cheryl: shorting utilities and the s&p, calling for k -- for, like, 1600? 15 now, another 1 mg and we're there. cheryl: first impression was yikes when i saw the picks, but we are still friends. >> made money. ha-ha! cheryl: kathy, thank you. dennis: okay, cheryl, bears are never wrong, just early. surprise, $115 billion, that's what the fha's losses could total over the next 30 # years, these findings following an investigation by the house oversight and government reform committee. peter barnes joins us with more from inside the beltway, peter? >> dennis, the report raising new fears about a taxpayer bailout for the fha at some point. the troubled agency's most recent app newel audit found it had 13.5 billion dollar capital short fall because of older mortgages going bad. the committee went to the auditor for more information and discovered this stress test which showed the short fall could be 115 billion dollars. it's the same kind of stress test that the federal reserve uses on banks to see how they hold up in a 20% drop in housing prices and make sure

live from the supreme court, cheryl hurd," today in the bay"s. >>> san francisco's city hall is ready no matter what the outcome. at 6:30 the doors will open for a public viewing of the supreme court's ruling. many same-sex couples say they're cautiously optimistic but know acceptance can take time. >> we're hopeful. we are people of faith. we have faith things are going to fall into place, even if the supreme court doesn't support us now i have -- we all have to be ourselves and eventually people will get there i think. >> a monumental day all the way around. this evening a number of bay area cities will host decision day rally. people gather at san mateo county clerk's office at 5:00. 5:30, rallies in santa cruz and guerneville. at 6:00, san jose city hal and the caltrans station in mountain view. 6:30, supporters gather at rainbow community center in concord and san francisco's castro district. >> as soon as prop 8 ruling comes down, nbc news will break in with a special report. live coverage here in the bay area and in washington, d.c. throughout the morning and during a special h

s. perhaps not something ttat changes the game. cheryls we talk about the different products or lack of products that came out today, an analyst came on the last hour and said it would be fourth quarter first quarter before they will really come out with some big meaningful degree they need a new product category that he said would really change the game. a once, television. something, what would you want to see? >> sure. i think if you're looking at new products, and those are areas for incremental growth. a still think the bigger story is iphone and ipad. if you're looking in new products the watch probably makes more sense because i think it's easier for apple to push out on its own. when you talk about a tv, you have to work with the content companies, the cable companies. on top of that, the development of 4k alter hd product probably a few years down the line before is priced properly for the average consumer. today, with a new tv knowing that a new one will, two years down the line? those are things that are out of its control. it

cheryl: john, todd, gentlemen thank you. david: todd we'll check in with you in a couple minutes to see how the s&ps close. cheryl: i want to something else i want to show you. gold falling below 1300 for the first time since 2010. we have someone who says gold has not lost its luster, another bull coming up. george girl row, is coming up. david: cash crunch in china, rocking klein's financial system. it is sending short-term rates to record highs over there. stocks are tumbling on chinese and asian exchanges. many companies are turning to hong kong for fund but of course they're affected by all this too. what does it mean for our markets? how will it spill over? >>> also folks, we want to hear from you, how long will the market selloff continue? what are your thoughts on this? we want to know what you think. send as you little message on all this log on to facebook.com/afterthebell. we'll read your answers later in a very busy "after the bell" hour. ♪ [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surp

cheryl: i am cheryl casone. dennis: the s&p issuing a better outlook. justice department searching for the man that leaked information. they found him. cheryl: new ideas. companies and people making money through innovation. what is old is new again. cheryl: top of the hour. we have nicole petallides at the new york stock exchange. nicole: there is still a business for it. the dow jones industrials up about 15 points right now. you look at the stats in the last several sessions, we really have had some big swings. you can see the tech heavy nasdaq up three tenths of 1%. some of the dow component doing well. we are seeing oil and gold mixed. we have some weak numbers out of china. cheryl: japan, a two-year high for that market overnight. thank you, nicole. the market should not be worrying about the fed moving away and tapering off. you have people saying it will happen sooner them later. >> i think a lot of people are fixated on the stock market performance. when will the tapering begin? the mandate is focused on mandating employment. therefore, with inf

