traders will watch for earnings news from citigroup today. analysts are expecting higher profits from citi. it follows solid earnings news from jp morgan and wells fargo. friday, shares of jp morgan rallied before losing steam, despite beating wall street expectations on earnings and revenue. wells fargo reported record earnings due to lower expenses and growth in the bank's lending business. senator elizabeth warren has taken to twitter in her battle to divide traditional banks from investment banking. warren tweets banks should be boring again. warren, along with senator john mccain, wants to bring back a section of the glass steagall act. bankers are coming out against this. they strongly contend the financial collapse of 2008 was not their fault and there is no reason to restore glass steagall. juli niemann of smith, more and company is on the line with us this morning. good morning. juli, who is too blame? "dervatives, which the banks use, are about s $700 trillion global market. there's no regulation, no supervisory authority. it's the

the nasdaq rose 7, the s&p 500 up two points. >>> citigroup the nation's third largest bank is back, apparently, after posting a 42% increase in profit last quarter, the bank is in far better shape than 2008, when it recovered the first of three government bailouts and removed from the dow jones. what does this tell us and why does citi matter to investors? >> reporter: citigroup isn't the nation's biggest group these days, but it is the most widely held by stockholders. shareholders got a 2% boost to their investment. >> certainly some of the actions that were taken in the back half of last year are showing benefits today. >> when former ceo was ousted last october, corvath took the reigns, focusing squarely on making over the bank. on his watch, citi holdings, with all of citi's toxic loans has dwend elled to 7% of assets and broke even for the first time. completing the sale of brokerage smith barney, pumped up the bank's capital too. that capital level is already on track with regulator's rules years before required. and the bank is a stones throw from other benchmarks set for 20

was citigroup perfect? think not. no one perfect than j.p. morgan and wells fargo this week.ometimes imperfect isn't up -- especially when so many analysts and short sellers are betting against you. >> the house of pain! i know i was concerned about this quarter about the turmoil. that was retail bread and butter. i also know that michael corbat the new ceo has injected a new spirit in the city with unprofitable global branches. corbat inherited a worldwide network that in the last year of deposed ceo vikram pandit's tenure looked a heck of a lot like the state department with embassies everywhere. i think our ambassadors lost less money. how about the emblematic pea body from multiple years. he was looking for a hideous loss and foreign exchange with the $1.7 billion loss and they're looking for a $5.7 billion loss in the currency swings and it looks a lot less like likely. can pea body, can his sell recommendations hold up? >> they like to dig in their heels when they're wrong and they didn't get that hideous a number. how about tangible book value? that's a real good way t

♪ >>> good job at citigroup, letter c. there's always a bull market somewhere.t here for you on "mad money." i'm jim cramer and i will see you tomorrow! >> trash -- across the world, we're producing more of it than ever before, and there's no end in sight. in the united states alone, we make 250 million tons a year -- enough to cover the state of texas twice. for most people, this is where the story with their garbage ends. but this is where the story really begins. >> if it disappears, that's the end of it. and there's so much that happens from that point, it's fascinating. >> garbage -- it's being reborn in ways you never imagined. >> it's hard to believe that a plastic bottle is the same raw material source that goes into making a t-shirt, but it is. >> garbage -- it's an emerging

citigroup is first up as well and u.s.eek with a third of the dow and 75 members of the s&p 500 all set to report results. and we'll look ahead to those earnings. apple is ramping up its small scale product plans. the financial times suggest the company has been on a hiring spree for its iwatch project over 0 the last several weeks to help tackle design problems. the "ft" says the timing suggests the wearable device wouldn't be launched until next year. tim congress could still scrap the iwatch but he didn't sound enthusiastic about wearable technology last month. apple has watched for a trademark in japan. apple is up half a percent in frankfurt. >>> at&t is buying prepaid phone service wireless for around $1.2 billion in cash paying nearly double the current value. at&t is paying $15 a share, an 88% premium to leap's price. leap is around 7 million customers and offers pay as you go service under the cricket brand. the deal comes after soft bank chosed its acquisition of sprint and t-mobile merged. it has leapt 124%. at&

