and first on cnbc. maybe you read about this, this lawyer who spent four and a half hours with bernie madoff in prison yesterday, talking with him. because he's planning to -- he's representing some victims. did bernie tell him something that he didn't tell the feds? we'll find out at the top of the hour. >> sounds interesting, bill. quick break, and then the recessions pin down most sectors, including the sports industry, larry. >> but this is one sport fighting its way out of the economy. strongholds. we're going to tell you all about it next up here on "the call." cnbc. >>> shares of aetna lower, as number three u.s. health insurer reported a 28% drop in quarterly earnings, and cut its 2009 outlook. take a look at how the stock is trading. really not that bad, given that news. down about 2% on the day. find out more details on their outlook when the ceo joins maria on "closing bell" here on cnbc. >> okay. the recession is taking a bite out of virtually every sector of the economy these days, and prof

cnbc's jane wells is live in l.a. with a cnbc exclusive interview. jane? >> reporter: hi, melissa. the pentagon has sent signals that it will finally send out a request for bids later this month in the nine-year saga of trying to replace the air force's 51-year-old tankers. does the parent of airbus regret ever getting involved? >> why should we regret it? we're going to win again. >> reporter: that's eads north america's ceo ralph crosby in an exclusive interview with us. crosby part of the team that originally won that contract last year, partnering with former employer northrop grumman and upsetting boeing with the win before boeing prevailed in the challenge. crosby says a split buy is a government decision, but he doesn't plan to change the offering when the competition reopens, saying the airbus tanker has already beaten boeing in four other global competitions. >> first thing i'd say is let's get on with it. i mean, these things are getting older. you know, it's nine years since this process was started, and it will be another five years before we get aircraft into the inven

the "cnbc reports" starts right no now. >>> "cnbc reports" a downer of a week but that doesn't mean we're down-and-out. dennis still selling the hope and for good reason. >> this horrible frightening recession is ending now. >> dennis has a new round of evidence tonight that shows he's right. >> show me the money. >> aig's execs get set for bonus time. are they deserving. an attorney representing them nor an cnbc sports exclusive. christmas in july. see which retailer is getting ready for the christmas season way before december 25th. is it a good idea? dennis neal starts right now. >> good evening, i'm dennis neal, rough day to end a tough week, score one for fear. it started at 843 monday morning and by this afternoon ended 879, down almost 2% for the week, stocks down 9% from highs in june. that's okay. i still say this recession is ending now. the road to recovery will be a long one, riddled with potholes here and there. let's get used to the bumpy ride, even at the start, end of a jarring week like this, you can find signs of hope. here's one from michael darta, the chief market stra

. >>> cnbc reports" starts right now. >> tonight on "cnbc reports" it's contagious. optimism abounds. >> second quarter earnings i think will be good in general. >> now more than ever, it's important to remember dennis' call two weeks ago. >> this horrible, frightening recession, is ending now. >> the dow and s & p showing new signs of life after the big pre-fourth of july sell-off. still problems to fight. the federal minimum wage is about to jump and dennis is taking aim at that. explaining why it spells danger for his recovery. speaking of danger, vice president joe biden is talking economy as well. dennis gives his take tonight. >>> and with california on the edge of the financial abyss, state workers being furloughed and stiffed on payday, this really the right time for the gold know sta golden state to pay a big tab for a tribute to michael jackson? "cnbc reports" with dennis kneale starts right now. >> i visited south carolina with my 9-year-old daughter. i had a few days free to reconsider my recession call. a bad jobs report gave me pause. tonight, i come to

this is a special edition of cnbc reports. dow 9,000. >>> good evening, i'm dennis neal. >> i'm michelle ka ruse sa  cabrera. a big day for the bulls. the bears may be getting ready for a counterattack. we're hear to get you ready for tomorrow's trading. here is a first look at the futures. right now they're indicating a negative open. s&p would open lower by 8,  nasdaq open lower as well in th wake of earnings after the bell. >> while they should, the nasdaq has been up 12 day ins a row. dow up by 700, 800 points. the big question tonight, is it time to take some profits? we've got a

here to tell us how, first on cnbc, jarden's ceo martin franklin. when i said before they are a fascinating company thanks make so many different things. a sampling is crock pot, food saver, mr. coffee, bicycle and v playing cards, k-2 skis and snowboards, recall iawlings equ balkl canning jars. >> that was the original business. >> you must have a really good time at work. >> i have a lot of fun. it's a great company. the common theme is they're all market leaders in their respective markets. the strategies have always been dominant market share, niche market. >> but they're consumer goods. >> all consumer goods. >> how are you doing? >> we're doing well. i've always said, you know, it's better to be the number one player in a market that gets tighter. you can grow share when you have tough economies, tough markets, and you can protect your position. and that's really what's happened. we've grown shelf space. we've out-performed categories. and it's really cushioned the blow in what's been a difficult consumer space. >> is there a favorite child an

