david faber joins us from the nyse.rom a month ago where he was talking about this, and i would nt' have known the difference i don't think. >> he said more or less the same things a month ago and said them a number of times including of course testifying in front of congress as well, joe, absolutely. on the call itself, we've sort of moved ahead, doug bronstein has gone over -- i'm awash in paper, they had three different presentations here and executive presentation, they got a cio task force update and then we've got the actual earnings from jpmorgan as well. >> david, why isn't it more focused, why aren't his comments more focused on the incremental information that we've gotten, that this was not done in good faith now? isn't that you? ? maybe it's not something he wants to focus on. >> i think it's the news story of this morning. it's certainly what we did not know. what else very want' known is the loss was, $4.4 billion pre-tax, $1.6 billion for last quarter and they adjusted last quarter's earnings down by $459

business headlines with cnbc's david faber.donovan ] i hit a wall. and i thought "i can't do this, it's just too hard." then there was a moment. when i decided to find a way to keep going. go for olympic gold and go to college too. [ male announcer ] every day we help students earn their bachelor's or master's degree for tomorrow's careers. this is your moment. let nothing stand in your way. devry university, proud to support the education of our u.s. olympic team. [ male announcer ] if you want play in the same sandbox as luxury s.u.v.s, it helps to have an interior full of hand-selected wood trim and soft premium leather... and it doesn't hurt to have a selec-terrain dial that truly performs. ♪ >>> 26 past the hour. look at that cool shot of new york city. joining us now the co-host of cnbc's "squawk on the street" david faber. hello. >> good morning. >> let's get -- there's big business stories. facebook, wall street is a little worried here or disappoint sthds. >> goes. although it's funny, the company's growth met the -- a

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david faber here with a special report. this is new york state. we built the first railway, the first trade route to the west, the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one that's working to attract businesses and create jobs. a place where innovation meets determination... and businesses lead the world. the new new york works for business. find out how it can work for yours at thenewny.com. >>> all >>> all right. street talk time. walking you through the big stock stories of the day. since mandy is on "power lunch" it's double dude day. you're playing the role of me which means i'm mandy. >> no. you will -- i am not -- >> can i get -- >> you are not mandy in -- >> a foot and a half taller. stock one, sirius xm higher. they're not seeing, herb, 1.6 million what they call full pay subs, not the freebies with the new cars. >> but look. the new car sales definitely having a good impact here. >> you want to keep it. it's gd. >> it is good. >> cnbc is on it. >> that's why we listen to it. but you

andrew ross sorkin, steve liesman, david faber standing by for an old style all-star panel.ng it for us. andrew, what's the biggest takeaway for you? >> i think the hottest news of the conference thus far the hp news and i throw it to david faber. as i know one of the hp resident experts, the fact that jim chanos is shorting this thing. >> that was interesting. >> not an apple opportunity. >> if you can, just -- >> i think the idea is it's not a company with huge cash flow. that is not the type of innovation that ultimately we needed to get there. that the industry unto itself, computers, full stop are going to be a struggle. he also talked a little bit of dell, by the way. hp one of a piece. and so the real question is, can they revive their fortunes or is she a one way train going one way? >> meg whitman would take issue with that thesis, no doubt. having taken over the title only six, seven months in october and that being said 300,000 employees, better hope that they figure it out there. andrew to your point and perhaps to his, it could take years and a lot can happen in

of course, that man he was talking about on tv last night was our own david faber and that is what he talking about. >> about. i love that because it was on canada it was all very civil and didn't t get out of hand. some shareholders would be pretty irate. before we go, let's recap the day. the quick markets. stocks fell on worries that the global economy slow down is putting a drag on u.s. profits. first four ta losing streak in other a month. >> that does it for "closing bell." thank you so much for joining us. >> "fast money" starts after this break. tdd# 1-800-345-2550 i'm constantly working my screens. tdd# 1-800-345-2550 checking the charts. tdd# 1-800-345-2550 looking for support, tdd# 1-800-345-2550 resistance, breakouts, tdd# 1-800-345-2550 a few other tricks that i'll keep to myself. tdd# 1-800-345-2550 that's how i trade. tdd# 1-800-345-2550 and i do it all with charles schwab, tdd# 1-800-345-2550 because their streetsmart edge platform tdd# 1-800-345-2550 helps me trade quickly, intuitively. tdd# 1-800-345-2550 staying on top of the market is key! tdd# 1-800-345-2550 and t