>> citigroup. city bank, letter c. i like it.wn a little bit right here and wait for a pull back. >> dan nathan? >> i like call spreads here in august, i like call flies. >> i'm melissa lee, thanks for watching. see you tomorrow for more "fast money." meantime "mad money" with the one and only jim cramer starts right now. >>> my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now. >>> hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i just want more days like this, my job is not just to entertain you, but to educate you and teach you so call me at 800-743-cnbc. they are just too darn negative! >> boo! >> that's the only judgment you can make about the

citigroup is hit with a massive fine. the bank will pay $968 million to fannie mae over bad mortgage loans. it will apply to over 3.5 million loans from 2000 to 2012 that fannie purchased from the bank. the fine will resolve potential losses from the loans. early this year, bank of america paid a similar fine. citigroup reports earnings july 15th. an elaborate money-smuggling scheme has ended with the arrest of a vatican accountant. it's the lastest corruption scandal to hit the vatican. according to reports, the monsignor, named "don 500" by the italian media, was plotting to carry 20 million euros from a swiss bank account to italy. the plan was he would go unnoticed because of his rank as a vatican official. the monsignor says he was only trying to help his friends. onyx pharmaceuticals is hanging up a "for sale" sign. shares of the cancer drug company shot up more than 50% monday on word the company rejected a bid from amgen. amgen offered $120 per share, $30 more than stock was priced friday at the close. onyx is now

our views warrant moser on modern monetary theory and his take on this question in just a bit then citigroup reported a forty two percent increase in profits for the second quarter good news right well that's things to layoffs and profits in emerging markets yes those would be the very same emerging markets the i.m.f. reported are in decline since bernanke is tapering talk so maybe the next quarter might not be so rosy hereon board will break down income inequality later in the show but hey let's not forget how the merger between city and travelers that created the too big to fail citi group happened in the first place that would be their preferred c.e.o. of glass steagall and the one nine hundred thirty s. air act that separated the. problem gambling many have figured that out as one of the proximate causes of the financial crisis but talking the proximate cause is there is always the fed itself with bernanke is whipsawed monetary policy and let's

this morning's headliner citigroup. we'll have analysts looking to earn $1.17 on revenue of $19.7 billion. for now i'm going to send it over to our good friend, michelle. michelle? >>> in global news china is the big story today. the economy there slowing further in the latest quarter. second quarter gdp grew by 7.5% down from 7.7% in the previous quarter. but in line with the average and a list forecast. meantime china's implied oil demand rebounded in june to the highest level in four months. among the reasons, refineries returned for maintenance. analysts say they still expect growth in oil used to be roughly flat. eu officials say talks on resolving a trade dispute over solar panels reached an impasse. an august 6th deadline is looming for an increase in tariffs. if the deal isn't reached, china's solar energy industry could have products face average eu tariff for near . >>> an investigation into the cause of that friday fire on an ethiopian airliner. it was a 787. >> unbelievable. >> there's no evidence the batter

what job question mark >> he was the chairman of the executive committee at citigroup will stop -- citigroup he is claiming that that is an insignificant position. voice, his judgment, was so that he was sandy willing to pay an enormous sum to have ruben on hand. paying a lot of attention while citigroup was making a billion dollars on collateralized debt obligations. to me, that is as damning as saying that he was the man with his hand on the lever will stop -- lever. go back to where ruben worked before he was in government. >> he was at goldman sachs throughout the 60s. during his years at goldman a, youhe rose from being know, new hire, to being a co- chairman. he presided over huge growth. goldman's role in derivatives, trading, fixed incomes, and other areas that huge growth areas but, had bomb sticking inside of them -- bombs taking inside of them -- king inside of them. that and silicon valley where the two engines of wealth in the country. they did not create rod wealth. -- broad wealth. ruben, wall street and washington should work together. saying,o many americans what is the diff