as we told you, prop 8's future does remain unknown. cheryl herd has the bay area plaintiff fighting for marriage equality. >> another day of uncertainty for those watching the rulings on gay marriage. the plaintiffs left the courtroom today about an hour after they arrived. they walked down the steps with their attorneys by their sides. the supreme court ruling on proposition 8, the ban on same-sex marriage, and the ruling on doma, the federal law banning benefits for gay couples were not decided for today. for one of the plaintiffs, that could be a good sign. >> i'm just getting a little bit closer to the end, right? it's monday. we'll be back tomorrow. hopefully things will go well. see you tomorrow. >> got to be nerve racking. >> it's okay. it's been a long process. it's worth the wait. i think we'll see something good happen. >> dozens of people gathered outside the supreme court today. couples from other states who are already married waiting for a ruling on doma because they say that affects their lives. justices will be back in session

but, again, if you're a long-term investor, you should opportunity to --s as an cheryl: sure. >> -- sharpenncil, get your buy list out and buy on those sloppy days. cheryl: i'm glad you brought that up. you, you know, you're talking small caps, and some say they don't get the love that the large caps do, especially when we're talking about microsoft and ge. but really the russell is outperforming at this point the s&p and the dow on a percentage basis. do you think that that continues, though, or do you think that we shift over and see the s&p 500 take off? >> you know, if i had a dime for every time somebody told me now's the time to buy a large cap and avoid the small caps, it's just not going to happen. it's not likely to happen. in the last five years, actually, the s&p's only outperformed one of those years. so, you know, again, small companies do something unique. they typically can grow from a smaller base. they don't have the law of large numbers. companies are faced with getting growth, and let's face it, we're likely going to be in a slow upward-moving, upward-grinding gdp type of

cheryl. >> appreciate it. we will stay on breaking news. take a look at the dow and the sthe biggest losing week of the year. since the week ending june 1st, 2012. for the last year if the index is closed, if the dow is down 2.1%,.1% for the dollar 2.3% for the s&p 500 and little hole between 9 and 400 eastern time and we are close at this point looks like we will have the worst week of the year for the dow envious and be and we will stay on it. over to you. dennis: israeli attack fever and a new startup making waves and making rounds, rounds is a self-proclaimed first social and she out network, allows friends to securely surf the web tomorrow in live video conversation on apple and android operating system. joining us, marketing chief natasha from israel by way of el day. thanks for being with us. tell us what this video chat network does. >> as you mentioned you can video chat and do a bunch of interactive things with your friends. it is very basic level and what we try to do is bring the fun elements we have, thinning out in real life and online. dennis: a lot of paren

cheryl casone in for liz claman. the dow is actually 15,263 points. little volatile day on the dow did the s&p is higher, the nasdaq is higher, a fraction for every index. into the final hour of trading. the market today can be described as indecisive. going back and forth throughout the session. the s&p rating agency forecasting and improving u.s. economy the optimism appeared short-lived adding to the volatility of trading today. here are the top stories right now. robert gray in san francisco. the apple developers conference. rich edson. and nicole petallides. your headlines, please. nicole: to market is virtually flat, but hy? facebook jumping big time. i will tell you all about. cheryl: rich. rich: a government contractor, we will tell you what this means about federal contractors coming up. cheryl: and robert gray. robert: it has to be announcement from the keynote presentation unveiling the much-anticipated itunes radio. more on that coming up. cheryl: the headlines is still coming out from the apples conference. need you to stay with me for a moment because apple is getting a boost f

cheryl: talking about some of the winners on the s&p and some of the big movers.ing what i think is the best target. >> over the last year for years and has been on the world is not ending scenario. that has been the idea here. that is the first phase. i think this consolidation we're having is the transition to the next phase. cheryl: you are certainly calling for a pullback, five to 7 percent pullback which is not the end of the world but we need to brace for it. the retail investor has gone unused to the record-breaking days. >> we are in the middle of the pullback. already down in that 5 percent range. so we think the pullback may have a little more to go. but we are more focused on the next 12 to 18 months as opposed to the next 12 days. cheryl: during that pullback would you shift into bonds or are you saying to our viewers to stay away from bonds? >> we are staying away from bonds. we think that you ought to be long equities, overweight cyclical sectors. shift into a growth phase of this bull market. and if they're is further pullback beyond what we have al

cheryl: how you can make money on investments despite the tensions. the panel is coming up next. i want to take a look at some of the winners and losers over on the s back. ♪ dennis: kelly please ship hold onto dow 15,000? let's check in with nicole petallides at the new york stock exchange. nicole: volatility has certainly been the name of this game over the last month or so. nike will be out with their quarterly report after the bell. maccormick makes spices and the like. bed bath and beyond. you go in there and spend $300. the profit is down. pandora to the upside. we continue to watch that one. they will be in more vehicles and getting more upgrades. cheryl: nicole, thank you. we will see you in 15 minutes. the u.s., along with several western allies opposing iran's nuclear program. the solution to the nuclear case is easy claiming the opposition does not want the issue to be solved. joining us from washington is michael rubin. michael, i want to start with you. you have been writing extensively about the new leadership in ironic. we are the fools. why do you say that? >> they certainly talked a great deal. he used to be the nuclear negotiator.

