i'm bob pisani down on the floor of the new york stock exchange. hello, michelle. >> hi, bob, good to see you, i'm michelle caruso-cabrera in for maria bartiromo at cnbc global headquarters. right now the dow jones industrial average is lower by a 4r89 more than ten points. 9,351. the nasdaq pretty indecisive trade there as well, higher by nearly two points, sitting right now on the 2,000 mark. the s&p 500 pretty indecisive day but let's see as we go into last hour of trading higher by a little more than a point. 1,0067 is where the s&p stands right now. >> we've got some groups that are nicely moving ahead. financials, for example, materials stocks since the dollar has been a little weaker here. but the big talk is about the retailers, been walmart. we've got a lot of retailers coming. i want to show you nordstrom because that's going to be coming after the bell. everybody knows they had the big sale in july but look at this stock, one-month chart, up 30% in a month here. the speculation is the sale went very well. but don't be surprised to see some selling on th

i noticed her personal friends from arkansas, jim bob and michelle duggar.ve you guys here. welcome to new york. >> your show has been a hit on t.l.c. and people are fascinated, how in the world can you make it woring with 18 kids and now plus a daughter-in-law? >> that's easier now than when we had five or six because we all work together. >> ly shell. i think that people are amazed you, were obviously to have 18 children and people say, wait a minute how many are adopted, how many, none of them. every one you've given birth to and you've been pregnant most of your adult life? >> yes, but we believe each one of these children are a gift from god and we are enjoying them. they are so precious, and i couldn't think after better way to spend my time than loving my children and enjoying them while they're herements one of the things i've wondered, do you even know how to name all the kidsment can you tell who they are from each other? >> how many little boys, six little boys in a row, on the back side it's hard to tell. we are going to put you to the test. >> w

it is a special tribute to say that we are joined by leader bob michel. almost all of speaker hastert's life as you heard has been devoted to public service. he came in into government service after 16 years as a teacher. what better service to our country than that? and as you know, as a coach he put those skills to go use in this body. ever proud of his roots, he brought the values of the heartland and illinois' 14th district to the speaker's office. as a member of congress, dennis hastert served with distinction. as speaker he broke records, becoming the longest serving republican speaker in history. on other occasions i have said long may his record stand. but not today. [laughter] this is a testament to his leadership within the republican conference and also within the halls of congress. though we may not have always agreed on issues, not always, speaker hastert and i, and all of you here today agree on the importance of public service. distinguished public service has been the hallmark of speaker hastert's career, whether in the classroom or in the

i noticed her personal friends from arkansas, jim bob and michelle duggar. to have you guys here. welcome to new york. *applause . >> mike: your show has been a big hit on tlc, and i think people are just fascinated how in the world can you make it work with 18 kids was not a daughter in the? >> it's easier now than we had five or six. we are a team and we work together. >> mike: michelle, people are amazed you have been able to have 18 children. and people say wait a minute, i mean these are adopted? how many -- everyone you give birth too. you have been pregnant most of your adult life the jackass. i said we believe each one of these children are a gift from god. and we are enjoying them. they are so precious. i couldn't think of a better way to spend my time than loving all my children and enjoying them while they're hear. >> mike: one thing i always wondered, do you even know how to name all these kids to cute can you tell who they are from each other? >> we had six little boys and roll from the backside it's hard to tell. because i want to get away with

michelle? >> bob, the ceo of franklin mutual advisors overseize $52 billion in assets, a big fan of value oo stocks right now. up next, where he's seeing the biggest opportunities in this market. >> a "fast money" final call spin is in. why tobacco and alcohol stocks could give your portfolio good returns in this market coming up. >>> after the bell, look to chairman and ceo thomas ryan explains cvscracy growth. >> first the most active stocks led by citigroup as always. tdd#: 1-800-345-2550 if i'm breathing, i'm thinking about trading. tdd#: 1-800-345-2550 i always have my eye out for a stock on the move. tdd#: 1-800-345-2550 doesn't matter if a company sells computer chips tdd#: 1-800-345-2550 or, i don't know, fish and chips. tdd#: 1-800-345-2550 i'll look at all kinds of stocks before i settle on one. tdd#: 1-800-345-2550 if i think i'm onto something i'll check it out, tdd#: 1-800-345-2550 you know, see what other traders are up to. tdd#: 1-800-345-2550 when everything feels right though, tdd#: 1

