of the big banks and wall street coming up. and they are one of the largest banks in the u.s. but did bank of america hire security firms to monitor hackers an activist group associated with anonymous says they did will dive into the story in a few minutes. it's thursday february twenty eighth eight pm here in washington d.c. i'm liz wall and you're watching. live again today with significant new details in the case of bradley manning the young man accused of the biggest breach of classified documents in u.s. history pleaded guilty to ten of the twenty two charges against him he pleaded not guilty to aiding the enemy and that is the most serious charge against him today the alleged whistleblower spoke on the stand and read aloud a thirty five page statement where he defended his actions he said in his testimony today quote i believe the public release of these cables would not damage the u.s. however i did agree that the cables might be embarrassing for more of the new details our producer andrew blake was at the hearing today and joined us earlier from fort meade i asked what these pleas mean for th

tonight a conversation about america and banking with brian moynihan, the ceo of bank of america. >> we have been in business earliest predecessor to 1784 so we have accumulated all of this to make lives better for people, whether a person starting their first job to you, as affluent cause kawrnl to a small business own tore big business owner to hedge fund manager or trader, our job so help them live their lives an to do it by connecting together all the pieces and that is what makes us unique. it is not we have all of these pieces. the eces are the best in e world, brokerage capabilities to banking capability or investment banking or commercial banking that is what make us unique. >> rose: brian moynihan for the our, that is next, funding for charlie rose was provided by the following. >> rose: additional funding provided by these funders. and by bloomberg, a provider of multimedia news and information services captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> brian moynihan is here, the ceo of bank of america, one to the world e

, in fact, organic growth you are looking to, how do you see the expansion internationally of bank of america. >> so when you think of what we do outside the the united states we really have two businesses that we are driving our position, the business we call global corporate investment banking, a group of large companies, inside and outside of the united states and what we call global markets which is work with largest stress stores around the world an those two business is a comploabl business, why do i need to be in hong kong, because the u.s. and hong kong business communities are probably players and they need to work with us around the world. >> rose: so you need to be where they are. >> you need to be where they are and be able to work them across. so what has been amazing to me, even in my business career, charlie, is a middle market company which would have been served by, in my predecessor, 1988, is now a global company. >> in other words, they are selling into the demand in china, the demand in ini can't and manufacturing in vietnam and have a factory and so they need people who c

bank of america finishes flat on the day. bank of america still up about 8% on the year. back to you. >> josh, thank you so much. >>> bank of america. my next guest calls it the stock to own in 2013. that is the stock meredith whitney is bullish on. joining me right now in a cnbc exclusive to talk more about that is meredith whitney of meredith whitney adviser group. good to see you. let's talk about your call on bank of america. obviously b of a came out the winner in the stress tests last week. >> one of the most undervalued stocks going into the stress test. what's amazing about this is very rarely do these big banks have both value, catalyst and momentum. and bank of america had all of that. so up 20% just in the last three months. and probably another 20% from here. and it will continue having momentum. this catalyst, when i say it's a stock to own, the stress test was a huge catalyst for this name. it's been this stealth, you know, stealth operator stock -- they announced cost cutting measures back in 2010. no bank has announced the kind of cost cutting measures tha

for bank of america, also for jpmorgan. >> if you look at the way bank of america is trading, the market is telling you that they much prefer a buyback. i know there are some issues with bank of america. but still, most investors would prefer that buyback. >> okay. well, let's get to the overall markets. and of course the traders. the dow makes it ten winnings sessions on the row and the s&p inching closer to a record high. what is your top trade of the day? let's go around the horn. bk? >> let's start with me. the euro the top trade of the day. a couple of events coming up. tomorrow the italian parliament meets. they're either going to form a government where the euro will rally, or they're not going to form a government and the euro gets closer to becoming the new deutsche mark. >> micron. i bought it yesterday. it wasn't on the show, so it's the trade of the show today. but still has more room to go. price targets been slapped on it around $13. >> karen, you have a name we rarely talk about. >> yell, colfax, which is an industrial company that has had such a nice run. valuations getti

