today,ou freeport-mcmoran is up by 65%. -- year to date, freeport-mcmoran is up by 65%.alk to me about your trade. tim: i'm guardedly bearish here. looking at the old highs that we saw a little over a month ago. selling the regular june monthly call. breaking in about 35 to $.40. 21% return on risk there and about 14% upside cushion. with the vix about these levels, i like selling options to take them bearish stance versus a little over a month ago. i like buying puts to take the similar bearish stance. ramy: we will leave it at that. always good to speak with you. betty come over to. betty: still ahead on "bloomberg markets" a little retail release after two weeks of negative earnings from retailers. walmart shares surging. we will break down those numbers next. ♪ . . world from bloomberg headquarters in midtown manhattan, you are watching bloomberg markets. let's start with a check of the headlines with mark crumpton in our newsroom. mark: a senior greek air safety official tells the associated press that debris found so far in the mediterranean seed does not belong to

freeport was up 300%. a lot of that was the easy money. where did you see it today? staples. money rotating into. and if you have that happen again, the beta trade, is it over? i think china is the key to the market. oil is the key to china. oil should have been down more if it wasn't for the fires. >> guy mentioned the dollars. we saw the highest level on the dxy. the correlation between a weak dollar and riskier assets the highest level in 20 years. a weak dollar in order for riskier assets for stocks to go higher. >> i think we're seeing the rotation. we've been kind of grinding around for a little while, whether you want to look at the volatility index itself. guy and i are always looking at the oil volatility. it's been grinding in the mid-40s for a while. we still stayed in this race. we talk about oil moving up and down. it certainly is. every single day, day in, day out. when you really look where oil is presently, those moves, it's been fairly close, somewhere in a range. that looks range-bound. look at volatility, can't get above the 50 and 200 day to save its life.

spirit it is part of an effort by freeport to cut costs.e company is scaling back its energy business, looking to sell oil and natural gas assets. guildgreed to start the for 35,000 there's in new york. it will give members new protections and benefits. under terms of the 55-year haveact, uber drivers will a higher standard of protection and support ban other independent contractors. friendly's restaurant chain has sold its ice cream manufacturing and retail business for $155 million. it is sold to the largest distributor of milk another very products. -- the transaction is expected to close late in the second quarter. that is your business flash update. moving to the airline industry, u.s. airline stocks are rising today. that airline stocks are still down about 14% year to date as concerns over a sluggish global economy and too much capacity overtake low fuel prices. it has taken a toll on carrier'' bottom line. first-half loss of $35 million or they expect to see recovery this summer and are boosting dividends to 5%. ceo carolyn mccall s

when you see something like freeport, it takes your breath away. finally, there's the dollar itself. it's true the dollar opened weaker and strengthened throughout the day. i'm not concerned that we're at the beginning of a new strong dollar trend. even though i heard that instantly. we aren't seeing clamoring for rate hikes from the fed. i think it's a lull. we're in a lull. and when we get a lull, we like to take the temperature of the market and look for some bargains. first thing i see, the continuing rally in the area of retail. you heard how amazon was eviscerating retail. we got two upgrades that were con 2r0e versial. costco stock, it's controversial, because they had a relationship with american express. i look at a lot of conference calls to see what companies are mentioned. the executives had a field day hammering costco. why not? america wouldn't pay up. the berkshire exec who's on the board of costco was plain nuts. costco is a powerhouse you want to be affiliated. costco's not the only retail that rallied today. the stock of cvs soare

the coast guard searching for a man who swept away between freeport and galveston. rescue work are are desperately working for an 11-year-old boy swept away by flood waters. >>> here it is going to be hot. can we draw conclusions from it's going to be hot. does it tell us about our summer? >> typically highs would be in the 70s. this is unusual it could stretch to seven days that the numbers are in the 80s and 90s. friday we might see a cooling trend. it is starting to trend hotter. outside if you view the bay bridge, you see a clear view there. some spots, along the coast and golden gate seeing patchy low clouds. temperatures in the 40s and 50s. watch out on the coast as you can see here visibilities around half moon bay. about a mile or less patchy dense fog. livermore over there on the lower right, 84 around noon and temperatures climbing up today into the mid to upper 80s. south of downtown san jose. 70s to low 80s. upper 60s to low 70s. north bay temperature in the mid 80s. for the tri-valley today, the first of a few days this week we'll see the chance of 90 i

