still, the stock is about $2 below icahn's bid. finally, three smaller stocks seeing big pops in volume and big drops in price. boutique investment bank shed 12%. three managing directors have left this summer raising market worries. analytical software firm qlik dropped 10% after an analyst downgrade. and seattle genetics fell 7%. a government panel okayed its cancer drug, but with a stricter label. worries are that could limit sales. and that's tonight's "market focus." >> susie: back now to our top story, the debt talks! as those talks continue, some popular farm programs may be killed. cuts to agriculture spending have been talked about for months in congress. now the fate of a key piece of legislation could change life as american farmers know it. anna olson explains. >> reporter: life on a farm can be unpredictable, but there's one thing corn growers know for certain. they'll wake up before the sun rises, and work hard through the growing season. farmers also know they can count on uncle sam for subsidies when times get tough

icahn after all did buy a 9.4% stake in the company last december.e is the largest individual shareholder. in his takeover letter he suggested that the company seek other bids. no bidders stepped forward though and the board said that the bid by icahn severely undervalued color red sox. >>> a busy day for earnings. bank of america, goldman sachs and wells fargo. wells fargo saw 30% jump in profits in the 2nd quarter to $3.73 billion. revenue down about 5% just under $20.4 billion. its profit really got a boost with the release of $1 billion in reserves that were initially set aside to cover bad loans. but the bank says its loan portfolios are doing better so that's a good sign that wells fargo may at least be beyond the worst part of the mortgage crisis. its shares are heading higher off that report. right now wells fargo is up about 2%. stocks overall coming back after a rough day yesterday. the dow gaining 114 points right now. the nasdaq is up by 42. and the s&p is gaining 11. >> big swing on the dow. all right. that's good. >> reporter: no kiddin

. >>> investor carl icahn is raising his offer for clorox. it's now $10.7 billion or $80 a share that is more than his initial bid. the first bid was rejected a couple days ago. i con says he believes shareholders should decide whether to accept the offer. clorox acknowledged they got an offer and reviewing it. >> the department of motor vehicles says 60,000 of more than 2 million disabled parking placards may be sent to dead people. they conduct records every two years and it misses many of those people. overall one-third placards are being used illegally. >>> the latest rounds of debt talks are set to begin at the nation's capital in less than an hour. president obama has called democrats to the white house in talks about raising the debt ceiling. they would not say why republicans weren't included in the meeting. it comes as a new bipartisan plan has starred to emerge from the senate. it would cut the deficit by $4 trillion and has the president's support. ethics committee has named a washington lawyer as outside county to investigate maxi

(applause) >>> investor carl icahn is raising his offer for clorox.t's now $10.7 billion or $80 a share that is more than his initial bid. the first bid was rejected a couple days ago. i con says he believes shareholders should decide whether to accept the offer. clorox acknowledged they got an offer and reviewing it. >> the department of motor vehicles says 60,000 of more than 2 million disabled parking placards may be sent to dead people. they conduct records every two years and it misses many of those people. overall one-third placards are being used illegally. >>> the latest rounds of debt talks are set to begin at the nation's capital in less than an hour. president obama has called democrats to the white house in talks about raising the debt ceiling. they would not say why republicans weren't included in the meeting. it comes as a new bipartisan plan has starred to emerge from the senate. it would cut the deficit by $4 trillion and has the president's support. ethics committee has named a washington lawyer as outside county to investigate maxine

truckmakerçó oshkosh surged 14% after shareholder carl icahn said he wanted to meet with management toiscuss shareholder value. important data tomorrow, with the congress department factory orders for may. thursday brings june retail sales with many hoping reduced gas prices translated into more sales at stores. also, thursday, we'll get june's private sector jobs numbers and friday comes the biggie, the all-important government employment data for june. >>> and finally, mcdonald's will be making deliveries to its restaurants in the united arab emirates in trucks fueled with oil from its own vats. a dubai firm will convert used vegetable oil from mcdonald's outlets into 100% biodiesel, a fuel that burns 50% cleaner than normal diesel. >>> the top vote getter for baseball's all-star contest, the mets, eke out a win against their cross-town rivals. and who is dancing at wimbledon? plus an extra participant invades the pitch in a contest between brazil and venezuela. your early morning sports headlines are straight ahead. >>> your fourth of july forecast looks fantastic in many areas of t

