the question was, why did i center the character of the addict in the book on roland jarvis as opposed to any other addict? and the answer to that is that because he would talk to me. [laughter] >> and he was willing to let me into his life for 3 1/2 years. and one of the reasons that he would talk to me is that at one point his doctor had been the man who was sort of within of two principal characters in the book, clay hallburg, you know, i was looking for people to write about and clay put me in touch with him, and he said it would be okay. so that's why. i mean, i certainly met many others but, you know -- i don't know, it's like when you're fishing, you know, you don't leave fish to go find fish. [laughter] >> just tell us how you entered this community and got people with people? and what that experience was like? >> okay. the question is, how did i get involved with the people of the area -- >> get them to trust to you and talk to you. >> and get them to trust me and talk to me. and what was that experience like? you know, the number one strategy, i think, is hang around. in fact

jarvis cocker, thanks, buddy. jarvis cocker, everybody.s. stay tuned for "carson daly." thank you for watching, have a good night.

carolyn jarvis, what's the latest? >> well, we found this pt cruiser today, nancy, and it raises all sorts of suspicions about who this mistery blond was who was with ryan jenkins last thursday when he arrived at the motel in hope. the pt cruiser found at the underground garage here in downtown vancouver has alberta plates, that fits the descriptions that witnesses say, to the pt cruiser that was used in hope, and it's backed, suspiciously, right up against the wall of this to say, we do want anybody to see this license plate. in alberta, you don't have to have license plates on the front. there's only one identifier, right on the back. court documents show that ryan's father, dan, had a pt cruiser listed to his name and the number on the buzzer indicates that a jenkins does live there, we believe it's his half sister, alina. was there a link? was she tied to this? could she be charged as an accessory after the fact? did she know that her brother was a fugitive, if in fact, she was a part of this. >> we are taking your

jarvis cocker, thanks, buddy. jarvis cocker, everybody.

carolyn jarvis, what's the latest? >> well, we found this pt cruiser today, nancy, and it raises all sorts of suspicions about who this mystery blond was, who was with ryan jenkins last thursday when he arrived at the motel in hope. the pt cruiser found at the underground garage here in downtown vancouver has alberta plates. that fits the description that witnesses say to the pt cruiser used in hope, and suspiciously backed up against the wall of this underground garage, saying, we don't want anybody to see this license plate. there's only one identifier right on the back. ryan jenkins' father had a pt cruiser listed to his name. and the number on the buzzer indicates that jenkins does live there. we believe it's his half-sister, alena. was there a link, was she tied to this, could she be charged with accessory after the fact to aiding and abetting, and did she know her brother was a fugitive if in fact she was part of this. >> we're taking calls live. out to paul. thank you for being with us. i want to talk about the

. >>> energy traders keeping an eye on the storm and our rebecca jarvis keeping an eye on the energy traders at the nymex today. >> reporter: thanks so much, and while the weather patterns could certainly create a new sense, they're not creating any fundamental reason traders say to be bullish or bearish in terms of these markets. in fact, what they're looking to in the energy pits continues to be a matter of the dollar weakness, the prevailing force here in the dollar, sending oil prices higher on top of that stocks continue to trade in tandem with oil. and lastly, the economy, we're hearing new signals that the economy may be improving and that could spell new demand for oil prices going forward. on the natural gas front, supplies are so heavy and strong in natural gas that traders say they foresee a long ways out before prices really turn around here. >> all right, that was our rebecca jarvis. >>> the energy analyst and senior vp, also a cnbc contributor, john, good to see you this evening. >> good evening. >> what's driving oil? is it demand or the dollar or is it inflation? >> i

right now, i am joined by caroline jarvis from the cnn affiliate global news, and she is there at the point roberts border crossing. caroline, thank you for being with us. caroline -- >> my pleasure. thank you, nancy. >> what can you tell me -- was there an alert posted there at the border crossing where we believe he entered into canada? >> and not that we are aware of, and in the media we received word that there is suspicions through authorities that there was a chance that he had entered on foot. now, this is an interesting border crossing, because it is an interesting part of the country. port roberts behind me is washington state and right now i'm standing in the province of british columbia, and right now people are lined up to get across the border and getting across is easier than you would think, and we will get to the details in a moment, nancy. >> we are live in the u.s./canadian border and they are at point roberts crossing and is that where the man wanted for the murder of u.s. swimsuit model jasmine fiori made off being chased by the u.s. cocoast guard in a high-speedbo

