we saw additional waves in april with additional announcements by halliburton and baker hughes and then here recently, just towards the end of july, i think ahead of the earnings announcements we began to see additional announcements, particularly by mp companies. >> reporter: oil and gas producers recently slashing jobs to chevron which announced a reduction last week. no industry has suffered the brunt more than half of the losses to date have been in the sector of halliburton and baker hughes cutting 25,000 positions combined. more than 23,000 jobs lost, including at law firms and trucking and steel factories that manufacture products for drilling. even railroads have been downsizes as crude, oil and metal fall. it may only get worse. >> i think we're likely to see lower levels of prices for a considerable period of time. and there are going to be more layoffs. this will get worse before it gets better. >> reporter: gray also maintains his estimates may be low as companies are furloughing staff and finding ways to terminate workers. what we do know is that u.s. employment in the mini

we watch stocked of halliburton and trans ocean surge. good news about the economy, the u.s.my grew at a 3.7% rate in the second quarter. higher than expected. that is a healthy sign that the american economy hasn't been hurt too much by chinese slowdown. shanghai's benchmark rising almost 5%. the index is still down almost 8% for the week because of the frantic selling monday and tuesday. let's get more on this by bringing in andrew stevens live from hong kong. it has been one tough week. one thing that hasn't changed is the situation in china. why this comeback? >> reporter: good morning, alison. it does appear this comeback is related heavily to buying of government into the stock market. we can't say for sure because it is difficult to prove. we know the government has given instructions, alison, for insurance companies and pension funds to actually buy the local market to prop it up. we saw a 5% pop in shanghai. most of that coming at the end of the day's trade. we saw the same thing happen today. 5% gain toward the end of the day. big buying coming into the market makin

the halliburton -- dick cheney was vice president at the time and halliburton was landing these hugecontracts jv halliburton base set of baton rouge. right. very similar. they were collecting 23 bucks23 bucks per cubic larder to 5 cubic yard of debris. the jobs through various bodies and someone had absolutely no hands-on ability or even any contact with debris. it was hitting the streets with the local guys with bobcats. ever getting $3 a cubic yard essentially 20 bucks out of $23 just going to being scammed effectively. >> and this is also happening statewide. the governor, gentle, i mean, words cannot describe. >> it keeps giving out contracts. for those of us who follow the charity hospital disaster, he kept giving out and has in terms of the medical system in the state, keeps giving out contracts all over the country because he is basically putting money where he is looking for national support as he runs for office. so this is the kind of thing that really it's like an alert. i don't know what the comparables are in new york post sandy, but the thing that nobody realizes his fe

we watched stocks of halliburton and trans ocean surge more than 9%. also good news, u.s. economy growing 3.7% in the second quarter. that number from gdp is better than expected. it is a healthy sign the american economy hasn't been hurt too much by china's slow down. asian stocks up a bit this morning. look at shanghai's benchmark up almost 5% today. the index is still down almost 8% for the week because of the frantic selling monday and tuesday. i want to bring in andrew stevens in hong kong. andrew, it has been a wild week for stocks. what is the change from earlier this week and now for asian markets? is it just the government interventi intervention proposing them up? >> reporter: i think that is what it is, alison. if you look at the performance over the latter part of the week, they were being driven by sentiment. also by good old fashion buying of the market by state institutions like insurance and pension funds. this is a pattern we have seen before. in fact, the chinese government has explicitly ordered the pension funds and insurance funds to buy into the marke

-- let's think now, dick cheney was vice president at the time, and halliburton was landing these huge contracts, shaw was a jv halliburton based out of bass on the rouge. -- baton rouge, very similar, they were collecting $23 per cubic yard of debris, subbing it just as roberta has described with the blue roof tarp jobs through various buddies and cronies and so on who had absolutely no hands-on ability or even any, you know, contact with the debris. .. charity hospital disaster, he kept giving out and has these days in terms of the medical system in the state, he keeps giving up contracts all over the country because he's basically putting money where he's looking for national support as he runs for office. this is the kind of thing that really -- it's like an alert, alert. i don't know what the comparables prosandy. fema is not a government agency. it's a government agency contracted out. there's no such thing -- government sunt -- doesn't exist. government is all contract. when edsnowden had discovered with nsa, he worked for a private contractor, the nations highest secrets were i

or construction, and that has been outsourced off the k books tobr -- also the books to kbr and halliburton, and other entities that are the industrial part of it? theodore wilson: that is a good point -- >> and how does that affect -- the fact that they are in so -- that they earned so much more than active-duty service members? theodore wilson: yes, that is one of the realities of over the last 25 or so years that has developed. we go back to colonial times when there were settlers, when people supplying the military forces were private. i would, just to sort of offer a comment first. i always use the term military industrial educational complex. because -- and i am not saying that in a pejorative way, but the reality is that since world war ii, the involvement in this enterprise and the benefit from this, was researched through federal grants for the construction of buildings. if any of you have been on the ku campus you know the history department is located in the , what we call the bunker, wescoe hall, which was largely constructed with federal funds. but i think your point is well ta