. >> cnbc's david faber investigating espionage and theft of trade secrets.ow. ♪ >>> welcome back to "squawk box" here on cnbc. our guest host this morning, wisconsin governor scott walker. checking u.s. equity futures. this morning, down about 37 points. still a little bit of a hangover you would think of another dismal jobs report we had on friday and extending some of the losses. we did come back a little on friday, down almost 200 and then i think closed down 125. >>> among the stories today, president obama will call for a one-year extension of bush era tax cuts for families learning less than $250,000 a year. republicans have argued that the tax cuts should be extended for everyone. without congressional action, the cuts expire on january 1st for everyone. >>> in the headlines, euro finance chiefs meeting in brussels to flush out plans for the sing the currency. pleading for rapid moves to help states and banks. for an owe draghi is testifying today. after a rate cut, the markets watch to see if he signals more dramatic matters like buying government bo

. >> a good rally today david faber. i know all of the pages were sitting up stairs here at the exchange as you were going through them. what did you learn, is it behind them sm. >> for the most part it seems to be behind them, that being the massive losses that jpmorgan took very unexpectedly. we're talking $5.8 billion for the total so far. it could go up another $1.7 billion. that is the very limit, at least, according to management as to where it could go, but that is unlikely, again, according to jamie dimon, and all of the senior managers at the bank. for the most part it does seem to be, as you said, behind them. >> gary, what do you think about this? is the worst behind for the sector? a big rally today, what would you do as a trader or investor right now? >> the fact is that what david said is correct, but the vice president vice president people yul relative multiple, that has been able to have on the last four and a half years is gone and done. so if you want to get low on the financials, the only thing you bu

>> i have not liked that for a long time, ever since david faber broke some stories about how they're really doing. there's nothing there for me. there's nothing that makes me feel good about it. i don't like these numbers coming down. tommy in new jersey. >> caller: it's fred from new york, jimmy. i'm looking for your input on isrg, intuitive surgical. >> i thought they were fine. but they came out the same day as chipotle. these high multiple stocks, they have to be perfect and they can't have any economic sensitivity. and in that quarter they talked about economic sensitivity in europe so that is enough to move the stock lower. >> caller: a new jersey boo-yah to you, jimmy. >> whew. okay. >> caller: i need you, man. i did everything you told me to do. i'm a home gamer on margin over here. earnings only increased $429,000 on $80 million in revenue. i said this thing is going to go down. it went up. i don't get it. $15 million in shareholders' equity, it went up. the liabilities went down. what am i doing wrong? >> all right, listen. i totally get what you're saying. i would ring the

up next cnbc's david faber joins us with a look on his documentary on cyber espionage.. [ truck beeping ] morning, boys. so, i'm working on a cistern intake valve, and the guy hands me a locknut wrench. no way! i'm like, what is this, a drainpipe slipknot? wherever your business takes you, nobody keeps you on the road like progressive commercial auto. [ flo speaking japanese ] [ shouting in japanese ] we work wherever you work. now, that's progressive. call or click today. >>> 29 past the hour. welcome back to "morning joe." rattner is back at the table with walter isaacson and mike barnicle and wit us now, co-anchor of cnbc's "squawk on the street" david faber, his new cnbc documentary looks at one of the biggest threats to american economic security, cyber espionage. look forward to that good to have you on board. >> nice to be here. >> let's start with the jobs numbers and unemployment situation. >> sure. >> friday's outlook, steve rattner characterized it as sort of bla and maybe not even getting better. >> yeah. blah is probably as good a term as any to use. 80,000

up next cnbc's david faber joins us with a look on his documentary on cyber espionage.. >>> 29 past the hour. welcome back to "morning joe." rattner is back at the table with walter isaacson and mike barnicle and wit us now, co-anchor of cnbc's "squawk on the street" david faber, his new cnbc documentary looks at one of the biggest threats to american economic security, cyber espionage. look forward to that good to have you on board. >> nice to be here. >> let's start with the jobs numbers and unemployment situation. >> sure. >> friday's outlook, steve rattner characterized it as sort of bla and maybe not even getting better. >> yeah. blah is probably as good a term as any to use. 80,000 jobs, 8.2% where we are on the unemployment rate. the second quarter of this year, similar to last year in that again the first quarter of this year, like 2011, we looked as though we were moving somewhere. especially if the first quarter of this year we had significant job growth and then hit a wall and the second quarter has come in as fairly lousy in terms of job growth. maybe mainta