he is joining us live in a first on cnbc interview. this is before he is testifying on this issue this afternoon. >> plus, let no good issue go undebated. we'll discuss whether the senator is right. should oil speculation be outyou la outlawed? that's next only here on "the call." [bell ringing] the way the stock market's been acting lately you may wonder if you've been doing the right thing. is the advice you've been getting helping or hurting? are the fees you're paying really worth it? td ameritrade's fees are fair and straight-forward. their research is independent and unbiased. their investment consultants are knowledgeable and there when you need them. so why not talk to one? announcer: call today to schedule a free investment check-up, or visit a td ameritrade branch. i hope he has that insurance. aflac! you really need it these days. how come? well if you're hurt and can't work it pays you cash... yeah to help with everyday bills like gas, the mortgage... ...and groceries. it's like insurance for daily living. so...what's it ca

it this is "the call" on cnbc. >>> okay.ocks losing steam after opening higher on optimism over a deal to keep cit out of bankruptcy. better-than-expected earnings, bullish call from goldman sachs, raising the year-end price target on the s & p to 1060, a 30% gape from now. dow trading higher by 23 points, positive on the day about .3 of a percent. s & p plus side as well, just barely, only 2 point there is, .2. the nasdaq trading higher by about .3. larry is trying to get here. trish, what is happening? >> i don't know if we are going to let him. may make him wait. >> i'm raising my hand. i just want to put in -- >> whatever you want to say. >> the index of leading indicators. >> yes. >> underrated bud very important, three straight months, the two prior months revised upwards it is a strong

is it because it's red day here on cnbc? what's the deal? are i think it's the the indicators across the board, including today's unemployment claims. i was afraid they were going to rise by 100,000. they didn't. stayed low. housing numbers are good. here is one. the credit spreads which are very important, money market spreads, libor spreads, bonds and yield and investment grade, all of those spreads are lower today than they were with lehman brothers. we are at pre-lehman levels. lehman was last september. why can't the stock market get back to those levels, which were -- >> 1251 on the s&p, that's what we were looking at, and now we're below a thousand now, at 9 -- >> that's something to think about. that's what you have to think about, whether we can make it back. >> another 20%. >> doesn't mean all-time highs, just a nice erbc dain rauschase terrible market. >> that's it for "the call." >> and now, "power lunch," up next. >> this is cnbc.com news now. >> stocks rallying, the dow rising above 9000 for the first time since early january,

here is cnbc's diana olick with an explainer for us. go ahead. >> a new fbi report shows financial institutions lost $1.4 billion to mortgage fraud last year. the report blames falling home prices and rising foreclosures for creating a climate crooks can't resist and today desperate borrowers are easy pickings. a few months ago president obama committed half a billion dollars to fight mortgage fraud, but the report said new programs to save the housing market actually provide new opportunities for scam artists. >> all right, thanks, diana. so, how is mortgage fraud impacting your backyard, guys, michael in atlanta? >> well, we don't have any ongoing public investigations i can tell you about. but i can tell you that we've got the same kind of situation that you've got elsewhere, only a little bit more so. something like 7.5% of all the loans, all the mortgage loans, in metro atlanta are 90 days delinquent or more, and we've got 2% of all the mortgage loans in foreclosure, so this thing is nowhere near over. >> john, what about fraud, ou

this is cnbc reports, and we're back in two minutes. sunday, lasagna at mom's was a family tradition. when she started forgetting things, i was hoping it was nothing. grandma! what a nice surprise! mom, it's sunday. that's when i knew i couldn't wait. mom's doctor said these were signs of alzheimer's, a type of dementia, and that prescription aricept could help. he said it's the only treatment proven effective... for all stages of alzheimer's. studies showed aricept slows the progression... of alzheimer's symptoms. it improves cognition... and slows the decline of overall function. aricept is well tolerated but not for everyone. people at risk for stomach ulcers... or who take certain other medicines... should tell their doctors... because serious stomach problems... such as bleeding may get worse. some people may experience fainting. some people may have nausea, vomiting, diarrhea, bruising, or not sleep well. some people may have muscle cramps... or loss of appetite or may feel tired. in studies, these were usually mild and temporary.

