analyze the banks away from europe or the over stressed french and spanish counterparts, well, we got our heads handed to us. owning tech, when tech is depending on europe. come on. as 20-25% earnings. drived from the continent, it's been deadly. that's how you learn about it, people. analyst will not let them get away with it. listen to q&a, and at the end of the call, if you are a company of european exposure, you will hear one out of every two or three questions about europe. asia, one out of two questions about others, if you want medicine, go through the previous calls of your company. if the questions are about europe, you know you are in for a bruising next time. that is what the analysts are focusing on, that is what they are forcing the companies to talk about. as correlated with europe as tech and bank stocks are, it's china that owns the cyclicals, the smokestack companies. go listen to the earnings calls of caterpillar, check out the calls of peabody or others, owning these stocks is like owning a piece of the great wall of china. you want to be in them when the great wall is crumbling. i have seen downgrades of stocks that -- they've got a huge chinese

as well. speaking of going high tech, europe's tallest skyscraper was officially unveiled in london.he cost was even higher. the price tag is more than $2 billion. there is no doubt the views from inside are breathtaking, but the shadow it casts on the city is sparking debate over whether it is an architectural triumph or tragedy. >> the shard rises as if it were a rocket down for -- bound for outer space, dwarfing its surroundings like gulliver in lilliput. i have just come up in one of the 43 lifts to the 69th floor. the public viewing gallery will be opened in february. this is what you can see -- london. you can see the gergen just there. to its right, the tower of london. over there, canary wharf. standing 240 meters in the air makes the whole place look a little bit like lego land, a jigsaw of a million pieces, an organized chaos that feels alive. the celebrated italian architect designed this tower of glass. he has high hopes for it. >> somebody told me -- watched the face of people watching the building. so this is what i do. i went around, and i was stopping at the corner wa

europe today's famous fun as ministers holding toward crisis talks with germany today as a big bailout for spain looks increasingly likely to chinese manufacturing is being outweighed by europe worries. tech stocks are also down in wall street off to microsoft intel and yahoo expressed caution on their outlook the european currency has been all changed today's everything's changed the euro has been suffering recently of dollars having a very good run but the euro is now on the greenback and russia wants to link is european and siberian grids which of historically been separate more kids designed to increase competition between power companies and cut prices for households paternalist one is the huge project will take significant time to achieve and europe today will have more for you next door all right daniel thanks for that update and digging deeper in the financial headlines shortly for you max kaiser is coming up here in archie. if they shoot something inappropriate for a public they can easily be shot by x. above his walk ok. i wish he would have never happened but it has happened. in a war a t.v. camera becomes an unnecessary what does their own safety all foreign nationals includin

in europe today spain's finance ministers holding crisis talks with germany today as a big bailout looks increasingly likely good chinese manufacturing data is being outweighed by worry on europe tech stocks down off the microsoft intel and yahoo express caution on their outlook single currency is a losing rung spain's boring course of holding at a eurozone brickwall deploy of seven percent considered unsustainable by economists russia wants to link its european and systems which are historically separate more . to increase competition between power companies and lower prices for households but analysts warn it's a huge project that will take significant time to achieve europe today. or i don't know thanks for that thanks so much twenty six minutes past eight o'clock now moscow time just ahead a look at the security struggles of nato and the u.s. that's coming up in a few minutes after i've updated the headlines and they're next. wolf to the from me more and more mouths to feed but where will the food come from can science provide the answers to the future of food under the microscope. we've got the future covered. rushes would be soon which brightened if you knew about sun from ph

as the eyes can see. in tech land, particularly exposed to the europe slowdown and strength of u.s.h of expectations, personal computers, smart phones and chips, this is being revised lower. put this together, a potentially toxic cocktail. >> let's go back to may 9th. i'm sure you remember it well, on the heels of a values investing conference you made out in nebraska where you said, i want to listen to a sound bite regarding treasury market, what you thought the prudent thing to do at that point was. let's listen to that sound and come back and talk about it. >> well, i think the equity market is approaching a point where it's getting far too negative on u.s. economic growth and corporate profit growth. the bond market with 1.85% ten-year yield is also too convinced u.s. growth is going to falter. the good news is being ignored, bad news emphasized. >> the gist of your call there was shorting treasuries, doug, i think you called it the trade of the decade. why hasn't your thesis materialized? what, if anything, did you think would happen but didn't. >> i view it not as a trade but

tech today. it warned second quarter results will miss earlier predictions thanks in part to weakness in europe. the warning sent shares careening, down more than 27.5%. volume was huge as the stock fell to a new 52 week low. other firms in the data services business were hurting over worries about spending on technology. data storage firm teradata shed 10.5%. software maker citrix systems fell 7.6%. and data delivery firm f-5 networks was down almost 7%. after the close tonight, yahoo and facebook announced they will settle their patent infringement fight. instead the two will launch a new advertising partnership and expand their distribution deals. before the news, yahoo shares were down a fraction and facebook closed up almost 1%. even though job growth in the u.s. has slowed to a crawl, that hasn't hurt the u.s. dollar, especially compared to the euro. the euro fell to a two-year low against the dollar. it now takes less than $1.23 to buy one euro. the european currency has been sinking over the continent's debt crisis. the result of the fall in the euro is u.s. businesses are more price competitive overseas. the dollar strength also helps push some commodity prices

