we have breaking news from jo ling kent. what is it, jo? >> that's right.bank confirms they're psyching potential act with savings their company. what is interesting here joseph a. bank had reinvention, not just but in 1999, since then, their shareholder value reports.d 5700% according to so they're looking for an acquisition to facilitate more growth now. of course joseph a. bank is the company that sells men's suits, they always usually running a big discount but they're looking for a potential acquisition, david. david: thanks very much, jo ling kent. liz: the last piece of the spire of new york's one world trade center. making it the tallest building in the western he hemisphere. we're going up to the top. it is attracting big tenants like conde nast and westfield malls. we have a rare look what the new business hub will look like and the comeback after the terrorist attack means for downtown manhattan. david: was it blue sky? looked nice. if concerns about running out of juice have you skeptical about buying electric cars, i'm so interested in the vide

jo ling kent with details. go ahead. >> earnings from adobe just came out and we have earnings per share of 36 cents which is a beat of estimated 33 cents. estimate is $1.1 billion, right on target. they announced 100 million digital downloads in just over two years. this company is trying to move away from its software products and go into the cloud. on that note their cloud subscriptions grew 25% in the second quarter, bringing in $230 million, david. liz: they're on to the creative cloud adoption, definitely. larry, as you look at the company for the past eight quarters they have actually beaten. they have done extraordinarily well but they have seen while they're profitable they have seen net income slip over the past four quarters. as you look at a name certainly among the best in class in what it does, what do you say? it is jumping higher in the after-market session which is certainly great for adobe? >> yeah. all i can say is stunning. my hats are off to management. we don't realize how hard it is to sw

jo ling kent is here with a very troubling story about china that we are following, but first to you,icole. your headline please. >> reporter: to the big deal here is watching the volatility. we had a lot of 200. swings in the last 21 days since ben bernanke and his testimony may 22nd. half of those, ten of the 21 actually had 200. swings. the volatility is here and today you are obviously seeing a bigger move unusual. 350 points to the downside. cheryl: and an unusual move. that is how you would characterize this. >> reporter: absolutely an unusual move. essene the volatility of 10200, but not 350. cheryl: you will get back to you in a moment. phil flynn at the cme. >> reporter: it is a metals meltdown. what temperature doubles milton mack probably when the fed starts talking about a brief. the dollar is soaring. metals are melting down. i don't care if they're precious metals, industrial metals off. there is no place to run, no place to hide. add on top of that the oil market is seeing a drop it has not seen in over a year or at least since last november. it is a meltdown in commodi

david: jo ling kent joining us now with more on the story.executive chip starnes, the co-owner of specialty medical supplies is a free man on his way onto a fred -- flights to florida right now after being held in the suburbs of beijing by about 80 workers at his own factory since friday night. he struck a deal with local able to cut labor officials and text to this to the associated press celebrating. yes, back at the hotel, showered, 9 pounds lost during the ordeal. how does that work. he says that the deal is satisfactory to everyone. according to the ap, negotiations went to the last night he was there. ninety-seven workers signed seven agreements. the company will still move one of its divisions to india, as planned, which originally set of the conflict last week. chinese officials say all workers will be terminated from the deal. though chip starnes says some will be hired back. this is what he had to say. >> we will not keep everyone on the payroll. we're going to up restructure the company. and then we will also try to, you know him w

. ♪ ♪ >> i am jo ling kent with fox business.and beyond has just come in with their quarter one results. ninety-three cents per share. exactly in line with expectations. this is interesting because the company has had a strong series. fourteen out of 16 month beating expectations for wall street. same-store sales are up. that is good news versus a year ago. after hour trading is up to first. >> thank you. it is time for a quick speed read. five stories in a minute. apple launches a version of its official online stores for customers in ussia. customers will now be able to order iphones, ipods and accessories directly to their homes. speaking about, the iphone is falling out of favor. market research firm showing the iphone lost market share in europe during the first quarter and fell out of the top five most popular phones in media. square, the payment company is taking its business online. launching square market where businesses can sell things like jewelry and exercise classes. pope francis looking into the vatican bank. they

let's get to jo ling kent, looking into bridgewater. >> reporter: that's right.ined 14% last year. pretty good, and it has grown on average and a half percent per year since 1996 according to the firm. it survived the financial crisis, it has been a popular place to invest pensions, but now is down and getting beat up. the all weather fund is down 6% this month and has tumbled 8% year-to-date according to reuters. by contrast, take a look at the s&p up over 10 percent so far this year. that is a marked contrast. and the problem, the fund invests heavily in treasury inflation protected securities which have lost four and a half% in june and over 8 percent so far this year. clearly a major blow for the fund manager who is famous for his success, just one month ago institutional investor named him up -- gave him the manager lifetime achievement award for his innovative investment strategy. that was just a few weeks ago. this includes that risk parity approach. that is what they awarded him four. it spreads out the risk and operates on the theory that bond market wil