s phoneiphone 5. >>> the brand new book by cheryl sandberg, the manifesto for women in the work place is tops on "the york times" nonfiction best seller list thanks in part to graduation ceremonies. the book called "lean in" highly recommended by my friend here, marla tallez, is very popular for a graduation gift. it has encouraged a national conversation on how women can advance their careers. >> i got it as a birthday gift. >> the monthly jobs numbers will be released in just under 15 minutes from now. that will term what investors do today. we are watching this closely. so is courtney reagan with a preview for us. >>> good morning. futures still next. the big economic report. the data being closely watched amid concerns about the economy and talks with federal reserves may soon start scaling back its stimulus programs. more likely. the stronger the economic data gets. economists are expecting another months of job gains roughly in lane with the 16:005,000 5,000 added in april. on thursday, the dow posted its biggest comeback reversing a 116 point decline to close up 80 points. we will see how we e

cheryl: kevin at the cme, talk about key support levels for the s&p.e are certainly getting report levels that i know are your watching and others are watching. are we going to breakthrough the barriers for the s&p? >> 1610-1600 look like good support levels now, and, certainly, momentum looks like right now could go down there and test the levels, and i think the previous guest hit on key points, and that's certainly the debate that's going on in public amongst officials about how long qe goes on, and if we continue to see that type of debate and continue to hear more voices talk about pull back in qe and asset purchases on a month le basis, that gives us fuel to breakthrough the key support levels, but right now, as we continue to see that debate play out in public, i think you're going to see more volatility, probably trading in a range testing support levels and moving up and down within the key resistance. cheryl: volatility, we've seen the vix at highest levels today as well, and go to the imex, and, jeff, we got inventories out today r and there

. >> 16-year-old cheryl neivert boarded the flight to paris after making jokes to her friend s in montoursville about the stains on her fingers. she had spent the summers picking raspberries on the family farm to help pay for the trip. the minute that the plane went down, this is where you were? >> yes, sir, right over here. >> donald nievert knows the exact spot he was when the plane went down. his daughter was seated several rows in front of the blast. >> i see this, and i say, i can't believe that i have let this deteriorate to the extent that it has. >> why have you let it go? >> because of her and the memory that the daughter we lost was the last one to pick them. it was too difficult. >> instead of berries we find an overgrown field that is sown with doubt and few explanations of what caused his daughter's death. >> i have reached the conclusion that a missile hit the airplane and probably friendly fire. >> where did it come from? >> it came from our navy. >> donald nivert was not alone in reaching that conclusion. less than 36 hours after the fireball flashed in the skies of long island,

cheryl on cbs news, thank you so much. you have given us a lot to think about. >> thank you. >> tracking weather with an hour by hour forecast. wusa9's first alert weather. and we have topper shutt with good news and bad news in the forecast. later in the week, it will get nice. >> it will. we have to get through some thunderstorms. we have one little storm. two now that popped up on the radar. let's take a live look outside. it is our live michael and son weather cam and this is down wisconsin avenue. it is right here at broadcast house. notice with the loop, we have actually some clouds. some become thunderstorms, and that is what happened today. the atmosphere is unstable. not a real trigger for these storms. the atmosphere is stable. you'll see as the clouds get higher, get more heat in the ground, rising. and we get a couple thunderstorms. so that's what is going on right now. just isolated. the high was 86. dew point is falling. 67. the winds out of the south at 7. so the radar, really just in the past, i don't know, 45 minutes, this popped up. of course, we have this storm in the southeast part of town, which is now moving int

s and p. we will be right back. cheryln your screen throughout the trading day, seeing a major sell-off from stocks to commodities. that with us, phil flynn in the trading pits of a cme looking at metals business bring in nicole petallides from the floor of the stock exchange. nicole: i will start by saying 1598. anybody who is in the markets and really in the market's nose this number. we are walking on the s&p 500 day, talking to our senior editor charlie brady, a key technical level, obviously a key support level we held on the s&p 500, we got around 1599 and now we are moving back higher again. the other thing worth noting, we talk about volatility, ben bernanke, chinese worries but we have seen the trend of being all of but in this have been a lot of turnaround theys, when we're down a little bit we are seeing that to a certain extent. many names, broadbased selling, financials, and down arrows. here are a few examples. bank of america and ibm are to the downside and i want to show you walt disney because disney was d

