let's get more from the sheriff, david morgan. joining us here in the "situation room."ur deputy, sheriff, feel threatened? >> well, mr. blitzer, the deputies were following standard protocol. and again for civilians who are not involved in law enforcement, these of these actions can be very confusing. because this is not what they do in a normal routine or their normal job. our officers received a 911 call and the gentleman that gave an interview earlier was on the phone with our dispatcher. was standing in his yard. on the tape he made a statement to the dispatchers that he wasn't sure what was wrong with mr. middleton, because he's standing in the yard, speaking on his cell phone and he's not paying any attention to him. it wasn't as though he's speaking low or trying to hide. and what he reported was his neighbor's vehicle being stolen. he also said that i know my neighbors, they're in their house asleep. and so he did not know that mr. middleton actually lived there. he didn't recognize him, either. when our deputies responded to a vehicle theft in progress, again t

with us now is david from morgan stanley melt management, rich peterson, david sauerby, and all three gentlemen are with us to follow the markets. so, david, not reagecting to s.a.c. focussing on the markets, where are we as we sit here today? >> a great point. we're a quarter way through the s&p 500 companies reporting. we're hitting the main midpoint of the reporting season. we believe the big shortfalls, scott, are going to fall in tech, in industrials, and in healthcare. now, we happen to like all three of those, and we would be a buyer on any disappointment that comes through here. so we like those groups. >> okay. you liked tech, presumably you liked it yesterday. >> yes. >> does the microsoft bombshell -- because that's really what it was, you don't see a stock as big as microsoft move in the magnitude it has or drop such an earnings bomb very often. is that a warning sign, david, that all those people who liked tech should reconsider? >> we've said for a long time, you and i, the mobile internet is the big story. not so much the pc. you want to look at the tablets. you want to

. >> our guest host the next two hours is david darce, morgan stanley wealth management, mark puccinit the question, we got a snapshot of what the eventual exit will look like with the fed. it was a little scary for some people. it seemed like it was scary for the fed. is it going to be a clean or a kind of a nasty exit? >> it will be bumpy, joe. you have laquer. you had contra lakota. you had jeffrey, the guy from richmond lockhart. you had all these people coming a. laquer an lockhart two of the 12. all of them trying to dial back a little bit. >> because of 300 points. >> let's tase it. the marks basically been driven so far this year by the quantitative easing and the monetary stimulus. second is reduced perception of tail risk. a chance of italy or cyprus or greece destabilizing things. our perception has been reduced. thirdly, a little better check flow. what we need to see from here is profits, revenues, reneed to see people revising upward their gdp forecasts. so it's going to be bumpy. our folks just raised their june 21st, which is two days after the june 19th second bernank

with us to talk about where the market goes from here, is brian from bemo capital markets and david from morganlth management, outside there. and he'll be singing sympathy for the devil a little bit later on the program, as well, today. aren't you, david? >> i'm going to sing upon command, bill. >> yes, we look that. brian, you think we're entering the next phase of this bull market. what does that mean? where do we go from here? >> well, it mean, bill, we really need to see fundamentals kick in. the first phase of the bull market typically, when you see a big secular bull market, as we've been calling for the last several years, 15, 20 year, you see the reactionary phase of high correlations, low vix, things we've seen -- overindexing per se. now we need to see the transition from the reactionary investing to actual acceptance of the bull market, bill, where we see substantive inflows. we need to see it to head higher. we think the market at the current levels needs a breather but longer-term equities look promising here in the u.s. >> yeah, you know, david, some people believe that the fact t

david, thank you very much for being with us. chief global strategist at jp morgan. >>> for more, log on nbr.com and you can read my blog about it. >>> you're golder years may have lost a lot of luster after a troubling report about under funded pensions at some of the nation's biggest companiecompan. the report out today shows a record amount of underfunded pensions for the 2012 fiscal year at s&p 500 firms. data shows a combined short fall of more than $450 billion, that's nearly $100 billion less than a year ago despite mass sir gains in the stock market. >>> a staggering 1.2 trillion in corporate profits from america's biggest companies being held in offshore accounts to avoid taxes. a study from the watchdog research group that analyzes regulatory filings of the top 100 publicly traded companies found 82 of them have subsid yardries in shelters like hong kong. topping the list general electric, apple, microsoft. >>> with all that money parked overseas, it looks like investors are putting more money into bond funds. a new report from the investment company insti