cnbc's john harwood in washington now with the story. john. >> reporter: maria, things are starting to pop in this debate. you had the house lay out their plan yesterday. the senate's beginning to move forward, although the finance committee still hasn't come up with how it's going to pay for its plan. but republicans are already attacking, saying the democrats want to raise taxes that will hurt small business without doing anything about the health care inflation they say is bankrupting the country. >> this does nothing about the cost of health care in america. and if we're serious about fixing our health care system, we've got to go to the cost. >> reporter: so president obama surrounded himself with nurses at the white house today for a little protection, and he tried to rally the troops within the democratic party and the advocacy community, saying what we have to do at this moment of crisis is be strong. >> it's time for us to buck up. congress, this administration, the entire federal government, to be clear that we've got to get th

we'll tuck to that lawyer live on cnbc in a first on cnbc interview coming up. >> wouldn't surprise me, because in the end, they always want to talk. let's get to market action. the major averages having their biggest three-day drop in as many weeks. oil getting pummeled. bob pi san see kicks it off at the new york stock exchange. roberto. here is the big question. we have been here before, weakness in the early part of the day, but markets have been resilient, keep coming back late in the day. so here is the market test. let's see if we can come back from this minor market set back here. let's look at the steel stocks, and folks, you knew wurp going to get smacked around with commodity names. mittal, not a full recovery, and u.s. steel and nipan in japan are weak. as are all commodity stocks. chinese stocks are weak, a 5% drop in shanghai today, so all of the big commodity names are weak, as well. finally, oil stocks, you combine collar strength, combine a big build in oil inventories, you've got weakness across the board. the oil service names like nabors and valero and apache to the

this is cnbc. >>> hello, everybody. stocks getting a brief boost from strong new home sales which soared 11% in june, heck of a number, largestnthly increase in nearly nine years. but the rally is short-lived. stocks are off some. instinct today, gold is rattling around, oil is rattling up and the treasury bond rate is up to 375 or thereabouts. that is a sign of economic strength. let's just take the s & p is down 4, call it 5 points, about a half percent. dow off 38 points. the nasdaq dropping about 13 points why know. i've seen worse. to me, it looks pretty good. diane olick is in washington and she will give us the details of this incredibly strong home sales number, new home sales roaring. hello, diana. is this the bottom, most bullish thing you have ever seen? >> a very strong report, larry, we are seeing signs of a sales -- bottom in sales volume at the very least. it really beat expectations among the streets, by a lot. look at the numbers, full. sales rose 11% month-to-month, 384,000 units. keep in mind that vol

and later on cnbc, california in crisis. special hour dedicated to the financial mess that has tied the golden state in knots. big names on the guest list include former governor gray davis. tonight, tune in at 8:00 for "cnbc reports", of course, and then watch the california crisis at 9:00. back in two minutes. f ♪ >>> punk. yeah. nice. all right, the stimulus spending spree includes a lot of pork. $787 billion is supposed to help create jobs. but dig a little, and you'll find plenty of fat. take a look at this. the department of agriculture has awarded $2,531,600 to a company in l.a. for frozen slices of ham. that equals 760,000 pounds of pork, folks. and that is not only pork we found. a company in wisconsin is getting $16,784,272 for 8,424,000 pounds of canned pork. someone who knows how to track down pork is tom shafts with citizens against government waste. tom, i understand obama was elected for change. this sounds like very much like what's going on in government for decades. >> that's the problem with the stimulus p

"cnbc reports" right now. >> tonight on "cnbc reports." charge! the bull run rolls on. dow scoring late gains finishing the day up 67 points. nasdaq up ten straight days. key earnings, new numbers and new reason for optimism. we have you covered. something is lurking out there that could take the market down like a great shark on a slow and wounded sea. new tax, health care, increased spending. tonight, why he -- >> what i have to remind people of is that doing nothing doesn't mean you just keep what you have. doing nothing means that you're going to lose what you have. >> reporter: sounds so similar to her. >> we cannot go on the way we have been going. >> reporter: why dennis thinks ben bernanke saved his job today. this is "cnbc reports" and it all starts right now. >> good evening. i'm dennis kneale. sell-off? what sell-off, scotts went unagain today. all three major index, despite a torrid rise of 8% in trading before the day. the markets are saying something profound here what i've been saying since june 25th. this recession is over. i'm right and the doomsayers a