be too high, inflated these days in the bank rule, but the government used to own a big chunk of citigroup. ♪ >> so my thought is this book value is scrubbed and real deal. if that's the case the stock might be too cheap selling at $53 in tangible book after this quarter right where the stock is. i would also like to continue decline in the assets of citi holdings. now down to $131 billion and it used to be 131 billion. why does it matter? because lots of the holdings in citi holdings require a tremendous amount of service. there are endless legal bills associated with the deadweight asset and the sooner citi holdings disappear the better. >> house of pleasure. >> how about the fact that citi posted 11% revenue growth year over year in the very markets i was worried about. hard to get double digit revenue growth. have you seen the terrific decline? loan loss analysis? that's equal to 3.4% of the loans at the end of the prior quarter. these are big banks so the numbers seem large, but they're nothing compared to the overall. finally capital levels are in excellent shape and regulators have

stuart: citigroup's business. charles: europe was a strong point.other region. to your point, north america, the revenues were actually down quarter after quarter. it is interesting. stuart: we have to describe it as an odd alliance in the senate. john mccain and elizabeth lauren. they have teamed up. they want to break up the big banks. the angus king of maine supports this suggestion. he wants to break this up. >> thank you. this is a political odd marriage, if you will. stuart: now, if we get this, if this bill is successful, and you went ahead and do break up the big banks, that puts dodd-frank and that whole mess over form, that puts it right out the window; doesn't it? >> bi solution has always been a structural change rather than a regulatory change. stuart: if you got your way and the big banks were split up, i, as a taxpayer, would that be on the hook if the investment side of the business went belly up. >> you've got it. that is the whole idea. we want thinking to be boring again. i think, it was not the sole cause of the crash in 2007-200

before they actually filed before this went before a judge and it was the government saying well citigroup and bank of america were duped by your you're giving them a thumbs up they really thought this was a good film right so it's again it's the economics of narcissism america hires are banks tirade against you to give a rating the rating is that they give a good rating that they paid for and then as a result they're being sued for fraud and duplicitous behavior however it's just so fulfilling narcissistic loop of fraud and so they should be surprised by their own fraud because they committed the fraud why citigroup's i'm surprised the fraud that they committed when they committed the fraud why is the u.s. policymakers surprised at their economies falling apart when it's their prescriptions that put it into the falling apart to begin with wires georgiou for making all this fraud in the u.k. because they love to be entertained they love their show but it's not economics i assure you there's nothing underlying any of these assumptions i make on economic sense well part of the reason why the

we should note that citigroup came out with their numbers and we're seeing shares rise for citigroup.from vikram pandit, he is working on cutting costs and improving earnings and people paying back on the mortgages so that is better. the stock is up almost 2%. we had other economic news that was favorable. so the other thing we should note last but not least which is the 10-year bond, which is behaving. as a result that gives us the opportunity for investors as well. ashley: behaving, we like that. nicole, thank you very much. tracy: all right. well our next guest says market volatility will stick around actually overstaying its welcome like a bad houseguest. that is why i don't have a guest room. i don't have houseguests. ashley: great idea. tracy: brian jacobsen is chief portfolio strategist as wells fargo management. seems like volatility has been the new black for a long time. it has been very volatile, right? isn't it kind after win-win, short-term guys trade on it and make money and long-term investors like us have to shut our eyes and wait it out, eventually this market will ke

citigroup is the greatest examples of that.nd arguably one of the main reasons glass-steagall came down was lobbying pressure from those who wanted to create the one-stop-stop supermarket like citigroup. people don't talk about citi that much when talking about the crisis and the cost of the crisis and the bailouts that took place, but citigroup required a lot of federal assistance, reimposition of this law would arguably prevent the situation of a supermarket like citigroup again. is it a reason to support legislation like this to prevent the creation after supermarket like citigroup? >> of course, ultimately just as a factual, historical matter, i think in the end the biggest gramm-leach-bliley itself on citi was it allowed citi to absorb travelers. the irony is that was a fairly short-lived marriage. i guess the real point is that the vulnerabilities posed by using short-term funding to fund longer term assets, our vulnerabilities that can develop in many kinds of institutions. and so if we are trying to solve for that probl