for more on the threat now and a new wave of espionage coming from china, david faber is here live. seems like every day a new story about this. when it's state-sponsored efforts, the china have no peer. that would try to compromise networks and relentlessly. you name it, they want it. it's what's known in intelligence jargon as an advanced persistent threat. they gain access to a network and sometimes sit there for years gathering information and gaining access to other computers in the networks with more valuable data. the techniques for breaching fi firewalls not all that high-tech. social media provides almost all the tools a would be attacker needs in getting to know your hobbies, who your connections are so that they can send you a convincing e-mail with a malicious e-mail and convincing enough to click on it and successful in breaching some of the largest and seemingly most secure of companies. even those that provide the very security such as rsa. >> this time, the cyber bomb was a seemingly normal microsoft excel document. but within that was an adobe fire that spread malic

i don't know if you watched david faber's excellent presentation on the china cyber security issue.issue. this will give you a quick pop. coming in second is five below. dollar stores are on fire right now. this one in particular has room to expand all over the country. it's a philadelphia based chain of 192 kid oriented dollar stores founded in 2003 by the former owners of zany brainy which was beloved by children all over the country. good blood lines. cheap sports gear, snacks, party goods, clothing and middle school accessories with nothing costing more than $5. oh, man, this place is a blast to shop at. i love my five below on route 22 in new jersey. i first thought it was a place to get extreme camping gear for arctic-like weather. five below. turns out to be a higher price point than dollar general, tree or family. think of it as inflation adjusted dollar stores. five below has room to expand from less than 200 stores now to 2,000 all over the country. that's reasonable given that dollar general has 10,000 stores. imagine plans to open 50 locations this year. 60 more in 2014.

first send it to manhattan and our own david faber live inside the pierre hotel here in new york cityveringal fan conference. things are just getting started, david. >> they are. uptown from where you are, of course, carl. we have many interesting guests and more many here at delivering alpha. the pension pitfall with the 1% annual returns of call pers. 7.5% bogey, what will happen there? we'll have a best ideas panel including jim chanis, lee cooperman, rob capito, president of blackrock and more. so you'll want to stay tuned for all of it. earlier this morning you are own larry kudlow had a chance to sit down with the treasury secretary of the united states, one timothy gaiteeithner and centern the libor investigation. if it's been going on so long, why did it take so long to reach the seemingly critical mass? here's geithner's answer. >> it took some modest reforms in response to the suggestion in '08 and didn't go far enough and we have now taken the initiative to set up a broader effort involving all of the countries that matter around the world. to try to make sure we push and w

. >> david faber on the morning show, "squawk on the street," we have been laughing frankly about howangible book value which to us is cash is now so out of whack with stocks. we have a tangible book value next time at this time of 9.87. i don't understand it. it's not like you haven't taken losses. >> absolutely. we have taken losses, built significant reserves for repurchases. about 360 million at the end of the quarter. we still have 2% area loan loss reserve. we have some of the stronger capital ratios in the industry. so i think it's a solid number. i think in terms of valuation it's an important reference point for figuring out how to value a first horizon. >> maybe the issue is countries kfsz poor, cash rich. where is demand since we last spoke? >> it's fairly modest, consistent with growing in the 1% to 2% range. we saw good growth. some of it is organic growth you expe expect. >> if you had to look at what needs to occur, do we need to get through the election, have housing get stronger? do we need nonresidential construction? what are the keys to figuring out when we get gen

i was telling david faber that it's still too early to buy.if extrapolated to facebook and they are doing that, facebook may not be so hot. i don't like the stock here. another question. >> hi, jim. carl from new york. >> how are you? >> good. i have stock in activision. is that worth playing? >> no. that's a flat line stock in a flat line business without growth. i need a special situation like apple or western e digital where the growth goes from bad to good or a consistent dividend. you have neither when it comes to that stock. sorry. can't like everything. in this game of telephone at&t could ring in the profits for you. listen, it's not that i don't like verizon, they are both good. right now on an apples to apples and apples to orange basis at&t is the better stock. stay with cramer. >> announcer: coming up, can you handle the heat? cramer gets you fired up for a searing hot lightning round. and later, processing profits. chip maker broadcomm surprised the street sending shares higher after raising guidance. should it be a at the core of