that's halliburton. halliburton is doing this frack now pay later stuff.hey're giving you easy terms to keep drilling. schlumberger is -- >> the industry's first complete drilling and production systems integrates implement ri surface offerings through software optimi optimizing. >> they take care of most of it for me. i buy the land -- >> they're brilliant. this deal is so good for them. when they heard baker and halliburton getting together i was like that could be more competitive than schlumberger. there's obviously some sense -- they know more about the oil market than anybody besides the sa saud saudis. the saudis are the reason we're doing. would it shock me for them to pump less? >> they're already having to watch their budgets. >> they've been doing public offerings of debt. schlumberger looking at the long term. they're not playing for tomorrow or the next day. they're playing for years to come. >> they're the smartest guys i deal with. they built a fabulous company. look, they know more than we do is what i'm saying. >> when we come back, we'll

big oil service names like halliburton, baker hughes getting acquired. if those stocks start outperforming what the underlying commodity is doing, i think it's a good sign that things are going to clear up. it was about pain. it was about people foreselling, being forced to sell, spread throughout markets. we've seen this before. that's what i think is happening here more than anything else. >> mike, love your perspective. thank you for joining us. michael block from rhino trading partners. now, asia opens for trading later this evening. japan, australia, south korea all kick things off in about an hour follow crucially. china today saying the country's giant pension fund can now invest a third of its total 3.5 trillion yuan in assets in chinese stocks. it's an attempt to stop the losses. second, also breaking this weekend, former treasury secretary larry summers writing an op-ed to not raise interest rates. finally, let me touch on commodities again. oil down 56% in a year. copper often looked to as a gauge for growth down 20% in three months and gold u

i mean, nicole has referred to -- >> halliburton -- >> -- halliburton and that's, obviously, one suche. the other case is section five of the voting rights act and with now the affirmative action case which is now back two terms later? >> i mean, there may be some, the chief or whoever's writing may seem some benefit to that to kind of prime the pump. let's have an oral argument, see what people are thinking about this, let's kind of plant some of the seeds. and i understand that. and the erica john fund v. halliburton case, that's essentially what happened. it ended up being the case that broad on the market rule prevailed. i think a lot of people thought that rule was going down, basically, and it didn't. but -- >> with the chief justice in the majority. >> it was surprising. but, you know, part of it is just there are decisions, i think this court sees decisions from the 1970s and 1980s, and they're written in a different way or reasoned in a different way than the court does things now. they're written in broader strokes with maybe not as much citation or will being or thing -- or

halliburton, that is one such case. the other cases section five of the voting rights act, and the affirmative-action case that got sent back on narrow grounds and is back to terms later. nicole: the chief may see some benefit to that. let's get the arguments out. let's see what people are thinking. let's plant some seeds. i understand that. in the halliburton case that is essentially what happened. the broad rule prevailed. a lot of people thought that rule was going down and it did not. kannon: with the chief justice in the majority. nicole: there are decisions from the 1970's and 1980's, written in a different way than the court does things now. written in broader strokes with not as much citation or reasoning or things the current court would like to see. they are giving the stink eye to these decisions, not sure if these are good decisions or not. if you can say there is a basis for these decisions let's stick with it. they are willing to look at it again. kannon: that raises the question of this court's attitude m

shared sacrifice from '04 to another major conflicts that the idea of iraq especially hiring cancer halliburton but it also changes the way of the public use. >> with this book "the hidden history of america at war" i want to write and tell the story over 230 or 2 1/4 years of who had fought our battles so the armies that fought for us to see the u.s. troops going off but the story that i tell so that was a battle that began that was a grisly and crusoe moment. but two of them were dismembered and hung from a bridge. so what they did not realize was those four men were not soldiers by a private security contractors working for a company that is now much better known in 2004 known as blackwater that name is no longer in existence and it has been sold. so the ideas that these four men to talk about americans being brutalized and blackhawk down, it is a very different situation. to be under equipped is not properly staffed they did not speak to the marines outside of fallujah at that point of course, it is already was in the year after rehab a mission accomplished moment. so put that into context

halliburton with a little bit of a couple of things from the what we heard president, tighter regulationf the power industry and coal emissions. also we have had a bankruptcy .iling in this entry the coal industry has really been battered. tyson foods note, cutting its full-year earnings forecast, higher cattle prices eroding margins there. even as we talked about everything down, i guess there's one thing that is not, unfortunately for tyson foods. alix: we have seen a divergence, and there's a lot more contract still long in brent. you might see some more downside . >> now for look at the top stories crossing the terminal at this hour. john kerry is meeting foreign ministers today, trying to provide assurances. >> it was crystal clear that the united states and the nations agreed in the partnership we share. the white house has announced president obama will give a speech on wednesday on the nuclear deal reached with iran. officials and iran are going on a shopping spree for airplanes. the goal is to buy about 300 planes to replace its aging fleet. than -- lisa at van presenting such p