cnbc's rebecca jarvis has all the details. rebecca? >> hey, bob. and it's a group that you could say is sort of knocking it out of the park today. we're talking about sporting goods stores. take a look at hibbits sports. based in birmingham, alabama. reported a disaster of a quarter last week. but take a look at stock today. jpmorgan updwragd the stock to an overweight. the firm's feeling more optimistic that things are going to look better in the back half of 2009. most importantly, jpmorgan is talking about sales. they're saying they're looking like they've really turned a corner here. and remember, folks, sales are the make or break ahead for retailers. a lot have come out and said they cut costs, that's good for profitability, but really the question for the future is can they turn a corner on the top line growth horizon? jpmorgan sthiz that hibbette has. goldman sachs, need hham, they downgraded dick's but investors going with the group, that's up 3%. the optimism also expanding to the greater universe of sporting goods stores. cabela's, big 5

rebecca jarvis is going to give you all the details on the july retail store numbers. but here's some conclusions. still cost cutting, not much revenue growth. there is some incremental earnings improvement. several companies did raise their guidance. overall that's good news, but demand is poor. inventory numbers are leaner. if we get any kind of sales pop, boy, are we going to get an inventory replenishment. let's talk about aig. again, second day, big volume here, two theories about what's been going on. number one, earning coming out. maybe a really good quarter. maybe they'll get some news on their investments, maybe announce a debt for equity swap. i heard half a dozen theories today. more importantly stock lending desks appear to be making it more difficult to borrow. announcement the government was banning naked short selling may have made many lending desks more conservative. take a look at the big financial names. huge volume in bank of america and citigroup. other citi did over a billion shares several days in a row now. two-month high for citigroup. bank of

i want to go back to carolyn jarvis who is with the cnn affiliate global news. walk me through how this may have happened. i'm already learning from you that there was no posting up or an alert or anything from the canadian border and this woman remains absolutely nothing. it's like, please, come hide in canada. >> there's no indication of him coming to canada. but getting into canada from this point it's interesting because it's june 2009, we implemented all of these strict enforcement and everything to beef up security. to cross this international dividing t. there's not even a chain link fence to stop anybody here. folded her body in a suitcase and threw her in a come mun nal dumpster. he leads the coast guard on a high-speed chase. we know that. it was the car and empty boat trailer at point roberts border crossing. 1500 some odd residents that say here year round and it booms in the summer months. it's a beautiful oceanside resort community. about 5,000 people here throughout the summer. they walk up, grab a latte, and cross through the bushes. there's a st

>> to carolyn jarvis with global national reporter with cnn affiliate global news, carolyn is joining us from british columbia. carolyn, thank you for being with us. what i don't understand is, they see the guy outside smoking. why not apprehend him? what happened? >> nobody knew who it was, nancy. this guy comes out having a smoke. there was nothing suspicious about how this couple arrived at a motel about an hour and a half outside of vancouver. she's calm and checks into the hotel. he stays in the car. they go upstairs. she leaves 20 minutes later. there wasn't anything shady about the ordeal. he's going outside for a smoke but he's not looking like the ryan jenkins we've seen plastered across newspapers and on television stations across north america. he had stubble on his face, and he had a goatee and he was disheveled and gaunt and a fair amount thinner than those photos. no light bulbs are going off saying that's ryan jenkins call the cops. everyone thought it was an average guest. >> right, right. carolyn, did he change the color of his hair or did he shave his head? >> no. no

mu much. >> i'm rebecca jarvis. a lot of retailers -- we'll look at what worked for the likes of home depot and target and what it means for the american consumer and the stocks. >> i'm diana olick in washington. builders are starting more single family homes and planning more later. are they being realistic or like today's homeowner, totally misreading the market? two new reports coming up in an hour. >> and i'm jim goldman in the silicon valley bureau. hp is preparing to release what the street thinks will be good numbers later tonight. much google has been public only five years and is in over $140 billion. what is coming next for both? >>> but first, let's get

guest: norm jarvis was on the advance team.hey interviewed this woman, and he said she knew built limousines were in town, at the air force base, which most people would not know, and she was able to take jervis to the hangar where the limousines were. there were five hangars, and she pointed out the correct one. she said that george bush would be wearing a sport shirt coming out of air force one. jarvis was incredulous, because bush always wore a shirt, but that was exactly what you were coming out of -- bush always wore a suit, but he was wearing a shirt coming out of air force one that day. sure enough, bush invited some friends in. at that point, jarvis and other agents said, we cannot let this go on. they changed the motorcade so it did not go under the underpass where this woman said a sniper would be. nothing ever happened, of course, and george bush was never told about it. the first mention is in this book. host: waldorf, maryland. our line for democrats. caller: if george bush was in a building somewhere with guns, th