liz: jo ling kent, and look at that picture. very stunning.some of these happening on occasion, but this one, one worker on one side trying to balance it out, and the other sort of looks like he is making his way down. perhaps their rescuers through one of the windows on the 45th floor right now rushing to their aid. you will keep an eye on this story. thank you. here is that each map of the dow jones industrials. we have had a 260-. swing. we were up 116 points. down, as you see pretty dramatically hewlett, pfizer, microsoft, united healthcare. the latter is american express down about 68 the real-estate shares of cooper tire. that will do it. >> reporter: you wake up in the morning. looking at my stock today. you're seeing shares it jump big time, up 41 percent going into the closing bell. over and in india, paulo tire saying it is going to buy usa cooper tire and rubber, two and a half billion dollar deal. it makes it the seventh largest in the world. cooper tire by itself was the 11th largest. moving up in the ranks. as i noted, two and a

of course jo ling kent is following the story. >> reporter: the most powerful man in the world in californiaall eyes are on beijing for big gated that could shake the markets on monday. cheryl: thank you. of course you will have a busy hour of fox business. "countdown to the closing bell," and we are looking a walmart right now. the stock is a big mover today. nicole petallides taken away with that. >> reporter: watching wal-mart's. it is now authorized a $15 billion buyback. a share repurchase program that was extended of the last couple of years where they have been doing in executing that. working very hard in noting that their customers are very frugal. facing higher apparel. obviously the higher apparel fees. higher gasoline prices, the late tax returns. people waiting on the money. they have been doing smaller packaging, less expensive goods. in the meantime the share repurchase program which is helping to boost the shares. cheryl: thank you very much. investors are in favor of today's jobs report. will the new numbers encourage bernanke and company to taper or to hold off? peter barne

david: jo ling kent. thanks very much. >> good to see you.f the nation's largest private banks is focusing on middle market businesses giving companies nationwide a major stage to voice concerns. ceo of ge capital americas will give us a look at ge's road show for growth. that is next. david: apple unveiling itunes radio today. announcing iphone and ipad changes at worldwide developers conference. are all the new developments enough to spark investor interest and help the tech giant recapture its magic? a top an analyst who sees apple's stock at 600 before the year is out, weighs in straight ahead. ♪ . it's monday. a brand new star your chance to rise and shine. with centurylink as your trusted technology partner, u can do just th. with our visionary cloud infrastructure, global broadband network and custom communications sotions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine evy day of the week. but i see a world bursting with opportunity,le nervous. with ideas, with ambition. i'm

jo ling kent has that story for us. jo? and cheryl, obviously today's market performance was not all focused on china. in fact most of it was not but it certainly did have an effect. short-term lending rates in china hit record highs an money market rates surged to punishing highs, the people es bank of china, the central bank refused to pump more cash into already strained financial system this sent the hank seng index down. and shanghai composite fell 2. #%. the people's bank of china reports to the communist party. here is why they're inflicting this trouble on themselves ostensibly. the president xi jinping's government is trying to restructure the chinese economy and punish speculators. there is a clear goal to eliminate a shadow banking industry that developed in reese years. credit is growing out of control bigger than the gdp. growing more than 20% that is more than double the rate of the economy. so the decision not to inject more cash basically tells the market that liquidity will be tightened to slow down credit

jo ling kent joins us now. >> aiming squarely at the lucrative market in china.elieves 40% of the world luxury vehicles will be sold in china by the end of this decade. it is a staggering statistic. this as cadillac tries to grab 10% of the luxury car market by 2020. it is definitely the right place to be. cadillac is aiming not only at ranging and shanghai. ford whose focus model is very popular in china is also revving up there. today the american automaker broke ground on a $500 million play. if they are successful, this could mean a fast exit on -- this could mean the fastest four ford. chinese growth continued to be dominated by volkswagen. they are all subsidized by the chinese government. they are trying to make a dent. still very much dominated for those domestic brands. lori: thank you very much, jo ling kent. coming up next, it is back to adam in louisville. the fedex / ups fight for market share. here is a look at who is up into is down on the dow. we are back after a short break. ♪ [ phil ] when you have joint pain and stiffness... accomplishing even

cheryl: jo ling kent joins us with this story?e, american car companies are investing aggressively in the world's largest car market despite acknowledging the fact that growth in demand is shrinking for vehicles there. gm is pushing its cadillac for the luxury market. it is inspired by a 74% jump year on year in sales volume. ceo dan akerson broke ground on a $1.3 billion factory in shanghai that will be able to make 160,000 vehicles year. this is the ceo's goal. quadruple cadillac sales in china and sell 250,000 cars there by 2020. how are they going to do it? they are opening 200 stores by the end of this year. that such from just 69 right now. this is a market dominated by audi and bmw. cadillac will cast an extra wide net beyond just major cities of bejing and shanghai. they will look at third tier cities that have not been saturated yet. turning gears to ford, they're deploying a different kind of strategy. they're investing 500 million in a plant to double production capacity for the popular middle class su-vs and ford focus