by worry europe tech stocks all down after microsoft intel and yahoo all expressed caution on the economy it's raining in spain again madrid saw a big sis down another three percent this hour as finance minister holds crunch talks to germany today european currencies losing to the dollar again this hour in fact the greenback is that multi-year highs to its rivals russia was to link its your a c n n siberian grid systems which historically had separate more kids whose aim to increase competition between power companies and lower consumer prices list to wall it's a huge project that will take significant time to achieve that and drop to the interviews on the web site all right daniel thanks for bad. and a look at the security struggles of nato and the u.s. is coming up after a short break. wealthy british silence on. the tiger woods. markets why not. come to. find out what's really happening to the global economy with max concert for a no holds barred look at the global financial headlines tune in to conjure reports . were shot four times and all their ways a. story of the boys are still in my body. enslaved people should be allowed to defend themselves for who they are gone fr

europe's oil embargo and u.s. penalties against tech crunch those measures are aimed at pressuring iran into curbing its controversial nuclear program but there's lama propelled like says it has no problem selling oil as some large customers like china been exempt. from the u.s. sanctions iran has also been stockpiling money and goods to buffer the impact of the measures against the country and abandon researcher and writer soraya for all rich. is actually trying to fight back at attempts to bring down islamic bomb. iran looking back at this history knows that it has no choice it either goes down or it has to defend itself and i think it will if it's ready to defend itself it has the means and the capability of the politics of it all in barca's have been used to devastate the economy and for foreign powers to basically take over the country the pursuit of civilian nuclear program it's simply a means to an end what washington has in mind is to remove the regime iraq has tried to create with washington with the p five n one that's one it has even said that he would give up its medical isotopes its twenty percent enriched uranium if iran can decide with isotopes for its medical research but the war power

europe. and what is going on in china. so as this spreads, according to scott martin, it is much further than the tech industry.s has hit a lot of companies in a lot of industries and this will keep happening, right? >>guest: yes. and it will not be like you said just the technical sector but it will be to the leaders, from the last session. look at industrials, the johnson & johnson, the consumer staples, all seeing slow downs. >>neil: a lot of times when companies give warnings or they say it turns out, and a few welcome, making, more than that, when in the case of some, they said things were looking great, and we her the same that a lot of the companies were showing that, look, the europe thing is real, is it an excuse? or is there something really going on here? >>guest: well, it is partly an excuse, you are right, but you made a good comment, they actually said things were spiffy a few weeks ago and that scares me more than just a downbeat earnings report. because what, exactly, happened over the last three to four weeks that completely hammered the earnings? that makes me think something else is going on

europe. most of the other chipmakers down as well. our u.s. banks down three days in a row. this has been the big loser this week. tech doing very well. but the banks down three days in a row. when you have a day when the dollar moves up and the euro moves down dramatically, that typically puts a lot of pressure on commodities and commodity stocks and that's exactly what's going on today. >> yeah, and tech, obviously to the downside, yet positive energy on the ipo market. but obviously the macro picture is weighing on things. >> yeah. remember, europe was not a problem all this month. >> or it wasn't discussed about. it was a problem. >> but it didn't pressure the markets. it's back in a big way today. >> bob mentioned the technology sector. let's go to the nasdaq where courtney reagan is. tech is the laggard on the day. >> sitting around the lows of the session. nasdaq anegajuly. but take a look at shares of kayak. up almost 29%. up higher than 30% at one point in trade. it's the first day these shares are available for public listing. as you can see, priceline up marginally. expedia down. palo alto networks, not tra

as well. let's talk to a couple market participants here. you have this cummins warning that was alarming. the ones worried about growth, tech and industrials. >> yeah, and tech and europeslow down over there, but if you look at the trading, i mean you have the 1361, the s&p, that was resistant, came right back down to 1340. that was the hold, and we're bouncing off the lows here. >> you have financial earnings right in front of us here. how important will that be to determine the next leg of the market? >> it will be somewhat important. the news has been negative, and we have not seen a lot of selloff. the financials report will do the same thing. you're going to hold off, but the penalty is enormous. >> you're still watching what's taking place in europe, we mention what euro was doing and it's having a profound effect. when it's down, our stock market is down. >> you tell me where the euro is, and i'll tell you where the dollar is. you always want that weak dollar at the moment to sell our merchandise over seas and a strong dollar. >> are you looking at stocking that are u.s. centric that have most of their focus here in the united states? >> the

europe. everyone's been focused on global xwroegrowth. but the domestic situation is pretty soggy as well. in the first quarter, you heard from strils and techsiness was pretty good. but that softened a lot. for us, the vulnerable spot is the domestic companies. >> but expectations are what they are, barry. i think the most -- you alluded to the possibility of this rally at year end. thomas leer at jpmorgan is talking about the possibility of a very powerful rally at the end of the year. it's interesting to lay that out as a possibility because, yes, the numbers were koidisappointi on friday. but you could argue that we have stabilize at a below-trend growth in jobs. there's a lot of work around over the weekend that suggests the fall in the price of oil is more than enough to compensate for the deflationary forces coming out from europe. if you get one spark of good news out in the u.s. economy with this massive injection of liquidity that you have from the fed and this huge budget deficit, we could really be off to the races, couldn't we? >> well, i guess i would differ with your last two points. first of all, i don't think the fed stimulu

europe. big tech earnings in the states, and viacom, if you are one of the 20 million directv subscribers >> sponge bob returned. >> kissing and making up asome of the headlines said. >> it is not so much about what the price paid from directv to the cable companies. it is really about the online video component and that's really what disturbed directv that viacom was making the shows available on the ipad or the pc and being comedy central shows and some of the others and that's what upset them. why do you need frankly to get directv when you can get it on the internet? that's the dilemma for the cable industry. >> and why should directv pay a billion dollars more if the content is available elsewhere. >> viacom is asking for a 30% increase so we're seeing more and more the tension points and it is about the money but it is really about the distribution. >> we saw in your paper some of the collateral damage that can happen if this goes on too long, right, a disney channel gets sampling as they say. >> there was a great story we quote four and 5-year-olds with intrepid reporting and they say we don't need sponge bob. we moved on. >> how di