let's go to cnbc rebecca jarvis with the full report from earnings central. >> we have the job report for tomorrow and aig's report for tomorrow that saw massively outsized volume the last two trading sessions. take a look here, 100 million shares of the stock traded today, more than 10 times the vow volume. this was a $13 stock two days ago, what snaepd barkleys puts out a note even unsecured seniors are unlikely to be made whole. the last two days we see short-covering. you have heightened expectations for tomorrow's report. but the second theory a lot of traders are sticking to, stock lending is making it more difficult to borrow, government banning naked short translating to a more conservative report on trading, you see it reflected in the stock in that short squeeze and morgan stanley will buy back warrants from the government for $950 million and brinker, the parent company of restaurant chain, chili's provides 2010 earnings guidance well below consensus. you have cisco, big tech story, posting a $46 drop in quarterly profits, rather, $46 billion drop in quarterly profits. some

rebecca jarvis. joining us now, rich peterson is with us. along with greg olsen, gentlemen, always nice to have you on the program. how are you investing in this environment? >> we think the market may have gotten a little bit ahead of the economy and we wouldn't be surprised if we see a couple more% and on the pullback. as we see these, we're looking for opportunities to put more money to work because we think the long-term trend is going to be up. >> yesterday we had this decline which started in china, goes to europe and then in the united states. here we are back in bull market territory again. >> if i said it once, i said it many times. like a shamwow! market. goes higher. we had the bad news coming out of china yesterday and make up half the yesterday's losses. the fact that we're looking again in a day, all comes down to profits, about earnings. s&p 500 is probably going to earn somewhere short of $60 per share in 2009. you put a 17 multiple on that, looking about a year and target about 1020, look out for 2010, the census forecast fo

thank you, rebecca jarvis. >>> let's dive into our speed trade. jim yoeurio, director of institutional services. thank you for being here. >> thank you for having me. >> let me start with and offbeat question. president obama is running into tremendous resistance to his health care plan, town hall protests across the country. kind of looks like the plan is not going to make it. i want to ask you, is there a political hook to the stock market bull market rally i've been talking about. what is your assessment of obama polls down, health care chances down, stock up. >> i will say this without appearing to be doing too much obama bashing. the health care was a problem and as soon as it started to fail a little bit that was part of this bull market rally. i think it plays a good part of it actually. >> what about the health care insurance stocks. we've seen good runs in the summer rally undeterred by the threat of government takeover of insurance. you've seen humana, united, even aetna. that suggests a, they're fairly healthy companies and b, they're n

melissa. >> great report, rebecca jarvis. thanks so much. for more on back to school season i am joined by senior vice president at bree & murray carrot & company. and also james rousseau vice president of global consumer insight at the nielsen company. thank you to both of you for joining us. james, let me start with you. everyone's act like this is going to be a horrendous back to school season but rebecca just said spending's down 8%. that doesn't sound that bad to me. >> well, we're looking for evidence of a recovery, sustained recovery in consumer spending, and back to school is an interesting dynamic because what we're seeing here are two different areas. one we have the essential necessity component of back to school, which is actually projected from nielsen to do relatively well. our sales forecast is up 1%. if i can say, that's relatively well. the other side of back to school, though, is more the discretionary purchases, more of the apparel pieces to back to school. and there we're expecting to see a continuation of a slowdown. so

rebecca jarvis is standing by. other people knew no sales were taking place. >> did i pascally said other people noou on top of that, he's saying madoff knew since the early '90s. here's statements coming out right now. he says i represented trades were taking place when they were not. most of the time money just went into bank account of bernie madoff, one that he controlled. he also says he knew no such transactions were taking place and that he had helped perpetuate the illusion that the sales had taken place. he also said i ordered fictitious trades to reflect returns certain clients wanted but the important thing here not only madoff but others knew about the problems resulting back in the early '90s. the allegation of criminal activity back in the early '90s, not only madoff and dipascally, the company's cfo but others also knew. >> we knew that nobody could do this all by themselves. yet, madoff himself would not turn on anybody. now this guy is talking. >> absolutely. he's the one talking. we're waiting to

rebecca jarvis. great stuff. >>> another important story today. are some traders corrupting this great new bull market. cnbc mary thompson has the full report. >> hello, larry. earlier there was word from washington suggesting an sec ban on so-called slash trades was imminent then mary shapiro said no so fast. they plan to eliminate the in equity resulting from flash orders but the ban needs to be made first and then public comment. they trade on early orders with speedy computers. a broker slashes and order in return for liquidity feechlt a opponents say it gives traders an opportunity. >> they're wrong because the customer chooses to put the flash order in. >> they say opposing flash orders because the end customer may be disadvantaged if that broker dealer doesn't share the liquidity fee it receives. because only select traders get to look at the orders, the big board maintains it creates an uneven playing field giving traders information they can use to their advantage both on that exchange and others. if you put in a public towards buy or sel