morgan stanley's david is back with me, and also joining us is rbc's veto, and with us to talk aboutcquisitions. thank you both for joining us. david, more volatility ahead? what are you looking at? >> the market is still overstepped in terms of interrupting the bull move. number two, the fed tightening? no. is a recession looming? no. number four, investor euphoria present? bullish side, but not euphoric, and the last two, the transportation stocks, bank, and small caps, are they underperforming? no, they're outperforming. sixth, are the bond yield spreads widening or tightening? they're actually tightening. this means this can still rise. we do exercise caution in the month of august, which is often a very volatile month. >> you think we could have -- it could get lower before -- >> yeah, buy it on a dip. don't chase it, maria. >> a lot of the reason for this market, where it is, low interest rates, and vito, you're leading m&a, and i would have expected a lot more deals. >> yes. >> you know, a lot more deal flow given the level of interest rates. what gives? >> i think we've been

joining us is david anderson, oil services and equipment analyst at j.p. morgan. back, barely. we are talking about wti up at levels we haven't seen in quite some time. it's got a lot of people wondering, are we above $100 now? what do you think? >> i think we are. i think the oil investors have taken a lot of people by surprise, there are some on the refining side, pipelines starting up. we think structural support is behind there. we think oil prices will go up from here. >> the argument we kaep hearing is there is nor oil and natural gas than we expected. the united states will be a net producer and it will come above more and more of this. so when you look at the supply picture, at least, you would think prices would come back down, what worries you? >> i think over the longer term, that is something to be thinking about. we think of the near term, it's much more about the u.s. economy is doing better. as the u.s. economy does better, you will see support for oil prices. natural gas is a different story. we think they stay in the 350 to 450 range until we talk

david: not only is he at yale, not only former morgan stanley chairman, but also classmate of liz claman say we were classmates is a bit of a stretch. liz is a hall of famer. david: liz will be in the hall of fame. >> i was class of '6063. liz: and i was '81. david: thank you very much. despite the wild ride in the market, companies are not shying away from going public with the second quarter the most ipos into an half years. will the trend continu continueh the year? the second have set up for ipos next. >> it was a sea of green at the closing bell today. the nasdaq higher for a fifth straight day. the longest winning streak in seven weeks. southwest is teaming up with dish networkkto offer free television using the smart smars and tablets and laptops. dish will sponsor services with up to 75 on-demand shows for passengers. southwest will waive the $5 fee for the video service and wi-fi as part of the partnership. how much would you spend to avoid bumper-to-bumper traffic this holiday weekend? if you're going to the hamptons, a mere $3000 for helicopter ride will help you do just that

david. get some gloves. >> hey, good morning. i'm morgan. >> hi, i'm tina. nice to meet you.ood morning. >> so you know all the students? >> yeah. >> every single one? >> 311, yes, absolutely. >> uncommon school is a nonprofit charter managed organization. we start and manage public schools that close the achievement gap and prepare low income students for college. >> how does your school differ from like a typical public school? >> as a charter school, we get more latitude and flexibility and more independence in how we run schools. but in exchange for that freedom and flexibility, we are held to a higher standard that we have to show results. >> at williamsburg collegiate, like most charter schools, administrators are free to use their resources however they choose. they can choose their lesson plans, hours and develop a unique school culture. they also have a comprehensive hiring process, attracting teachers who believe in the school's mission. but here in new york a charter school is up for evaluation every five years. if students or teachers fail to perform, their charte

david gregory, piers morgan. before people said, sorkin, they thought it was aaron sorkin. now you are there, you are there with these huge guys -- >> who want snowden to go to jail? >> kind of an infamous -- >> you want snowden to go to jail? >> no, the other guy. a journalist. >> i don't. >> i know -- >> i decided i wanted to say -- >> i didn't see anything else that happened when i was in georgia, but i was on the floor watching that saga happen, andrew. and now -- >> you weren't here to help me save myself. >> i know. >> had you been here -- >> he would have cut you off. >> no, no. i would have let you do that. but i would have told you that the far left, they let anything else happen, irs, all that stuff, they don't give a -- but if you, whoa, the journalist, you look at a journalist, if you even twitch when you're talking to them you knew -- anywhere, where are we? i think we're -- >> you know what is amazing to me, on the journalist thing, when journalists advocate for a leftist position, they think it is honorable. advocate for a right position, you're evil. the poo