jo ling kent has the story. jo? backdrop of sunny california, president obama and president xi are actually the first-ever of these two presidents to hold a meeting like this. now cyber attacks like you mentioned will be at the top of the agenda. for xi jinping his priorities are more likely north korea, u.s. role in tear torlt disputes between japan and china and trade and competition. you have to remember china will not be told what to do. although xi represents a new type of leadershii in china, a man traveled to the u.s. as a young leader, who goes off script and doesn't like talking points his priority will be taking care of internal stability. making sure their growth is steady. so they may be a fast-growing power but they are insecure. they're constantly trying to strengthen and find their footing in asia. why they don't enjoy president obama's pivot to asia. this is about soft power or face time, guys. dennis: soft power, or face time. that is nice, nice phrase. jo ling kent worked in china as a journalist f

dagen: jo ling kent is in our newsroom with more. >> good morning. factory in shanghai. 40% of luxury vehicles worldwide will be sold in china by the end of this decade. they hope to triple cadillac sales in china to 100,000 units by 2015. if you are trying to sell expensive cars, china is the place to do it. cadillac is aiming at beijing and central and southern sections of china. we are talking the growing upper-middle-class. ford whose focus model is really popular in china right now. they plan to double their engine production capacity to meet rapidly growing demand for its brand. 1.2 million vehicles by 2014. if that is successful, this would be the fastest expansion anywhere in 500years. chinese roads continue to be dominated by volkswagens. foreign brands are dominating 40% of the car market. very big place. connell: thank you. interesting story. dagen: a sad story to pass along. a frequent guest, best-selling author has died, according to his publisher. he self published his first book before landing a publishing deal. he has been on with i m

. ♪ >> i am jo ling kent with your fox business brief. jon corzine could be facing charges.ports the commodity trading commission plans to approve a trading lawsuit as soon as this week. nike shares are running higher after deutsche bank initiated coverage. scandinavian airlines is planning to order 12 new planes from airbus. $3.3 billion. that is the latest from the fox business that work. giving you the power to prosper. ♪ dennis: gene simmons is not just another pretty face. ♪ i want to rock and roll all night ♪ dennis: he has now gone into the restaurant business. look who is here, none other than gene simmons himself. thank you so much for being with us. >> when i was playing with, i created this thing. i did it when i was holding my pick, i waved my audience. dennis: that is how it happened? >> nonsense. people thought it was the double side. it actually means i love you in sign language. write that down. dennis: do you own them all out right? >> the answer is yes. i am not here to look for a dime from anybody. rock and -- we ant to make it an experience. dennis: you a

. >> jo ling kent, great story. thank you. dennis: opera wednesday is back on top.again. >> drinking on the job. some companies now think it is a good idea. [ laughter ] ♪ attention - americans living with limited mobility. what do you do when you can no longer get around like you used to? when you fear losing your independence? who do you call? call hoveround now, to see if you qualify for america's premier power chair. hi, i'm tom kruse, inventor and founder of hoveround. now you can do more, see more, enjoy life more. here's why hoveround makes it easier than any other power chair. hoveround is more maneuverable to get you through the tightest doors and hallways. more reliable. hoveround employees build your chair, deliver your chair, and will service your chair for as long as you own your chair. and most importantly, 9 out of 10 people got their hoveround for little or no cost. call now for your free dvd and information kit. and now every hoveround comes with this tote bag and cup holder for handy access to your favorite items. you don't really have to give up l

jo ling kent has more on the story. >> reporter: liz, this is a serious situation for anyone doing business and there are a lot of people doing business in ccina. for days chip starnes has been sitting in his office looking at the window talking to reporters and diplomats about what he can do, and his options are limited. this is what happened. about 100 workers involved in a more than 5-day dispute over 30 layoffs. trouble basically began brewing when the florida based plastics and the laid-off workers and give them severance packages. the company is moving that division to india. rumors started spreading that they would close the entire plant and flee wiihout paying employees who were claiming and pay back pay. now chip starnes denied this, but he was already barricaded by then in by 100 workers holding arm and arm had been demanded the same severance compensation given to the laid-off workers, even though they still had jobs. now, there is no assistance from local authorities to have been outside, but they are not helping. chip starnes feels like his back is against the box. >> it is ter

thanks, jo ling kent. full fox business coverage of the arco earnings report today on after the bell. ashley: heavy selling pressure. no doubt about it. worries about the fed. insight from a trader live at the new york stock the stains next here. tracy: our special report small-business big ideas. one company growing big by selling things that you cannot get in a big box door. first, we have to check on your tan and 30-year treasury as we head out to break. up seven basis points. your 30-year is moving just as much, up ten basis points. the dow is down 298 points. we will be right back. ♪ i want to make thgs more secure. [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business sotions from at&t have the security you need to get you there. call u we can show you how at&t solutions can help you do what you do... even b

. ♪ >> reporter: i'm jo ling kent with your fox business brief.ng from recent weakness following encouraging reports on the u.s. economy. aater the closing bell, the dow finished 101 points higher at 14 does a 716. fewer than one in four americans evanesced -- enough cushion in a savings to cover the six months of expenses in case of a medical emergency or a job loss. that is according to the latest survey found bank rate. 27 percent of those surveyed said they had no savings at all. the respondents said that after taking care of their bills their just was not enough money left to stash away. and twinkies and not the only thing is getting ready for as we come back. the owner of drake's cakes says some of the tasty treats should be back on the shelves by late summer or early fall. they include devil dogs, funny bones, and yoko. as a lettuce to the fox business network, giving you the power to prosper. ♪ ♪ david: fund investors are unloading bonds at a record pace. retail investors sold about $48 billion worth of shares and bond funds so far just th