>> i always love following this. >> yeah, me, too. >> coming up, rebecca jarvis has the latest on the retail sector. we'll-we'll focus on the teen retailers. also the president is in elkhart, independeiana. we'll have a steamy debate on whether obamanomics is working. and get this, one of the hottest back to skochool items is the amazon kindel. some universities are giving them to their students. we'll get to that at the top of the hour. >> i just bought one a few minutesing a go. yeah. funny you should say it. long before the show started. just minutes from now, president obama is due to begin speaking on his administration's efforts to rescue the economy. we'll take you live to indiana for his remarks. >> but first, jane wells with a story of a subprime survivor. hello, jane. >> this bank is successfully modifying mortgages, redefault rate is lower than the national average. the problem is it's losing money and the clock is ticking. a rare look inside a subprime bank when we come back. >>> the treasury department complains some banks are move toog slowly. one that specializes in mor

i'm rebecca jarvis. twitter gets hacked. the attack causing an outage at the online social network, this as law firms begin selling their ceos to be careful about what they say over twitter. we'll look at the fallout. here's what else is on the menu. >>> i'm mary thompson. on the menu, a federal judge puts hearings on ice. the judge wants to know if the $33 million deal matches the seriousness of the allegations? >>> i'm jim goldman is the silicon valley bureau. t-mobile signs an additional 325,000 new customers in the first quarter and says a turnaround is coming but not here yet. but with new handsets this week from google and research in motion, momentum may be finally swinging its way. >>> i'm julia boorstein, can google survive an economic meltdown and the high cost structure? plus, newscorp is planning to charge for its news websit

rebecca jarvis has been monitoring macy's. conference call. and joins us with the highlights. hello, rebecca. >> hey, larry, the first retailer, but hearing a very similar song out of macy's as we have heard from a number of companies this earning season. they are cutting costs, watching inventories, and they hope that that will make the difference between earnings in the future and potential losses in the future. right now, that sales picture at macy's is still looking somewhat weak. where they are seeing the biggest uptick in sales is with this new concept called my macy's, a much more regional approach to the way they do business. they're following regional tastes and watching what people in particular regions want. it's amounting to about a 2.6% gain versus the other regions, which have yet to implement the my macy's concept. in terms of the merchandise itself. what is not doing well are the furniture, mattresses and handbags, and where they are seeing the best out performance in terms of region is in the midwest. the worst is coming from california. and also the southeast

we welcome rebecca jarvis.happy anniversary, the summer rally began one month ago today, but stocks are tumbling at the moment. treasur pressured by the financials leading up to the up side. we're wondering if this is the beginning of the summer selloff. the results of the $37 billion three year auction note, coming about an hour from now. that could be a market-mover for this day. >> thank you. i'm michelle cabrusso-cabrera. more economists are saying the recession is over. but one of president obama's key economic advisors says she sees a possible double dip. so who is right? we've got a fed task force assembled. >> hello, i'm rebecca jarvis, president obama's top economic advisor, larry summers is set to speak any minute now, and you can see there, well, he's not up on the podium yet, but we will continue to bring you any information as that comes b. he is appearing before the national bureau of economic research in washington, he'll take questions after his speech. we're monitoring. we'll bring any headline

guest: norm jarvis was on the advance team.they interviewed this wom, and he said she knew built limousines were in town, at t air force base, which most people would not know, and she was able to take jervis to the hangar where the limousines were. there were five hangars, and she pointed out the corre one. she said that george bush would be wearing a sport shirt coming out of air force one. jarvis was incredulous, because bush always wore a shirt, b that was exactly what you re coming out of -- bush always wore a suit, but he was wearing a shirt coming out of air force one that day. sure enough, bush invited some friends in. at that point, jarvis and other agents said, we cannot let this go on. they changed the motorcade so it did not go under the underpass where this woman said a sniper would be. nothing ever happened, of course, and george bush was never told about it. the first mention is in this book. host: waldorf, maryland. our line for democrats. caller: if george bush was in a building somewhere with guns, they would