why don't you like citigroup right now? >> i've pulled over.'m in witness protection because of it. >> oh, yeah. >> i had to flee the city. no pun intended. you know, my issue with citi is similar to with any of the large mega banks. you know, the financial services industry had a massive expansionary period from the mid-1980s through 2008. these stocks were then priced for an implosion, a collapse, the bankruptcy, the nationalization of 2009 into '10 and recovered with the recognition they'll be with us as steady, necessary performers in our economy. but they are in no way going to be an expansionary period, nor should we hope they are for the sake of financial health for the -- for the economic system as a whole. so i don't see why would you buy one of these large companies whose stocks have recovered massively. these were great trades in 2010. when they are tethered to what i believe is an industry that is at very best going to flatline and still likely going to overall consolidate and shrink. >> all right. >> all right. zach, thank you very

companies, i believe a big holder in citigroup. u.s. companies do better if u.s.ependenta saudi arabia and others. neil: what do you make of that? >> we'll burn every drop of that saudi oil, it is just a matter of what price, i don't care how much gas we find here, we're still going to need and use that oil. he should be worried about tapering, he practically owned citigroup, what is she going to do when they can't sell their mortgage backed security to the fed. that is what he ought to be whining about. neil: now get ready for bigger payments to farmers who long ago bought the farm. see whether you reap. d. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why the internet needs a new kind of server. one that's 80% smaller. uses 89% lesenergy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it nes to grow. this ...is going to be big. it's time to build a better enterprise. together. neil: 30 million bucks to dead farmers that is how much a agency watchdog said they are paying out

citigroup announced they were closing bank branches entirely so this is a continuation cost- cutting.ot mistreat those who owe money with new penalties if you break that law. the new rules oversee nonbanks now, such as credit bureaus, payday lenders and debt checkers. they cannot lie about who owns the debt or they can be arrested. >> stocks are positive and searching for direction, but we are waiting for the fed chairman bernanke with the perspective on the fed later today so that could certainly move markets and the silicon valley index is trading a little bit higher. shares h.p. are up, the stock getting attention today, and city group is besting the ratings on shore from "buy" to "sell." that is the news from the new york stock exchange for bloomberg business report. >> after a memorable play 50, basketball fans can not get enough of the warriors. the san francisco business times reported that the war yours have sold a record number of season tickets for next season, and may is lost in the second round of the lay off but the success went far beyond expectations according to the wa

companies, i believe a big holder in citigroup. u.s. companies do better if u.s.ependenta saudi arabia and others. neil: what d you make of that? >> we'll burn every drop of that saudi oil, it is just a matter of what price, i don't care how much gas we find here, we're still going to need and use that oil. he should be worriedbout tapering, he practically owned citigroup, whats e going to do when they can't sell their mortgage backed security to the fed. that is what he oughto be whining about. neil: now get ready for bigger payments to farmers who long ago bought the farm. see whether you reap. neil: 30 million bucks to dead farmers that is how much a agency watchdog said they are paying out to farmer who are no longer plowing the field, how does this happen, dan? >> neil, i can't look add three agencies, under department offing fing a agriculture that prove assistance to farmers, two did not have a procedures in place or a system to identify if payments were going to deceased individuals. neil: now, there was another agcy i think connected to maybe farm assista