. >> i'm jo ling kent with your fox business brief. bearish streak continued on wall street for a second day pushing blue-chips below 15,000. the dow finished down 216 at 14,960. >>> verifone systems also seeing red after reporting disappointing second quarter results and a weaker-than-expected third quarter forecast. the company swung to a loss after recording significant legal expenses and product sales weakening. verifone's stock is down 37% over the past 12 months. >> winner of a record $590.5 million lottery jackpot is 84-year-old florida resident, gloria mackenzie. she came forward today, two weeks after the may 18th drawing. she is the largest sole lottery jackpot winner in history. mackenzie elected to receive her winsings in $378.8 million. that is the latest from fox business giving you the power to prosper. adam: want to make a bet? doubling down on gaming. shfl entertainment stock hit a new fifth high after posting record revenue last quarter. lori: with a dominant presence in traditional casinos the company is now looking

. ♪ >> i'm jo ling kent with your fox business brief.der pressure for a third straight day as questions linger over when the federal reserve will start scaling back on its stimulus measures. at the closing bell the dow finished 126 points lower at 14,195. >>> charlie gasparino learned that manhattan attorney spokeswoman is set to join sard bennett. defending steve cohen against the insider trading probe. it raising eyebrows as the manhattan u.s. attorney's office is weighing possible charges against sac and steve cohen. sard says davis will not work on matters related to the ec. that's latest from the fox business network, giving you the power to prosper. at od, whatever business you're in, that's the business we're in with premium service like one of the best on-timdelivery recor ana low claims ratio, we do whatever it takes to make your business our business. od. helping the world keep promises. (announcer) at scottrade, our cexactly how they want. with scottrade's online banking, i get one view of my bank and with one login...nts to e

for the latest go upstairs to fox business jo ling kent in our news from. >> reporter: the security breacheal private phone numbers and e-mail addresses of about 6 million facebook users. essentially it was a flaw in the download your information tool that access archived contact information. ffcebook apologized and says it has been fixed, but most interestingly engineers did not find the problems themselves. they had this but for about a year but said it was a white hat hacker which is slang for ethical hacker who brought it to their attention. gerri: how come -- i have heard about this before. who are they if they don't work for facebook? >> independent computer programmers, students, engineers , hobbyists. it turns out that hacking for good is a pretty lucrative business. companies like microsoft and major international organizations like nato are putting hackers to work. a guy who found this facebook but was rewarded with what is called a bug bouncy. you can actually make quite a lot doing it. of these $20,000 if it is get enough. muzzle a college of fire fox which started this by boun

liz: jo ling kent joins us with the martin lawrence gallery in soho with great pieces and a great story paintings on the wall and sculptures but there are so much more to invest in and unique pieces. i'm here in the martin lawrence gallery with michael who will tell us about a few of these. >> this is unusual for keith herring. this is 1989 dancing dog. actually drawn on the back of a leather jacket. it would have been in the clubs down here on the lower east side in soho and manhattan which keith herring was very often associated with the punk rock scene and hip-hop scene. very often drew on backs of patrons at the clubs. started in a club in manhattan. ended up in a art gallery 20 years later. >> how much is this one? >> this particular piece is $38,000. >> pretty fancy. >> this is incredible. >> we have a canvas with a perhaps a touch of madonna? >> absolutely. this piece is two riches by jean michelle. he was close to madonna in the 1980s. for a they actually dated. he signed with an exclamation point. rumored to be madonna's lipstick or allegedly in the shade of her lipstick. >> wo

. >> i'm jo ling kent with your fox business brief.a of red down on wall street after the bank of japan disappointed some investors by heading its policy steady considering the federal reserve will taper its stimulus program also weighed down the markets today. >>> the carlisle group is reportedly launching a new real estate one which would be the largest one raised in the postcrisis period. "wall street journal" says the right equity giant will raise as much as $4 billion this year in the u.s. carlisle is hoping to benefit from positive publicity of the sale of two manhattan properties. >>> worried about filling up your dvr? i know i am. comcast has a new platform that does away with a hard drive and saves tv shows online. they unveiled the x-2 at the cable she in washington. that's latest from the fox business network, giving you the power to prosper. [ ma announcer ] i've seen credib things. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 000 data sampleser second. which is go

let's get to jo ling kent. she s all the details. >> we do have breaking news on apple right now.he u.s. international trade commission has found apple has violated a samsung patent. basically issued a limited exclusion order and cease and desist order for the iphone 4, the 3gs, also an iphone, the first ipad and the second ipad. these are all at&t models. this basically means the commission is prohibiting apple from porting wireless communication devices, music devices, data processing devices like the iphone and tablet computers that infringe on these claims. we'll get a little more detail for you. but right now the u.s., itc says apple violated a samsung patent. melissa: jo ling, thanks so much. >>> exorbitant underbelly on wall street is exposed. life in galleon group. depicts life prior to raj rajaratnam's trading conviction. it is a tantalizing tale of booze, drugs and sex and give pressure to behind the scenes which could give cause for some recent probes of insider trading. with me to talk about the power of money, autor of buy side, wall street tale of spectacular excess.

