conoco will split into two companies. one will be its refining and marketing operations, the second will be its exploration and production businesses. the split does not require a shareholder vote, but regulators, including the i.r.s., need to okay it. assuming all sign off on the strategy, the split is scheduled for next year. after the close, food conglomerate ralcorp announced a spinoff of its own. it will split off its post foods cereal business into a separately traded company. the breads and bakery operations will retain the ralcorp name. ralcorp stock jumped in early may when con-agra made an unsolicited buyout offer. look at this move here. it rejected that, share price has been floating lower. shares were down 4% after the close. it also cut its earnings outlook, thanks in part to raw material costs increasing faster than it can raise retail prices. speaking of buyout efforts, the fight for pipeline company southern union continues. shares added another 4% after williams companies upped its bid to $5.6 billion in

conoco philips is one of the largest major integrated oil companies. it's actually announced it will be divesting itself into an exploration and production company along with a refining business. it's been attempting to monetize assets over the last couple of years, that it acquired that had give ten a high debt burden it will become more profitable and pays over 3.5% dividend yield. >> let's wrap up by talking about gold. we reported earlier that gold prices hit a new record high. you're saying that gold is still a good place to be and recommended the gld. can investors still make money with gold at this high price? >> we think so. we're still long gold. we've been long gold for a 23478 of years at this junk ture but the point that we believe will continue to put a bid under gold prices and ultimately lead it to a mania candidate status which at this juncture we don't believe it's yet found was the fact that we will continue to deal way high level of fiscal and financial uncertainty even as the august 2nd date passes and hopefully we have a resolution

conoco phillips rose after the country's third largest oil company said it would split in two. one the oil producer, the other a refiner. >>> billionaire investor carl icahn offered to buy clorox for about $10.2 billion. with a reported stake of just over 9%, he's already the company's largest holder. >>> and yesterday anglo australian firm bhp bill laton said it's buying petro hawk energy for a little more than $12 billion. >>> and finally after one casey anthony juror reportedly sought thousands for an interview, a florida lawmaker has proposed making it a felony for jurors to profit from civic service. >>> the blue jays and the yankees, hope for the nfl and the first day of the british open. >>> plus being a good athlete doesn't necessarily mean you'll be a good golfer. your early morning sports headlines are straight ahead. >>> with no rain in the forecast, nice to be outdoors heading into the weekend. >>> good morning. if you are just waking up, this is "early today." in sports, prior to last night for nine straight years, the new york yankees had won their first game back

conoco phillips. we heard from bp yesterday said it had swung to a profit.hear about this one. also delta and visa, the credit card company. all of these are among the companies that will be reporting here today. i'm tell you, the bottom line is many of these companies are reporting that the economy is getting better, but the clarity is something that they don't have. and we still aren't seeing all that hiring. still kind of this jobless recovery. futures are flat this morning, ali. flat and the bigger picture still, what's going to happen with the debt talks and the merger with canada, according to stephen colbert. >> why do you sound so funny this morning? >> i have a little cold. i'm sorry about that. when you get up so early, you don't realize it until i come and talk to you. >> it's adorable. a lot of states worried about what's going to happen if there's a problem with the debt ceiling. california is making plans ahead of it. tell us what they're doing? >> it has secured almost $5.5 billion loan from a bunch of different banks to make sure it has the c

it looks like the news will send conoco-phillips stock up nearly 5% this morning. >>> computer salese up 2.3% in the second quarter but that was less than analysts forecast. they say tablet computer sales are cutting into pc sales. despite that, hewlett-packard remains the time pc seller in the world. >>> and speaking of tablets, there are several reports that amazon will challenge apple in the tablet sales starting this fall. sources say the tablet will have a 9-inch screen and offer users access to amazon's extensive media collection but won't have a camera. the reports also say it will be powered by google's android, no word yet on the cost. >>> time now 5:51. a close call for a santa barbara county fisherman who catches and releases sharks from his kye i can't tell for fun -- kayak for fun. he caught one, wanted to take a picture of it but that shark had other ideas and ended up flipping over the kayak. >> once you're in the water it's a whole different scenario. you can see that shot of that shark dangling below him. at any moment that shark could have arched up and taken his ac

conoco phillips came out with better than expected earnings but its shares slipped. b.p. and royal dutch shell posted earnings that missed estimates, but their stocks rose slightly. all three said they're seeing evidence that higher crude prices are crimping global demand. coffee stocks caffeinating portfolios today, thanks to robust earnings. after the bell, starbucks reported better than expected numbers. the coffee chain earned 36 cents per share, two cents ahead of estimates. starbucks says the results would have been seven cents higher but were pulled down by higher coffee bean prices. shares rose over 2.5% in the regular trading session; they were trading as high as $41 after hours. shares of green mountain coffee roasters up 16% to $102.50. as you can see from this chart, the shares have tripled since the start of the year. green mountain posted strong quarterly results: 49 cents a share, 13 cents ahead of estimates. with sales surging, its adding two new production facilities to keep up with demand for its single serve coffee refills. of course, coffee goes well w