chairman of the executive committee of citigroup. he's trying to claim it's a insignificant position that had no day-to-day responsibilities. have been. the voice, the judgment, was so sandy weill that he as willing to pay an enormous sum to have ruben on hand. maybe ruben wasn't paying much attention while citigroup was billions of dollars in collateralized debt obligations going to blow up and ome people couldn't see it blowing up. hand's on the lever or asleep at the switch, neither is a good to have been. 50 go back to where robert ruben came to fore he government as secretary of the treasury. goldman sachs until clinton made him head of the and secretary l of the treasury. goldman sachs, he rose from being newly hired co-chairmen. of two he presided over the huge growth power of lth and goldman in its role in fixed ives, trading, ncome, and other areas that areas and uge growth they were but also have the bombs ticking away inside them as evident at 't the time. he was a democrat. he's part of what brought the in wall street clo

citigroup are most in turmoil the emerging markets. i think the core was relatively new to the position has energized the place. one of the largest foreign bankers in a ton of places where the currencies are falling apart. you may not be able to make up all of that weakness with the strength in the u.s. business. we will see how much that will run down. tuesday morning, you find out if coca-cola fits into the new wall street fashion show, new, more on that late ever. i think people are looking for a global software play that doesn't need an economic wind at its back. that's coca-cola. ups says there won't be a win. currency, this is when we will find out if it will matter, it will be a strength issue. the dollar erodes more than anybody. j.p. morgan, it would have to be that of goldman sachs, which reports next tuesday. now, they may have done really well tradeing. why do i say that? because the volatility went j.p. morgan's way, you know what, goldman excels in massive volatility. plus the ipo market has been terrific. remember, goldm

better than expected bank earnings from jpmorgan chase on friday and citigroup on monday. that lent a positive sentiment overall and a big focus on corporate earnings as well. a jump in manufacturing data for the new york state region. that also helped boost sentiment and we tracked growth in china and the gdp that came out on monday while markets were closed here, it does overshadow the positives, but as it came in as expected, markets in asia did rise on monday. i will keep track of how they trade later today. let's have a look at the currency as well. that has been a major effect. the dollar-yen is 99.90-94. they did gain in new york, but disappointing retail sales prompted some yen buying. the next focus is going to be the testimony to congress this week and whether we touches on monitoring easing measures. 130.53-58 is currently moving higher compared to the end of last week. >> i know today is a special day for the tokyo stock exchange where you are. the tse and osaka stock exchange have merged to be the third largest stock market in the world. what's going on over t

we had citigroup saying jp morgan might be positive on the up side. that makes me nervous. >> i'm most positive on jp morgan. >> i changed your mind? >> no. you got to go with what's working. that's working. everyone sees that. in a rising rate of environment who is the best bank? jp morgan, city. those are the banks everyone thinks are going to be the best. >> they're not necessarily the cheapest. >> they're not but you're going to go with momentum. i think the earnings power is probably not running out of gas. >> i agree with you but maybe the regional banks have some room to go. if you believe the economy is on the rise improving gradually -- >> and you do? >> i do. you're not going to see nim increases in improvement this quarter. you want to be buying them because i think by the fourth quarter and into 2014 you will see better nim and loan growth. the three rule that came out today for the banks with $250 billion in assets or below, the capital ratios -- the requirements were much more favorable for them. the capital ratios are going to improve i

kahn is director of integrated oil and gas research at citigroup. i want to again thank my colleagues and recognize senator murkowski. >> that, mr. chairman. i was home in the state over the 4th of july recess and had the opportunity to spend a little bit of time on the rim river. i was looking out, talking to individuals at their fish camps what is happening with fishing, the price of fuel and what that means to them in their villages and it was just after the spring barge had come and delivered fuel. if you live on there you get two fuel delivery as year. you get one in the spring, which is june and you get one in september, provided that you can get up river. sometimes you can only get one barge in. basically your price for fuel is set when those purchases are made and everyone in the village, it is not like there is any competition out there. it is what it is and when you're in bethel, which is a big hub community paying over $5 a gallon for your fuel, when the barge comes in you're hoping that it is going to go down. well the prices didn't go d

