernanke is scheduled to make a speech later today. and the u.s. central bankers will release the minutes of their latest policy meeting. and now let's have a look at euro/yen, now at 129.23 to 28, with the euro lower against the yen. investors sold a common currency overnight as major credit rating agencies downgraded italy's credit rating. they also

hopefully they follow the gain now alcoa kicked off with.xpect the other mining stocks to be negative. >> tech stocks as a whole are doing well. the nasdaq up seven sessions in a row, 19% this year. within that you say i.t. is going to be fairly weak. why? >> tech stocks have been doing well. year over year earnings when you look at the comparison, we are expecting the sector down 4.2%. really this has a lot to do with apple. they're heavily weighted. they are expecting to post $7.31 a share versus $9.32 a year ago, a decline of 22%. if we actually take apple out of the equation, we see an improvement on i.t., it goes from that 4.5% negative growth that they're expected to post down to negative 3% so an improvement there but the overall index also improved. the s&p 500 expecting 3.2% gret this year up almost one percentage point to 4% growth. so a lot of this weakness we're seeing is within apple, certainly the computers industry, that industry expected to be down 23% year over year and apple being a part of that. >> just can't overstate the

investors looking ahead to the start of the earning season which officially kicked off last night with alcoa. those results could give the markets a boost. the aluminum giant reported better-than-expected earnings. the dow rising to 15,205. the nasdaq adding six to 3,485. 7-eleven is getting rid of the 7.11 ounce cups it handed out over the past decade in favor of 12 ounce drinks. that means you'll get 42% frozen goodness this time. the biggest reason, less mess. moms asked 7-eleven for cups with lids. >> thank you very much. moms like those lids. >> dads do, too, by the way. trust me on that one. 4:47 right now. speaking of big gulps and slurpees, looks like weatherwise might be a good time to go have yourself one. >> good for that. moms and dads also like the clear version of the cherry variety. i like a little blueberry myself. we have a good looking day shaping up. 52 in napa, 56 in concord. a lot of people have planned vacations to the bay area around this time of year because we get some of the best weather. it depends on where you live today. the best of the best will be around the in