. >> i was talking to david faber and he said how many more cars can you add before the trains go tooy and you can't do the numbers. >> we have good room for growth. on the intermodals we could add 10% to 15%. on the merchandise side 15 to 20%. we have room to add to existing trains. >> one of the problems we are having in this problem is agriculture. you allude to the fact that ag could be a tough market for you. you have always been a dominant ag player, fertilizer and crops. >> and, jim, it's getting worse. you go back two weeks ago it was 141 bushels per arcre. the drought will affect that and the fertilizer market as well. we have to deal with what we have. unusual movements in grains to feed the pigs and chickens. >> let me ask you philosophically. if you wanted to save -- i'm asking from -- perspective. he says why don't the railroad guys start buying new natural gas engines? next thing you know they are saving money on diesel fuel. is that going to happen? >> there's been research done but there are challenges to that. you put that behind and right now we cannot have a device

david faber investigates the chinese threat in a new documentary here on cnbc tonight. >> what is thee scenario? >> we continue to bleed our intellectual property until we can't compete with china specifically. now they can compete in cars, durable and nondurable goods, mostly research and development stolen from the united states. if we lose it, we lose the edge to future prosperity to the united states. out's that serious. >> it premiers tonight at 9:00 p.m. eastern. tune in. finally, the new federal consumer financial protection bureau has been working on rules to make mortgages simpler. eliminate the eye glazing language which requires a law degree to understand. the proposed rule and documentation that runs with it north of 1,000 pages. simplification is too complicated for some. >> have you ever seen a mandate like that simple to understand? >> you would imagine it's a thousand degrees. i have a law degree and i don't want it to read it. but i'm not surprised. >> up next on kudlow, are you better off than you were four years ago? that was the question ronald reagan asked in 1980

. >> hey, by the way, david faber this morning on "squawk on the street" thought this was pretty cool-lookingearing my burberry tie. >> oh, cool. ♪ you're the inspiration ♪ splish splash i was >> my kick bag. the contents of which swing into action the moment i get out of the shower. i like to brush my teeth for a second time of the day. what do i use? no, not a bottle of jack! how did that get here? it gets in all those hard to reach places. like kesha. other than the fact she uses the dollar sign instead of an s when she spells her name. i like to cool my ears and dry them. because of that nasty thing i stick in my ear for "squawk on the street," the ifb they call it. a real wax gatherer. i use this old-fashioned mach 3. it doesn't do anything at all except shave me well. no matt no wonder -- the privileged investing tools of wall street and make them simple, intuitive, and available to all. distill all that data. make information instinctual, visual. introducing trade architect, td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-fr

." >> i told david faber this when he went into "jeopardy!" you've got to visualize it to win it. >> here it is, simon. oh, you didn't see me. i was going to visualize for you. >> we're pressing on. we're halfway through the trading day. top three trades, all consumer related this thursday. walgreens and express scripts, both surging after reaching a new pharmacy network agreement. stephanie, this has been a long time coming. >> yeah. well, they had been at an impasse for seven months, so it was somewhat of a surprise. but if you look through -- we don't have the numbers or the details. i think that walgreens and the deterioration of their comps and of their business and of their market share, they really were at the mercy of the situation. and i suspect that express scripts got the better end of the deal. cvs trading down 5%, a stocky like and that we own in the fund and we've been buying this morning because we do not think they're going to lose substantial volumes that they just got from this impasse. and plus we like the valuation and the

you could meander from shop to shop. >> david faber is noticeably quiet through this. move of jc penney. >> it's been interesting. it moved up on the appointment of mr. johnson in the 40s. at this point, people may know, we sat down with the largest shareholder who has been behind so much of the change. >> it could be 15 times return over the next five years. we'll see if he's right. >> all right, let's get another "market flash." let's check in with brian sullivan. >>> can't match the denim talk. but i can talk about beer and bud shares have been down. the stock is flat today. actually down a little bit today. north american values fell about 1.8%. bud is now owned by inbev, really a brazilian/belgian company. key market for bud, still, bad day today. but a great 12 months for this company so far. back to you. >> for example, the last time i looked in europe, down 8% >> i love carl's burger. i love the danish sensibleabili sensibleability. i like their slogan in denmark, probably the best beer in town. maybe you should try our market. over time you'll come to love it.