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i'm rebecca jarvis.eather the market rally will continue and whether the president is going tomorrow. pennsylvania is getting better and maybe america truly is on the mend. if you lack a clunker, but you would like a piece of the plan, we have one for you. so to ask the ultimate trade, the reason and the trade here on street signs and with $1 billion of meat, why is the aussie government conducting air strikes to slaughter camels? that is our show and is it it starts notice. >> harry reid saying that the senate will be passing the cash for clunkers bill. that is something that most people expected, but none the less the headline is they will get a couple billion for cash for clunkers. more on that trade coming up in a couple of moments. a surprising angle and let's get to the trading floors with the markets which were up and turned down in the past few minutes. the trading floors, we have bob dasani and rick santelli at the nasdaq. good to have all three of you with us. speaking of the economy and where

. >> i'm rebecca jarvis, are hedge funds making a comeback? cnbc exclusive with industry titans. we'll tell you what they are saying about investing in these markets. here is what else is on the menu. >>> i'm phil lebeau live in milford, michigan where one month after general motors exited bankruptcy and promised to do business different or do business differently, is the company really changing, and is it meeting the needs of customers? we'll have that story coming up. >>> i'm diana olick in washington. never been cheaper to buy a new home and unemployment still rising. add those two realities together and it spells bad news for the apartment rental market. a little are offering incentives. one of the biggest rental markets is seeing activity down 60%. >>> i'm darren ravel, saratoga springs, over the next two days $35 million of horses will likely be sold. >> exciting stuff.. we'll get to that in a second.. market action, stocks, rally up 15%, outperformed the dow and s&p 500. roberto pisani kikts it off. >> big gainers, cyclical, transportation, industrial, those are the ones s

. >>> to caroline jarvis, global national reporter with global news. what's happening on your end?s joining us from british columbia. >> everybody is waiting for word from the police department. they're going to hold a news conference in a half hour's time to tell us what they found from those forensic tests in the white black-topped mercedes found in the trader joe's parking lot yesterday afternoon. everyone wants to know how that vehicle may have been linked to this crime. now, here's an interesting sidebar. dan jenkins, ryan jenkins' father released a statement today saying he was pleased the vehicle was found. the reason why is he's maintained ryan's innocence is because he believes there's surveillance video from the neighborhood that will prove ultimately who drove that vehicle to that parking lot and then, of course, we know the rest of the story. >> sounds like a severe case of denial. to mickey sherman. you know what could be found in that car? remember the wayne williams case, the serial murderer convicted on fiber evidence. in that car there may be fibers from the crime

coming up, rebecca jarvis on the may sicy's conference call. we'll be right back. and our market rally continues. right now at the height of the session, up about 115 points as we are getting ready for the story of the day, the fed decision this afternoon. tdd#: 1-800-345-2550 if i'm breathing, i'm thinking about trading. tdd#: 1-800-345-2550 i always have my eye out for a stock on the move. tdd#: 1-800-345-2550 doesn't matter if a company sells computer chips tdd#: 1-800-345-2550 or, i don't know, fish and chips. tdd#: 1-800-345-2550 i'll look at all kinds of stocks before i settle on one. tdd#: 1-800-345-2550 if i think i'm onto something i'll check it out, tdd#: 1-800-345-2550 you know, see what other traders are up to. tdd#: 1-800-345-2550 when everything feels right though, tdd#: 1-800-345-2550 that's when i get serious. tdd#: 1-800-345-2550 and the minute i get into something, tdd#: 1-800-345-2550 i already know when i want to get out. tdd#: 1-800-345-2550 of course, every now and then i'll talk with somebody tdd#: 1-800-345-2550 who knows what i'm trying to

i don't know how much this cash floor clunkers thing, rebecca jarvis and i were talking about it.was an issue for her. it makes sense to me that at the margins, it would be competition for retailers. >> with the margin, yes. all right. thanks very much, bob pisani. now let's get to brian shactman at the nasdaq today. you're looking at a major ipo. david faber has been talking about a bunch of those in the pipeline. i don't know how to pronounce it, i must admit. >> evago. >> listen, you talk about out liars, erin. here's a situation where this company, talk a little bit about what it does, but it initially was going to ipo for $400 million last august. now, $650 million ipo. you take out immediameade johns spinoff, biggest ipo of the year and it got more money than it would have a year ago. price the high end of the range. did 7 more million shares than expected. so start trading at 10:40 a.m. eastern time. based in singapore and california. semiconductor infrastructure company. it's global. it's wireless. and people are very bullish on names like this. so if they can raise 250 mi