. ♪ >> reporter: i'm jo ling kent with your fox business brief.eral reserve base of stimulating the economy would help the financial markets become less reliant on the federal bank. this, as did george bush did against the program and every fed meeting this year. he goes on to say that history suggests waiting too long to a knowledge the economy's progress and prepare markets for more normal policy-setting skerries no less risk than tightening too soon. home prices rose to their biggest annual gain in april since february 2006. building demand and low inventory. according to core logic prices soared more than 12% in the same time last year. the lower 48 states, nevada had a largest year-over-year price jump. mortgage rates also continuing with their upward trend for a fifth straight week according to zillow. the average rate on a 30 year fixed loan is now almost 4%. we will continue on to our closing bell. "countdown to the closing bell" with liz claman. ♪ liz: customer relations management, shares of sales force, the company that helps businesses

. >> i'm jo ling kent with your fox business brief.soon the federal reserve will exit its massive bond buying program sent the markets tumbling today. stocks managed to trim their losses the blue-chips 20 week tuesday winning streak has come to an end. >>> the u.n.'s food agency warns obesity and poor nutrition are weighing heavily on the world economy. the agency says loss productivity and health care bills linked to malnutrition could account for as much as 5% of global fdp that is qualify lent to $3.5 trillion a year. >>> johnson & johnson recalling 32 million contraceptive packages in 43 countries outside the u.s. j&j says very low risk the tablets could cause unplanned pregnancies. they have issued 40 products recalls since 2009. that's latest from the fox business, giving you the power to prosper. u don't get that very often. it seemed like it was more than happy to have us in his home. so beautiful. avo: more travel. more options. more personal. whatever you're looking for expedia has more ways to help you find yours. liz: summe

that's it right to jo ling kent. central bank is just as worried. >> reporter: that's right. unlike the u.s. financial crisis, this credit crunch is widely believed to be self engineered by the chinese government because of their fear of what could happen next. pretty easy to see what they may have chosen this week and last week to dial back the easy money. history teaching them a lesson? may be. check out these two charts comparing gdp to credit in the u.s. in the lead up to the 2008 financial crisis. you can see the rise up and up and up. switching over to gdp. leading up to right now. eerily similar. well, borrowing rates skyrocketed. the people's bank of china issued a statement confirming what they're doing. they said they have ample cash in their system. however, due to changing factors in the financial markets and also because of them made your point, the requirement for commercial banks and liquidity management had become mired. that post on the web sites and the markets tumbling dramatically. you can see, th

. ♪ ♪ >> reporter: i'm jo ling kent with your fox business business brief.ort on manufacturing. the federal reserve board curb its stimulus anytime soon. finishing 138 points higher at 15,254. a global airline industry is expected to generate over 12 and half billion dollars in pocket according to the international air transport association. that marks the 205th the jump from the previous estimate. and how much would you pay for a private lunch with oracle of omaha? the annual auction for lunch with billionaire warren buffett is under way with bidding already topping $178,000. the proceeds will go to the glad foundation at san francisco to charity. for the past five years it has topped $2 million. as the latest from the fox business network and the giving you the power to prosper. ♪ liz: agreements in washington, maybe. a group of bipartisan senators is helping to introduce a bill that would shut down government- run freddie mac and fannie mae. with the end of these government sponsored agencies that give out mortgages is be a good or bad thing for the u.s.

. ♪ tum tum tum tum tums ♪ >> reporter: i'm jo ling kent with your fox business brief.a sea of green today. the markets are often highs after a financial times report saying that the federal reserve will signal tapering at their meeting on wednesday. at the closing bell the dow finished 109 points higher. telecommuting and free health care are some of the perks offered by companies on 50 best. taking the top spot, the national institute of health and maryland. 47 percent of companies are at least 50 years old. walmart recalling about 6200 outdoor seating says because this global basis can break posing a fall hazard. the recall affects. liz: different seating groups. they do business at sam's club, the latest from the fox business network, giving you the power to prosper. ♪ ♪ liz: home builders sentiment jumped to a 7-year high according to the national association of home builders. with foreclosures rising and high unemployment, is this kind of growth sustainable? joining us now, most of the popular web-based program national real-estate and show regulus brian stevens a

. >> i'm jo ling kent with your fox business brief. better than expected reports on the u.s.ly on wall street. the dow finished up 181 points. >>> honda recalling more than 18,000 cars in the u.s. to fix the brakes. the recall affects acura rsx compact farce from 2006 and honda sports car from the 2006 and 2007 model years. >> from make making ice cream in vermont. ben & jerry's cofounder ben cohen will give away one dollar business next tuesday in washington's d.c. union station to bring attention to the cause for keeping corporate money out of politics. over 8,000 bills with stamped not to be used for bribing politicians unquote, have already been distributed. that's latest from the fox business network, giving you the power to prosper. ♪ [ agent smith ] i've found software at intri me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses tohe right machines while dramaticly reducing wting time. [ tephone ringing ] now a waiting room is just a room. [ static warbles david: jon hilsenrath has a piece in the "wall street journal" he of c