this is a stock you got to own, bank of america. >> you got your citi and bank of america and jpmorgan is your more solid company. >> coming up on the half, two traders, two opinions, one battle ground stock, a big debate is next up. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can ac

over time they will do well. >> is there an argument here by virtue of his investment in bank of american safes this company? >> i think that is the argument. by virtue of buffett coming in and essentially solving bank of america's short-term liquidity picture which is what everyone was worried about. if you remember in late 2011, there was talk about a putback settlement by buffett coming in and solving that, i don't know if that marked the bottom but maybe a few weeks later we saw the bottom in the stock. buffett just by him being involved changes the picture of what a stock is worth in everyone else's eyes. >> is this also basically being bullish on the housing and economy the fact he's in bank of america? >> yeah. i think bank of america certainly bet on the long-term strength of the u.s. economy. and also you've got to remember that these warrants were in addition to the preferred. so it was like a free call option on the stock. it stressed it was going to be a long-term investment. so his comments this morning i don't think were necessarily -- he didn't sound overly enthusiastic ab

and certainly if you'd bought bank of america in 2010, you'd be up and you'd be very happy. would be astonished if bank of america is up another 200% between now and 2014 or 2014. but i think there are a lot of other areas of the market with innovative companies, dynamic and growing, that could offer massive returns, whereas the financial services is industry, which these are two of the leaders, is still, no matter how you slice it, a contracting industry with huge headwinds. >> jc? >> well, zachary, i love my grandmother, she's 85, and i think she might live to 100, and i love this stock. you mention a lot of bad things about this stock, but investors want to get involved right here. and i look at the intrinsic value and it's around 14, and that's my first price target. we have the fundamental target and technical target lining up together, so i love it right here. >> that was no ortdonthia orr geriatric slur. i i would rather be a high-end retail or some industrials. i think net/net, unless you can find a creative, innovative or growing area of the industry, these stocks wi

they appeared on bank of america's books. he purchase of merrill, which during the financial crisis had a lot of problems. right now, bank of america is considered, it is down a little today. it is figures out picks the date it is down to do the story. it is now considered a wall street darling. if you look at over the year, the last year of the performance of bank of america versus goldman and s&p beats all of them. bank of america is up 25% during the course of the year. what is interesting about this story, is, the emergence of brian moynihan as a star ceo in the last year. i mean a lot of em, i have written negative critically about him. i didn't think he was cut out for the job. he kind of fell into it. there was other candidates when ken lewis resigned in 2009 were likely to get it. they couldn't do it for one reason or another, investigations. he has done a pretty good job trimming costs. garden fencing, ringfencing, excuse me those liabilities that involved countrywide. and right now, people are talking about him as th

bank of america still having problems with mortgages. the consumer financial protection bureau, that is, says that the bank accounts for nearly a third of the complaints the bureau receives come from bank of america. bank of america claims nearly all of those complaints have been resolved. many stem from the acquisitions of countrywide, the top mortgage lender, until it went under. >>> young adults finally starting to buy homes, something many put off during the recession. the oldest of these millennials as they are called are now entering their early 30s. survey finds they're not as interested in luxury as they are technology and flexible space. almost half say they'd like to turn living rooms into home theaters. >>> it won't takeof a search to find the latest internet retailer for delivery of online purchases and testing it in san francisco. it includes national chains as well as local retailers. shoppers who want to participate in the test have to sign up online. >>> a volkswagen is again the world car of the year. this time it's the v