economy conoco phillips is leading the gains among energy stocks after announcing plans to spin off its refining units on the losing side of the shares of the it's now a chain marriott international fell by eight percent after its third quarter earnings will be below its the patience and european markets closed what we saw it was up and this is where in the red lloyds banking group was putting on over three percent cotton to try and the london and frankfurt metro a.g.l. commerzbank were down about three percent carmakers n.w. you don't buy more of what's wrong. and here irrational markets. close on the positive results on bargain hunting and this fight concerns over that in europe and the us though we didn't see big numbers there let's take a look at some individual movers on the my sachs gas from last almost one percent this i think i was there with our w.e.e.e. but we'll have more of that and just the normans burbank was positive at a point four percent and telecoms joint ross telecom first rebounded from a bad start to the day and the session in the red point seven percent and overal

is also pushing stocks lower energy stocks retreat with a broader equities market but she has of conoco phillips solemn and excellent stood their ground up when things updates. markets in europe finished in the red the footsie fell down point two percent and the docs shed one point three percent banking stocks led the footsie lower employees banking group barclays and world bank of scotland fell between forty three percent of the goldman sachs downgraded we are in the banking sector. here in russia markets retreated from early gains with the my six losing just under a percentage of the close the us will fall investors were cautious throughout the day avoiding risky moves ahead of economic reports and critical decision making in the u.s. now let's take a look at some individual moves on the mindsets we see oil majors that ended in the red amid we could crude lukoil down one and a quarter of a percent however of precious metal miners were among the main gainers of the day held by a stronger gold medal finished almost. two percent of the black banking stocks were also higher gain around ha

is also pushing stocks lower energy stocks retreat with the broader equities markets but shares of conoco phillips southern and exelon stood their ground after earnings updates. markets in europe finished in the red the footsie fell one point two percent on the dax said one point three percent banking stocks led the four c. lower lloyds banking group barclays and world bank of scotland fell between four and three percent after goldman sachs downgraded the european banking sector and of russia's dogs retreated for a fourth day as well fell after a u.s. government report showed an unexpected increase in inventories my sixty eight point nine percent its biggest loss since july eighteenth and now let's take a look at some individual moves on them isaac's oil producers and in the red on lower crude to look oil fell over one and a quarter of a percent precious metal miners were among the main gainers held by stronger than gold. poly metal finished almost two percent and black banking stocks were also high have a t.v. gain around half a percent on news it may soon acquire another twenty percent

the red this hour that's despite reports of a three month low for droplets benefits applications conoco phillips is leading the gains among energy stocks after announcing plans to spin off its refining unit and on the losing side the shares of hotel chain marriott's international fell by over eight percent after it said third quarter earnings would be below expectations. now european markets also closed in their ad but lloyds banking group was up over three percent bucking the trend there in london and in frankfurt metro a.g. and commerce bank were down about three and four percent respectively carmakers b.m.w. v.w. and dion learn to work pretty strong though. and in russia markets closed on the positive notes on bargain hunting this spike concerns over that in europe and the us though we didn't really see big numbers there now let's take a look at some individual movers on the my sax cast from last almost one percent despite announcing a deal with r w e n will have more about in just a moment he was burbank was positive about point four percent and telecoms giant ross telecom first reb

seeing a mixed in the season after reports over three months low for jobless benefits applications conoco phillips is leading the gains among energy stocks after an announcement plans to spin off its refining unit on the losing side of the shares of hotel chain marriott international fell by four point eight percent after it said there is quarter earnings will be below expectations. and the european markets are about to close at the moment they are in the right bottom lowest banking group as are known all over really percent bucking the trend in london and frankfurt metro a.g.n. point guards are down about three percent while carmakers b.m.w. the new and dime learned are strong. and sheer and rush hour markets close on the positive notes on bargain hunting and that's the spot concerns over debts in europe and the u.s. . though we didn't see big numbers there let's take a look at some individual movers on the my sags gas from last point three percent despite announcing the deal with r w e we have more on that in just a moment but sperm bank was a positive point seventy four percent and tel

in the red this hour the spiral course of a three month low for douglas by the fed's applications conoco phillips is leading the gains among energy stocks after announcing plans to spin off its refining units and on the losing side the shares of hotel chain marionettes international fell by over eight percent after its that there were innings with the below expectations. european markets close then the red but lloyds banking group was up over three percent bucking the trend in london and in frankfurt metro a.g.n. cormorants down about three and four percent respectively carmakers b.m.w. v.w. and diallo were pretty strong go. and hear a rush of markets close on the positive notes on bargain hunting and this fight concerns over it that's in europe and the u.s. there. really see big numbers there as you can see now let's take a look at some individual movers on the my sacks of gas from last almost one percent the spike announced in a deal where they are w e n will have more of that for you in just a moment as burbank was positive five point four percent and telecoms telecom first rebounded