. >> big call on freeport today. >> a couple of things going on with freeport.h. they said they're going to cut $5 billion to $10 billion in the fourth quarter. meanwhile, if you have $2.40 copper prices this is a company that has significant free cash flow. southern copper fcx, these are names that are underowned but certainly the copper chart to me is the most interesting. it's unloved. in fact if anything i'm hearing about structural deficits in copper. >> would you be long glen corp as part of the commodity strategy? >> glen core is one of the ceos out there saying they see structural deficits. glen core has had a massive run. to me there's less transparency in that trading business than there is in a business that's got assets the companies that i named. obviously glen core has been a huge barometer for what's going on. >> big moves in commodities to big moves in retailers, home depot kicking off a report tomorrow. what traders are expecting. mike? >> we're expecting some pretty good sized move for retailers that typically don't move that much. after last w

vonnie: freeport-mcmoran is selling more of its interests to china.ch on it when i was 17. it is a metal coming out of the rocky mountains. vonnie: this china company -- the larger point here is that freeport is selling more assets and will divest even more. vonnie quinn, well done. coming up, francine lacqua. evans ofith charles the federal reserve system of chicago. the comments on federal reserve policy. this is "bloomberg surveillance." ♪ tom: good morning, everyone. "bloomberg surveillance" from london. tom keene in new york, francine lacqua in london. francine, tell me about what it is like having a central banker from america lecture the british elite. i have to say, first of all, charlie evans, the chicago fed president, was out of sorts because we are at cricket grounds in south london. he was not expecting to know all about cricket. did offer a little bit of advice, or at least was trying to take it in stride. there are a lot of questions about how you handle political risk and a possible donald trump presidency. he remained very classy and

. >> no he is talking about the freeports up 200%, and the -- >> no, i will talk about the gas companies and the peabody coals that traded up 20% after a day of saying they were in bankruptcy. so i said that market does not make sense and i cite d them specifically and i am taking off citi because not that it is cheap, but risk. i am out of energy and time for it to reverse, and it was too easy to say weak dollar and weak dollar and the dollar is going to the be continuing to strengthen in my view. what happened today, and i'm not looking at today when i am taking the risk off, but the whole picture, multiple expansion with the declining person, and when does that happen with the low growth? you had the growth analysis coming out from europe. >> and the china pmi. >> and it is ultimately why -- >> and so draghi blamed germany. >> and we are to say that even if the commodity rally rolls over, they will find another k sector to go into, and suggesting the overall rally is about to be done? sxwlit is always going to find some place to go and it does not sit in cash for more than three days,

freeport-mcmoran, the second bullish call in as many days and even with the selloff it's still higher. jeffries upgrading the stock to a buy from a hold and $15 price target. the analyst says the company is making accretive asset sales entering lower costs. it's not time to -- it is time, i should say, after a 21% pullback in the past few weeks and cowan yesterday raised its price target also to 15 bucks a share. >> what a crazy stock, down 20% over a couple of weeks and up 10% this week and 60% over the past 90 days. >> yeah. >> supposed to be like a slow around steady copper company. >> i know. >> third stock, halliburton, fbr, upgraded and bumped the market share to 49 and now that the deal with baker hughes is scuttled halliburton can stay focused on cost efficiencies and leveraged fleets. they say it's the most cost-efficient pumper of the group and analysts say they should not fight with baker hughes that much in the international markets and will narrow their gap with schlumberger. that target is about a 20% upside to today's price. >> the f5 networks downgraded. 25% price from

freeport down over 6% in today's trading. >>> meantime, we have a news alert on alibaba. seema mody has details. >> let's take a look at shares of alibaba. an anti-counterfeiting group is reportedly suspending alibaba's membership after some retail companies have voiced concerns over the chinese e-commerce goods as being fake or counterfeit, in addition to the national anti-counterfeiting coalition telling members it failed to tell the boards of conflicts of interest involving their president who had close ties with an alibaba executive. in november u.s. trade officials warned alibaba about counterfeit goods. we'll see if today's news brings that larger story or concern backed to table. right now we're looking at shares down 2.3% on the day. >> thank you very much. >>> time now for a cnbc news update with courtney reagan. >> good afternoon, bill. here's what's happening at this hour. russian president putin describing the development of na nato's missile defense program as a threat to global security and vowed russia will take the necessary steps to maintain a strategic p