right now we have a handful of banks that have 70% of all the banking assets in america. amazing. and it has grown more. >> that is more than we had before the crisis. so dodd-frank has not solved the problem. it created enormous bureaucratic structures of the it is hyper complex. our solution -- solution is very simple and straightforward and we believe will deal with the too big to fail issue. >> you mentioned how dallas is sometimes an outlyer with some of the other fed banks in the country. jeb hensarling pointed that out in his conversation with ben bernanke last week. let's play a little sound bite from that. >> sure. >> richard fisher, president of the dallas fed, quote, i will be asking myself what good would it do to buy more mortgage-backed securities and more treasurys when we have so much money sitting on the sidelines. david: your name was mentioned by jeb hensarling. ben bernanke said you had a disagreement whether to taper off money printing going on. you said last week, personally i would begin the tapering the purchase of treasurys. i would like to start n

pitches in efforts to destroy wiki leaks in terms on behalf of one client their client being baking bank of america they were worried that wiki leaks was sitting on a cache of documents from bank of america and also in another case trying to attack critics of the chamber of commerce the chamber is also a client of hunt and williams so those are were potentially illegal and they were certainly if arius deeds be at least thought out least in their initial conspiracy stage among the cyber security firms and a cut out for what were their clients for being bank of america and the chamber of commerce all definitely he's just the latest in a long line of people being attacked obama said he doesn't want to look backward to prosecute bush criminals but he's certainly looking backward to dredge up archaic pieces of legislation to prosecute whistleblowers thank you so much for coming on would definitely be to pay attention this case christian stork who won't why not work. this month marks the seventy first anniversary of a very dark chapter in american history page in our history books that is too often gloss

pitches in efforts to destroy wiki leaks in terms on behalf of one client their client being big bank of america they were worried that wiki leaks was sitting on a cache of documents from bank of america and also in another case trying to attack critics of the chamber of commerce the chamber is also a client of hunts and williams so those are were potentially illegal and they were certainly nefarious deeds being a thought out least in their initial conspiracy stage among the cyber security firms and a cut out for what were their clients were being bank of america and the chamber of commerce all definitely he's just the latest in a long line of people being attacked obama said he doesn't want to look backward to prosecute bush criminals but he's certainly looking backward to dredge up arcane piece of legislation to prosecute whistleblowers thank you so much for coming on would definitely be to pay attention this case christians storch who what why work . this month marks the seventy first anniversary of a very dark chapter in american history page in our history books that is too often glossed ov

>> mm-hmm. >> i mean, it seems like somebody at countrywide or bank of america did not want you to talko federal regulators. >> no, that was part of it. no, they absolutely did not. >> do you feel like you were a victim of criminal activity? >> it's a crime to retaliate against someone for making reports of mail fraud, bank fraud, wire fraud, mortgage fraud, things that would harm stockholders and investors. and that's what i did, and that's why i was terminated. >> were you offered a settlement? >> they asked me to sign a 14-page document that basically... would buy my silence in exchange for a large amount of money. >> but you didn't sign it? >> no. >> why not? >> how many people can they-- can they buy off? they just pay for it. they commit the crime, and they buy their way out of it and just do it over and over and over again. i wanted them to have some sleepless nights thinking about what they would say to a federal investigator and worry about being exposed and being held accountable for committing a crime. >> eileen foster spent three years trying to clear her name. in fall of 20

>> valuation wise, i still like bank of america and one of the big calls this week, a lot of people haveaid, you don't need major growth. you just need normalization, the balance sheet to continue on. so, there seems to be a lot of momentum in addition to valuation supporting this sector. this, to me, is how you play growth in america and global deflation, which is what i think we have. >> blackstone got whacked this week. just people taking profits on the back of what's been a tremendous run in the name. bla blackstone here, i think, you be long that name. >> next trade here, coal prices have been under pressure from oversupply and the record production of nat gas. have we seen the bottom in coal now that nat gas prices are rebounding? let's get the latest from francisco blanche. you said the worst is not yet over for coal? >> look, we think for global coal, we still see pressure on prices. there's supply coming from indonesia, australia, you have colombian coal coming through the pipeline. as you look at the u.s. market, maybe there's more support given the higher gas prices. >> can yo