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. >> and cnbc reports starts right now. >>> tonight on "cnbc reports," the markets jump, are traders and investors starting to come around, starting to warm up to dennis's big call? >> this horrible, frightening recession is ending now. >> despite the upturn, there are plans in washington that could roll it all back. dennis is a one-man fighting machine tonight against higher taxes. jiffy care. a new plan that could change the way doctors and patients operate. and madoff's new home. tonight, where he'll spend the rest of his life. "cnbc reports" starts right now. >>> good evening, i'm dennis kneale. wow, nice rebound today. you know, all last week, we lost close to 2% and the value of the s&p index of 500 big companies. the fraidie cats' fear isn't over. what i insisted most certainly is. and today we made up the entire week-long dip and then some in a single day. you can say it is because of the company everybody loves to hate. goldman sachs. by now, the queen of doom's day forecasting meredith whitney put out a positive call and that put the market up. but let's get the real deal.

still a lotore ahead tonight on "cnbc reports." >>regulalati nation,, alth cacare pay packages,ndnd now yr bottled wawate dennis i is iling over about i. that's next. > the whwhithohous also pushing build n new roads. have theheyhohoug about o's going to bedrdrivg on them? wait until youeaear what peperctata of american drivers are nown their 7 7 anand above > and cryryin outto b bkrkrupy court from baseball sr to sketety y da traradetoto native net worth, cncn's's jane wells spoke e elulusily today w wit lelenn dykstra. this is "cnbc reports"nn thursday, julyth. we'r're ckckn two minutes. . . ans? this is jajani f froonstar. hahaveeceived an automaticic snana yeah.. i'llll ctatactmergency servrveses a stay with you. u u ay? ahah ststarstandard for one year o on c cvy models. bubut d you know you also get hohol price assurance? it's a one-two pununch savings -- pow! pow!! wer hotel booking fees meaean you get a lower totatal icice. it'plus, if anothernortz r savings -- pow! pow!! th b boo the same hotel fofor ss, we send you a chec

and his first appearance as a cnbc contributor. and of course a long resume at merrill lynch among other places. nice to have you on the program. >> thank you, maria. thanks for having me. >> congratulations on the new firm. before i get your thoughts on what's going on, your business, what you're looking to achieve at your new company let me get your thoughts on something we reported earlier. charlie gas (o reporting that bob mccann, a former colleague of yours at merrill, seems to have the inside track in terms of getting the ceo of ubs wealth management job. what do you think about that? what kind of a manager is he? can you tell us -- >> i knew bob for many years at merrill. for a while he was my boss. i will say -- i don't know anything about the ubs situation but i can tell you bob is a great guy. he is a fantastic manager. and if your reporting is true i'm sure he's going to do a wonderful job. >> well, we'll see about that. but certainly wealth management has not been an easy place to be these days with people so uncertain

surviving and me re the story tonight from cnbc's scott cohn. >> reporter: our annual cnbc study ranks0 states in ten categories, including the quality of work force, infrastructure, cost of doing business there. at number five this ar, utah. it wins points for its quality of life but falls two places from last year on a wave of foreclosures. climbing to number four is iowa. which boasts the lowest cost of doing business in the nation. number three, colorado, is fighting the slowdown by pushing green jobs. allowing companies like bella energy in the solar business to double its work force. >> we have a statewide initiative to require the utilities to use a certain percentage of renewables. and that forced the utilities to develop solar friendly rates that spurred the market. >> reporter: texas number two. it was tops in our study last year. but with energy prices half what they were then the state has lost some steam. america's top state for business, 2009, virginia. a perennial business favorite for its friendly regulatory client. even in the recession some businesses are growing. lik

this is also cnbc. >>> all right. updated economic data from the housing sector offset by disappointing results from ge this morning and google last evening. right now, the dow is trading lower, but not much, really. just about 13 points.. the s&p following suit, down about 4 and change. the nasdaq also off. before we head over to the earnings central, let's check in with matt nesto down at the new york stock exchange. hello, matt, what's the fallout? >> larry, it's interesting. you showed the dow versus the s&p, and there's a spread between them that is unusual. 3/10 of a percent, as we just showed. it's all coming down to really two stocks. ge and ibm, both out with earnings today. if you take a look at the heavyweight bout between these two stocks, 9.9% of the dow is one stock, ibm. ge, which is only 25 billion smaller in market cap than ibm is only 1% of the dow. and you can see there, give or take, about the same in the s&p 500. and that in this and of itself is the difference. in other words, ge, to have the bac

we spoke to porsche this morning from cnbc. they're unaware of a deal being struck already between the owning families of vw and porsche. as far as they are concerned, the ceo of porsche is to stay until the end of his contract, 2012. we will be watching the 23rd of july which is next week where we have board meetings at vw as well as porsche. on the agenda at porsche, a possible investment from qatar to come through and bring around $5 billion euros to reduce the 10 billion euro debt at porsche. all in all, that's frankfurt. over to paris now. >> in paris, patricia, the market is slightly down. but that's limited compared to the 3.6% gain we had over the last three sessions for the french markets. reno, nissan is trading higher in paris after the ceo of the company indicated that it wants to double the market share of the company in brazil from 5% to 10%. they believe it's important to remain competitive in that country. we have this morning a couple of numbers to digest. in line with expectations on a gain for the quarter, is