halliburton. down 2%. that is a lot for halliburton. diamond offshore drillers down 4%.after a good day yesterday down about 3%. what is making this really hard is that again this week they were trying to buy the oil service names and energy names. xle, all the big energy names. you see the up trend? we haven't been able to put together an up trend since april. everybody saw this. particularly at the end of the day yesterday. everybody piled in. big volume in this. there are a lot of capitulation notes out this week. oppenheimer talking about the new normal for oil. $65-$75, the recovery price. everybody's given up on the v recovery. not many people believe in a u recovery. he calls it a butt tub -- a batb recovery. whether this means there is any hope for moving up the oil companies in the second half of 20 15shgs it's not clear. one thing everybody points out is the dividend is safe for the biggest companies. conoco was one of many that came out and said they are not going to reduce their dividend. they are terrific numbers, 4% to 6%. whether or not the other ones can

schlumberger is more global-based than halliburton, which is focused on north america, but schlumbergerthe help like nash hit like everyone else because there customers are not spent -- hit like everyone else because customers are not spending. .att: thank you, david wethe numbers continue to increase? alix: that is my point. they can afford to do that. matt: we will continue to talk about this. coming up, we are watching markets and we will continue to do so because they are coming back pretty big. i hate to say big time, but we are of more than 400 points on the dial. stay with us -- on the dow. stay with us. ♪ we are seeing markets rally to pretty much the highs of the session. at s&p 500 is up to .5% 1913. the dow jones industrial average is up 2.5% as well. 16,052. the nasdaq gaining more than 4624.t remember, the first six days saw 2000 points erase from the dow jones industrial average. so, these moves are not at all making up for the declines we have seen, but may signal, and i highlight the word "may" signal an inflection point. now let's get some beer and wild wings. buffalo w

invasion of iraq and afghanistan, the bush administered awarded big contracts to companies like halliburton and blackwater. that caused an enormous amount of controversy. so the bush administration decided in its infinite wisdom the best thing to do would be to put the contracts online and favor small businesses. and what business could be smaller than an 1-year-old dude in a studio paper in miami beach. before long, efraim diveroli was doing millions of dollars worth of business with the pentagon. most by winning contracts that supply goods to iraq, things thigh helmets and boots and ak-47s. he had no overhead. none. just rent. he just was a very astute and capable businessman who understood his advantages and understood the weaknesses of his adversarieses. the time the arm where was right to to stand up. the new terms, stand up and metrics and things. the iraqi army, and private contractors were tasked to chase down surplus soviet bloc weapons. the cheap kinds the iraqied were given. the standard and nonstandard. the nonstandard is the russian or soviet bloc kind and much less expensive.

chevron, halliburton, both 40 plus%. it is not pretty in the energy patch. you would think because all of that, gas prices would be plummeting. look at numbers. okay, but not plummeting by any means. gas 2.65, average a regular fallon. a penny better than yesterday but not as good a week ago. whiting problem in indiana from bp, still a problem. keeping prices up. there. you know how it works. they go up real fast. they come down real slow. deirdre: jeff flock, thank you so much. jeff flock joining us there from the cme on oil settling at that six 1/2-year low. stocks down. this is the global picture. oil at a six 1/2-year low. one of the reince for the selloff, there are major concerns about global growth. tangent capital contributor is with me, bob rice. you have a one minute challenge you kindly accepted. >> oh. okay. deirdre: global gdp. >> all right. well, global gdp, global domestic product, how much value is the globe creating over time? and the problem here is that 60% of the growth in global gdp is expected to come from emerging market countries. som

halliburton up 3.7%. and chronicle 1 and a half percent.ome of the dow losers today include coca-cola and visa although going back and forth between positive and negative territory. one last thing to take a look at verizon, you heard ashley webster talking about simplifying payment structure, and pricing structure. saying they'll make the post test more simple. well, we'll be become on schedule with that later this week. more risk and reward coming up after this. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? >> we wanted to bring you this video here with we are on the golf course on a monday president of the united states playing at vineyard golf club in martha's vineyard exclusive playing with glenn hutchens cofounder of silver lake partners private equity firm also playing with world bank investment kim and cyrus walker another businessman, jarrett's cousin so high stakes you coul

but it would rather buy another competitive that would make it more competitive against halliburton that may or may not be approved by the feds. is schlumberger calling a bottom with oil at $38 down from $91 12 months ago? i think not. but it knows we're much closer to a bottom than most people think and can't afford to wait for another company to snap cameron up. it's a bullish move. even though crude didn't do well, it put a bid under every energy stock, even though oil went down. we haven't had that divergence in a very long time. third, we finally got some constructive comments from someone who matters at the fed. bill dudley, the president of the federal reserve bank in new york, acknowledged that international events make the case for a rate hike and less compelling to me than it was a a few minutes ago. we live in fed utterance to fed utterance. this is the third one we've had in four days. it's almost the most dovish because dudley is clearly cognizant of the damage that a rate hike might cause to far more fragile economies and currencies overseas, even more to our own economy. a