we're going to change liz's name because of citigroup to meredith whitney. jason pried thank you very much. scott, we'll see you in a few minutes when the s&p futures close. liz: oil was sent to a 15-month high yesterday. today however is a very different story. we'll tell you what happened and where the market in energy is headed. two top on lates -- analysts duke it out in our street fight. that's next. adam: china's economy may be starting to slow down but it is not just chinese companies that could actually suffer. we'll break down specific stocks and sectors at risk. we'll help you protect your invests. >>> we want to hear from you, the smartphone war is heating up as nokia unvales its new phone and google preps for the launch of its new motorola x. who will win the smartphone wars? log on to facebook.com/afterthebell an we'll read some of your answers later on. ♪ [ 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 transm

>> the chairman of the executive committee of citigroup. he's trying to claim it's a relatively insignificant position that had no day-to-day responsibilities. it may not have been. the voice, the judgment, was so important to sandy weill that he was willing to pay an enormous sum to have ruben on hand. maybe ruben wasn't paying much attention while citigroup was making billions of dollars in collateralized debt obligations that were going to blow up and some people couldn't see it blowing up. hand's on the lever or asleep at the switch, neither is a good thing to have been. 50 go back to where robert ruben worked before he came to government as secretary of the treasury. >> he was at goldman sachs until clinton made him head of the economic council and secretary of the treasury. in his years at goldman sachs, he rose from being newly hired to being one of two co-chairmen. he presided over the huge growth in the wealth and power of goldman in its role in derivatives, trading, fixed income, and other areas that seem like huge growth areas an

after the bell, johnson & johnson, and citigroup had a 42% increase in its net income. the numbers were driven by emerging markets. emerging markets now a huge amount of their revenues. the numbers game in at $4.2 billion. >>> i think i promised this our last story for a while, but twinkies are back on store shelves. more to add to the twinkie story? >> reporter: not at all. a little bit taken way from the twinkie story. twinkies are lighter. they are coming back. late november when we started talking about these things. they are coming back. under private equity ownership. they are smaller. you can get as much twinkie for your money. used to be 150 calories per cake, 42.5 grams. they are only 135 calories now and 38.5 grams cake. so a bit of an issue there trying to get their twinkie fix. >> people will buy them in droves no matter what size they are. thank you very much. >>> meanwhile also in london the house of commons will now consider a bill to allow same sex marriage after it made its way through the house of lords. the bill was proposed by david cameron to allow

>>> also, hewlett-packard has been the best dow component this year, by a mile, but citigroup apparently just noticed. they've upgrated the stock to a buy from a sale. >> today. >> is it too late for you to jump on the bandwagon? >>> and it may be the ultimate vacation destination for most of us, but hawaii coming in dead last in our top states for business ranking. find out why this paradise is so heldish for business. coming up on "closing bell." mine was earned in djibouti, africa. 2004. vietnam in 1972. [ all ] fort benning, georgia in 1999. [ male announcer ] usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection and because usaa's commitment to serve military members, veterans, and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. >>> rising interest rates continue to take a toll on mortgage applications, and now maybe a bigger threat over the housing recovery. diana has the details for us. >> reporter: that's right, bill. rising rates continue to t

we have citigroup out monday. goldman sachs tuesday. america, which analysts have begun favoring, out wednesday. morgan stanley reports on thursday. one message we could hear, don't worry about rising rates. it means the economy is only getting better. back to you. >> all right. thanks. >> that's what we keep hearing. thank you. >>> go behind the headlines of the wells fargo results. >> joining us first is timothy sloan, cfo at wells. thank you for joining us. >> welcome back. >> great to be here. >> take us through the quarter. 19% increase in profits. how would you characterize it? what dove the performance? >> maria, we were very clear with the quarter. the revenue was up, as kayla, net on a growth in income, up $250 on a sequential quarter basis, because of the growth in loans and the growth in investments. we had nice fee growth in many of our business, including credit card, retail deposit, retail brokerage, investment banking. expenses were down almost $150 million, so operating efficiency improved. in addition, we had good credi