day on wall street down to under four points on the s&p on track for the worst this year and have some ideas how to keep your portfolio safe? cherylsing market price we have a vice what to do right now when rates are on the rise in what ttat will do but take a look at the winners, losers, the health care story. health care story. we will be right back. i want to make things more secure. [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business nds more cases. [ male announcer ]here do you want to take your business? i need help selng art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ ♪ ♪ [ male announcer ] if you can't stand the heat, get off thtest track. get the mercedes-benz you've been burning for at the e summer event, going on now at your thorized mercedes-bendealer. hurry, before this opportunity cools off. goieverybody has differentzed ideas, goals, appetite for risk. you can't say 'one size fits all'. it doesn't. that's cry. we

cheryl: sure was a bumpy road today especially for bond investors. bond investors head for the hill streasury hit a 52-week high. david: someone says he is not only not bailing on bond but actually buying them for the first time in three years. john donaldson, vice president of fixed income from haverford. john, despite the fact that treasuries were tanking were you buying even before ben bernanke's statement led to that drop in the price of bonds? >> yes. we had recently bought 10-year treasurys really for the first time in three years. buy a couple small additions. david: why now? >> a couple things in your favor. one, additional yield spread on almost every other sector narrowed to levels that just didn't compensate you for the interest risk involved. the treasury relative to inflation had a sharp reversal in recent weeks. as recently as early april the 10-year treasury was trading 70 basis points below the implied inflation level on timms. as of today it is 30 basis points above the implied rate of inflation. you know, that is a reversal of 100 basis points on a base of a 2% yield

dennis: russia reportedly offering to consider asylum for the n s h a weaker as house of representatives gets briefed on data gathering. cheryl, harry shane is making money by challenging the big guys in the shaving game. dennis: tim tebow a patriot, the ceo on how sporting goods stores are cashing in and do it is top of the hour, stocks every 15 minutes, nicole petallides on the floor of the stock exchange, what is the dow doing their? nicole: the vix is higher, the volatility in your index, feeling a little bit of uncertainty in the markets, the dow has come off of its lows of the day, and here we are. and the upside momentum, the sell-off was all little overdone. it is 0.1%. the retail stocks, bank stocks showing weakness. i have got to get to news corp. parent of the fox business network, the latest of what we have been seeing to advance the media company's plans to split off to a separate publicly traded entity. shareholders have voted to this event and approved the three amendment and will complete the separation of the 28 of june and begin trading as two companies on july 1st. the print media company news corp. and 20t

s&p earnings. we might push our target of. we don't really see any reason to push it up from their until we see much better earnings. cheryl: before i let you go i'm at a time of want to let our viewers know that you picked boeing. the stock is up 32% suspected. wants to give you a shot of. >> and we still like it. cheryl: there you go. dennis: numbers were terrific. the person is selling really well. cheryl: all right. a nice pick. thank you. >> thank you. dennis: a bipartisan backlash. lawmakers on both sides of the aisle the leasing discomfort over the proposed sale of smithfield foods to china's she won quay international. leading the charge, the chairman of the senate committee on agriculture, nutrition, and forestry. she joins us now from capitol hill. i hope i have that right. thank you so much for being with us. this is one of the first times ever i heard the other white meat, pork, characterized as an issue of national security. can you please explain that to us? >> first of all, good afternoon. it's great to be with you. think the issue is in a global economy when we have certain strategic assets that creates str

as we told you, prop 8's future does remain unknown. cheryl

cheryl: bob hormats, undersecretary. all right, the closing bell's going to ring, we now have 17 minutes to go. about 75% of stocks on the ser since mr. bernanke's comments on may 22nd, but our next guest says don't worry about the dip, and it's a broader dip. he's got some names for you to buy coming up after the break. ♪ ♪ we went out and asked people a simple question: how old ishe oldest person you've known? we gave people a sticker and had them show us. we arned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ a talking car. but i'll tell you what impress 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 sothing important to say? ♪ cheryl: investers are clearly shaken rit now. take a look at the dow, w