morgan stanley financial advisor. and we're ready to work for you. charles: general david petraeus taking eight peak.the university salary into a measly 1 dollar. but where is the outrage over the democratic bigwigs who get paid big time? like hillary clinton's 200,000-dollar price tag for speaking. that is per day. the double standard is simply outrageous. before we get into the hypocrisy, it is so soon after the scandal. >> he took the teaching gig because he wanted to. the money is going to be paid. i believe you should be paid what the market and an employer is willing to pay you. so ion't have any problem with these presidents raking in big bucks. god god bless them. but in this case, the director of the cia, he's a major military general, he deserves that. >> running around, making millions of dollars, state colleges making millions of dollars without even a fifth of his knowledge about certain things. i agree with you. but the hypocrisy part, why does this always happen and why do people have these liberal lynch mobs? >> he doesn't vote republican come he's a registered democrat. >> that liber

morgan hill in an administrative position. she is taking a leave of absence, important to note she does not work here at the child care center. >> david, thank you. >> investigators believe a baby found dead in san jose today died accidentally in his sleep. police caw called to a home this morning. they found a 7-month-old boy, dead. an autopsy will determine cause of death. >> a bicyclist in san francisco pleaded guilty today to felony manslaughter the first conviction in the nation. he will be sentenced to three years probation and a thousand hours of community service. he ran down a 71-year-old last ma. prosecutors said he had been riding recklessly and run red lights. >> i believe his conduct was agreejis. i believe that what he did deserved a felony prosecution but i believe outcome nick is the right outcome. >> the disgraced former congressman anthony weiner says he will not be dropping out of the new york city mairl mairl -- mayoral race. today he admitted he did exchange racy pick zpurz text was a woman he met online. he confenced with his wife by his side. she read a statement saying she loved her husband anding forrives him.

and david says it is too close the call as they say in po politics, but a slew of inventor ris from verizon, and morgan stanley and ebay and a slew of others, but at this stage, david, what do we know? >> well, the votes are crazy and as i tweeted even crazier than usual is what people are telling me, carl. so i think that i'm loathe to conclude one thing or another in terms of who has changed their vote. we have seen reports out there, and yes, i had the information a while ago, but things can change back. in is not the typical go to the polling booth and vote. you can, if you are black rock say you are voting against and pull the vote and then say you are voting for and they can keep the polls open by the way for as long as they want if they get the special committee, if they get the outcome they are looking for, then they can close them, and that outcome being the vote in favor. now, my sense from having spoken to people around the situation today, this morning and of course for the last nine months is that they are still trailing, and that would be the dell camp, in terms of getting enough yes vote

david cote of honeywell with us. stock up almost 300% since he tock over. how do you like that return. plus we find out why he stepped down from j.p. morgan's board last week. >> tonight, this week, apple and facebook, huge movers. you cannot afford to miss these reports, if you're listen awning radio, we are talking about amazon, newmont mining, starbucks and zynga. back after this. to experience the precision handling of the lexus performance vehicles, including the gs and all-new is. ♪ this is the pursuit of perfection. ♪ anbe a name and not a number?tor scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scottrade- proud to be ranked "best overall client experience." >>> the sequester cuts were supposed to hit defense firms especially hard but that does not appear to be the case. they've been doing just fine. according to the washington post you can thank bet are planning by the firm's top

morgan hill teenager sierra lamar is back in court. >> and divers off the california coast are suddenly caught off guard. take a look at that. two large hump back whales! ; welcome back. investigators say david lee simpson was arrested after articles on the newtown, connecticut shooting. he was apparently upset about the jed yas arias trial. >> the media, sometimes they have a difficult job to do, so i am very happy that we were able to prevent certain situations that could have occurred. >> the identities of the news anchors threatened have not been released. it is also unclear what connection simpson has to arizona, although he is also accused of threatening a phoenix woman who defended the anchors online. >>> and saline torres is due back in court, accused of kidnapping and killing morgan teenager sierra lamar. he was arrested more than a year ago. despite multiple appearances a year ago, he is yet to enter a plea. according to court documents, torres is required to be present today. >>> a hell's angel accepted a plea deal in a gunfight that killed a chapter san jose president. he pleaded guilty to battery and invitation to fight in reno yesterday. he is accused of shooting a motorcycle c