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generals were very concerned about misguided strategies and approaches he proposed through his time at halliburtone terrible mistakes as regards to business judgment and as you had pointed out in the run up to the war with iraq. >> yeah. >> so you have this long list of not getting the right. >> now, ryan, cheney is giving a speech on iran next week. how much influence does he still have with republicans on foreign policy? >> he doesn't have a ton of influence anymore. you know, the republican party is kind of, you know, kind of split now over how to handle this kind of behavior because it backfired so badly. you know, the only thing that cheney does really is actually help democrats, if the vote on the iran deal were still at all in doubt in the senate, cheney coming out strongly against it could only help democrats, it could only help unify them in support of it but there are a lot of republicans, i think, at this point saying okay, i'm going to go forward with this policy because i know dick cheney is behind it. >> you're saying that, ryan, but john cheney was asking and said he's actually advi

. >> halliburton. what do we think about this call, pete?i like it i'm looking, to your point i don't know that it necessarily is the time to start jumping in. you start building the list in the energy names, we've not seen the bottom in oil. last week there was a lift. i think there's still a little down side and some pain involved. it makes you wonder. many people are coming out with different calls on oil today. these days. whether you think it's going to have a three handle or not, 43 is only $3 from here. who knows where the train is going to drive from here, but this this call? >> i think the easy money in oil has been made already. it was made in the second quarter. the refiners seem to be working right now. that's the area of energy i would focus on. utilize some stops keeping things in place. mitigating your loss potential. >> tiaa kref, is energy about to become more a part of your portfolio or not? >> since the stocks have come down, they rallied, we got a little rally and they retraced again and think there's a lot of confidence

gopro, shake shack, jetblue, halliburton, micron, to name a few. and one of the family favorites, apple down 8% this week, it is a loser for 2015. deirdre: nicole, thank you so much. all the details there, joining us from the floor of the new york stock exchange. >>> with more on context and what to do next, jason rotman, lido advisers with us, jonathan hoenig of capitalist pig asset management. jason, we start with you, talk a lot about tech and telecom, what do you see as buys opportunities here, if there are any? >> yeah, no, there are, believe me, there definitely are. if you look at the past several bear markets, there's actually one sector that is outperformed all the other sectors, that's utilities. so then under the umbrella of utilities i identified a sector, water utilities. under the umbrella of water utilities you look at middlesex water company, the thing was up 1.5%. 50 cents away from all-time highs, excuse me, 52-week highs and 3.3% dividend yield. it's virtually unaffected by china, greece, north korea, south korea, distributes wat

the last time i checked on halliburton, that stock gained 10% today, among the other movers, chevron, exxon, conoco-phillips picking up three, four or five percent. whether that means there's a short covering in oil, whether it was due for a bounce or picking up on the equities moving higher, no one knows but certainly led the way today, guys. >> thank you so much for that. the large intra-day swings are dramatic and remarkable. gerri is looking at the individual stocks moving all over the place. >> tesla up nearly 8%. ashley was talking about this in the last hour. they got a great, gushing review from consumer reports for the all-wheel electric drive sedan, gushing. in fact, they broke the testing meter scoring 103 on a scale of 100. so they did really, really well. they're on fire. you got to think it's the fact that oil prices are rising today has a lot to do with it as well. another story not getting a lot of attention you might find interesting. tiffany reporting going down because of the strong dollar, they're having trouble with sales particularly in the u.s., 40% of sales at

but when you look at what's been trading, halliburton, cannot co., good names, but also whiting petroleum and cabot and some of these other names much lower on the food chain, those names are seeing very short-term payday. >> what does oil's rally mean for stocks in general? moemd el ariane is pimco's former ceo, now chief economic adviser at allianz. mohamed, always great to speak with you. >> thank you. >> what do you think this 27% rally in i will over the past couple days means for stocks and the economy for that matter? >> i agree with the view it tells you nothing about the global economy. what it tells you is two things. one is this is an unhinged market, having lost its three anchors. it lost its demand anchor, its supply anchor, and it lost its swing producer. therefore, any small bit of news will move it enormously. second, it tells you that a market technically is very offside. lots and lots of shorts all over the place. and the result of that is you don't get much. in fact, today's news isn't that consequential but it was enough to be that little spark to move something that h