. >>> billionaire investor carl icahn offered to buy clorox for about $10.2 billion. with a reported stake of just over 9%, he's already the company's largest holder. >>> and yesterday anglo australian firm bhp bill laton said it's buying petro hawk energy for a little more than $12 billion. >>> and finally after one casey anthony juror reportedly sought thousands for an interview, a florida lawmaker has proposed making it a felony for jurors to profit from civic service. >>> the blue jays and the yankees, hope for the nfl and the first day of the british open. >>> plus being a good athlete doesn't necessarily mean you'll be a good golfer. your early morning sports headlines are straight ahead. >>> with no rain in the forecast, nice to be outdoors heading into the weekend. >>> good morning. if you are just waking up, this is "early today." in sports, prior to last night for nine straight years, the new york yankees had won their first game back after the all-star break. last night, eight blue jay runs in the first inning put an end to that streak. here's mario solis w

clorox rejected as inadequate investor carl icahn's almost $11 billion deal. a lesbian couple wants changes at the tennessee theme park dolly wood after an employee asked one of the women to turn her marriage is so gay t-shirt inside out to avoid offending people. >>> a running roundtripper, a world championship wardrobe problem, and an ump blows a very big call. plus, a major league insession agent in the nation's capital. your early morning sports headlines are straight ahead. . >>> the heat invaded the middle of the country. that's not going anywhere either. another heat wave is building. your forecast is coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today" n sports, heading into last night's game in new york, the seattle mariners lost 16 in a row. so it was almost unfair that they had to face yankee ace cc sabathia. here's fred rowiggin with an eay look at your headlines. >>> cc sabathia well on his game to pitching a perfect game, then came the rain. sabathia dealing against the mariners struck out te

icahn took a 9.5% stake in color was last december.vers thought something like this would be coming down the line at that time. wall street very interested in this. it's got clorox shares up about 9%. getting word that inflation eased back on the consumer side in june down .2%. mainly it's due to a drop in gas prices helping wall street, as well. right now the dow is up 53, nasdaq up 18, the s&p up 7. also, oil prices up by about a dollar. >> jason brooks with kcbs and cbsmoneywatch.com thank you. >>> textbooks in california public schools will soon contain references to gay history. and for more on that let's go out live to cbs 5 political insider phil matier and his guest this morning, state senator mark leno of san francisco. and they are joining us live from caffe roma in san francisco. good morning. >> good morning. and it is both historical and to a certain extent controversial. the governor just signed a law by you. >> yeah. >> that basically says what? >> that the role and contributions of lgbt gay americans will be included in

. >>> clorox said no to carl icahn's $10.2 billion takeover offer. he is putting another $500 million into the kitty and saying that shareholders of clorox ought to get a say or at least be able to get forbid. that would be even higher than what icahn. >>> there is word from the senate that some progress is being made in raising the debt ceiling. the market fell back a little this morning. right now the dow lower by 12. nasdaq down by 5. the s&p up by about 1. grace and elizabeth? >> thank you,moneywatch. -- thank you, jason brooks with kcbs and cbsmoneywatch.com. >>> a group of doctors and health experts wants to give millions of women in the u.s. free birth control. an independent medical panel recommended that health plans offer a range of couldn't at the present timetives for women without co-pays. they say it should be considered a preventative service. doctors say women with unwanted pregnancies are less likely to receive prenatal care and more likely to drink and smoke while pregnant. >>> don't always believe what you see out there. >> that's

truck maker oshkosh surged 14% after shareholder carl icahn said he wanted to meet with management to discuss enhancing shareholder value. thursday brings june retail sales with many hopes reduced gas prices translated into more sales at stores. also thursday we'll get june's private sector job numbers. friday comes the biggy, the all-important government employee data for june. finally, mcdonald's will be making deliveries to its restaurants in the united arab emirates in trucks fueled with oil from its own vats. a dubai firm will confirm used vegetable oil from mcdonald's outlets into 100% biodiesel. a fuel that burns 50% cleaner than normal diesel. >>> in sports now, sunday saw a match-up between one of baseball's hottest hitters and one of the game's toughest pitchers. here's nbc's bill seward. >> good morning. and a happy fourth of july. it hay be america's pastime, but a guy on a canadian team is the leading vote getter for baseball's all-star game. the toronto blue jay's jose batista received 7.4 million votes. he helped break up cliff lee's scoreless streak. puts toronto on to