. ♪ ♪ >> i'm jo ling kent with your fox business brief.e world are joining forces on illegal medications sold online. the fda along with 99 countries took action against more than 9600 web sites for apparently selling potentially dangerous and unapproved prescription drugs online. >>> global drug sales may outpace passenger cars by the end of the decade as demand for falling deliveries in europe according to daimler chief executive wolfgang bernard. he said truck sales may expand by 50% by 2020. and would you pay $13,000 for a tv? that's how much it'll cost customers in south korea for samsung's new curved 55-inch tv. the price tag is more than five times the cost of an lc dtv of the same size. samsung will start shipping the tvs to overseas markets in july. now we continue to our "countdown to the closing bell" today with cheryl casone. ♪ ♪ cheryl: the dow is up triple digits again today. nicole standing by at the new york stock exchange, and, of course, we've got jeff flock watching commodities at the cme. nicole, to you first. yahoo! an

. >> i'm jo ling kent with your fox business brief.nomic reports helped push stocks lower as turbulent week came to an end. the closing bell the dow finished down 105 points lower at 15,070. >>> unilever is looking to unload the wishbone salad dressing unit as it continues to shift its focus toward personal care products. according to "the wall street journal" the company hired goldman saks to find a buyer. any sale of the unit could fetch hundreds of millions of dollars. >>> the word tweet officially means more than just a bird call. it can be used as a noun and verb to describe your social networking activity. it is on the books. oxford english dictionary quietly added the definition breaking one of its own rules. particularly the word has to be relevant for a decade before being considered for inclusion. that is the latest from the fox business network, giving you the power to prosper. [ kitt ] you know wh's impressive? a talking car. but i'll tell you what impress me. a taing train. this ge locomotive can tell you exactly where it

jo ling kent in our newsroom be great jeff flock with one of the pizza places.ed to be that brick-and-mortar did not like these food trucks. now, look at who is on board. that is a stuffed pizza. we will cook it. back in a moment. standby. ♪ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your c needs a new transmission. [ coyote howls ] how abouno more surprises? now you can get all the online trading tools yoneed without y surprise fees. ♪ it's not rocket ience. it's just common sense. from tameritrade. dagen: the fastest growing trend in the food service business. food trucks. connell: jeff flock has the latest. jeff: big companies getting involved in it. some people solve these food trucks as competition. you do not see it as competition. we have a second food truck pulled up behind you. how much does it cost? in reality, you know, they are moving billboards throughout the city. the city has two types of licenses. jeff: folks, if you want to know the history of the food truck, 1691 in new york city

. >> i am jo ling kent twitter fox business brief.sing a $60 billion tender offer. this would be an alternative to the nearly 45 billion offer. reportedly sweet on wall street. better known as holding. it is workinggwith a public offering reporting to the offstreet journal. striking out with san jose california. the city is suing mlb over the new ballpprk. the san francisco giants also jumping to the park on territorial rights. that is the latest from the fox business network. giving you the power to prosper. ♪ tracy: the oil is up nearly 13%. one hundred dollar oil or crude right around the corner? our next guest says these prices are probably not sustainable.3 a lot of this has to do with the non-fundamental stuff that you call. >> serial produces very little oil. there are some other fundamentals. crude oil is up. that really makes it a little weaker and maybe the refineries do not buy as much because maybe it is not as profitable as it once was. there has been a loss of about, 400-$600 a day. it has not gotten a lot of publicity.

. ♪ ♪ >> reporter: i'm jo ling kent with your fox business brief.higher after they said the other maker will be added to the index after the closing bell thursday. gm will replace. being taken private by berkshire hathaway. gm stock may not be the only thing that is on the rise. safety regulators are looking to see if 400,000 cars will be added ted recalls. and the un warranted, weighing heavily on the world's economy. leading to malnutrition and could account for as much as 5% of global gdp. as the latest from the fox business network, giving you the power prosper. ♪ cheryl: the miami heat move on in the nba finals after a convincing game seven win against the indiana pacers last night. one hotel is targeting the stars of miami and the very elite money that has been traveling down to south beach to see them compete in the playoffs. joining me now, a lecturer hospitality group ceo, operator of the hotel where some of the biggest names are certainly going to be staying. it's nice to see you. you have one of the hottest properties right now in south b