rebecca jarvis is on earnings central watch with details. >> it was a similar story that we've heard. sales plumping, but costs contained, that translating to the bottom line. more home depot, chairman ceo frank blake says he doesn't expect to see same-store sales growth until the second quarter or back half of 2010, a long ways away. the biggest home improvement retailer, the average ticket there, a couple hints of optimism. the number of customer transactions improving. >> plus, hd is gaining share over the competition. six of its thirteen departments captured a larger percentage of the apply. carpet, paint, hardware, plumbing. it's interesting to note, the professional business down 24%, whereas the consumer business down much less in contrast. now 2 to 3%. so when you think about where their business is coming from, and a lot talk about the consumer being weak, if the consumer is down marginally less than the overall business, that some interesting news. >> people rolling up their sleeves and doing it themselves. >> exactly. >> let's talk more about the retail in general. can reta

hey, brian. >> jarvis, thank you very much. we're down 57 cents here. one trader just basically said to me, listen, we're waiting for the numbers. an hour away from the eia numbers. let's talk about expectations courtesy of dow jones, looking for a crude to build 1 1/2 million barrels. gasoline down. distillates up. the api numbers were bullish on price but still down. i want to take a quick look, i will remind you 10:30 a.m. eastern time we will have the numbers for you live from a trader. overseas brent right now is down a little more than nymex. that spread coming in just a little bit. kuwaiti oil minister coming out saying, listen no, reason for opec to change anything because the price right now is, quote, satisfactory. quick look at natgas on the flat line. we've been down nine days in a row. hanover basically calling it a collapse in price. we'll see if it makes it double digits. mark, back to you. >> thank you very much. >>> warren buffett saying the government has getting the economy ban its feet. perhaps start thinking about taking a few steps

david togue. >> amazon is down and barnes and noble up to $22.99. >>> i'm rebecca jarvis. it may be one of the most popular sports in the world. here at herbal life, table tennis is number one. the number one fan is michael johnson, the chairman and ceo of the nutritional supplement company. >> i'm addicted to table tennis. >> ping pong is such a hit shlths they hold quarterly tournaments. according to the boss, it's not all fun and games. >> the people in there 2:00 or 3:00 in the afternoon playing ping pong. business will take place so it's social, business, and community. it's all-around sports. >> yes, a sport. they can send a ball flying over 70 miles per hour. while johnson participates in many sports, his ping pong game needs work. she ranked in the top 10. >> you do not need to pass the third round, but i'm going to. d >> are today in your digital life, tech columnist introduce the arrival from barnes and noble. it's not this week. i'm on vacation. it's august. all year long i deserve a break and i deserve a little downtime. today it's just me rough together. off

. >> rebecca jarvis joins us live on more of those stories. >> reporter: good day to you. great to see both of you. stocks right now, we are seeing them just fractionally higher. they've been flirting with mid-point territory throughout the day's session. right now we are seeing a little bit of strength at the nasdaq, the s&p 500 and dow. this is all on the heels of yesterday's strong rally. the dow gained 114 points. consumer spending today rose .4% in june. personal income fell 1.3% and the rise in spending was more than economists had been anticipating. pending home sales rose 3. % in june. that was the fifth consecutive monthly rise. it was good news as the struggling housing market tries to claw its way back toward recovery. while pending home sales are up, it's not all good news for homeowners this morning. a progress report reveals only 15% of homeowners eligible for the obama administration's $50 billion loan modification program have received that aid as of yet. while 400,000 offers have been extended to 2.7 million homeowners, there are still major differences be

let's go to rebecca jarvis at the nymex. >> crude oil rallying. what's happening here? essentially the story isn't new, even though the price action is. as the buzz burns, everything that is priced in u.s. dollars reflats and oil is a prime example of that. heritage energy says the question is now, could we see another repeat of july in terms of price activity? prices in july bounced and then they stood still, or, in this case, does the rally have legs? he says he's watching technicals as far as the dow goes and the stock momentum goes. if stocks continue to reflate we may see oil follow or oil could reflate and stocks follow. last week, positive economic data out of europe overnight as their business sentiment rose to the highest levels in two years. rick santelli, over to you in chicago. >> thanks, rebecca. you know on fridays i always like to take a weekly perspective. this week it is really interesting what you see. of course, i don't even need to show you the chart. you know the s&ps and the dollar up smartly on the week in terms of price. look at the dollar index.