morgan. we'll switch gears a bit. there is misconceptions about alcoholism and addiction. my next guest is an expert. dr. david sack. welcome, dr. sack. thanks for joining us. >> thanks for having me. >> so, i wanted to ask you a couple of questions, just in the simplest form. a lot of people think that addiction is a choice. a lot of people think it's a matter of will. that has not been my experience. i've found it not having anything to do with strength, but i was hoping you could layout for us, in laymen's terms talk about addiction and alcohol list skpm what is going on there. >> sure, half of the people in the united states over the age of 12 drink. so alcohol is a very common phenomenon. we look at who has a problem with alcohol, it's only about 4% or one out of 25 people. we now know that there are important differences between people with problems with drugs and alcohol and those who don't. genetic factors account for half of that. who your parents are, how you raise those things can tribute traumatically to those who will have a alcohol problem. it is a choice to go for treatment or not go for treatment. bu

morgan. we'll switch gears a bit. there is misconceptions about alcoholism and addiction. my next guest is an expert. dr. david sack.me, dr. sack. thanks for joining us. >> thanks for having me. >> so, i wanted to ask you a couple of questions, just in the simplest form. a lot of people think that addiction is a choice. a lot of people think it's a matter of will. that has not been my experience. i've found it not having anything to do with strength, but i was hoping you could layout for us, in laymen's terms talk about addiction and alcohol list skpm what is going on there. >> sure, half of the people in the united states over the age of 12 drink. so alcohol is a very common phenomenon. we look at who has a problem with alcohol, it's only about 4% or one out of 25 people. we now know that there are inpoor tainpo important differences between people with problems with drugs and alcohol and those who don't. genetic factors account for half of that. who your parents are, how you raise those things can tribute traumatically to those who will have a alcohol problem. it is a choice to go for treatment or not go for treat

david will sing the song "loser" if he loses. with that, all of our contestants have made their picks. will chad morgan lander beat out porsche?smart phones will be in developing countries. we have a ceo of a company looking to profit from that. cheryl: tesla joined the nasdaq 100 today. we look at the road ahead. >> this is my third new york city triathlon. i love it. >> we took first place in the female relay division. go fox business. ♪ weekdays are for rising to the challenge. they're the days to take care of business. when possibilities become reality. with centurylink as your trusted partner, our visionary cloud infrastructure and global broadband network free you to focus on what matters. with custom communications solutions and responsive, dedicated support, we constantly evolve to meet your needs. ery day of the week. centurylink® your link to what's next. >> could get the road ahead for the car and the company and the stock. you drive a traditional car. dennis: to hear what a treat -- phil flynn s.a. about gas prices at the cme also adding video to the cell phones of across the third world now we have nicole petallid

john morgan chase also losing two its directors. davidmited personal time to other activities. ellen feder has served on the board for 16 years. she's president of the american museum of natural history. the company plans to appoint new directors later this year. both of them, carl, had received low support we should say in the latest shareholder meeting. >> been an active week for headlines in jpmorgan. regarding the energy trading and so forth. dow is down 35. people still talking about google holding in almost at 900 despite the results last night and we'll see where it leads us this afternoon with the s&p at 1687, right around those may 22 highs. have a good weekend. >> you, too. >> see you monday. back to headquarters, scott wapner and "the halftime." >>> thanks. welcome to halftime show. four hours to go until the close. on the wall is how the friday looks on the street. it's somewhat of a down day. s&p getting hit the hardest. here is what we're following. follow the money. investors pouring the most cash into u.s. stocks since 200

that's chad morgan lander and neil hennessy this morning. >> let's send it over to a market flash, i don't know, maybe david we see stock up over 50%. that in fact is the case with on nicks pharmaceuticals. shares of which up 51%. look at the price increase. we're talking about a significant increase, 72 million shares up, kelly, i know you're quick with math. over $3 billion i guess. >> not too shabby. >> in market value in one day. why? yesterday if you were enjoying a day on the beach and you may have seen the press release from onyx saying they had a proposal to buy and they are given amgen's interest and other third parties we have heard from in the last year going to put ourselves up for sale and see what's out there. 120 is not the number. perhaps there is a far higher number that will be of interest to us and to our board of directors, so that is where they stand. a little background here, onyx focused on oncology, therapy, wholly-owned by the company. you tonight typically see that with smallers. that is a key drug here. nex var 50/50 and stivaga and i won't try the last one. >> palbock. >> it look