"cnbc reports" starts right now. >>> tonight on "cnbc reports," have a good week? wall street did. and the same is probably true for your portfolio. the dow, s&p, and nasdaq all scoring 7% gains. you heard it before and you'll hear it again now. >> this horrible, frightening recession is ending now. >> as the market jumps, we have new evidence tonight dennis was right. it was a week full of big earnings reports and next week is even bigger. we're getting you ahead of the game tonight. we're also picking winners. some of the biggest names around are naming the names you should consider buying now before it's too late. >>> also tonight, why this mayor is so happy. and is encouraging everyone else to get on board. sounds like a new friend for dennis. this is "cnbc reports" on friday, july 17th. and we have an hour full of reasons to be optimistic. it all starts right now. >>> good evening. i'm dennis kneale. hey, is this a happy day or w? t first of all, it's friday. and second of all, it's been a terrific week for stocks, and the economy, and third and best of all, where was the sell

cn cnbc's julia boorstin is in los angeles with the details. julia. >> hi, melissa. well, a year in the works. microsoft and google are hoping that a ten-year search advertising partnership will help create a real competitor to google search dominance. microsoft will provide its new bing search engine to yahoo sites with no large up front payment, instead sharing revenue with yahoo, which gets to keep 88% of search ad sales for five years sxhaz the right to sell ads for some microsoft sites. yahoo estimates the deal will boost annual operating income by $500 million while saving it $275 million standing alone mic yahoo are not a threat to google. now together it's still going to be an uphill battle but at least they have a fighting chance. we'll see if they can actually pull it off, though. >> search competition is sure to pull down ad prices. wpp ceo sir martin sorrels tells me he is delighted by the deal saying "we think it brings better balance to the search marketplace. anything that brings better balance to the search marketplace would be welcome by our clients.

tune in right here on cnbc. health care is a consuming issue in washington today and it will be everybody day as they race to meet the august deadline for an overhaul of the health care system. that's why we are starting a special segment on street signs today. our own john harwood will give a daily update on everything you need to know about how much money they are going to tear out of us to pay for health care. john, thank you for being here. what's the latest? >> the latest is that this is hand to hand combat time and they are notuing handbags for this. in the tough bargaining between democrats and republicans. president obama offered the public face of the argument today when he came out again as he will every day talk on this issue and say he is committed to a plan that improves quality and cuts cost. >> we have agreed that our health reform bill will include dramatic measures to cut costs while improving quality. each of these bills improves oversight while cracking down on waste and each produces give awa

let's bring in cnbc silicon valley bureau chief jim goldman and john aiken.e's looking for amazon to post $4.73 billion in net sales. that's a bit higher than the street consensus of $4.68 billion. thank you so much, guys. let me start with you, john. what do you think of this deal with zappos, the zoo company? is this a good move on the part of amazon? >> very consistent with the strategy of category expansion. zappos fits well into the continuing focus on the consumer with the one-day free shipping and the easy exchanges. so it fits very well in the category expansion strategy. >> jim goldman, what are they saying about this deal? >> this is a great deal. both companies have a great reputation for customerer is cyst. zappos has seen an enormous amount of revenue in the last few years. essentially makes this deal, you know, really, really affordable for amazon. it makes a lot of sense, extending the category. and it really goes after ebay in a much different way. these two company, ebay and amazon, are approaching the market from different vantage points. am

you're watching cnbc. undefeated professional boxer floyd "money" mayweather has the fastest hands boxing has ever seen. so i've come to this ring to see who's faster... on the internet. i'll be using the 3g at&t laptopconnect card. he won't. so i can browse the web faster, email business plans faster. all on the go. i'm bill kurtis and i'm faster than floyd mayweather. (announcer) switch to the nation's fastest 3g network and get the at&t laptopconnect card for free. >>> well, as wall street tuning out washington? is the government gridlock bullish for investors? here now is james papakoucous and along with the economics director. thanks for joining us. i'm going to call you jimmy p. because larry always does. >> that's fine. >> what do you think? it feels like maybe gridlock is back and wall street likes it. >> i'll tell you, i mean, coincidence doesn't necessarily mean causality. an amazing coincidence exactly at the same name that the obama agenda is in full collapse from the health care to the union s