you can see bank of america and citi all down. one of the biggest losers in terms of percentage moves was bank of america early on. and despite the move in dell which has been off quite a bit, the stock's highs today, pfizer, johnson & johnson and target were all on the list. that's not all. pfizer, verizon, and wall greens all hit highs. what the heck happened? >> a little of this was a sell on the news. moved up and quickly down at the open. the dutch finance minister said something and everybody said what the heck does that mean. then also go to the ininsured dpos it holders. inserting a real problem. take a look at the italian banks that got hit very hard. we have to watch every bank that we're in and you can see some of the declines here. the euro hit a four-month low. they would be beneficiaries because our banks are in better position than many southern european banks. a lot of people go from southern to northern european to u.s. banks. in terms of the sectors, a little more on the defensive side. consumer staples down the l

they won a dismissal over a lawsuit with bank of america. as you mentioned, a lot more of the warren buffett special when we come back on "power lunch." sngs welcome back, everyone, to the special edition of "power lunch." i'm becky quick in nebraska with a special interview with warren buffett. we talk about taxes, death threat and what has been causing the gridlock in washington. >> probably will -- >> it sounds like we are having problems right now with that video coming in. warren buffett did weigh in on washington. he talked a lot about the grid locks there and what he thinks is causing it. he came up with an interesting analogy where he talked about how when you get to negotiation in business you have to have two sides who both kwum to the table and are able to go ahead. are able to o go ahead and negotiate on both sides of it. both sides, he says, needs to be able to say with authority that we are they are ne negotiating with both parties back to 2011 when things really went wrong. he said it doesn't do any good to rush to people with

we've got a number of them that were sitting right near new highs, bank of america, wells fargo, regentsl tell you what was interesting about the bank capital return plans and some of the banks are returning as significant dividend players and to me what's significant is over 3% because so you notice wells fargo's dividend is at a dollar now and that was the largest of the banks that i was able to find right now. as i said when you get over 3% that gets significant. j.p. morgan's dividend is $1.52, and i have exactly 3.0 on the dividend yield and with the dow lower it might be higher than that and others are headed in that direction. capital one, i said i'll bet it will be over a dollar. it is $1.20 and i have 2.2% yield and they're heading in that direction and nobody else is at 3%. the other nice surprise is bank of america. no dividend increase, but 5 billion share buyback. i had some people estimating $1 billion and $5 billion was above everybody's numbers and that was a pleasant surprise. no meaningful dividend. still, bank of america and citi is still diminimus and that's not great

let me give you one, i shudder the thought is bank of america as bad as bank of america is indicatingh the stock? >> i don't think so. >> you know what, ty. >> a lot of countrywide -- >> the last radian deal. you're right. be joyful, be excited. >> skeptical. >> to get your head chopped off. i don't want a marie antoinette moment between you and me. >> let's go down to sue who i know wants to jump in here. >> listen, nobody wants a marie antoinette moment in this market. i totally agree with you. what i find impressive, confirmation from the transportation index this morning, which i think is very important, and the breadth. if you look at the broader-based market indexes. i take your point completely on the s&p. i think it's pretty impressive we have not only the s&p, russell, 2000, wilshire is participating as well a lot of those bigger indexes are doing quite well today. >> that is important. let's compare where we were last time. sue, when we were last time, it was fertilizer, copper, materials. materials still not back to where they were. we were so narrow last time it was almost

but 5 years ago he got divorced and had to refinance to pay his ex-wife the loan from bank of americaame unfordable. he tried to work with bank of america. >> different person each time you talk to them. different answer every time you talk to them. a lust of frustration. -- a lot of frustration. >> reporter: he went to his bank this afternoon with the alliance of californians for community empowerment, no luck. the bank put the house up for auction. he is now among the 10,000 residence who faced foreclosure in the past three years. most of them minorities. >> they are predatory loans and they signed in good faith and they didn't know it would be triple the amount. >> i don't know where i am going to stay. where i am going to live till we get this resolved. >> reporter: today bank of america e-mailed us saying they reduced his payments and tried to assist him, he denies this. reporting live, rob roth, ktvu channel 2 news. >>> pink floyd's dark side of the moon is one of 25 recordings being preserved by the library of congress. [ music playing ] >> dark side of the moon spent more week