season and with crude prices near $100 a barrel, look for a gush of profits when bp, exxonmobil, conocod chevron all report last quarter results. >>> meantime, the u.s. coast guard releases the fult impact on the bfp oil spill. >>> new york city's comptroller estimates that gay weddings alone will bring in more than $200 million in revenue to the empire state over the next three years. >>> last season's world series champions, san francisco giants, take a break from playing ball to visit president obama at the white house. you can't put a price on that. i'm michelle caruso-cabrera, get all of your business news on cnbc. >> hopefully that won't distract them as they take on the brewers today at 1:00. >>> you can get all of your business and tech news before the bell weekdays on "today in the bay" which starts at 4:30 in the morning. >>> in china, some people are being fooled when they walk into stores that sell the iphone, ipads and other apple products. take a look. the thing is, it is not an apple store. it sure looks like one. it says apple merchandise, even has the apple logo, but it

conoco, $2.1 billion. chevron, $6.2 billion. b.p., $7.2 billion. you take this and apply it over the last decade and it's just $950 billion of profit. $50 billion less than $1 trillion of profit. and yet defending the oil companies are our republican colleagues saying, oh, no, no, you can't touch big oil, you can't take away their tax subsidies but you can surely go after seniors and take $6,000 out of the pocket of every senior with this medicare program. mr. tonko: you know, it's very obvious from the polls being taken by many, many organizations out there that the american public said it's about jobs. we need jobs in the economy in order to make things work. it will reduce the deficit. it will put people to work. it will start growing the economic engine of neighborhoods and states and the entire country. . what we're saying is the republican assault on the middle class. they're cutting programs that create jobs and invest in a new economy. but they are leaving alone these groups that are actually not -- they are earning record profits and still

oil giant conoco phillips is splitting up and planning to separate in two separate companies.er for refining and marketing and both will be publicly traded. >>> miller lite, stock up. the state's government was shutdown before they could renew their brand label registration in the state. the company is forced to pull 39 beer brands from all restaurants and bars and liquor stores as a result. >>> a new "harry potter" movie antisow yet and raking in big bucks. how much? $25 million in advance ticket sales! the movie opens in the u.s. on friday. >>> good to be christian lopez. two of the new york yankees sponsors are donating $50,000 to him. he caught derek jeter's 3,000th hit, a home run. the money will help him pay student loans and taxes he may owe on gifts from the yankees and he now has a 2009 world series ring and getting his very own baseball card! >>> next the u.s. soccer team wins a crucial man in the women's world cup match. richard roth is live on that next. "american morning" back after the break. boy, i'm glad we got aflac huh. aflac! oh, i've just got major medical.

at the conoco pipeline and i can begin to tell you what good neighbors they have been. they flag it, monitor, work it. i receive no financial benefit. make great grandfather and the stifling legislation matter a lot to me. i want to know the private rate service acted and the people i respect good, but the environment is respected as well because while they receive no financial benefit that crisscrosses my ranch, i would have the benefit or the failure of any problems of the failures of the pipeline that exists and occurs. this kind of legislation is to those of us that were the land governments demand a way to utilize our national resources while doing everything we can to protect the environment. it's a reasonable and responsible expectation. the united states leads way in preventing clean effective energy. we're not perfect, but when there's a spelling mistake you file finder more scrutiny to sponsor her in the world. this is another reason's the reasons domestic energy production is such a good idea. standard and expectations are so much higher than the countries we

conoco phillips expected later and visa's earnings come out after the closing bell. >>> investors waitingoday. information on durable goods orders for june in about an hour from now and the fed's beige book, a look at the economy, their regional economy, released at 2:00 p.m. eastern this afternoon. >>> now california prepping for a potential u.s. default. the state has secured a loan worth about $5.5 billion from various big banks including goldman sachs and wells fargo. that's so it has cash on hand in case the debt ceiling is not raised in time and it can't get the federal funding that it relies on to run. >>> ford reportedly scrapping cd players in its new models opting to install usb sockets for digital music players. the automaker says all new cars will have a computer hub that will include wi-fi so you can access your music library. ford is the first mainstream auto maker to make this move. like the 8-track tape player gone. "american morning" will be back after this break. [ male announcer ] if it's true that sharks can sense even a drop of blood from a quarter of a mile away, whi

conoco, $2.1 billion. chevron $6.2 billion. b.p., of gulf fame, $7.2 billion. that's their profit. part of that profit is your tax dollars. part of that profit is the tax dollar of every american that has been given to the oil companies for more than a century so that they can go explore for oil. is there an american that believes that the oil industry needs our tax dollars to continue to be viable? i don't think so. but if the constitutional amendment passes, becomes part of our constitution, a majority of this house and the senate could increase the subsidy but it would take a 2/3 vote to get our money back. we need to understand the details of what a balanced budget amendment means. i notice that i've been joined by my wonderful friend and extraordinary representative from the great state of new york, representing the hudson river valley in the capital region. we had a discussion last night about a piece of this and i've been waiting for you to arrive when we could talk about how the balanced budget amendment and the cuts in the legislation passed yesterday would affect women. w