and "cnbc reports" starts right now. >> tonight on "cnbc reports," charge! the bulls start the week running after a big build-up last week. the dow up more than 1% today. more than 6% in a week. same story for the s&p. and the nasdaq. there are new signs of positi positivivity tonight. goldman sachs calls for a big jump. tonight we're picking winners. looking at the earnings out this week, and we're picking three stocks with a good chance of making a big move. >>> and a democratic revolt. >> this is an issue that affects the health and financial well-being of every single american. >> but based on new polls, health care is an issue americans aren't interested in changing. they're much more concerned about rising taxes. democratic lawmakers are starting to fire back at the white house, as the president's numbers fall. it's rahm emanuel's nightmare. tonight, the democrats strike back. this is "cnbc reports" on monday, july 20th, as the dow closes in on the 9000 moint mark. >> you bet it is. good evening, i'm dennis kneale, and where the heck is fibben achi, a

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that is more important for us here at cnbc.ant of all, "the kudlow report" is coming right back after this. you have questi. who can ve you the financial advice y need? where will y find the stability and resources to keeyou ahead of this rapidly evolving world? these are tough questi a's why we brought togeer two of the most introducing rgan snley smith barney.ry. here to rethin wealth management. here to answ... your questions. moan stanley smith barney. a new wealth management fm with over 0 years of experience. in aong line of amazing performance machines. this is the new e-coupe. this is meed-benz. ick today. >>> all right. a very quick recap on today's bullish markets, u.s. stocks rallied, the s&p 500 got its best gain in six weeks. and banks, my favorite sector, led the way. i got it right one time in a row. all 30 stocks in the dow finished higher. cyclical growth for a change, read pro recovery. materials, industrials, tech and retailers all rallied for the first time in quite a while. now, let's talk about the right i

and becky quick joins us from cnbc global hq with more. hey. >> first of all, the reason warren buffett is talking today is because of a new venture when aol, a deal that is putting out something called "the secret millionaire's club." it's aimed at kids. they're trying to make sure that kids are aware of finance problems and make sure that they understand that the decisions they make now will affect them down the road when it comes to their money. we we talked a little bit about that. but while he was here we talked a the markets. markets focused on the dow going above 9,000. if you remember, warren buffett wrote that column last year for the "new york times" where he said that he was buying equities at that point and that other americans should, too. we were talking about the dow being well below the levels, even below 7,000. when he's talking about doing this, said he was taking his own money and investing in u.s. equities. since that time the dow has come a long way. back above 9,000. today we asked warren buffett if this is a time whe

a big day for the markets means a big day for "cnbc reports."aight ahead, the next round in the never ending battle between bulls and bears. which way should you invest? get both sides of the story next. then the real deal squad gets a chance to weigh in. should president obama get credit for this rally or are stocks coming back because of groundwork set by president bush? this is "cnbc reports" and we're back in two minutes. >>> it was a big day in the markets. it's an even bigger month. dow surging up about 9% so far this month. here's bob at the new york stock exchange. >> stocks came off the highlight in the day but still managed a pow powerful rally. initiate jobless claims showing some signs of stabilization. a powerful rally in china helped commodity stocks and weaker dollar helped commodities and commodity stocks as well. the treasury department successfully floated $28 billion in new seven year notes. stocks do not go down on bad news and generally go up on any sign of good news. so far, dow jones industrial average went up with the bes

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warren meyers, cnbc market analyst, and in st.anaging director of wells fargo advisers. great to have both of you with us. brian, let's kick things off here. we have been treading water. next week, big flu deluge of financial earnings. what are you looking for in this market? >> june was a lackluster month coming off of three brave months. >> i'm sorry. we're having a little bit of trouble with brian's microphone. we'll try and get that fixed. warren, sending it back to you on the floor. same question over to you. started treading water here in the markets. we are seeing major moves in the commodities complex, oil prices to the downside. what's your near term outlook? >> i think there's a little bit of downward pressure that started a week and a half, two weeks ago in the overall market. we hads a tremendous run-up from the march lows through the end of june. 35%, 40% in some of the indices. the economic data that's been coming out really hasn't shown huge turn around yet to sustain some of those gains. so i think there's internal