is an insurer getting a favorable court ruling from a new york state judge a lawsuit against bank of america. claiming bank of america took bad mortgages, repackage them into bonds that were then ensured. they suffered $3 billion in losses. remember all of this? once you mortgages went sour during the financial crisis, all hell broke loose. they want bank of america prepurchase the junk mortgages and as a result they are under more pressure to settle the ca case. one company looking very sweet to investors that are talking about expansion plans overseas. sandra smith on the floor of the new york stock exchange for a look at krispy kreme. sandra: krispy kreme doughnuts, the original glazed doughnut will make its debut in taiwan. opening about 10 locations over the next five years in the taiwan, and shares skyrocketing 7%. a stock up 52% this year. by the way, also hitting an annual high today. 1440. about $0.20 off right now. 730 locations in 22 countries. they are expanding and the stock is growing. back to you. liz: sandra, not yours. thank you very much. sandra smith. homeland security chi

amerisour amerisource, bergen, and in terms of multiyear highs, bank of america, which we pointed out before, up .4%. that's multiyear highs at this point, i long with igt and norfolk southern. so a lot of important milestones being hit in the market as we are at session lows. >> a big week for the fed, of course, ahead. for the moment, that's all for "squawk on the street." thank you very much for watching our program. >> let's get back to headquarters for the "fast money halftime report." >>> all right, guys, thanks very much. welcome to the show. we're watching wall street very closely today. right there is where we stand. the dow is negative by about 39, taking a leg down in about the last 45 minutes or so. the s&p following suit. some real questions about this vote in cyprus scheduled for around now. however, as i said, questions remain. the euro has fallen on that news. that's what you see right there. 1.288. that's about the lows of the day. the breaking news at the screen. the ruling party to abstain from that vote according to the dow jones according to a spokesman there. tha

barclays lloyds royal bank of scotland bank of america jamie diamond goldman sachs now throw in standard chartered. well let's talk about another offshore location banking going through some crisis here cyprus tell us what your take is on the current situation in cyprus press has long been a national island also used as a tax shelter just like jersey and so i think probably what's going on there is probably a harbinger of possible things to come i think it's pretty mad world when people have to posit i mean threaten. but having their deposits taken away from even if they are rushing in if they might have more money than other people doesn't seem that that's going to happen the banking system it's either this is usual or we're stealing your money there's a problem that's the only choices we have or there's two kind of layers here there's the institutional layer of fraud where banks are really ripping each other off and we see this in the futures market the commodities market a lot more but now we're entering a new era where the retail deposits are being confiscated to pay off the bets on

barclays bank of america j.p. morgan jamie dimon if they caught breaking the law like they are repeatedly they just need more to pay the fine so it's really a nonevent a matter of fact without that manipulation the u.s. economy would crash now which government officials learn of this how did they learn of the manipulation and what was their response just break that down well there was a lot of complaining on the trading for that day by traders who actually wanted to to buy or sell it at a lower price. when they investigated it but there's a agency within the u.s. government called the commodity futures trading commission that is in charge of the energy and the commissioners got together and they decided they were going to call it a non bonafide trade so instead of calling manipulation they said it was a non bought of high trade and interesting lee it was a republican commissioner scott o'malley who said i don't agree with. a very well thought out dissenting opinion saying it's extraordinary that market is vital as

the loan he received from bank of america was adjustable, and he said it doubled during the economic wnturn. he said he tried to work with bank of america. >> it feels like i've been robbed, not only financially, but my home being stolen as well, right from under me, after paying over $400,000 in 20 year period. >> brown is now among the approximately 10,000 oakland residents who have faced foreclosure in the past three years, and according to an activist group, most of them are minorities. a bank of america spokesperson told us they did try to work with brown, and reduced his payments, but the bank says he didn't follow through. brown denies that that happened. >>> livermore police are asking for the public's help tonight to catch a bank robber. a surveillance camera took this picture at about 1:30 today at the citibank on portola avenue. the robber is described as 25 to 30 years old, weighing as much as 250 pounds. no one was hurt during the robbery, and police are not saying how much, if any money he got away with. >>> a snowstorm is being blamed for a huge freeway pileup in canada