nicole has referred to halliburton and that's one such case that the other such cases of courses section five of the voting rights act, shelby county and, of course, that was the affirmative action case which is a case that got sent back on very narrow grounds and is back to terms later. >> there may be achieved with everything they see some benefit to prime the pump. let's get to argue is out there, have an oral argument, see what people are thinking about this. i understand. the halliburton case, that's essentially what happened to it ended up being the case that the broad rule prevailed but i think a lot of people thought that will was going down, basically, and it didn't. >> with the chief justice in majority. >> it was surprising. they are decisions, this court, these decisions from 1970s and 80s, written in a different way or recent in a different way than the court does thanks now. everything broader stroke with maybe not as much citation of reasoning or things that the concord would like to see so that kind of, they are giving the stink eye to these decisions. not sure these are

halliburton connected to the energy industry, and they are weighed down because oil is down at low $40 will go to 39, hasn't yet but that is why halliburton is down 6%, show me the price of oil. how close are we? this is it. this is the brand new 6 year low, $40.11 a barrel. will that number. we got to take a break but holds that because if that breaks to 39 you may see another leg down for the stock market. not predicting that that is an important number. adam: they are positive, break for the. fund managers are betting the slump in oil won't last and you see diamond off shore up today. stuart: we won't take a break. this is more important, dow jones average down 280, crude, i shouldn't have interrupted. put that oil number, that is a very important number, $40.08 a barrel. it is quite possible, oil trade is very rapidly. contracts move at breakneck speed, $40.07. will it touch 40? will it hit $39.99? very important signal for the stock market and other markets. adam: i want to continue the discussion of diamond offshore. people talk about opportunities you don't have to pull the tick

they have in a takeover party, halliburton says they have asked about the plans $35 billion acquisition been asking for additional information halliburton said it is committed to close by late this year. sears expecting to have three years on gains, related to a sale of real estate assets the retailer says its financial position hasn't improved and boeing could get additional business. iranian officials say they plan to have 90 a year from boeing as well from rival airbus. all right, coming up jobs week "squawk" mark master from black rock joins us next then facebook's first intern will join us on set. radius earned him a spot in 30 under 30 tech findings. frica are rural farmers. 96% of them are doing rain-fed agriculture. they're all competing with each other; they're all making very low margins making enough to survive but not enough to get out of poverty. so kickstart designs low cost irrigation pumps enabling them to grow high value crops throughout the year so you can make a lot of money. it's all very well to have a whole lot of small innovations but unless we can scale it up eno

halliburton at 12, 32,000? at some point you got to step up. stuart: he is right.you are long-term investor you don't care about x for-1 you want to get in because it is like a dividend. >> i, bargain hunter. i like buying low and selling high. cheryl: they have refining operations and drilling operations. these levels are very good for these names. stuart: give her the buzzer. cheryl: oil co. accidental. the sticker. ashley: one thing we haven't talked about is china. we haven't been to china once. stuart: what about china? >> stepped in and bought a slew of stocks and pumped of the market up to 5% which was losing at the time. stuart: we sent you to greece, you want to go to beijing? what is the weather like? energy stocks are rallying. the dow is up 228 points, we are back to 16,500. now look at apple. this is the stock everybody talks about, the ultimate high-tech company, best in the world, most profitable in the world at $111 a share. do you think that is too high jump in? >> i bought lower. apple continues to go strong yen adds to my position. i love apple.

in the halliburton case that is essentially what happened. the broad rule prevailed. a lot of people thought that rule was going down and it did not. kannon: with the chief justice in the majority. there are decisions from the 1970's and 1980's, written in a different way than the court does things now. written in broader strokes with not as much citation or reasoning or things the current court would like to see. they are giving the stink eye to these decisions, not sure if these are good decisions or not. if you can say there is a basis for these decisions let's stick with it. they are willing to look at it again. kannon: that raises the question 's attitude may be different from that. predecessors. adam: there is a lot of discussion of the difference upholding earlier decisions and the statutory context where congress is available to come back and change the decision. there is a lot of talk of that. suggests on the usual metrics of activism, is this a court that overturns earlier decisions, is this a court that strikes down laws? it is in keeping with earlier court

frozen, we're up 300 points and not only the oil producers but the oil services, in particular, halliburtonbaker hughes up 6%. the oil producers up 4% or so. that is clearly the sector leading us higher and maintained that lead despite that little sell-off we saw 45 minutes ago. the following fitbit, fitbit falling 11% on news. liz: why? >> apple is catching up on shipment of wearable tracking devices. very close in shipments, i have to mention tesla, elon musk, consumer reports did a test on the new all-wheel drive electric sedan. they gave it a score of 103 out of 100. tesla stock up 7% today. that's not a bad score. liz: no wonder the saudis of terrified of elon musk. at some point elon musk will figure out how to make a $30,000 tesla, and then people will feel they can buy that. >> maybe, maybe. liz: all dow 30 stocks are now green. i don't know if we can show it back at studio. every single dow jones industrials stock is in the green. >> we lost steam, and the question was were we going to go negative or see a rebound? we saw a big order of numbers, we could see more gains. >> art cash