. ♪ >> i am jo ling kent with their fox business. of the deal were not disclosed according to reuters. all the beauty is tapping mary billeted as its new chief executive. she will place interim ceo july july 1. as of may 4, they have stores in 46 states. a bigger hole in your wallet. americans will be shelling out more money for ground beef, chicken and potatoes. that is the latest from the fox business network. giving you the power to prosper. ♪ >> the insider trading conviction was upheld by a federal appeals court today. how close did he come from becoming a freeman? charlie gasparino has the latest. >> it is pretty amazing. you go from 200 down. here is my take on this. i think, eventually, the markets misread what bernanke said. he did not say we are going to stop printing money. he said someday we may stop printing money. he did not say that the money will end immediately. he said that it may end. investors, i do not tell people what to do, buy or sell, do whatever you want. i call for this market selloff in the past. when you

. ♪ >> reporter: i'm at -- jo ling kent with your fox business brief.g despite a disappointing report on the u.s. economy. right now the dow is up 137 points. ruling out a program that helps employers cut health care costs. the new option lets employers pay only a set amount for medical service. workers will select more expensive care and baited difference. the new option will be available for coverage in january. contested by a number of large employers and will not be offered to any client with at least 100 employees. legendary commodities trader marc rich died in switzerland today. he fled the u.s. in 1983 after being indicted for tax evasion, racketeering, and sanctions withdrawn. he was 70 years old. does the latest from the fox business network, giving you the power to prosper. ♪ ♪ lori: as the government races against the clock to convict steve cohen, the continued to scramble to build evidence against former sec capital employee matthew march. will the fed be able to convince him to flip and oust his former boss? the plot thickens. here is fox b

. ♪ ♪ >> reporter: i'm jo ling kent with your fox business brief.nt rates fall in may led by big drops in california, new york, and hawaii. the highest rate. the national unemployment rate is over seven and a half%. shares under pressure on news of a downgrade further zynga. they kept saying the transition will take longer than its acted. they might not benefit from money gambling until 2014 or 2015. and the man of steel dominated theaters in china on its opening day, taking in 80 percent of the nation's box offices today. a successful run for the film builds well for the future. superman and justice league franchise movie in china. that's the latest from the fox business network, giving you the power to prosper. ♪ (announcer) scottrade knows r clients trade and invest their own way. with scottrade's smart text, i caquicy understand my charts, d spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody.

. ♪ >> i am jo ling kent with your fox business brief.has closed its investigation into the merger. delta is expected to receive regulatory approval from the european commission. tumbling after goldman sachs called off its bid for the insurance technology provider. they are being investigated by the u.s. attorney of georgia and the sec. the allegations were brought to light because of pending shareholder class-action lawsuits. stocks are sharply lower for a second straight day. this after bernanke said the central banks may scale back their bond buying program depending on the economic outlook. that is the latest from the fox business network. giving you the power to prosper. ♪ ♪ dagen: that is what you call a major market selloff. connell: >> a fascinating interview. she confirms my thesis about the markets. we are in there. we would be pumping in so much stuff. the minute he sort of says may be in pull back a little bit, it may taper. all hell breaks loose. we are in never never land. i think she is right. depending on how this unwinds,

. >> i'm jo ling kent with your fox business previous.h day on wall street following a drop in consumer sentiment. soon how soon the federal reserve will taper the stimulus program, also taking its toll. >>> cash-strapped millen y'alls are using traditional and financial services to meet their needs. 45% of young americans used some form of unusual financial products or service within the last year. those services include prepaid debit cards and pawn shops. >>> father's day means many things. coffee mugs, weird gadgets and ugly ties. free food for dad. some familiar restaurant brands like shoney's and hooters will have no cost or low cost meals for the pops will lure guest who is might not otherwise walk in the door. that is the latest from the fox business network, giving you the power to prosper. mint con. mint condition] we're excite toddies cover this hoard original mint condition. cheryl: have you ever wanted to party with richard branson are or have hundred which marisa mayer or a boat ride with martha stewart? if you're willing to

jo ling kent joins me now with the details. >> it is saying they can survive stormy markets.t is down 6% this month. 8% year to date. basically, what has happened is the fund managed by this guy and the all weather fund is popular for pension fds becse they say that they can advert risks. lori: and all weather fund. what happens here? >> since 1996, they have been up 8.5% annually. even during the financial crisis of basically, these other managers said there are other ways to manage risk better. there are other strategies as well. lori: are they all in kind of the similar boat or is this an aaonymously? >> all of these different bonds certainly have different strategies. at the very least, maybe bridgewater cannot market themselves as that anymore. on the other side of that trade, they will lose it. thank you so much. >> thank you. >> as we do every 15 minutes, we are going to check your investments. nicole petallides on the floor of the new york stock exchange. nicole: let's take a look at some of the homebuilders today. there have been concerns about mortgage rates and the

our own jo ling kent has more on this. this worry over china taking over. >> we have a capacity problem on our hands. big manufacturers calling it quits. charney's car production is outpacing demand at home. they are getting rid of vehicles by selling them way below market value overseas. bob recently told reporters that it is just not worth it anymore to make cars down under with the dumping of chinese cars there. new vehicles are going for as little as $12,000 a piece. the problem is likely to reach the u.s. soon. china will be able to produce 30 million vehicles a year. the cars they produce in china actually have engines with emissions standards that would not allow them to be imported into the europe area or the united states. they are sharing the technology. as for the demand, it is just dropping. more subways are being built. people already own a vehicle or two, if not more. the government is still subsidizing carmakers. the other problem is the chinese are not buying domestic brands. only 30% is domestic. the top-s