bob? >> michelle, financials leading in this very strange day trading, call it that, fanny makers freddie mac, 500 million shares of fannie mae have trade sod far today, more total volume of the new york stock exchange, fannie mae is 10%, i'm told, the total volume of trading on the floor here. freddie mac as well, strong heavy volume as well. again, the earnings came out a long time ago, primarily momentum trades at this point. there is credit cards, all up, positive comments from barclays, credit card dell lynx questioncies moving to the downside. as oil approached the $75 level seen the energy stocks be the leadership group, right across-the-board, talking about smaller companies, valero, medium sized companies murphy, ex-son mobile across-the-board, two, three, four% increases in the prices. trader talk.cnbc.com. rebecca, nasdaq on the upside. >> nasdaq modestly positive, the case, bob, tech is lagging the overall markets seeing the nasdaq up .2% now. one of the culprits is dell the upside 3.6%. am tech out with a note, not only positive on dell but positive on technology saying corpo

bob pisani and michelle caruso-cabrera and steven pearlsteen from the "washington post" who wrote an op-ed concerned about high frequency trading. let me go to you first, steve pearlstein. you talked about the surge in volume that was due to high frequency trading and said this seems like you likened it to this could be the next big thing, as in big problem. she seemed to say high frequency trade sg not necessarily a bad thing. >> she did. you know, with the exception on those variations on it like flash, which obviously are unfair. i don't know that it's a terrible thing. these are the sorts of things where a red flag seems to me is presented. we've seen them before. it's not just accelerating what otherwise was already going on. not making it faster. it's making it so much fatter and having so much volume that it induces its own volume. i do high frequency trading and the next guy and everyone is doing it. we have much higher volumes and it changes the kinds of trading not just the speed of trading. i guess the question i would ask, the incremental increase worth the incremental in

michelle, back to you. >> thank you, bob. big economic report today. initial jobless claims. they unexpectedly rose by 4,000 last week to 558,000. but the number of americans continuing to collect unemployment benefits actually fell by 100,000 to 6.2 million. here are some of the other stories that we're following on the "closing bell" take ticker right now. ford motor announcing it is ramping up production of its focus sxes cape models in the third quarter to meet rising demand for those vehicles. under the government's cash for clunkers program ford now plans to build 495,000 vehicles in the quarter. that is an 18% increase over last year's level. ford shares today higher by 2 3/4%. a gain of 21 cents to $7.91 a share. dr. pepper's snapple's group second quarter profit surged 46% to $158 million. that easily beat wall street estimates. the beverage maker also raising its full year earnings above analysts' expectations. taking a look at the stock, had a great session. higher by more than 7%. a gain of 1.70. 25.22. and koz m and koz met sxikz perfume maker estee lauder swingi

michelle, what's going on? >> bob, listen to this. the dow jones industrial average is for sale.s shopping the index business. that means somebody else, if they buy it, can rename it. it's like a naming opportunity. can you believe this? you who work down there at the new york stock exchange, when you've talked about the dow jones industrial average nearly every day of your life. dow jones industrial average is for sale. >> so we could name it after an orange juice company if we wanted to or something like that. >> we could buy it and call it the cnbc industrial average. >> how would you value the -- now, there's a great -- >> oh, here's a good one. guess who's conducting the sale. one guess. >> goldman sachs. >> there you go. >> that was a complete guess. honestly. and charlie didn't even say any sarcastic remarks to me. that was totally a complete guess. >> yep. this is unbelievable. this is from the "wall street journal." the move shows that news corporation, which purchased the publisher in late 2007 for 5.7 billion, is willing to shuffle its dow jones assets. there you go. >