in the halliburton case that is essentially what happened. the broad rule prevailed. a lot of people thought that rule was going down and it did not. kannon: with the chief justice in the majority. there are decisions from the 1970's and 1980's, written in a different way than the court does things now. written in broader strokes with not as much citation or reasoning or things the current court would like to see. they are giving the stink eye to these decisions, not sure if these are good decisions or not. if you can say there is a basis for these decisions let's stick with it. they are willing to look at it again. kannon: that raises the question 's attitude may be different from that. predecessors. adam: there is a lot of discussion of the difference upholding earlier decisions and the statutory context where congress is available to come back and change the decision. there is a lot of talk of that. suggests on the usual metrics of activism, is this a court that overturns earlier decisions, is this a court that strikes down laws? it is in keeping with earlier court

large cap diversified -- halliburton, schlumberger -- very easy.y are under cost pressure? james: yes because they will win and survive and buyout their competitors. they will emerge much stronger at the end. erik: thank you for spending time with us. james west is an analyst and he says in the oil market, there will be blood. his greece coming to blows or are they making shrewd political moves? attempts to form a new government in athens. will they be successful? ♪ ♪ u.s. equity index futures are closed, heading to the open at 9:30 a.m.. you just saw where things stand. thou leading futures down 852 points. bloodbath in the selling has accelerated all morning. that is the story and we turn our attention back to europe because greece is once again in the headlines for lawmakers in greece are looking to forge a new government and seeking the resignation of alexis tsipras. what does that mean for the bailout deal that tsipras negotiated with european creditors? tom mckenzie is following developments in athens and he is with us now. tom, a breakaway f

erik: halliburton is buying baker hughes. this is much smaller. five, for star wars fans christmas is coming early. walt disney announced it will rollout merchandising toys one week from today. i cannot wait. it opens in december, but the company is taking its claim on give lists now -- gift lists now. whether it will last the stock is another story. shares of disney are down 18% this month. will you be buying star wars things for your children? julie: i will certainly be buying tickets to the movie. this the shares rose yesterday while the rest of the market was down. erik: chinese equities have lost half of their value that i thought we were going to break but we are not. chinese equities have lost half of their value since june. what does that mean for investors and financial markets? what does that mean? the chinese cut rates in reserve requirements. that is what we thought investors needed to see. yet it cannot put a floor under u.s. stocks yesterday. we see european weakness this morning. >> i think you have a really interesting juxtapositio

you're talking about contract costs,own, whelming as joining completion side, pressure pumping, halliburtonhughes, cement. on the -- tom: cement costs less? >> yes. pressure pumping costs can run 70% of your completion. tom: ever bring of our conversation to a complete halt talking about this? tom: you bring up monte carlo distribution. i figured you would appreciate that. walk us through this. how did you do the simulation? i am fascinated by the result. >> people are picking one andkeven price there's so much uncertainty, variability, ambiguity you look at certain data. we want to throw it out there. we took a deaf -- a couple of inputs. gellingyou looking at and completion cause, we ran them through and figured we would try to map with something that would bring us more of a statistical take away. brendan: we have jonathan golub with us. $29, do you need to make a call? >> if i look at the high-yield markets and how high the cost of capital is today, in the energy space compared to all other sectors, does the market disagree with you? sometimes the analysis is right in the market needs t

nicole has referred to halliburton and that is obviously one such case any other such case, of course, section five of the voting rights act, shall be county and of course now with fisher, the affirmative action case, which is also the case that got sent back to terms later. >> i mean, their babies-- the cheap or whoever writes it may see some benefit. let's get it out now and have an orville-- oral argument carried i understand that. that is essentially what happened and it ended up being the case that the broad rule prevailed and i think a lot of people thought that rule was going down basically and it did not. >> with the chief justice and the majority. >> it was surprising. their decisions, i think these court in these decisions from the 70s and 80s in their written in a different way reasoned in a different way than the court does things now. they are written in broader strokes with maybe not as much citation or reasoning, so they are kind of giving the stink eye to these decisions. if you can come back and persuade them, look there is a basis for these decisions that is a good o

. >> understand that the terms that the halliburton is offering are so generous that you pretty muche to drill. you don't have to pay right now, and that's very unusual. people who keep thinking the rig count is going to drop, they don't understand to get can a rig is inexpensive, and they need cash flow. you're not going to see a cessation in rig drop. >> because the terms are so generous. >> the icoming up, you'll want hear what stanley fischer is going to tell steve liesman. we'll have the interview coming up. ♪ no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. >> there it is. free port is up the most. after hours, they hit 12 yesterday after carl icahn filed. bank of america isn't having a good day. >>