this is david faber.safe haven asset, do you believe we'll see the yield decline from the ten year treasury in there points if it does qe3 i don't know how you go about doing it when you have a rate throat. >> first point, you could easily make a case that the yield falls further. i saw the rate strategist at merrill lynch was talking about 125 or even lower. our forecast was for 150. we talked about this to start the year. we're there and stay there for now. let's be clear. if we roll over into another recession and policy doesn't respond you can easily get down closer to 1%. i would remind been ten year jgb is around 10.7%. >> not a great comparison >> it's a realistic comparison. it exists. we can look at a developed economy with its own currency. >> thanks for the update that japan is here on earth. >> a comparison to something on earth versus -- >> geography and everything else. >> up -- you never know who is watching. >> dan greenhouse. have a great day. >> shares of gloupon hitting new lows falling

david faber, back to you. >> thank you, mr. santelli. testing a 1.50 yield is a possibility. what's coming up on "mad money" tonight? >> six flags had a good june. trying to battle the notion that howard schultz is saying that june was bad all over. people are going to theme parks. they're loving it. >> excellent. >> i also want to point out that i'm going to be on the hunt for company that is didn't see july be bad because of what rick santelli just said. if consumer confidence is going up, perhaps the whole foods is doing -- that's more of a beacon than a starbucks. starbucks was a quizzical conference call. >> got it. >> and obviously facebook and then versus amazon, amazon is saying, this is just fabulous. too much demand is a nice problem. >> it's a big problem. high-class problem. >> yes, it is. >> jim, have a great weekend. see you tonight on "mad money." >> thank you very much. your mets are coming back. >> oh -- got a lot more "squawk on the street" ahead. we're keeping an eye on facebook. #a#a#a#a#a#a'9#a+=#a#a#a#a#a +g#a >>> g

i'm carl quintanilla with melissa lee, jim cramer and david faber live at the new york stock exchange. friday the 13th ended up being pretty good for the bulls, both the dow and the s&p rallying to snap that six-day losing streak. take a look at the futures. setting up for a lot of earnings over the next five sessions. bernanke on the hill both tuesday and wednesday. as for europe, dealing with a lot of news involving libor over the weekend, which we'll talk about. for now, all the major indices modestly in the red. >> our roadmap starts with the first big bang to report its earnings. citigroup beating estimates. . >> morgan stanley downgrades general electric to equal weight saying the key reasons to buy the stock are more of a 2013 story. the industrial giant post earnings this friday. >> is more china stimulus on the way? comments from chinese leaders over the weekend may hold the fate of u.s. companies warning of weakness. >> and nokia cuts the price of its flagship smartphone in half just three months after the launch. but can the lumia 300 keep apple and samsung from stealing ev

i'm melissa lee with jim cramer and david faber live from the new york stock exchange.arl quintanilla is off this morning. welcome back, guys. >> thank you. >> take a look at futures and how we're setting up after the worst friday since june 25th. we are looking at a lower open for the s&p and the dow. the nasdaq looking to eke out a gain here. our roadmap starts off with the markets. it was one of the worst weekly percent declines for the s&p and dow since june 22 pd. europe remains in focus, finance ministers meet in brussels. japan machinery orders dropped 15%. and chinese's premier warns of downward pressure on the economy. >> and earnings season starts today. we've seen estimates for the quarter get slashed ahead of the report. what will aa say about global dae demand, especially with questions out there about europe and china smchlt ] >>> and wellpoint buys amerigroup for $4.5 billion in cash as it looks to expand in the area that will see growth under the health care overall plan that was uphold. >>> after friday's 124-point drop in the dow due to a weaker-than-e

david faber. >> thanks very much. very interesting you mention jc penney.hn on the offensive against forest labs. the, quote, die nastick nature of his succession plan. soloman fighting back with a detailed rebuttal of his own and his own qualms with mr. icahn. ken squire joins us to talk about what's rarely boring activism. you follow it as closely as anybody. let's start off with forest labs. people may recall last year icahn lost. here we are again. he's after it again. where are we? what's going to happen? >> icahn lost last year primarily because he got -- the company got iss's recommendation. even though they recommended with the company, they kind of railed against their corporate governance and against their performance. the company replaced three directors right before the proxy fight last year. and made some promises about corporate governance improvements they'd be making. a year later now, performance is still underperforming their peers. they haven't followed through on any of those corporate governance promises. so i think it's going to be ver

now david faber. your turn. >> all right. thank you very much.l as you just heard that double dose of economic data out. now to steve liesman, our senior economics reporter. see what his instant analysis is. >> i think it's actually a little worse from an expectation standpoint than maybe rick pointed out because i saw a lot of guys on the street. the guys that i followed were like minus four, minus five. it came in at minus 12.9. almost all the components were negative. except for the prices component. prices paid was positive. prices received was positive as well. but the number of employees is negative. the average employee work week was negative. so this is not a good number and it doesn't bode well for the next ism report which is the way everybody cares about this number. one of the things bothering the economy according to many experts has been europe and the knock on effect. yesterday we talked to two former treasury secretaries hank paulson and robert ruben about the effect of europe on the u.s. eeky and how they can work their way out o