i'm bob pisani at the new york stock exchange. >> i'm michelle caruso. the markets right now, stocks seeing selling pressure in the last ten minutes with the major averages all now in negative territory. taking a look where we stands, the dow jones industrial average lower by three points. you can see we've been hovering around the flat line. ditto for the nasdaq lower by 6.5 points. 2002. still holding onto the 2000 level. the s&p 500 still holding onto the 1,000 level. 1.55. bob, what else is on your radar? >> we're getting nice moves up in financials and other interest rate sensitive stocks here today. even though we're seeing a dip in the bonds. let's take a look at some of the big movers here. real estate investment trusts. the background for commercial real estate, in general it's poor. we have nice moves up in office reits like sl green, kim coand even apartment reits like avalon bay. some people are starting to think they've got to own some of these because they're underowned by very important groups of investors. home builders, disappointing ear

as we know, michelle, yesterday radian, some of the other mortgage companies came out and made some positive comments. back to you. >> thank you, bob. we have quarterly results from cbs. cnbc's julia boorstin has the details. julia? >> hi, michelle. yes, we're getting earnings per share on an adjusted basis of 8 cents on revenue of $3.01 billion. that's down from $3.39 billion in the same quarter last year. and also lower than analyst expectations. if you break it down division by division, you see that cbs has been significantly affected by the advertising downturn. the vast majority of cbs's revenues do come from advertising. and just to give a comparison, that 8 cents this year compares to 49 cents in earnings per share last year. television, which is the vast majority of cbs's revenues, coming in at $1.947 billion. that is the vast majority in terms of revenue. that's down from 2.1 billion in the year ago period. we saw radio revenues down from last year. outdoor advertising down from last year. and interactive is the only division that is showing growth. michelle, back over to you. >> interactive, i'll assume that's going to b

i'm bob pisani down on the floor of the new york stock exchange. hello, michelleberto. i'm michelle caruso-cabrera in for maria bartiromo at cnbc global headquarters. in the markets we are seeing some selling pressure on wall street. stocks are lower in what has been a pretty broad-based pullback. the s&p 500 as bob mentioned dipping below the 1,000 mark today and as for the other major indices i'll show you what's going on. the dow jones industrial average lower by nearly 52 points, a decline of half a percent. 9,228. below the 9,300 level again. the nasdaq below the 2,000 level at 1,971. and the s&p 500 declining by .8% or 8 points. 994.52. yes, below the 1,000 level. bob, later on in the show we're going to talk with a technician about what the s&p's going to do. what have you got on your radar? >> here's the important thing. there are some positive today but also some clear negatives. let's dot bull-bear, put up the screen here because i'm getting a lot of flak from both sides, and that's a good sign. the bulls are arguing right now get used to some gdp growth

bob simpson, chairman of xto energy. good to see you again. >> thanks, michelle. thanks for having me. >> you have hedged nearly everything for next year. what does that mean? you're getting paid how much for oil? >> we've had almost 100% of all for next year at $96 a bare rel. >> wow. >> we think that will be above the market. but that was a combination of some recent hedging, coupled with some we did last year at $126. that's an average. >> you're taking a bet though, right? you're taking a bet that it's going to stay low? i mean what if it goes higher? aren't you going to regret it? >> that will be okay. we'll start hedging 2011. so we're always -- there's always another year. you know, historically, 96 is high. there's only been one year that we've exceeded that. >> that would be last year. >> i think that's a good number. natural gas we've hedged about 40% close to $9. so we have some more work to do there. we'd like to hedge half to two-thirds. we'll be doing more hedging as we go forward. >> we should point out, you're making nearly six bucks on what's the