halliburton up 1% today. of the they are up, 6, 7, 8% for the week.il, cameron international also moving higher, up 2 1/2% after this stock surge. up 44% on wednesday. gold futures up 11%. "coast to coast" with connell mcshane next. ♪ connell: there is possibility i built this segment up too much. the boomers are here. add generation-x to boomers. [shouting] going to be objective moderator of whole thing. >> you're an objective moderator. connell: you will not believe this. we have breaking news. have to cut away. hillary clinton press availability. just started. >> determine how to or whether to make emails public. other agencies under out system are given opportunity to weigh in. that would be true if you're asking for someone's emails to be made public because of a foia request or any other reason. and it was on the unclassified account that an official used for work-related emails. so, look, i have said repeatedly that i did not send nor receive classified material, and i'm very confident when this entire process plays out, that will be understood

they're hold in but at the same time iraq is pumping, we are seeing some incredible deals that halliburtons making. f there's a lot of money going from private equity. the oil companies aren't collapsing take they should be. but i think if you're going to buy the oils here, you'd better have a better thesis than what's going on with them. give me an example of hewlett-packard. this stock was down badly and they did everything i wanted and more. i really did like the intersurprise services. it's good. how much is that stock down today? none. why? because it was down more than 20% going in. that's what i'm looking at. stocks down badly that didn't disappoint. that's what i want. >> we did talk to meg whitman about 30 minutes ago. we talked about the server business, the pc business, how they're modelling the dollar. let's hear what she said. >> over all the company had a good quarter. but you are correct. the highlight was intersurprise group which is our servers, storage, networking, part of the business, cloud part of the business, and that performed very well. some challenges in our pc an

remember halliburton and baker hughes announced they were coming together.iants announced 27,000 jobs were to be jettisoned. that is when the prices were 25 cents higher than they are now so things could get worse. >>> now to the epa spill and it is on them. to alicia acuna in denver. >> reporter: hi, neil. new mexico governor susana martinez directed her staff to begin legal action against the environmental protection agency as she declared a state of emergency to address the massive spill. this as the three million gallons of metal-laden mine wastewater makes its way through her state. she said the new mexico is in dangerous situation and epa is not communicating or forthcoming about all the toxins. on fnc, "america's newsroom," with bill hemmer, she called out the agency, saying she hopes it holds itself to same standards she would any other industry. >> we can not have different standards for private industry and for the federal government. we're going to hold them accountable. the long-term damage and short-term damage is unpredictable but we it is deva

keep in mind halliburton they've already announced shop cuts in 20,000. in vicinity of about 30,000. and if you take that with the wild cat in 100,000 with the energy sphere. now i know there's not a lobby for energy company when is they lay off people. but they're laying off people and they don't think this is a passing phenomenon. when prices go so lower, they don't have any questions. they get rid of people. they're getting rid of people and a lot of buyers are getting rid of energy stocks. we have much more after a this. . . . . do you want to know how hard it can be to breathe with copd? it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled copd maintenance treatment that helps open my airways for a full 24 hours. spiriva helps me breathe easier. spiriva respimat does not replace rescue inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva respimat. discuss all medicines you take, even eye drops. i

stocks like slumber, halliburton and exxonmobil et cetera getting hurt tremendously, and then there'shis. take a look. like claw or something? >> i don't -- i know you want to make a point, and i can just repeat what i have said. in order -- in order took as cooperative as possible, we have turned over the server they can do whatever to figure out what is there, not there. thank you y'all very much. >> i wonder, can you imagine her sitting down with a bunch of donors not saying word about e-mails she said wiping it. i don't know how to wipe. you use a cloth or something. that was her own ed henry that started questioning on that. now she claims nobody wants to talk about it. it is our suspicion that a lot of donors who have given a lot of their own money millions in some cases do want to talk about it. charlie knows a lot of those donors and here to give us the inside scoop. >> i think at some point if this keeps going there will be, you know -- these wall street guys are like, you know, risk adverse, and you know, they don't want to be associated with someone who is considered sleazy

ton of debt and a lot of smaller service oil names will get squeezed by the bigger companies like halliburton and schlumberger. >> we've been low for quite a pier of time, is it that these guys dug in their heels and thought things would have turned by now, their reserves or what they own is less than the value they are written against? >> chesapeake, that's a ton of difference. there's a total of $16 billion in debt and rather through 1.5 billion of cash in the first half of 2015 and running out of cash quickly and some assets in the mid-continental area and could unlock some value but that will be a band-aid so the stock has, you know, certainly more room to move lower. a good chance you'll see $5 on chesapeake. >> wow, $5 on cheese peek. thanks for joining us. >> my pleasure. >> back to the drop in apple stock. the stock trading off its lows for the session and down by just about 3% on the day. let's bring in brian blair for roens blatt securities. in terms of the move you've been seeing. you think it's because there are concerns about china's iphone sales. where did you fet it from. >> a