carl icahn owns 10% of the company, clorox by the way employed 1300 people in oakland alone. >>> and still to come at 6:00, we'll show you the surprising state of a major california freeway after weeks of warnings about nightmarish traffic. plus, what has dozens of kids with diabetes smiling tonight after camp was canceled last week? >>> and a few breaks in the clouds but the air-conditioning going full tilt to kick off the weekend. we do have a warmup in the seven-day forecast. will it weheiv end of the weekend? the forecast is straight ahead. ? >>> so far, so good. that's the word in los angeles today as people were warned of a so-called carmageddon and they're getting quite the opposite. traffic that normally clogs the highways even on weekends was sparse this weekend. it's exactly what the los angeles transportation leaders were hoping for and a welcome surprise for drivers. there's a bunch of construction going on which is why they were anticipating all of this. but business owners weren't quite as pleased today. >> this is great. it was the best. >> no traffic. >> no traffic. n

clorox regained more than 2.5% as investor carl icahn increased his buyout price to $80 per share. that's now what he's offering. earlier this week, clorox said no to an offer of $76.50 per share. the stock here continues trading below even that lower offer as the market seems to be skeptical of a deal. meantime, it is a deal for chemical company nalco. the offer is $38.50 from eco- lab. shares jumped more than 24% on big volume but settled below the purchase price. part of that difference can be explained by the drop in the stock of the buyer. since it is offering either cash or stock, a drop in its price can impact the buyout price. shares fell 7%. two others. e-trade stock shot up almost 14%. its largest shareholder is pushing the company to explore its options. and after the close, staffing firm s.f.n. announced it will be bought by a dutch company for $14. the stock jumped above that price after the close, anticipating a better offer. and that's tonight's "market focus." >> susie: it's a bittersweet day for the u.s. space program. 42 years ago, nasa and the entire country cele

carl icahn offered $10.2 billion for the company founded in oakland in 1913.ady owns 10% of the shares in the company which makes bleach and also glad trash bags and hidden valley ranch and all kinds of other products. some business analysts speculate that his offer is meant to invite other offers, so whether or not he buys the company, it could end up actually on the auction block. clorox employs 1,500 people in oakland alone. >>> right now, want to check in on the weather, and it warmed up a little earlier today than it had the last couple of days, but it's still chilly for this time of year, rob. >> especially when you look at sovemg a san jose and that's one of the hotter places. only 75. northwest wind at 13. we got the sunshine, but the cool air spilling in from the ocean into the santa clara valley. san francisco, drizzle off and on today, and misty skies in the afternoon. 62 degrees, southwest wind at 20 miles per hour. and in oakland we're watching the patches of low clouds. 65 degrees, northwest wind at 13 and, again, tonight we'll see some areas of

activist investor carl icahn disclosed a 9.5% stake in the company. that helped other vehicle companies like engine maker cummins and truck maker navistar, each were up more than 3%. overseas, china's only legal gambling destination continues to rack up the wins. gambling revenues in macau, china were up 52% in june. u.s. firms with casinos there, wynn, las vegas sands and m.g.m. were up better than 3.5% each. while stocks found buyers, bonds fell to selling pressure, pushing bond yields up. this is the past 90 sessions of the interest rate on a ten year government note. it began the week below 3%. tonight it is 3.2% as bond prices have fallen. we had to new stocks come to market this week. vacation rental website home- away rallied strong above its initial $27 per share price. first connecticut bankcorp priced at $10 and is above that tonight. and that's tonight's market focus. >> susie: zynga filed for its much anticipated initial public offering today. said it hopes to raise as much as a billion dollars when it goes public later this year. while we

carl icahn is the largest shareholder in clorox. a live look at our roof camera. the rest of the bay area is not bad. more in a moment. she was fountain drink over the board. but without was key to her survival, a flotation device. she sat on the correct -- she also had on the correct what suit. we train every day for a rescue mission like this. it never forgotten. kept the co- pilot is the one who located her. 10 minutes into our first search since. mid span near the high rise of the san detail. -- san mateo. she was draped over her board. she is 63, she did try to paddle in throughout the night. everyone here was sur prised. some situationsfdo not work out, but because of the grear and the correct wet suit, everything lines up. she did not complain or panic. calm cool and collected. she was in open water, mid span of the san mateo bridge. search conditions were ideal. because of the right gear, she was able to survive. conditions deteriorated throught he night, search condiditions were not as well as when we located her. if proof >> we are listening to them wrap

noted shareholder carl icahn holds a 9% stake. and that's tonight's "market focus." >> tom: problems in the boardroom are not good for the business of baseball. tonight's "beyond the scoreboard" begins with ownership struggles off the diamond impacting the biggest moneymaker-- television ratings. rick horrow is a sports business analyst and c.e.o. of horrow sports ventures. he joins us from phoenix, arizona, the site of baseball's all-star game tomorrow night. rick, plumb assignments here, but we've got to talk about big business because two teams are in trouble, the dodgers and the mets, they have among the lowest tv rankings in their local markets, double digit drops, by more than 25% each. how much does ownership matter to business partners like advertisers and tv deals? >> a lot, tom. the med afor cal in hot water applies to the air here, it's about 115 in the shade, luckily chase field is covered in air conditioned, that's what people look forward for to this all-star game. there seems to be a bit of malaise because the dodge