. >>> and freeport mac may ran pulling plans for ipo of its oil and gas business. the company announced last year its intentions to spin off the unit but since then it has been hit hard by falling commodity prices and has cut its workforce. shares of the mining giant up more than 2.5% to 11.38. >>> finance company areas capital buying rival american capital for nearly $3.5 billion. activist investing group elliot management took a large stake in american capital back in the fall and urged the company to take some steps to explore strategic options, including a possible sale. shares of arias down slightly to 14.81. shares of american capital ended up to 15.72. >>> staples is reportedly looking to sell its european assets. this is according to the "london sunday times." the company's recent plan to merge with office depot was called off over opposition from federal regulators. bank of america upgrading the company to a buy rating. shares of staples up more than 2% today to $8.28. >>> a real-life reality show, that is what the board room drama at viacom resembles thes

bowie video.de a small plane missed the runway at freeport airport. apo it lit a fence that bordersorde route 50 as you know there areno a lot of cars that drive right g by. it's not exactly clear what clew caused this accident. aid traffic though is slow in the te area because plenty of driversfd which are right there next to n where this plane is down, theyln stopped to watch all of this.llt but the good news from allm al this, no one was hurt. >>> a deadly accident broughtadn traffic to standstill on i-270 i early this morning.this mor merchandise state police say ais man was sitting inside his broken down car ine an carn northbound lane near clarksburg. another car came up rear endedee him. the man died at the scene.he sce by the way, if you break down, d police always encourage e drivers to pull over to theto shoulder and stay in youry y vehicle if you can get there. te >> for months we have beens we e telling you about no what's law. it is flamed after the the 24-year-old montgomery county police officer noah leotta who o was killed by a drunk d

but freeport sells its interest in its giant congo mine to china.ca. this is just huge. and they got more than $2 billion for it, $2.6 billion, and they're going to pay down debt and nobody cares, because we're now in that over the hump, no one seems to want these minerals and mining stocks that a lot of it is iron ore's in free fall. copper, by the way, is back down, a month low. so, be careful those who have been buying these stocks over and over again, whether it be cliffs, whether it be freeport, whether it be, you know, geez, ballet? it's like, here's the keys to my car, partner. park it. >> got it, with a "t." >> park it. yeah. maybe i'll flip you something. >> thank you. >> like 5 bucks. i'm just saying. how much you're going to flip, i'll flip you -- >> you're a good tipper. >> i am a big tipper. >> i know. >> i like to be a sport. my late father said, "you're such a sport, jim," which meant you're an idiot. but i've run a restaurant and you see people stiff people all the time and it's really revolting. just revolting. >> we know what's on

chris: in copper it's going to be freeport-mcmoran.problems that need to be addressed. -- some company specific problem's that need to be addressed. for now, freeport is about asset sales and deleveraging. long-term, freeport will give you good exposure recovering the capital price. jon: special thanks. thank you for joining us. jeffrey's global metals and mining equity research analyst. david: stalling iphone sales way on shares of apple this year. an analyst on how the tech giant can become a $1 trillion company. ♪ jon: coming up in the next hour, black rock's chief investment officer, rick rieder on where he sees opportunity in the bond market. david: this is bloomberg . we want to bring you up to speed on this in egypt air situation. a flight that departed last night from charles de gaulle airport on the way to cairo. it disappeared over the mediterranean sea. withss conference going on egypt's aviation minister. there is at least one report it may have swerved, disappeared off the radar. 66 people on board. we will give you up