david faber, back to you. >> all right. thank you very much, mr.> let's get to the road map for the next hour. >>> as we gear up for another earnings seasons what is next for the markets? >>> we'll talk those fears in just a few minutes. >>> groupon is battling to stay relevant. but as the stock still down over 48%, is there any hope for a turnaround? >>> the construction spending number was positive. the private spending number up. of course public spending has been negative, though not quite as negative as it's been. the big story is the residential spending, up 3% versus 1 -- office spending up, commercial spending up, everything up, manufacturing spending even up, so that's good. i think that's going to tend to flatter the second quarter gdp numbe numbers. i see no flattering there whatsoever. production was down, though still above the 50 mark at 51. the only one that kind of stewed up curiously was the employment subindex. prices also fell sharply, which is i think ultimately good for the manufacturing, but the backlog fell, exports fell, imp

i'm melissa lee with carl quintanilla and david faber.et's look at futures of what will be an abbreviated trading session. equity markets close at 1:00. we are looking at a lower open, at least at this point. the dow looking to lose nine at the open. as for europe, stocks risiing o hopes of easing. across the board, green arrows so far. >> our road map this morning with barclays. bob diamond steps down at ceo succumbing to the mounting pressure and now the coo may resign, as well. how far is this investigation going to go? >> it is the calm before the storm today with the markets quiet ahead of auto sales this morning. jobs report friday. oil bouncing with brent back above 100 bucks a barrel. >> a quarterly loss for microsoft. writes down almost the entire price of acquisition. will the catalyst of windows 8 and the surface offset the strategy miss? >> friends again? facebook and general motors meets again. is this a start of reconciliation or a new account between the two? >> barclays the big story this morning. bob diamond stepped down.

david faber has more -- we're going to wait on this for one second. colleagues under the bus. >> i'm excited, because the ceo is miking up -- there's faber. >> he's playing a cool guitar over there. >> melissa and carl are here. >> they told us nobody was there. >> not that many people on the floor the of exchange this morning, but we're here. >> it's merger monday, faber. >> it's going to be a quiet week, though we're coming off that enorm ago rally on friday. we're going to talk markets at the top, see what we expect from this expectedly quiet week. we have some deals. bristol-myers, amylin, lindy lind care, so we'll be looking at a lot of different things. >> did lindy and lind care happen because their names are so familiar? >> yes, that is the reason. as usual, you have cut to the core. >> the synergies, the stationeries, the signs. >> huge. you don't have to change anything. >> the best one was the peanut butter and jelly of all time. implts that is finally the sinner engine. >> total mayhem. >> see you in just a minute. playing with gary lucas,

i am melissa lee with jim cramer and david faber live from the new york stock exchange. the dow and s&p trying to avoid a seven-day losing streak. the s&p is looking three at the open and the dow 24. as for europe the moody's down grade on italy by two notches is having somewhat of an impact on the italian market but green arrows for london, france, as well as germany. we start the road map with j.p. morgan and restating their first quarter results in a number, 4.4 billion pretax for the trading loss and ceo jamie dimon put the whale issue behind the company. david has been on the call and has the latest. >> that continues by the way and the sixth straight day of losses as well talking about something continuing for the markets. may come to an end thanks in part to china gdp and keeps hopes of further stimulus alive and italy a two-notch down grade from moody's over night. >> and speculation about an amazon smartphone intense fiez. one analyst says don't bother given the costs and tough competition from apple. more on that in a bit. >> for the second quarter, of course,

i'm melissa lee along with carl, jim cramer and david faber live from the new york stock exchange and looks like we could be on our way to some gains today. we were down seven out of past eight sessions, but right now, looking at the 35. we're on the rise in anticipation of what ben bernanke may say on the hill today. let's look at the picture in europe. spanish borrowing costs lower this morning, but a little of the wait and see about ben bernanke. a mixed bag across the board. >> our road map today does start on capitol hill. does bernanke give a wink on qe3 or is this all about scolding congress on the fiscal cliff? we will have more in the next hour. >> and coca-cola delivers a solid quarter, but feels the head winds from fx and j&j delivers yet another disappointment. >> the stock hit 100 this morning for the first time since may, but blankfein says conditions are deteriorating. >> and marissa mayer takes the top spot. google and facebook continue to grab online display ad and search share. >> in about an hour, ben bernanke will kick off two days of testimony on the state of the