"cnbc reports" starts right now. >>> tonight on "cnbc reports," watch out, it's a bull run, the market sky rockets, dow and s&p 500 score 3% gains, and nasdaq heavy hitter jumping 3.5%, more evidence dennis was right. >> this horrible recession is ending now. >> he isn't the only one saying it now, merrill lynch is joining the dennis chorus. while markets are our focus, we're also talking about the business of porn tonight. larry the legend flint is here exclusive as cnbc gets ready to debut a brand-new documentary, porn, the business of pleasure. bill gates changed the world, now, he wants to change the weather. we have a big show tonight. it all starts right now. this is "cnbc reports" on wednesday, july the 15th. >> good evening, i'm dennis kneale, nice rally today, can i get a hallelujah? i have been telling you for three weeks now, this recession is over. the balance of fear,ien and yang of the market is beginning to level off. that follows a painful year, in which fear, like a fat ban in a bathtub overwhelmed all else. now, a new fear may emerge, the fear of getting left out. let

cnbc's diana ole sic in washington with the story. diana? >> well, maria, the usual suspects still dominate the foreclosure rates. that is california and parts of the midwest. but we're actually seeing some cities there decline while some unexpected cities are bumping up. still, it is all leading to opportunities. >> the question was what's the difference between regular property and a distressed property? >> realtor bob lucido is taking his clients for a ride. in a good way. >> the bus tour enables them to hear a bunch of questions from a lot of different people, see numerous properties at one time, ask other people their opinions and their experiences. it's kind of going to a seminar on wheels. >> reporter: and tours like this are now taking place in locations you might not expect. as the foreclosure map is changing. >> a lot of work. >> a new report from realty track finds foreclosure leaders like stockton, california and fort myers, florida actually posted declines in the first half of this year, while markets you might not expect like p

this is "the call" on cnbc. >>> all right.. stocks bouncing around after the government reported that the economy shrank by 1% in the second quarter. better than expected. but on the flip side, consumer spending weaker than expected. take a look at the dow right now, back in positive territory after that dip there. you see at the open, we're up 33 points on the day. that's about 4/10 of a percent, the s&p trading to the plus side up 3/10 of a percent and the nasdaq also in had positive territory, up 4/10 of a percent. trish, we end the week and month on a good note, maybe, it looks like? >> looks like it, melissa, definitely. at least the best since 1989 for july, potentially even the best since 1939, as i was saying. a lot of optimism about the gdp number. we're going to talk about that, coming up in just a few moments. but first, i just want to talk about this market here. we've had quite a month.. the dow has gained as you can see at the bottom of your screen, 8% this month alone. so if you've been in this market, it's been

tune in to cnbc world to catch all the action overseas. at cnbc's european headquarters i'm guy johnson, going global with your money. >>> lawmakers holding hearings on capitol hill today to find out how the billions in stimulus money is being spent. cnbc's chief washington koefrnt john harwood is at the white house, where he's following the money trail. john? >> reporter: melissa, this is a very interesting turn in the political debate over the economy. all of a sudden republicans think they've got the democrats and this popular young president on the run. the house republican leader john boehner today accused vice president biden of lying when he said over the weekend we hadn't realized how bad the economy was. and at that hearing that you mentioned representative darrell issa of california said the size of the deficit shows -- and the unemployment rate shows that not only is the stimulus not working it's bad economics. >> in fact, i believe that the discredited keynesian economic theory behind the effort is misguided, and i'm con vinced

oh, no, you're dealing $10 million apartments and i work for cnbc. ahead, brett, what else you got on this? brett, i want to also caution you, you're in phoenix. i know it's been painful there. you guys had one of the biggest tumbles because you had one of the biggest rises. couldn't it be you're a little more depressed than you need to be? >> i'm not depressed. i think we have to be realistic. you know, i'm listening to your guests and i heard jack say that foreclosures are good for the market. you know all we're really doing at this point is recycling human beings from old to new, all right? the modifications we keep talking about those, and those are tough to do, and we know the recidivism rate is over 40% on modifications. here's the deal, though. if those people don't work out on their modification, they're going to be back in the market and a possible foreclosure, and that's what's bringing the market down now. >> right, and are we yet seeing a rebalancing of the rent versus buy economics? i think one problem during the housing bubble there, jo