government - and taxpayers - from having to bail out the 'systemically important' banks - chase, citigroup, wells fargo, goldman sachs, bank of america, morgan stanley, state street, and bank of new york mellon corp - in the event of another financial crisis. but the american bankers' association questions the cost of such protection, saying regulators are "under a mistaken belief that doubling capital requirements will have no impact on credit availability or the ability to hedge risk." "banks set aside money to strengthen leverage and liquidity ratios; on an overall basis, that reduces their ability to lend." "banks have enormous liquidity, plenty of capital. the problerm with lending is not so much banks as much as the borrower not wanting to take risk and borrow the money." the professor says the impact will be minimal because firms will have until the end of 2017 to adapt. "some may not be able to meet it now, but they will easily be able to do it over the next four years." "the markets will expect the banks to be in compliance much sooner than 2018. in fact, they'll expect it within

former citigroup chairman dick parsons will join us for the remainder of the show.s week. tim armstrong will join us. and then at 8:30, the interview we've been talking about all morning, former new york governor eliot spitzer is our guest. we'll ask him about his run for the new york city comptroller. a big hour still ahead on "squawk box". what do you drive? i drive a ford fusion. who is healthier, you or your car? i would say my car. probably the car. cause as you get older you start breaking down. i love my car. i want to take care of it. i have a bad wheel - i must say. my car is running quite well. keep your car healthy with the works. $29.95 or less after $10 mail-in rebate at your participating ford dealer. so you gotta take care of yourself? yes you do. you gotta take care of your baby? oh yeah! >>> the international monetary fund scaling back global growth forecasts. joining us now, chief economist and managing director of global research at j pmt morgan chase. jpmorgan chase. what new data -- >> something that we have a microcosm in the u.s. which is grow

and citigroup. and also, the lawsuit with "forbes," how it values his net worth, also on the table. but stocks may jump 24% over the next year. really? find out why after this. [ male announcer ] frequent heartburn? the choice is yours. chalky... not chalky. temporary... 24 hour. lots of tablets... one pill. you decide. prevent acid with prevacid 24hr. >>> welcome back. the dow jones industrials closing below 15,000 for the 8th time since june 20th. bertha coombs is rounding up the movers and shakers. >> the worst performing sector was the industrials. boeing the biggest decliner in the dow. on a percentage basis, honeywell and southwest airlines, down more within the s&p. the international air transport association reporting air freight shipments grew .1% in may from april. financials, though, showing strength, as the fed voted to ease capital requirements for mortgage lenders even as it approved basl-3 rules. and a few tech names also surviving the pullback this afternoon. amazon, after hitting a fresh all-time high, finished higher. apple closing again above $400 a share, while l

citigroup, for example, beat earnings. and now wells fargo. we have jpmorgan and citigroup. and no selling on the earnings announcement for the banks yet. that's unusual. we've seen that often in the past. certainly a very good sign for bank earnings so far. china gdp exactly where they wanted it to be, so a lot of the emerging market etfs were on the upside. the one sector, you see 2%, 3% gains there. the one sector down, housing stocks. not a lot of news here. had a nice run-up last week. you can see notable weakness here today. maria, back to you. >> bob, thank you very much. bob pisani. what should you make of this market? rebecca patterson is with me. art of oppenheimer funds, and michael of capital innovations and our own rick santelli. good to see everybody. thank you for joining us. michael, let me kick this off with you in terms of clients today. are they putting new money into this market, or are they getting worried about valuations at this point? >> absolutely. i think when you look at the outset, people are checking their inputs, they're looking at risk, at vola