started in china after that relatively weaker export import data hit all of the commodities pretty freeportorst performer on the s&p. shares of lending club down 30% today. a laundry list of negatives. the enforcement division said to be reviewing lending club disclosures. the ceo resigning and an internal review finding abuses tied to the sale of loans and failing to disclose personal interest in an investment fund. what does all this mean? tracy alloway joins us on the phone from dubai. you have been following lending club for years now. what was your biggest take away today? guest: basically, it just came as a shock. we got first quarter earnings from lending club and they looked pretty good besides the major news that the ceo is resigning because of the problems you outlined. i cannot stress enough what a been in thee has past four years, the pioneer of the entire business model. he was one of the driving forces behind rebranding it to marketplace lending. really really huge news for the entire sector. joe: so selling bonds that want werely the buyer but they getting, investing in this

first up we have 49-year-old beth white from freeport, new york, and she always had a passion for bakingomfortable, insecure, and embarrassed. it wasn't until after she went away on a family vacation and she was viewing the photos they had taken and she just was feeling miserable and decided that was when she was going to make a change. >> good for her. >> so in the before picture she is a size 32. the woman who's about to walk out is a slimming size 8. >> what? >> wow! >> here she comes. >> beth, come join. let's see you. >> whoa! [ cheers and applause ] >> oh, my gosh! >> look at you! you look awesome! >> thank you. >> congratulations! >> you can't even believe it's the same person. >> hard to believe it's the same person. a lot of us when we eat, we eat emotionally, you're not paying attention. is that what was your issue. >> you just ate. i wasn't paying attention and -- >> part of your craft is your baking. >> exactly, i i had a sugar addiction. >> she walks. tell them about that. >> walking is my goal. i walk and now in the fall i'm going to do the avon 39, the challenge to walk 39

freeport-mcmoran is going to play nova corp.half $1 billion not to use a pair of its drill sticks. terminating the contract as part of the effort of the biggest publicly traded copper miner to cut costs. it is also scaling back its energy business, looking to sell oil and natural gas assets. and ice cream chain dairy queen says it will switch to cage free eggs in the u.s. and canada. the company is owned by warren buffett's furniture hathaway. the transition is scheduled to be completed by the end of 2025. that is your bloomberg business flash update. while rose in today's session after falling one and 2% on month -- oil rose in today's session after falling more than 2% on monday. miss"am at "what'd you will be talking about this later in the next hour and cohosted joe weisenthal is with us now. you will sort out what is going on in the oil markets. joe: the funny thing is that there is all this talk about supply disruption and obviously, the fire in canada is the biggest one. although oil is up today, the rally happened before

coast guard searching for a man who was swept away between freeport and galveston.investigators are looking for a boy who was swept away by flood water. >>> bonnie was downgraded but still packed a punch in georgia. they are putting up signs warning people do not drive through flooded streets. >> they are going to see a few more inches of rain in the same spots. you saw texas into the carolinas right now. we are watching what was left of former tropical storm bonnie. we show you the view of the storm coming up in a moment. let's take you outside to san francisco. patchy low clouds. that's about the only weather concern we have this morning is thick fog on the coast. the satellite radar across the southeast coast, you see bonnie sustained winds of 30 miles per hour. nothing more than an area of low pressure redirecting in a lot of rain across eastern portions of north carolina and south carolina for memorial day. here is what they don't want to see in texas. more heavy rain spreading toward the gulf coast approaching austin and houston. heavy rain continues there. yo

i don't think the value -- >> there are those -- >> there's no way karen's buying freeport. >> some of it may be short covering. >> industrial space, there are those people who thought that value was coming back in vogue for the first time in however many years, in a long, long time. >> apple, is it a value trade or value trap? that's a legitimate question. but it doesn't replace the fact that people were buying value stocks for the first time in a while. >> i don't know if they're buying value stocks, that's what i'm saying. >> we're talking about materials and energy and the catch-up trade of a beaten-down market. it was a reflation trade. >> we're talking about the financials, buying caterpillar. get the fed right and you'll get the market right. what's the call on the dollar at this point? >> i think the dollar is going to go back higher. i've been wrong over the last month or so. but as the economy weakens, you're going to get all these -- you're going to get that global debt trade. all the money's going to come back to the u.s. again, it goes back to that. have i been wrong for s