michelle, over to you. >> all righty. thank you so much, bob. just about 49 minutes before the closing bell. dow jones industrial average and the nasdaq in negative territory. we're going to see if we can get into positive before the end of the day. bob? >> the s&p at 1,100. can we do it? that's what citi chief u.s. equity strategist tobias lefkowich thinks. find out what he thinks you should do to cash in on the potential rally p. >> plus, president obama promised the economic stimulus would turn around the economy. but unemployment at nearly 10%. is the stimulus working or not? coming up, council of economic advisers chairman cristina romer will tell whus we may start seeing real results. >> and after the bell your tax dollars may be going to pay wall street banks and lawyers nearly $1 billion in fees to help break up aig. should the government ask for a discount after giving billions to shore up the financials, or are taxpayers getting the biggest return for their money by paying the best on wall street to get the job done? that story today 4:00 p.m. eastern. >> and here's a look at the m

michelle, what's up? >> we've got breaking news related to the victims of bernie madoff, bob. they're going to find it probably easier to get some of their money back due to a new change announced by irving picard, who's in charge of liquidating madoff's assets and trying to get the money back to them. here's the story. if you gave, say, $500,000 to madoff years ago and it built up to $10 million and you put in a claim for $10 million, irving picard has always said, actually, you're only getting back $500,000. and people have disputed that. what he said in the past was i'll give you the 500 grand if you give up your claims for the rest of the money. now he's changing his position. he says you can still get your 500 grand and still push your claim on the other issues. so some people who were fighting arguing they deserve more money will probably now be able to get money sooner or at least get some cash. that is a change. change in policy by irving picard when it comes to those who are disputing how much money they should be getting back from the liquidation of madoff's assets.

michelle gitlor was part of the medical team at mt. sinai hospital that helped save bob's life. while doctors have to alert police about shooting victims, according to the american college of emergency physicians, there is no federal law requiring doctors to track the number of gunshot wounds. the doctor says it's an epidemic that goes underreported. >> to put it in perspective, for the h1n1 or swine flu, alerts go out through all the hospitals on how to recognize it, how to treat it, how to report it. so that's 20, and this is 2,000. so i'm a little bit confused about why this isn't as emergent a public health issue. >> reporter: dr. gittlor is the only reason bob agreed to do this interview. he made her a promise to teach kids that they have a choice. >> they don't have to turn into gangs. they just feel like they do at some point. i'd never know how i'd live my life. i don't want them to do the foolish things i did. >> reporter: his love for the gang remains. he is not getting out. still, he is surviving the streets to see his 31st birthday. >> i think we're not meant to be h

michele. >> coming up, tim tebow and the gators. can they repeat? bobm their training camp. ♪ ah, that hits the spot. it's drinkability. it means bud light is good where ever you are. if you're at a party. or, playing golf. like those guys. or, in a bar. [ old timey western bar music ] draw another door. don't say draw. never filling, always refreshing. bud light. the difference is drinkability. seven aces. >> what to watch for, tonight in about ten minutes, the red sox have owned the yankees so far this season, but karl ravech and the "baseball tonight" crew tell us why the a.l. east leading bronx bombers could reverse the tide this evening when joba chamerlain takes the mound at home. >> not that tim tebow needs any motivation, but when you have the talent returning that he does, you can understand his impatience with the season still a month out. add it to he didn't win a second heisman trophy, and the gators lost to ole miss at home last year, and you've got all the makings of a gators' squad ready to lay the smack down in 2009. espn's bob holtzman

and michelle, there is the power of cost cutting as you get small increases in the top line, you get dramatically bigger increases in the bottom line. caterpillar had a great day. >> thank you, bob. speaking of earnings, numbers outs from craft. mastness toe has the latest. >> on the continuing operations basis, kraft the foodmaker 56 cents a share. the revenue is down 6% to $10.2 billion. looks to be a little bit soft. get this, an 8% negative hit from foreign exchange from the currency. we've talked about the effect here. another 7% hit on revenues from divestitures. the stock inching higher in the after market. little change in the regular session. it is positive on the year to date basis and a $40 billion market cap also worth noting here today is their full-year forecast. the company acknowledging what the street already believes. they raised their full-year target to at least $1.93 from $1.8. guess what consensus is, $1.93. there's the kraft story. the numbers out. they beaten ot bottom line. it looks to be a little bit soft on the top line due to some revenue constraints due to the foreign exchange. michelle? >> thank you. here's a look at some of the other business headl