the loan he received from bank of america was adjustable, and he said it doubled during the economic ome being stolen as well, right from under me, after paying over $400,000 in 20 year period. >> brown is now among the approximately 10,000 oakland residents who have faced foreclosure in the past three years, and according to an activist group, most of them are minorities. a bank of america spokesperson told us they did try to work with brown, and reduced his payments, but the bank says he didn't follow through. brown denies that that happened. >>> livermore police are asking for the public's help tonight to catch a bank robber. a surveillance camera took this picture at about 1:30 today at the citibank on portola avenue. the robber is described as 25 to 30 years old, weighing as much as 250 pounds. no one was hurt during the robbery, and police are not saying how much, if any money he got away with. >>> a snowstorm is being blamed for a huge freeway pileup in canada. at least 100 people were injured today. one seriously when snow blanketed an area in and around the city of edmonton.

the consumer financial protection bureau reporting bank of america account for 30% of mortgage complaintss since december of 2011. fifteen thousand complaints reported with two feared the filings related to bank of america's handling of loan modification, debt collections and foreclosures. the company announced 90% of those complaints had been resolved. have you ever wondered where the priciest real estate markets are in the world? here are the top five. paris, obvious, geneva, london, hong kong conlan and i would not have guessed this, monaco. it has a great view. the nanny state takes the cake. a new study by george mason university ranks new york dead last for the level of personal liberty, 50th out of 50 states in the union, the empire state's high tax rate, to of business controls, regulations on tobacco products. and if you are a new yorker you need to go west. the study found the number one state for personal liberty is north dakota but it is cold as you know what. grandparents taking a more active role in saving for their grand kids education while reading portfolio benefit themse

apply online or at a bank of america near you. ng this delicious could only come from nature. new nectresse. the 100% natural no-calorie sweetener made from the goodness of fruit. new nectresse. sweetness naturally. >>> welcome back. some stories making news this morning. overseas in syria, anti-government forces are reportedly close to overtaking the one-time government stronghold of raqqa. if successful, it will be the first major city to fall completely to rebel fighters. >>> could the next stop for the newly retired emeritus pope be the courtroom? attorneys have tried unsuccessfully for years to sue the vatican for charges of sex abuse. they're looking at whenever the former pontiff is legally vulnerable in retirement. >>> more activity from mt. etna. the volcano can be seen sending ash high into the air and spewing lava. >>> starting in a few days, there will be no more people in the people's house. the white house is suspending tours. officials say the sequestration is the blame. >>> the man charged in the murder of florida t

well the bank of america story and i.g. they decided to sue each other or not sue each other or maybe sue each other then the bank of new york federal reserve bank of new york absolve the whole case and walked away from billions in restitution that would have been in the pockets of taxpayers because the new york fed remember timothy geithner's old bank is part of the federal reserve banking system and there are the banks to give these terrorists on wall street as i call them in the city of london in new york the loans at zero percent interest rate to sue all their incredibly risky schemes that blow up and as you point out when they do when they do blow up there are the risks and the costs are distributed to the taxpayer to the vast population but when things go right when the gambles pay off they keep the profits it's a two tier justice system and i'm shocked that eric holder is under his desk hiding saying oh no jamie diamond the job i'm not here please notify the hiding from you please i'm afraid of jamie dugan when they t