if freeport doesn't go under then we like the banks.s there not correlated nearly as much as people think, or the gas stations stocks would be higher. >> according to ph.d.s and mathematics hired by -- >> those phonies. >> i thought you were a fan of watson. >> by the guys at citadel or millennium or point 72. >> point 72. >> yeah. they got a lot of them too. >> 38th parallel guys are fabulous. someone the other day was telling me, you know what, in the business of health care and health care mathematics and drug approvals he says he never sees wats watson. i said watson's invisible. he said, no, clients of watson. so you have to go back to ibm and say where are some clients. all i'm saying is the market it's not -- it's acting incorrectly. and if we look at individual companies, a lot of them are doing so much better than the stock market indicates. that's what i'm getting at. and they're being captured by all sorts of different algos that make no sense. >> to your point one name acting better, or at least performing better is depot ra

were just kind of the soft goods companies and went very hard into if you have to use an analogy freeport and suddenly we find out that was wrong that only works when things are better and when the dollar's weaker and when oil's going higher. so we have a mixed picture now of -- i want to pull back and say, you don't want the fed to tight -- if you're a bull, you don't want the fed tight. and these numbers say, hey, fed, you should wait and brexit. i know i find it really boring. >> it's going to get less boring. >> yes. exactly. it's going to happen right after the fed meeting. and i think everybody's going to be saying are you crazy? if you don't know the results of brexit you can't do anything. when i see our election and see everyone's kind of pulling back from being one world, maybe there's a brexit ground swell. >> there may be. i wonder on that note though given we now have a likely nominee of the republican party in mr. trump, do you think people have been focused on it? or when will they start to really focus on the uncertainty that any election brings regardless of whether it's

. >> it's interesting, global commodities, look at freeport over the last couple of -- look at u.s. steel today. these stocks, u.s. steel was a $20 stock a couple of weeks ago. now it's trading 13 and change. those stocks indicate a completely different story. they had big runs. they've basically cut the run in half. >> wouldn't you call that -- >> you were right. but i don't know what, again, there's so many cross cards in terms of is it a strong economy or not a strong economy. >> up next, tesla tanking after-hours. the lead underwriter, goldman sachs. the same firm that just upgraded the stock to buy earlier today. noted short seller in muddy waters. one big warning for investors. find out if the next financial crisis is right around the corner. conference calls now under way from cisco and salesforce. >>> welcome back to "fast money." cisco at the highs of the after-hour session on earnings. dom chu with the latest from the conference call. >> up 6% on 2.7 million shares of volume. people seeing bullishness about the conference call right now. it's still ongoing. we're in the an

freeport-mcmoran coming across the terminal, striking a deal to sell its copper to a chinese rival.ay about $2.7 million for the mine that will help freeport-mcmoran hey down little bit of its $20 million in debt. comingay be more sales to move that number lower as the two companies are expected to make other deals. that's more stuff in finland and in congo. another shrinking and profit as generic drug maker tivo pharmaceuticals said earnings fell 3%, but shares are rising as the total still beat the street estimate, led by higher sales of the key drug. the shares are up 2.75%. david: if you're playing on betting against the rate hike this june, keep your money in your pocket right now. three of the world biggest bond kings are saying the federal reserve is on track for a rate hike this year. will the fed move his earlier this y this early in the year? anastasia, we were sitting around on friday when the jobs came in and we saw the markets react quite quickly, saying these are negative numbers meaning no chance of a rate hike, but to th to the market overreact? anastasia: i think, b

. >> talking about freeport, bhp, and those types of stocks? >> a number of them, but we are not talking about them today, but it is a good bet if it is levered and negative free cash flow, and if you are betting on china, we are interested in it. >> you have made a case that you are no longer betting against the winds of the world if they were there, and the las vegas sands, that ship has sailed. you brought up alibaba in the past as it relates to china, and are you short that name? >> we are short, and short for accounting reasons. we are real questions on the metric, and we have real questions on the cash flow. and most importantly, the biggest part of the business which is the fulfillment side of the business delivering you the package is unconsolidated on the financial statement. we just don't see how profitable or unprofitable that business is. i suspect it is unprofitable, and they are funding it from the cash flows apparent. and so no real free cash flows at alibaba, and that is what is interesting about the story. >> and the sector pla