. >> i'm rebecca jarvis at a brand-new whole foods in manhattan. we'll take a look at how the company is clobbering the competition, even amid controversy. >> all right. let's get to the market action. stocks are struggling in a volatile session. home builders and telecom among the winners at the moment. part of that is because of you just heard from diana. bob pisani kicks it off at the new york stock exchange, one hour away from one of these crucial auctions, bob. >> yep. and down -- up, then down again. so make up your mind, folks, the new home sales number moved the around up around 10:00 eastern time, but we have drifted lower. the big home builders up 2, 3, 4% on the day. important thing is highs for the year, and lennar, posting pre-lehman levels back in september for these stocks. take a look at the industrials, led lower primarily by tech and industrial stocks, most to the up side. but these names have had a great run in the last couple weeks, but they have been taking profits here today, not dramatically, though. 1, 2 or 3%. how about the

rebecca jarvis takes a look whether it can get to two, three months. >> we're actually talking about something that isn't a new strategy but fixed income etfs are attracting a lot of new inslester energy and a lot of new dollars picking up speed with investors hoping to mitigate the downside risks, protect against inflation ahead. investors continue piling into etfs like corporate bond fund betting that the market stabilization is going to let companies be better positioned to repay their debts and while these have already seen a big run-up in terms of price, analysts add they're also a good way to keep debt exposure in the portfolio, a more liquid way to keep it in the portfolio. the junk variety have still outperformed etfs are up basically since the market bottom in many lock step with the overall markets an also attracted major volume as the market reprices of that risk, corporate default expectations are falling a little bit. this is an area where people are putting more money and expecting better are sales ahead. inflation-protected securities are an interesting one known as ti

rebecca jarvis, cnbc business news. >>> all right. we've got a final check on the markets coming your way in just a moment. we are back down, but well off the lows of the session. what's causing the comeback? is it fatigue that peter costa referred to? something you used to be afraid of. we'll be back with the final check. so, katy kicked off the conference call... but we missed the first half trying to download the docs. which turned out to be the old-new docs... rather than the new-new docs. then bob dialed in from home and his... dog starts barking. so jen jumped in with her "two cents"... which katy missed because she was buying shoes online. and then i hit mute... to talk timelines with my team. getting lots of dirty looks through the phone in the process. - overall... - a great call. - great call. yeah. introducing a better way. learn more at cisco.com/newways [ dog barks ] has the fastest serve in the history of professional tennis. so i've come to this court to challenge his speed. ...on the internet. i'll be using the 3g at&t

. >> remembbecca jarvis, thank yo very much. i want to way in personally. mr. mackey is clearly a superior ceo, doing a great job, his shareholders happy with him, customers happy with him, employees happy with him. therefore the idea of attacking him because he speaks out in favor of a more free market approach to health care is nonsense, it's a free country. this guy is a free market c capitalist, wants choice, private sector competition, wants individual consumers to get the tax break to buy insurance, wants to deregulate insurance across state lines, as far as i know, these are crucial elements, wants to put tort reform in to reduce insurance costs for practitioners. these are key elements to any compromise. i am glad a ceo is speaking out in free market terms. no one can fault him for that because it's a free country, plus his company is doing great. anyway, coming up on "the kudlow report." >> the white house is forecasting a $9 trillion decade of debt. former chairman david walker said the real picture is worse worse worse, closer to 56 trillion. will th

cnbc's rebecca jarvis is right now inside a whole foods store in new york city with the company's secret to success. rebecca? >> reporter: hey, maria. their success is really not just about picking the right products but also finding the right location. take this brand new location near columbia university, just footsteps away a very educated, affluent community. and that's been key to the business model here. even with customers' needs changing and many people trading down, whole foods has also successfully marketed itself to those changing demands. >> trade-down is happening. so consumers come in, a $50 bottle of wine becomes the $20 bottle of wine. but the value campaign has done a nice job at keeping their customers loyal. >> reporter: and that loyalty is paying off. major disparities between what whole foods' business is doing versus the competition. in fact, it's clobbering the competition here in new york city, where on an average week the average store of whole foods does about $2 million in sales. over a year that equates to about $100 million in sales. compare that to the avera

rebecca jarvis has details on this controversy. hi, rebecca. >> hey, larry.he official response from whole foods on the controversy itself is that john mackey's words in his op-ed are his alone. now, the response from employees, 89% of them, are already on the whole foods health care plan. in fact, they have been pretty supportive of this company in general. in fact, they said it's one of the best companies to work for. they actually vote on their own benefits. and as larry you mentioned at the top of the show, whole foods stock investors, they are giving it high marks, as well. bidding up the stock just in this last week alone, about 5%. as far as the customers go, they are also giving it high marks. they're responding very favorably to whole foods' new value proposition. >> this is something honestly we were somewhat skeptical about, their value campaign. but it's actually been pretty successful at keeping the traffic come in the stores. >> also says customer service has helped whole foods. they have managed successfully through the tough environment and ju