s&p 500 also doing well, although percentage wise a little less than the dow. nasdaq up nicely, and look at the russell 2000, those small and mid-sized caps -- cheryl: right. david: really taking off. cheryl: dan veru was talking about them, he says you've got to go for small caps, play the small caps game. well, here is a look at your front page headlines. the labor department reporting initial jobless claims declined last week to 346,000. continuing claims also dropped, falling to the lowest level in more than a month. david: and this is good news. we've been worried about consumers because it looked like they were being kind of tight-fisted. now it turns out they spent more money in may after paring back in april. the spending rose 23% last month as consumers bought a lot more cars and trucks and spent a bit more on gasoline. cheryl: didn't have a choice. and gold extending its slide today, unable to hold early morning gains. gold dropped 18.20 an ounce, settled at 12, 11. it's now -- 1211. that is the first time we've seen that since 2010. somebody call peter schiff, he probably needs a kleenex. david: well, the commodity futures trading commission ann

cheryl casone in for liz claman. the dow is actually 15,263 points. little volatile day on the dow did the sthe nasdaq is higher, a fraction for every index. into the final hour of trading. the market today can be described as indecisive. going back and forth throughout the session. the s&p rating agency forecasting and improving u.s. economy the optimism appeared short-lived adding to the volatility of trading today. here are the top stories right now. robert gray in san francisco.

cheryl: latest reaction on the fbi today revealing a plot that targeted the new york stock exchange and how that plot was thwarted by the nsa. dennis: look at today's s. ♪ [ thunder crashes ] [ female announcer ] some people like to pretend a flood and thatheir homeowners insurance protects them. [ thunder crashe] it doesn't. stop pretending. only flood insance covers floods. ♪ visifloodsmart.gov/pretend to learn your risk. >> catching you up on breaking news from the ongoing house intelligence committee hearing. live pictures there, looking at a moment ago, michele bachmann asked a question there, but testifying today that the nsa data collection program foiled a slew of high profile terrorist plots including one to bomb the new york stock exchange. >> 702 authority was monitoring a known extremist in yemen. this individual was in contact with an individual in the united states named kalid. he and other individuals that we identified through a fisa that the fbi applied for were able to detect a nation plotting to bomb the new york stock exchange. he had been providing information and support to the plot. the fbi disrupted and arrested these individu

cheryl: the new york city housing market topping so high that one real-estate company is returning to manhattan. we had an exclusive interview with the ceo of coldwell banker coming. dennis: look at the s where tossg and turning have given way to sleeping. where sleepless nights yield to restful sleep, and lunesta eszopiclone can help y get there, like it has for so many people before. do not take lunesta if you are allergic to anything in it. when taking lunea, don't drive operate machinery until you feel fully awake. walking, eating, dng or engaging in other activities while asleep without remembering it the next day have been reported. lunesta should not be taken together with alcohol. abnoal behaviors may include aggressiveness, agitation, hallucinations or confusion. in depressed patients, worsening of depression, including risk of suicide,. alcohol may increase these risks. allergic reactions sucas tongue or throat swelling occur rarely and may be fatal. side effects maynclude unpleasant tte, headache, ask your doctor if lunesta is right for you. then find out how to get lunesta for as low as $15 at lunesta.com there's a land of restful sleep, we can help you go there, on the win

cheryl: the tail of the taper. our fed panel ahead as the fomc is 90 minutes away from releasing the policy statement and right after that, ben bernanke takes questions from the press. dennis: today's s ♪ this man is about to be the millionth customer. woulyou mind if i go aheadf yo inead we had someone go ahead of him and win fiy thousand dollars. congratulations you are our one millionth customer. nobody likes to miss out. that's why ally treats all their customers the same. whether you're the first or the millionth. if your bank doesn't think you're specialnymore, you need an ally. ly bank. your money needs an ally. [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ male aouncer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you tre. call u we can show you how at&t solutions can help you do what you do... even better. ♪ dennis: 90 minutes away from ben bernanke and company releasing the latest announcement on the economy. handicap it ahead with the fed panel. a dreamliner nightmare, denver to

s the party going. but my airne miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to searchundreds of cards and apply online. creditcards.com. >> cherylough the next hour. september is the month to watch. i have to tell you took a little while to start up the market but not a lot of starch. what will happen ultimately as we look at what point may be all of it won't impact the news at some point the fed will taper and will even raise rates. i think the market will get used to it. we didn't collapse, off 100 point120points earlier today. a worst-case scenario leading to people who only thinks stocks are up because of the fed action. if we close positive today the best news could be all the fed worrying, the fed height may go away and we can trade on the rumors. what o you think? cheryl: is this a bull case? charles: i am bull at least the last few months of the year. dennis: dow 16,000 by the year-end. charles: i am with you. we will see. cheryl: ca cannot come either w? can somebody else pay? dennis: you can buy. charles: ben bernanke is buying. cheryl: thank you charles, charles payne. some of the best managers will be here. they have