coupled with halliburton, schlumberger.s losing steam off 155 points. ♪ every auto insurance policy has a number. but not every insurance company understands the life behind it. those who have served our nation. have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life. nbut your dell 2-in-1 laptoped gives you the spunk for an unsanctioned selfie. that's that new gear feeling. all laptops on sale, save $230 on this dell 2-in-1. office depot officemax. gear up for school. gear up for great. >>> the 2:00 hour seems to be the witching hour for stocks. the markets have been rolling over in this hour. take a look at the s&p 500. we are a few points off the session lose. dow is still 40 points or so off the session lose. goldman sachs off that big upgrade we talked about earlier. that 2% gain dissipated. financials are a key part of the story. oil stocks appear to be showing weakness. more on the oil rally. joining us, mana

more than 87,500 jobs have been lost there, including a combined 27,000 at baker, hughes and halliburtonal merger. that's double expectations for those two companies. some of the biggest cuts recently have been exploration and production companies. 24,200. you can see that there. also drillers which have slashed some 35,500 companies. these positions, including 6,500 at royal dutch shell, and 1,500 at chevron, those were announced last week. the pain's also rippling out to service and support industries. there have been 23,700 jobs can be about, that have been lost in those industries including layoffs at law firms. we've seen layoffs at trucking fleets lodging companies that house oil workers. also steel factories that manufacture products for drilling. tomorrow getting the non-farm payroll report. in the mining sector which includes oil and gas, has dropped by 71,000 positions. we'll expect to see more of those negative numbers in july brian. >> it's tough times and it is not just job cuts. there's a lot of pay cuts as well. i talked to a guy a couple months ago, his pay got cut by 25%

and the idea that in iraq especially we were hiring a lot of hired guns through halliburton and other companies, and it just changes the whole face of war, and it also changes the way public views war. >> well, that's one of the important threads in this book, "the hidden history of america at war," because i want to write and tell the stories over 230, nearly 240 years of who has fought our battles. and exactly as you say, the armies that fought for us in iraq, we like to think about u.s. troops going off, but the story that i tell in this book in the last chapter is the story of the battle in fallujah. that was a battle begun when four americans were -- and this is a very grisly, gruesome moment that many of us probably remember well -- four americans were attacked and brutally killed, two of them were dismembered and hung from a bridge. and that scene was shown around world. what many americans did not realize was that those four men were not soldiers. they were private security contractors; essentially, mercenaries we might call them. working for a company that now is much better

halliburton on oil services. chevron on integrated oil. range resources as well.cks helping to lead energy as the worst performing sector again to the downside today. keep an eye on that particular sector. >>> athens stock exchange anticipated todopened today fore first time in five weeks. fell as much as 23% over the course of the day. according to reuters report, the greek banking stocks took the hardest hit. you might expect that. alpha bank, attica bank, national bank of greece, others, down 30% or more which is the daily volatility limit there. the grek, the etf that tracks greek stocks, rose slightly today before falling. go figure. however, the etf is down more than 16% since the close of the athens stock exchange on june 24th. so it looks like that etf has been forecasting what was going to happen when those stocks opened as they did today and lower. >>> dominic chu highlighted the oil stock losers just moments ago. oil continues to fall. brent and wti crude both down steeply today. we'll tell you who's make being the big calls and how they are staying ahe

now, halliburton baker hughes are much different situation as they will control a much larger percentagef the industry. and that could be a concern. but in the enps, the production is so spread out about across so many companies, i really think that's not going to be a major anti-trust issue. >> all right, kyle, thank you so much. do you have any stakes or partnerships? >> say that again, please. >> do you have a stake in any of these companies you mentioned as takeout targets? >> no. i do not. >> all right. always want to make sure we're fully disclosing here. >> absolutely. >> appreciate it. it's kyle cooper. >> absolutely. >> appreciate it. much more on this session on wall street still to come. plus, former fed chair ben bernanke questioning whether being in the military really can pay off in the private sector. >> your skills and wages are probably not going to be quite as high on average as the private sector person. >> retired four-star general barry mccaffrey couldn't disagree with more. he weighs in when we come back. >>> ben bernanke causing a stir while speaking at a panel ear

200 billion dollars, but i'd like to see well so far it has been black -- blackwater -- bechtel, halliburton, but it hasn't been the companies inside louisiana new orleans, mississippi, and alabama, or for that matter, even companies that have the expertise and wherewithal in four congress -- fourth congressional district i would like the issue of contracts to be addressed, even though i oppose -- i posed the question to the secretary i didn't get a response from him as well. >> okay thank you. >> mr. chairman will we be allowed a second round of questioning. >> see how quickly this goes we have second panel as you know need to get through by 4:00. >> thank you, mr. chairman. >> thank you, i am struck by many emotions right now, one of them is i'm in awe what people in new orleans have had to do to deal with the fact they don't have a home and place to live. and you know, just having to face that makes me try to put myself in your shoes i can't do that. there is another part that wants to be careful because i don't want to be offensive, when you have gone through such incredible challenges.