. ♪ >>> billionaire hedge fund manager carl icahn may have a offer for clorox company.has offered money for the could company but analysts say he may trying to drum up a better offer. they may household products but burt's bees lip balm and other products. >> safeway grocery chain wo yesterday the court upheld an ordinance that bans tobacco sales in stores with pharmacies. safeway says the ban violates the constitutional right to sell cigarettes. originally big box stores had been allowed to sell cigarettes. they found it discriminated against other pharmacies and the city extend that had ban. >> the smoking ban in san francisco has been in place for years but a change to that law last year is having an impact on places where a certain kind of smoking has koorntd continued. they are cracking down on hooka lounges. >> you fill it up with water halfway. >> he demonstrates the hookah at polk street tobacco shot which is next door to hookah dream lounge. he says his dad put $100,000 into the lounge and isn't sure what to do next. >> a lot of families are going to go broke.

shares higher today ever icahn increased his offer. chlorox rejected the previous offer of $76 a share. which brings us to tonight's installment of our week long series of reports on how business is growing in the east bay. chlorox may get your clothes clean but this being next company is helping to make our planet cleaner. using technology to ease our dependence on fossil fuels. we go an east bay city with a variety of skills. >> reporter: emoryville is making a name. it's home to electronic arts. it's where pixar dreams up its big screen ideas. and in this robotics lab it's where they are working to convert plant sugars in to cleaner renewable fuel lessening our dependence on petroleum. >> many technologies that came here wanted to have a big impact on the world. renewables and clean tech is the one. ways you can do it. >> reporter: this is how his company is using technology to make the world a cleaner place. >> you need a great fuel that's competitive or better than petroleum for people to switch you also have to have it at a cost

i am doing the best icahn. >> recent polls give partake 80% of people think america is going in the wrong direction. [talking over each other] >> going in the wrong direction--in some ways we are -- >> overall -- [talking over each other] >> i agree with t. boone pickens that we need an energy plan. we don't have one. >> 75% of people think big corporations have too much control over their lives. >> i try to get a big corporation -- i never had one but i would like to have more control over people's live. to bar my stuff. go to my restaurant. >> the third one was 62% of people think both major parties are failing. i have to step aside on that. >> failing? both of them? who are you going to vote for? >> i am conflicted. >> i will vote for a party heading in the right direction. >> they can't get anything done in congress. we are a paralyzed society. we have had a rough couple weeks. >> there's stuff in the middle east shaking everybody. all the upheaval we don't know what is going on or what is going to happen and we have had these tornadoes and all we've ever problems, have the news viewe

carl icahn is offering $10.2 billion to buy the company. the offer would amount to $76 a share. stock for clorox rose 9% today on that news. >>> a late rally kept wall street phenomenon posting one of its worst weeks -- from posting one of its worst weeks in some time. concerns over the lawmakers raising the debt ceiling and ongoing problems in europe have weighed heavily on the markets. >>> a federal judge today dismissed a lawsuit filed by safeway over tobacco sales. pleasanton-based safeway argued grocery stores have the right to sell cigarettes. the ordinance contained an exemption for stores with pharmacies, but san francisco city officials said that exemption violated equal protection guarantees and filed a motion to have it dismissed. >>> in some places hookah lounges are all the rage, but in san francisco the concept is going up in smoke because in the city smoking indoors is illegal and the public health department says they have to shut down the doors. ktvu's david stevenson spoke with lounge owners today who said they did everything by the book. >> reporter: san franc

carl icahn is offering $10.2 billion to buy the company. the offer would amount to $76 a share. for clorox rose 9% today on that news. >>> a late rally kept wall street phenomenon posting one of its worst weeks -- from posting one of its worst weeks in some time. concerns over the lawmakers raising the debt ceiling and ongoing problems in europe have weighed heavily on the markets. >>> a federal judge today dismissed a lawsuit filed by safeway over tobacco sales. pleasanton-based safeway argued grocery stores have the right to sell cigarettes. the ordinance contained an exemption for stores with pharmacies, but san francisco city officials said that exemption violated equal protection guarantees and filed a motion to have it dismissed. >>> in some places hookah lounges are all the rage, but in san francisco the concept is going up in smoke because in the city smoking indoors is illegal and the public health department says they have to shut down the doors. ktvu's david stevenson spoke with lounge owners today who said they did everything by the book. >> reporter: san francisco's