. >> freeport canceling ipo plans for its oil and goods business. >> they stepped into the oil patch and got themselves deep into it in 2013 when they made that decision and oil was extremely high back then. you look where they are now and you look at the fact they are in such debt, $20 billion worth of debt right now. that's still a problem. that's where the leverage lies with this particular company and this april, they announced cutting 25% of that work force. that's a concern as well. sooner or later, i think they spin off pieces of the oil and gas but maybe not the entire thing. >> something quick on square, initiated at outperform at clsa, $14 target. >> i get to balance my negative twitter view with a positive view on square. jack dorsey has not sold a single share. short interest is very high at 27%. this was a good note. this is a stock you can buy. >> let's do some gold now. got a disagreement on wall street. black rock saying gold could continue to shine. citi, though, says it may dip below $1,000. bank of america says what? >> well, we are looking for gold to hit $1325 by

important to keep in mind, when we say such and such name is down 10% today, let's bear in mind, freeport mcmoran doubled, u.s. steel tripled off the february lows. it's not out of the question for these stocks to have 10% intraday moves in both directions. this is the nature of what these stocks are. some of them in secular decline. but a ton of short interests and a lot of people who get forced to buy in from time to time. and we should just get used to these stocks trading this way. >> we'll continue to keep our eye on where crude is going. there's the xle down nearly 2.5%. here's what else is coming up on the halftime report. >> still ahead, blockbuster stock? >> this is awesome. captain america. i know you, too. you're great. >> disney keeps killing it at the box office and the stock is on a tear. are worries about espn overdone? 'll debate the mouse house. plus, the inside scoop on what retail investors are buying and selling. we'll get the latest stats from td ameritrade. and, a mystery bidder for sotheby's. the auction house disclosing that someone is looking to buy a big chunk of

. >> and i didn't mean to interrupt you, i apologize, but the stocks, bhps and ree e owe, and freeport, ands, you know, obviously, they rallied off of the ridiculously low base, and maybe they were primed to do that, but isn't that, isn't that with the potential of over? >> no. you have the look at the balance sheet, and say to yourself, if i have a sector that has had the living stuffing kicked out of it, i want the one with the biggest balance sheets, because the intrinsic assumption is with the consolidation of the weaker ones, they are swept into bankruptcy, and so it is the others who will buy it at massive discount, and it happens every cycle. now, look, you may not get the instant gratification, but you r are being paid to wait is my point. >> so you have a lot of the gratification from the february 11th bottom. >> yes are. >> and you know i can't time that and nobody can. the b the bottom. and you never ka. >> and vallay for example in three months and not that you are recommending this stock specifically, but valley is up 15%. >> and yes, the balance sheets are primo, and the

the supply-side will contract, and the likes of rio, freeport, and other huge copper producers, theyhe copper market back into deficit. what rio thinks is that the mine will be perfectly placed to meet that supply deficit. angie: david stringer, thanks for that. let's take a look at what else we are following for you this morning. here is stephen engle. stephen: honda may pullback more than 20 million cars globally as the fallout from the lethal airbags scandal widens. says honda isws" planning additional recalls that could cost $2 billion, and that follows takata being order to replace 40 million devices. the japanese government is making home visits and will start a direct mail campaign to urge car owners to have their vehicles fixed. toshiba's next president will come from within the company despite the fallout from its accounting scandal. the current vice president will replace the interim leader after a shareholders meeting in moon -- in june. adr, tumbling 4% on the news. singapore's biggest banks could join forces to combat money laundering. they are considering sharing inform

freeport, people feel that's no longer a situation that is dicey. >> that is fraught? >> fraught. >> they're off the intensive care list? >> no, they're in intensive care. it's no longer paddles, clear. but it's not pacemaker. >> we can leave for a while, we don't have to worry that something's going to happen while we're at lunch. >> $50 is a nice level. you don't have to worry that every minute bank of america is going to recriticize their portfolio. the consumer is not shopping at some places and other places that consumer can't live without, including the dollar stores. >> dollar store and costco as well. costco was 1.23 a share. comps were flat for the first time in six years. dollar johnson and dollar tree, both discount retailers did post higher same-store sales. where do you want to start? >> i got to tell you, the dollar tree, david, we often times we laugh -- the family dollar, brilliant. >> dollar general wanted in on it and there was anti-trust. they completed the deal and there were divestitures and you're saying it was a good deal? >> it was a great deal.