. ♪ >> reporter: i'm jo ling kent with your fox business brief.ocess of bringing itself up for sale because of recent interest. but tte irish stomacher has told chair makers not said it up to 8 billion. the shares are soaring on the news. investors are also taking a shine to solicit the following an upgrade from credit suisse. as of yesterday's close the company's shares up 185% so far this year. tesla motors ceo. and cd w has its sights set on wall street. technology expects to raise as much as $70,038,000,000 in its ipo. selling products the likes of apple, hewlett-packard, ibm taken private back in 2007 from one and $7 billion, and is the latest from the fox business network, giving you the power to prosper. ♪ [ shapiro ] at legalom you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. ♪ connell: markets now. talk about the bubble, and the serial one at that that has destroyed on as prices brevard -- that is our next guest describ

. >> i'm jo ling kent with your fox business brief.f continues for the second straight day pushing the blue-chips below the 15,000 mark. after a disappointing jobs report did little to ease concerns the federal reserve may slow the pace of its stimulus program. right now the dow is down 165 points. >>> the treasury department will start another round of sales this month of the general motors stock as it continues to wind down its investments in the automaker. along with the uaw retiree trust, the treasury will sell 50 million shares in a public offering. >>> come january latvia will become the 18th country to join the eurozone after getting the go ahead from the european commission. the decision comes a decade after bulk of nations voted in favor of joining the e.u.. that's the latest from the fox business network, giving you the power to prosper. melissa: years after the dodd-frank act was signed into law, several pieces of regulatory act have yet to be implemented. what will happen to the bill and well-known volcker rule? fox busines

. ♪ >> reporter: i'm jo ling kent with your fox business brief.king of the u.s. economy and fiscal policy and applause conference. he says the recovery has taken root, and the rest of the u.s. falling back into recession is very low. he did warn, a fight over the debt ceiling would hurt the economy. meanwhile, microsoft is teaming up with best buy on the retail front as they launched a store with an historic. starting this summer, the windows are will be in 500 best buy locations in the u.s. and more than 100 in canada. and revlon will sell about $850,000 to settle charges with the sac the reorganization since the cosmetics company did not disclose the information to shareholders about the going private transaction. revlon neither admitted or denied any wrongdoing. as the latest from the fox business network, giving you the power prosper. ♪ ♪ lori: it is one thing to save money, but peace of mind is priceless. in today's small-business big ideas segment, we are introducing you to a company doing both. you know how frustrating it can be after you h

jo ling kent, thank you very, very much. adam: all right. special report continues, the business of offbeat investing. one all tern tough to stocks an bonds could be a homerun is sports memorabilia. joining me, brandon steiner, the founder and chairman of stein are sports marketing the leading producer of authentic hand-signed collectible items. show you something real quick. i'm holding an official major league baseball. if you turn it, you sigh here, mariano rivera. this would sell how much? >> 349, $300 approximately. adam: so this is an investment now because eventually when he is no longer playing what will happen to the value of this? >> he is one of the great closers of all time. he has articulate autograph and one of the great people in sports. i haven't been able to keep those in stocks. we've within doing his collectibles for 16 years now. he is at an all-time high. he has an emotional connection with somebody like him. i love collecting mari unnope. i actually collect mariano myself. if i have game used it goes up. adam: a lot of

fox business network's jo ling kent joins us with a little bit more on these numbers. >> hi, jenna.ower pace than previously estimated in the first quarter of this year. more information on spending came in after the number was originally reported. the gdp number, which was first 2.5%, has been revised down to a final 1.8%. why? because new signs that growth actually slowed down in recent months. take a look. consumer spending, which makes up two-thirds of economic output, was down. americans spent less on services like personal care, health care and legal services. according to the department of commerce. and business fixed investment spending also dropped lower than previously estimated. companies reduced spending on power, communication, infrastructure, equipment and software. now, despite the disappointing numbers, the stock market is up today. it may seem counterspew ty, but bad news on the economy has been good for the markets lately which have been concerned when the federal reserve will pull back the stimulus. worse than estimated numbers give the fed more reason to potentia

. >> i'm jo ling kent with your fox business brief. glencore, strata and blackstone group reportedly potential suitors in rio tint toe's canadian iron ore business in canada. that is valued at $4 billion. >>> pandora's shares experiences static on the news. the radio company will face new competition from apple. "wall street journal" is reporting apple signed a licensing deal with warner music group offer the weekend for the rights to recorded music and music publishing. >> on the upside, investors are bullish for cracker barrel after the operator posted a 30% jump in profits in third quarter as higher prices on the menu helped increase sales. moving forward cracker barrel raised its full-year forecast. that is the latest from the fox business network, giving you the power to prosper melissa: so even amid a wide-ranging insider trading investigation people still want to work at sac capital. so what is embattled hedge fund telling new job applicants? charlie gasparino is here with the latest as sac bryces for withdrawals. >> massive red