. >> reporter: 15-year-old tanner cole found out about it when the money he had in his bank of americant went to the state. >> it's my money and it really makes me mad. >> reporter: his dad says the state couldn't find the money. >> the state says there's nothing showing up for tanner, they don't have any record of receiving anything and they don't know when or if it's coming. >> reporter: they only need to send along the owner's name if the property has a value of at least $50. which explains why the state had no record of tanner's $30.75. and they don't have to notify you beforehand either. >> i think it's pretty dumb because how am i supposed to know? >> reporter: we learned the state has ken in $68 million since 2007 without any property owner information. that is $68 million that belongs to you, and ends up in the state's general fund. >> all of a sudden we were the little fish in the big giant pond of other people in the same predicament. and surprised that nobody had done anything about it. >> reporter: but now, someone doing something about it. >> i actually pride myself on doi

>> the one bank i believe investors are very split and divided on right now is bank of america. ank of america, as you know, has been struggling for a number of years. they failed the test a couple years ago. they have yet to kind of return meaningful level of capital to shareholders. very token dividend right now. they're the ones i believe are --. dennis: that is pressure point. nice job. thanks for bird doing that for us. todd hagerman. appreciate it. >> thank you. lori: we have breaking news here for you. we are getting more details on facebook's brand new news feed. a the limited roleout will begin today. nothing yet on the website. we'll have a full report just about ten minutes from now with our own robert gray. he joins us live from the event. >>> charlie gasparino is here next as the dark pool volume grows. dennis: take a look at ten year and 30-year treasurys. the american dream is of a better future, a confident retirement. those dreams have taken a beating lately. but no way we're going to let them die. ♪ ameriprise advisors can help keep your dreams alive like they h

also i would look at bank of america and all money center banks as an opportunity to take profits. goldman sachs and morgan stanley up nearly 20%. i think a stock like bank of america, up 103% in 2012 is due for profit taking especially when you see they are going to have positive bank stress test results here. i think people need to be a little more conservative. i would be in a camp more selective versus euphoric. >> mandy will ask you what you like. i'm going to play bear with her greenberg. matt, i know you agree this is one to avoid. is part of that it may be tough to envision a scenario where hpq is actually in a dow in a year? >> i'll tell you something. one of the colleagues i work with here was in one of the electronics store and saw a chrome book for sale for $250, which is the google laptop. you've got all these tablets out there. i think hp's business has changed and the technology has passed it by. it's managing a business that's depreciating, as far as i'm concerned. they reported earnings back in late february. the stock gapped up because they weren't as bad as people

economist at bank of america merrill lynch global research.o see you. >> nice to be here, melissa. >> should we dismiss this number in your view? do you agree with brian? >> i think it's a fair debate. and frankly, we were quite surprised by the strength of the report. we were looking at the head winds that the consumer was facing which was delay tax refunds. higher gasoline prices, poor weather conditions and, of course, the lagged impact of higher tax in january. we were looking for a weak report and we were surprised by it. whenever you look at the seasonally adjusted versus the not seasonally adjusted, maybe we'll get a revision. but i think to me what it tells us is something a bit more fundamental about the consumer which is the tail winds are maybe a little stronger than we had thought, which is healthier laboring because job growth has done better. wealth appreciation which is helping to boost consumer confidence. the consumer's still in a challenging place, but receiving some cushion from the labor market. >> how can economists be so

bank of america down one third of 1%, but abroad you're seeing it more so, particularly in the euro zoneal bank of greece hit a new low so you're seeing a concern and tomorrow's vote and the banks in cyprus are closed until thursday. cheryl: we're watching the currency markets as well. thank you. of course, we're going to see you in 14 minutes and dow down almost 10 points right now. as nicole just mentioned, the news out of cyprus is sending u.s. markets down. earlier the dow was much lower than it is right now. but we are recovering right now. liz is on the story and joins us with more what's happening in cypr cyprus. and we'll get some color on this just like old times. let's start with you and, you know, actually tax deposits in cyprus created a ripple effect that i don't think anyone expected. >> right. and news coming out now the banks may reopen thursday instead of tomorrow. italy tried this to a limited effect taxing deposits in 1992. it's called a solidarity levy by the e.c.b. now, j.p. morgan chase, the situation is very fluid. gold man sacks and j.m. morgan bank analysts like