i'm rebecca jarvis. >>> bob pisani down on the floor of the new york stock exchange.et's take a quick look at nordstrom. bottom line is this -- earnings were in line with expectations. more importantly, they raised guidance for the full year. they're now talking 1.50 to $1.65 for the full year. prior guidance was $1.25 to $1.50. here's what got the traders talking a little bit. they raised same-store sales guidance. i said sales. i didn't say earnings. just a little bit. not a lot. 9% to 12% decrease is what they're talking about. decrease. but they were talking about 10% to 15% just a little while ago. so the implication here is that sales trends might be slightly more positive in the third quarter and the fourth quarter. that of course implies higher profitability. they also mentioned gross profits are also showing improving trends. so nordstrom's trading kind of flat here. expect sell on the news. that's fairly obvious. but we'll see what happens in the middle of the day tomorrow. back to you. >> we will, bob. it was a banner day tort materials sector. cnbc's matt

. >> i'm rebecca jarvis. a tepid initial read on august sales, we'll get a closer look at retailers tomorrow when macy's reports its earnings. >> tune in tomorrow. 8:30 eastern. for june, trade balance. last look, it was $26 billion. that was the smallest number since november '99. they're looking for it to go up. tune in. >> i'm steve liesman where tomorrow we're watching for the fed's policy statement from its two-day august meeting. look for a slight upgrade to the update to the economy. >> i'm michelle caruso-cabrera. thanks for watching. "fast money" is up next. >> frank dipascali pleads guilty to ten criminal counts and says in court he helped bernie madoff and others defraud investors over two decades. he is cooperating with prosecutors. >>> the fda's medical device chief is stepping down after staff scientists complained about improper pressure to approve some products. microsoft and nokia scheduled a conference call tomorrow to announce an alliance. that's cnbc.com news now. i'm sharon epperson. fast

i'm rebecca jarvis. some people buy a car based on the deal they get.he car of their dreams. during the lexus golden opportunity sales event, you can do both. special lease offers now available on the 2009 es 350. >>> all right. kicking off today two pieces of the newly passed credit card act of 2009 are in effect. banks must give at least 45 days' notice before making a big interest rate change. and bills must be mailed at least 21 days before they're due. no longer 14 days. bigger choiz are coming down the pike in 2010. we look at how consumers in the banking industry will be impacted with jacqueline reeves, managing director of bell rock capital, and tim spees, partner in charge of the personal wealth advisers group at eisner llp. good to have you both on the program. thank you. >> thank you. >> it sounds like these are big deals. certainly no more fine print, that you don't know when the interest rate will skyrocket and you have more time to pay the bill. what do you think? how would you characterize these changes, tim? >> they're definitely pro con

i'm rebecca jarvis. >>> we're just getting started eyre in asia, and here are the stories to watch.has said it's offering a new public share offering worth $1.6 billion, a move analysts say would deal a fresh blow to the weak domestic stock market. meanwhile, china's $200 billion sovereign wealth fund, the largest in the world, could be boosting its overseas investments by tenfold this year, saying it sees signs that the global economy has bottomed out. and in japan core cpi for the month of july is expected to record its largest drop ever, raising concerns about deflation in the world's second largest economy. tune in to cnbc world to catch all the action overseas. at cnbc's asia headquarters i'm adam bakhtiar going global with your money. >>> well, gamers hunting for a bargain are getting a break. microsoft's cutting the price on its xbox 360 by $100, matching a similar move by sony made just days earlier. both the xbox and the playstation 3 now cost $299. and there is speculation that nintendo may also cut prices on the wii console as well. is this the start of a price war? it ce

at the white house on the bernanke renomination, and with market reaction, bob pisani, and rebecca jarvis at the nasdaq. we have it all covered. let's start with john howard. john. >> mandy, president obama is looking for a soothing reaction from the financial markets today, but when he announced the renomination of ben bernanke to another four-year term, he made clear that he doesn't regard this appointment as the end of the financial recovery effort. >> we are a long way away from completely healthy financial systems and a full economic recovery. and i will not let up until those americans who are looking for jobs can find them, until qualified businesses, large and small, who need capital to grow, can find loans at a rate they can afford. and until all responsible mortgage holders can stay in their homes. that's why we need ben bernanke to continue the work he's doing. >> now, ben bernanke also expressed a nod toward political pressures he's facing. he said he was going to pay attention to price stability going forward. he also made clear that he was trying to respond and reassure thos