we're also watching freeport deciding not to go ahead with a spin-off of its oil and gas properties. reacting to the downside, again, because of the weakness we've seen in the oil and gas area right now. let's check on this sector because as we said earlier the stronger dollar, one of the factors in slightly weaker commodity prices that we are seeing today and energy among the weakest performing sectors in early trading. right now the dow holding onto a very modest gain of just about 4 points. carl, back to you. >> mary, thank you very much. oil prices not doing a whole lot. let's get to jackie deangelis at the nymex. >> good morning, carl. starting on a lower note wti trading over $47 a barrel. we did roll to the july contract seeing some volatility on friday. that has started to ease a little bit. stronger dollar as mary pointed out certainly part of the problem here. the dollar index over 95. she also mentioned that june rate hike in play, that's what commodities traders are worried about right now. we did make a run at $50 last week but we couldn't cross that pivotal psychologica

and that chevron and freeport and mac. >> we tend not to overpay when we can help it. >> that can be a problem here. >> in the short term, no. two areas that are in a booten down area, while energy bumped a little bit, in the near term, we're in the low phase of a kplod commodity cycle. threes good companies, fossil fuels are not going in here. industrial commodities are not going anywhere. the world is going to need them when the growth picks up. if can you afford to wait out the cycle, they're good long term plays. >> to show you're not a square, you like fiscal cliff, too. you got that going for you. >> i'm going to get back to nancy in the time we have left. abbott labs, make your case. >> same storey. it's completely out of favor thanks to the st. jude acquisition. yet, it just made the triple play list. so that's beat on earnings, beat on revenue and raised guidance. this is an extraordinarily well managed company that is being punished because of the two simultaneous acquisitions, aleer and st. jude. and we think it's a great time. we use relative dividend. i talked about it m

mark bristow on, he missed the quarter because there was a power outage, by the way that mine that freeportas a mistake, best copper mine in the world. but i think gold works and i continue to believe that rand gold which has the lowest cost $600 is going to make a lot of money. and i reiterate that i like gold here because i think we are in a moment where if everybody's rates are down, might as well be in some gold. and i'm going to say right here right now gld, rand gold, gold coins, i standby, something i've stood by for 11 years and i think everyone should have a position in gold. >> yeah. goldman upping newmont today as well. >> second rate producer can do well when gold goes higher. i suggest everyone owns some gold. that's an insurance just like you have insurance on your car, you need gold. >> tonight on mad? >> okay, tonight on mad i've got a company called shutter fly -- shutter stock, i mean. the way people get their pictures. and the best performing stock i've been following of late is iff. iff is perfume, food, international flavors and i've been recommending that stock since 1

freeport-mcmoran says talks to sell stakes in north american and south american operations.lightly lower on that. you were mentioning western digital a little earlier, this company cutting current quarter forecasts citing debt cost linked to acquisition rival sandisk. we're in a bit of a holding pattern. the dow is up just about 25 points right now. carl, back to you. >> mary, thank you very much. let's get to rick santelli in the bond pits this morning. interesting data out earlier today. rick. >> we absolutely did. i think when it comes to our first look at gdp of course it's all about teaming up. and we're going to team up the growth that popped a bit in the second quarter looking like it's close to 3%. we still have some time to go to get through it. but that will be the averaging factor. we've seen that in many, many years. and do keep in mind last year's gdp was, you know, a bit under 2%. the previous two years were very close to 2.5%. so it's going to be interesting to see what janet yellen does say today. one thing i can tell you the markets seem to have had their fi