carl icahn or his equivalent uses that, a rater type, i have no idea, but basically the opportunity to realize value by restructuring and manifesting these assets is enormous? >> if you stop running the company as a private and ran it as a properly run public corporation, with the amazing assets that it has. >> spectacular. >> it make as ton of money and the share price much stronger. >> karen, go ahead. >> i mean, here's the thing. it goes back to something you were just saying before in terms of the culture that has been created. clearly this kind of behavior is acceptable. how much of the specifics murdoch did or didn't know i think is less, in some ways less relevant in that clearly the people under him who got the message. the bottom line is what matters. take no prisoners journalism is what matters. the question i have, we keep stopping at murdoch and the investors and we see it time and time again. with major corporations, that deniability. they're happy as long as the stock is performing well, as long as the business is doing well obviously the stock isn't doing well now. i hav

. >> i saw the story on the wall street journal icahn was compelling i did this on my morning show andy people lash out at hispanics and and blacks making less than whites. the numbers are right there. the wealth gap, the great recession has made things worse. >> i was about to say is a the recession that is making the gap a bigger one? >> a white households and and have 20 times more than black households that is something i am just that about. >> we have one winner. >> yaaa. ford drivers of revenues. they were nice numbers not as nice is what we wanted on wall street. but i am trying to find a silver lining. >> 50% is a pretty big gold. >> wall street was a little disappointed because as they grow they do not have as much margin. in america we did the big trucks and the big suvs. but manufacturers i cannot get wildly excited about but if i were to go after a manufacturer, i would go after foreign. i think they have the best management, the best labor, their product is ok but i would probably go with a south korean automaker if i had to invest. >> thank you, see you tomorrow. >> we ha

. >>> billionaire investor carl icahn making a play for clor objection.10% more than yesterday's closing rise he is trying to flush out the other bidders. his letter says he is can confident there be will superior bids. in any case shareholders are cleaning up. they are up $5 this morning. a number of bay area companies are getting a lot of attention google quarterly sales they blew past analyst estimates. and in a conference call android operating system is expected to maintain the lead with 35% of smart phone market. google shares actually traded at 600 this morning. >> signs of inflation the rate without energy but big up in gas prices but the drop in june. overall the markets are bit higher. they are all trading in the green and bloomberg index is up today. google is having a lot to do that that. >> here is something that could impact the california real estate market. l.a. times says attorney general will investigate in delaware and other places for a role in the market. >>> in boston two jetliners bumped into each other. you can see the damaged tail

. >>> billionaire investor carl icahn is raising his offer for oakland-based clorox to $10.7 billion,unsolicited bid that clorox rejected just a few days ago. >>> traffic and weather coming right up. ,, ,,,,,,,,,, >>> good morning from the traffic center. two right lanes are shut down in santa clara due to this fatal accident we have been monitoring south 101 at san tomas expressway. you can see all this congestion in the area. southbound you are slow approaching the scene. northbound though it is backed up quite a bit due to spectator slowing. 280 would be a good alternate but unfortunately we are seeing delays along 280, as well. so try to avoid the area or at least give yourself some extra time if you can through this morning. westbound 80 at potrero cleared to the right shoulder but traffic is backed up beyond highway 4. kristy has the forecast. >> thanks a lot, gianna. plenty of sunshine in store this afternoon. and this morning, actually a reasonable temperature this, as well. we are seeing a little gray from this shot but that will clear by this afternoon. we should be clear in

democrats and republicans in the senate to find common ground on the plan to give support to, a plan icahn side by tuesday. this is not a situation where the two parties are miles apart. we are in rough agreement about how much spending can be cut responsibly as a purse step towards reducing our deficit. we agree on a process where the next step is a debate in the coming months on tax reform and entitlement reform. i am ready and willing to have that debate. we need to put in place some kind of enforcement mechanism to hold us all accountable for making these reforms. i will support that if it is done in a smart and balanced way. there are plenty of ways out of this mess. but we are almost out of time. we need to reach a compromise by two state so that our country will have the ability to pay its bills on time as we always have. but the social security checks, veterans benefits, and the government contracts we have signed with thousands of businesses. keep in mind, if we do not do that, we could lose our aaa credit rating. not because we did not have the capacity to pay our bills, we do. b