david bianco at 1675 and citigroup at 1615 and say the market is dealing with tapering estimates that are too high and add am parker over at morgan stanley, began the yore at 1344 and now at 1600, and finally there's barry knapp of barclay's at 1525. he expects the market to sell off in waves as it has done in watched tightening cycles. back to you guys. >> josh, thank you very much. stay with us because kenny polcari and a cnbc market analyst and so is bob pisani. bob, let's start, first of all, with the targets and i went to segue into earnings season. if, indeed, we're near -- want to go to rick? okay. let's go to rick before we start the conversation. rick, you've got the auction results. >> yes, and i've been vacillating on the grades. b-minus, c-plus, but it's going to be a charlie plus. 35 billion two years, and, boy, it wasn't a very choppy one-issue market, pretty tight, just like the ranges here. let go through the internals. where it went off the rails, 3.54, ten auction bid to cover. 3.54 chasing. every dollar of securities available for sale this. auction, 3.08. well, 3.05 and 3.04, the last two bid to covers because

david kelly is still here as well. i'm not going to introduce you guys every time j.p. morgan no selling reuters.ery time. >> anyway, greg i mean, this is our job to microanalyze every nuance and body language the way they walk if and all, but was that news to you yesterday that the tapering is not the same as raising rates? >> no, in fact, i'm puzzling over why the market is so excited over it. if you go back to may when the they tanked the market saying they were going to dial back to purchases. they said almost the same thing. in testimony, they said we need policy for a while. in the g & a, he guess on to say, worry going to make the pace of increasement, excuse me, we're going to make the pace at which we incress that slower by buying a little less each month. then the markets just collapsed. yesterday, he said more or less the same thing in a slightly differentzy sequence and the markets rallied. if there was any news in the last few weeks, bernanke emphasized this yesterday is that he is putting more and more emphasis on the fact that the short-term interest rate, which was not supposed to

and david says it is too close the call as they say in po politics, but a slew of inventor ris from verizon, and morgan

david, is anyone -- are they kind of unchallenged? >> well, no, they're challenged. i mean, goldman sachs is definitely a challenger, as is morganit suisse of the world, ubs, maybe not. i'm sure i'm forgetting some others. they are challenging. advisories revenues as we knew, m&a down sharply, but underwriting of debt securities is a huge business. it was very strong. equity underwritings. we've seen a lot of ipos and secondaries, quite strong. >> you know, we don't want to talk miss. wealth management up double digit. i mean, people are giving them money -- x by the way, we were talking off screen about the delinquencies. you know what? we would have -- i don't think you'd ever believe how low delinquencies are five years after the crisis. >> that's a great point, yes. >> and credit cards, people are taking them down again, but they're not doing it in any way that would be considered a bubble. >> right. >> and then finally, i mean, they did set some money aside for litigation reserves. >> right. >> which is a story that will not go away. >> no, it won't go away. i want to ask jamie about that and mortgage lending. what if there

morgan's jamie dimon right here at the nyse, 10:00 a.m. eastern time after their earnings come out and don't forget that. goldman's chief equity strategist in the u.s., david kostin doubling down on his target and we'll talk about what he's expecting from earnings season and what that does for your money. take one more look at the futures and the potential 150 to the upside above the record close from may 28. a lot more "squawk on the street" live from post 9 in just a moment. wi drive a ford fusion. who is healthier, you or your car? i would say my car. probably the car. cause as you get older you start breaking down. i love my car. i want to take care of it. i have a bad wheel - i must say. my car is running quite well. keep your car healthy with the works. $29.95 or less after $10 mail-in rebate at your participating ford dealer. so you gotta take care of yourself? yes you do. you gotta take care of your baby? oh yeah! the last thing i want is to feel like someone is giving me a sales pitch, especially when it comes to my investments. you want a broker you can trust. a lot of guys at the other firms seemed more focused on selling than their clients. tha