sally previously specificked as ceo of city global wealth investment management, ceo of citigroup. she began her career as a research analyst covering financial services, a role in which she was consistently named first in her field and called the last honest analyst by fortune magazine. alexa von tobel is the founder and ceo of learn vest which she launched in 2009 to provide tools to help women to be more financially savvy. alexa has been selected as young global leader by the world economic forum featured as one of the coolest young entrepreneurs by inc. 30 under 30 future an and named ernst and young entrepreneurial women class. we are lucky to hear from two women who are truly are stars in the world. please welcome second and alexa von tobel and moderator steve clemons who himself a star in the boys club. thank you. >> how is everybody doing? enjoying the day? only just beginning. alexa come join me. boys club girls club. you made $3.1 billion for bank of america and they fired you. >> you got . >> david bradley, our chairman may be interested in talking to you. >> i was more

citigroup had good numbers again. third big bank that had good numbers overall.orecasting, up 7.5%, isn't that amazing, so the emerging market stocks are all doing a little bit better today. the emerging market sectors, a little cynicism. >> hey, let's check in with what's happening at the nasdaq. seema mody is monitoring the action there. hi, seema? >> technology is a bright spot in today's trade. google, microsoft, amazon, all these stocks hitting new all-time highs and regardless of the price tag of the blackberry z-10 being cut in half at at&t and verizon stores, seeing shares of blackberry move to the upside on heavy volume, i might add. blackberry's chief marketing officer says it's part of life cycle management to tier the pricing for current devices to make room for the next ones, and lastly, simon, take a look at apple shares moving to the upside. iphone 5s production will begin this month. back to you. >> thanks so much. let's check in with rick santelli in chicago. the bond market action is fascinating, rick. >> it really is fascinating. had a strong e

you want to protect yourself against the slowing and developed and emerging markets and yet citigroupt, positive piece over the weekend, so why is it that this company isn't seeing more headwinds or people aren't more concerned about what the impact of slower growth overseas will be? >> for the next two years the emerging markets revenue stream will probably be flattish. the citi story is not a revenue growth story over the next couple years. it is an expensive story, a return of excess capital story and a credit quality improvement story. >> that's interesting. ultimately you would like to see, right, a transition to higher revenue. is that not the point to get from here to there? >> for sure. the company is downsizing. we have city holdings declined about 6% quarter over quarter. and the company is still in shrinkage mode as far as some of the north american mortgage revenue streams. at the end of the day we want to see revenue go up. the good news is citi doesn't need a big increase in revenue in the next couple years to get to those dramatic earnings levels of $7 or more. >> inter

among financials, citigroup, bank of america, goldman sachses. ibm beat, but the revenue fell short. intel and ebay, met expectations, the out look for both companies was disappointing. microsoft and google missed on earnings. housing starts fell nearly 10% in the month of june. compared to the month of june but they were up year earlier, a slow down in the supply chain, noted hege-fund manager, said there's up side left in housing. >> i'm not sure if housing prices will increase 10% every year, but it's likely over the next five years they will increase by 5% to 7%, there's a lot of up side, it's not too late to get involved. the markets once again, hitting all time highs this time as federal chairman ben bernanke's testimony in front of the senate. why did it happen this week. ceo of american century investments. along with richard weiss, good to see you gentlemen. thank you for joining us. so, chairman bernanke spoke this week, jonathan, first, the market sell off about a month ago and now everything that he says, seems more power and fuel for

. >>> while things may be looking up for the average american, citigroup is making money hand over fist. second-quarter earnings for the nation's number three bank reflect a spike in profits by 26% from a year ago to nearly $4 billion with a "b" there. the bank's biggest profit areas, investment banking and private banking. >> chose the wrong career. >>> a prominent luxury brand is suing costco for false advertising. designer michael kors says the retailer, which is not authorized to sell its products, has been showing its high-priced handbags in its advertising circulars. it comes after tiffany and company filed a multimillion-dollar lawsuit against costco for misleading its customers by calling its generic diamond rings tiffany diamonds. >>> and there's no misleading here. the head of major league baseball has taken a stand against high-tech, especially e-mail. mlb commissioner bud selig is being quoted today by "the sports business journal" as saying, quote, i never sent an e-mail and i never will. selig has upgraded to an iphone. that must be nice. >> the world doesn't work that way