bob pi san see is at the new york stock exchange. and the market could use some caffeine. >> it could. and you're right, michelle financials, and of course some of the cyclicals were the big numbers last week, and decliners today. 3, 4, 6% declines. remember, zions went from 18 to $10 a month ago. keep that in mind. take a look at real estate investment trusts, too, big gainers on hopes that maybe commercial real estate wouldn't be as bad in the next few months, but no matter where you look, the business -- the office reads that retail reits like tanger post properties in the department rooet all to the weak side. finally, industrial cyclical stock all a nice move to the up side last week, last two days, they too have been on the weak side. trader talk.cnbc.com. and brian, techs not helping much either today. >> this does not feel like a leadership group today, 1.3% to the down side. and i think we broke the advanced decline, because we can't pull it up, because it's just about red everywhere. a quick look at big names, dell down 2.4%, 1.8 for amazon. cisco, 2.4. applied materials reports after the bell. the one

michelle obama . >> guest: i don't know what two say about that and then he said that he is friends with bob green, have done bob green's show and i don't know. he said he is a cantankerous conservative, he says a racist, i think if you have some specifics out respond to the specifics but short of that i know that bob grant is a tough law-and-order kind of guy that is what drafter. what else was asked about -- bill o'reilly i remember one thing involving controversy with o'reilly for he had gone to a restaurant in harlem with sharpton and then afterward senator nunn to be a fine restaurant and all the rest and then people said that is a breezy assumption and what happened was i was on the air with o'reilly and we were talking about a rapper and the rapper was making all kinds of profane statements and using the n word and all the rest and o'reilly said he had gone up to harlem and have been to the native baker concert and had a great time. and then subsequent to that everybody was over him say that he was racist. again, understanding that to my mind it was a rapper who was engaged in the most negat

michelle obama -- >> guest: i don't know this thing about wetbacks. i don't know what to say about that. and then he said that sean hannity is friends with bob grant.ve done his show. i don't know. he said bob grant is a cantankerous -- he said a racist. if you had a specific short of that, i know that bob grant's tough law and order guy if that's what you're after. what else was i asked about there. bill o'reilly i remember once being involved in a controversy where o'reilly had gone up to a restaurant in harlem with sharpton, with al sharpton and afterwards had said it turned out to be a fine restaurant and all the rest and people said that's a crazy assumption. what had happened i was on the air with o'reilly and we were talking about a rapper and the rapper, you know, was making all kinds of profane statements and using the "n" word and all the rest. and o'reilly had said, you know, he had gone up to harlem and had a great time and had been to an anita baker concert and had a great time and subsequent to that, everybody was all over him in saying that he was racist, and again, you know, understanding that to my mind it was the rapper who was en

bob from the sacramento bee. he was a career person in the press. oliver is the one you would contact if you have issues with the citizenship. michelle is here.michelle is the constituent services rep. for those of you who have not been to one of these meetings before, you would wonder why we have to talk to the department of state. of the issue passports and we hear people -- hear from people the day before they have to go to europe and south america. we can generally work magic, but it helps to give us more than 24 hours' notice. crist o'connor is a great young man who has been working with our office. i was privileged to have some discussions with his dad. his dad is a pow in vietnam. his dad is a great guy and we are happy that we have chris working for us. the center weisman work for me for many years when she was a child. she left before forces she also -- she left me for horses. she has worked on the senate side and has worked tand done a great job for us. she has done an outstanding job. our communications director is also from washington d.c.. let me just see, even though the manner in which we manage these town halls, this has been