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welcome to a special edition of cnbc reports. dow 9,000. i'm larry kudlow at cnbc headquarters. >> hi there, larry. i'm maria bartiroma at the new york stock exchanges where the action was strong today. another bill rally on wall street. pushing the dow jones industrial average back above the 9,000 mark, first time since last year. the dow and s s&p at their liest level since november. highest close for the nasdaq since october. >> driving this remarkable summer r summer rally a string of earning surprises from every corner of the economy and strong leading indicators including today's better-than-expected existing home sales. an accommodated fed according to ben bernanke and what appears to be a shrinking possibility for heavy tax and spend health care. looks to me maria like free market capitalism will live to see another day. >> at least one more anyway. we've got you covered, our experts and cnbc all-stars ready to keep your portfolio riding this rally. cnbc market analyst steve grasso at the nyc. 11% in just nine trading sessions. >> s

. >> and after the bell cnbc is your home for earnings central. we're going to break down the latest results from amsz amazon, american express, and microsoft today at 4:00 p.m. eastern with maria. >> but first, here are the most heavily traded stocks on the nyse today, led by ford. back in a moment. 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#: 1-800-345-2550 that's when i get serious. tdd#: 1-800-345-2550 and the minute i get into something, tdd#: 1-800-345-2550 i already know when i want to get out. tdd#: 1-800-345-2550 of course, every now and then i'll talk w

this is "the call" on cnbc. >>> all right. sort of a buy on the rumor, sell on the news trading day so far this morning after yesterday's big gains of. stocks modestly lower despite better than expected earnings from goldman sachs and johnson & johnson. on the economic front, the retail sales number was sloppy.. that's how i would characterize it. producer prices came in on the high side. businesses are still cutting inventories.3 and small business firms are less optimistic. the net-net of whole net dow is off slightly 20 points, as you can see, the s&p is down just about 2 points and the nasdaq is off about 5 points. i want to see where oil is, because we have the opec representative here, melissa francis, straight from the horse's mouth. >> i cannot let you get away with that. i just -- >> just a moment -- >> can't let that happen. opec representative? i mean --. she's got a special little opec line here to discuss the whole thing. so trish -- >> he's never going to stop. >> i am somewhat underwound. >> he just keeps doing

joining me now in a cnbc interview, "first on cnbc" interview to break down the numbers and talk about the future is howard atkins, chief financial officer of wells fargo. howard, always nice to have you on the program. we thank you so much for your time today. >> good to be here, maria. >> i was speaking to one of your investors in the company and they said that credit ramped up, they did not beat as much as the whisper number, and it was a sell on the news because of the credit that was ramped up. how would you characterize the quarter? >> well, there may have been a little profit taking on the news. our stock has been pretty strong the last few weeks on the expectation of good results. we printed record results in the quarter. we're very pleased with that. there were very broad-based increases in revenue across the company. we did have elevated credit costs. again, i think there may be some misinterpretation in the market about some of those statistics. but basically, our net revenue was twice the number -- the volume of credit costs in the quarter. a $5 billion difference between n

cnbc 5:00 easterern.

. >>> hello and welcome to cnbc's "worldwide exchange." the earnings season kicks off later in the u.s. the g-8 is under way, as well, in italy. plenty of data coming out, as well, all over the globe. we'll get to all of it during the course of today's show. the ftse cnbc global 00, currently down 25 points. we saw wall street hitting a ten-week low. at the close yesterday, the talk of a new stimulus plan. right now here in europe, an hour into the trading day, not quite as bad as the fall christine was talking about yesterday. down .7% for the cac who at the moment. insurance, financial goods and services are the weakest sectors on the urgent on the currency markets, the yen has hit its highest level against the euro and the dollar. dollar/yen, 94.20. euro/dollar, .3885. sterling/dollar, 1.6078 and the euro is firmer against the pound, as you can see. we continue pulling the risk appetite and the dollar and the yen continue to benefit, christine. >> and the yen hitting the japanese exporters. let me tell you more about that. also the talk

cnbc's bureau chief jim goldman joins with us more. jim? >> good afternoon to you. microsoft unveils bing, its search engine. and google unveils chrome, it was a shot against microsoft, a year away. microsoft fires back with gazelle. unlike google's chrome, gazelle could be a far more immediate threat to google. the gazelle browser from motorcycle crow soft was detailed in a company white paper two weeks ago for engineers. browser as operating system is how the software was characterize that sounds familiar, exactly what google announced last week, trying to move software to a service with everything stored online as opposed to living on your personal computer. both companies trying to take advantage of stunning growth in the net books sector, those stripped down, inextensive net-connected laptops. this morning, display search news says the net book sector will double in size to 33 million units this year, accounting for 20% of global laptop sales as traditional notebook sales will be flat. analysts say microsoft might have a better shot at dominating the is sector