freeport-mcmoran up nicely there. bhp up over 4%. downgrading bank of america saying it's a decent franchise but needs to do more to improve returns, the group in general higher this morning as, again, i mentioned that the yield on the ten-year ticking up a little bit. that's good news for those banks, of course we'll be watching the ipo market as well. june the upcoming month expected to be -- or typically a strong one for ipos which of course is critical to their investment banking business, but of course the ipo market has not exactly been blockbuster this year. investors hoping for a pickup in june and portray better months ahead. buffett impact also being felt today, taking a look at some of the stocks his berkshire hathaway has sold and acquired, lowering his stake in walmart, getting out of at&t, its stock down half a percent and apple the big news as he's initiated a stake there. apple up more than 2%, the dow component giving a lift to the blue chip index along with ibm where it raised its stake in yahoo because he said he w

freeport-mcmoran, an example of that phenomenon. we are watching fiat chrysler.st downgrade. today shares are bouncing back but off their highs. there was a report earlier in an italian newspaper that gac might be interested in buying a stake in the company. gac denied that report to a different newspaper so that is what shares went up and had come back down to some extent in italian trading. the u.s. hanging onto a gain of . jon: the fed is very much in focus. joe amato says there are too many unknowns surrounding not just the fed with the u.s. presidential election as well. if you want an example that politics matters look at the move in the fx market on sterling's. , aftersidential election the june referendum in the u.k. will be the next one on the horizon. what do you say to clients with the ask you about it and say what is it mean to me? joe: i think the u.s. elections are going to take a lot of air out of the room over the course of the summer into the fall. if we go back to what does it really mean and one of the fundamentals, i go back to the comments we

finally, freeport copper ingold has been on the rise this morning.etting positive commentary out of jeff street. they're setting back in the s five. another analyst call this yesterday. they had a winning streak. john: if you starts to walk. central banks around the world are pumping trillion -- trillions of dollars since 2008. they have all the helicopter money. can it diverge the market group economist? , this is like the last resort for the central banks. what have we seen about this prospect becoming a reality in some shape or form come we probably are. there are these two kinds of helicopter money going through this day and age. we have fiscal spending. at this point, probably only one way is it really too rebounded through the central banks. if you book to together, you'll get that money. first? ll received ebrahim: probably, japan. history tells us that it is usually the smaller economies. we will probably have an outlier candidate from somewhere else. lisa: do you think that could ignite inflation through the market? ebrahim: i think it will

so when oil goes up, we can bo buy freeport, but we are also able to buy pretty much any company that's so, i mean, we're in the grips of a moment here, joe, where it really doesn't matter what we do. we should be oil pumps. you can be exxon, i'll -- you know, i don't know, be chevron. we'll just pump. >> i wouldn't ask you if i didn't, you know, know you and watch your show. so inven sense, what is it, how does it work? do you know that company? >> i don't know. idti is sensing things you theoretically use your iphone and find out whether there's a carbon dioxide leak. there's a lot of stuff coming down which is about smell and taste and feel that is not -- that is distance projected, barometer, temperature, you know, i just point d at you i get your temperature. >> wow. and did you determine that i was hot? >> yes. you came in hot. and scott wapner i tell you is 108 during that interview with the candy bar there -- i mean the health bar. 112, 108, i was using my iphone, scott, you're off the charts. >> on fire. jim, thanks. >> that's like hospitalization levels right there. 108. >> it

freeport, one point drillers moving higher because of the price of oil is up.6%. how about the stock price of tribune? gannett increasing its cash offer, 15 bucks a share, owns the chicago tribune, the los angeles times, the baltimore sun, and host of other newspapers. controversy at a california news station -- wait for it. a female meteorologist was given a shirt and told to cover up while on the air. >> you want me to put this on? >> what? >> we're getting a lot of e-mails. >> i look like a librarian no n. stuart: we didn't see much of her -- >> why not until wait until the commercial break? ashley: because kt la has a loosy-goosy -- liz: people got mad at it. the viewers got mad that they gave her a sweater on the air stuart: let's hear from keest on. >> i think it's ridiculous. she looks great and this reporter was covering a story on the beach and wearing two different bikinis asking people for massages. so it's a little bit of a hypocrisy, handed to her by her colleague, not her boss. who made the decision after just a couple of e-mails. stuart: he said